How long to keep receipts for HOA?

Our HOA (Florida, approx. 75 homeowners ) has piles of receipts for utilities such as electricity and lawncare for the common areas. Some of these date back to 2000, 2001...can anyone offer any guidelines as to how long we need to hold onto these? It would should clear some space in our file cabinet if I could get rid of some of them (I'm Secretary)...Thanks for any feedback!

Janice, by law you are required to keep your tax records for as long as they are needed for the administration of the Internal Revenue Code and State Code. This means you must also keep the documents supporting the income and deductions shown on you tax returns until the statute of limitations for the return expires.

We file an HOA's records in about 20 labeled folders. These folders are filed by year and stored for at least 7 years after filing. Following are a few of the IRS guidelines.

Accounts payable ledgers - 7 years
Checks paid and cancelled - 9 years
Accounts receivable ledgers - 10 years
Financial statements - Permanent
General journal, ledger and supporting papers - Permanent
Income tax returns - Retain for at least 4 years and preferably 7 if space is not critical. Once the period has elapsed, the supporting documents may be discarded, but the returns, working papers, and W-2s should be retained permanently.