Peny,
First check your States Corporate law and HOA law to see if there are any requirements on how long records are to be kept or an indication on what records might be required for any legal action (copies of disclosure statements come to mind). The suggestion of keeping electronic copies is a great one. However, arrangements should be made to keep a copy of the electronic versions separate from the other in case one copy is damaged.
As for individual lot owner records we keep the following:
Within the Architectural files:
• The authorized exterior colors of paint, stain, brick or roof shingles used on the lot
• Design change requests submitted by any owner of the lot.
• The reply of the ACC to each submitted design change request.
• The most recent inspection report/s created for any disclosure package for the lot
• Annual inspection reports for the current and past 10 years
• All communications associated with any documented infractions by the current owner or
their tenants.
Within the Financial files:
• 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.
Within the files of the Secretary:
• All communications between the Board of Directors and the current owner unless those records are being maintained by other officers (Treasurer) or committees (Architectural).
• Such records may be disposed of as ownership of the lot changes.
you should also adopt a resolution concerning Association records. If you would like a copy of ours to use as a guide e-mail me
[email protected] Tim