2015 Resort Budgets

Following is a summary of all DVC resort budgets for the calendar year 2015. This information is intended to be a summary of information released by Disney Vacation Club Management Corp. For additional details reference the hardcopy budget documents issued by DVCMC or contact Member Accounting.

(Amounts are expressed in $ Per Vacation Point)

 

AKV

ADV

BCV

BLT

BWV

HHI

OKW

PVB

SSR

VB

VGC

VGF

VWL

Admin / Front Desk

$.8173

.9682

$.7118

$.6331

$.7940

$1.0240

$.7106

$.7538

$.5304

$1.3522

$.6849

$.6902

$.6914

Animal Programs

.3284

---

---

---

---

---

---

---

---

---

---

---

---

Annual Audit

.0019

.0042

.0048

.0025

.0029

.0105

.0019

.0036

.0010

.0089

.0127

.0058 .0073

DVC Reservation Component

.0061

.0046

.0061

.0062

.0059

.0062

.0067

.0043

.0060

.0070

.0065

.0063

.0060

Fees to the Division

.0063

.0812

.0070

.0050

.0080

.1006

.0071

.0096

.0065

.0110

---

.0041

.0071

Housekeeping

.9520

.9455

1.0072

.8854

1.0729

.9997

.9760

1.0076

.7695

1.5837

1.1127

1.0315

.9505

Income Taxes

.0253

.1012

.0236

.0185

.0249

.0296

.0250

.0230

.0214

.0345

.0257

.0202

.0252

Insurance

.0713

.1251

.1138

.0936

.0853

.0952

.0771

.1914

.0612

.5383

.2565

.1078

.1352

Legal

.0001

.0003

.0003

.0002

.0002

.0007

.0001

.0002

.0001

.0006

.0009

.0004 .0005

Maintenance

.6426

.6047

.8097

.4802

.6876

.8454

.5462

.6802

.4601

.9560

.5217

.4674

.8161

Management Fee

.4820

.6740

.4855

.3660

.4873

.6433

.4362

.4311

.3691

.8008

.4553

.3908

.4615

Member Activities

.2038

.8791

.3116

.2118

.2060

.6284

.1934

.1893

.1464

.5105

.1404

.1354

.1910

Sales Tax on Support Fac.

---

---

---

---

.0582

---

---

---

---

---

---

---

---

Security

.0725

.1054

.0474

.0358

.0666

---

.0802

.0838

.0536

.0862

.1154

.0576

.0523

Transportation

.4521

---

.2836

.3013

.3898

---

.6907

.5278

.5851

---

---

.3961

.6718

Utilities

.3422

.5634

.3687

.2382

.3357

.4779

.2950

.2310

.2591

.5389

.1507

.1503

.3148

Transient Occupancy Tax

---

---

---

---

---

---

---

---

---

---

.4226

---

---

Resort Access Fee

---

.2378

---

---

---

---

---

---

---

---

---

---

---

General Excise Tax

---

.2213

---

---

---

---

---

---

---

---

---

---

---

Hotel Condo Assessment

---

.0285

---

---

---

---

---

---

---

---

---

---

---

Shared Area Expenses

---

.5405

---

---

---

---

---

---

---

---

---

---

---

Total Operating Expenses

4.4039

6.0850

4.1811

3.2778

4.2253

4.8615

4.0462

4.1367

3.2695

6.4286

3.9060 3.4639 4.3307

Interest Income

(.0011)

---

(.0011)

(.0012)

(.0011)

(.0002)

(.0010)

(.0014)

(.0011)

(.0006)

---

(.0010)

(.0011)

Late Fees & Interest

(.0376)

(.0077)

(.0408)

(.0233)

(.0474)

(.0567)

(.0321)

(.0430)

(.0490)

(.0763)

(.0236)

(.0075)

(.0398)

Breakage Income

(.1269)

(.2329)

(.1235)

(.0953)

(.1266)

(.1539)

(.1221)

(.1167)

(.1033)

(.1917)

(.1189)

(.1037)

(.1277)

Developer Subsidy

---

--- ---

---

---

---

---

---

---

--- --- --- ---

Commercial Facilities Revenue

---

(.3436) ---

---

---

---

---

---

---

--- --- --- ---

Shared Area Income

---

(.2385) ---

---

---

---

---

---

---

--- -- --- ---

Member Operating Assessment

4.2383 5.2623 4.1811

3.1580

4.0502 4.6507 3.8910 3.9756 3.1161 6.1600 3.7635 3.3517 4.3307

Capital Reserves

.7123 .8050 .7989 .5589 .8877 1.3532 .8708 .5768 .9141 1.3142 .4860 .6914 .8171

Ad Valorem Taxes

1.3483 .4451 1.1602 1.3335 1.1356 .2798 1.0752 1.4727 1.1447 .5872 .8988 1.4785 1.0459

Total Dues Assessment

$6.2989 $6.5124 $5.9748 $5.0504 $6.0735 $6.2837 $5.8370 $6.0251 $5.1749 $8.0614 $5.1483 $5.5216 $6.0251
(Our thanks to Wil L, imdizfan and Rob S for their assistance!)

 


Description of Cost Components

Administration and Front Desk - Cost of front desk operations and resort management, including operating supplies and equipment rental. Also includes costs for operational and administrative support from the WALT DISNEY WORLD@ Resort ("WDW).

Animal Programs - Cost of the care of the animal collection on the Disney's Animal Kingdom Lodge savanna including food, medical and husbandry. Also includes the cost of the savanna guides who share cultural and conservation information.

Annual Audit - Fee for the independent audit of the Association's financial statements as required by Florida law.

DVC Reservation Component - Fee paid to Buena Vista Trading Company for providing the exchange component of the Club central reservation system.

Fees to the Division - Annual fee of $2, per Vacation Home, per week, assessed by the State of Florida for regulation of the timeshare industry in Florida.

Housekeeping - Cost of cleaning and certain amenities placed in each Vacation Home. Also includes the purchase, replacement and cleaning of linens and towels.

Income Taxes - Federal income taxes. Timeshare condominium associations may not claim non-profit status for federal income tax purposes under current regulations.

Insurance - Cost of insurance premiums for property coverage, general liability, workers' compensation, crime and Director's and Officer's liability.

Legal - Cost of legal counsel regarding Association business.

Maintenance - Cost of interior and exterior maintenance and repairs not paid for out of replacement reserves. Also includes landscaping, pest control and fire alarm monitoring.

Management Fee - Fee paid to DVCMC for providing management services (including home office expenses) to the Association according to the Property Management Agreement. The fee is equal to 12 percent of the total Operating Budget (total operating expenses less the sum of interest income, Member late fees and interest, and breakage income) and Capital Reselve Budget exclusive of real estate taxes, transportation fees and the management fee.

Member Activities - Cost of the quarterly Member newsletter, annual Association meetings and printing and postage for Association legal mailings. Also includes the cost of certain Member recreational activities and events at the Resort.

Sales tax on Support Facilities - State sales tax paid on Condominium;s share of costs incurred in connection with the operation or maintenance of the Support Facilities in accordance with the Master Declaration of Covenanats Conditions and Restrictions encumbering the Condominium Property.

Security - Cost of guard coverage at the Resort.

Transportation - Cost of WDW transportation provided to the Resort.

Utilities - Cost of electricity, gas, water, sewer, solid waste disposal, cable television and telephone service at the Resort.

 

Description of Revenue Components

lnterest Income - Taxes and Operatinq lnterest earned on (i) ad valorem tax deposits held in escrow and (ii) operating budget deposits invested until expended for operating expenses.

Member Late Fees and lnterest - All delinquent Annual Dues payments are subject to a late fee of $25 per Ownership Interest, plus interest at the maximum rate permitted by law (currently 18 percent) accrued on the amount outstanding from the original due date.

Breakage Income - As stated in the Condominium Documents, Disney Vacation Club Management Corp. ("DVCMC) rents, during the Breakage Period, certain accommodations that have not been reserved by Members. The Association is entitled to receive, as breakage income, the proceeds of such rentals not to exceed 2.5 percent of the aggregate of the Condominium Operating Budget (total operating expenses less the sum of interest income and Member late fees and interest) and Capital Reserve Budget in each calendar year.

Developer Subsidy - In an effort to afford all existing Owners and current Purchasers with a fair and equitable dues assessment, Disney Vacation Development, Inc. ("DVD"), has agreed to subsidize the estimated Annual Operating Budget. DVD does not make any commitment that it will add additional phases to the Condominium or that it will elect to subsidize the Annual Operating Budget in future budget years. The obligation of DVD to provide this subsidy is a matter of private contract among DVD, current Purchasers and the Association (as to existing Owners). DVD reserves the right to discontinue offering this subsidized operating assessment in the future.

 

The Member Operating Assessment is equal to the total Cost Components LESS the Revenue Components.

The Total Dues Assessment is equal to the Member Operating Assessment plus Capital Reserves contributions (for funding of long-term projects such as roof replacement, exterior painting, room refurbishment, etc.) and Ad Valorem Taxes (property taxes assessed by the county.)

 

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