The Winter That Was! NOTICE Annual Meeting of Owners. Explore More at The Falls! STAYING CONNECTED. May 2013

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1 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 7, 2013, 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 28, 2013 to the following address: Secretary The Falls at Ogunquit Post Office Box 399 Hyannis, MA Explore More at The Falls! Immerse yourself in Maine s natural beauty. Join us on our guided excursions along the southern coast of Maine. Experience the diversity of Maine s coastal habitats and learn the history that shaped this unique coastline. Hike, bike and paddle your way through Maine s natural wonders! May 2013 The Winter That Was! Last year, it was the winter that wasn t. Unlike last year, this past winter was snowy, cold and very long. So much snow that we had to truck it away when we ran out of room! But, once again, Patriot s Day Weekend came and all the shops and restaurants opened, eager for another active, happy year. Look for lots of changes this season: The Playhouse is hosting seven productions instead of five; Main Street has a new cabaret; Cornerstone has expanded towards the street for more seating; Pizza Napoli has added a bar and Happy Hour with expanded seating; Beach Plum (next door) has added oysters to their lobster and steamer choices and check out their new neat totem poles!; Prime is now That Place with a whole new menu, and Spoiled Rotten has rearranged the store. Be sure to come soon so that you can experience all of the new excitement. The shops and restaurants are waiting to welcome you. STAYING CONNECTED 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. INSIDE THIS ISSUE Resort Update Remember the Pre-Payment Plan Option Timeshare Owner Updates 2012 Annual Meeting Minutes Candidate Nomination Form

2 Resort Update Welcome Family and Friends to 2013 at The Falls at Ogunquit! Well, winter sure did take it s sweet time leaving us this year. It seemed like it never ended. Keith and I were beginning to head south! The snow storms of 2013 worked our Maintenance Staff to the bone. Between the plowing and the shoveling, no one wanted to make eye contact with them. We were excited for the major project we completed for you. Anyone notice something different in the kitchen photo on the side? Yes, I thought you might like that! I ve been meeting with our resort designers regarding the small barrel chairs in the living room as well. Look for a change in the Fall of Wishing you and yours a wonderful summer season. Come visit when you can. Heather A. Durant General Manager Remember the Pre-payment Plan Option 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. Timeshare Owner Updates Our team of timeshare experts will be contacting you when there is an update meeting in your area. This the perfect time for owners to get a "timeshare check-up" to make sure you are getting the most out of your ownership, and to find out what's new in timesharing and how these changes may affect you. Timeshare in general is constantly changing as is InnSeason Resorts with the addition of products and services to improve your family s vacations. An owner update is the best way to learn about these changes and keep informed as to what is important to you. For more information call May 2013

3 FALLS AT OGUNQUIT RESORT CONDOMINIUM ASSOCIATION, INC. ANNUAL MEETING MINUTES Wednesday, August 8, 2012 I. CALL TO ORDER/ROLL CALL The meeting was called to order by Stephen Furrer at 5:35 p.m. at The Dunway Center in Ogunquit, ME. The following persons were in attendance: Board of Directors: Clare MacPherson Kevin Curran Vacation Resorts International 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 Stephen Furrer stated that a quorum was achieved with over 10% of the unit weeks represented by proxy or in person. Stephen Furrer welcomed the owners and introduced the Board of Directors and Resort Team. II. MESSAGE FROM THE BOARD Clare MacPherson thanked the owners for placing their faith in her over the years and stated how much she looked forward to continuing on the Board. Kevin Curran thanked the owners for coming out and gave regrets for Billy Curran who could not be present. III. APPROVAL OF 2011 ANNUAL MEETING MINUTES MOTION: Being moved and seconded, the 2011 Annual Meeting Minutes were unanimously approved as written. IV. ELECTION PROCESS Stephen Furrer reviewed the election process outlining one Board member being elected for a three year term. There were no write-in or walk up candidates. An Inspector of Elections was selected from the members in the audience and Ballots were collected from those in attendance and where combined with the Proxies for tabulation. V. MANAGER S REPORT Heather Ault-Durant, Resort General Manager, reported on the quiet winter weather and stated that due to the unseasonably warm winter it saved the resort money and allowed the Maintenance Department to work on numerous improvements which included the following: continued bathroom renovations, replacement of coffee table tops, installed wainscoting and chair rails, building additional shelving, replacement of mattresses and couches, installation of handicapped pool lift and computerized system to manage pool chemicals, among other items. Next year s focus will be on replacing Building 1 s boiler, purchasing flat panel TV s, continued bathroom renovations, kitchen upgrades/larger refrigerators and sealcoating the driveway/parking areas. Owners gave feedback on various improvements as management and the Board made notes. IV. CUSTOMER SATISFACTION Stephen Furrer reported that the resort was scoring a solid A level of satisfaction in reports from InnSeason and Interval International and that only RCI scores were low. Stephen then explained that as the Falls is new with RCI and had been entered in their system in an elevated tier of properties that this was causing lower scores form Exchange Guests who are expecting an Orlando like experience. A tier adjustment will likely be done before the end of the year and scores should then be in line with RCI. VII. 2010/2011 FINANCIAL RECAP Stephen reviewed the fiscal year end 2011 financial. Revenues were under budget by almost $96,000. Although sales of new weeks were steady, the number of weeks reclaimed due to default was greater than the weeks sold. The good news is that the General and Administrative expenses were down by about $43,000 being led by a reduction in Bad Debt expense. The Operational bottom line was short by almost $63,000; however, Reserve Revenue collected was up and spending was down which left the Reserve account positive $95,000. The net bottom line was $32,000 to the positive which is kept in Reserves. Stephen also covered the following key metrics: Year End Diff Cash Position $339,000 $281,000 $58,000 Payables $ 61,604 $ 44,792 $16,812 % of Fees Collected 87.4% 86.2% 1.2% Nights Used 17,701 17,731 0% Occupancy 63% 63% 0% VIII. 2012/2013 BUDGET REVIEW Stephen Furrer highlighted the following budget items: Expenses 2012 Budget 2011 Budget Change Wages & Benefits $700,984 $686,594 2% Operating Expenses $421,971 $422,455 +0% Administrative & General $493,983 $479,530 3% Reserve Expense $225,156 $211,570 6% Bad Debt Expense $168,930 $196,593-16% IX. VOTING RESULTS Stephen Furrer reported the Inspector of Elections findings: - Acknowledgement of meeting quorum requirements votes to approve the 2012/2013 Operating Budget votes to elect Clare MacPherson to another 3 year term - Both items passed X. ONLINE RESOURCES Stephen Furrer reviewed benefits of accessing Online Owner s Areas of innseason.com and vriresorts.com including the saving in printed communication cost. XI. ADJOURNMENT MOTION: Being moved and seconded, it was unanimously approved to adjourn the meeting at 7:40 p.m. May

4 PRST FIRST U.S. POSTAGE PAID CURLEY DIRECT 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.

5 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 28, Mail or fax this Candidate Nomination Form to: Secretary The Falls at Ogunquit P.O. Box 399 Hyannis, MA Fax No.: PLEASE FOLD OVER, SECURE STAMP AND MAIL TO ADDRESS ON REVERSE

6 -Please Fold Here- PLACE STAMP HERE Please check if new address Secretary The Falls at Ogunquit Resort Condominium Association Post Office Box 399 Hyannis, MA Please Fold Here-