What Records Must Be Maintained?
Condominium corporations in Alberta are legally required to maintain specific records. These records ensure compliance with the Condominium Property Act (CPA) and facilitate transparency between the board, management, and unit owners.
Essential Records Include:
Condominium Plans: Official documents showing the physical layout and boundaries of the property.
Bylaws and Rules: The governing framework of the condominium corporation.
Financial Records:
Annual financial statements.
Operating budgets.
Reserve fund reports.
Records of unit owners’ contributions.
Meeting Minutes: Records from board meetings, Annual General Meetings (AGMs), and Special Meetings.
Professional and Specialist Reports: Reserve fund studies,
engineering assessments, financial reports, and legal opinions.
Contracts and Agreements: Service agreements with vendors, condominium management contracts, and legal documents.
Legislative Requirement:
According to the Condominium Property Regulation, condominium corporations must make these records available to unit owners upon request, except for documents containing confidential or privileged information.
Storage and Retention Requirements
Digital vs. Physical Storage
Condominium corporations can maintain records in either physical or digital formats, provided they are secure and accessible.
Storage Method | Advantages |
Physical (Paper) | Legally recognized in all cases |
Digital (Electronic) | Easy to access and share |
Storage Method | Challenges |
Physical (Paper) | Risk of damage (fire, water, theft) |
Digital (Electronic) | Requires cybersecurity measures |
Accessibility and Privacy Considerations
Records must be accessible to unit owners, board members, and auditors while protecting sensitive information.
The Personal Information Protection Act (PIPA) applies to condominium corporations, restricting access to private owner data.
Retention Periods for Key Documents
Document Type | Minimum Retention Period |
Name and Contact Information (Owners, Tenants, Property Managers, and Mortgages) | Maintain on an ongoing basis |
Bylaws and Condominium Plans | Permanent |
Building Drawings (structural, architectural, electrical, mechanical, and underground) | Permanent |
Engineering and Other Professional Reports | Permanent |
Particulars of Post Tensioned Cables | Permanent |
Certificates, Approvals, Permits Issued by the Government | Permanent |
Reserve Fund Study and Reserve Fund Plan | 12 years |
Details of Legal Action, Judgements, and Written Demands of More than $5,000 | 7 years |
Details of legal advice | 7 years |
Financial Statements, Budgets, Insurance Policies, Insurance Certificates, Bank Records | 7 years |
Board Meeting Minutes and General Meeting Minutes | 7 years |
Proposals and Notices of Bylaw Sanction | 3 years |
Results of Written Ordinary or Special Resolutions | 3 years |
Outstanding orders issued by the government | 3 years |
Loan Disclosure Documents | 3 years |
Estoppel Certificates | 3 years |
Service Agreements, Recreational agreements, Lease or Exclusive Use Agreements, Rented Unit Damage Deposits | 3 years after agreement ends |
Consolidated Rules of the Corporation | 3 years after rule amended or repealed |
Copies of all Manuals, Schematic Drawings, Operating Instructions, Service Guides, Manufacturers’ Documentation, Records of Service and Repairs, Records of Repair and Maintenance | 3 years after equipment is disposed of |
Proxy Forms | 180 days |
Best Practices for Record-Keeping
Organizing and Categorizing Documents
Use a structured filing system (e.g., Financial, Legal, Maintenance, Governance).
Clearly label documents with dates and versions.
Secure and Compliant Storage Systems
Physical Storage: Fireproof cabinets in a secure office location.
Digital Storage: Encrypted cloud storage or secure local servers.
Access Control: Limit document access to authorized personnel only.
Ensuring Document Availability for Audits and Board Access
Maintain an organized archive of past records.
Establish procedures for owners to request document access in compliance with the CPA.
Regularly back up digital records to prevent data loss.
Case Study: Evaluating Storage Solutions
Scenario:
A condominium corporation relies solely on paper records stored in an office. A flood damages the files, leading to missing financial records and bylaws. As a result, the corporation struggles to provide required documents to owners and auditors, leading to legal complications.
Analysis:
What could have been done to prevent the loss of records?
Would a digital storage system have mitigated the issue?
What steps should the corporation take to reconstruct missing records?
Application:
Analyze different record-keeping methods and propose the most effective system based on security, accessibility, and compliance requirements.
