01

What Virginia requires of the books

From the statutes, as the legal corpus holds them. The verified date is the day the value was last read against the statute's own text.

RequirementValueStatuteVerified
CIC Manager Fidelity Coverage Floor $10,000 Va. Code §54.1-2346 (D) Jul 9, 2026
Condo Fidelity Coverage Floor $10,000 Va. Code §55.1-1963 (B) Jul 9, 2026
Condo Reserve Study Interval 5 years Va. Code §55.1-1965 (B)(1) Jul 9, 2026
POA Late-Fee Trigger 60 days Va. Code §55.1-1824 Jul 9, 2026
POA Reserve Study Interval 5 years Va. Code §55.1-1826 (B)(1) Jul 9, 2026
Financial Update Delivery Deadline 3 business days Va. Code §55.1-2311 (C) Jul 9, 2026

6 of the 22 statutory thresholds the corpus holds for Virginia concern the books. The full list, with every citation.

02

What arrives by the 10th

The books, any hour
The board and the manager read the ledger as it stands, not as of the last statement. Read access, around the clock.
Balance sheet
Every fund, every bank account, every receivable, as of month end.
Income statement against budget
The month and the year to date beside the budget the board adopted.
Bank reconciliation
Every account, to the statement, with the items in transit listed.
Delinquency by unit
Who owes what and for how long.
The check register
Every payment that left, who approved it, and what it paid.

In January, the annual statement package and the CPA's schedules, numbered and hashed. We never hold signing authority over funds. Bookkeeping is not an audit, review, or attestation engagement.

03

How it starts

Send the last balance sheet and bank statement. We write back within two days with what we see, every line a number from your own file, free, whether or not you hire us. If the books are clean, we say so, and the second opinion is the service. The read is also how we choose: we take on an association only where the read says its books can be kept to this standard, and we keep ten at a time.

Setup follows a cutover date: opening balances from the bank statements and the owner records, the chart of accounts, every owner's ledger, the first month reconciled. The statements arrive by the 10th from then on.