Kuester Management Group Sheds Light on How Long to Keep HOA Records

CHARLOTTE, N.C. - Dec. 3, 2021 - PRLog -- Financial records, meeting minutes, vendor contracts, homeowner correspondences, and more can quickly pile up leaving the HOA with a plethora of documentation to file. While electronic records don't require as much physical storage space, it can still be a lot to keep organized. Kuester Management Group has released a statement to the press regarding how long to keep different documents and what can be securely shredded.

"First and foremost, the HOA should review state laws regarding record retention and consult with its legal team if there are any questions about what should be kept or discarded," says Bryan Kuester, President of Kuester Management Group. "However, there are many files that can be destroyed after a few years, or when a more recent version is available."

Some records, such as meeting minutes, should be retained indefinitely, says Kuester. These notes track all of the decisions that have been made by the board in regard to how the association is governed. Digital records can be valuable in this case in terms of ease of accessibility and reducing storage space.

Paperwork related to legal issues should also be held on to, and your HOA attorney can let the association know for how long. The same is true for correspondences with homeowners. Keep these for as long as the homeowner lives in the community, as well as if there are any ongoing legal disputes.

For other files, such as tax records and financial statements, a good rule of thumb is to keep them for about four years, as tax audits can be conducted up to three years after taxes are filed. The HOA should keep records related to tax exemptions or tax ID numbers indefinitely.

"When it comes to vendor agreements and insurance policies, as long as there are not any disputes related to services or claims, they can often be discarded annually once a new contract is in place," says Kuester. "Warranties can also be discarded once they have expired."

Kuester Management Group can help HOAs manage and store records and files more effectively. Know what needs to be kept, how, and for how long.

ABOUT:

Kuester Management Group, a division of Kuester Companies, works to protect property values and enhance the quality of life in each of its managed communities. Providing a full range of association management services, Kuester Management Group has worked to foster strong, resilient, and unified communities across North and South Carolina. The company is proud to offer on-site property managers, all zealous for building strong communities meant to stand the test of time. More information is available at www.kuester.com or @KuesterCompany.