55-516.1 - Annual report by association. - Virginia Statutes

§ 55-516.1. Annual report by association.

A. The association shall file an annual report in a form and at such time asprescribed by regulations of the Common Interest Community Board. The annualreport shall be accompanied by a fixed fee in an amount established by theBoard.

B. The Common Interest Community Board may accept copies of forms submittedto other state agencies to satisfy the requirements of this section if suchforms contain substantially the same information required by the CommonInterest Community Board.

C. The association shall also remit to the agency an annual payment asfollows:

1. The lesser of:

a. $1,000 or such other amount as established by agency regulation; or

b. Five hundredths of one percent (0.05%) of the unit owners' associations'gross assessment income during the preceding calendar year.

2. For the purposes of clause b of subsection C, no minimum payment shall beless than $10.00.

D. The annual payment shall be remitted to the State Treasurer and shall beplaced to the credit of the Common Interest Community Management Fundestablished pursuant to § 55-529.

(1993, c. 958; 2008, cc. 851, 871; 2009, c. 557.)