Maintaining which of the following is essential for effective condominium management?

Accurate records play a crucial role in effective condominium management because they ensure transparency and accountability within the community. These records encompass a wide variety of information, including meeting minutes, resident communications, maintenance logs, and compliance documentation. Keeping accurate records allows property managers to track decisions made by the board of directors, monitor the history of maintenance issues and resolutions, and maintain compliance with relevant laws and regulations. Moreover, accurate records can also facilitate clear communication among residents and between the management and the board, which helps to foster trust and a sense of community.

While financial statements are also important for tracking the financial health of the condominium and project plans are necessary for future developments or improvements, both are contingent upon having accurate records to ensure that all financial and project-related decisions are well-informed. Staff rosters, while necessary for operations, do not hold the same foundational importance in terms of overall management efficiency and transparency as maintaining accurate records. Therefore, effective condominium management hinges significantly on the maintenance of accurate records as it supports various aspects of governance and operational processes.