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RECORDS RETENTION SCHEDULE OF
THOUSAND OAKS PROPERTY OWNERS ASSOCIATION, INC.
WHEREAS, the property affected by this Records Retention Schedule is subject to certain dedications, covenants and restrictions (the “Declaration”) which are of record in the Official Public Records of Reai Property at Montgomery County, Texas, as follows:
Section 1 - Clerk’s File No. 99052263, Film Code No. 552-00-0477, et seq., Clerk’s File No. 99080280, Film Code No. 593-00-0667, et seg., Clerk’s File No. 2001-076019, Film Code No. 93 1-00-0558, et seq., and Clerk’s File No. 2007-129655, Film Code No. 471-11-0216, et seg.; Section 2 - Clerk’s File No. 2000-028457, Film Code No. 687-00-1309, et seg., Clerk’s File No. 2001-076020, Film Code No. 931-00-0570, et seq., and Clerk’s File No. 2002-099959, Film Code No. 152-10-1749, et seq.; Section 3 - Clerk’s File No. 2002-014602, Film Code No. 021-10-0784, et seg., Clerk’s File No. 2002-021994, Film Code No. 032-10-0319, et seq., Clerk’s File No. 2002-099960, Film Code No. 152-10-1753, et seg., and Clerk’s File No. 2006-002485, Film Code No. 992-10-2386, et seg.; Section 4 - Clerk’s File No. 2006-021357, Film Code No. 024-11-2975, et seg., and Clerk’s File No.
WHEREAS, pursuant to the authority vested in the Association under the Declaration and pursuant to the express authority of the Texas Property Code, the Board of Directors of the Association (the “Board”) hereby promulgates the following Records Retention Schedule; and
WHEREAS, the Thousand Oaks Property Owners Association, Inc. (the “Association”) keeps books, records of account, minutes, bank records, tax information, insurance records, real estate records, and other information, in the regular course of its business; and
WHEREAS, the Board desires to set a schedule for retaining such records and other information maintained by the Association; and
WHEREAS it is desirable to set a reasonable records retention schedule to maintain control, effective record keeping, and to effectively conduct the Association’s normal business.
NOW, THEREFORE, BE IT RESOLVED that the following records retention schedule is established by the Association:
All Association documents either paper, or in an electronic format, will have assigned retention times and will be destroyed at the end of the retention period or as soon after as practically possible. Documents may be archived offsite in a secure facility, but must be accessible at the principal office of the Association, or its management company, within a reasonable period of time. Draft documents and copies of original documents will be destroyed at the end of their useful life,
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which shall be no longer than the retention schedule for the original document. Any revision of a document must be noted and the retention period will restart at the revision date. The retention schedule is attached hereto as Exhibit “A” and incorporated herein for all purposes.
unanimous consent, effective as of October > 2009, until such date as it may be modified, rescinded or revoked.
This is to certify that the foregoing eee was adopted by the Board of Directors by
The Board of Directors hereby approves and authorizes the above policy.
Signed this 5 tay of October, 2009.
THOUSAND OAKS PROPERTY OWNERS
ASSOCIATION, INQ.
By: WW . LLG UG. Name: NM K. Aeveg ve: Title: spresident
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EXHIBIT A
RECORDS RETENTION SCHEDULE
IL CorPORATE “LEGAL” DOCUMENTS & RECORDS The following records are to be retained permanently:
Articles of Incorporation
By-Laws
Restrictive Covenants
Amendments to the Articles of Incorporation Amendments to the By-Laws
Amendments to the Restrictive Covenants
Deeds for Association Property
Annexation Records
Plats
Management Certificates
Approved Minutes of Board Meetings
Approved Minutes and Records of ACC Meetings Approved Minutes of Committee Meetings Approved Minutes of Annual and Special Meetings of Members Year End Audits/Tax Returns
I. CORPORATE FINANCIAL RECORDS
The following Financial Records and Reports shall be kept for seven (7) years:
Check Register
Trail Balance
Prepaid/Accounts Receivable
Income Statements
Detailed General Ledger
Accounts Payable
Bank Statements/Bank Reconciliations/Cancelled Checks
Approved Annual Budget
Annual Assessment Roll and sample of a typical assessment statement
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OTHER CORPORATE RECORDS (in alphabetical order)
Bank Account Information: Information related to bank accounts, CDs, or other investments information for each account shall be retained as long as the accounts are open and for seven (7) years after the account is closed. Signature cards shall be kept for seven (7) years following the date that the card is updated or replaced.
Bids/Proposals: Information related to solicitations for bids or proposals shall be retained for three
(3) years after the origination date or for as long as the information is deemed useful.
Board Files/Packages from board meetings: Minutes of meetings shall be permanently retained; other documents included in the Board package shall be retained for three (3) years.
Budget Support files: Financial reports associated with the development of the annual budget shall be kept for three (3) years after the year for which they were prepared.
Committee Files (agendas, meeting notes, etc.): Minutes of committee meetings shall be permanently retained. Other documents need only be retained for three years or as long as deemed useful to the Committee with respect to an on-going project.
Contracts: Four (4) years after the date the contract is terminated. If a warranty is expressly provided in the contract, the contract shall be retained for a period of five (5) years after the date the warranty expires.
Correspondence: General Correspondence, not in relation to particular property or property owner shall be retained for five (5) years after the origination date or for as long as the information is deemed useful, whichever is longer.
Insurance Claims (Settled): Settled insurance claims shall be retained for five (5) years after the date the claim is settled.
Insurance Policies (Expired): Expired insurance policies shall be retained for five (5) years after the date the policy terminates.
Litigation Files (Settled): Settled litigation files shall be retained for five (5) years after the date the matter is finally concluded; however, if the suit is in regard to a deed restriction suit in which a permanent injunction was obtained, the judgment shall be retained as long as it is in effect (which will usuatly be as long as the owner who was sued owns or occupies the property).
Legal Opinions: Opinions rendered by the Association’s attorney shall be retained permanently.
Legal Status Reports: Routine monthly or quarterly status reports from the Association’s attorney shall be retained for three (3) years.
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Member Meeting (Annual and Special): Minutes of the meeting shall be permanently retained. Documents relating to a meeting (the notice of meeting, ballots, proxies, etc.) shall be retained for five (5) years. Handouts provided for informational purposes need only be retained as long as the information is deemed useful.
Newsletter/Directories/Inserts/Website Information or other electronic publications of the Association: Onc (1) copy of cach newsletter, directory, ctc., shall bc permanently retained. Other copies of a newsletter, etc. need not be retained for any length of time.
Personnel Records (if any): Personnel files, if any, (including wage rates, job description, etc.) shall be permanently retained and payroll records on a particular employee shall be retained for five
(5) years after the date of termination.
Procedures/Policies/Resolutions of the Board: Procedures, policies, and resolutions of the Board shall be retained for as long as they are in effect. If a Procedure, Policy, or Resolution of the Board is changed, a copy of the original Procedure shall be retained for five (5) years beyond the date that the procedure was adopted or the date the procedure was changed, whichever is longer.
Reserve Studies: A copy of the Association’s Reserve Study shall be retained for the period of time covered by the study plus three (3) years.
Special Projects: Records relating to a special project shall be retained for the duration of the special project, plus three (3) (except to the extent that documents relating to a special project may be addressed under a different category such as contracts).
Work Orders/Facility Inspection Reports/ Building Repair Information: Records relating to work orders, etc. shall be retained for a period of three (3) years beyond the date of completion of the work, inspection, etc.
TH. RECORDS RELATING TO INDIVIDUAL MEMBERS OR MEMBER PROPERTIES
Accounts receivable activity for member accounts: Records relating to accounts receivable activity for member accounts shall be retained for three (3) years after the account is paid.
Applications for Improvements and New Construction Files (Plans): Applications and plans related to improvements to members’ properties shall be retained for five (5) years from the date of completion of the proposed improvement. Record that a particular improvement has been approved by the association should be retained permanently.
Correspondence: Correspondence to, from, or relating to a member account that is not in connection with a deed restriction violation or accounts receivable activity shall be retained for three
(3) years past the origination date or as long as it is deemed useful to the association. Ex. — Title,
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ownership, or closing information (three years after an ownership change), or a letter from homeowner requesting information on the MUD ditch that abuts the property (three years from date
of letter.)
Deed Restriction Activity for Member Properties: Records relating to deed restriction violation activity for members shall be retained for five (5) years after the violation is corrected. If the violation resulted in a suit, any judgment obtained should be retained as long as it is in effect.
Iv. OTHER MISCELLANEOUS RECORDS
Any other records not specified clsewhere: Other documents need only be retained for three years
(3) after the origination date of the document or as long as it is deemed useful to the Association.
FILED FOR RECORD
2Pug OCT 19 PM 3: th
COUNTY CLERK
MONTGOMERY COUNTY TEXAS
Thousand Oaks Property Owners Association, Inc.
Records Retention Schedule.wpd
STATE OF TEXAS
COUNTY OF MONTGOMERY
J hereby certily this instrument wes filed in File Number serhy ina nod was duly HEGORDER
the Sillcal Pu rae Records at ee Poti Proper, Property at
OcT 1 9 2009
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