Following is a commonly followed guideline for how long records should be kept by homeowner associations. This guideline does not cover every type of record and is a general guideline. Boards should check with their legal counsel and CPA to establish their own records retention policy.

A. Permanent Retention

1. Governing documents including the CC&Rs, bylaws, articles of incorporation; condominium plans, and parcel maps.

2. Minutes of all board meetings, meetings of owners, and any committees with decision-making authority

3. Deeds to property owned by the association, if any.

4. Architectural plans

B. Ten Years. Due to possible construction defects, maintenance records should maintained for the first ten years of an association's existence. These records may be required in potential litigation against the developer of the community. After ten years, the statute of limitations. limits any action against the developer. After that, maintenance records more than five older can be destroyed.

C. Seven Years. To ensure that all statutes of limitations have passed, the following records should be kept for at least seven years.

Financial Records

• Budgets and reserve studies
• General ledgers, journals, and charts of account
• Monthly year-end financial statements, including bank statements
• Accounts receivable and payable ledgers, trial balances and billing records
• Canceled checks and deposit slips
• Invoices from vendors
• Bank Reconciliations
• Petty cash vouchers
• Purchase orders
• Expired Contracts
• Personnel Records (least 3 years following the date of termination or separation
• Insurance Records such as (accident reports, settled claims, expired policies, fidelity bonds, certificates of insurance)
• General Correspondence including newsletters
• Closed Litigation Files
• Expired Warranties
• State and Federal Tax Returns
• Architectural submittals by owners

D. One to Three Years. Election materials must be retained by the inspector of elections for one year after the date of the election, at which point the statute of limitations for challenging an election expires and the materials can be transferred to the association or destroyed, if requested.

E. Whenever a homeowner association disposes of records, it must ensure they are completely destroyed, usually be by shredding.

F. Records should never be destroyed if the association has a litigation hold. Check with your legal counsel if this applies.