703.20 Association records; inspection by unit owners; financial audits.

264 words·~1 min read·/wi/chapter-703/703-20-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Record keeping.

(a)Minutes and records of action; condominium documents. An association shall keep all of the following records:

1. Minutes of meetings of the association and of the board of directors of the association, which the association shall keep for at least 6 years.

2. Records of actions taken without a meeting by the unit owners on behalf of the association or by the board of directors of the association, which the association shall keep for at least 6 years.

3. The documents and information described under s. 703.33

(1)to

(2)that are adopted by the association, which the association shall keep as permanent records.

(b)Financial records. Except as provided under par.

(c), an association shall maintain appropriate financial records for at least 6 years, including all of the following:

1. Detailed, accurate records using standard bookkeeping procedures of the receipts and expenditures affecting the common elements, specifying and itemizing the maintenance and repair expenses of the common elements and any other expenses incurred.

2. Annual budgets described under s. 703.161 .

3. Financial statements.

4. Bank statements and account statements, including statements for reserve accounts, created within the past 6 years.

5. Income and expense statements.

6. Insurance policies issued within the past 6 years.

7. The most recent audit of the association’s financial records, if any.

8. Contracts entered into within the past 6 years and any bids for those contracts received within the past 3 years.

9. Invoices and expense records created within the past 6 years.