All Captain s Quarters at Surfside Resort Interval. Condominium Association, Inc ANNUAL MEETING NOTICE REMINDER OF ANNUAL MEETING

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1 September 2012 REMINDER OF ANNUAL MEETING ANNUAL MEETING AGENDA I. Welcome and Introductions/Call to Order II. Approval of Agenda III. Approval of 2011 Annual Meeting Minutes IV IV. Message from the Board V V. Elections VI. Management Reports VII. Financial Review 2012 ANNUAL MEETING NOTICE All Captain s Quarters at Surfside Resort Interval Owners are invited to attend the Annual Meeting of Owners on Saturday, October 27, :00 p.m. VIII. Communications and Interactions IX. Election Results X. Open Discussion XI. Adjournment Captain s Quarters at Surfside Resort Condominium Association, Inc. Christ the King Church Parish Hall Route 151, Mashpee, MA 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 27, Thank you for your participation in this important election process. Rt Christ the King Church Rt. 28 Mashpee Rotary Falmouth Inside This Issue Candidate Biographies 2011 Annual Meeting Minutes Proxy/Ballot Rt. 28 Hyannis

2 CANDIDATE BIOGRAPHIES William E. Billy Curran With more than 25 years of timeshare marketing, sales, development and management experience, Billy Curran is the founder and CEO of InnSeason Resorts, a new brand of top quality vacation resorts and companies serving the New England market, with more than 500 employees and associates. As an entrepreneur, Billy founded Curran Management Services, Inc. in 1988, the region s top-producing timeshare marketer. He is the developer of Captain s Quarters, Surfside, Falmouth HarborWalk, The Falls at Ogunquit, Pollard Brook and South Mountain resorts. My objective as Board member: To ensure the resort s long term financial stability and to continually improve the quality of the resort accommodations, facilities and services for Captain s Quarters owners. Dennis M. Ducharme Born and raised in Rhode Island, Ducharme began his career in the hospitality industry in1985 by developing the Holly Tree Resort in West Yarmouth (MA), his first vacation ownership property. Since then, he has played a key role in the development of vacation ownership properties on Cape Cod and in New Hampshire, generating sales in excess of $100 million. In 1993, he began the re-development of Pollard Brook Resort at Loon Mountain, a purpose-built resort in Lincoln, NH. The 17 original units have grown to more than 130, creating New Hampshire s only 5-Star vacation ownership resort. Additionally, he completed the refurbishment of the former Mill House Inn into a 65-unit purpose-built, luxury resort hotel, in downtown Lincoln, now known as InnSeason Resorts South Mountain. Currently, there is a site plan approval and development plans for a major 170 room resort complex which will contain a 400-seat performing arts center, conference facilities and spa. He is a member of the Board of Directors of the American Resort Development Association (ARDA), and Chairman of the American Resort Development Association s Northeast Chapter, and a member of the board of directors of the North Country Center for the Arts. My objectives as Board member is to serve as an authority on resort operations and provide direction to the Board regarding accepted resort industry practice. Carl Griffin Has a Bachelor of Science Degree in Industrial Technology and is a Registered Professional Engineer in Massachusetts. He has over 20 years management experience in the computer and consumer electronics manufacturing, engineering and operations. Currently retired he had been Vice President and General Manager of Healy Systems Division of Franklin Electric, a company known worldwide for vapor recovery systems technology. As VP of Ops, he had responsibility for all aspects of property management for a 50,000 square foot facility with over 200 operations personnel and $50 million in automated machining equipment. He currently also serves on the Board of Trustees for the Summit at Four Seasons in Laconia, NH. He has been on the Captain s Quarters BOD for the previous five years. My objective as Board Member: I want to be proactive in protecting my investment, have sufficient knowledge to know what property maintenance needs attention and enjoy the experience of being able to provide my service and expertise to a project I feel worth of participation in. 2 SEPTEMBER 2012

3 CAPTAIN S QUARTERS AT SURFSIDE RESORT CONDOMINIUM ASSOCIATION, INC ANNUAL OWNERS MEETING MINUTES October 29, 2011 I. WELCOME AND INTRODUCTIONS/CALL TO ORDER Brian called the meeting to order at 11:02 a.m., and extended a warm welcome to all the owners present. Brian introduced the Board members and resort management who were seated at the head table including: Board of Directors: Carl Griffin James Miller Tony Minichiello Billy Curran Vacation Resorts International and Resort Management: Brian M. O Hearn, Director of Resorts, VRI Michael MacDonald, General Manager Jillian Limberakis, Front Office Manager II. APPROVAL OF AGENDA MOTION: By motion made and seconded, the agenda was approved unanimously. III. APPROVAL OF PREVIOUS MEETING MINUTES MOTION: A motion from the floor was made, seconded and approved unanimously to approve the Annual Meeting minutes of October 23, 2010 as written. IV. MESSAGE FROM THE BOARD The Board thanked all the owners in attendance and Billy stated that due to a death in the family Board member Dennis Ducharme was unable to attend today s meeting. Billy acknowledged VRI and the resort staff for an excellent job this year and discussed owner delinquencies and stated that he was in the process of developing a plan to systematically take weeks backs from owners whose situations have changed. Billy also stated that there was an error discovered and that Carl Griffin s term expires at the Annual Meeting. This contradicts prior correspondences sent out to the homeowners and leaves a seat open after the Annual Meeting. Per the condominium documents, a vacant seat may be filled by Board appointment within thirty days of the vacancy. Billy informed the Board in a meeting prior to the Annual Meeting and stated that he felt the best course of action was to appoint Carl Griffin to a one year term. The Board voted in favor. V. MANAGEMENT REPORTS Michael MacDonald updated the owners on each department and stated that DE Cleaning is supplementing the housekeeping effort along with Trisha completing 100% of room inspections. Michael reviewed the following improvements made during 2011 to the property: 50% of the TV s have been upgraded to flat screens. Updated kitchen equipment. Purchased new A/C units. Upgraded linens. Purchased a pool lift for ADA compliance. Balcony decks were sealed to reduce leaks. Michael also discussed the continued effort on recycling and to conserve energy which includes: Switch timers installed, hang a towel program implemented, recycling stations and purchasing only green paper products. Michael reviewed the CSI scores for year-to-date 2011 and stated that management and staff are always striving for improvements. Finally, Michael reviewed customer use options and encouraged owners to utilize the InnSeason Resorts web portal. Brian reviewed the Comparative Income Statement as of monthend August 31, 2011 stating that the resort s income is down due to a reduced collection rate and drop in rentals; however, Payroll, Operating and Administrative expenses have been reduced by nearly $29,000. Overall, the resort management team has done an excellent job reducing expenses to create positive variances where possible. Brian also reviewed the 2012 budget which included a maintenance fee increase of 4%. Brian discussed the planned projects for 2012, which includes: Replace rotted trim with a composite maintenance free material. Complete the upgrade of flat screen televisions. New patio and pool furniture. Power wash the buildings. New beds and carpet. Lastly, Brian informed the owners to beware of Timeshare Relief Companies, postcards companies and the like. This has become a large problem in the Timeshare industry and thanks to VRI and ARDA, owners are more aware of this scam and the industry is seeing a decrease in transfers. VI. OPEN DISCUSSION The Board and management answered questions from owners. VII. ADJOURNMENT MOTION: There being no further business, by motion made, seconded and approved unanimously, the meeting was adjourned at 12:02 a.m. SEPTEMBER

4 PRST FIRST U.S. POSTAGE PAID CURLEY DIRECT c/o Vacation Resorts International P.O. Box 399 Hyannis, MA ADDRESS SERVICE REQUESTED Important Numbers Captain s Quarters at Surfside Resort and Vacation Resorts International (VRI) Captain s Quarters (508) Fax - Captain s Quarters (508) General Mgr-Michael MacDonald (508) 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 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) Managed by Vacation Resorts International Perfecting the Art of Hospitality

5 IF YOU CANNOT ATTEND THE ANNUAL MEETING, The Directors request that you note your preference on the Proxy/Ballot and return it at once to reach us prior to October 27, Captain s Quarters at Surfside Resort Condominium Association, Inc. This Proxy/Ballot will be voted according to the instructions indicated below. Proxy solicited on Behalf of the Board of Directors for the Annual Meeting of Owners to be held on October 27, The undersigned hereby appoint(s) (check one only): Billy Curran, President 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 Captain s Quarters at Surfside Resort Condominium Association, Inc., to be held at Christ the King Church Parish Hall, Route 151, Mashpee, MA on Saturday, October 27, 2012, 1:00 p.m. or any adjournment thereof. Vote for no more than three (3) Candidates from the Candidates listed below. (Qualifications and biographies listed in newsletter.) *Incumbent *William E. Billy Curran *Dennis M. Ducharme *Carl Griffin Write in Signature Date Signature Date Please Print Name(s) Legibly Unit and Week Number Please fold, secure, stamp, and mail to address on reverse Ballot

6 -Please Fold Here- PLACE STAMP HERE Please check if new address Secretary Captain s Quarters at Surfside Resort c/o Vacation Resorts International Post Office Box 399 Hyannis, MA Please Fold Here-