{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1965.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1965.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1965.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1965.html"}],"law_id":55038,"edition_id":1,"section_id":55038,"structure_id":13236,"section_number":"55.1-1965","catch_line":"Annual budget; reserve study; reserves for capital components","history":"2002, c. 459, \u00a7 55-79.83:1; 2019, cc. 33, 44, 712; 2024, c. 324.","full_text":"A\n\nExcept to the extent provided in the condominium instruments, the executive board shall, prior to the commencement of the fiscal year, make available to unit owners either (i) the annual budget of the unit owners’ association or (ii) a summary of such annual budget.B\n\nExcept to the extent otherwise provided in the condominium instruments, the executive board shall:1\n\nConduct a study at least once every five years to determine the necessity and amount of reserves required to repair, replace, and restore the capital components as defined in § 55.1-1900;2\n\nReview the results of that study at least annually to determine if reserves are sufficient; and3\n\nMake any adjustments to the annual budget and annual assessment the executive board deems necessary to maintain reserves, as appropriate.C\n\nTo the extent that the reserve study conducted in accordance with this section indicates a need to budget for reserves, the unit owners’ association budget shall include:1\n\nThe current estimated replacement cost, estimated remaining life, and estimated useful life of the capital components as defined in § 55.1-1900;2\n\nAs 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 the capital components and the amount of the expected contribution to the reserve fund for that fiscal year;3\n\nA statement describing the procedures used for estimation and accumulation of cash reserves pursuant to this section; and4\n\nA statement of the amount of reserves recommended in the study and the amount of current cash for replacement reserves.D\n\nThe executive board shall have the discretion to meet repair and replacement requirements through replacement reserves, additional assessments, or borrowed funds.","order_by":null,"text":{"0":{"id":201843,"text":"Except to the extent provided in the condominium instruments, the executive board shall, prior to the commencement of the fiscal year, make available to unit owners either (i) the annual budget of the unit owners’ association or (ii) a summary of such annual budget.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":201844,"text":"Except to the extent otherwise provided in the condominium instruments, the executive board shall:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":201845,"text":"Conduct a study at least once every five years to determine the necessity and amount of reserves required to repair, replace, and restore the capital components as defined in § 55.1-1900;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":201846,"text":"Review the results of that study at least annually to determine if reserves are sufficient; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":201847,"text":"Make any adjustments to the annual budget and annual assessment the executive board deems necessary to maintain reserves, as appropriate.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":201848,"text":"To the extent that the reserve study conducted in accordance with this section indicates a need to budget for reserves, the unit owners’ association budget shall include:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"C1"},"6":{"id":201849,"text":"The current estimated replacement cost, estimated remaining life, and estimated useful life of the capital components as defined in § 55.1-1900;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"7":{"id":201850,"text":"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 the capital components and the amount of the expected contribution to the reserve fund for that fiscal year;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"8":{"id":201851,"text":"A statement describing the procedures used for estimation and accumulation of cash reserves pursuant to this section; and","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"9":{"id":201852,"text":"A statement of the amount of reserves recommended in the study and the amount of current cash for replacement reserves.","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"D"},"10":{"id":201853,"text":"The executive board shall have the discretion to meet repair and replacement requirements through replacement reserves, additional assessments, or borrowed funds.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C4"}},"ancestry":[{"id":13236,"edition_id":1,"name":"Management of Condominium","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13018,"metadata":{},"date_created":"2026-06-26 03:44:30","date_modified":"2026-06-26 03:44:30","permalink":{"id":246789,"object_type":"structure","relational_id":13236,"identifier":"3","token":"55.1\/IV\/19\/3","url":"\/55.1\/IV\/19\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13018,"edition_id":1,"name":"Virginia Condominium Act","identifier":"19","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:44:09","date_modified":"2026-06-26 03:44:09","permalink":{"id":246623,"object_type":"structure","relational_id":13018,"identifier":"19","token":"55.1\/IV\/19","url":"\/55.1\/IV\/19\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":75299,"structure_id":13236,"section_number":"55.1-1940","catch_line":"Bylaws to be recorded with declaration; contents; unit owners' association; executive board; amendment of bylaws","url":"\/55.1-1940\/","token":"55.1\/IV\/19\/3\/55.1-1940","metadata":false},{"id":56162,"structure_id":13236,"section_number":"55.1-1940.1","catch_line":"Termination and duration of certain management contracts","url":"\/55.1-1940.1\/","token":"55.1\/IV\/19\/3\/55.1-1940.1","metadata":false},{"id":86301,"structure_id":13236,"section_number":"55.1-1941","catch_line":"Amendment to condominium instruments; consent of mortgagee","url":"\/55.1-1941\/","token":"55.1\/IV\/19\/3\/55.1-1941","metadata":false},{"id":77055,"structure_id":13236,"section_number":"55.1-1942","catch_line":"Reformation of declaration; judicial procedure","url":"\/55.1-1942\/","token":"55.1\/IV\/19\/3\/55.1-1942","metadata":false},{"id":84290,"structure_id":13236,"section_number":"55.1-1943","catch_line":"Control of condominium by declarant","url":"\/55.1-1943\/","token":"55.1\/IV\/19\/3\/55.1-1943","metadata":false},{"id":68952,"structure_id":13236,"section_number":"55.1-1944","catch_line":"Deposit of funds","url":"\/55.1-1944\/","token":"55.1\/IV\/19\/3\/55.1-1944","metadata":false},{"id":86875,"structure_id":13236,"section_number":"55.1-1945","catch_line":"Books, minutes, and records; 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necessary supporting structures; affirmative defense","url":"\/55.1-1951\/","token":"55.1\/IV\/19\/3\/55.1-1951","metadata":false},{"id":80764,"structure_id":13236,"section_number":"55.1-1951.1","catch_line":"Installation of solar energy collection devices","url":"\/55.1-1951.1\/","token":"55.1\/IV\/19\/3\/55.1-1951.1","metadata":false},{"id":70408,"structure_id":13236,"section_number":"55.1-1952","catch_line":"Meetings of unit owners' association and executive board; quorums","url":"\/55.1-1952\/","token":"55.1\/IV\/19\/3\/55.1-1952","metadata":false},{"id":64764,"structure_id":13236,"section_number":"55.1-1953","catch_line":"Meetings of unit owners' association and executive board; voting by unit owners; proxies","url":"\/55.1-1953\/","token":"55.1\/IV\/19\/3\/55.1-1953","metadata":false},{"id":69473,"structure_id":13236,"section_number":"55.1-1954","catch_line":"Officers","url":"\/55.1-1954\/","token":"55.1\/IV\/19\/3\/55.1-1954","metadata":false},{"id":85997,"structure_id":13236,"section_number":"55.1-1955","catch_line":"Upkeep of condominiums; warranty against structural defects; statute of limitations for warranty; warranty review committee","url":"\/55.1-1955\/","token":"55.1\/IV\/19\/3\/55.1-1955","metadata":false},{"id":76691,"structure_id":13236,"section_number":"55.1-1956","catch_line":"Control of common elements","url":"\/55.1-1956\/","token":"55.1\/IV\/19\/3\/55.1-1956","metadata":false},{"id":86702,"structure_id":13236,"section_number":"55.1-1957","catch_line":"Common elements; notice of pesticide application","url":"\/55.1-1957\/","token":"55.1\/IV\/19\/3\/55.1-1957","metadata":false},{"id":66934,"structure_id":13236,"section_number":"55.1-1958","catch_line":"Tort and contract liability; judgment lien","url":"\/55.1-1958\/","token":"55.1\/IV\/19\/3\/55.1-1958","metadata":false},{"id":65547,"structure_id":13236,"section_number":"55.1-1959","catch_line":"Suspension of services for failure to pay assessments; corrective action; assessment of charges for violations; notice; hearing; adoption and enforcement of rules and regulations","url":"\/55.1-1959\/","token":"55.1\/IV\/19\/3\/55.1-1959","metadata":false},{"id":78546,"structure_id":13236,"section_number":"55.1-1960","catch_line":"Limitation of occupancy of a unit","url":"\/55.1-1960\/","token":"55.1\/IV\/19\/3\/55.1-1960","metadata":false},{"id":64065,"structure_id":13236,"section_number":"55.1-1960.1","catch_line":"Limitation of smoking in condominium","url":"\/55.1-1960.1\/","token":"55.1\/IV\/19\/3\/55.1-1960.1","metadata":false},{"id":62313,"structure_id":13236,"section_number":"55.1-1961","catch_line":"Use of for sale sign in connection with resale","url":"\/55.1-1961\/","token":"55.1\/IV\/19\/3\/55.1-1961","metadata":false},{"id":78887,"structure_id":13236,"section_number":"55.1-1962","catch_line":"Designation of authorized representative","url":"\/55.1-1962\/","token":"55.1\/IV\/19\/3\/55.1-1962","metadata":false},{"id":76748,"structure_id":13236,"section_number":"55.1-1962.1","catch_line":"Electric vehicle charging stations permitted","url":"\/55.1-1962.1\/","token":"55.1\/IV\/19\/3\/55.1-1962.1","metadata":false},{"id":71936,"structure_id":13236,"section_number":"55.1-1963","catch_line":"Insurance","url":"\/55.1-1963\/","token":"55.1\/IV\/19\/3\/55.1-1963","metadata":false},{"id":86524,"structure_id":13236,"section_number":"55.1-1964","catch_line":"Liability for common expenses; 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late fees; additional assessment; authority to borrow","url":"\/55.1-1964\/","token":"55.1\/IV\/19\/3\/55.1-1964","metadata":false},"next_section":{"id":86561,"structure_id":13236,"section_number":"55.1-1966","catch_line":"Lien for assessments; foreclosure","url":"\/55.1-1966\/","token":"55.1\/IV\/19\/3\/55.1-1966","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1965\/","history_text":"

This law was first created in 2002. The record of its establishment is cataloged in chapter 459<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2019, chapters 33<\/a>, 44<\/a>, and 712<\/a>; in 2024, chapter 324<\/a>.<\/p>","references":false,"refers_to":[{"id":55215,"section_number":"55.1-1900","catch_line":"Definitions","order_by":null,"url":"\/55.1-1900\/"}],"permalink":{"id":246907,"object_type":"law","relational_id":55038,"identifier":"55.1-1965","token":"55.1\/IV\/19\/3\/55.1-1965","url":"\/55.1-1965\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1965\/","token":"55.1\/IV\/19\/3\/55.1-1965","dublin_core":{"Title":"Annual budget; reserve study; reserves for capital components","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1965","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except to the extent provided in the condominium<\/span> instruments, the executive board<\/span> shall, prior to the commencement of the fiscal year, make available to unit owners<\/span> either (i) the annual budget of the unit owners<\/span>’ association or (ii) a summary of such annual budget. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except to the extent otherwise provided in the condominium<\/span> instruments, the executive board<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Conduct a study at least once every five years to determine the necessity and amount of reserves required to repair, replace, and restore the capital components<\/span> as defined in § 55.1-1900<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Review the results of that study at least annually to determine if reserves are sufficient; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Make any adjustments to the annual budget and annual assessment the executive board<\/span> deems necessary to maintain reserves, as appropriate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> To the extent that the reserve study<\/span> conducted in accordance with this section indicates a need to budget for reserves, the unit owners<\/span>’ association budget shall include: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The current estimated replacement cost, estimated remaining life, and estimated useful life of the capital components<\/span> as defined in § 55.1-1900<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> 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 the capital components<\/span> and the amount of the expected contribution to the reserve fund for that fiscal year; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A statement describing the procedures used for estimation and accumulation of cash reserves pursuant to this section; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A statement of the amount of reserves recommended in the study and the amount of current cash for replacement reserves. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The executive board<\/span> shall have the discretion to meet repair and replacement requirements through replacement reserves, additional assessments, or borrowed funds. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nANNUAL BUDGET; RESERVE STUDY; RESERVES FOR CAPITAL COMPONENTS (\u00a7 55.1-1965)\n\nA. Except to the extent provided in the condominium instruments, the executive\nboard shall, prior to the commencement of the fiscal year, make available to\nunit owners either (i) the annual budget of the unit owners’ association\nor (ii) a summary of such annual budget.\n\nB. Except to the extent otherwise provided in the condominium instruments, the\nexecutive board shall:\n\n 1. Conduct a study at least once every five years to determine the necessity\n and amount of reserves required to repair, replace, and restore the capital\n components as defined in § 55.1-1900;\n\n 2. Review the results of that study at least annually to determine if reserves\n are sufficient; and\n\n 3. Make any adjustments to the annual budget and annual assessment the\n executive board deems necessary to maintain reserves, as appropriate.\n\nC. To the extent that the reserve study conducted in accordance with this\nsection indicates a need to budget for reserves, the unit owners’\nassociation budget shall include:\n\n 1. The current estimated replacement cost, estimated remaining life, and\n estimated useful life of the capital components as defined in §\n 55.1-1900;\n\n 2. As of the beginning of the fiscal year for which the budget is prepared,\n the current amount of accumulated cash reserves set aside to repair, replace,\n or restore the capital components and the amount of the expected contribution\n to the reserve fund for that fiscal year;\n\n 3. A statement describing the procedures used for estimation and accumulation\n of cash reserves pursuant to this section; and\n\n 4. A statement of the amount of reserves recommended in the study and the\n amount of current cash for replacement reserves.\n\nD. The executive board shall have the discretion to meet repair and replacement\nrequirements through replacement reserves, additional assessments, or borrowed\nfunds.\n\nHISTORY: 2002, c. 459, \u00a7 55-79.83:1; 2019, cc. 33, 44, 712; 2024, c. 324.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}