May 26, 2023 BOD minutes, (my selection):
as of April 2023
"• Cumulative Operating Fund balance reflected a surplus of $2 million.
• Year-to-date results reflected a surplus of $500,000 driven by:
o Savings of $8,000 in Front Desk and $61,000 in Housekeeping
o Credit card expense savings of $74,000 driven by allocation credit card fees to the exchange company”
So, some of the surpluses arise from significant savings in housekeeping costs. It seems to be associated with Marriott now covering their daily cleaning expenses (Marriott.com and sales tours bookings) and additional cleaning when they permit short-term bookings, as they bragged about that they are included in the Abound fees, and free for the owners. I arrived to this conclusion because in the 2024 Lagunamar bills it is mentioned that Marriott now covers those additional costs.
Another line that drew my attention was “Credit card expense savings of $74,000 driven by allocating credit card fees to the exchange company.” Credit card expenses from Marriott guests should be separate from those incurred by the owners. When a Marriott guests pay the rack price at the resort during check-out, owners shouldn't be responsible for the credit card fees associated with their accommodation and food. I appreciate the ambiguity maintained by referring to the 'exchange company', as they seem to avoid naming MVC directly (the minutes are written by Marriott employees LOL). I wonder how many years back they can recover these fees, as merely changing the process going forward is not sufficient.
Kudos to the members of the Board of Directors for resolving these significant issues.
as of April 2023
"• Cumulative Operating Fund balance reflected a surplus of $2 million.
• Year-to-date results reflected a surplus of $500,000 driven by:
o Savings of $8,000 in Front Desk and $61,000 in Housekeeping
o Credit card expense savings of $74,000 driven by allocation credit card fees to the exchange company”
So, some of the surpluses arise from significant savings in housekeeping costs. It seems to be associated with Marriott now covering their daily cleaning expenses (Marriott.com and sales tours bookings) and additional cleaning when they permit short-term bookings, as they bragged about that they are included in the Abound fees, and free for the owners. I arrived to this conclusion because in the 2024 Lagunamar bills it is mentioned that Marriott now covers those additional costs.
Another line that drew my attention was “Credit card expense savings of $74,000 driven by allocating credit card fees to the exchange company.” Credit card expenses from Marriott guests should be separate from those incurred by the owners. When a Marriott guests pay the rack price at the resort during check-out, owners shouldn't be responsible for the credit card fees associated with their accommodation and food. I appreciate the ambiguity maintained by referring to the 'exchange company', as they seem to avoid naming MVC directly (the minutes are written by Marriott employees LOL). I wonder how many years back they can recover these fees, as merely changing the process going forward is not sufficient.
Kudos to the members of the Board of Directors for resolving these significant issues.
