Preserving historical documents

From http://www.davis-stirling.com

Records Retention Policy

Following is a general guideline for how long records should be kept. Boards should check with the association's attorney and CPA before disposing of records.
Permanent

Governing Documents
a. CC&Rs
b. Bylaws
c. Articles of Incorporation
d. Condominium Plan
e. construction plans (if available)
Minutes of board and membership meetings. Civ. Code §1365.2(i)(2).
Minutes of committees with decision-making authority.
Deeds to property owned by the association.

Seven Years
Financial Records
a. general ledgers, journals and charts of account
b. year-end financial statements
c. tax returns and worksheets
d. accounts payable
e. accounts receivable ledgers, trial balances and billing records
f. canceled checks
g. expense analyses and expense distribution schedules
h. invoices from vendors
Expired Contracts
Personnel Records
a. payroll records
b. employee records after termination
Insurance Records
a. accident reports
b. settled claims
c. expired policies
d. fidelity bonds

Four Years
Financial Records
a. bank statements
b. deposit slips
c. reconciliations
d. budgets
e. petty cash vouchers
f. purchase orders
General Correspondence

Three Years
All records must be kept for at least three years (current fiscal year and two prior) for inspection by the membership. Civ. Code §1365.2(i)(2).

One Year
Ballots must be stored by associations in a secure place for no less than one year after the date of the election. Civil Code §1363.03(i).

I got a giggle out of the subject topic: Preserving Historial Documents. As if years from now "someone" would be interested to find and read about the history of the place where I live.

Maybe I'll take all the rule enforcement letters, put them in a time capsule and bury them in the yard. Maybe when this place is some day demolished someone will discover it, read the letters and say, "Man, the people back then really needed to get a life."

Great answer, Glenn!

Glen,

Look it up or know it, you answered the O.P with no room for arguement or debate. Still a great job.

Florida Statutes also tell you in Florida how long documents must be maintained:

OFFICIAL RECORDS.--The association shall maintain each of the following items, when applicable, which constitute the official records of the association:

(a) Copies of any plans, specifications, permits, and warranties related to improvements constructed on the common areas or other property that the association is obligated to maintain, repair, or replace.

(b) A copy of the bylaws of the association and of each amendment to the bylaws.

(c) A copy of the articles of incorporation of the association and of each amendment thereto.

(d) A copy of the declaration of covenants and a copy of each amendment thereto.

(e) A copy of the current rules of the homeowners' association.

(f) The minutes of all meetings of the board of directors and of the members, which minutes must be retained for at least 7 years.

(g) A current roster of all members and their mailing addresses and parcel identifications. The association shall also maintain the electronic mailing addresses and the numbers designated by members for receiving notice sent by electronic transmission of those members consenting to receive notice by electronic transmission. The electronic mailing addresses and numbers provided by unit owners to receive notice by electronic transmission shall be removed from association records when consent to receive notice by electronic transmission is revoked. However, the association is not liable for an erroneous disclosure of the electronic mail address or the number for receiving electronic transmission of notices.

(h) All of the association's insurance policies or a copy thereof, which policies must be retained for at least 7 years.

(i) A current copy of all contracts to which the association is a party, including, without limitation, any management agreement, lease, or other contract under which the association has any obligation or responsibility. Bids received by the association for work to be performed must also be considered official records and must be kept for a period of 1 year.

(j) The financial and accounting records of the association, kept according to good accounting practices. All financial and accounting records must be maintained for a period of at least 7 years. The financial and accounting records must include:

1. Accurate, itemized, and detailed records of all receipts and expenditures.

2. A current account and a periodic statement of the account for each member, designating the name and current address of each member who is obligated to pay assessments, the due date and amount of each assessment or other charge against the member, the date and amount of each payment on the account, and the balance due.

3. All tax returns, financial statements, and financial reports of the association.

4. Any other records that identify, measure, record, or communicate financial information.

(k) A copy of the disclosure summary described in s. 720.401(1).

(l) All other written records of the association not specifically included in the foregoing which are related to the operation of the association.