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

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slide1

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.

source of authority

Source of Authority

Virginia Statutes

Governing Documents/Condominium Instruments

Case Law

virginia statutes

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)

association books and records

Association Books and Records

Types

Financial Records

Administrative

Government

Exceptions

financial records

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

financial records continued

Financial Records (continued)

Copies of All Bank Statements

Copies of Tax Returns and Correspondence with IRS and State Tax Authority

administrative records

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)

administrative records continued

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

administrative records continued1

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

administrative records continued2

Administrative Records (continued)

Copies of Annual Registration or Annual Reports, If Applicable

Employment Records for Association Employees

government records
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
government records continued
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
exceptions
Exceptions
  • Personnel Records
  • Contracts, leases and other commercial transactions to purchase or provide goods or services under negotiation
  • Pending or probable litigation
exceptions continued
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
exceptions continued1
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
slide16

Exceptions(continued)

  • Individual Owner Files
  • Medical Records of Owners
  • Individual Financial Information
manner of acce ss
Manner of Access
  • Who
  • When
  • Where
  • How (and How Much)
slide18
Who
  • Owner or Member
  • Owner’s Authorized Agent
  • Mortgagees
  • In Good Standing
slide19
When
  • Upon Five Days Written Notice
  • On Working Days
  • Times Published – Announced for General Knowledge
where
Where
  • Association Principal Office
  • Management Office
  • Other Convenient Location
how prerequisites
How - Prerequisites
  • Written Request
    • Five days written notice
    • Specifying purpose
    • Specifying books and records requested
  • Pay Costs*
costs
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.
books and records tips
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
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Association Books and Records

Let the Sunshine In !