I just became treasurer of our small association in Illinois and was given 30 years of records including every canceled check and bill paid. Do I have to keep all this material? We have an excel spreadsheet that lists all the major expenses incurred by the association. How many years of records are we required to keep? Can I scan the paperwork and put it on a CD?
The Community Associations Institute has a publication entitled “The Association Secretary” which contains a list of the most common records an association maintains and how long to retain each type. You can buy the publication by clicking on Bookstore on the homepage.