Excellent information and advice. Thank you.

On April 14, 2019 at 2:42 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 Become our Facebook friend!  www.facebook.com/bivio Follow us on twitter!  www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe

On Sun, Apr 14, 2019 at 1:43 PM Jo Jean Kleinfeld via bivio.com <user* 28094800001@bivio.com> wrote:

I was wondering the same

Sent from my iPhone

> On Apr 14, 2019, at 1:13 PM, Susan J Mueller via bivio.com <user* 15197400001@bivio.com> wrote:
>
> What is the recommendation for how long we should be saving
> IRS tax returns, audits, statements, etc. for our club's
> partnership?  I was told seven years as a rule of thumb by
> our bank.