TS Today - Creating a Vision for the Future of Vac Issue 186 ONLINE | Page 38

TimeSharing Today | Nov / Dec , 2022

TAXES

12 . The management company has successfully maintained accurate records of real-estate and other taxes owed by the Association and arranged for payment .

FINANCIAL RECORD- KEEPING AND REPORTING

13 . Full and complete books and financial records reflecting the operations of the resort in accordance with generally accepted accounting principles ( GAAP ) are being maintained and are accessible to the Board at any time and to the owners following the procedures in the bylaws .

14 . Monthly reports of revenue and expenses in relation to budget projections and balance sheets are provided to the board on a timely basis .

15 . Bank accounts have been established as directed by the board , all in the name of the Association , and all protected by FDIC insurance .

16 . The funds of the Association have not been comingled with the funds of any other Association managed by the management company .

COMMENTS :

ANNUAL AUDIT

17 . The management company has supported the Board ’ s recruitment of an auditor and has supplied the auditor with the financial data necessary to perform a successful annual audit .

COMMENTS :

INSURANCE

18 . The management company has successfully procured and kept in force all required insurances and bonds in amounts and written by carriers as directed and approved by the board . These insurances include Directors and Officers Liability Insurance , Workers ’ Compensation , General Liability , Property Insurance , Windstorm , Flood , and Crime .

GENERAL RECORD-KEEPING

19 . The management company has maintained accurate records of all unitweeks or points by owner , including contact information and record of ownership .

20 . The management company has maintained accurate records of the current status of owners with respect to fees , liens , leases , payments , or delinquencies .

COMMENTS :

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PROPERTY MANAGEMENT

21 . The resort property is being maintained in compliance with all applicable Federal , State , and local laws , statues , ordinances , and regulations .

GOVERNANCE & MANAGEMENT

22 . The property is being maintained in compliance with the founding documents , the Bylaws , Amendments , and policies and approved plans and directives of the Board of Directors .

COMMENTS :

ENFORCEMENT OF RULES AND REGULATIONS

23 . The Board-approved Rules and Regulations for owners and guests are being enforced , including denial of access to units when fees have not been paid . Conversely , no owners and guests whose fees were paid have been mistakenly denied access to their units .

COMMENTS :

PROCUREMENT OF GOODS AND SERVICES

24 . The management has demonstrated competence in successfully hiring and managing staff at the resort .

25 . The management has collaborated with the board in the hiring of general managers who are the face of the board when owners are onsite .

26 . In the purchasing of goods , the management has appropriately solicited bids when required by statute and the policies of the Association .

27 . The management ’ s purchases have maintained the quality standards of our resort .

28 . Purchasing decisions of manage- www . timesharingtoday . com to start or renew memberships .