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Disclosure Packageo w n e r s a s s o c i a t i o n
K E M P B R I D G E
1400 Kemp Bridge DriveChesapeake VA 23330
Your Agent Shari Rocks
James River Real Estate Listing Agent Sherry Maser
William E Wood & AssociatesSean & Bobbie Camp
Congratulations
Commonwealth of Virginia Department of Professional and Occupational Regulation Post Office Box 29570 Richmond, Virginia 23242-0570 (804) 367-8510 cic@dpor.virginia.govwww.dpor.virginia.gov
Common Interest Community Board VIRGINIA PROPERTY OWNERS ASSOCIATION DISCLOSURE PACKET NOTICE
The lot being purchased is in a development subject to the Virginia Property Owners' Association Act. The contract to purchase a lot shall disclose that the lot is located in a property owners association. The purchaser may have the right to cancel the contract after receiving the disclosure packet and the purchaser may request an update of the disclosure packet pursuant to 55.509.4 of the Code of Virginia.
Living in a common interest community carries with it certain rights, responsibilities and benefits. Benefits include the right to use common areas, which may include swimming pools, parks, playgrounds and other recreational facilities. In order to finance the operation of the common interest community association, each owner is responsible for and obligated to pay periodic assessments, and if necessary, special assessments to ensure that the financial requirements are met. Use of common areas, financial obligations of lot owners and other rights, responsibilities and benefits associated with the ownership of a lot in this common interest community are subject to the provisions of governing documents that typically include a declaration, articles of incorporation, bylaws and rules and regulations. These documents are important and should be reviewed carefully prior to purchase. Some decisions are made by the association board of directors, while other decisions are reserved to a vote of association members. The purchaser is bound by all decisions of the association and the board of directors and the provisions of the governing documents.
Failure to comply with the association governing documents can result in legal action taken against the lot owner. Failure to pay assessments and mandatory fees may result in the association filing a lien and/or lawsuit against the lot owner, foreclosing the lien, and other actions permitted by the governing documents and the Property Owners Association Act.
Documents and information contained in the disclosure packet describe the basis for living in a common interest community and should be reviewed carefully prior to purchase of the property [lot].
This form was developed by the Common Interest Community Board in accordance with 54.1-2350 of the Code of Virginia and is to accompany the association disclosure packet required by 55-509.5 of the Code of Virginia. 10/26/09 Page 1 of 2
This form was developed by the Common Interest Community Board in accordance with 54.1-2350 of the Code of Virginia and is to accompany the association disclosure packet required by 55-509.5 of the Code of Virginia. 10/26/09 Page 2 of 2
The Association Disclosure Packet must include the following statements:
Association name, and if incorporated, the state of incorporation and the name and address of the registered agent;
A statement of any approved expenditures that require an additional assessment during the current year or the immediately succeeding fiscal year;
A statement of all assessments and other mandatory fees currently imposed by the association;
A statement whether there is any other entity or facility to which the lot owner may be liable for fees or charges;
The current reserve study report (or a summary thereof), a statement of the status and amount of any reserve or replacement fund and any portion of the fund allocated by the governing board for a specified project;
A copy of the association's current budget (or a summary thereof) and a copy of its statement of income and expenses or financial condition for the last fiscal year available, including a statement of the balance due of any outstanding loans of the association;
A statement of the nature and status of any pending suit or unpaid judgment to which the association is a party and that either could or would have a material impact on the association or its members or that relates to the lot being purchased;
A statement setting forth the insurance coverage provided for all lot owners by the association, including any fidelity bond maintained by the association, and what additional insurance would normally be secured by each individual lot owner;
A statement that any improvement or alteration made to the lot, or uses made of the lot or common area assigned thereto by the prior lot owner, are not in violation of any of the instruments referred to in this disclosure notice;
A statement setting forth any restriction, limitation, or prohibition on the right of a lot owner to place a sign on the owner's lot advertising the lot for sale;
A statement setting forth any restriction, limitation, or prohibition on the right of a lot owner to display any flag on the owner's lot, including, but not limited to reasonable restrictions as to the size, place and manner of placement or display of such flag and the installation of any flagpole or similar structure necessary to display such flag;
Certification, if applicable, that the association has filed with the Common Interest Community Board the annual report required by 55-516.1 of the Code of Virginia including the filing number assigned by the Common Interest Community Board and the expiration date of the filing.
The Association Disclosure Packet must include the following attachments, if any:
A copy of the current declaration, the association's articles of incorporation and bylaws, and any rules and regulations or architectural guidelines adopted by the association;
A copy of notice given to the lot owner by the association of any current or pending rule or architectural violation;
A copy of any approved minutes of the board of directors and association meetings for the six calendar months preceding the request for the disclosure packet;
FINA
NCIA
L ST
ATEM
ENTS
- KE
MP B
RIDG
E CO
MMUN
ITY
ASSC
INC
Bala
nce
Shee
tDe
cemb
er 3
1, 2
012
Asse
tsCU
RREN
T AS
SETS
843-
1010
.000
0CA
SH-O
PERA
TING
/TOW
NE$
4,25
2.10
843-
1102
.000
0CA
SH-O
P RE
SERV
E/TO
WNE
458.
9684
3-11
03.0
000
CASH
-REP
RES
ERVE
/TOW
NE2,
251.
92TO
TAL
CURR
ENT
ASSE
TS$
6,96
2.98
LONG
TER
M AS
SETS
TOTA
L AS
SETS
$ 6,
962.
98
Liab
ilit
ies
and
Equi
ty
CURR
ENT
LIAB
ILIT
IES
843-
2305
.000
0DU
E TO
KEM
P BR
IDGE
ASS
OC L
$ (1
9,02
5.00
)TO
TAL
CURR
ENT
LIAB
ILIT
IES
$ (1
9,02
5.00
)
LONG
TER
M LI
ABIL
ITIE
STO
TAL
LIAB
ILIT
IES
$ (1
9,02
5.00
)
CAPI
TAL
& EQ
UITY
843-
3200
.000
0AC
CUM
OPER
ATIN
G RE
SERV
E$
(458
.96)
843-
3300
.000
0AC
CUM
REPL
ACEM
ENT
RESE
RVE
(2,2
51.9
2)84
3-34
98.0
000
RETA
INED
EAR
NING
S18
,075
.96
CURR
ENT
EARN
INGS
(3,3
03.0
6)TO
TAL
EQUI
TY$
12,0
62.0
2TO
TAL
LIAB
ILIT
IES
& EQ
UITY
$ (6
,962
.98)
Janu
ary
14,
2013
11:1
0 am
Conf
iden
tial
: F
or I
nter
nal
Use
Only
FINANCIAL STATEMENTS
- KEMP BRIDGE COMMUNITY ASSC I
NCBudget Comparison Statement
For the Period Ended December 31, 2012
Monthly
Monthly
Current
YTD
YTD
YTD
Annu
alTitl
eBudget
Actual
Variance
Budget
Actu
alVa
rian
ceBu
dget
INCOME
-ASS
OCIA
TION
FEE
S$
0$
1,652.00
$1,652.00
$20,160.00
$22
,190
.12
$2,
030.
12$
20,1
60.0
0INCOME
-ADV
ASS
OC F
EES
01,039.00
1,039.00
081
7.00
817.
000
INTERE
ST I
NCOM
E0
.11
.11
01.
101.
100
LATE F
EES
INCO
ME8.34
0(8.34)
100.00
450.
0035
0.00
100.
00ASSESS
MENT
RES
ERVE
INC
166.66
0(166.66)
2,000.00
1,25
7.00
(743
.00)
2,00
0.00
TOTAL
INCO
ME$
175.00
$2,691.11
$2,516.11
$22,260.00
$24
,715
.22
$2,
455.
22$
22,2
60.0
0
AUDITI
NG E
XPEN
SES
27.09
027.09
325.00
325.
000
325.
00BANK S
ERVI
CE C
HARG
E1.25
.45
.80
15.00
20.4
0(5
.40)
15.0
0PROPER
TY I
NSUR
ANCE
75.00
075.00
900.00
090
0.00
900.
00CORPOR
ATE
FEES
16.66
016.66
200.00
60.0
014
0.00
200.
00MANAGE
MENT
FEE
374.37
449.95
(75.58
)4,492.50
5,26
9.01
(776
.51)
4,49
2.50
MISC E
XP/G
ENER
AL &
ADM
IN18.34
018.34
220.00
022
0.00
220.
00OFFICE
EXP
/PRI
NTIN
G37.50
108.22
(70.72
)450.00
529.
59(7
9.59)
450.
00COUPON
BOO
KS5.00
2.10
2.90
60.00
193.
50(1
33.5
0)60
.00
POSTAG
E12.50
4.90
7.60
150.00
126.
3023
.70
150.
00TOTAL
GEN.
& A
DM.
EXPE
NSE
$567.71
$565.62
$2.09
$6,812.50
$6,
523.
80$
288.
70$
6,81
2.50
UTILIT
IES-
ELEC
TRIC
116.66
208.68
(92.02
)1,400.00
1,55
4.89
(154
.89)
1,40
0.00
TOTAL
UTIL
ITIE
S$
116.66
$208.68
$(92.02
)$
1,400.00
$1,
554.
89$
(154
.89)
$1,
400.
00
MAINT.
-LAW
N CO
NTRA
CT1,062.30
916.67
145.63
12,747.50
12,3
32.3
541
5.15
12,7
47.5
0MAINT.
-SIG
NS8.34
08.34
100.00
010
0.00
100.
00MAINT.
-GRO
UNDS
16.66
016.66
200.00
020
0.00
200.
00TOTAL
MAIN
TENA
NCE
$1,087.30
$916.67
$170.63
$13,047.50
$12
,332
.35
$71
5.15
$13
,047
.50
RESERV
ES-E
ARNE
D IN
TERE
ST0
.71
(.71
)0
1.10
(1.1
0)0
REPLAC
EMEN
T RE
SERV
E83.34
83.34
01,000.00
1,00
0.02
(.02)
1,00
0.00
TOTAL
REPL
ACEM
ENT
RESE
RVE
$83.34
$84.05
$(.71
)$
1,000.00
$1,
001.
12$
(1.1
2)$
1,00
0.00
TOTAL
EXPE
NSES
/RES
ERVE
S$
1,855.01
$1,775.02
$79.99
$22,260.00
$21
,412
.16
$84
7.84
$22
,260
.00
NET IN
COME
$(1,680.01)
$916.09
$2,596.10
$0
$3,
303.
06$
3,30
3.06
$0
Januar
y 14
, 20
13 11:
10 am
Confidential: For Internal Use Only
FINANCIAL STATEMENTS
- KEMP BRIDGE COMMUNITY ASSC I
NCBudget Comparison Statement
For the Period Ended December 31, 2012
Januar
y 14
, 20
13 11:
10 am
Confidential: For Internal Use Only