ORS 94.670
Association duty to keep documents and records

  • deposit of assessments
  • payment of association expenses
  • review of financial statement by certified public accountant
  • examination of records by owner

(1)

A homeowners association shall retain within this state the documents, information and records delivered to the association under ORS 94.616 (Turnover meeting) and all other records of the association for not less than the period specified for the record in ORS 65.771 (Corporate records) or any other applicable law except that:

(a)

The documents specified in ORS 94.616 (Turnover meeting) (3)(o), if received, must be retained as permanent records of the association.

(b)

Proxies and ballots must be retained for one year from the date of determination of the vote, except that proxies and ballots relating to an amendment to the declaration, bylaws or other governing document must be retained for one year from the date the amendment is effective.

(2)

Intentionally left blank —Ed.

(a)

All assessments, including declarant subsidies and all other association funds, shall be deposited and maintained in the name of the association in one or more separate federally insured accounts, including certificates of deposit, at a financial institution, as defined in ORS 706.008 (Additional definitions for Bank Act), other than an extranational institution. Except as provided in paragraph (b) of this subsection, funds must be maintained in an association account until disbursed.

(b)

Subject to any limitations imposed by the declaration or bylaws, funds of the association maintained in accounts established under this subsection may be used to purchase obligations of the United States government.

(c)

All expenses of the association shall be paid from the association account.

(3)

The association shall keep financial records sufficiently detailed for proper accounting purposes.

(4)

Within 90 days after the end of the fiscal year, the board of directors shall:

(a)

Prepare or cause to be prepared an annual financial statement consisting of a balance sheet and income and expenses statement for the preceding fiscal year; and

(b)

Distribute to each owner and, upon written request, any mortgagee of a lot, a copy of the annual financial statement.

(5)

Subject to ORS 94.671 (Application of ORS 94.670 (5)), the association of a planned community that has annual assessments exceeding $75,000 shall cause the financial statement required under subsection (4) of this section to be reviewed within 300 days after the end of the fiscal year by an independent certified public accountant licensed in the State of Oregon in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.

(6)

The association of a planned community created on or after January 1, 2004, or the association of a planned community described in ORS 94.572 (Applicability of certain provisions of ORS 94.550 to 94.783 to Class I or Class II planned communities) that has annual assessments of $75,000 or less shall cause the most recent financial statement required by subsection (4) of this section to be reviewed in the manner described in subsection (5) of this section within 300 days after the association receives a petition requesting review signed by at least a majority of the owners.

(7)

An association subject to the requirements of subsection (5) of this section may elect, on an annual basis, not to comply with the requirements of subsection (5) of this section by an affirmative vote of at least 60 percent of the owners, not including the votes of the declarant with respect to lots owned by the declarant.

(8)

Intentionally left blank —Ed.

(a)

The association shall provide, within 10 business days of receipt of a written request from an owner, a written statement that provides:

(A)

The amount of assessments due from the owner and unpaid at the time the request was received, including:
(i)
Regular and special assessments;
(ii)
Fines and other charges;
(iii)
Accrued interest; and
(iv)
Late payment charges.

(B)

The percentage rate at which interest accrues on assessments that are not paid when due.

(C)

The percentage rate used to calculate the charges for late payment or the amount of a fixed charge for late payment.

(b)

The association is not required to comply with paragraph (a) of this subsection if the association has commenced litigation by filing a complaint against the owner and the litigation is pending when the statement would otherwise be due.

(9)

Intentionally left blank —Ed.

(a)

Except as provided in paragraph (b) of this subsection, the association shall make the documents, information and records described in subsections (1) and (4) of this section and all other records of the association reasonably available for examination and, upon written request, available for duplication by an owner and any mortgagee of a lot that makes the request in good faith for a proper purpose.

(b)

Records kept by or on behalf of the association may be withheld from examination and duplication to the extent the records concern:

(A)

Personnel matters relating to a specific identified person or a person’s medical records.

(B)

Contracts, leases and other business transactions that are currently under negotiation to purchase or provide goods or services.

(C)

Communications with legal counsel that relate to matters specified in subparagraphs (A) and (B) of this paragraph and the rights and duties of the association regarding existing or potential litigation or criminal matters.

(D)

Disclosure of information in violation of law.

(E)

Documents, correspondence or management or board reports compiled for or on behalf of the association or the board of directors by its agents or committees for consideration by the board of directors in executive session held in accordance with ORS 94.644 (Meetings of board of directors) (2).

(F)

Documents, correspondence or other matters considered by the board of directors in executive session held in accordance with ORS 94.644 (Meetings of board of directors) (2).

(G)

Files of individual owners, other than those of a requesting owner or requesting mortgagee of an individual owner, including any individual owner’s file kept by or on behalf of the association.

(10)

The association shall maintain a copy, suitable for the purpose of duplication, of the following:

(a)

The declaration and bylaws, including amendments or supplements in effect, the recorded plat, if feasible, and the association rules and regulations currently in effect.

(b)

The most recent financial statement prepared pursuant to subsection (4) of this section.

(c)

The current operating budget of the association.

(d)

The reserve study, if any, described in ORS 94.595 (Reserve account for maintaining, repairing and replacing common property).

(e)

Architectural standards and guidelines, if any.

(11)

The association, within 10 business days after receipt of a written request by an owner, shall furnish the requested information required to be maintained under subsection (10) of this section.

(12)

The board of directors, by resolution, may adopt reasonable rules governing the frequency, time, location, notice and manner of examination and duplication of association records and the imposition of a reasonable fee for furnishing copies of any documents, information or records described in this section. The fee may include reasonable personnel costs for furnishing the documents, information or records. [1981 c.782 §48; 1999 c.677 §21; 2001 c.756 §20; 2003 c.569 §15; 2003 c.803 §20a; 2007 c.340 §1; 2009 c.641 §13; 2011 c.532 §17; 2017 c.111 §2; 2021 c.40 §13]

Source: Section 94.670 — Association duty to keep documents and records; deposit of assessments; payment of association expenses; review of financial statement by certified public accountant; examination of records by owner, https://www.­oregonlegislature.­gov/bills_laws/ors/ors094.­html.

94.504
Development agreements
94.508
Approval by governing body
94.513
Procedures on consideration and approval
94.518
Application of local government law and policies to agreement
94.522
Amendment or cancellation of agreement
94.528
Recording
94.531
Severable development interest in real property
94.534
Policy on transferable development credit systems
94.536
Definitions for ORS 94.536 and 94.538
94.538
Transferable development credit systems
94.550
Definitions for ORS 94.550 to 94.783
94.560
Legislative findings
94.565
Planned community to be created under ORS 94.550 to 94.783
94.570
Applicability of ORS 94.550 to 94.783
94.572
Applicability of certain provisions of ORS 94.550 to 94.783 to Class I or Class II planned communities
94.573
Class I or Class II planned community option to amend governing documents to conform to statute
94.574
Procedure for formation of homeowners association by Class I or Class II planned community
94.575
Applicability of subdivision law
94.576
Class I or Class II planned community option to be subject to provisions of ORS 94.550 to 94.783
94.577
Recording amended governing documents
94.580
Declaration
94.585
Authority to amend declaration and initial bylaws to comply with federal or state laws
94.590
Amendment of declaration by owners
94.595
Reserve account for maintaining, repairing and replacing common property
94.600
Declarant control of association
94.604
Transitional advisory committee
94.609
Notice of meeting to turn over administrative responsibility
94.616
Turnover meeting
94.621
Rights of declarant following turnover meeting
94.622
Obligations and liabilities arising from transfer of special declarant rights
94.623
Acquisition of special declarant rights by successor declarant
94.625
Formation of homeowners association
94.626
Corporate dissolution of association
94.630
Powers of association
94.635
Association bylaws
94.639
Criteria for board of directors membership
94.640
Association board of directors
94.641
Assent of director to board action
94.642
Receivership for failure of homeowners association to fill vacancies on board of directors
94.644
Meetings of board of directors
94.645
Adoption of annual budget
94.647
Use of written ballot for approving or rejecting matters subject to meeting of association members
94.650
Meetings of lot owners
94.652
Electronic notice to owner or director
94.655
Quorum for association meetings
94.657
Rules of order
94.658
Voting or granting consent
94.660
Method of voting or consenting
94.661
Electronic ballot
94.662
Notice to lot owners of intent of association to commence judicial or administrative proceeding
94.665
Authority of association to sell, transfer, convey or encumber common property
94.667
Recording association information with county clerk
94.670
Association duty to keep documents and records
94.671
Application of ORS 94.670 (5)
94.673
When compliance with specified provisions of ORS 94.640 and 94.670 required
94.675
Insurance for common property
94.676
Insurance deductible for certain planned communities
94.677
Election to have ORS 94.645, 94.655 and 94.675 apply
94.680
Blanket all-risk insurance
94.685
Specification of insurance for individual lots
94.690
Terms of insurance under ORS 94.680
94.695
Authority to delegate association powers to master association
94.700
Duration and termination of initial management agreements and service and employment contracts
94.704
Assessment and payment of common expenses
94.709
Liens against lots
94.712
Lot owner personally liable for assessment
94.716
Lien against two or more lots
94.719
Lien foreclosure
94.723
Common expenses
94.728
Taxation of lots and common property
94.733
Easements held by owner of lot and by declarant
94.760
Promotional material showing possible improvements
94.761
Legislative findings regarding electric vehicle charging stations
94.762
Electric vehicle charging stations
94.763
Association use of pesticides on lots
94.764
Changes or actions that require approval or consent of mortgagee
94.770
Application of rule against perpetuities
94.775
Judicial partition of lots
94.776
Development and division of lots
94.777
Compliance with bylaws and other restrictions required
94.778
Prohibition against installation of solar panels void and unenforceable
94.779
Unenforceability of certain irrigation requirements and restrictions on family child care
94.780
Remedies
94.783
When certain administrative provisions apply
94.785
Short title
94.803
Definitions for ORS 94.803 and 94.807 to 94.945
94.806
Legislative finding
94.807
Application
94.808
Managing entity as taxpayer
94.809
Valuation of timeshare property
94.811
When owners of planned community, condominium or subdivision may prohibit timeshare plan
94.813
Character of timeshare estates
94.816
Partition prohibited
94.818
Recording of timeshare instrument
94.821
Content of timeshare instrument
94.823
Notice of intent to sell timeshares
94.826
Information on exchange program
94.828
Public report on plan
94.829
Sale not allowed before issuance of public report
94.831
Filing fees
94.833
Sale of timeshare plan located out-of-state
94.836
Cancellation of purchase within five days
94.839
Notice of cancellation right
94.841
Waiver of rights void
94.843
Limits on developer right to transfer
94.846
Designation of managing entity
94.848
How managing entity of developer terminated
94.853
Payment of common expenses
94.856
Assessment of common expenses as lien
94.858
Owners’ association
94.863
Developer’s duty to managing entity
94.867
Judicial declaration of failure in management
94.869
Insurance coverage
94.871
When purchase money agreement prohibited
94.873
Escrow account
94.876
Requirements for closing escrow
94.878
Duties of escrow agent
94.881
Who may serve as escrow agent
94.885
Rights of lienholder
94.890
Lien payment trust
94.895
Trust irrevocable without alternative arrangement
94.900
Alternative to lien payment trust
94.905
Surety bond
94.915
Inspection of records
94.920
Consent to service by out-of-state developer
94.925
Civil penalty
94.930
Commissioner order
94.940
False practices prohibited
94.945
Advertising regulation
94.953
Definitions for ORS 94.953 to 94.989
94.956
Registration required to sell membership camping contract
94.959
Application for registration
94.962
Exemptions from registration
94.965
Effective date of registration
94.968
Denial, suspension and revocation of registration
94.971
Fee for registration or amendment of an offer or sale of membership camping contract
94.974
Written disclosures required
94.975
False practices prohibited
94.976
Advertising regulation
94.977
Registration as salesperson or broker
94.980
Application for registration
94.983
Cancellation of contract by purchaser
94.986
Requirements for sale of membership camping contract
94.987
Judicial declaration of failure in management
94.989
Interpretation of membership camping contracts
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