CALL FOR NOMINATIONS. Captain s Quarters at Surfside Resort Condominium Association Annual Meeting Save the Date! Saturday October 26, :00 a.m.

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1 July 2013 Captain s Quarters at Surfside Resort Condominium Association CALL FOR NOMINATIONS Enclosed is a Candidate Nomination Form which must be completed by any owner who wishes to be on the ballot to run for the two Board positions for a three (3) year term. Please remember that participation as a Director does not include compensation for one s time, but does require a lot of love and caring for Captain s Quarters. 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 Saturday, October 26, 2013, 10:00 a.m. at Christ the King Church. 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 Directors, wish to thank our fellow owners who have been of tremendous support to us in the past. Please return the Nomination Form by September 1, 2013 to the following address: Secretary Captain s Quarters at Surfside Resort Condominium Association Post Office Box 399 Hyannis, MA ur o Y k Mar ars! d Calen Captain s Quarters at Surfside Resort Condominium Association Annual Meeting Save the Date! Saturday October 26, :00 a.m. Christ the King Church Please mark this date on your calendar and plan to attend. Further information on the Annual Meeting will be included in the next edition of the newsletter. Inside This Issue Timeshare Owner Updates Renovations and Resort Improvements Timeshare Scam Update Candidate Nomination Form

2 Timeshare Owner Updates Our team of timeshare experts will be contacting you when there is an update meeting in your area. This is 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 Renovations and Resort Improvements We have been working hard toward another great season at Captain s Quarters. Some of the improvements done over the winter were: - Continued stripping bathroom wallpaper and repainting Replace 40 feet of roof Replaced rocks in landscaping bed with seashells Upgraded all beds to king size Upgraded all pillows, linens, comforters New headboards (delivery scheduled for the end of July) We are very excited to make the switch to king size beds. This by far has been the most requested item by owners and guests alike. While the third floor units presented some minor challenges, we were able to install the beds in June. Beautiful new headboards are scheduled for delivery by the end of July. We are confident you will love this upgrade. Next fall we will be looking at bedroom and bathroom flooring. We will keep you posted. 2 July 2013

3 Timeshare Scam Update From the Board of Directors As you will recall the Board been updating our owners on scams being perpetrated on timeshare owners. The latest scam we are seeing is involving donating your timeshare for a tax deduction. As with any of these scams these people are pros at extracting money out of people and often their pitch sounds believable. However, you need to be cautious. We consulted with Attorney Tom Coniaris and asked him about Charitable Contributions and he provided us with the following: Below is a selection of excerpts from the IRS Publication 526 concerning Charitable Contributions for use in preparing 2012 Returns. Attorney Tom Coniaris comments are italicized: To be valid the donation must be made to Qualified organizations. Qualified organizations include nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals. Contributions You Can Deduct: If you give property to a qualified organization, you generally can deduct the fair market value of the property at the time of the contribution. Determining Fair Market Value: Fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. Fair market value is not appraised value. If you re given an appraisal that states your property is worth more than you could reasonably sell it for, the IRS will not consider the appraised value as Fair Market Value. Penalty: You may be liable for a penalty if you overstate the value or adjusted basis of contributed property. An unrealistic appraisal will not protect you from penalties. 20% penalty: The penalty is 20% of the amount by which you underpaid your tax because of the overstatement, if the value or adjusted basis claimed on your return is 150% or more of the correct amount, and you underpaid your tax by more than $5,000 because of the overstatement. 40% penalty: The penalty is 40%, rather than 20%, if the value or adjusted basis claimed on your return is 200% or more of the correct amount, and you underpaid your tax by more than $5,000 because of the overstatement. So to summarize: You pay a company $1,000 to donate your Timeshare. They give you an appraisal for $15,000 and you deduct that from your taxes. You save $6,000 in taxes right? WRONG! Then the IRS sends you a letter. In fact you paid $1,000 to give something away, so fair market is not $15,000 so they (IRS) will in all likelihood disallow the entire $15,000 deduction. You will owe the tax $6,000 Plus the 40% penalty $2,400 And you re out the money you paid $1,000 An expensive lesson $9,400 Please don t fall for scams, don t pay up front fees as we always say, if it sounds too good to be true, it is! CALL THE RESORT IF YOU SUSPECT YOU ARE BEING SCAMMED OR JUST WANT TO CHECK OUT WHAT YOU ARE HEARING!! July

4 PRST FIRST U.S. POSTAGE PAID CURLEY DIRECT P.O. Box 399 Hyannis, MA ADDRESS SERVICE REQUESTED Captain s Quarters (508) Fax - Captain s Quarters (508) General Mgr-Michael MacDonald (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 Captain s Quarters at Surfside Resort 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 Captain s Quarters at Surfside Resort Condominium Association Candidate Nomination Form The following information is needed to place your name on the ballot for election to the Board of Directors. 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) Address: Education: (Work/Cell) Qualifying Experience: Objectives: Candidate s Acceptance Signature: Date: Becoming a member of the Board of Directors 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 September 1, Mail or fax this Candidate Nomination Form to: Secretary Captain s Quarters at Surfside Resort Condominium Association 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 Captain s Quarters at Surfside Resort Condominium Association Post Office Box 399 Hyannis, MA Please Fold Here-