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On March 23, 2023, the General Assembly of Virginia amended the Property Owners’ Association Act, Condominium Act, Real Estate Cooperative Act, and Horizontal Property Act in the name...
Community associations are usually incorporated as not-for-profit corporate entities; therefore, an association’s goal is to avoid making a profit or loss at the end of the year. Though it isn’t common, community associations can sometimes end the year with a budget surplus. Board members must be careful when handling the situation because a misstep could result in a dissatisfied, untrusting membership. If there is a budget surplus, board members have a few options, one of which is to refund the money to the members. Refunds are usually not a good idea (we’ll tell you why) bu...