What financial records must a body corporate keep?

A body corporate must maintain comprehensive financial records, including: - Bank account statements for all funds - Levy records and individual owner payment histories - Accounts payable and receivable - Financial statements for each completed financial year - Approved budgets and levy notices - Insurance policies and renewal correspondence - All contracts entered into by the body corporate - Records of all expenditure with supporting invoices Financial records must generally be kept for at least 7 years. The body corporate manager typically maintains these records on behalf of the committee. All financial records must be made available for inspection by lot owners on request. This article is general information only and not legal advice.