DVC Annual Meeting - Summary

[DVC Mike]

Question:

It's standard practice in the timeshare industry to make money on things like housekeeping by having the housekeepers work for a maintenance company that is controlled by the developer or a division of the same company. The condominium association is still a non-profit and passes through all the actual costs to the members, but the maintenance company is not required to deliver services at cost. When was the last time services currently provided by a Disney subsidiary were put out to competitive bid to other companies?

Answer:

We don't usually go out to bid. We use Walt Disney World Co service providers and our members expect quality service, and not the lowest bidder.

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[DVC Mike]

CAGR for BLT is the highest at 5.34%. What accounts for this?

Answer:

Property taxes

 

[DVC Mike]

Question:

Utilities are down 17.6% AKV, 14.6% BCV, 15.9% BLT, 16.2% BWV, 15% OKW, 12.4% SSR, 13.9% VGF, 14.8% VWL. Why?

Answer:

Lower fuel costs.

 

[DVC Mike]

Question:

Breakage Income (proceeds of rentals of unreserved rooms): 2.5 percent of the aggregate of the Condominium Operating Budget. BVTC gets cost + 5%, the rest to DVCMC. How much is "the rest"? Is it a large number?

Answer:

Actual revenue from Disney's rental of unreserved rooms is much larger than the 2.5% that goes to the condominium associations.

When I asked for a figure, I was told they didn't have it available.

 

[DVC Mike]

A shot taken by Tim of Tjkraz and DVC Mike

 

[Doug7856]

Thanks for the update and pictures Mike!

 

[dizfan]

I thought the biggest news was that DVC is switching from a complete refurbishment (soft/hard) every 24 years to just 14 years (with soft refurbs scheduled every 7 years).

This will make the rooms a bit less dated, although it will have a small impact on dues.

IMHO, this is outstanding news.

 

[Brian Noble]

Question:

Breakage Income (proceeds of rentals of unreserved rooms): 2.5 percent of the aggregate of the Condominium Operating Budget. BVTC gets cost + 5%, the rest to DVCMC. How much is "the rest"? Is it a large number?

Answer:

Actual revenue from Disney's rental of unreserved rooms is much larger than the 2.5% that goes to the condominium associations.

When I asked for a figure, I was told they didn't have it available.

I've long suspected this.

 

[nkosiek]

I asked a question:

We pay $1 “per member” to Buena Vista Trading Company for the DVC Reservation Component. That's over $350,000. How is the number of members determined? For example, if I own 5 contracts, do I pay $1 or $5.

Answer:

It's $1 per contract, so $5.

So, the line item on the budget can't be used to determine the number of DVC users, but the number of contracts.

I didn't follow up.

Next question:

Housekeeping fell 1.3% at BWV, with modest increases at others, but rose 11.1% at BLT, and 17.3% at SSR. Why?

Answer:

It is based on supposed usage. The more cash guests they expect at a resort, the high housekeeping expense.[/B]

So owners pay for the extra usage incurred because of cash-guests? That makes no sense whatsoever.

 

[DizBub]

This may be a stupid question but are the new member cards going to be sent out to everyone or will they be only issued to new members?

 

[DVC Mike]

This may be a stupid question but are the new member cards going to be sent out to everyone or will they be only issued to new members?

I thought they said they are going out to all members.

 

[Sammie]

Well, it is official. Animal Kingdom Villas will have stark white walls.

I wonder if the design team is aware of the Lodge's color palette and the representation of color at Animal Kingdom Park.

I am sure that is in response to guest complaints about it being so dark. They look kinda off white or beige in the photo, did they say they were going to be white? In the photo Mike shared if you look at the bedding compared to the wall they are not the same color.

 

[DVC Mike]

I asked Sonya Deese-Byrnes if the BLT refurb would include sheers on the windows. She didn't say definitely Yes, but that it was likely.

 

[DVC Mike]

I sure that is in response to guest complaints about it being so dark. They look kinda off white or beige in the photo, did they say they were going to be white? In the photo Mike shared if you look at the bedding compared to the wall they are not the same color.

Sonya Deese-Byrnes said that in response to member requests, the refurbs will include additional lighting.

 

[Sammie]

Sonya Deese-Byrnes said that in response to member requests, the refurbs will include additional lighting.

Thanks Mike, and thanks for the photos.

 

[DVC Mike]

I wore this t-shirt to the meeting, and as a result met some new people.

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[DVC Mike]

Ken said they couldn't yet share anything about "the second DVC project" at the Wilderness Lodge resort, since they haven't filed the necessary paperwork. However, his terminology seemed to confirm, at least to me, that this will be a new and separate condo association.

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[Simba's Mom]

Grrrr! The lack of theming in all these refurbishments really upsets me. Wasn't that one of the things that made Disney resorts so special-the theming? The pure white walls at AKV upsets me the most. OK, I understand the complaints that the rooms seem too dark to some, but is it necessary to go to the white extreme? Theme-gone. As an aside, the whole "It's too dark to me" makes me wonder these days-is there anyone around who stayed at AKL within the first year or so after it opened? I remember that my first stay there was in January, 2002 and at that time my room was so dark that one night when I was trying to read, I had to give up and go down to the lobby to read because the room was just too dark for me to see the pages very well. Since then, it's never been nearly that dark. To me, it's already lightened up significantly at AKL now-I can even read in my room. What more do you need?

 

[Sammie]

I like the photos. The walls in the photo Mike shared of AKV does not look white to me. The bedding is white and the walls, while light, are not the same color. Also the white sheer drape behind the beds was a dominate color and and now the hanging is a bright gold. I like it. I never was a fan of the mustard yellow walls. To me the theme is in the furniture and carpet.

 

[disneynutz]

I don't know who the decorator is that we hired for the refurbishments but I just don't get it. At BWV the plastic wood floor already has scratches, the lamps do not go with the resort theme and the quality of the work has some issues.