# Worldmark Wyndham Finances and Transparency



## mohsan (Dec 20, 2012)

Some people equate timeshare ownership to that of other shared ownership such as owning a Condo.  However, in a Condo or other Homeowners Assocation, the finances are transparent (usually)--i.e. you can see where all the money is going and why the maintenance fees are what they are.

1. Are Worldmark or Wyndham finances transparent (I'm not talking about the developers sales)?

2. Not counting the developer's sale, is the Worldmark or Wyndham non-profit when it comes to maintenance, or is someone pocketing the profits from all the MFs?

3. Do the board members earn any type of salary or commision or other profit?

4. Are the financials posted anywhere?


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## pacodemountainside (Dec 20, 2012)

mohsan said:


> Some people equate timeshare ownership to that of other shared ownership such as owning a Condo.  However, in a Condo or other Homeowners Association, the finances are transparent (usually)--i.e. you can see where all the money is going and why the maintenance fees are what they are.
> 
> 1. Are WorldMark or Wyndham finances transparent (I'm not talking about the developers sales)?
> 
> ...



WOW! Will take  a  stab at using Colorado laws.!

TSs are simply  $300K condo that Developer converted to 52 Intervals and has his sales weasels sell for  $1,500,000. He and tax collector make out like bandits.
That   condo $3K MF  fees turn into $30K  TS  has been discussed in other threads.

Condos and TSs/management company prepare monthly financials. In addition  they  review at annual statutory meeting.  Any owner of record may review  at  "designated office of record"  during normal  business hours  with notice if for a valid purpose. Virtually all have a CPA review and file tax returns.

All of my   TS HOAs prepare a budget and mail in late fall for owners to review.  So,  finances are bared for all owners to see!


I have never seen where a  HOA BOD member got any  cash compensation. They  do  have  "snacks" at meeting and maybe compensated for out of pocket expenses.

Most condos do  publish financial and other info on website but  apparently few TSs do.  However, I am sure if you called and asked for they would send although the may make a reasonable charge for providing.

As far as I know HOAs are non profit and budget must  balance. If  shortfall then  MF goes up next year. If  income exceeds expenses  then goes into "retained earnings" or similar account. NO, no one one steals. We are talking Wyndham here not some obscure foreign entity or  Manhattan Club.

In February of each year Wyndham files a  10K form with SEC. There is  a wealth of  information in it. If you go to their  web site,  link to is readily available.  PR operation  condenses and adds lots of pretty pictures, Main Man BS  and sends out as annual report!

Note: WorldMark Trust  is not  an HOA!


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