The following Document Retention Policy was established by the Board of Directors (the “Board”) of the QCHOA, Inc. (the “Association”) on September 24, 2014 in accordance with Section 209.005(m) of the Texas Property Code:
- Certificates of formation, bylaws, restrictive covenants, and all amendments to the certificates of formation, bylaws, and covenants shall be retained by the Association permanently.
- Financial books and records shall be retained by the Association for seven (7) years.
- Account records of current owners shall be retained by the Association for five (5) years.
- Contracts with a term of one year or more shall be retained by the Association for four (4) years after the expiration of the contract term.
- Minutes of meetings of the owners and the Board shall be retained for seven (7) years.
- Tax returns and audit records shall be retained for seven (7) years.
- Any documents not described above may be retained for the duration deemed to be useful to the purpose of the Association.
- Upon expiration of the retention period listed above, the Documents shall no longer be considered Association records and may be destroyed, discarded, deleted, purged or otherwise eliminated.
- In the event the Association is served with any subpoena or request for documents or the Association becomes aware of a governmental investigation or audit concerning the Association or the commencement of any litigation against or concerning the Association, all documents relating or pertaining to such investigation, claim or litigation shall be retained indefinitely, and any further disposal of documents shall be suspended and shall not be reinstated until conclusion of the investigation or lawsuit, or until such time as the Board , with the advice of legal counsel, determines otherwise.
This Document Retention Policy shall supersede and render null and void any previously adopted policy to the extent that the terms of such policy are contradictory.