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 Deerfield News Connection

March 2. 2025

 

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Board of Directors Record Keeping Responsibilities

The Importance of Record Keeping for Deerfield Resort HOA

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Homeowners Associations (HOAs) play a vital role in maintaining community standards, managing shared resources, and ensuring financial transparency. For Deerfield Resort and other HOAs in Tennessee, proper record keeping is essential for smooth operations and legal compliance. Given that Tennessee lacks specific HOA legislation, HOAs must follow the broader Tennessee Nonprofit Corporation Act, which outlines their responsibilities

 

Record-Keeping Requirements

 

In addition to Fiduciary duties, Tennessee law mandates that HOAs maintain the following records:

 

1.  Meeting and Action Records

  • Minutes from all board and member meetings

  • Records of actions taken without a meeting

  • Documentation of committee decisions

 

2.  Financial Records

  • Comprehensive accounting records, including annual financial statements

  • Income and expense tracking to ensure financial stability

 

3.  Membership Records

  • A list of members, including names, addresses, and voting rights

  • Organized alphabetically by class for easy reference

 

4. Governing Documents and Communications

  • Articles of incorporation, bylaws, and amendments

  • Written communications sent to members

  • Resolutions establishing member classes or defining voting rights

  • Annual reports filed with the Secretary of State

 

5.  Retention and Accessibility of Principal Office Records

  • Records must be in written form or easily convertible to written form

  • Essential documents should be stored at the HOA’s principal office for inspection by members

  • Articles of incorporation or restated articles and all amendments currently in effect.

  • Bylaws or restated bylaws and all amendments currently in effect.

  • Resolutions adopted by the board creating member classes or fixing member numbers.

  • Minutes of all member meetings and records of member actions for the past three years, aligning with Section 48-66-201 for financial reporting periods.

  • All written communications to members generally within the past three years, including financial statements for the past three years, ensuring historical transparency.

  • A list of the names and business or home addresses of current directors and officers, for governance accountability.

  • The most recent annual report delivered to the secretary of state under Section 48-66-203, fulfilling state reporting obligations.

  • Some records, such as meeting minutes and financial statements, must be retained for at least three years

 

Rights of HOA Members to Inspect Records

 

Tennessee law grants HOA members the right to inspect and copy certain records of the corporation ensuring accountability. Members must provide written notice at least five business days in advance and demonstrate a proper purpose for their request. However, the use of membership lists for commercial purposes is strictly prohibited.

 

Proper record keeping is not just a legal obligation – it is a cornerstone of effective HOA management. By maintaining clear, organized, and accessible records, Deerfield Resort HOA can protect its members, and operate efficiently. 

 

 

 

If you have Board experience or are dedicated to community unity, we invite you to run for the Board. There is significant work ahead, but with property owners from Deerfield Resort working together, a safe and well-managed community can be established. Information regarding candidacy and the election is available on the receivers website www.deerfieldresorthoa.com.

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