A ssociation B ooks and Records Let the Sunshine In ! This course is approved by the National Board of Certification f

1. Association Books and Records Let the Sunshine In ! This course is approved by the National Board of Certification for Community Association Managers (NBC-CAM) to fulfill continuing education requirements for the CMCA® certification. www.nbccam.org.

2. Source of Authority Virginia Statutes Governing Documents/Condominium Instruments Case Law

3. Virginia Statutes Virginia Condominium Act (Section 55-79.74:1) Virginia Property Owners’ Association Act (Section 55-510) Virginia Nonstock Act (Sections 134.1-932, 933 and 934)

4. Association Books and Records Types Financial Records Administrative Government Exceptions

5. Financial Records Assessment Accounts For Each Member Accurate, Itemized and Detailed Records of All Receipts and Expenditures Audits, Reviews, Accounting Statements and Financial Reports Copies of All Invoices Paid

6. Financial Records (continued) Copies of All Bank Statements Copies of Tax Returns and Correspondence with IRS and State Tax Authority

7. Administrative Records Accurate Roster of All Members and Current Mailing Addresses List of Names and Business Addresses of Current Directors and Officers (Nonstock Act) Separate Files for Every Member (correspondence, violation notices, copies of leases and approved architectural modification applications)

8. Administrative Records (continued) Salary Information of Association Employees Property Owners’ Association Act – Actual salary of six highest compensated association employees earning $75,000+ and aggregate salary information of all other association employees Condominium Act – Aggregate salary information of all association employees

9. Administrative Records (continued) Original of Contracts for Work to Be Performed; Request for Proposals and Bids for Work to Be Performed Copies of Current Insurance Policies Ballots, Sign-In Sheets, Proxies and All Other Voting Materials

10. Administrative Records (continued) Copies of Annual Registration or Annual Reports, If Applicable Employment Records for Association Employees

11. Government Records • Recorded Copies of All Governing Documents or Condominium Instruments • Copies of Plans, Permits, Warranties and Other Items Provided by Developer • Copies of Proffers, If Applicable

12. Government Records(continued) • Resolutions or Rules and Regulations Adopted by the Board of Directors • Copies of Approved Meeting Minutes of the Board or Association Committees

13. Exceptions • Personnel Records • Contracts, leases and other commercial transactions to purchase or provide goods or services under negotiation • Pending or probable litigation

14. Exceptions(continued) • Matters Involving State or Local Administrative Proceedings Before Government Tribunal for Enforcement • Communications with Association Legal Counsel Relating to Above Items or that Are Privileged • Disclosure of Information in Violation of Law

15. Exceptions(continued) • Meeting Minutes or Other Confidential Records of an Executive Session of Board of Directors • Documentation, Correspondence or Management or Board Reports for Consideration of Board in Executive Session

16. Exceptions(continued) • Individual Owner Files • Medical Records of Owners • Individual Financial Information

17. Manner of Access • Who • When • Where • How (and How Much)

18. Who • Owner or Member • Owner’s Authorized Agent • Mortgagees • In Good Standing

19. When • Upon Five Days Written Notice • On Working Days • Times Published – Announced for General Knowledge

20. Where • Association Principal Office • Management Office • Other Convenient Location

21. How - Prerequisites • Written Request • Five days written notice • Specifying purpose • Specifying books and records requested • Pay Costs*

22. Costs* Virginia Condominium Act and Virginia Property Owners’ Association Act now provide that: • Association may impose charge for providing copies of books and records in accordance with a cost schedule adopted by the board; • Charges may reflect reasonable costs of materials and labor, but cannot exceed actual costs • Cost schedule must i) specify charge for materials and labor, ii) apply equally to all owners in good standing and iii) be provided to requesting owner at time request is made.

23. Books and Records – Tips • Adopt a Policy on Access to Books and Records and a Cost Schedule • Adopt a Policy on Record Retention • Agree and Publish Procedures for How, When and Where Books and Records are Available • Keep Good Records

24. Association Books and Records Let the Sunshine In !