Executive branch agencies lease privately owned space across Virginia for offices, warehouses, storage, training rooms, customer service centers and other uses. DRES administers over 500 leases with an annual rent obligation of more than $60 million. The creditworthiness of the Commonwealth combined with the likely long-term occupancy and consistent payment makes the state an ideal tenant regardless of market conditions.
Useful information for Landlords
Commonwealth agencies are required to use the Department of Accounts' statewide accounting system known as Cardinal. All vendors, including landlords, must be enrolled in Cardinal in order to get paid.
As part of the set-up process, the landlord/vendor is required to complete the Commonwealth of Virginia Substitute W-9 form (COVA W-9). The Internal Revenue Service allows the Commonwealth to create a substitute W-9 and to require its use; therefore this substitute W-9 is different than the W-9 you would find on the IRS website and the only one accepted by the Commonwealth's statewide accounting system.
When completing the COVA Substitute W-9: Make sure that the EIN or Social Security Number you provide in Box 1 of the form is identical to what is used in filing your tax return. The Commonwealth performs a cross check of the EIN/Social Security Number provided to ensure a match. Should it not match, the Cardinal set up will not occur. Pay close attention to the information you provide in the "Remittance address" box of the W-9. The information provided in this box should be the Remittance Name and the Remittance Address of who is to receive the business payment (i.e. rent).