Surfside Resort Condominium Trust

Transcription

1 September 2014 REMINDER OF ANNUAL MEETING ANNUAL MEETING AGENDA I. Welcome and Introductions/ Call to Order II. Approval of Agenda III. Approval of 2013 Annual Meeting Minutes IV. Message from the Board V. Elections VI. Management Reports VII. Financial Review VIII. Communications and Interactions IX. Election Results Surfside Resort Condominium Trust 2014 ANNUAL MEETING NOTICE All Surfside Resort Interval Owners are invited to attend the Annual Meeting of Owners on Saturday October 25, :00 a.m. Christ the King Church Parish Hall X. Open Discussion Route 151, Mashpee, MA XI. Adjournment If you do not plan to attend the Annual Meeting, it is of paramount importance that you fill out the enclosed Proxy/Ballot and return it prior to the meeting so that your vote can be registered. A quorum must be met to conduct Resort business and your Proxy will count toward that requirement. Please support your Resort and vote either in person or by Proxy. Proxy/Ballots must be received prior to October 25, Thank you for your participation in this important election process. Rt Christ the King Church Rt. 28 Mashpee Rotary Falmouth Inside This Issue 2013 Annual Meeting Minutes Proxy/Ballot Candidate Biographies Rt. 28 Hyannis

2 SURFSIDE RESORT CONDOMINIUM TRUST 2013 ANNUAL OWNERS MEETING MINUTES October 26, 2013 I. WELCOME AND INTRODUCTIONS/CALL TO ORDER Stephen Furrer called the meeting to order at 1:04 p.m. at Christ the King Church and extended a warm welcome to all present. Stephen then introduced the Board and Resort team present. Board of Trustees: Bill Curran, President David Zukowski, Treasurer Vacation Resorts International and Resort Management: Stephen Furrer, Director of Resorts/VRI Michael MacDonald, General Manager Bethani Bergh, Housekeeping Manager Renata Schneider, Front Office Manager Henry Frederoski, Maintenance Manager Stephen also gave regrets from Secretary Christine Barnes for not being able to attend the meeting. II. APPROVAL OF AGENDA MOTION: By motion made and seconded the agenda was approved unanimously. III. APPROVAL OF 2012 ANNUAL MEETING MINUTES MOTION: A motion from the floor was made, seconded and approved unanimously to approve the Annual Meeting minutes of the October 27, 2012 as written. IV. MESSAGE FROM THE BOARD Billy Curran thanked those in attendance. Billy then commented on the positive nature of the low turnout to the meeting stating that when there are a lot of unhappy owners there is usually a room full of unhappy people. V. ELECTIONS Stephen Furrer reviewed the election process and asked all owners in attendance to make sure they were registered and had a ballot to vote. He then asked the candidates in attendance to say a few words. Candidate Paul Brener spoke about his education and experience and stated that his goals were to reduce operating expenses by monitoring contractors and suppliers, represent deed owners over point systems, and create transparency between management and owners.billy Curran spoke next reviewing his background as Developer and his commitment to seeing that the resort continues to deliver great vacations. Stephen Furrer then read the bio for Rekha H. Shertukde outlining her education and job related experience and reviewing her goals as follows: assuring a comfortable and safe vacation environment to our resort owners as well as ensuring that the maintenance fees are being used appropriately by management. Stephen Furrer called for nominations from the floor, hearing none, nominations were closed. At this point Stephen Furrer asked the owners in attendance to please cast their votes and also requested a volunteer to count the ballots. VI. MANAGEMENT REPORTS Michael MacDonald reviewed operations during 2013 noting severe weather and major storm events that battered the resort during the first quarter. He noted that Menahaunt Road had been closed multiple times and that the resort was without power for a week in mid-february. The resort did take some damage to the roofs, fire suppression system, landscaping and beach. Despite the storms, the spring, summer and fall have been exceptionally nice. Michael MacDonald reviewed a list of accomplishments in the past year including: Continued stripping wallpaper in bathrooms Re-caulked all Jacuzzis Refinished various rusty light fixtures and appliances Replaced various AC sleeves Re-stripped parking lot Repainted playground equipment Installed new exterior lights Michael also outlined his goals for the upcoming year as follows: Front Desk: Accurate reservations Quick and easy check-in Friendly, courteous and knowledgeable Housekeeping: 100% team training 100% room inspection (increase detail) Less outside vendor use (cost savings) Maintenance: Detailed checklists for all ongoing tasks Ongoing punch and action lists Increased eye for detail Lastly Michael reviewed the most recent Customer Satisfaction Scores noting the following results: Customer Satisfaction InnSeason Interval Category Resorts International RCI Vacation Experience Reservation/ Unit Staff Location/Resort/Amenities Overall Michael also noted that the renovations did impact scores but that the post renovation scores are climbing especially in areas like bedding. VII. FINANCIAL REVIEW Stephen Furrer updated the audience on the renovations from the Supplemental Assessment. He noted that they had projected to spend $495,000 on primarily exterior work in 2013 and that approximately $469,000 had been spent year-to-date. Work had progressed nicely with only a few weather related snags that dragged out the exterior painting work until near the end of July. Nevertheless the resort looks 2 September 2014

3 outstanding. Stephen detailed the building by building work that had been completed. Then he ran through a photo pictorial that illustrated the true scope of the work. Owners asked various questions about the work including materials chosen. Stephen indicated that only quality materials were used like composite boards, Harvey sliders and hurricane rated shingles. There was discussion on the new bedding and Stephen explained that rooms 429, 430, 431, 501, 515, 516, 518, 519, 527, 530 were not big enough to receive king bed sets but that they did receive updated mattresses, linens and headboards. Stephen then outlined the focus for 2014 which included replacing the flooring in all the units. The audience asked questions on the décor and materials to be used. Stephen explained that the décor would be in line with the unit 513 Fire Model and that materials would be a mix of laminate, tile and carpet. Stephen Furrer reviewed the 2012 year-end financials noting the resort came in over budget by $27,962 for Operating Expenses. Stephen went on to review delinquency illustrating a significant rise in 2010 that topped out near 20% but that foreclosures and proactive collections have helped drive that number down. Next he reviewed the steps that are taken to help keep owners paying as well as the steps taken for collections and ultimately foreclosures. In 2013, the resort had initiated foreclosures on approximately 120 chronically delinquent intervals and recovered 96 of those weeks. There have been 90.5 weeks put in the hands of new owners who are paying approximately $45,000 in dues previously not received. The year-to-date financial position at the resort was 37k positive in income over expenses for operations. Stephen pointed out that there is still a quarter of the year left and that projections are for a small negative balance. He also pointed out that the team is doing everything in their power to not spend more than they take in yet still deliver a reasonable level of service. Stephen then reviewed the approved 2013 Operating Budget highlighting cost savings in Payroll expenses and Bad Debt. He did note that the saving in Bad Debt was due to the bulk removal of the foreclosure accounts and that we really need more sales to offset delinquency and default recovered weeks. Maintenance Fees for 2014 went up as follow: % Per Unit Operating Re Tax Reserves Total Night 2014 Fees Studio $ $12.86 $81.31 $ % $ BD $ $25.73 $ $ % $ BD $ $38.59 $ $ % $ Studio $ $12.25 $77.44 $ % $ BD $ $24.50 $ $ % $ BD $ $36.75 $ $ % $ Stephen then commented that the cost per night is still less than you would pay for a hotel room on Route 28. He also noted that the average person spends approximately $1,100 annually buying coffee out, $850 annually on beer, $700 annually on salons, $600 annually on having their nails done and $800 on each cell phone. VIII. COMMUNICATIONS AND INTERACTIONS Stephen Furrer reviewed the plan for communicating the renovation planning as well as progress updates using He also showed the owners other information and features accessible through the Owners Inn Website. IX. ELECTION RESULTS Stephen reviewed the voting results as follows: Mailed In Person Total Candidate Billy Curran Paul Brener Rekha Shertukde Congratulations were given to Billy Curran for being elected to a three year term. X. OPEN DISCUSSION An owner stated that it was unfair that the Studio and Deluxe Studio Maintenance Fees were the same amounts. She requested that they be lowered immediately. Other owners debated this and the conversation was heated. Stephen Furrer responded that changing the fees would most likely require a change in the condominium documents and that would require meeting a majority vote of the owners. He then noted this would not be an easy process. The Board stated they would look at this further but also felt achieving quorum on this would be difficult. Owner Heather Doyle stated that she has collected all owner s names and addresses from the Barnstable County Registry of Deeds and is creating a database that can be used to contact each other in order to facilitate owners selling or renting weeks. Stephen Furrer pointed out that owner Kevin Gleason had also attempted this a few years back and recommended that Ms. Doyle contact Kevin for insight and support. Stephen also warned her about handling, securing and communicating owner s personal information. Other comments were to record or broadcast the annual meetings for owners who can t make. Additionally, owners asked about inconsistencies on how beds were made; for example, no mattress cover on a pullout couch or no bed scarf on main bed. Michael MacDonald commented that he will followup with housekeeping to ensure these issues are addressed. Questions were asked about how the marketing of weeks for sale is done. A suggestion was to offer weeks to owners. Billy Curran replied that this is currently done through InnSeason Sales. Stephen Furrer pointed out that in order to sell more than a handful of weeks, the resort needs to keep an outside Marketing and Sales organization engaged. And that they need a balance of offseason, shoulder season and on season inventory in order to efficiently sell and make a profit. Furthermore, Stephen commented that without this, no organization is willing (or able) to sell. He went on to say that if the resort went three years with just a handful of sales, its financial position would be grim due to delinquency and defaults. An owner expressed frustration in not being able to sell a week they had recently received as a gift. This coincided with the Supplemental Assessment and they were angry over this stating that the fees due where not a good value. Stephen Furrer pointed out that the Supplement Assessment was not something that happens every year and that their fees equate to well less than $100 per night to be on the water. Billy Curran asked that the owners talk about personal issues with the team after the meeting. XI. ADJOURNMENT There being no further business, a motion was made, seconded and approved unanimously to adjourn the meeting at 3:20 p.m. September

4 PRST FIRST U.S. POSTAGE PAID PERMIT #59 HYANNIS, MA c/o Vacation Resorts International P.O. Box 399 Hyannis, MA Surfside Resort (508) Fax (508) General Manager, Tim Sieurin (508) Website Exchange Information Interval International (800) RCI (877) VRI*ety (888) Vacation Owner Services / VRI (800) Maintenance Fees Payment Plans Changes/additions to Ownership nememberservices@vriresorts.com Important Numbers Surfside Resort Condominium Trust and Vacation Resorts International (VRI) Managed by Vacation Resorts International Perfecting the Art of Hospitality Central Reservations 800) Information and Assistance Fixed Week Reservation Float Week Reservation Bonus Time Rental Program Deposits with Exchange Company innseason@vriresorts.com Still Need Assistance VRI Corporate Services (508) VRI Fax (508)

5 CANDIDATE BIOGRAPHIES *Indicates Incumbent Interval Week(s) Owned: 18 *Christine Barnes Education: BS Mathematics, Le Moyne College Syracuse NY Qualifying Experience: - IBM management positions - managed people and projects to successfully implement many new technologies (20 years). - Professional Project Manager for IBM - received high ratings for people-management skills which maximized results while maintaining fiscal integrity(15 years). - Independent consulting for small businesses - successfully demonstrated that consulting methodologies could be scaled to benefit small businesses (6 years). - President Sundown Condominium Association Warren VT - Led the board and various property managers effectively so that the value of our condos has increased and fees continue to be in line with owner and buyer expectations (25 years). - Surfside Board - Teamed with board members, management company and Surfside managers to maintain and improve the resort, ensure adequate owner communications and moderate fee increases. Using the experience I gained at Sundown, I was able to see the long term result of many proposals and determine which were appropriate. Objectives as a Trustee: My future goals for Surfside, in addition to maintaining it as a great place to vacation, include long range planning, and continued fiscal responsibility. Paul Brener Interval Week(s) Owned: , , Education: Bachelor and Master in Engineering, Cornell and Princeton; Bachelor in Computer Science, NJCU Qualifying Experience: Manage a chain of automatic car washes. Manage commercial rental properties. Objectives as a Trustee: Reduce operating expenses by monitoring contractors and suppliers. Representing deed owners over point systems. Creating transparency between management and owners. See Reverse Side for Proxy/Ballot

6 IF YOU CANNOT ATTEND THE ANNUAL MEETING, The Trustees request that you note your preference on the Proxy/Ballot and return it at once to reach us prior to October 25, Surfside Resort Condominium Trust This Proxy/Ballot will be voted according to the instructions indicated below. Proxy solicited on Behalf of the Board of Trustees for the Annual Meeting of Owners to be held on October 25, The undersigned hereby appoint(s) (check one only): Christine Barnes, Secretary Other: to act as Proxy with power to vote for and act on behalf of the undersigned on any business that may properly come before the Annual Meeting of the Owners of Surfside Resort Condominium Trust, to be held at Christ the King Church Parish Hall, Route 151, Mashpee, MA on Saturday, October 25, 2014, 10:00 a.m. or any adjournment thereof. Vote for no more than one (1) Candidate for Office of Trustee from the Candidates listed below. (Qualifications and biographies listed in newsletter.) *Indicates Incumbent *Christine Barnes Paul Brener Write in Signature Date Signature Date Please Print Name(s) Legibly Unit and Week Number See Reverse Side for Candidate Biographies Please fold and return in enclosed envelope Ballot