1 / 18

Welcome Aboard! TBMA - We’re leading the way in education – resources - solutions

Welcome Aboard! TBMA - We’re leading the way in education – resources - solutions. No resort should Operate in a vacuum. Special Thanks:. TBMA Advisory Team Board Members Resort Managers Management Companies Exchange Companies Industry Professionals Our Sponsors.

lani-atkinson
Download Presentation

Welcome Aboard! TBMA - We’re leading the way in education – resources - solutions

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Welcome Aboard! TBMA - We’re leading the way in education – resources - solutions

  2. No resort should Operate in a vacuum

  3. Special Thanks: TBMA Advisory Team Board Members Resort Managers Management Companies Exchange Companies Industry Professionals Our Sponsors You are making a difference.

  4. What every resort needs Effective governance & planning Happy dues paying owners and.. new, younger visitors

  5. Worry, fear and frustration are the results of inaction. Let’s now continue on our path of positive, forward-thinking planned action.

  6. Brian Heller – Tricom Management THE PILLARS  REINFORCING BOARD MEMBERS FIDUCIARY DUTIES

  7. The Eight Pillars of Fiduciary Duties NONASSSESSMENTREVENUE RESERVESTUDY•FUND INSURANCE OWNERCOMMUNICATIONS FINANCIALRECORDS AUDITS DISCLOSURE LEGAL

  8. The Eight Pillars of Fiduciary Duties The Pillars: Are a guide for responsible board member resort management. As a fiduciary – a board member is someone who has undertaken to act for and on behalf of another with the duty to make decisions regarding financial matters on behalf of the others.

  9. The Eight Pillars of Fiduciary Duties • Legal: Board members should act – “Based on the advice of legal counsel…” Qualified timeshare legal counsel

  10. The Eight Pillars of Fiduciary Duties 2. Audit: Board members should – Engage a qualified CPA firm to conduct an annual audit. A firm with experience in timeshare financials

  11. The Eight Pillars of Fiduciary Duties • Financial Records: Should include - • Operating Account (detailed) • Reserve Account (based on Reserve Study) • General Fund (if supportable) • Accrual-basis Accounting (required for Audit)

  12. The Eight Pillars of Fiduciary Duties 4. Insurance – Every Resort needs - D&O policy * General Liability Policy Reviewed by an experienced timeshare insurance agent • Reserve Study • Update on an annual basis • Cash-funded

  13. The Eight Pillars of Fiduciary Duties 5. Disclosure: Boards should provide - Transparency & Disclosure; to its owners consistent with the governing documents and subject to “advice of legal counsel” • Reserve Study • Update on an annual basis • Cash-funded

  14. The Eight Pillars of Fiduciary Duties 6. Reserve Study: Boards should - • Engage a qualified third party to conduct a through Reserve Study • Update on an annual basis • Fund it

  15. The Eight Pillars of Fiduciary Duties • Communications: Board members should– Establish a system of; • Consistent, Ongoing, Quarterly owner communication • Communicate Special Situations as needed • Determine the medium(s) that is connective with the ownership demographic base

  16. The Eight Pillars of Fiduciary Duties • Non-assessment Revenues: Board Members should - • Explore, Plan and Implement sources of non-Assessment • Rentals, Re sales, Space Rentals, Special Events • Consult with a 3rd Party

  17. Learn, Expand & Improve, You will Enjoy! being a board member.

More Related