What affects does this have on the dues?

[manning]

This was part of the post of the Annual Meeting notice. located in the lobby by the elevator at BCV.

How does this affect the dues, if any?



"The following items of business will be conducted at the Meetings:

(1) 2004 Estimated Annual Operating and Reserve Budgets The board will review and adopt the proposed 2004 Estimated annual Operating and Reserves Budgets for the association. Copies of the Estimated Annual Budgets are enclosed for your information.

(2) Resolutions to be adopted by the Board of Directors and Members. The board intends to adopt the following resolutions to be presented at the Members Annual Meeting for adoption by the members;

(a) Excess Assessments. The board will adopt a resolution that if there are any assessments collected by or paid to the Association in excess of operating expenses for the year ended December 31, 2003, these monies shall be set aside for future major repairs and replacements and allocated to capital components as provided by the guidelines established by IRC Section 118 and Revenue Rulings 75-370 and 75-371. Such amounts shall be deposited into insured interest-bearing accounts. Any amounts so added to replacement funds shall be allocated to the various components at the discretion of the Board of Directors.

(b)Use of Reserve Funds. The Board will adopt a resolution that the amounts assessed to fund the Capital Reserves Budget are not payments for yearly operating services rendered or to be rendered or be rendered bye the Association

The board resolutions outlined above in Section 2 of this Notice will be presented to the Members for approval at the Members Annual Meeting . As the authorized Voting Representative for each unit, DVD has reviewed the proposed resolutions and considers them to be appropriate for approval. As a consequence, DVD intends to cast each Unit’s vote to approve each of the above-listed resolutions at the Members Annual Meeting."

 

[RobDoc]

Those are the proposals to be "voted" on at the annual meeting. They are pretty standard changes and shouldn't affect dues adversely at all.

Be aware that the Members Annual Meeting is conducted by representatives selected by DVD to on behalf of of the members. Members in attendance at the meeting are merely observers and will not take part in any vote or discussion during the meeting itself. After the Board Meeting and Members Meetings have concluded, there will be a question/answer session, where those in attendance can interact.

If anyone is available when these meetings are held, I'd encourage your attendance. It is a worthwhile experience to see the event. If you have any questions or comments about DVC, the meeting is a good venure to voice those issues.

Enjoy!

 

[DebbieB]

I noticed that under the category of member activities, the dues are for the quarterly newsletter and the expenses of the annual meeting, along with member activities at the resorts.

 

[drusba]

The adopting the budget and the two resolutions to be passed is the same every year. The Excess Assessement resolution creates some tax advantage and the Use of Reserve Funds resolution is required by law.

 

[manning]

Thanks for the info. I'm new at this and didn't understand what this was all about.