a ssociation b ooks and records let the sunshine in ! this course is approved by the national...
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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. - PowerPoint PPT PresentationTRANSCRIPT
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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.
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Source of Authority
► Virginia Statutes► Governing
Documents/Condominium Instruments
► Case Law
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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)
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Association Books and Records
► Types► Financial Records► Administrative► Government
► Exceptions
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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
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Financial Records (continued)
► Copies of All Bank Statements► Copies of Tax Returns and
Correspondence with IRS and State Tax Authority
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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)
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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
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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
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Administrative Records (continued)
► Copies of Annual Registration or Annual Reports, If Applicable
► Employment Records for Association Employees
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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
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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
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Exceptions
► Personnel Records► Contracts, leases and other
commercial transactions to purchase or provide goods or services under negotiation
► Pending or probable litigation
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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
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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
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► Individual Owner Files► Medical Records of Owners► Individual Financial
Information
Exceptions (continued)
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Manner of Access
► Who► When► Where► How (and How Much)
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Who
► Owner or Member► Owner’s Authorized Agent► Mortgagees► In Good Standing
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When
► Upon Five Days Written Notice► On Working Days► Times Published – Announced
for General Knowledge
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Where
► Association Principal Office► Management Office► Other Convenient Location
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How - Prerequisites
► Written Requesto Five days written noticeo Specifying purposeo Specifying books and records
requested► Pay Costs*
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Costs*Virginia Condominium Act and Virginia Property Owners’ Association Act now provide that:o Association may impose charge for
providing copies of books and records in accordance with a cost schedule adopted by the board;
o Charges may reflect reasonable costs of materials and labor, but cannot exceed actual costs
o 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.
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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 !