Casa Ybel Beach and Racquet Club Condominium Association

CASA YBEL BEACH AND RACQUET CLUB CONDOMINIUM ASSOCIATION, INC.
October 2010
Dear Casa Ybel Owner,
As we bid farewell to another beautiful South Florida summer, with anticipation of even more gorgeous
seasons ahead, we are grateful for the privilege of serving you and the role we play in making your
vacations fun, relaxing and unforgettable.
In recent months, several property enhancements have been made, including the exciting renovations to
unit interiors. This large-scale project included installation of new carpeting, reupholstering of all unit
chairs, new living room sleeper sofas, draperies, living room and master bedroom lamps and artwork,
mattresses and box springs, and all new bedding (coverlets, pillows, blankets and mattress pads). To top
it off, the lower units received the same new lanai tile and screen enclosures that the upper units received
last year. Enjoy, and wait until you see the new look around the pool!
2011 Billing / Budget Impacts
Enclosed are the 2011 budget and statement for your association’s 2011 assessment, and 2010 real
estate taxes which are billed in arrears. The operating assessment portion of the budget funds the day-today
operations, with the reserves portion funding future improvements to your property.
Together with your management company, your association’s Board of Directors works diligently to
establish your association’s budget. Please keep in mind that many of the key factors affecting changes
in budget and maintenance fees are largely beyond the control of the association, such as the cost of
health insurance for resort staff members. Due in part to the new federal health care legislation,
association-paid premiums will increase 19% for 2011, and staff members themselves will also receive a
double-digit increase in their premiums.
For more information about your billing statement – including Frequently Asked Questions – please
review “Understanding Your Vacation Ownership Statement” on the association website at
www.hgvc.com/casaybelresort and click on the NEWS tab.
Prompt payment of the enclosed bill – DUE ON JANUARY 1, 2011 – is appreciated
Payment posted on or before that Due Date will ensure sufficient flow of funds to support ongoing
operations at your property. Remember that the date your payment gets posted to your account can take
up to ten business days from the date of postmark on the envelope.
Please be aware that your account will be considered past due after January 1, 2011. Failure to pay the
total amount due within 45 days of the Due Date will result in a late charge (payment must be posted to
your account prior to February 15 th to avoid the late charge); if full payment is not received within 75
days of the Due Date, additional finance charges will be incurred (payment must be posted to your
account prior to March 15 th to avoid additional finance charges). Delayed payments may result in
denied use of your ownership interest and the account may be turned over to an attorney for collections
as early as April 1, 2011, resulting in additional fees. Any late fees and related charges will not be waived,
in accordance with your association’s governing documents and/or applicable law and/or the policies set
by your Board of Directors.
Payment Options
By Check – Paying by check is the most cost-effective payment method for your association. Please
make your check payable to Casa Ybel Beach and Racquet Club Condominium Association, Inc.,
include your ownership account number on the check and remit it with your payment stub. If you own at
more than one property, please prepare a separate check for each Owners’ association to prevent comingling
of funds among associations. Multiple weeks owned at Casa Ybel Beach & Racquet Club
Condominium Association may be paid for with a single check.
Casa Ybel Beach and Racquet Club Condominium Association, Inc., 2255 West Gulf Drive, Sanibel, FL 33957

By Credit / Debit Card Online – If you are a Hilton Grand Vacations Club Member, log in at hgvclub.com
using your Club Member number and password, and click “Pay Fees & Taxes” under the “My Ownership”
tab. If you’ve never logged in before, visit the “Create an Account” section on the website’s sign-in page
to create your password and access your account. If you are not a Club Member, simply go to
hgvclub.com and click the online payment button for non-members.
All payments must be payable in U.S. funds. Please do not mail cash or send payments by express mail.
ARDA – Working to Protect Timeshare Owners
The ARDA-Resort Owners Coalition (ARDA-ROC) is the first line of defense against legislation that may
negatively impact timeshare owners. We would like to thank those who have supported these efforts by
making a voluntary $3 annual contribution to the coalition. Your Board has again included an option for
this contribution on your billing statement and encourages you to consider this voluntary $3 donation.
Board of Directors Updates
At the last Annual Owners Meeting, the ownership re-elected John Demos and Patricia Sweeney to seats
on the Board of Directors. We look forward to their many contributions. We also extend our thanks to the
rest of your Board Members – Lynn Perkins, Leonard Elikan, Brenda Pommerenke, Joseph Gala and
Susan Walter – for their continued support and leadership.
At the 2011 Annual Owners Meeting, five (5) candidate(s) will be elected to the Board of Directors. If you
are interested in pursuing candidacy, please complete the enclosed Board of Directors Candidate Form
and return it to the address indicated on the form by January 31, 2011.
Earlier this year, Florida law was amended to exempt timeshare condominiums from the requirement that
the terms of all Board Members expire at the annual meeting (elimination of the one-year term
requirement). Your Board unanimously agreed to revert back to a three-year term - with two Board
Members being elected one year, two Board Members elected the second year and three Board
Members elected the third year – thus enabling Members to build experience. To transition back from
two-year terms to three-year terms, the Board has unanimously decided that of the five seats up for
election in 2011, the two candidates who receive the highest number of votes will be assigned a threeyear
term, and the three candidates who receive the next highest number of votes will serve a two-year
term. The term of each director, thereafter, will be for three years.
Association-Owned Weeks for Sale
The following unit/weeks have been acquired by the Association and are being made available for sale by
closed bid:
♦ Unit 205G, week 35
♦ Unit 213G, week 35
♦ Unit 141F, week 37
♦ Unit 208G, weeks 35, 36 & 37
The Board of Directors has not established minimum bids and reserves the right to refuse any or all
offers. The successful bidder may occupy the unit in 2011 and will be responsible for all closing costs and
2011 maintenance fees. Bids should be sent to: Casa Ybel Beach & Racquet Club, FGH Board of
Directors, Attn: Chris Cain, 2255 West Gulf Drive, Sanibel, Florida 33957. Please note “Closed Bid Sale”
on the envelope. Bids will be opened on January 31, 2011. In the case of a tie, the bid with the earliest
postmark will be deemed the winner.
If you have any questions about your 2011 maintenance fees and taxes, please feel free to contact me by
phone at 239-395-1876. On behalf of the team here at Casa Ybel Resort, we look forward to welcoming
you back to the familiar comfort of your home away from home.
Warmest regards,
Chris Cain
Interval Manager
VACATION REMINDER
Just a reminder that week (1) begins on Friday, January 7, 2011. Please check your HGVC 2011 Vacation
Calendar on the Association website to verify dates for your week(s) of ownership
to ensure travel reservations are made for the correct dates.

CASA YBEL BEACH AND RACQUET CLUB CONDOMINIUM ASSOCIATION, INC
ANNUAL BUDGET FOR THE PERIOD
JANUARY 1, 2011 THROUGH DECEMBER 31, 2011
2856 2011 2011 2010 2010 2010
unit/weeks Annual Per Unit/ Per Unit/ Annual Proj. Actuals
Description Budget Week Week Budget For Year
REVENUE
Association Fees 1,659,357 581.01 560.36 1,600,397 1,600,395
Late Fee Income 6,000 2.10 2.10 6,000 11,998
NSF Income 0 0.00 0.00 0 105
Interest Income 0 0.00 0.35 1,000 821
Week 53 Income 0 0.00 2.16 6,160 6,160
Prior Year Surplus (Deficit) 0 0.00 16.22 46,323 46,323
Other Revenue 0 0.00 0.00 0 131
TOTAL OPERATING REVENUE 1,665,357 583.11 581.19 1,659,880 1,665,932
ADMINISTRATIVE
Annual Audit 6,400 2.24 2.24 6,400 6,400
Bad Debt Expense 0 0.00 3.50 10,000 10,000
Other Administrative Expenses 222,669 77.97 76.38 218,130 213,884
Postage, Printing, Newsletter 22,222 7.78 7.20 20,577 21,077
Management Fees 117,782 41.24 40.08 114,456 114,456
Division Fees 5,712 2.00 2.00 5,712 5,712
Financial Services Fees 32,902 11.52 11.18 31,934 31,934
Board Reimbursement 14,500 5.08 5.08 14,500 14,166
Total 422,187 147.83 147.66 421,709 417,629
OPERATING EXPENSE
Office, Desk 293,676 102.83 100.72 287,655 277,090
Housekeeping, Laundry, Supplies 388,798 136.13 134.86 385,148 369,676
Security Provisions 5,200 1.82 2.10 6,000 3,971
Grounds & Landscaping 43,470 15.22 15.27 43,620 42,431
Total 731,144 256.00 252.95 722,423 693,168
UTILITIES
Electric 91,605 32.08 31.64 90,350 90,004
Water, Sewer, Gas 82,004 28.71 24.54 70,100 83,098
Waste Disposal 13,596 4.76 5.73 16,356 14,749
Cable Television 19,836 6.95 6.49 18,528 18,532
Total 207,041 72.50 68.39 195,334 206,383
BUILDING
Maintenance - Service, Equipment, Supplies 75,040 26.27 25.99 74,234 111,617
Building & Equipment Contracts 18,876 6.61 6.61 18,876 18,877
Total 93,916 32.88 32.60 93,110 130,494
INSURANCE & TAXES
General Insurance 208,069 72.85 78.54 224,304 206,316
Income Tax 3,000 1.05 1.05 3,000 6,230
1 Taxes Upon Timeshare Property (Ad Valorem Taxes) n/a n/a n/a n/a n/a
Taxes Upon Leased Areas n/a n/a n/a n/a n/a
Total 211,069 73.90 79.59 227,304 212,546
SALE OF ASSOCIATION WEEKS
Sale of Association Weeks 0 0.00 0.00 0 (32,601)
Cost of Sales 0 0.00 0.00 0 20,574
Total 0 0.00 0.00 0 (12,027)
OPERATING EXPENSE TOTAL 1,665,357 583.11 581.19 1,659,880 1,648,194
OPER. PROFIT/(LOSS) 0 0.00 0.00 0 17,739
1
Ad Valorem Taxes on individual weeks are billed by the Lee County Property Appraiser's office based on the relative value of the unit
week and therefore, are not reflected in the above operating budget.
Statutory Reserve Funding
With Owner Waiver of Statutory
Reserve Funding
2011 2011 2010 2010 2010 2011 2011
Annual Per Unit/ Per Unit/ Annual Proj. Actuals Annual Per Unit/
Budget Week Week Budget For Year Budget Week
RESERVE REVENUE 614,198 215.05 151.64 433,086 433,086 494,530 173.15
RESERVE EXPENSES
Capital Reserves:
Interior 516,308 180.78 119.31 340,741 340,741 402,458 140.91
Roof 8,380 2.93 2.95 8,433 8,433 8,433 2.95
Paving 3,930 1.38 1.45 4,136 4,136 4,136 1.45
Recreation 0 0.00 0.00 0 0 0 0.00
Common Area 0 0.00 0.00 0 0 0 0.00
Capital Improvements 42,135 14.75 13.34 38,109 38,109 37,836 13.25
Total 570,753 199.84 137.05 391,419 391,419 452,863 158.56
Painting Reserve 43,445 15.21 14.59 41,667 41,667 41,667 14.59
Total 43,445 15.21 14.59 41,667 41,667 41,667 14.59
RESERVE EXPENSE TOTAL 614,198 215.05 151.64 433,086 433,086 494,530 173.15
RESERVE PROFIT/(LOSS) 0 0.00 0.00 0 0 0 0.00

CASA YBEL BEACH AND RACQUET CLUB CONDOMINIUM ASSOCIATION, INC
ANNUAL BUDGET FOR THE PERIOD
JANUARY 1, 2011 THROUGH DECEMBER 31, 2011
With Owner Waiver of Statutory
Statutory Reserve Funding
Reserve Funding
2011 2011 2010 2010 2010 2011 2011
Annual Per Unit/ Per Unit/ Annual Proj. Actuals Annual Per Unit/
Summary Budget Week Week Budget For Year Budget Week
OPERATING FEE 1,659,357 581.01 560.36 1,600,397 1,600,395 1,659,357 581.01
CAPITAL RESERVE 570,753 199.84 137.05 391,419 391,419 452,863 158.56
PAINTING RESERVE 43,445 15.21 14.59 41,667 41,667 41,667 14.59
SPECIAL ASSESSMENT 0 0.00 0.00 0 0 0 0.00
NET BEFORE CREDITS 2,273,555 796.06 712.00 2,033,483 2,033,481 2,153,887 754.16
CREDITS
PAINTING RESERVE REFUND 0 0.00 0.00 0 0 0 0.00
OPER. SURPLUS REFUND 0 0.00 0.00 0 0 0 0.00
TOTAL CREDITS 0 0.00 0.00 0 0 0 0.00
TOTAL AMOUNT BILLED 2,273,555 796.06 712.00 2,033,483 2,033,481 2,153,887 754.16
CASA YBEL BEACH AND RACQUET CLUB CONDOMINIUM ASSOCIATION, INC
RESERVE ANALYSIS FOR THE PERIOD
JANUARY 1, 2011 THROUGH DECEMBER 31, 2011
Average Average Estimated 2011 Estimated 2011 Estimated
2856 Estimated Estimated Replacement Statutory Fund Proposed 2011 Fund
unit/weeks Life Remaining Life Cost Reserve Balance Reserve/Assmt. Projected Balance
Replacement Fund (in years) (in years) (2856 units) Funding As of 1/1/2011 Funding Expenses As of 12/31/2011
Interior 7.68 5.05 2,873,220 516,308 267,000 402,458 192,640 476,818
Roof 15.00 10.00 126,500 8,380 42,700 8,433 0 51,133
Painting 4.56 3.28 190,000 43,445 47,500 41,667 0 89,167
Paving 9.18 8.10 37,949 3,930 6,100 4,136 0 10,236
Recreation 0.00 0.00 0 0 0 0 0 0
Common Area 0.00 0.00 0 0 0 0 0 0
Capital Improvements 22.96 14.71 868,700 42,135 249,000 37,836 18,500 268,336
TOTAL 4,096,369 614,198 612,300 494,530 211,140 895,690
2011 2011
Statutory
Proposed
Reserve
Reserve
Funding Funding ** The State of Florida mandates that condominium associations prepare calculations
Operating Fee $581.01 $581.01 to fully fund reserves. The Law also provides the reserve requirement may be
Capital Reserve $199.84 $158.56 waived or reduced, allowing the unit owners to put less money into the reserve
Painting Reserve $15.21 $14.59 accounts. To meet fully funded requirements for Statutory Reserves, the
Special Assessment $0.00 $0.00 resulting annual maintenance fee would be $796.06. The Board of Directors
Total Amount Billed $796.06 $754.16 recommends a vote in favor of waiving the full funding requirements for Statutory
Painting Reserve Refund $0.00 $0.00 Reserves at the 2011 annual meeting, thereby establishing the maintenance fee at
Operating Surplus Refund $0.00 $0.00 $754.16 for the 2011 budget year.
TOTAL AMOUNT BILLED $796.06 $754.16
NOTE:
There may be some items that require future replacement and are not reserved for, i.e.: replacement of plumbing, railings, electrical wiring,
etcetera. These types of items will need to be paid from operating funds or will require a special assessment.
The components' actual replacement costs and useful lives may vary from the estimated amounts. If additional funds are needed, the Association
has the right, subject to Board approval, to increase regular assessments, pass special assessments, or delay major repairs and replacements
until funds are available.
There are 2856 periods of 7-day annual use availability that exist within the timeshare plan for which annual fees are required to be paid to the Division of
Florida Land Sales, Condominiums and Mobile Homes, Bureau of Timeshare, in accordance with Section 721.27, Florida Statues.