Save documents time frame?
by cmhoa_hrj, Window Shopper
- Created: October 15, 2010, 8:54 am
I am the President of a small Pennsylvania Homeowners Association. We have a tax id. The Treasurer tells me that the Association has been paying taxes since it's inception some 7-9 years ago around 2001. He also tells me that we have practically no paper trail (except for some quarterly meeting minutes) and little in the way financial records. He keeps some financial data in a database (unreadable by anyone but him) on his personal computer. He doesn't have any records prior to his tenure as Treasurer. So we have no financial data prior to 2008.
I'm not worried about our tax situation.
I am worried that we lack proper financial documentation for times past. I know in the corporate world that are requirements to maintain documents for years.
Can anyone tell me (in general terms) what financial / document obligations a homeowners association has?
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