The safekeeping of the local’s records is essential to the existence of the union. It may also be a legal prerequisite that, these records are to be made accessible for the financial reviews and/or auditing procedures. These records will also be used by the local’s financial audit and review committee as a basis of their report to the membership and the national union. Financial records are required to be retained for seven years as a legal requirement of the Internal Revenue Service and for five years for the Department of Labor as they relate to the reporting of the organization’s exempt income taxes and related transactions. The utilization of these records is required when drafting the local’s IRS Form 990 and the DOL's LM reports for the year. These records should be stored in a safe place, preferably within a fireproof cabinet, if they are stored on site. If these documents are shipped to an off-site permanent storage facility, they should be readily available for examination and inspection when necessary.