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Just curious as to how other boards keep records. I became President about 8 months ago and I'm literally up to my eyeballs with paperwork. The previous board did not have a system at all in place and our former Managing Agent stole from us, so it is important to keep records.
I am storing things electronically (and keeping backup), but in terms of hardcopies of copies of contractors and invoices from contractors, etc., I feel like my apartment is being overrun by co-op documents.
Another thing is many people on our board are not big computer users and I'm concerned when I step down, whoever takes the reigns may complain they can't access anything because they don't have great computer skills.
Any suggestions on how to better organize will be greatly appreciated. Thanks.
If you do use Mark's suggestion, I recommend - no, I URGE - that anyone who is not familiar with using a computer on a daily basis be supervised by someone who is until they 'get' it.
Believe me, you don't want to turn on the computer to do some work.... and find that your records were erased accidentally by someone who didn't understand what they were clicking "yes" to.
BTW, a lot of co-ops still keep paper records, with archives off-premises.
You raise a great question.
As the board president with same issue, 2 of our 5 board members don’t have a computer, and our sponsor/managing agent are the same, I have become an expert record keeper where few were kept before.
I request all proposals, documents, reports, filings, and shareholder communications be sent to me/fellow board members in PDF and a hard copy provided for those that don’t have computer/email access.
Resolutions and Meeting minutes are scanned after being signed off. Parking and Storage Agreements are also scanned and distributed to board members per our request. Hardcopies of all documents should remain with the managing agent. Prior to setting up this process, things were lost in the shuffle. It’s not easy to keep up with all the folders and traffic but I do my best and we know ink/toner is not cheap.
The next step is to find an online tool which can be utilized by all future board members going forward to maximize our data and information and reduce the change things will be lost, misplaced, deleted or the dependency of a few hard driving board members who are meticulous and detailed to ensure accurate records.
I wish you luck with the paperwork, and suggest you move to online documentation if possible.
I can recommend to you Dropbox (www.dropbox.com) as a way to backup those files and it's free, which is the best part. You can install the program and have access to all files, on any computer. You can also access files via their website if you're away.
They also have free iPhone and iPad apps so that you can access on the go.
Sounds great. Thank you. I will check this out. Someone also recommended google docs.
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As a managing agent, we have a few departments of people who keep their own separate files (payables, receivables, sales/leasing, etc.). In addition, I have every file that I've ever worked on in my career in some digital form (PDF, Word, Excel, etc.) This also makes from an extremely easy transfer should we ever lose or give up a property.
What if you got a shared computer for the corporation that all Board members could access so that the files can reside in the meeting room or some other locked space in the building? The existing Board members could get comfortable with using a computer if they're not yet familiar with it and there would be no need to change over documents when your reign is over as President. It will be a clear handoff of documents as they'll always stay in one common room with Board access.
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