WKORV governance

[daviator]

I recently received the annual financial report summaries for my WKORV ownership and reviewed them. The quick summary is that all three associations are solvent and, generally speaking, bounced back significantly in 2021 from a dismal 2020.

But I realized that I no longer remember the specifics of what each of the three associations do. I think one of them essentially manages the buildings and infrastructure and collect and spend the reserves to maintain them, another maintains the unit interiors, and I don't remember what the third one does.

Does anyone know specifically how things break down? It seems like maybe the Master Association has a broader scope that encompasses both WKORV and WKORVN (and Nanea??) and the other two are maybe specific to WKORV?

I feel like I knew this 20 years ago, but I haven't thought about it in a long time and the details elude me.

The three associations are:
Ocean Resort Master Association
Ocean Resort Villas Vacation Owners Association
Association of Apartment Owners of Ocean Resort Villas

Interestingly, there is significant overlap in the members of the Board of Directors for the three associations, but they are not all the same. I assume that several of the common members work for Vistana and that maybe only a couple of them are owners. (Vistana/MVC are owners too, of course, which is how they essentially pack the boards with (mostly) their people.)

Anyway, I'm just curious, is there someplace where more detailed info exists?

 

[alwysonvac]

From an old 2009 thread.
See @gregb responses to questions below.

I finally found some time to review the approved budget for 2010. This is the approved budget that was included with the 2010 MF invoice. I have numerous of questions, so I'm sure someone out there knows the answer. Here's the first batch of questions?

Q1. Why the need for three associations: Ocean Resort Master Association (ORMA), Association of Apartment Owners of Ocean Resort Villas (AAORRV) and Ocean Resort Villas Vacation Owners Association (ORVVOA)?

See my post about the three associations here http://www.tugbbs.com/forums/showpost.php?p=817786&postcount=13

In short, the Master Assoc is responsible for the pools and grounds. This is so that both resorts can share the pools and pay their fair share. The Appt. Owners Assoc. is responsible for the Condo buildings. There is a separate Appt. Owners Assoc for each side (South and North). The Vacation Ownership Plan is responsible for running our local Vacation Ownership Plan. The Vacation Ownership Plan is our connection to SVN. This is all from the Owner's Handbook, June 2008 for WKORVN. (I think the same book applies to WKORV as well.) You should have gotten a copy when you purchased your unit. If not, send a message to the assoc. mgmt, via MyStarCentral and request a copy.


Q2. The revenues and expenses for all 3 associations are based on 280 residential units and 3 commercial units? I thought that there was 528 total units. What are the 3 commercial units? Pool restaurant, the general store and ????

The two resorts, WKORV and WKORVN, are run as separate entities, with some shared facilities (Pools & grounds). Each has their own, separate Appt. Owners Assoc., which is responsible for the two sets of buildings. Because of this, the WKORV and the WKORVN owners get slightly different bills. The south side has 280 units and the north side has 258. Remember that 2 bd lockouts count as a single unit.

The commercial units are how the commercial spaces in the buildings are accounted for. They include the kiosks, the sales area, the restaurants, the general store, etc. And yes, these units pay a share of the MF. The pools are part of the Master Assoc. not part of the commercial appts.

Q3. Why is the assessed fee for the 3 associations the approved budget of reserves for replacement and not the approved budget of operating expenses? And can someone point out to me how to calculate the assessed fees? Should I be able to by simply adding the varies line items?

Not sure I understand this question. On the front page of the bill, you will find line items for the assessments of each of the associations. On the second, third and fourth pages are the details for each association. For each of the three associations on my bill (WKORVN) if you add the bottom line "Total Operating Expenses" in the "Unit Week - Annual" column to the "Total Reserve Expenses" in the "Unit Week -Annual" column, you come up with the "Total Maintenance & Reserve Fee" for that association. That fee is carried forward to the front page. Add those fees up for the three different Assoc. and you get your total Maintenance fee. Don't forget that you may have a Club Dues line in there as well.

 

[daviator]

From an old 2009 thread.
See @gregb responses to questions below.

I finally found some time to review the approved budget for 2010. This is the approved budget that was included with the 2010 MF invoice. I have numerous of questions, so I'm sure someone out there knows the answer. Here's the first batch of questions?

Q1. Why the need for three associations: Ocean Resort Master Association (ORMA), Association of Apartment Owners of Ocean Resort Villas (AAORRV) and Ocean Resort Villas Vacation Owners Association (ORVVOA)?

See my post about the three associations here http://www.tugbbs.com/forums/showpost.php?p=817786&postcount=13

In short, the Master Assoc is responsible for the pools and grounds. This is so that both resorts can share the pools and pay their fair share. The Appt. Owners Assoc. is responsible for the Condo buildings. There is a separate Appt. Owners Assoc for each side (South and North). The Vacation Ownership Plan is responsible for running our local Vacation Ownership Plan. The Vacation Ownership Plan is our connection to SVN. This is all from the Owner's Handbook, June 2008 for WKORVN. (I think the same book applies to WKORV as well.) You should have gotten a copy when you purchased your unit. If not, send a message to the assoc. mgmt, via MyStarCentral and request a copy.


Q2. The revenues and expenses for all 3 associations are based on 280 residential units and 3 commercial units? I thought that there was 528 total units. What are the 3 commercial units? Pool restaurant, the general store and ????

The two resorts, WKORV and WKORVN, are run as separate entities, with some shared facilities (Pools & grounds). Each has their own, separate Appt. Owners Assoc., which is responsible for the two sets of buildings. Because of this, the WKORV and the WKORVN owners get slightly different bills. The south side has 280 units and the north side has 258. Remember that 2 bd lockouts count as a single unit.

The commercial units are how the commercial spaces in the buildings are accounted for. They include the kiosks, the sales area, the restaurants, the general store, etc. And yes, these units pay a share of the MF. The pools are part of the Master Assoc. not part of the commercial appts.

Q3. Why is the assessed fee for the 3 associations the approved budget of reserves for replacement and not the approved budget of operating expenses? And can someone point out to me how to calculate the assessed fees? Should I be able to by simply adding the varies line items?

Not sure I understand this question. On the front page of the bill, you will find line items for the assessments of each of the associations. On the second, third and fourth pages are the details for each association. For each of the three associations on my bill (WKORVN) if you add the bottom line "Total Operating Expenses" in the "Unit Week - Annual" column to the "Total Reserve Expenses" in the "Unit Week -Annual" column, you come up with the "Total Maintenance & Reserve Fee" for that association. That fee is carried forward to the front page. Add those fees up for the three different Assoc. and you get your total Maintenance fee. Don't forget that you may have a Club Dues line in there as well.

Super helpful and answers all my questions. Thanks very much! And yes, I do remember the answers being in the information I received when I purchased almost twenty years ago, but who the heck knows where that info is now, I probably threw it out.

 

[daviator]

I know the Master Association owns and maintains the pools and grounds for both North and South. I think Nanea is 100% separate and has all its own associations, given that it is physically separated and doesn’t share common area with the other two resorts. And I don’t remember any talk of adding Nanea into the Master Association when it was built, many years after the first two properties.

It seems that if the Vacation Ownership Association is responsible for administering the properties' participation in VSN, that’s a really key group given all the recent questions about VSN's future, and how the developer allocates the most popular weeks, etc. I will try to pay more attention to the VOA in the future.