The 2010 Condo Association Meeting was held over three months ago and DVCNews.com published a recap of the event. However, Disney Vacation Club recently provided their own summary of the proceedings which includes added detail on a number of subjects. Click inside for the full story.
2011 Condo Meeting Highlights
Highlights from 2010 Annual Members Meeting of the Disney Vacation Club Condominium Associations, Inc.
The meeting was held on December 9, 2010, at Disney's Contemporary Resort Convention Center. Board Directors present were Yvonne Chang, Lawrence Smith, Leigh Anne Nieman, John McGowan and Jim Lewis, the president of Disney Vacation Club Condominium Associations. Voting representatives attending were Jeannette Greene and by phone from California, Lorraine Roe and Terry Furr, Hotel Owner Representative. James Dawn was elected as a director to serve for the next term in place of Lawrence Smith.
Three resolutions were passed:
- Any assessments collected by or paid to the Association in excess of operating expenses of the Association for the year ending December 31, 2010, shall be set aside for future major repairs and replacements and allocated to capital components of the condominium property governed by the Association as provided by the guidelines established by the Internal Revenue Code under IRC Section 118 and Revenue Rulings 75-370 and 75-371. Such amounts shall be deposited into insured interest-bearing accounts and shall be allocated to the various components at the discretion of the Board of Directors for the Association.
- The amounts assessed to fund the Capital Reserves Budget for each Association are not payments for yearly Association operating services.
- The Condominium Declaration for each association of the Disney Vacation Club Resorts located in Florida was amended to permit foreclosure proceedings pursuant to Section 721.855, Florida Statutes, as detailed in the 2010 Notice of meetings provided to Owners.
Budgets were presented for the 2011 annual dues. Increases in operating costs were primarily driven by increased labor and employee benefits costs. Furniture, carpet and interior refurbishments increased costs for capital reserves. Historically, annual dues in the industry have grown three times faster than dues at Disney Vacation Club, based on the most recent survey data. Other Timeshare owners experienced a 9% CAGR (Compound Annual Growth Rate) increase compared to Disney Vacation Club owners at 3%. In addition, Disney Vacation Club has never had a Special Assessment.
Steven Brettholtz, president of Myers, Brettholtz & Company, performed independent audits of the Disney Vacation Club Condominium Associations' books. For the year ended December 31, 2009 all of the Disney Vacation Club Owner's Association audits received an Unqualified or "Clean Opinion". In addition, there were no significant deficiencies or material weaknesses found in their internal controls over financial reporting.
Resort Updates:Disney's Vero Beach Resort
2010 Accomplishments:
- Patio furniture upgraded
- Replaced pool pump and filtration system
- Roof replaced on lakeside pavilion
- The Spa opened in October
- Inn building cooling tower replaced
- Villa and Beach Cottage HVAC units replaced
- Laundry room washer/dryer replacement
- Water storage tank replacement
- Mattress/box spring replacement
- Inn building roof coating
2010 Accomplishments:
- Replaced Broad Creek Mercantile building roof
- Refurbished the Big Dipper Pool slide
- Refurbished the Broad Creek playground
- Painted the exterior of buildings 13-22 and 31
- Painted the interior of Community Hall
- Wet deck at the Beach House was replaced
- Added directional signage on route 278 on the way to the Resort
- Recoat the Big Dipper Pool
- Refurbish restrooms at Beach House and Live Oak Lodge
2010 Accomplishments:
- Completed the refurbishment of all DVC guest rooms including appliances and added flat-panel televisions
- Completed the refurbishment of the Luna Park Pool clown icon
- Installed electric shades in the 5th floor Grand Villas that are two stories
- Replace Community Hall carpet
- Replace pool furniture
- Refurbish the Luna Park Pool Keister Coaster slide
2010 Accomplishments:
- Upgraded guest room televisions to a 32" flat-panel TV
- Replaced the guest room patio furniture
- Added a Ping Pong table at the Villas pool
- Installed an MP3 player/clock radio in guest rooms
- Convert the roof of the covered walkway leading to the Villas to metal
- Cosmetic rehab to the guest elevators
- Replace the area rug in the Carolwood Pacific Room
- Exterior lighting replacement
- Repair and replace public area signage
- Replace the washer/dryer in the guest laundry
2010 Accomplishments:
- Villas exterior painted
- New patio furniture
- Replaced the BBQ grills by Dunes Cove Pool
- Reupholstered furniture in the breezeway
- Replacing Pack-n-Play portable cribs
- Replacing sheers in guest rooms
2010 Accomplishments:
- Replaced coverlets, accent pillows, shower curtains, fabrics and drapes in guest rooms at Jambo House
- Moved the smoking area at Kidani Village to a new area near the garage
- Pool refurbishment at Jambo House and new pool furniture
- Concierge lounge refurbishment, addition of a children's TV viewing area
- Adding a new sidewalk addition from Jambo House 30 minute parking lot to Kidani Village
2010 Accomplishments:
- Added additional tables and chairs to pool deck
- Replaced interactive water feature surface with new pebble flex product
- Skyway Bridge resurfacing
- Deluxe Studio modifications began (move sink into bathroom, add lock on bathroom door, fix gap in bathroom door)
- Add jogging trail
- Add fire pit
2010 Accomplishments:
- Luggage room and Resort Airline Check-In enhancement – Disney's Magical Express Building
- Began guest room hard goods rehab
- Sand Castle playground, Bucket, Shovel Icons, Pool Slide, and Lighthouse refurbished
- New pool umbrellas
- Added sidewalks and crosswalks for Hospitality House
- Exterior painted buildings 11, 12, 30, 31, 63 and 64
- Hospitality House air conditioning system enhancement
- Guest room rehab completion
- Patio furniture replacement
- Picnic shelters, hade structure, and Turtle Shack refurbishment
- New fitness equipment
- New game tables (Air Hockey, Foosball, Ping Pong, Pool) at Community Hall
- Exterior guestroom building painting
2010 Accomplishments:
- Paddock Pool construction began
- New pool umbrellas
- Painted buildings 2100-2400 and 2500-2800
- New awnings installed at buildings 2100-2400 and 2500-2800
- Painted exterior of the Carriage House, Porte Cochere, Community Hall, Arcade
- Add flat-panel TVs to guest rooms
- Procurement of items for 2012 room rehab
- Continue awning replacement
- Exterior guestroom building painting
- Congress Park Pool rehab
2010 Accomplishments:
- Added lighting at the BBQ grills area
The following highlights some of the most frequently asked questions.
Question: Discounts – Members have inquired about discounts being offered by the Walt Disney World Resort and feel this devalues their membership.
Response: Discounting is temporary due to economic cycles. Our Members can enjoy savings over decades – including during economic downturns. In The Walt Disney Company's most recent earnings report, it was noted that the average daily rate is up in the mid-single digits. The company's strategy is to continue to climb back towards a more long term or normalized level of pricing, and we are on that path.
Question: Perks – Why aren't Disney Vacation Club Members offered more perks?
Response: Perks and discounts are offered as added value to your membership. Certainly, everyone would like more discounts. We work continuously with our internal and external partners, looking for ways to improve existing offers and to add new perks. In 2010, we were pleased to introduce the following new special offers:
- Discount on pet boarding and day care at the new Best Friends Pet Care facility
- A 20% discount, plus merchandise voucher, on Disney on Broadway theatrical productions of THE LION KING and MARY POPPINS
- A discount on Gold and Platinum memberships to D23
- Discounts at two new restaurants, Via Napoli and Tutto Italia at Epcot
- And merchandise discounts at Ridemakerz and Little Miss Matched at Disney's Village Marketplace
- A discount on the trail rides and archery at Fort Wilderness
Question: Room Availability – It is more difficult to get a reservation at my preferred time than it used to be. Why is this happening?
Response: Certain resorts, dates and accommodation types are booked more quickly, especially during the Home Resort Priority Period. Members are encouraged to book as early as possible and to be flexible with their reservation requests.
Question: Room Cleanliness – Who do we talk to if our villa is not up to our standards for cleanliness?
Response: Cleanliness is a very high priority. If you have an issue with your room, please contact housekeeping or the front desk as soon as possible. Correcting these issues is very important to us.
Question: Online Booking – When will Members be able to book online reservations?
Response: We are very excited about the recent implementation of two new resort systems that will enhance our capabilities and the progress in designing and developing an easy to use online booking process.
When the new Member Online Booking site launches, in addition to the things you can already do online – Members will be able to book vacation points reservations at Disney Vacation Club Resorts.
- Search for resort availability
- Book "points" reservation and immediately receive confirmation
- View bookings online (past and future)
- And, even waitlist if necessary
Question: When will the Members receive the Vacation Planner?
Response: We acknowledge that the vacation planner has been late in getting to you. We commit that going forward it will go out on time. The Vacation Planner is now divided into two books. The first is a vacation planning tools book containing points charts and information needed to plan and book your vacation. This book will arrive in Members' homes before the end of this year. The second book contains information about the resorts and other vacation options and will come out in the spring. After that, it will come out every other year while the vacation planning tools book will come out annually.
