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Local Development Corporation

Local Development Corporation
Title Major Revision Previous Schedules Schedule Item
Business/industry loan case file,

including but not limited to loan application and evaluation, status reports, records of loan payments, tax abatement and exemption records, feasibility studies and correspondence:
RETENTION: 6 years after denial of application or 10 years after final
payment on loan

 MI1 263 612
Master summary record

(log or register) documenting contacts and inquiries and resulting responses and actions taken by agency personnel:
RETENTION: PERMANENT

 MI1 264 613
Business/industry Small Business Administration (S.B.A.) loan case file,

including but not limited to loan application and evaluation, status reports, records of loan payments, tax abatement and exemption records, feasibility studies and correspondence with the S.B.A.:
RETENTION: 6 years after denial of application or 10 years after final payment on loan

 MI1 265 614
Business consultation services case file,

where no loan is applied for from or through the local development corporation, but other services are provided:
RETENTION: 3 years after date of most recent entry in record

 MI1 266 615
Business or other client inquiry and/or referral,

where no substantive services are performed by local development corporation:
RETENTION: 1 year

 MI1 267 616
Small Business Administration (S.B.A.) certification records,

including certificate, application for certification and decertification records:
RETENTION: PERMANENT

 MI1 268 617
Annual financial and narrative reports

submitted to the Small Business Administration (S.B.A.):
RETENTION: PERMANENT

 MI1 269 618
Monthly or other periodic reports on loan status:


RETENTION: 1 year after superseded or obsolete

 MI1 270 619
Organizational and establishment records,

including certificate of incorporation, constitution and bylaws:
RETENTION: PERMANENT

 MI1 271 620
Election records,

for election of board members and/or officers

 MI1 272 621

a: Election results:
RETENTION: PERMANENT

b: Ballots, nominations, tabulations and other election records:
RETENTION: 1 year after election
Federal and state tax exemption records,

including copy of application:
RETENTION: PERMANENT

 MI1 274 623
Dissolution records,

including records of distribution of assets:
RETENTION: PERMANENT

 MI1 275 624
Income tax filing and charitable reporting records

of local development corporation

 MI1 732 625

a: Copies of federal income tax returns and related records:
RETENTION: 6 years

b: Registration as a charity filed with New York State Office of Attorney General:
RETENTION: 6 years after no longer in effect

c: Annual reports on the solicitation and collection of funds for charitable purposes, filed with New York State Office of Attorney General and Department of State:
RETENTION: 6 years
Membership records


MI1 273 622

a: Lists of members:
RETENTION: PERMANENT

b: Records of dues collection and receipt (if applicable):
RETENTION: 6 years

c: Other membership records, including applications for membership, lists of prospective members and membership notices:
RETENTION: 0 after superseded or obsolete