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Subject: CO HOA: Record Retention
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Author Messages
LarryE3
(Colorado)

Posts:28


12/19/2018 6:20 AM  
Where is the best place to determine what the rules for Records Retention are. There is nothing in the Bylaws or CCRs. Is this driven by state or federal mandates? We are a very small association and don't have a dedicated lawyer. Thanks!
KerryL1
(California)

Posts:6045


12/19/2018 8:54 AM  
Many states have laws, so check yours.
DouglasK1
(Florida)

Posts:1307


12/19/2018 9:19 AM  
As far as I know the only federal rules are from the IRS for anything related to taxes.

Escaped former treasurer and director of a self managed association.
KerryL1
(California)

Posts:6045


12/19/2018 10:58 AM  
To elaborate, Our own HOA docs give general guidelines of records retention, but it's CA Civil Code, in the case of CA Common Interest Developments that show us what records to keep and for hw long. I think you have some legislation for HOAs in CO. In addition, you might check CO orpoations codes since your HOA probably is a corporation.
RichardP13
(California)

Posts:3193


12/19/2018 12:07 PM  
Actually, outside of storing ballots, there is no Civil Code or Corporation Code statues that cover the retention of association records. There may be guidance from attorneys but nothing else.
GenoS
(Florida)

Posts:2580


12/19/2018 2:19 PM  
In Florida the statutes cover what constitutes official records and the requirements for retention in great detail.
JimC23
(Nevada)

Posts:7


12/19/2018 6:45 PM  
My suggestion is to establish a policy and stick to it. Any variations (for example, why didn't the BOD retain this?) might create an opening for a trial lawyer to exploit.

That said, anything related to litigation or even the threat of litigation should probably be retained until the threat ceases -- here, a local attorney could advise.


TimB4
(Virginia)

Posts:16091


12/19/2018 7:29 PM  
Larry,

Here are some links:

2016 Colorado Revised Statutes Title 38 - Property - Real and Personal Real Property Article 33.3 - Colorado Common Interest Ownership Act Part 3 - Management of the Common Interest Community § 38-33.3-317. Association records

Document Retention and Your Association: What You Need To Know

Guidance for HOA Managers re: Records Retention

Hot Topic - HOA Records

How long should your HOA retain it's records

SheliaH
(Indiana)

Posts:2349


12/20/2018 9:12 AM  
In addition to the resources TimB4 suggested, you might also want to talk to your association's master insurance company.
LarryE3
(Colorado)

Posts:28


12/20/2018 10:11 AM  
Thanks for the feedback, everyone! I hope you all have a nice Holiday season!
KerryL1
(California)

Posts:6045


12/20/2018 6:27 PM  
Again, don't know about CO, but vs. Richard in Calif, meeting minutes in CA, Civ. code 5210, must be kept permanently per civil code. Other records must be available to owners upon request for the current year plus the past two years. So, that is a time frame they must be retained.



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