Record Retention

How long should hard copy records be retained if also stored on flash drive?

Good question Revonda.
With the advent of digital the guidelines have become blurred. I suggest you consider keeping all hard copy data which is not available in digital format for the time periods listed below. For only storing digital data, with no hard copy backup, I would consider if copies of the digital data would be accepted by a court or other challenges (such as original signatures). We favor digital format for rapid retrieval.Meanwhile we maintain hard data except cetain operational email communications which are stored digitally and can be printed if needed. (Those emails not printed would definitely not be needed after a few months.)

Following is a copy of my views on retension schedule for HOA records. Also, a digital copy is backed up periodically and all data for a calendar year is stored permanently on a disk.

RogerB (Colorado) Posts:3422 04/20/2007 2:12 PM
Following is a retension schedule.

Permanent:
Annual report
Articles of Incorporation, Plat, Declaration, By-laws, Rules and Regulations and any amendments to them
As-Built specification plans
Deeds
Federal and State ID numbers
Financial reports and budgets
Leases and right of first refusal
Legal and contracts
Minutes of all meetings
Tax information

7 years:
Accounts payable and accounts receivable
Bank and investment statements
Cash receipts and disbursements
Employe files and payroll records
Insurance
Proposals

3 years:
Committee and Management reports
Correspondence of general matters