Keeping and maintaining the records for your community association can be quite a daunting endeavor. However, there are times when we need to purge some of these records as they no longer serve a useful purpose and may be disposed of. In contrast, many of us have all experienced an association that has retained their records since the inception of their community. Whether it’s a homeowner’s garage nearly filled with boxes or a management company’s storage area filled to the rim with association records, many of these are overdue to be eliminated.
The following are records that have a limited or permanently useful life, which may vary depending on your State Laws so be sure to check with your Legal Counsel and/or CPA to ensure compliance:
1. Bank and Credit Card Statements – 6 Years
2. Board Meeting Minutes – Permanently
3. Service Contracts – 7 Years
4. Tax Records and Returns – Permanently
5. Legal Documents [pertaining to lawsuits, etc] – 10 Years*
6. Emails and Other Correspondence – 10 Years*
7. Insurance Policies – 4 Years
8. Financial Reports – Permanently
* Consult with your Legal Counsel prior to purging these records.
The above timelines are reflective of the record’s being relative to the association’s current activities and business goings-on. Again, checking with your Legal Counsel and/or CPA is a prudent measure to ensure that you are not disposing of something that should be retained.
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