treasure

i would like some input on what records i should keep as a treasure. I deposit the monthly fees and pay the few bills that we have. We are a very small association at this time. (13 units) I am going to talk to the accountant about this but i wanted some input first.
Thank you

Your accountant will be a good source of info. You should also check your State Corporate code to see if they require anything specific (like budgets from the formation to present).

This is what My Association does:

Per our ADMINISTRATIVE RESOLUTION 2, ASSOCIATION RECORDS

Section 1: Assessments

a) The Treasurer shall cause to be maintained an accounting record of financial transactions
between a member and the Association.

b) The Treasurer shall cause all electronic financial records to be backed up on removable
media on a monthly basis or, if deemed necessary, more often.

c) The Treasurer shall cause to be kept and maintained individual financial files for each lot
within the Association.

• With the exception of the annual notification of assessments and coupon book, all
communications associated with the collection of annual assessments from the current
owner of a lot.

• Such records may be disposed of as ownership of the lot changes.

Section 2: Tax Records and Audits

a) In accordance with standard accounting practices, the Treasurer shall maintain tax filings
and supporting documentation for the current year and preceding five (5) years.

b) The Treasurer shall maintain the financial audits of the Association for ten (10) years.

Section 3: General Financial Records

a) In accordance with standard accounting practices, The Treasurer shall cause to be
maintained appropriate accounting of financial transactions of The Association.

Section 4: Reports of the Treasurer

a) For the Board of Directors:

• Annual Budget
The Treasurer shall prepare a budget for consideration by the Board.

• Monthly Accounting
The Treasurer shall prepare a written accounting of income and expenses,
for the current year, by month, to be included in the minutes of meetings
as an attachments

b) For the General Membership:

1. Annual Summary
The Treasurer shall prepare an annual summary of income and expenses
for the annual general membership meeting. This summary shall contain:

i. The budgeted and actual accounting summary for the current fiscal
year.

ii. The actual accounting summary for the previous two (2) fiscal years.

iii. The proposed/programmed budget for the next fiscal year.

2. Monthly Accounting:

The Treasurer shall prepare a written accounting of income and expenses,
for the current and preceding year, by month, to be included in the minutes
of meetings as an attachments

3. Statement of Reserves for Capital Improvements

The Treasurer shall prepare a written statement in accordance with the
Virginia Property Owners Association Act, as amended, § 55-514.1.
Reserves for capital components.

Hope this helps.

Dorothy -

This has absolutely nothing to do with computer files versus paper files, etc. It has everything to do with record redundancy (e.g. backups). It doesn't matter whether the backups are hard copy paper or electronic files - the key is to have more than one copy in physically different locations.

Your paper files are no safer than your computer's electronic files. Just as your computer can crash, your physical location of paper files can burn to the ground.

There are a plethora of computer file backup services and methodologies that are every bit (actually I would venture MORE) reliable than trying to maintain duplicate paper files.

Just sayin . . . . .