WHAT DOES THE “REFURBISHMENT RESERVE” AMOUNT MEAN ON MY ANNUAL DUES STATEMENT?
The refurbishment reserve is an integral part of your annual dues. Your annual billing statement separates the amount budgeted for day-to-day operations from the amount set aside for refurbishment and replacement of capital items such as furniture, appliances, fixtures, etc.
Prudent financial planning requires the Club to establish a reserve so members will not be faced with a special assessment each time a major refurbishment project is undertaken. Constant refurbishment of Club units is essential to maintaining your ownership value and to ensuring that your vacations are always enjoyable.