Association records are extremely important in detailing the history of an association's activities and documenting all decisions made by the board. The importance of the documents requires that the records be kept in an orderly fashion and in a secure location. Most associations keep records in chronological order and compiled in binders known as "corporate record books". Some associations may have space constraints. However, lack of space is not an excuse to discard vital records.

In general, financial records that support an item of income or deduction on a tax return should be kept for a period of at least seven (7) years. It is the position of the Internal Revenue Service (IRS), however that all required books and records be maintained and available for inspection so long as they are relevant to the administration of the Internal Revenue Code. It is also important to note that Ohio has four year statute of limitations on fraud and a two year statute of limitations on negligence. A board's corporate records are the single most important defense to these types of claims.

The numerous types of records within an association's files make it impossible to anticipate every situation that may arise. However, the following general list may be used as a guide for establishing the minimum number of years to retain records.

 Source: Kaman & Cusimano - ohiocondolaw.com