Association duty to keep documents and records

ORS 94.670 Association duty to keep documents and records deposit of assessments payment of association expenses review of financial statement by certified public accountant examination of records by owner (1) A homeowners association shall retain within this state the documents, information and records delivered to the association under ORS 94.616 (Turnover meeting) and all other records of the association for not less than the period specified for the record in ORS 65.771 (Corporate records) or any other applicable law except that: (a) The documents specified in ORS 94.616 (Turnover meeting) (3)(o), if received, must be retained as permanent records of the association. (b) Proxies and ballots must be retained for one year from the date of determination of the vote, except that proxies and ballots relating to an amendment to the declaration, bylaws or other governing document must be retained for one year from the date the amendment is effective. (2) Intentionally left blank —Ed. (a) All assessments, including declarant subsidies and all other association funds, shall be deposited and maintained in the name of the association in one or more separate federally insured accounts, including certificates of deposit, at a financial institution, as defined in ORS 706.008 (Additional definitions for Bank Act) , other than an extranational institution. Except as provided in paragraph (b) of this subsection, funds must be maintained in an association account until disbursed. (b) Subject to any limitations imposed by the declaration or bylaws, funds of the association maintained in accounts established under this subsection may be used to purchase obligations of the United States government. (c) All expenses of the association shall be paid from the association account. (3) The association shall keep financial records sufficiently detailed for proper accounting purposes. (4) Within 90 days after the end of the fiscal year, the board of directors shall: (a) Prepare or cause to be prepared an annual financial statement consisting of a balance sheet and income and expenses statement for the preceding fiscal year; and (b) Distribute to each owner and, upon written request, any mortgagee of a lot, a copy of the annual financial statement. (5) Subject to ORS 94.671 (Application of ORS 94.670 (5)) , the association of a planned community that has annual assessments exceeding $75,000 shall cause the financial statement required under subsection (4) of this section to be reviewed within 300 days after the end of the fiscal year by an independent certified public accountant licensed in the State of Oregon in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. (6) The association of a planned community created on or after January 1, 2004, or the association of a planned community described in ORS 94.572 (Applicability of certain provisions of ORS 94.550 to 94.783 to Class I or Class II planned communities) that has annual assessments of $75,000 or less shall cause the most recent financial statement required by subsection (4) of this section to be reviewed in …

Showing excerpt. Read full text on official source →