Cotisations et frais · Virginia
Va. Code 55.1-1826
Annual budget; reserve study; reserves for capital components
Texte officiel ↗
Vérifié par rapport à la source officielle le 1 novembre 2026
En un coup d'œil
- 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.”
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Texte officiel
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Afficher le texte intégral de 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.
Le même sujet dans d'autres juridictions
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 Comparer les lois sur cotisations et frais côte à côte →Cette page fournit des renseignements juridiques d'ordre général et non des conseils juridiques; Harrington Community n'est pas un cabinet d'avocats. Pour obtenir des conseils adaptés à votre situation, contactez un avocat habilité ou le service de référence aux avocats du barreau de votre État.