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Powhatan Annual Meeting – Sat Mar 28, 2pm to 4pm
I’m going to try to be brief and highlight. There was a ton of information! I'll also try to be judgment neutral and just present the facts.
Powhatan is still totally under developer control until 90% of the units are sold. Capital Reserves are at 1.87 million at the end of 2008. Will go to 3.2 million at the end of 2009. There was an operating loss of $441,000 in 2008. Reserves also decreased slightly from 2007. May be RCI Silver Crown by year end. Housekeeping is now totally outsourced. There was no talk what-so-ever about an assessment. In fact, there was discussion about MFs being kept high enough to properly fund reserves so there would never need to be an assessment.
A personal drive through tour of the resort showed things looking pretty good - new mulch in place, the front of buildings power washed, the property clean and neat. The kids noted that the geese were still littering both grass and walkways with their droppings.
2008 Accomplishments – new mattresses, linens, and IPOD clock radios, continued conversions of D unit 2nd BR’s to queens, work on the pools, new pool furniture, some paving, new entryway, more check-in points at registration, etc.
2009 Plans – replace playground, repair sidewalks, replace as much quest plumbing in units as is feasible, replace rec center roof, refurb rec center and pow grill, replace carpet in 83 units, new appliances and tvs in 10 keys, new HVAC in 96 units, work on the Manor house, replace well pump and irrigation system, install an auto chem system for pools, repair pool deck surfaces, etc.
There are 23,000 weeks available. 15,000 are deeded, 6,400 are in the Trust, 755 are owned by the developer, 769 are being transferred. 37% of the weeks used are from exchanges, 34% use is by Club, 17% is rentals, and 12% is owner occupied.
DRI’s master liability policy has saved the resort $800,000 in 2009.
Beginning in 2006, POW signed a Bad Debt Collection Agreement with DRI. DRI pays off all bad debt and collection fees. This was 4.1 million from 2006 to 2008. 1.7 mil is projected for 2009. The association is able to budget full receipt of all MFs. In return, DRI gets all debt collected, all fees to collect that debt, and puts any recovered assets into the Trust product for later resale.
One building of each type A/B, 3BR, C/D was completely renovated in 2008. I toured units in each. They are as good or even better than the current Deluxe Units. Fabulous!!! However, the renovations are super extensive, including completely gutting the walls to install all new wiring and plumbing, all new windows and doors, all new exterior siding, new hot tubs & bath rooms, all new furniture and appliances, etc, etc, etc.
There were all the usual delays because of a lack of understanding, various complaints, and other individual concerns.
Overall, professionally done, good information and tons of it! Like everyone, I am not happy about the increases in MFs, but I am happy with the resort improvements and I want to see them continue. As long as costs can be contained to reasonable levels, I’m willing to pay for the improved quality. I’ll go on record agreeing with our new Resort Manager, that $1200 for a 4BR ($600 per 2BR) is not out of line for an annual MF . . . as long as quality and service are there as well.
Saw in my notes that they plan to close the indoor pool this Summer for maintenance - maybe to begin the major Rec Bld Rehab?
I’m going to try to be brief and highlight. There was a ton of information! I'll also try to be judgment neutral and just present the facts.
Powhatan is still totally under developer control until 90% of the units are sold. Capital Reserves are at 1.87 million at the end of 2008. Will go to 3.2 million at the end of 2009. There was an operating loss of $441,000 in 2008. Reserves also decreased slightly from 2007. May be RCI Silver Crown by year end. Housekeeping is now totally outsourced. There was no talk what-so-ever about an assessment. In fact, there was discussion about MFs being kept high enough to properly fund reserves so there would never need to be an assessment.
A personal drive through tour of the resort showed things looking pretty good - new mulch in place, the front of buildings power washed, the property clean and neat. The kids noted that the geese were still littering both grass and walkways with their droppings.
2008 Accomplishments – new mattresses, linens, and IPOD clock radios, continued conversions of D unit 2nd BR’s to queens, work on the pools, new pool furniture, some paving, new entryway, more check-in points at registration, etc.
2009 Plans – replace playground, repair sidewalks, replace as much quest plumbing in units as is feasible, replace rec center roof, refurb rec center and pow grill, replace carpet in 83 units, new appliances and tvs in 10 keys, new HVAC in 96 units, work on the Manor house, replace well pump and irrigation system, install an auto chem system for pools, repair pool deck surfaces, etc.
There are 23,000 weeks available. 15,000 are deeded, 6,400 are in the Trust, 755 are owned by the developer, 769 are being transferred. 37% of the weeks used are from exchanges, 34% use is by Club, 17% is rentals, and 12% is owner occupied.
DRI’s master liability policy has saved the resort $800,000 in 2009.
Beginning in 2006, POW signed a Bad Debt Collection Agreement with DRI. DRI pays off all bad debt and collection fees. This was 4.1 million from 2006 to 2008. 1.7 mil is projected for 2009. The association is able to budget full receipt of all MFs. In return, DRI gets all debt collected, all fees to collect that debt, and puts any recovered assets into the Trust product for later resale.
One building of each type A/B, 3BR, C/D was completely renovated in 2008. I toured units in each. They are as good or even better than the current Deluxe Units. Fabulous!!! However, the renovations are super extensive, including completely gutting the walls to install all new wiring and plumbing, all new windows and doors, all new exterior siding, new hot tubs & bath rooms, all new furniture and appliances, etc, etc, etc.
There were all the usual delays because of a lack of understanding, various complaints, and other individual concerns.
Overall, professionally done, good information and tons of it! Like everyone, I am not happy about the increases in MFs, but I am happy with the resort improvements and I want to see them continue. As long as costs can be contained to reasonable levels, I’m willing to pay for the improved quality. I’ll go on record agreeing with our new Resort Manager, that $1200 for a 4BR ($600 per 2BR) is not out of line for an annual MF . . . as long as quality and service are there as well.
Saw in my notes that they plan to close the indoor pool this Summer for maintenance - maybe to begin the major Rec Bld Rehab?
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