Legislative Framework for Condominium Records
Condominium corporations in Alberta must maintain records as required by the Condominium Property Act (CPA) and Condominium Property Regulation (CPA Regulation). These records are essential for governance, financial transparency, and legal compliance.
Required Documents Under the Condominium Property Regulation
The Condominium Property Regulation outlines specific records that condominium corporations must retain and provide access to upon request. These include:
Bylaws & rules – Establish the governance structure of the corporation.
Professional reports – Provide a professional opinion from an accounting, engineering, or legal perspective.
Reserve fund studies & reserve fund plans – Ensure the long-term financial sustainability of the condominium.
Board meeting minutes & general meeting minutes – Document decisions made by the board of directors.
Financial statements & budgets – Provide transparency regarding the corporation’s financial health.
Insurance certificates & policies – Outline the coverage held by the corporation.
The Condominium Property Regulation requires condominium corporations to maintain and provide access to specific documents, including financial statements, bylaws, and board meeting minutes.
Timeframes for Maintaining Records
Each type of condominium record has a different legally required retention period. Proper adherence to these timelines ensures compliance and protects the corporation from liability.
Retention Timelines for Key Documents
Document Type | Minimum Retention Period |
Bylaws & rules | Permanent |
Professional reports | Permanent |
Reserve fund studies & reserve fund plans | 12 years |
Board meeting minutes & general meeting minutes | 7 years |
Financial statements & budgets | 7 years |
Insurance certificates & policies | 7 years |
Consequences of Failing to Maintain Records
Failing to retain and provide access to required records can result in:
Legal penalties for non-compliance.
Loss of financial transparency, leading to disputes with owners.
Difficulties in board governance and decision-making due to missing historical records.
Fees for Accessing Documents
Condominium corporations may charge a reasonable fee for providing copies of certain records, as outlined in the Condominium Property Regulation.
Maximum Fees Condominium Corporations May Charge
While corporations can recover costs associated with producing documents, fees must be reasonable and comply with legal limits. The regulation outlines the following fee considerations:
Fees must not be excessive and should reflect actual administrative costs.
The corporation must disclose fees in advance before providing records.
Owner vs. Third-Party Access Rights
Unit Owners
Have a right to access key documents such as bylaws, board meeting minutes, and financial statements.
May request copies but must pay reasonable fees.
Third Parties (e.g., mortgagees, prospective buyers, lawyers)
May request certain records but must demonstrate a legal interest.
Requests must comply with privacy laws, ensuring personal information is not disclosed improperly.
Electronic vs. Paper Record-Keeping
Legal Requirements for Digital Records
Many condominium corporations transition to electronic record-keeping to improve efficiency. However, digital records must comply with legislative requirements, ensuring:
Electronic documents are accessible upon request.
Security measures protect against data breaches.
Backups are maintained to prevent loss of information.
Secure Storage and Backup Strategies
Proper document security and storage protect condominium corporations from data loss, unauthorized access, and compliance issues.
Best Practices for Secure Record-Keeping:
Use encrypted storage solutions to protect sensitive data.
Implement access controls to limit document access to authorized individuals.
Regularly back up records to secure locations to prevent loss from system failures.
Ensure digital records are easily retrievable for compliance with legal access requests.
Activity: Develop a Document Retention Policy
Scenario:
A condominium board wants to improve its document retention process and has asked the condominium manager to develop a compliant document retention policy.
Instructions:
Create a document retention policy that outlines:
What records must be maintained and for how long.
Who has access to specific records (owners, mortgagees, third parties).
How records will be securely stored and retrieved.
Procedures for responding to record requests and charging fees.
