ORS 100.480
Maintaining documents and records

  • annual financial statement
  • review of financial statement by certified public accountant
  • availability of documents and records for examination

(1)

An association of unit owners shall retain within this state the documents, information and records delivered to the association under ORS 100.210 (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 100.210 (Turnover meeting) (5)(j), 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 proxies and ballots relating to an amendment to the declaration, supplemental declaration plat, supplemental plat or bylaws must be retained for one year from the date the amendment is recorded.

(2)

The association of unit owners shall keep financial records sufficient for proper accounting purposes.

(3)

Intentionally left blank —Ed.

(a)

All assessments and 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, association funds maintained in accounts established under this subsection may be used to purchase obligations issued by the United States government.

(c)

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

(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 unit owner a copy of the annual financial statement.

(5)

Subject to ORS 100.481 (Application of ORS 100.480), the association of unit owners of a condominium 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 unit owners of a condominium 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 board of directors receives the petition requesting review signed by at least a majority of the owners.

(7)

An association of unit owners 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 units 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 documents, information and records described in subsections (1) to (4) of this section and all other records of the association of unit owners must be reasonably available for examination and, upon written request, available for duplication by a unit owner and any mortgagee of a unit 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 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 100.420 (Board meetings) (1) and (2).

(F)

Documents, correspondence or other matters considered by the board of directors in executive session held in accordance with ORS 100.420 (Board meetings) (1) and (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 of unit owners 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 annual financial statement prepared in accordance with subsection (4) of this section;

(c)

The current operating budget of the association;

(d)

The reserve study, if any, described in ORS 100.175 (Reserve account for maintaining, repairing and replacing common elements); and

(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 incurred to furnish the information.

(13)

Subsection (4) of this section first applies to property submitted to the provisions of this chapter before January 1, 1982, when the board of directors of the association of unit owners receives a written request from at least one unit owner that a copy of the annual financial statement be distributed in accordance with subsection (4) of this section. [Formerly 94.214; 1999 c.677 §51; 2001 c.756 §47; 2003 c.569 §38; 2003 c.803 §22a; 2007 c.340 §2; 2009 c.641 §29; 2011 c.532 §20; 2017 c.111 §4]

Source: Section 100.480 — Maintaining documents and records; annual financial statement; review of financial statement by certified public accountant; availability of documents and records for examination, https://www.­oregonlegislature.­gov/bills_laws/ors/ors100.­html.

100.005
Definitions
100.010
Short title
100.015
Rules
100.020
Condominium provisions
100.022
Application of zoning, subdivision, building code or real property law to condominium
100.023
Void and unenforceable provisions of condominium governing document
100.025
Rule against perpetuities
100.100
Property submitted to unit ownership by declaration
100.102
Leasehold condominium submitted to unit ownership
100.103
Effect of submission of leasehold condominium to unit ownership
100.105
Contents of declaration
100.110
Approval of declaration, supplemental declaration or amendment required
100.115
Recording declaration and plat
100.116
Plat amendment
100.117
Correction amendment to declaration or bylaws
100.118
Correction amendment to condominium plat
100.119
Restated declaration
100.120
Supplemental declaration and plat required to annex additional property or reclassify variable property
100.122
Declaration prevails over inconsistent provisions of bylaws or articles of incorporation
100.123
Authority to amend declaration or bylaws to comply with federal or state law
100.125
Annexation of additional property
100.130
Relocation of unit boundaries and common elements by amendment to declaration
100.135
Amendments to declaration
100.140
Temporary relocation of floating structure
100.150
Declarant’s options until termination date
100.155
Variable property
100.170
Easement held by declarant
100.175
Reserve account for maintaining, repairing and replacing common elements
100.185
Express warranties
100.200
Declarant control of association
100.205
Transitional committee
100.210
Turnover meeting
100.220
Liabilities and obligations arising from transfer of special declarant right
100.225
Acquisition of special declarant rights by successor declarant
100.250
Documents required to be filed with Real Estate Agency
100.255
Processing of documents filed with Real Estate Agency
100.260
Condominium Information and Annual Reports
100.265
Annual Report
100.275
Application of ORS 100.250 to 100.280
100.280
Termination of filing Condominium Information Report
100.285
Resignation of designated agent
100.290
Rules
100.300
Inapplicability of ORS 100.301 to 100.320 to transient lodgings
100.301
Definitions for ORS 100.301 to 100.320
100.305
Conversion condominium
100.310
Rights of tenants in conversion
100.315
Improvements in conversion condominium during notice period
100.320
Authority of city or county to require developer to pay tenant moving expenses
100.405
Association of unit owners
100.407
Annual and special meetings of association
100.408
Quorum for meeting of association
100.409
Rules of order
100.410
Adoption of bylaws
100.411
Restated bylaws
100.413
Approval of amended or restated bylaws
100.415
Contents of bylaws
100.416
Criteria for board of directors membership
100.417
Board of directors of association
100.418
Receivership for failure of association to fill vacancies on board of directors
100.419
Assent of director to board action
100.420
Board meetings
100.423
Electronic notice to owner or director
100.425
Use of written ballot for approving or rejecting matters subject to meeting of unit owners
100.427
Methods of voting
100.428
Electronic ballot
100.430
Unit deeds
100.435
Insurance for individual units and common elements
100.440
Liens against property
100.445
Independent default clauses
100.450
Association lien against individual unit
100.460
Foreclosure against unit
100.465
Circumstances in which deed in lieu of foreclosure extinguishes lien
100.470
Lien foreclosure
100.475
Personal liability for assessment
100.480
Maintaining documents and records
100.481
Application of ORS 100.480
100.483
Annual budget
100.485
Duration and termination of initial management agreements and service and employment contracts
100.490
Notice to unit owners of intent of association to commence judicial or administrative proceedings
100.505
Status and ownership of units
100.510
Units and common elements distinguished
100.515
Interest of units in common elements
100.520
Easement held by units and common elements
100.525
Voting or consenting
100.530
Allocation of common profits and expenses
100.535
Maintenance and improvement of units
100.540
Use and maintenance of common elements
100.545
Compliance with bylaws and other restrictions
100.550
Service of process
100.555
Taxation of units
100.600
Termination of association or removal of real property by unit owners
100.605
Removal of property from association
100.610
Common ownership of property removed from unit ownership
100.615
Action for partition
100.620
Termination or removal no bar to resubmission
100.625
Procedure for dividing or converting units
100.626
Legislative findings
100.627
Electric vehicle charging stations
100.635
Filing with commissioner
100.640
Filing
100.645
Filing information to be kept current
100.650
Service of process on nonresident developer
100.655
Disclosure statement
100.658
Limited residential condominium filing
100.660
Nonresidential condominium or security filing
100.665
Exemption to certain disclosure and notice requirements
100.668
Documents and information included with filing
100.670
Fees
100.675
Inventory of filing
100.680
Escrow of unit sales agreement
100.685
Contents of unit sales agreement
100.700
Inspection of condominium
100.705
Sale prohibited prior to issuance of disclosure statement
100.710
Inspection deposit
100.720
Conditions prerequisite to sale
100.725
Documents prerequisite to execution of sale agreement and conveyance of unit
100.730
Cancellation of sale of unit
100.735
Waiver of right to cancel
100.740
Notice to purchaser of cancellation rights
100.745
Escrow documents required of successor to vendor’s interest
100.750
Inspection of records
100.770
Fraud and deceit prohibited
100.775
False or misleading advertising prohibited
100.780
Waiver of legal rights void
100.785
Blanket encumbrance prohibited
100.900
Civil penalty
100.905
Cease and desist order
100.910
Use of fees
100.920
Changes or actions that require approval or consent of mortgagee
100.990
Criminal penalties
Green check means up to date. Up to date