Large or small, wealthy or humble, condo, HOA, or co-op, all multifamily communities must keep up-to-date records—of finances, meeting minutes, and rules and regulations, to name a key few. In some cases, it’s even required by law.
That’s not to say that every association should have a cavernous records room on-site; we’re living in a digital era, after all. But mandatory or not, keeping thorough, well-organized records is crucial, and can spare a board or manager from repeating past mistakes.
While there are some broad principles guiding how to handle record-keeping in a community association, specifics often vary based on state law.
(It’s worth stating that simply following the law is not always adequate. Even if a certain practice is not necessarily required in your state, it may be a practice worth adopting in your association.)
Jack Facey, partner with Facey Goss & McPhee P.C. in Rutland, Vermont