Reston Association

“There are three classes of members: (1) Category A. Category A members shall include all owners of lots except lots owned by Category B members. (2) Category B. Category B Members shall include all owners of lots on which a multifamily dwelling is constructed. Category B membership shall terminate forever and be converted to Category A membership when the aggregate number of apartment units represents less than five percent of the total number of lots and apartment units on the property. (3) Category C. Category C members shall be all occupants of residential units on the property.”

“The governing body consists of 9 voting directors elected by the members described in 990 Part VI, question 6 and the treasurer is elected by the board. Voting rights are as follows: (1) Category A Members: For purposes of electing directors: Voting on amendments to the Reston documents; and such other matters as may be provided for in the Reston documents; or brought to them by the Board of Directors, a Category A member shall be entitled to cast one vote per lot owned. No more than one Category A vote per lot may be cast. (2) Category B members: (I) for purposes of electing the director provided for in deed section III.5(A) (1) and voting on amendments as provided in deed section VIII.2(B), each category B member shall have the number of votes equal to the number of apartment units constructed on his lot or lots. (II) For purposes of voting on amendments to provisions of the Reston documents, other than those enumerated in deed section VIII.2(B); and such other matters as may be provided for in the Reston documents; or brought to them by the Board of Directors, each Category B member shall have one vote for each lot owned on which a multifamily dwelling is constructed. (III) Upon termination of the Category B membership, each such member shall become a Category member, entitled to exercise one vote for each lot owned. (3) Category C Members: For purposes of electing directors, a Category C member shall be entitled to cast one vote for the residential unit he occupies. No more than one Category C vote per unit may be cast. Except as may be provided in the bylaws, in all other cases a Category C member shall not be entitled to vote.”

“Certain transactions require that a referendum of the community members be held to authorize board decisions.”

“A copy of the Form 990 and 990-T is presented to the Fiscal Committee and the Board of Directors at separate meetings for review before it is filed. The Fiscal Committee has one elected Board Member and the Treasurer, as well as up to 7 other community members who are financial professionals or financially literate.”

“The conflict of interest policy is provided in writing and discussed with all board members annually, who must sign a copy and agree to its terms before joining the board. They must also submit a list of items which may indicate conflicts of interest. The CEO, departmental directors and officers of the association are also required to execute a similar document. Board members who have a potential direct or indirect conflict of interest may participate in the discussion of the matter and may vote or abstain on such matter. However, no action shall be taken on such matters except by affirmative vote of a majority of disinterested directors then serving. Anyone who suspects a board member of having an undisclosed conflict of interest may bring their concerns to the executive committee, which will look into the matter and take appropriate action, up to removal of the director from the board.”

“A committee of the board of directors evaluates the CEO's performance and determines compensation on an annual basis. The CEO evaluates key employees' performance using an established performance appraisal system and awards any increase based on merit. Once a year, comparability data for the organization's salary structure is obtained for updating purposes.”

“A committee of the board of directors evaluates the CEO's performance and determines compensation on an annual basis. The CEO evaluates key employees' performance using an established performance appraisal system and awards any increase based on merit. Once a year, comparability data for the organization's salary structure is obtained for updating purposes.”

“The governing documents and financial statements are available on the organization's website, www.reston.org. The conflict of interest policy is available upon request.”

“To interpret, administer, and enforce the protective covenants and restrictions of the reston deed (deed) in such a manner as to conserve, protect, and enhance the value of all real property subject to the deed; for the benefit of the members, to acquire, own, sell, mortgage, convey, encumber, and lease property, real or personal, and to improve, administer, and maintain such property in neat and good order; provided, however, that the recreational facilities of the association and other common area shall be intended for the use and benefit, primarily, of the members, provided further, however, that the board and the association may allow the use of the recreational facilities by non-members. To assess, collect, and disburse the assessments and charges authorized by the deed; to promote the peace, health, comfort, safety, and general welfare of the members; to do any and all lawful things and acts that it, in its discretion, may deem to be for the benefit of the property an the owners and inhabitants thereof; and to exercise the powers now or hereafter conferred by law on virginia nonstock corporations as may be necessary or desirable to accomplish the purposes set forth above.”

“Oversight of audit: there have been no changes during the year in the process for oversight of the audit of the financial statements.”