- Contributions of $50 or less (and the required records) must be forwarded within 30 days of receipt.
- Contributions exceeding $50 (and the required records) must be forwarded within 10 days of receipt.
Requirements for collecting agents
Anyone or any entity who raises money for an SSF must forward the required recordkeeping information to the SSF along with the collected contributions. The information that must be obtained for the SSF’s records varies, depending on the amount of each individual contribution. See Recording receipts.
A collecting agent must retain all records of SSF contribution deposits and transmittals for three years and must make the records available to the Commission upon request.
The SSF must keep records of all transmittals of contributions received from collecting agents for three years. The SSF must also keep written authorization for electronic deductions for three years from the date of the report disclosing the last deduction.
Recording payroll deduction authorizations
To comply with the record retention policy, an SSF must maintain a record of each authorization signed by an employee for three years after the last report disclosing a contribution by that employee. While the Commission recommends that SSFs retain the original payroll deduction authorization forms, other forms of documentation, including spreadsheets, wire transfer records or other electronic or written records, are acceptable.
Recording electronic signatures
A record of the electronic signature, including verification that the signature came from a particular employee, must be maintained in a retrievable form available to the Commission in the event of an audit or investigation.
Recording prior approvals received by trade associations
The trade association must retain a copy of the written prior approval for three years after the year to which the approval applies.