Accurate and up-to-date records are essential for proper communication within homeowner’s associations. The start of the year offers an excellent check-in point for associations to take note of changes to ensure all vendor, resident, and board member records are up to date. By starting the year with organized and accurate information, the board can be transparent and decisive, reducing the risk of compliance or legal issues. This can also help streamline board operation and communication between residents, community managers or management, and fellow board members and establish a solid foundation for the year ahead!

Refreshing Resident Information

One of the most critical aspects of recordkeeping is maintaining accurate resident information year-round.  This includes maintaining updated contact details, such as email addresses, phone numbers, and mailing addresses, to ensure effective communication for routine notices, emergency updates, reminders, and more. Ask your community manager to remind residents to update their information. Whether your association uses an online portal or manual tracking, ensure the manager includes clear, concise instructions for residents to follow.

Updating Board Member Records

Associations experience significant changes in leadership after an annual election so it’s crucial to verify changes to names, roles, and contact information of all current board members and officers with the community’s management company. This ensures that the management company can adequately provide board members with educational resources, tools, and communication for community guidance and governance. Also, many states and local governments require this information to be filed or updated annually, and failing to do so could result in fines or other administrative penalties.

Reviewing Governing Documents and Policies

A community’s governing documents should be reviewed and updated as necessary. If amendments were passed or new rules implemented in the previous year, ensure these changes are officially recorded and accessible to all residents on the community site or portal. By providing access to updated documents, the board reinforces compliance and demonstrates its unwavering commitment to transparency within the community. With the help of your community manager, the board can host a catch-up meeting or provide an informational notice to residents to review key changes from the previous year that will impact their residential life this year.

Updating Vendor and Financial Records

January is also an ideal time to review the status of vendor contracts, insurance policies, and financial statements. With the help of your community manager, determine if current vendor agreements are adequate and reflect the community’s needs, budget, or standards, and review insurance policies for appropriate coverage, noting any renewal dates or changes in policy terms. Changes should be made clear and available to residents on the community site or portal. In addition, year-end financial records, including balances, reserve funds, and dues collection data, should be reviewed once more with your management company or financial advisor to have a clear picture of the association’s financial health. These should also be made available to residents for transparency.

By updating community records at the beginning of the year, associations can ensure smooth operations and minimize risks associated with outdated or incomplete information. Adequately maintained, easily accessible, and transparent records provide a strong framework for effective management and enhance the trust and satisfaction of residents throughout the year!

Sentry Management is a full-service community management company. Sentry’s business is the day-to-day operation of communities, homeowner associations, and condominiums. Sentry is accredited as an AMO® (Accredited Management Organization) by the Institute of Real Estate Management, providing the independent evaluation that Sentry has one of the highest operating and financial standards in the industry. Sentry operates in dozens of localities in Florida, Arizona, Colorado, Georgia, Idaho, Iowa, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, New Mexico, New York, North Carolina, Ohio, South Carolina, Tennessee, Texas, Washington, and Virginia.