The Importance of Document Stewardship in Condominium Management
Why Document Stewardship Matters
Reducing legal risks associated with document loss, unauthorized disclosure, or improper handling.
Ensuring transparency and compliance with regulatory requirements.
Meeting financial reporting and operational governance obligations.
Relevant Legislation
Condominium Property Act: A corporation shall keep and maintain at its address for service books and records as prescribed in the regulations.
Condominium Property Regulation: Specifies the documents that must be retained, including meeting minutes, financial statements, insurance policies, and reserve fund studies.
Risks of Poor Document Management
Legal risks: Failure to maintain documents can result in non-compliance with RECA regulations and fines.
Operational risks: Lack of accessible records can hinder decision-making and condominium management.
Financial risks: Mismanagement of financial records may lead to audits or disputes.
Legal Responsibilities for Document Retention
Mandatory Document Retention under Alberta Law
Condominium Property Act: Outlines the obligation of condominium corporations to keep specific records.
Condominium Property Regulation: Identifies required records, including but not limited to:
Bylaws
Meeting minutes
Reserve fund studies
Insurance policies
Financial statements
Real Estate Act Rules: States that condominium managers must maintain accurate records for financial transactions related to condominium corporations.
RECA Compliance for Condominium Managers
Real Estate Act Bylaws: States that records must be kept in a secure and accessible format for a minimum of three years.
Real Estate Act Rules: A condominium manager must keep copies of all financial records, service contracts, and meeting records for a minimum of three years.
Best Practices for Document Security and Access
Implementing Secure Document Storage
Real Estate Act Rules: A condominium manager must ensure records are accessible but protected against unauthorized access.
Best practices for electronic document security:
Encryption and password protection for digital records.
Secure backup storage solutions.
Best practices for physical document security:
Locked filing cabinets and restricted access to sensitive records.
Audit trails for document handling.
Providing Access to Records
Condominium Property Act: Upon written request, a condominium corporation shall make records available to an owner, buyer, or mortgagee within a reasonable time.
Condominium Property Regulation: Specifies response timelines and fees associated with providing access to records.
