Surfside Resort Condominium Trust

Transcription

1 September 2015 REMINDER OF ANNUAL MEETING ANNUAL MEETING AGENDA I. Welcome and Introductions/ Call to Order II. III. IV. Approval of Agenda Approval of 2014 Annual Meeting Minutes Message from the Board V. Elections VI. Management Reports VII. Financial Review VIII. Communications and Interactions IX. Election Results X. Open Discussion 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 24, Thank you for your participation in this important election process. Surfside Resort Condominium Trust 2015 ANNUAL MEETING NOTICE All Surfside Resort Interval Owners are invited to attend the Annual Meeting of Owners on Saturday October 24, :00 p.m. Christ the King Church Parish Hall Route 151, Mashpee, MA Christ the King Church Mashpee Rt. 28 Rotary Rt. 28 Falmouth Rt. 151 Hyannis Inside This Issue 2014 Annual Meeting Minutes Proxy/Ballot Candidate Biographies

2 SURFSIDE RESORT CONDOMINIUM TRUST 2014 ANNUAL OWNERS MEETING MINUTES October 25, 2014 I. WELCOME AND INTRODUCTIONS/CALL TO ORDER Stephen Furrer called the meeting to order at 10:10 a.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 Christine Barnes, Secretary Vacation Resorts International and Resort Management: Stephen Furrer, Director of Resorts/VRI Tim Sieurin, General Manager Bethani Bergh, Housekeeping Manager Renata Schneider, Assistant GM Catherine Mulloy, Front Office Manager II. APPROVAL OF AGENDA MOTION: By motion made and seconded the agenda was approved unanimously. III. APPROVAL OF PREVIOUS ANNUAL MEETING MINUTES MOTION: A motion from the floor was made, seconded and approved unanimously to approve the Annual Meeting minutes of the October 26, 2013 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. Christine Barnes spoke next reviewing her background and her commitment to seeing that the resort continues to deliver great vacations. 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. 2 September 2015 VI. MANAGEMENT REPORTS Stephen Furrer noted that Michael MacDonald had moved on from his position as General Manager of the resort. He thanked Michael for all his efforts and wished him well on his new endeavors. Stephen then introduced Tim Sieurin, the new General Manager. Tim Sieurin spoke about his background and how he ended up as General Manager. He explained that over his 12+ year career he has worked in every department having served most recently as the General Manager at InnSeason Resorts HarborWalk. He then explained his approach of evaluating the foundational elements of the resorts physical plant and team members. He went on to discuss his areas of focus in preparation for the busy summer season. Additionally, he reviewed the goals for the 2015 season pointing out he will endeavor to be more detailed through a hands on approach. Lastly, Tim Sieurin reviewed the most recent Customer Satisfaction Scores noting the resort was trending up. However, he did point out that there are certain areas that need improving and that the team will stay focused on delivering an A level across the boards. Stephen Furrer reviewed the numerous capital improvement projects the resort had completed since the last Annual Meeting including major renovations to both pools, pool bathrooms, pool fence and new resort wide WI-FI among other things. Additionally, all units had flooring redone which included the bathrooms, living space and bedrooms. The Kitchens had new sinks, faucets and granite counters as well as larger refrigerators in most studios. Stephen did note that 8 studios in the U-Building were isolated due to the complexity of updating them. Those kitchens will be updated this fall. Stephen Furrer went on to discuss the materials and why they were chosen. He discussed the issues encountered with flooring installation due to the age of the resort and settle of the buildings.

3 These issues, and the fact that the worked backed up to the busiest time of the year, left loose ends that will be addressed. Tim Sieurin noted that there was a significant holdback not being paid to the contractor until any deficiencies have been addressed. Various owners asked questions around the installation and warrantee. Stephen Furrer presented a before and after slide show of the projects. Stephen Furrer and Tim Sieurin reviewed the improvements being considered for 2015 which included studio kitchen updates, entry walkways for the 500 buildings as well as various furniture including couches, dining chairs and drapes among other things. A design board was present and illustrated the goal to return to a beach theme for decorating the units. VII. FINANCIAL REVIEW Stephen Furrer reviewed the 2013 year-end financials noting the resort came in over budget by $16,535 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. He discussed in detail the processes in place to support those who need to transition out of ownership. The year-to-date financial position at the resort was approximately $60,000 to the negative 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 2015 Operating Budget highlighting cost savings in various departments as well as big increases in both utilities and insurances. Maintenance fees for 2015 went up approximately 4% putting studios at $526.72, one bedrooms at $ and two bedrooms at $ Stephen Furrer then reviewed the average maintenance fee across the U.S. as well as the cost per night. He went on to illustrate everyday items that people spend more money on than their annual maintenance fees. VIII. COMMUNICATIONS AND INTERACTIONS Stephen Furrer reviewed the resorts change of ownership policies in detail. He also reviewed using showing the owners images of information and features accessible through the website. IX. ELECTION RESULTS Stephen Furrer reviewed the voting results as follows: Votes Candidate 727 Christine Barnes 49 Paul Brener Congratulations were given to Christine Barnes for being elected to a three year term. X. OPEN DISCUSSION Owners asked various questions regarding the differences between 2014 and 2015 expenses. Additionally, the question of having a different maintenance fee for studios versus deluxe studios. Stephen Furrer committed to checking with legal counsel on how this could be done. Owners asked about ways to cut utility costs including alternatives like solar. Tim Sieurin reviewed recent initiatives involving lighting and various items like pool pumps. Additionally, Stephen Furrer discussed solar and wind options. An owner commented that the old a/c units should go in the living rooms and the new ones in the bedrooms due to the old units not having adjustable vents. It was suggested the resort add an additional Secure WI-FI connection for those who want to work. Resort Management will consider. Owners discussed the behavior of children in residence and how frustrating it can be when they are misbehaving. Stephen Furrer mentioned that additional cameras are being considered now that the resort has improved WI-FI. Other comments were for a grab bar to be installed in the bathroom showers and full size ice trays for the refrigerators. Resort Management will look into it. There were various positive comments on the improvements including the king beds. Other comments included the need for uniformity of the kitchen ware and place settings. Additionally, suggestions were made for permanent shaded areas at the outdoor pool. Resort Management committed to looking at this. The question was posed why some studios do not have cooktops or stoves. Stephen Furrer stated they had looked at doing this as part of the kitchen updates but that it would require updating each buildings electrical service as well as updating the wiring to the rooms in questions. XI. ADJOURNMENT There being no further business, a motion was made, seconded and approved unanimously to adjourn the meeting at 12:20 p.m. September

4 PRST FIRST U.S. POSTAGE PAID CURLEY DIRECT 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 David Zukowski Address: So. Dennis, MA Education: Bachelor s in Business Administration/Accounting (B.B.A. Accounting). Florida Atlantic University, Boca Raton, Florida. Passed CPA exam 1996 (Certified Public Accounting exam). Qualifying Experience: Owner of timeshare since Worked in banking, law offices and vacation ownership for over 20 years. Employed with Marriott and Wyndham, worked with InnSeason Resorts for 12 years. I own 1,200,000 points with Vacation Club. Currently, a member on two other Boards for a timeshare association and a regular condo association. Objectives: I ve worked with the Surfside Resort Association the last 3 years during major capital improvement projects to help make our resort look as good as ever. Helped strengthen the resorts ability to recovery maintenance fees using proactive campaigns to owners to collect fees and help them better understand and use their timeshare intervals. Additionally, we are making progress improving our finances and cost savings on operations. Paul Brener Address: Fort Lee, NJ Education: Cornell University Bachelor of Mechanical Engineering, Master of Mechanical engineering, Princeton University MME, New Jersey City University BS, Computer Science. Qualifying Experience: Built and operate a chain of Automatic Car Washes in N.Y. and N. J., developed a computer operated Car Wash system, serve as managing member of LLC responsible for developing and managing both commercial and residential real estate, personally built as well as consulted on various commercial construction projects. Objectives: Improved transparency increasing information available to deeded owners regarding management, financial status, and future projects, and communicate owners feedback, to problem solve complaints, decrease default rate, and reduce management fees. As an interested owner, I believe that my professional experience and education background contribute toward my being a valuable member of the Board. 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 24, 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 24, 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 24, 2015, 1:00 p.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 *David Zukowski 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