CHRISTMAS MOUNTAIN VILLAGE VILLAS BOARD OF DIRECTORS
 
Director - President- Matthew "Yogi" Mueller
Director- Vice President- Everett Wood  
Director- Vice President Charlie Cobb
Director-Sec/Treasurer Fred Johanned
Director- Constance Dodd
 
CHRISTMAS MOUNTAIN VILLAGE VILLAS ASSOCIATION GOVERNING DOCUMENTS
 
 
CHRISTMAS MOUNTAIN VILLAGE VILLAS ASSOCIATION MEETING MINUTES & NOTICES

February 24, 2012 Budget Meeting

THE VILLAS AT CHRISTMAS MOUNTAIN ASSOCIATION

BOARD OF DIRECTORS BUDGET MEETING

February 24, 2012

The Board of Directors Budget meeting of the Villas at Christmas Mountain Association was held on Friday, February 24, 2012 at 1:00 pm at Odyssey Dells, Wisconsin Dells, WI.

Present in person were President Everett Wood, Vice President Cas Kowalski, Director Fred Johannes, Director Connie Dodd.



Vacant: Secretary/Treasurer



Also present were, Barney Barber, SVP, Bluegreen Resorts Management, Inc., Dale Dobis, Regional Director, Bluegreen Resorts Management, Inc., David DeShaw, Regional Director, Bluegreen Resorts Management, Inc., Linda Vazquez, Association Administrator, Bluegreen Resorts Management, Inc. Michael Noble, General Manager at Christmas Mountain Village, Stephen Sease, Assistant General Manager at Christmas Mountain Village.

Present via teleconference was Kim Fries, Association Administrator, Bluegreen Resorts Management, Inc.

President Everett Wood called the meeting to order at 1:05pm and called the roll.

PUBLIC INFORMATION PERIOD

· There were no questions.

APPROVAL OF AGENDA

· Motion made by Director Johannes, seconded by Director Kowalski and carried to and carried to amended the agenda and add a request to reallocate reserve funds under Financial Business.

APPROVAL OF MINUTES

· Motion made by Director Johannes, seconded by Director Dodd and carried to approve the September 9, 2011 meeting minutes as presented.

OFFICER REPORTS

· President Wood explained that RCI has a new points program and Christmas Mountains trading value is being affected by the condition of the units.

Director Kowalski had questions regarding the RCI points that he has and he does not understand RCI’s new points system.

 

Barney Barber explained that he had schedule a conference call with Director Kowalski and an RCI representative to further explain their new points system. He recommended having an RCI representative at the Annual Owners meeting to explain the new points system.

Barney Barber explained that Bluegreen has a new online comment card survey system that will alert the resort manager when a survey is completed and a rating falls below benchmark standards. He explained Bluegreen is going into a new direction with unit amenity standards as well as unit standards.

· Vice President Kowalski explained that a local attorney is researching the documents to determine if a Cabin owner will be responsible for paying the same maintenance fees as the other owner types.

· Secretary/Treasurer position is vacant.

POA UPDATE

· Director Kowalski gave the POA update.

FINANCIAL BUSINESS

· November 2011 YTD Variance Report (Exhibit B)

· November 2011 Financials (Exhibits C1-C5)

David Deshaw reviewed the November financials and explained that Dale has the January financials and can provide an update of the where the association is as of January.

David Deshaw explained that the association is currently having a reserve study done. He explained that a reserve study is where an outside company comes in and takes all the association assets and puts it into a report to show the board if they are funding the reserves properly.

David reviewed the financials and explained that the Reserve account balance is $832k. He explained that Revenue is $7k over budget; mainly due to the rental revenue generated. Payroll expenses are below budget by $91k, but that will be offset by some contracted labor. Utilities are under budget by $3k, Operational expenses are over budget by $26k, General & Administration expenses are under budget by $5k, Non controllable expenses are under budget by $2k.

· November 2011 A/R Report (Exhibit D)

Barney Barber explained the Bluegreen has agreed to sell association owned inventory as an effort to get a fee paying member into the association. Bluegreen is not offering to purchase the inventory, but they will pay the transfer fees associated with transferring the inventory from the name of the association into the Vacation Clubs name.

· Request board approval for the Reallocation of Reserve Funds

Motion made by Director Kowalski, seconded by Director Johannes and carried to approve the reallocation of the reserves in the amount of $100,000.00 into the reserve category listed below.

a) Move $100,000 from 3015 Interior Reserve Interest to 3010 Exterior/Capital Improvement.



NEW BUSINESS

· Manager’s Report (Exhibit G-J)

Stephen Sease provided an update to the board on resort improvements, staff changes RCI comment card scores, as well as the new Bluegreen comment card survey system that began in January 2012. (as outlined on the manager’s report in board binder).

UNFINISHED BUSINESS

· Renovation Discussion

Barney Barber stated that the board has made great progress is getting closer to a renovation. He explained that the construction and development team is still working on a renovation scope and the management team will have more information to share with the board and owners at the April meeting.

2012-2013 PROPOSED OPERATING BUDGET

· 2012-2013 Operating Budget

Motion made by Director Johannes, seconded by Director Kowalski and carried to approve the 2012/2013 operating budget as presented to include a 5.2% maintenance fee increase.



ADJOURN

Motion made by Director Kowalski, seconded by Director Johannes and carried to adjourn the meeting at 2:15pm.

Respectfully submitted, Acknowledged by,

______________________ ________ ____________________ _______

Linda Vazquez Date Date

Association Administrator Secretary/Treasurer