This book includes a plain text version that is designed for high accessibility. To use this version please follow this link.
The IRS gives no specific guidance for tax records, but merely states that supporting records must be kept “for as long as they are important for any federal tax law.” A good rule of thumb is to keep all financial records for seven years.


Evaluate records that reflect obligations, legal action, or possible legal action, on a case-by-case basis. Unfulfilled judgments may have value up to ten years. Typically, causes of action to pursue delinquent homeowners expire three years (condos) or six years (HOAs) from the failure to pay. Roof warranties may have ten or 20 year lifespans. Product literature may have value as long as you own the product.


Note that litigation changes everything. Unless you have received specific advice from your attorney, do not discard any documents pertaining to a pending lawsuit or you can face fines or sanctions for destroying records. In this case, talk to your attorney.


Record type


Governing documents, like Declarations and Bylaws Board meeting minutes and resolutions


Unit records related to property, like remodel plans. Owner records, related to people Budgets and paid invoices


Contracts and insurance policies Financial Audits and tax returns Employment records


Warranties and Maintenance records


Other Meeting related records, like agendas, notices, ballots and proxies


Reserve studies


The general rules described above are no different for electronic documents, such as text files, spreadsheets, e-mails, graphic files, databases, calendars, and backup files. What is different with electronic records is how you store them, and making sure that they are retrievable. If your association stored records on three inch floppy discs, it would be difficult to find a computer that would be able to read them today.


Below is a chart with some general rules of thumb for different types of records. A resource is: Self-Management: A Guide for the Small Community Association, 2nd Edition, © 2001 Community Associations Press. Our purpose in sharing this is to help you think about the types of documents your association produces, and to encourage you to discuss with your manager, attorney and accountant the retention period for each, based on laws, regulations, and standard practice. We do recommend cleaning out unnecessary documentation on an annual basis and to fill any gaps found.


Recommended retention period Permanent


Permanent Permanent


1 year following the owner’s sale of unit 3 years 7 years 7 years


3 years after employee departs


As long as the equipment is kept or the building component exists


2 years 4 years


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