Is it necessary to retain Thank you notes for all the donations to school fairs, Relay for Life, United Way, etc. for CRA? If yes, how long? I have hunted and did a search to see if there was some guideance on this.

Not for CRA, especially the examples cited

maybe for external audit and IRS, if kept for proof of tax deductability, retention may be 7 years

Thank you so much! I like the picture you chose, by the way!!!!

What's that? Pale Rider, someone likes the avatar YOU chose

I keep the thank you notes, newspaper clippings and any other documentation in a separate binder for CRA. I tabbed sections for Assessment Area, Loans, Services and Donations. Anything that could support or show how the low- to moderate-income individuals or areas were affected by our service/donation. I keep the information from one exam to the next.

poor Rizz, she gets no respect

OK, I admit I have not idea how to pick and place avatars; my current avatar is all due to the abilities of Ms. Rizzo; but I wante a Winnie the Pooh

Dear COD...did you just admit that you wanted Winnie the Pooh as your avatar? PR, have I taught you nothing...

If trying to qualify a donation and/or investment for CRA purposes, in my opinion, documentation relating to the purpose and use should be part of your file. There are instances where a thank you letter and/or acknowledgement letter provides needed details of the donation and/or investment and it is a good idea to retain.

We keep our "notes" received in the CRA file until the next CRA exam, especially those that pertain to LMI's.

I agree! I keep everything that I can find relating to the CD donation or the organization that the donation was made to. Everyting is in a big binder listed by organization. It gives me a chance to tell the organization's story too in case the examiners are not buying that it relates to LMI, etc.