VRI is the Manager of the BIS as of last November and this is the first time I am seeing this or I would have replied earlier. Thank you for your comments
RLS50
The comments made by the poster are simply not true, so the comment about "the Truth being a valid defense doesn't apply". My husband is the Treasurer but no one on the Board touches the check book. This is a pack of lies and I have just forwarded it to our Board and probably will have more comments tomorrow.
For those who are interested, we have 115 units and each unit was sold for 51 weeks. From when the resort opened in the mid 80s until 2014, a member of the Developers Team basically ran the Board. Until SPM came on in 2010, there were no Audited Financial Reports that I am aware of. Now we have them for every year starting in 2009 (2019 will be available shortly. With VRI we are going from a largely cash to a more widely accepted accrual accounting system so there has been some delay.) Fees were kept way too low for too long while BIS Realty was still trying to sell units. There were not sufficient funds to establish a Reserve account. When it became apparent that work was needed on the Exteriors, an assessment was made for $1,290 per week and it was hoped that any remaining funds could be used for interiors. No funds remained and, in fact, a second smaller assessment of $200 had to be made. Owners were all made aware of this if they took the time to read the documents that were made available to them.
This assessment, which is $2,200, was built assuming a slight increase to our current delinquency rate and assuming some owners will take advantage of a discount, rather than paying it over a four year time period. I noticed that the person who posted it is a member of TUG, but I don't think that should give him the benefit of posting what are basically untruths.
By the way we were required to replace the sprinkler systems in two buildings. I think they are about 30 years old so they wouldn't have been covered by any type of guarantee.