Financial needs of a microboard
The initial cost to set up a microboard is a $75 fee that accompanies the application to the State Corporation Commission (SCC). In subsequent years, a $25 fee is imposed to accompany the one-page annual renewal form. This insures the corporation continues to be a legal entity registered with the Commonwealth of Virginia. No other fees are incurred to maintain the individual microboard.
Costs for things other than the initial microboard (serving as Circle of Support for the individual with a disability) will vary greatly depending on the business functions the microboard plans to provide. As with any venture, one must insure there is adequate revenue to support the activity and appropriate business licenses if required.
If the microboard’s Board of Directors decides to have the microboard serve as guardian for an individual, there would be legal and court fees related to this process (more detail in a separate article). These are one-time expenses with an annual filing fee of approximately $5 paid to the local Department of Human Services (DHS), Social Services Division.
If a microboard decided to purchase a home for the individual using Virginia Housing and Development Authority (VHDA) or other funding sources, then there would be costs similar to purchasing any home (realtor fees, closing costs, attorney fees, etc.). The microboard, as “owner of the property”, would have to insure financial solvency to the lending institution. This is the normal mortgage application process (more detail in a separate article).