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2014 SESSION
14103872DBe it enacted by the General Assembly of Virginia:
1. That § 55-370.1 of the Code of Virginia is amended and reenacted as follows:
§ 55-370.1. Time-share estate owners' association annual report.
A. Commencing with the time-share estate program and within
120 180 days after the close of each fiscal year thereafter, an
annual report shall be prepared and distributed to all time-share estate
owners. The annual report required hereby shall be prepared and distributed for
each time-share estate project located in the Commonwealth and registered
with the Board. During the developer control period, the annual report shall be
prepared and distributed to all time-share purchasers by the developer or its
designated managing entity and thereafter by the association.
B. The annual report shall contain the following:
1. The full legal name of the time-share project and its address;
2. The full legal name of the association;
3. A list of the names and mailing addresses of the members of the association's board of directors and the name of the person who prepared the report;
2. 4. The managing entity's name, address, and
contact person, if any, for the project;
5. A statement of whether or not the developer control period has terminated for the time-share estate project;
6. Financial statements of the association audited by an independent certified public accounting firm of the association that contain at least the following:
a. A balance sheet as of the end of the fiscal year;
3. b. An income statement as of the end of the
fiscal year; and
4. c. A statement of the net changes in the
financial position of the association for the fiscal year just ended;
5. 7. A statement of the time-share estates
occupancy expenses, the regular assessment, and any special assessments
or other charges due for the current year from each time-share estate owner;
and
6. 8. A copy of the current budget reflecting
the anticipated time-share estate occupancy expenses along with:
a. A statement as to who prepared the budget;
b. A statement of the budgetary assumptions concerning occupancy factors;
c. A description of any provision made in the budget for reserves for repairs and replacement;
d. A statement of any other reserves;
e. The projected financial liability for each time-share estate
owner, including a statement of (i) the nature of all charges, assessments,
maintenance fees, and other expenses which that may be assessed,
(ii) the current amounts assessed, and (iii) the method and formula for
changing any such assessments; and
f. A statement of any services not reflected in the budget
that the developer provides, or expenses that it pays, what it that
the association expects may become a time-share expense at any subsequent
time, and the projected time-share expense assessment attributable to each of
those services or expenses for the association and for each time-share; and
9. A statement of the location of the books and records of the association along with the name and contact address of the custodian of such books and records.
C. In lieu of the annual report required by subsection A,
during the first twelve 12 months of the time-share program, the
developer or the association shall prepare a budget which that shall
contain the information contained in subdivision 6 of subsection B 8.