RECORDS MANAGEMENT

REVISION DATE: 11/21/02

PURPOSE

The Records Management Policy sets forth the actions or criteria that permit the Association to manage its records, both to meet its business needs and to comply with the law, where applicable.  The key to this Policy is the Retention Schedule that identifies the number of months that types of records that must be maintained.  When that period expires, records must be destroyed unless an exception has been granted by the General Counsel.  In the past, paper was the primarily medium used to record Association information.  Today and in the future, more Association information will be managed in an electronic format (i.e. databases, images, word processing text).  All such information is subject to compliance with this Policy.

SCOPE

This Records Management Policy includes:

1. A summary of responsibilities for general records management.

2. A Record Retention Schedule describing various classes of records generated, received, and maintained by the Association and the corresponding retention requirement.

3. A Historical Records Program.  Under this category, records that are of significant historical interest to the development of the Association and surrounding Community shall be maintained.  Items such as maps, surveys, historical residential and/or commercial deed restriction covenants shall be included in this category.

4. A Vital records Program that identifies and protects information that is absolutely essential for the continued operation of the Association.  Such records include but are not limited to: Articles of Incorporation, Association By-Laws, Declaration of Covenants, Conditions and Restrictions; Association; Architectural Control Committee Guidelines; Association Operating Policies; Hurricane Disaster Plan and Committee Charters; and other records essential to the day-to-day operation of the Association.

The Records Retention Schedule will be upgraded and revised annually by the Property Management Company or as otherwise directed by the Board of Directors ("BOD").

POLICY

The Property Management Company (hereafter referred to as Management) will be responsible for the following:

1. Administer the Policy;

2. Recommend revisions to the Records Retention Guide to the BOD;

3. Evaluate present records management practices, recommend and implement changes subsequent to BOD approval;

4. Advise the BOD on appropriate storage media and locations for records;

5. Work in conjunction with General Counsel and the BOD to identify and coordinate the production of records subject to litigation;

6. Work in conjunction with General Counsel and the Tax Consultant to ensure that tax-related statutes and regulations are being followed;

7. Evaluate new technological developments within records management.

The Association's General Counsel will be responsible for the following:

1. The General Counsel has the overall responsibility for the preparation of amendments to the Policy.

2. Upon request of the BOD, General Counsel shall annually review this Policy to ensure it continually meets the needs of the Association and, where applicable, conforms to all applicable statutes and regulations.

3. Upon request of the BOD, General Counsel shall in coordination with Management submit an annual letter report to the BOD concerning the efficacy of this Policy to meet Association requirements and all applicable statutes and regulations.

The Retention Schedule

1. Contracts and Agreements: An executed copy or original of all Agreements, leases, deeds, permits and similar documents and any ensuing papers which extend, amend, release or otherwise alter such documents, must be maintained by Management.  Retention: 36 months after expiration.

2. Vital Records: As described above.  Retention: Perpetual.

3. Finance, Banking, Credit and Treasury: Items such as, but not limited to, bad debts, bank statements and reconcilements, cash receipts and disbursements, funds movement.  Retention: 84 months.

4. Human Resources: All records pertaining to the direct (as opposed to contractual) employment of persons by the Association.  Retention: 96 months.

5. Law: To include, but not limited to law projects, litigation, bankruptcies, Legal Opinions and Memorandums, save and except judgments or other court orders.  Retention: 60 months.

6. Tax: Association Tax filings and all working papers.  Retention: 48 months.

Comments and questions about the Pineloch Community Association may be emailed to the Management Company at CMSI.

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