Without a doubt, giving plenty of time and thought to your foundation recordkeeping system will pay off in the long run. In general, you should keep most foundation files of any significance for a minimum of three years. However, this can add up to a lot of paper!
For one thing, if space is a major concern, it’s probably time to transition your paper files to electronic ones. Admittedly, you should have more than one copy before throwing out the paper. Of course, this can be time consuming. Thus, contracting this task out may be the best solution.
Other foundation recordkeeping tips include:
- By and large, a good rule is to have a separate, well-labeled file and location for each type of paperwork.
- As shown above, consider accepting letters of inquiry, proposals, etc. online, and use that online source as your main storage.
- Have a set time each year to create new files and move old ones to storage.
- Keep only what you have to.
Read the full article about foundation recordkeeping at Exponent Philanthropy.