Prepayment Plans Available at no Additional Cost. NOTICE Annual Meeting of Owners INSIDE THIS ISSUE. May 2014

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1 May 2014 NOTICE Annual Meeting of Owners Enclosed is a Candidate Nomination Form which must be completed by any owner who wishes to be on the ballot to run for one Board position for a three (3) year term. Please remember that participation as a Board Member does not include compensation for one s time, but does require a lot of love and caring for The Falls at Ogunquit. You must be willing to attend meetings at the Resort, telephonically or at locations deemed most convenient to a majority of the Board. Our next Owners Annual Meeting is scheduled for Wednesday, August 6, 2014, 5:30 p.m. at the Dunaway Center, 23 School Street, Ogunquit, ME. Prior to this meeting you will receive a short biography on the candidates. Enclosed with that mailing will be a proxy to use if you cannot attend the Annual Owners Meeting. It is most important that you return the proxy if you cannot attend. We, the current Board, wish to thank our fellow owners who have been of tremendous support to us in the past. Please return the Nomination Form by June 27, 2014 to the following address: Secretary The Falls at Ogunquit c/o Vacation Resorts International Post Office Box 399 Hyannis, MA Prepayment Plans Available at no Additional Cost Using the Pre-payment Plan option to pay your maintenance fee offers many benefits. 1. Your bill is split up into more manageable, monthly payments. 2. Avoid receiving one large bill during the holidays. 3. The earlier you sign up, the lower the monthly payment. For Example: - Sign up in January and pay about $50 per month for 12 months. - Sign up in June and pay about $100 per month for 6 months. So by the time next year s bill is due you will only owe a small amount for any increase in the new year s fees. No matter how you look at it, it s a wise choice to make. So simply go to login to the Online Owner s Area, choose the appropriate contract then look for the Monthly Payment Plan option on the left navigation. INSIDE THIS ISSUE Resort Update Keith s Corner Activities Update Just a Reminder Change of Ownership Policy Log In Today Staying Connected 2013 Annual Meeting Minutes Candidate Nomination Form

2 Spring has sprung! Welcome flowers and sunshine! Resort Update The Falls at Ogunquit had a very successful Many of our owners have been taking advantage of our special rates during the winter and you ve given us great feedback on our projects. Plus, we didn t even make them shovel, so the comment card scores were fabulous! During our softer season, it gives us a chance to re-charge and add some things to enhance your vacations. Two major items we completed this year are the Wi-Fi System and Bedroom TVs. We installed a completely new Wi-Fi system throughout the resort. This system works in tandem with hotspots, lessening the signal drops. We replaced all bedroom TVs with Flat screen TV/DVD combos. Paint took a center stage as well, sampling colors in the bedrooms and redesigned some of the lighting. Decorating is a work in progress, so we re interviewing professionals to guide us in long term planning. As time marches on, we also find that replacements to some of our facilities are needed. We upgraded our fire and safety systems and also installed 2 new energy efficient boilers in one of our buildings. These facility items are of the utmost importance and have been a focus of your Board of Directors annually. Looking forward to seeing you all again. Stop by and visit soon. Heather A. Durant General Manager Keith s Korner We ve had "the winter that was" in 2013, "the winter that wasn t" in 2012, but this past winter took the cake! It was too cold, too snowy and too long. At the beginning of May, we were still waiting for Spring. A few juice tidbits for you - Tapas on the Square is gone and the owners of Mehkong Thai are moving back to town. A controversial new Mexican restaurant is now where Beach House Grill was. La Playa de Ogunquit became questionable because OGT doesn t allow chains of any kind in town; this place is part of a large group. But it has a different name and a different look than the others, so it got by. We ll see how it goes over with the locals. All the Ogunquit traditions are still here. Whether it s the Playhouse with 5 lively musicals, the Museum of Art or the Art Collaborative, the water activities in Perkins Cove, Spoiled Rotten, Harbor Candy or Bread and Roses Bakery- your favorite memories can come to life again in 2014 right here in The Beautiful Place by the Sea! We re hoping to see you soon Activities Updates Along the southern coast of Maine, 2014 started off looking and feeling more like the Arctic! Sure, we had some coastal storms that did some minor damage but not the real intense storms that are known to rearrange the coastline and cause extensive repair jobs and long term closures. The Marginal Way looks to be in pristine shape with full access and gorgeous views the entire way through. Our coastal trails through the fields and forest are already dried out and ready for exploration. Ogunquit beach looks as stunning as ever and the warmer temperatures have brought ideal conditions for beautiful bike rides along the shore. New species of birds, fish, and marine mammals are arriving everyday drawn by the urge to be in the best places at the right times. So, join the migration and come explore the natural wonders of coastal Maine through our guided excursions at the Falls! 2 May 2014

3 As you may remember, after seeking legal counsel last year, the Falls at Ogunquit Resort Condominium Association adopted a formal Change of Ownership Policy. As such, the adopted policies are necessary to allow the resort (1) to do appropriate background searches to identify the potential involvement of a Relief Company one which assumes ownership of an interval without a good faith intent to also assume and satisfy all of the assessment and ownership obligations associated with the transferred interval - (2) to recover the cost of such searches, and (3) to stop these transfers before they are finalized for the purpose of protecting the interests of all owners and the financial security of the resort. Last September s Annual Billing included the formal policy in detail. We hope you took the time to review this; however, the policy is downloadable from the Online Owners Area on should you wish to review it again. Your support in this ensures a healthy and strong Association. Change of Ownership Policy The economic conditions of the last few years have taken a toll on most with many families struggling to make ends meet on a regular basis. It is unfortunate that in desperate times there are those who seek to take advantage of families looking for relief. Over the last few years we have warned you about various scams where companies offer to take your timeshare week, usually for a fee somewhere between $3,000 and $5,000. These fraudulent companies may or may not actually transfer the week out of your name and to make matters worse they have no intention of ever paying the maintenance fees associated with the week. All this translates into problems and liability for you and for the Unit Owners Association. For example, if the week is not transferred out of your name you will still be responsible for the fees. If the week is transferred out of your name and the annual maintenance fees are not paid, then the Association has to foreclose on the week in order to clear the title and then attempt to re-sell the week to another dues paying member. The scams are numerous and varied in nature and even sound legitimate at times. These transactions are having a negative impact on the resort and its finances. The good news is that we have been able to block a large majority of these fraudulent transfers with the procedures we have in place. Additionally, legitimate transfers are very smooth and handled by one person from start to finish making it easier on the Seller and Buyer alike. We want to encourage you to use the Owner s Inn portion of our website. Visit: and click Login in the upper right corner. If you haven t already registered you ll want to click the New User link, and follow instructions. You will find the website an invaluable asset in maintaining your account and keeping up with what is going on here at the Falls at Ogunquit. Just a Reminder Log in Today Staying Connected Review your ownership, update your contact information, see your pending reservations and even sign up for a Maintenance Fee pre-payment plan as well as catch up on recent newsletters. Plus, your will be current so that we can send you information on our frequent owner s specials. So sign on today! With the growth of social media, InnSeason Resorts Falls at Ogunquit is staying connected by launching a homepage on Facebook. This homepage can be found by logging into Facebook and typing InnSeason Resorts Falls at Ogunquit into the search section. Once you have found the Homepage, click the like button. You will then be networked into the resort s page allowing you access to resort updates and getaway specials. May

4 FALLS AT OGUNQUIT RESORT CONDOMINIUM ASSOCIATION, INC. ANNUAL MEETING MINUTES Wednesday, August 7, 2013 I. CALL TO ORDER/ROLL CALL The meeting was called to order by Stephen Furrer at 5:38 p.m. at The Dunway Center in Ogunquit, ME. The following persons were in attendance: Board of Directors: Clare MacPherson (Late arrival approx. 6:25 p.m.) Kevin Curran VRI and Resort Management/Staff: Stephen Furrer, Director of Resorts/VRI Heather Ault-Durant, Resort General Manager Norm Cantara, Chief Engineer Chuck Colvin, Maintenance Engineer Allison Davis, Front Desk Supervisor Susan Howley, Executive Housekeeper Jeff Brogan, Activities Stephen Furrer stated that a quorum was achieved with over 10% of the unit weeks represented by proxy or in person. Stephen then welcomed the owners, introduced the Board of Directors and the Resort Team. II. MESSAGE FROM THE BOARD Kevin Curran thanked the owners for coming out and gave regrets for Billy Curran who could not be present at the meeting tonight due to family issues. III. APPROVAL OF 2012 ANNUAL MEETING MINUTES MOTION: being moved and seconded the 2012 Annual Meeting Minutes were unanimously approved as written. IV. ELECTION PROCESS There was one write-in for owner Charles Badzmierousk whom was not present at the meeting. Owner Walter Jamieson volunteered as an Inspector of Elections. Ballots were collected from those in attendance. These where combined with the Proxies for tabulation. V. MANAGER S REPORT Although it was a tough winter weather-wise, there were no accidents or major issues to report. Through owner feedback, the team has been focused on improving guest satisfaction including improvements to maintenance of the units, team responsiveness, as well as selection of capital items to replace. The Resort secured additional day parking at Angelina s Restaurant (next door) which has helped alleviate space constraints during peak periods. Management has put a lot of time into helping owners in financial distress with flexible payment plans and other accommodations when needed. Additional effort was put into collecting previous years dues and if necessary recovering title to weeks. Additional steps have been taken to reduce costs including favorable utility contracts as well as a reduction in equipment rental and advertising. Capital improvements included 10 cubic foot refrigerators, under counter microwaves, additional shelf/counter space, larger dining tables, flat screen TVs for the living room and patio walkway renovations. Next year s focus will be on living room chairs and unit carpet. Stephen Furrer reviewed the election process outlining one Board member being elected for a three year term. Candidates: Edgar Yucel, not present Kevin Curran, present VI. CUSTOMER SATISFACTION Resort scoring was at a solid A level of satisfaction in reports from InnSeason and Interval International. RCI Scores are trending up with only the Unit scoring lower than expected due to lack of a true kitchen. 4 May 2014

5 This year s kitchen updates should help a little, plus RCI and InnSeason are working to educate exchangers on the nuances of New England. VII. 2011/2012 FINANCIAL RECAP Area Actual Budget $Diff Operating Income $1,653,246 $1,759,569 ($106,323) Payroll $ 662,249 $ 686,589 ($ 24,340) Operating $ 408,313 $ 422,455 ($ 14,142) Bad Debt $ 104,210 $ 170,998 ($ 66,788) General & Admin $ 468,601 $ 479,527 ($ 10,926) Total $ 9,873 $ 0 $ 9,873 Area Actual Budget $Diff Reserve Income $237,250 $237,173 $ 77 Bad Debt $ 17,322 $ 25,609 ($ 8,287) Reserve Spending $153,985 $211,564 ($57,579) Total $ 65,943 $ 0 $ 65,943 VIII. 2012/2013 BUDGET REVIEW Area Actual Budget $Diff Operating Income $1,304,312 $1,323,900 ($19,588) Payroll $ 465,275 $ 465,753 ($ 478) Operating $ 314,111 $ 318,769 ($ 4,658) Bad Debt $ 104,479 $ 110,178 ($ 5,699) General & Admin $ 375,664 $ 371,421 $ 4,243 Total $ 44,783 $ 57,779 ($ 12,996) Area Actual Budget $Diff Reserve Income $183,810 $185,437 ($ 1,627) Bad Debt $ 15,555 $ 16,497 ($ 942) Reserve Spending $ 68,586 $168,940 ($100,354) Total $ 99,669 $ 0 $ 99,669 Expenses 2014 Budget 2013 Budget Change Wages & Benefits $687,434 $700,984 $(13,550) Operating Exp. $420,078 $421,971 $ (1,893) Admin. & General $504,095 $493,983 $ 10,112 Reserve Expense $185,678 $225,156 $(39,478) Bad Debt Expense $131,977 $168,930 $(36,953) Yr Unit Ops Real Tax Reserve Total Nightly Types Fee Fee Fee Fee Cost BD $ $33.39 $53.74 $494.8 $ BD $ $39.86 $73.66 $ $ BD $ $33.39 $ $ $ BD $ $39.86 $ $ $ Annual Survey shows average fees at $822 up 5% from Average nightly cost $ X. VOTING RESULTS Stephen Furrer reported the Inspector of Elections findings: Acknowledgement of meeting quorum requirements. Budget Approval. 1,261 votes to approve the 2013/2014 Operating Budget 6 opposed. 2013/2014 Budget was Ratified. Candidate Election. 1,258 votes for Kevin Curran. 14 votes for Edgar Yucel. 1 vote for Charles Badzmierouski. Kevin Curran was elected for a 3 year term. IX. 2013/2014 BUDGET REVIEW XI. OPEN DISCUSSION Stephen Furrer highlighted the following budget items: Non Dues Productive Weeks Starting Inventory Defaulted/Recovered New Sales Ending Inventory Dues Exposure (Approx.)$160,000 $160,000 $177,000 Projected Delinq. $132,000 $169,000 $184,000 Total Budget Deficiency $292,000 $329,000 $361,000 The owners asked various questions about expenses, delinquency/bad debt and capital improvements. Two owners voiced their concerns on lack of access to a defunct Developer program called Northeast Vacation Network. Management agreed to meet with the owners after the meeting to discuss solutions. XII. ADJOURNMENT MOTION: Being moved and seconded, it was unanimously approved to adjourn the meeting at 7:44 p.m. May

6 PRST FIRST U.S. POSTAGE PAID CURLEY DIRECT c/o Vacation Resorts International P.O. Box 399 Hyannis, MA ADDRESS SERVICE REQUESTED The Falls at Ogunquit (207) Fax - Falls at Ogunquit (207) General Manager: Heather Ault-Durant (800) Website: Exchange Information Interval International (800) RCI (877) VRI*ety (888) Vacation Owner Services / VRI Maintenance Fees (800) Payment Plans (800) Changes/additions to Ownership (800) nememberservices@vriresorts.com Important Numbers The Falls at Ogunquit and Vacation Resorts International (VRI) Central Reservations Information and Assistance (800) Fixed Week Reservation (800) Float Week Reservation (800) Bonus Time (800) Rental Program (800) Deposits with Exchange Company (800) innseason@vriresorts.com Managed by Vacation Resorts International Perfecting the Art of Hospitality Still Need Assistance VRI Corporate Services (508) VRI Fax (508) The Falls at Ogunquit Blog. For the latest at the resort and in Ogunquit. Check in regularly.

7 The Falls at Ogunquit Candidate Nomination Form The following information is needed to place your name on the ballot for election to the Board. This information will be summarized in the next notice mailed to all owners. Please be brief and write legibly. Name: (Please print) Interval Week(s) Owned: Address: City: State: Zip: Telephone Number(s): (Home) (Work/Cell) Address: Education: Qualifying Experience: Objectives: Candidate s Acceptance Signature: Date: Becoming a member of the Board is a major responsibility and requires a firm commitment. Please do not volunteer unless you are willing and able to make this type of commitment to your resort. In order to ensure that your name appears on the ballot for consideration by your fellow owners, this data must be received by the Secretary on or before June 27, Mail or fax this Candidate Nomination Form to: Secretary The Falls at Ogunquit c/o Vacation Resorts International P.O. Box 399 Hyannis, MA Fax No.: PLEASE FOLD OVER, SECURE STAMP AND MAIL TO ADDRESS ON REVERSE

8 -Please Fold Here- PLACE STAMP HERE Please check if new address Secretary The Falls at Ogunquit Resort Condominium Association c/o Vacation Resorts International Post Office Box 399 Hyannis, MA Please Fold Here-