Powhatan and Greensprings Annual Rpts and Newsletters

[dwmantz Senior Member Find all posts View Profile Close dwmantz]

Are now available online, both found under the Newsletter Tab -

For Powhatan -
The Historic Powhatan Resort - sunterraresorts.com now also has a Mar 08 Newsletter

For Greensprings -
Greensprings Vacation Resort - sunterraresorts.com now also has a Feb 08 Newsletter

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Troubling numbers

Interesting reading - especially the financial reports. The allowance for bad debt is $55K? That is WAY too low. The total budget only a little over $4 million? Seems low as well as two, much smaller, resorts I deal directly with have budgets at least a million higher than that. A reserve fund of $1.4 million for a monster resort like that? WAY too low.

Most troubling is the year end deficit of over a quarter million dollars. No mention of past year debt but I'll take a guess its on the books. They are spending more than they collect, they are seemingly over estimated revenues and under estimating expenses. This is a classic recipe for special assessment(s) or not having the funds to properly maintain the resort. It continues to reflect issues they have had for nearly a decade but seem unable or unwilling to fully resolve. I do give them credit for putting the information out there rather than hiding it as far too many resorts seem to do. And hopefully the Board/Management really are working to resolve the issues going forward. That is what they owe the ownership.

[Ryne08 Senior Member Find all posts View Profile Close Ryne08]

I wish that the Board Members from various Diamond Resorts could come together to discuss "Best Practices for a Timeshare Resort and How to Operate an Excellent Vacation Resort."

Also, how to "Idenitfy Problems, Solve Problems, Issues and How to Correctly Read Resort Budgets."