Wentworth Resort Condominium Association Owners 2018 Annual Meeting Highlights
Annual meeting highlights of the Wentworth Resort Condominium Association Owners in 2018, including agenda items, board goals, restoration projects, financial review, and overview of restoration costs. The meeting covered progress updates, budget summaries, major goals, and election of board members. Detailed information on restoration projects, budget comparisons, and financial breakdown was presented during the meeting.
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WENTWORTHRESORT CONDOMINIUMASSOCIATION OWNERS 2018 ANNUAL MEETING 1
Annual Meeting Agenda Welcome / Notice / Quorum / 2017 Minutes Dan Coughlin Progress on 2018 Major Goals / Restoration Dan Coughlin Overview of the Restoration 2016-2019 Dan Coughlin Operating and Capital Budget John Sevee 2019 Major Goals Dan Coughlin Election of Board Members Blake Smith Real Estate Kathleen Sullivan Head Around Town DD Warren 2
Welcome 2018 Proof of Notice Determination of Quorum Approval Meeting Minutes 12/2/2017 3
2018 Board Goals (as reported in 2017) Operations consistent with the Annual Budget Capital Budget restoration project essentially complete Reduce / eliminate the assessment Establish a budget which will allow maintenance of the property on a current basis Inflationary increase in dues Restoration of reserves $51,286 at 9/30/18 4
2018 Restoration Highlights Budget $316,214 vs. Actual of $347,668 Skylights at 10 and 14 Joshua - $8500 Firebox replacement at 14 Joshua - $4200 Chimney chases and rebuilds at 13 Chipper and 10 Joshua - $24,000 Roofing at five units completed- $144,000 Mold remediation at 13 Chipper - $1,000 Boiler shed repairs and roofing - $6,000 Major repair of wood rot of decks, chimneys, roofs and siding - $147,000 Painting and miscellaneous repairs totaling -$13,000 5
Overview of the Restoration ACTUAL RESTORATION COSTS THROUGH END OF FY 2018 2016 ACT 120,353 $ CHIMNEYS 20,455 $ PAVING 27,996 $ PAINTING 49,602 $ TREE REPAIR 28,143 $ 246,549 $ ROT 169,208 $ MOLD TOTAL 415,757 $ 2017 ACT 58,282 $ 16,540 $ $ 17,008 $ $ 91,830 $ 133,315 $ 2018 ACT 144,259 $ 23,661 $ $ 31,707 $ $ 199,627 $ 147,105 $ 936 $ 347,668 $ TOTAL 322,894 $ 60,656 $ 27,996 $ 98,317 $ 28,143 $ 538,006 $ 449,628 $ $ 988,570 $ per unit 4,036 $ $ $ 1,229 $ $ 6,725 $ 5,620 $ $ 12,357 $ ROOFS 758 350 - - - - 352 936 12 225,145 $ 6
Financial Review BUDGET SUMMARY 2018 2018 2018 Actual Proposed vs Budget (%) Comments Budget Actual 2019 Budget 2% increase in dues, assessment reduced $ 665,600 $490,668 Revenues $ 653,968 98 $ 170,540 $ 172,792 $ 170,440 Contracts 101 Building Maintenance $ 49,500 $ 35,880 $ 41,080 72 Grounds Maintenance $ 6,000 $ 6,558 $ 7,000 109 $ 41,100 $ 36,554 $ 29,100 Utilities 89 Other $ 7,420 $ 3,230 $ 4,600 44 Miscellaneous $ 24,000 $ 74,826 $ 51,286 Reserves 69 $ 316,214 $ 347,668 $ 214,448 CAPEX 110 Rot and Roofs 7
Quarterly Dues Comparison Quarterly Dues 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Bartlett Place Black Mt Jackson Falls Mountainside Top Notch Wentworth 8
Wentworth Dues History WCRA DUES HISTORY 1300 1200 1100 1000 900 800 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Actual Inlfated Last Year Increase brought us in Line with 2% annual increase Maintain the inflation adjustment to the dues at 2% for 2018 Ratio of dues to assessed value still 25% below market Assessment will be accelerated to address remaining items 9
Assessment Comparison Assessment 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 Bartlett Place Black Mt Jackson Falls Mountainside Top Notch Wentworth 10
2019 Board Goals Operate the Association within the Operating budget. On the capital budget side there are still residual issues which will be addressed. Maintain the property on a stable basis with stable dues and capital structure. Deep dive on all operating costs to seek economies of scale. A detailed review of the service scope for each expense item. Identify the most effective way to manage the impact of the social media rental programs AirBnB, VACASA etc. 11
Election of Officers Blake Smith Bob Michaud 2018 2018 Jack Rowe John Sevee 2019 2019 DD Warren Stan Weiss Dan Coughlin 2020 2020 2020 12
Real Estate Kathleen Sullivan Head 13
Going On Around Town DD Warren Santa Holiday Express Conway Scenic RR Jingle Bell Tour Jackson Village 11 am to 4 pm Photos with Santa Settlers Green 10 to 2 pm Shop Till You Drop --Settlers Green Tree Festival Grinchmas Who-liday Spectacular NC Community Ctr. Call Chamber for details 383 9356 14
THANK YOU ! DINNER TONIGHT 5:30 PM Cocktails 6:30 PM Dinner Wentworth Hotel 15
Appendix SCHEDULE OF DUES FROM 2018 THROUGH Q1- 2020 2018 / qtr Q1 '19 784 $ 784 $ 471 $ 471 $ 750 $ 300 $ 2018 Q2 '19 $ $ $ Q3 '19 $ $ $ Q4'19 $ $ $ Q5 '20 $ $ $ Annual Dues- operations Annual Dues- capital Assessment $ $ $ 3,138 1,883 3,000 800 580 165 800 580 165 800 580 165 816 592 - TOTAL $ 8,021 $ 2,005 $ 1,555 $ 1,545 $ 1,545 $ 1,545 $ 1,408 16
