Record Retention and Disposal Guidelines

Like other businesses, managing a cooperative housing corporation or a condominium includes the daunting task of maintaining its books and records and handling large quantities of documents. Files must be kept by the organization to document its actions and legal relationships, pursue or protect itself in litigation, ensure compliance with federal and state laws and regulations, and resolve disputes. But a cooperative or condominium is not required to keep documents forever.

Different types ofdocuments should be kept for different periods of time depending upon their topic, any legally required retention period and the statute of limitations for litigation to which they may relate.

Download the Memo

Share This