1. Welcome Aboard! TBMA - We’re leading the way in education – resources - solutions

2. No resort should Operate in a vacuum

3. TBMA Advisory Team Board Members Resort Managers Management Companies Exchange Companies Industry Professionals Our Sponsors Special Thanks: You are making a difference.

4. What every resort needs Happy dues paying owners Effective governance & planning and.. new, younger visitors

6. Worry, fear and frustration are the results of inaction. Let’s now continue on our path of positive, forward-thinking planned action.

7. THE PILLARS  REINFORCING BOARD MEMBERS FIDUCIARY DUTIES  Brian Heller – Tricom Management

9. The Pillars: Are a guide for responsible board member resort management. As a fiduciary – a board member is someone who has undertaken to act for and on behalf of another with the duty to make decisions regarding financial matters on behalf of the others. The Eight Pillars of Fiduciary Duties

10. 1.Legal : Board members should act – “Based on the advice of legal counsel…” Qualified timeshare legal counsel The Eight Pillars of Fiduciary Duties

11. 2. Audit : Board members should – Engage a qualified CPA firm to conduct an annual audit. A firm with experience in timeshare financials The Eight Pillars of Fiduciary Duties

12. 3.Financial Records: Should include - Operating Account (detailed) Reserve Account (based on Reserve Study) General Fund (if supportable) Accrual-basis Accounting (required for Audit) The Eight Pillars of Fiduciary Duties

13. 4. Insurance – Every Resort needs - D&O policy * General Liability Policy Reviewed by an experienced timeshare insurance agent 5.Reserve Study Update on an annual basis Cash-funded The Eight Pillars of Fiduciary Duties

14. 5. Disclosure: Boards should provide - Transparency & Disclosure; to its owners consistent with the governing documents and subject to “advice of legal counsel” 5.Reserve Study Update on an annual basis Cash-funded The Eight Pillars of Fiduciary Duties

15. 6. Reserve Study: Boards should -  Engage a qualified third party to conduct a through Reserve Study  Update on an annual basis  Fund it The Eight Pillars of Fiduciary Duties

16. 7.Communications: Board members should – Establish a system of; Consistent, Ongoing, Quarterly owner communication Communicate Special Situations as needed Determine the medium(s) that is connective with the ownership demographic base The Eight Pillars of Fiduciary Duties

17. 8.Non-assessment Revenues: Board Members should - Explore, Plan and Implement sources of non-Assessment Rentals, Re sales, Space Rentals, Special Events Consult with a 3 rd Party The Eight Pillars of Fiduciary Duties

18. Learn, Expand & Improve, You will Enjoy! being a board member.