Marina View Vacation Club

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Charles Stewart
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1 Marina View Vacation Club Manager Report AGM MVVC AGM General Manager 1

2 Portofino Management Occupancy Report Portofino Portofino Occupancy is up by: 2010 = 32 % 2011 = 49 % 2012 = 55 % 2013 = 62.5% 2014 = 55% 2015 = 50% OTHER INCOME Other Revenue Income 2015 Revenues= $ Bonus week= 12 $ Sold weeks= 13 $ Upgrades Bi to Annual= 19 $ Late Payment fee= $ Sign back members = 38 Member Report Red - Annual Red Bi-Annual Even Red Bi Annual ODD Total Total Members Weeks required Beginning of Period Total Members 2015 Sign Back Sold 2015 Upgrades Current Released 48 weeks for sale Total Membership Annual Total Annual Available MVVC AGM Manager Report 2

3 2015 Occupancy Portofino Report Occupancy & Rental Income 2015 GLRC XCHG Villas Nights Rental House Total Hospitality Hospitality Internet Internet Room & Room & Week Owners RCI Rented Rented 7B/St Use Units DLLS Pesos DLLS PESOS UP G/pesos UP G/DLLS Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $1, $0.00 $0.00 $0.00 $0.00 Week $ $1, $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $1, $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Week $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 6 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 5 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 5 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 4 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 6 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 5 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 8 $ $ $0.00 $0.00 $3, $0.00 Week NO NO 7 $ $0.00 $0.00 $0.00 $1, $0.00 Week NO NO 8 $ $0.00 $0.00 $0.00 $0.00 $ Week NO NO 8 $ $0.00 $0.00 $0.00 $0.00 $80.00 Week NO NO 5 $ $0.00 $0.00 $0.00 $4, $0.00 Week NO NO 8 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO YES 8 $ $ $0.00 $0.00 $0.00 $0.00 Week NO YES 4 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO YES 5 $ $0.00 $0.00 $0.00 $0.00 $ Week YES NO 7 $ $ $0.00 $0.00 $0.00 $99.00 Week YES NO 3 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 6 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week YES NO 7 $1, $0.00 $0.00 $0.00 $0.00 $0.00 Week YES NO 9 $ $0.00 $0.00 $0.00 $0.00 $ Week YES NO 11 $ $0.00 $0.00 $0.00 $0.00 $ Week NO YES 6 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO YES 7 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 10 $ $0.00 $0.00 $0.00 $0.00 $0.00 Week NO NO 11 $ $0.00 $0.00 $0.00 $0.00 $1, Total $17, $6, $0.00 $0.00 $23, $3, Surcharge $17, $6, $0.00 $0.00 $23, Total Units Available 12x Exchange Exchange Unused Inventory 50% 321 $17, $ $1, $3, Occupancy % 50.00% Grand Total 2015 $22, MVVC AGM Manager Report 3

4 CLOSING REPORT GLRCC Due to major cash flow shortages the GLRCC B.O.D.'s held two (2) meetings in September 2015, which I (OMC) did not attend. After those meetings, we received an from the secretary of GLRCC, Mr. Wittal, stating that the board had discussed to offer the club for sale to numerous entities, one which was suggested by you and another by Mr. Wittal and asking me if I am interested and to submit a proposal for both entities GLRCC and Baja Investment Inc.. 2. A few days later OMC submitted a proposal. 3. Followed by a B.O.D.'s meeting, where the board made the decision to ask the membership giving 3 options: implement a Special Assessment, Privatize, or Shut Down the club. 4. At the same time management had already finalized a member survey specifically oriented to improve customer service, the board asked if management OMC could include the directors letter and implement the boards options: Special Assessment, Privatize, or Shut Down the club. 5. Management agreed and suggested to take out the option to shut down the club as this option would severely damage the Baja Investment Inc. investors investment. 6. The survey was submitted to all members of GLRCC and out of 13 questions there was 1 questions in regards to privatizing. (Privatizing the club, what would you like to see?) 7. The result was that the membership would be privatized for the benefit to decrease member annual fees by decreasing expenses such as the management fee. 8. December 1 st, 2015 we took over GLRCC, the cash flow at the time of $ in the GLRCC account stayed in the GLRCC bank account. GLRCC Financial History GLRCC Cash Flow: Receivables May 25 th, 2015 $ July 10 th, 2015 $ August 13 th, 2015 $ October 27 th, 2015 $ November 30 th, 2015 $ August 12 th, 2015 $ November 30 th, 2015 $ Income $ Actual Operating Cost $ August 15 th to November 30 th, 2015 Deficit $ (paid by OMC) 2016 MVVC AGM Manager Report 4

5 GLRCC Liabilities November 30 th, (CDN Dollar) 1. Banked weeks with RCI & DAE for 2013 to Reservation reports up to 2016 Total 495 weeks at $695 = $ Deferred 2016/2017 maintenance fees $ (Funds received and used) Payables- Canada $ Payables Mexico $ Total liabilities taken over by OMC $ Plus deficit of operations paid by OMC for up to November 30 th, 2015 $ Insurance Claim Hurricane Odile The final insurance documents were submitted to the owner in November 2015, during the time of finalizing the claim our Baja group purchased the resort. We are currently waiting for our Baja group to finalize legal matters in Mexico to be able to receive the funds of $ US Dollars minus legal cost of $ Other Closing Issues of GLRCC: Payable to Baja Investor Group For: 2014 Renovations villa 6b,7b, and studio Total renovation expenses of $ for building construction for villa: 6B, 7B and the Studio How did this came about? PRIOR To Baja existence 1. September 2013 Resort appraisal was done for negotiations to purchase the Portofino 2. January 2014 we constructed 3 balconies, 6b,7b,studio. New kitchen counter and bar chairs 6b, new entrance to studio, glass door, 3 windows, studio furnishings. 3. It was recorded as a receivable as per board minutes prior of the constructions, from the GLRCC investor group as the renovations were done after the appraisal 5. Gaining approx. a minimum of $ in assets for the owner of the land and buildings After numerous board meetings and discussions about the cost in 2014 GLRCC financial statements it was recorded as a receivable in the amount of $ this included the renovation cost $ as well as some legal expenses paid by GLRCC $ In April 2015 OMC mistook an from one of the executive board members and transferred funds back from Baja to GLRCC. Shortly after an agreement was established between GLRCC and Baja that funds to be returned to Baja, as soon as GLRCC has funds available. Unfortunately GLRCC never had the funds to pay back Baja group, this issue requires now to be resolved between OMC and Baja. Baja group is requesting from OMC to refund the funds MVVC AGM Manager Report 5

6 Capital Improvement Budget 2016 to 2021 Portofino Capital Plan YTD Jan-Jul 2016 Remainder 2016 Aug-June 2017 NOTES Note: Budget is done in US dollar Capital Expenditures Allow ance for Emergency Repairs 15,000 Total Allow ance for Emergency Repairs 15, Grounds 1650 Drainage, Landscaping, 15, Check Waterlines 1650 New Patio By Pool Area 4, Hand Rails= BBQ area, 6B, 1, Signage and Public Lighting 2, Fence around Lot 15 (Baja group) Total Grounds 19,500 4, Villa Building Improvements B & 3B - Create hallw ays - sepperate bathroom entrance 8,000 8, New Air Condition= 2A,1A,3A,4A,4B,5A,5B,6,7, Studio 32, Finished Air Condition= 1B, 3B 4, Villa BBQ on Patios x12 4, Entrance Doors= 1B,3b, 4b, 5b,6,7,2a,3a, 4, Repair-Window s (screens & reseal incl) 10, Roof Repairs 5, Hot Water Tanks = 6 4,000 1, Remodel bathrooms = 17 68,000 8, Kitchen Cabinets 5 20, Kitchen Countertops (4b,5b,7) Finsihed, 1b,3b 3,000 2, Painting & Minor Trim Repair 5, Pool Flooring - 5, Hot Tub - outdoor - relocate 2, Pool Filter/Cleaning New Flooring reception area 5, Pool Sundeck 25,000 Total Buildings 201,200 15,900 8, Furnishings & Upgrades 1601 Living room furniture 2,000 12,000 1, King Mattresses 2a, 3a,4a, 4b, 5b 8,000 8, Bedding ($400 X 17 bedrooms 2017) 6, Bedroom, kitchen, bathroom lighting 13, Upgrade bedding and tow els (Inventory Purchase) 2, Sofabeds 2, Blinds, w indow coverings 25,000 10, Kitchen Utensils 3, Major Appliances in villas- fridge, stove 12, TV's $400) 3, Patio furniture replacements ($400 X 10) 4, Pool area - new furniture 10, Main Reception area - new furniture 5, Laundry - Appliances 3,000 Total Furnishings & Equipment 100,400 12,000 19, Computer- Internet and Telecommunications 15, AOther A Flat Roof - Improvements 15, Pool Electricial panel 2, Fans 400 Total Other 15,000 2, Total Capital Expenditures 351,100 34,400 28, MVVC AGM Manager Report 6

7 2016 MVVC Budget BUDGET Budget 2017 Maintenance Fees 2017 $ 302, Rental Income / Bonus $ 35, Upgrades / Sale of weeks / 48 $ $ 120, VAT Tax $ 48, US Exchange $ 83, Subtotal $ 589, Expenses Resort Expenses $ 305, Management Fees $ - Misc/ Exchange loss $ 1, Property Management System / OSI $ 6, Legal $ 1, Telephone $ 1, Newsletter Print & Mailout $ 2, Interest and bank charges / bank charges, credit card, $ 16, Capital Improvements $ 28, VAT Tax Payable in Mexico $ 67, US Exchange Loss in income $ 83, Bad Debt - Delinquent Members $ 35, Subtotal $ 549, Contingency Fund 9% - Based On Resort Expenses $ 27, Net income or loss $ 11, Member Capital Improvements 2017 Curtains: 3A, 2A,4A, 1B, 3B $ 10, Furniture for living room: 5B $ 1, Fans 5b $ King mattress & Bedding: 5B, 2A, 3A,4A $ 8, Bathroom 4A, 3A $ 8, Total $ 28, MVVC AGM Manager Report 7

TAHOE SANDS TIME SHARE OWNERS ASSOCIATION

TAHOE SANDS TIME SHARE OWNERS ASSOCIATION Tahoe Vista, California FINANCIAL STATEMENTS CASH BASIS AND INDEPENDENT AUDITORS REPORT December 31, 2016 and 2015 TABLE OF CONTENTS Page INDEPENDENT AUDITORS REPORT 1-2 Exhibit A STATEMENTS OF ASSETS,