Our club is taking on the task of consolidating old binders.
From looking through past questions, sounds like we need to
keep tax returns forever but can get rid of supporting
documents after 7 years, keeping stock buy and sell info for
7 years after a stock is sold. All of our data from the
last 10 years is on bivio but we have years of paperwork
since 1993.
What about minutes, monthly reports?
Thanks in advance for all advice, Pam Kirk
Laurie Frederiksen on
There is no single answer to this question. It depends on the reliability and accuracy of your record keeping.
Your investment in your club is an investment in a capital asset. The
general rule is to keep any records that substantiate the basis in that
asset until 3 years after you dispose of it. In the case of a club that would be 3 years after it disbanded. Everything in your clubs accounting history is still
impacting your current accounting and your current club records.
Based on issues we deal with with clubs fairly regularly, I wouldn't be too
quick to dispose of historical records that substantiate anything you've entered in your accounting. We find issues often where availability of historical information has turned out to be very valuable to help clubs sort through current issues.
If you have duplicate information, for example deposit receipts and also
brokerage statements that show deposits, perhaps you can consolidate
things a bit. You could also scan and store electronic versions of the
papers in your files area in bivio.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our club is taking on the task of consolidating old binders.
From looking through past questions, sounds like we need to
keep tax returns forever but can get rid of supporting
documents after 7 years, keeping stock buy and sell info for
7 years after a stock is sold. All of our data from the
last 10 years is on bivio but we have years of paperwork
since 1993.
What about minutes, monthly reports?
Thanks in advance for all advice, Pam Kirk
Pam on
Thank you. We are hoping to get everything stored electronically after we sort through it all. I think our books are accurate. We have an audit every year that goes through the bivio checklist. How much space do we have on bivio?
Sent from my iPhone
On Sep 8, 2021, at 1:14 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
There is no single answer to this question. It depends on the reliability and accuracy of your record keeping.
Your investment in your club is an investment in a capital asset. The
general rule is to keep any records that substantiate the basis in that
asset until 3 years after you dispose of it. In the case of a club that would be 3 years after it disbanded. Everything in your clubs accounting history is still
impacting your current accounting and your current club records.
Based on issues we deal with with clubs fairly regularly, I wouldn't be too
quick to dispose of historical records that substantiate anything you've entered in your accounting. We find issues often where availability of historical information has turned out to be very valuable to help clubs sort through current issues.
If you have duplicate information, for example deposit receipts and also
brokerage statements that show deposits, perhaps you can consolidate
things a bit. You could also scan and store electronic versions of the
papers in your files area in bivio.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our club is taking on the task of consolidating old binders.
From looking through past questions, sounds like we need to
keep tax returns forever but can get rid of supporting
documents after 7 years, keeping stock buy and sell info for
7 years after a stock is sold. All of our data from the
last 10 years is on bivio but we have years of paperwork
since 1993.
What about minutes, monthly reports?
Thanks in advance for all advice, Pam Kirk
Laurie Frederiksen on
There is no limit on your file storage space at this time unless you violate our terms and conditions:
Before you dispose of anything, I'd also recommend making sure the cost basis of each lot of each stock you own (shown on the bivio "Investment Lot Cost Basis" report agrees with what your broker shows.
If it doesn't you will need old statements and possibly reports to get your problems corrected.
You also don't want to dispose of anything that supports entries you've made that support the member ownership and basis tracking that has been done by your club over the years. This includes meeting minutes where decisions on withdrawal payouts and expense payments were discussed and voted on.
Laurie Frederiksen Invest with your friends! www.bivio.com
Thank you. We are hoping to get everything stored electronically after we sort through it all. I think our books are accurate. We have an audit every year that goes through the bivio checklist. How much space do we have on bivio?
Sent from my iPhone

On Sep 8, 2021, at 1:14 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:

There is no single answer to this question. It depends on the reliability and accuracy of your record keeping.
Your investment in your club is an investment in a capital asset. The
general rule is to keep any records that substantiate the basis in that
asset until 3 years after you dispose of it. In the case of a club that would be 3 years after it disbanded. Everything in your clubs accounting history is still
impacting your current accounting and your current club records.
Based on issues we deal with with clubs fairly regularly, I wouldn't be too
quick to dispose of historical records that substantiate anything you've entered in your accounting. We find issues often where availability of historical information has turned out to be very valuable to help clubs sort through current issues.
If you have duplicate information, for example deposit receipts and also
brokerage statements that show deposits, perhaps you can consolidate
things a bit. You could also scan and store electronic versions of the
papers in your files area in bivio.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our club is taking on the task of consolidating old binders.
From looking through past questions, sounds like we need to
keep tax returns forever but can get rid of supporting
documents after 7 years, keeping stock buy and sell info for
7 years after a stock is sold. All of our data from the
last 10 years is on bivio but we have years of paperwork
since 1993.
What about minutes, monthly reports?
Thanks in advance for all advice, Pam Kirk