{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2147.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2147.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2147.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2147.html"}],"law_id":64409,"edition_id":1,"section_id":64409,"structure_id":15093,"section_number":"55.1-2147","catch_line":"Annual budget; reserves for capital components","history":"2005, c. 436, \u00a7 55-471.1; 2019, cc. 33, 44, 712.","full_text":"A\n\nExcept to the extent provided in the declaration, the board of directors shall, prior to the commencement of the fiscal year, make available to lot owners either (i) the annual budget of the association or (ii) a summary of such annual budget.B\n\nExcept to the extent otherwise provided in the declaration, the executive board shall:1\n\nConduct 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 § 55.1-2100;2\n\nReview the results of that study at least annually to determine if reserves are sufficient; and3\n\nMake any adjustments 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 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 § 55.1-2100;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 and the extent to which the association is funding its reserve obligations consistent with the study currently in effect; and4\n\nA statement of the amount of reserves recommended in the study and the amount of current cash for replacement reserves.","order_by":null,"text":{"0":{"id":234382,"text":"Except to the extent provided in the declaration, the board of directors shall, prior to the commencement of the fiscal year, make available to lot owners either (i) the annual budget of the 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":234383,"text":"Except to the extent otherwise provided in the declaration, 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":234384,"text":"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 § 55.1-2100;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":234385,"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":234386,"text":"Make any adjustments 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":234387,"text":"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:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"C1"},"6":{"id":234388,"text":"The current estimated replacement cost, estimated remaining life, and estimated useful life of the capital components as defined in § 55.1-2100;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"7":{"id":234389,"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":234390,"text":"A statement describing the procedures used for estimation and accumulation of cash reserves pursuant to this section and the extent to which the association is funding its reserve obligations consistent with the study currently in effect; and","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"9":{"id":234391,"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"}},"ancestry":[{"id":15093,"edition_id":1,"name":"Management of Cooperatives","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:52:06","date_modified":"2026-06-26 03:52:06","permalink":{"id":247243,"object_type":"structure","relational_id":15093,"identifier":"3","token":"55.1\/IV\/21\/3","url":"\/55.1\/IV\/21\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","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":79353,"structure_id":15093,"section_number":"55.1-2132","catch_line":"Organization of the association","url":"\/55.1-2132\/","token":"55.1\/IV\/21\/3\/55.1-2132","metadata":false},{"id":74016,"structure_id":15093,"section_number":"55.1-2133","catch_line":"Powers of the association","url":"\/55.1-2133\/","token":"55.1\/IV\/21\/3\/55.1-2133","metadata":false},{"id":74697,"structure_id":15093,"section_number":"55.1-2133.1","catch_line":"Installation of solar energy collection devices","url":"\/55.1-2133.1\/","token":"55.1\/IV\/21\/3\/55.1-2133.1","metadata":false},{"id":58879,"structure_id":15093,"section_number":"55.1-2134","catch_line":"Executive board members and officers","url":"\/55.1-2134\/","token":"55.1\/IV\/21\/3\/55.1-2134","metadata":false},{"id":74321,"structure_id":15093,"section_number":"55.1-2135","catch_line":"Transfer of special declarant rights","url":"\/55.1-2135\/","token":"55.1\/IV\/21\/3\/55.1-2135","metadata":false},{"id":86214,"structure_id":15093,"section_number":"55.1-2136","catch_line":"Termination of contracts and leases of declarant","url":"\/55.1-2136\/","token":"55.1\/IV\/21\/3\/55.1-2136","metadata":false},{"id":57517,"structure_id":15093,"section_number":"55.1-2137","catch_line":"Bylaws","url":"\/55.1-2137\/","token":"55.1\/IV\/21\/3\/55.1-2137","metadata":false},{"id":74592,"structure_id":15093,"section_number":"55.1-2138","catch_line":"Upkeep of cooperative","url":"\/55.1-2138\/","token":"55.1\/IV\/21\/3\/55.1-2138","metadata":false},{"id":80840,"structure_id":15093,"section_number":"55.1-2139","catch_line":"Common elements; notice of pesticide application","url":"\/55.1-2139\/","token":"55.1\/IV\/21\/3\/55.1-2139","metadata":false},{"id":75581,"structure_id":15093,"section_number":"55.1-2139.1","catch_line":"Electric vehicle charging stations permitted","url":"\/55.1-2139.1\/","token":"55.1\/IV\/21\/3\/55.1-2139.1","metadata":false},{"id":71613,"structure_id":15093,"section_number":"55.1-2140","catch_line":"Meetings","url":"\/55.1-2140\/","token":"55.1\/IV\/21\/3\/55.1-2140","metadata":false},{"id":75116,"structure_id":15093,"section_number":"55.1-2141","catch_line":"Quorums","url":"\/55.1-2141\/","token":"55.1\/IV\/21\/3\/55.1-2141","metadata":false},{"id":68455,"structure_id":15093,"section_number":"55.1-2142","catch_line":"Voting; proxies","url":"\/55.1-2142\/","token":"55.1\/IV\/21\/3\/55.1-2142","metadata":false},{"id":63917,"structure_id":15093,"section_number":"55.1-2143","catch_line":"Tort and contract liability","url":"\/55.1-2143\/","token":"55.1\/IV\/21\/3\/55.1-2143","metadata":false},{"id":83581,"structure_id":15093,"section_number":"55.1-2144","catch_line":"Conveyance or encumbrance of the cooperative","url":"\/55.1-2144\/","token":"55.1\/IV\/21\/3\/55.1-2144","metadata":false},{"id":80965,"structure_id":15093,"section_number":"55.1-2145","catch_line":"Insurance","url":"\/55.1-2145\/","token":"55.1\/IV\/21\/3\/55.1-2145","metadata":false},{"id":86773,"structure_id":15093,"section_number":"55.1-2146","catch_line":"Assessments for common expenses","url":"\/55.1-2146\/","token":"55.1\/IV\/21\/3\/55.1-2146","metadata":false},{"id":64409,"structure_id":15093,"section_number":"55.1-2147","catch_line":"Annual budget; reserves for capital components","url":"\/55.1-2147\/","token":"55.1\/IV\/21\/3\/55.1-2147","metadata":false},{"id":60916,"structure_id":15093,"section_number":"55.1-2148","catch_line":"Remedies for nonpayment of assessments; lien; foreclosure","url":"\/55.1-2148\/","token":"55.1\/IV\/21\/3\/55.1-2148","metadata":false},{"id":83139,"structure_id":15093,"section_number":"55.1-2149","catch_line":"Other liens affecting the cooperative","url":"\/55.1-2149\/","token":"55.1\/IV\/21\/3\/55.1-2149","metadata":false},{"id":78680,"structure_id":15093,"section_number":"55.1-2150","catch_line":"Limitation of assumption of debt and encumbrances","url":"\/55.1-2150\/","token":"55.1\/IV\/21\/3\/55.1-2150","metadata":false},{"id":61430,"structure_id":15093,"section_number":"55.1-2151","catch_line":"Association records","url":"\/55.1-2151\/","token":"55.1\/IV\/21\/3\/55.1-2151","metadata":false},{"id":74718,"structure_id":15093,"section_number":"55.1-2152","catch_line":"Association as trustee","url":"\/55.1-2152\/","token":"55.1\/IV\/21\/3\/55.1-2152","metadata":false}],"previous_section":{"id":86773,"structure_id":15093,"section_number":"55.1-2146","catch_line":"Assessments for common expenses","url":"\/55.1-2146\/","token":"55.1\/IV\/21\/3\/55.1-2146","metadata":false},"next_section":{"id":60916,"structure_id":15093,"section_number":"55.1-2148","catch_line":"Remedies for nonpayment of assessments; lien; foreclosure","url":"\/55.1-2148\/","token":"55.1\/IV\/21\/3\/55.1-2148","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2147\/","history_text":"

This law was first created in 2005. The record of its establishment is cataloged in chapter 436<\/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 1 time. 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. That modification is as follows: in 2019, chapters 33<\/a>, 44<\/a>, and 712<\/a>.<\/p>","references":false,"refers_to":[{"id":58909,"section_number":"55.1-2100","catch_line":"Definitions","order_by":null,"url":"\/55.1-2100\/"}],"permalink":{"id":247313,"object_type":"law","relational_id":64409,"identifier":"55.1-2147","token":"55.1\/IV\/21\/3\/55.1-2147","url":"\/55.1-2147\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2147\/","token":"55.1\/IV\/21\/3\/55.1-2147","dublin_core":{"Title":"Annual budget; reserves for capital components","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2147","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except to the extent provided in the declaration<\/span>, the board of directors shall, prior to the commencement of the fiscal year, make available to lot owners either (i) the annual budget of the association<\/span> 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 declaration<\/span>, the executive board<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> 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<\/span> as defined in § 55.1-2100<\/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 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 conducted in accordance with this section indicates a need to budget for reserves, the association<\/span> 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 § 55.1-2100<\/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 the extent to which the association<\/span> is funding its reserve obligations consistent with the study currently in effect; 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>","plain_text":" CODE OF VIRGINIA\n\nANNUAL BUDGET; RESERVES FOR CAPITAL COMPONENTS (\u00a7 55.1-2147)\n\nA. Except to the extent provided in the declaration, the board of directors\nshall, prior to the commencement of the fiscal year, make available to lot\nowners either (i) the annual budget of the association or (ii) a summary of such\nannual budget.\n\nB. Except to the extent otherwise provided in the declaration, the executive\nboard shall:\n\n 1. Conduct at least once every five years a study to determine the necessity\n and amount of reserves required to repair, replace, and restore the capital\n components as defined in § 55.1-2100;\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 the executive board deems necessary to maintain\n 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 association budget shall\ninclude:\n\n 1. The current estimated replacement cost, estimated remaining life, and\n estimated useful life of the capital components as defined in §\n 55.1-2100;\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 the extent to which the\n association is funding its reserve obligations consistent with the study\n currently in effect; 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\nHISTORY: 2005, c. 436, \u00a7 55-471.1; 2019, cc. 33, 44, 712.","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}}