TS Today - Creating a Vision for the Future of Vac Issue 186 ONLINE | Page 37

GOVERNANCE & MANAGEMENT Page 37 Nov / Dec , 2022 | TimeSharing Today

IMPORTANT : A performance review of your management company should be based on the contract between the Board of Directors and the management company , and any directives given management as recorded in the minutes of the board . Your contract reflects your mutual understanding of your expectations of one another . The following questions are based upon common provisions in such contracts . This template should be scrupulously edited and individualized to reflect your specific contract and directives .

Instructions for completing your individualized questionnaire :

• Rating scale and comment area : Each question on this template has a rating scale on which you are asked to rate the degree of your satisfaction with performance on the matter addressed . Scores range from Highly Satisfied to Very Unsatisfied . The N / A is “ Not Applicable .” You are invited to comment following each group of questions .

• Board Members : Each board member and anyone else who has consistently worked with the board , such as owner committee members , should complete and submit the questionnaire .

• Management : Each key management member , e . g ., regional manager , general manager , assistant general manager , and anyone else in upper management who has had consistent and ongoing contact with the resort , should complete the questionnaire . They may want to meet , decide on final answers , and submit one response .

• The responses from each member of the board and management should be compiled and maintained separately , providing a basis for board and management discussion and planning .

BOARD AND OWNERS MEETINGS AND NOTICES

1 . The management company demonstrates knowledge of legal and organi- zational requirements for convening , structuring , and providing support to the meetings of the board and owners .

2 . Board and owner meetings are properly and accurately noticed and posted on a timely basis .

3 . The management company offers full and accurate reports , bids , and issues for board decision at every board meeting .

4 . The management company successfully supports meeting processes and record-keeping by recording , transcribing , and submitting a transcript to the board for editing , amendment , and approval of the minutes of meetings .

COMMENTS :

BUDGETING

5 . The management company demonstrates competence in drafting a budget for operations and reserves of the organization , considering the boardapproved objectives of the strategic and annual plans .

6 . The budget is being submitted for board study , further development , and approval sufficiently in advance of the annual owners ’ meeting and the beginning of each fiscal year .

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7 . Management supports the board process of determining the maintenance fee for the coming year based upon the operational budget , statutory requirements to maintain sufficient capital reserves , and preparation for any unique future contingencies .

8 . Management supports the board in utilizing , maintaining , updating , and renewing the reserve study .

9 . A summary version of the boardapproved budgets are distributed to the owners each year prior to or at the annual owners ’ meeting .

COMMENTS :

ASSESSMENTS , BILLINGS AND COLLECTIONS

10 . The management company assists the board in calculating an annual assessment ( and special assessments if needed ) to adequately fund the operational and reserves budgets for the coming year .

11 . The management company has competently administered the billing and collections of assessments , tracking the rates of payment , and reporting results to the board .

COMMENTS :