A condominium corporation has a responsibility to keep documents and records. It is usually the task of the secretary or treasurer of the board to ensure that the documents and records are in good order.
Tip for condo boards: Check the bylaws for any specific requirements for record keeping (for example, who keeps them, how, where and any guidelines for retention). Sometimes, a condo board’s current records will be kept with a condo manager if there is one. But the condo board should always have copies secured and in their possession at all times as they are ultimately responsible for them.
Why is it important to keep documents and records?
It is important for condominium corporations to keep documents and records for a variety of reasons:
- They can facilitate board decision-making and budgeting.
- They can facilitate the continuity of the condominium board and condominium corporation. For example, unit owners, board members, and condo managers change. Having documents and records in good order helps ensure new unit owners, board members, and condo managers are up to date with the affairs of the condominium.
- In case of a dispute, well maintained proper documents and records can prove the board’s decision making processes were done properly and legally, and why they reached certain decisions.
How long do condo boards need to keep documents and records?
The Condominium Property Act does not specify how long boards need to keep the condominium corporation’s documents and records. However, some experts recommend that boards keep the condominium corporation’s business documents and records forever, such as:
- The corporation’s governance documents
- Condominium plan
- Budget/financial statements
- Reserve fund studies
Condominium corporations should consider developing a policy for the retention, review, and disposal of documents. Because some of these documents and records may contain personal information of unit owners, the corporation should be familiar with the Personal Information Protection Act.
The Condominium Property Amendment Act will provide further guidance on document retention. This website will be updated once the changes come into force.
Last updated: September 2016