bentleybrook
newbie
For most resorts it's probably at or near the end of the fiscal year. In Massachusetts, owners may not be aware of the following law:
"General Law 183B, Section 27 Surplus Funds
Section 27. Unless otherwise provided in the time-share instrument, the by-laws, rules or regulations of the time share association or otherwise determined by the time-share owners at a meeting of time share owners or pursuant to either section thirty-three or thirty four, any surplus funds from the time-share owners or from the property belonging to said expenses an any required reserves shall be paid to the time-share owners in proportion to their time-share expense liabilities or credited to them to reduce their future time-share expense assessments."
In my experience the resorts have kept the excess funds and NOT distributed them back to the owners. Check the end of year financials and demand what you are entitled to.
"General Law 183B, Section 27 Surplus Funds
Section 27. Unless otherwise provided in the time-share instrument, the by-laws, rules or regulations of the time share association or otherwise determined by the time-share owners at a meeting of time share owners or pursuant to either section thirty-three or thirty four, any surplus funds from the time-share owners or from the property belonging to said expenses an any required reserves shall be paid to the time-share owners in proportion to their time-share expense liabilities or credited to them to reduce their future time-share expense assessments."
In my experience the resorts have kept the excess funds and NOT distributed them back to the owners. Check the end of year financials and demand what you are entitled to.
