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BonnieG1
(Nebraska)
Posts:350
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| 02/26/2012 11:25 AM |
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Does anyone know how long we are required to keep our minutes and financial records. We are a 43 unit condominium in Nebraska.
We have records from the beginning of the association. |
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LawrenceC1
(Georgia)
Posts:338
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| 02/26/2012 11:36 AM |
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Bonnie,
Record retention is fairly consistent from state-to-state. What we use in our Georgia HOA is taken from national organizations such as the Community Association Institute and the National Center for Non-Profit Boards. Here is a summary of our policy:
Some records need to be kept forever:
Governing Documents and amendments
Minutes of meetings
Resolutions, rules, and policies enacted by the Association
Annual financial statements
Financial audit reports
Some records should be kept for 7 years:
Expired contracts
Insurance policies
Corporate registration records
Check stubs, cancelled checks
Closing letters
Actions taken by the Architectural Review Committee
Records of collection activity on delinquent accounts
Other records can be destroyed after only 3 years:
Communication between the Association and members
Vendor responses to requests for proposal
Proxies for homeowner meetings
Remember that all document destruction must halt immediately if there is pending litigation or governmental investigation.
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BonnieG1
(Nebraska)
Posts:350
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| 02/26/2012 11:49 AM |
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Thanks,
now maybe we can start clearing out some of our old records. |
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TimB4
(Virginia)
Posts:3801
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| 02/26/2012 3:54 PM |
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Bonnie,
This is per the Nebraska Nonprofit Corp. Act:
21-19,165. Corporate records.
(a) A corporation shall keep as permanent records minutes of all meetings of its members and board of directors, a record of all actions taken by the members or directors without a meeting, and a record of all actions taken by committees of the board of directors as authorized by subsection (d) of section 21-1985.
(b) A corporation shall maintain appropriate accounting records.
(c) A corporation or its agent shall maintain a record of its members in a form that permits preparation of a list of the names and addresses of all members, in alphabetical order by class, showing the number of votes each member is entitled to cast.
(d) A corporation shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time.
(e) A corporation shall keep a copy of the following records at its principal office:
(1) Its articles or restated articles of incorporation and all amendments to them currently in effect;
(2) Its bylaws or restated bylaws and all amendments to them currently in effect;
(3) Resolutions adopted by its board of directors relating to the characteristics, qualifications, rights, limitations, and obligations of members or any class or category of members;
(4) The minutes of all meetings of members and records of all actions approved by the members for the past three years;
(5) All written communications to members generally within the past three years, including the financial statements furnished for the past three years under section 21-19,170;
(6) A list of the names and business or home addresses of its current directors and officers; and
(7) Its most recent biennial report delivered to the Secretary of State under section 21-19,172.
I would suggest digitizing most of the records onto a flash drive and backed up onto a CD or DVD. Then you can decrease the bulk of the physical paper records.
Tim |
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