Common Interest Communities (CICs/HOAs) must:

 


  • Collect assessments to maintain  common area and operate the Association.
  • Maintain their annual filing with the State Corporate Commission (SCC) by paying the fee, and providing a list of Directors & Officers at the time of the renewal & including Registered Agent information if an incorporated CIC. 
  • Maintain their annual registration with the Common Interest Community Board (CICB) which includes paying the applicable fee to include a report of collected mandatory fees/assessments, providing a list of Directors and Officers at the time of renewal, and providing within 30 days, changes of Directors or Officers. 
  • Hold Annual Members' meetings  with proper notice given per the Governing Documents
  • Hold open and & noticed Director & Commitee meetings
  • Maintain minutes of Member, Director and Committee meetings
  • Provide to Owners selling their property complete Resale Certificates/Disclosure Packets and address all items listed in the Code of Virginia
  • Stay informed and comply with changing laws and regulations
  • Maintain an Internal Complaint procedure as required by the CIC Ombudsman Regulations
  • Obtain/Maintain proper insurance coverage to include Fidelity Coverage  to cover the Association's finances ( Minimum $10,000 in coverage or a quarter of budget assessments, budget reserves and the total balance of the reserve account)