As you are aware, one major task accomplished last fall was our new management company, Grand Pacific Resort Management, was chosen and arrived at the resort on October 1, 2015.

The entire Board spent significant time early on working with Grand Pacific to be sure they understood our resort and our Owners. Lots of effort was put in to ensure a smooth Annual Meeting, which came off without a hitch; lots of positive feedback from those that attended. Our annual reservation process for Surf Owners was one of the major priorities and your Board worked closely with Grand Pacific to ensure proper procedures were used.

The Owner feedback has been very positive that the resort is in great hands with Grand Pacific. Owners have commented on the friendly heart-felt service they have experienced and have really enjoyed those special little touches such as refreshing fruit water in the lobby, new resort activities and the towel origami in the units. Grand Pacific also purchased new beach equipment and bikes for Owner and Guest use. These items have been a big hit!

The Board was also focused on updating the CC&Rs and the Rules and Regulations for the benefit of the Owners. The updated CC&Rs were approved by an Owner vote and were recorded on June 14, 2016. Each and every Board member pitched in to make this happen. In the Rules and Regulations, the Beach Break booking window was increased from 7 days to 21 days in advance of the arrival date. The Board also continues to work with Management to monitor and work with Owners that are currently delinquent in their maintenance fees to ensure we maximize our financial situation.

One of the Board’s major responsibilities is financial oversight - making sure your money is spent wisely. From February through June a focus for your Board and Management was the completion of the 2016/2017 Operating and Reserve budgets. Many hours went into reviewing the information that was compiled and ultimately used in preparing the final budget and allocating the assessments. Your Board worked closely in conjunction with Grand Pacific looking at each line item to ensure as efficient a budget as possible with no additional day-to-day operational increases.

Even more effort was put in to understanding our financial reserves and needs. One outcome of this was to show Owners how much of the assessments were for operations and how much for reserves - you saw this in your recent invoice. It’s now easier for everyone to see where the assessments are going at Wave Crest. As part of this year’s assessment, the Board also committed significant time and energy to review the distribution of assessments by unit type to ensure it was as fair as possible to all Owners. Finally, in the financial area, GPR prepared and the Board reviewed a 5-year financial plan for operations and reserves so we can monitor our progress and stay on track.

As noted elsewhere in this newsletter, based on Owner feedback over the last few years, your Board and GPR took on the task of creating an interior update plan. With extra effort by the Board and GPR this was accomplished in record time and required additional meetings for all involved. That effort paid off as we now have a design plan which was implemented into a model unit for Owner feedback in July and a phased renovation plan, which balances the work to be done with our financial capability. The long awaited upgrades that you have been requesting were approved over the summer and work is in motion on the first phase as you read this!

It’s been a very busy year. You can see by all the accomplishments that your Board of Directors has given a lot of their own time and energy to ensure that the future of Wave Crest is a bright one! Each of them deserves a pat on the back and your thanks. They are all looking forwarding to an equally great year ahead.