Why you need an online storage system
When Superstorm Sandy hit the Northeastern United States, more than 7.5 million businesses and households in 15 states and the District of Columbia were left without power. Flooding all along the Eastern seaboard also caused billions of dollars in damage to hundreds of thousands of businesses, shutting many of them down.
Many property owners scrambled to find the insurance documentation and records that they needed to begin the arduous insurance claim process. Without an online storage solution, many of these property owners realized their documentation was inaccessible or worst yet had been destroyed adding more anxiety to an already high stress situation.
Every Association is required by law to keep records that preserve the transactions that take place day-to-day – from bank accounts to vendor contracts and legal files to tax records. Almost every record must be kept.
Usually these records are kept by the management company or on the personal computers of board members. This can cause various problems for associations because when board members and management companies' change, records are inevitably lost. State laws require Associations to keep complete official records. If you are unfamiliar with the requirement for your state, Click here .
By safeguarding your records properly, you can save your Association from difficult transitions in management which may arise from disputes over records from board to board at election time. It's also important to ensure that sensitive tax and legal documents are kept in one secure location that can be easily accessed. An ongoing online storage solution for association records and documents is vital for associations to adhere to state laws plus make sure your association is prepared for an emergency. We need look no farther than the recent Superstorm Sandy to see the impact this natural disaster had an organizations and associations.
Being prepared for an emergency includes protecting the association's most critical assets. While protecting residents, employees, facilities, and equipment is at the top of the list for most association, they may not think about how important it is to protect their vital records, which are critical to their ability to resume operations plus deal with the insurance claim process.
Without access to vital records and information, associations and their residents will have difficulty filing time sensitive insurance claims, and just keeping up with the day-to-day activities needed to function in the face of a disaster.
There are many options available for online storage solutions that you can research. Many of our clients have worked with Association Record Management on several occasions with success.
If you need additional information to set up or maintain a proper online association record and documentation management system, contact us today.