Assessments & Dues · Virginia
Va. Code 55.1-1826
Annual budget; reserve study; reserves for capital components
Official text ↗
Checked against the official source on 1 November 2026
At a glance
- Notice required
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Budget or summary before fiscal year starts
“Prior to the commencement of the fiscal year, the board of directors shall make available to lot owners either (i) the annual budget of the association or (ii) a summary of such annual budget.”
- Reserve study frequency
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At least once every five years
“Conduct at least once every five years a study to determine the necessity and amount of reserves required to repair, replace, and restore the capital components as defined in 55.1-1800;”
- Annual reserve review
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Review reserve study results at least annually
“Review the results of that study at least annually to determine if reserves are sufficient; and”
- Funding options
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Reserves, additional assessments, or borrowed funds
“The board of directors shall have the discretion to meet repair and replacement requirements through replacement reserves, additional assessments, or borrowed funds.”
Each fact is shown with the exact words of the statute it comes from. Your association's governing documents may also apply.
Official text
Copy retrieved from law.lis.virginia.gov. Always rely on the official source for the current version.
Show the full text of Va. Code 55.1-1826
55.1-1826. Annual budget; reserve study; reserves for capital components.
A. Prior to the commencement of the fiscal year, the board of directors shall make available to lot owners either (i) the annual budget of the association or (ii) a summary of such annual budget.
B. The board of directors shall:
1. Conduct at least once every five years a study to determine the necessity and amount of reserves required to repair, replace, and restore the capital components as defined in 55.1-1800;
2. Review the results of that study at least annually to determine if reserves are sufficient; and
3. Make any adjustments to the annual budget and annual assessment the board of directors deems necessary to maintain reserves, as appropriate.
C. To the extent that the reserve study conducted in accordance with this section indicates a need to budget for reserves, the association budget shall include:
1. The current estimated replacement cost, estimated remaining life, and estimated useful life of the capital components as defined in 55.1-1800;
2. As of the beginning of the fiscal year for which the budget is prepared, the current amount of accumulated cash reserves set aside to repair, replace, or restore capital components and the amount of the expected contribution to the reserve fund for that year;
3. A statement describing the procedures used for estimation and accumulation of cash reserves pursuant to this section; and
4. A statement of the amount of reserves recommended in the study and the amount of current cash for replacement reserves.
D. The board of directors shall have the discretion to meet repair and replacement requirements through replacement reserves, additional assessments, or borrowed funds.
2002, c. 459, 55-514.1; 2019, cc. 33, 44, 712; 2024, c. 324.
The same topic in other jurisdictions
British Columbia · Strata Property Act, s. 108 Illinois · 765 Ill. Comp. Stat. 605/9 Maryland · Md. Code, Real Prop. 11B-112.1 Maryland · Md. Code, Real Prop. 11B-117 Ontario · Condominium Act, 1998, s. 84 Oregon · Or. Rev. Stat. 94.645 Oregon · Or. Rev. Stat. 94.704 Pennsylvania · 68 Pa.C.S. 5314 Texas · Tex. Prop. Code 209.0062 Virginia · Va. Code 55.1-1824 Washington · Wash. Rev. Code 64.90.525 Compare assessments & dues laws side by side →This page is general legal information, not legal advice, and Harrington Community is not a law firm. For advice about your situation, contact a licensed attorney or your state bar's lawyer referral service.