Document Retention Policy

Started by MichaelO4 • 5 replies • 1162 views

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MichaelO4 (Montana)
Posts: 40

Posted:

Our condominium HOA is developing a Document Retention Policy. The is to ask everyone to post
their policies which may help us in this effort, and/or comment on their experience and offer
any advice.
Thanks,
Mick

CarolR11 (Colorado)
Posts: 2,563

Posted:

How long you must save various documents is another one of those items that varies from state to state. Some docs must be saved forever, for instance, meeting minutes, in CA. Some others must be saved for 3 years, others 7 years, etc. Look to your own state statutes.

JanellB
Posts: 8

Posted:

Quote:

Posted By MichaelO4 on 06/19/2013 10:32 AM
Our condominium HOA is developing a Document Retention Policy. The is to ask everyone to post
their policies which may help us in this effort, and/or comment on their experience and offer
any advice.
Thanks,
Mick

Like Carol said, it varies from state to state. But to give you a ballpark, the average is normally between 5 and 7 years.

BruceF1 (Connecticut)
Posts: 2,535

Posted:

At least a little beyond the statute of limitations for whatever law you may have broken.

MelissaP1 (Alabama)
Posts: 13,836

Posted:

7 years is usually the maximum and that is based more on the IRS on how far back they go on records. However, there are just some records I would not purge. Those with variances, ACC approvals, contracts of previous contractors of importance, tax records, old copies of rules/meeting notes, and what feel may be relevant in the future. You can get rid of copies of bills and clutter. If it's been recorded on an accountant sheet then keep that if it's after 7 years old.

I had to look up records that were over 20 years old before. One record involved our lawncare person's contract. He insisted on getting paid an extra month after I fired him. He was right and his contract did start a month earlier than the new one. So it became important.

Former HOA President

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

I scan all the documents on my multi page scanner as PDF's. Each page is about 50kb. We retain these pdfs forever. All the hoa docs for decades fits on a single dvd so its no big deal.

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