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

506 words·~2 min read·/wi/chapter-703/703-20-3

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.

(c)Exception; records of initial construction. An association is not required under par.

(b)to maintain any financial records related to the declarant’s initial construction of the common elements during the period of declarant control under s. 703.15

(c)if the costs of the initial construction are not assessed against unit owners as common expenses and no contract related to the initial construction is made by or on behalf of the association.

(1g)Inspection and copying of records by unit owners.

(a)A unit owner may inspect and copy, at a reasonable time and location specified by the association, any of the records of the association described under sub.

(1)created within the past 6 years and any records of the association described under sub.

(a)3. and

(b)7. regardless of when those records were created. A unit owner may select the date for the inspection and copying by providing the association written notice of the selected date at least 10 business days before the selected date if the selected date is a business day or other day agreed to by the association.

(b)Notwithstanding par.

(a), an association is not required to allow a unit owner to inspect or copy any of the following records:

1. A record protected by the lawyer-client privilege, as described in s. 905.03 , or a record that is the work product of the association’s attorney.

2. Personnel records of the association.