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Subject: How long to keep receipts for HOA?
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Author Messages
JaniceP
(Florida)

Posts:4


05/03/2006 6:33 PM  
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!
JulieS
(Georgia)

Posts:412


05/04/2006 7:06 AM  
I think the general rule is 7 years but not sure. With my job, at the end of December, I take all the payables and put them in a box. I write on the outside of the box what it's contents are, the year they are for and a destroy date of 7 years later. Then it goes into storage. This keeps the file cabinet current and clean. If I need to go back and research something, I can get the box out.
RogerB
(Colorado)

Posts:5067


05/04/2006 8:44 AM  
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.


JaniceP
(Florida)

Posts:4


05/10/2006 3:52 PM  
Thanks for your input. It is appreciated!
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Forums > Homeowner Association > HOA Discussions > How long to keep receipts for HOA?



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