Organizing Files for the HOA

I am currently the secretary for our HOA. I am trying to organize all the paperwork in files and wondered if there was a specific way it needed to be done.

- do I need to keep everything together for a term (ie- all bank statements, bills, dues, minutes- all for 2004-2005 term, then another file folder with 2005-2006 term, etc)

- or can I separate each item into files like:
Minutes (for 2002-current)
Bank Statements (for 2002- current)
Bills (Water, Electric) (for 2002- current)
Lawn Maintenance (for 2002- current)

Thanks for your reply.
Right now the files are kind of mixed up, either by term and/or files just put in folders. I'm trying to organize them so it's consistent for years to come.

Ericka,

Here's how I would do it:

1) Maintain a separate folder for each item, i.e., minutes, correspondence, invoices, bank statements, etc. for the current year. You can use manila folders or hanging folders for these files.
2) At the end of each year, all the records for that year should be put together and stored in a separate storage box or large folder.
3) The official copy of the articles of inc, bylaws, CCRs and rules should be kept in a separate file, together with a copy of all pertinent state statutes, federal laws that apply to HOAs, etc.
4) Maintain two files for contracts. One file would contain all contracts that are in effect and the other file would contain contracts that have expired. Same for insurance policies.

It would seem to me the Treas. should be maintaining all the financial records for the current year. At the end of the year they would be given to the Secretary to be stored with the other official records of the assn.

Erika,

I would suggest organizing by year with separate files for that year. It would be much easier this way if something needed to be retrieved.

MaryA,

Excellent suggestions.