All Leaders

  • 1.  Record keeping

    Posted 04-18-2023 10:05 AM

     My name is Sue Reich and I am Financial secretary at Immanuel Lutheran Church in Tonawanda, New York. At your church how long do you keep your financial records for?

    Sue Reich
    Lutheran Church

  • 2.  RE: Record keeping

    Posted 04-19-2023 09:03 AM

    Greetings and blessings, Sue.  As a tax CPA, we have a general rule to keep important financial data on a 10 year roll.  This may be overkill, but it's an easy number to remember.  I've had issues with the IRS that have required 8 year look back by the time the issue developed and resolved.   Not with a nonprofit, but still the IRS is not very current when getting around to questioning something.  Technically, they only have 3 years to ask, but if the issue reaches back, it's on you to defend your response with backup reaching back to support the issue.  Sorry for the long response.   Also, keep all actual filed returns permanently. 

    Christ the Life Lutheran

  • 3.  RE: Record keeping

    Posted 04-19-2023 12:05 PM

    Good morning,

    I'm looking forward to hearing responses from other Churches too. To be safe, I keep 10 years because of IRS guidance, but I think this may be over-kill.  If I remember correctly the Treasurers Manual provided guidance, but I can't find it in there right now. So I am curious as to what others are doing too. Thank you!!

    Lynette George
    Evergreen Lutheran Church & Preschool