A corporation shall hold a meeting of members annually at a time stated in or fixed in accordance with the bylaws. This article is intended to discuss options available to Virginia nonstock corporations to continue corporate governance best practices.Your nonprofit corporation must file a corporate report annually with the state in order to remain in good standing. This guide will walk you through the basic steps to start your nonprofit in Virginia. In order to do so, you need to complete Form 1023. If you meet the requirements to complete Form 1023-EZ, do that instead. Virginia does require annual reporting. If required, the threshold to report usually depends upon the type of organization and the amount of gross revenue.