Dear Elk Run Owners:

It is time again to provide you with an update on recent Elkrun Board activities. On October 21, 2011, your board met for a quarterly/budget meeting in Pagosa Springs. Two board members were present at this meeting. At our annual meeting Margaret MacNeish was voted as our newest board member, but unfortunately she equity traded her Elkun week shortly after and therefore disqualified herself from being a board member. There will be two board positions up for vote at the next annual meeting in August 2012 – one term for two years and one term for three years.

Currently we are tracking the following financials as of August 31, 2011.

Collections:

• Billed $513,520.00 maintenance fees for 2011, with $462,910.80 (90%) collected and a balance of $50,609.20 (10%) past due.
• Reserves – $504,561.79

Delinquencies
We continue to turn over all non-maintenance fee paying owners to Wyndham collections and Concord. For those owners which are two or more years behind, we will start foreclosure proceedings.

2012 Budget/Refurbishment
Earlier this year your board approved a major refurbishment project consisting of new carpet, furniture, interior painting, window coverings, bedding and electronics throughout all eighteen condos. This project will start in earlier January and should be completed by mid/late February. Our goal is to update our condos to be able to qualify for Club Wyndham Access "CWA" – more news on this in future letters.
Our association continues to have one of the best balance sheets, however to position our association for years to come this board approved an increase in maintenance fee from $560.00 to $599.00, an increase of 7%.

As always, it is our pleasure to serve you our valued owners. If you have concerns you wish addressed at future board meetings, e-mail me at sblea8636@msn.com or I may be reached at (505) 821-8636 or property management at 1-800-731-4123. We will meet next at our quarterly meeting scheduled for Saturday, April 14, 2012 at 10:00AM in Pagosa Springs.

Respectfully,

Steven Blea – President
Gary Cheadle – Vice President
Open – Secretary/Treasurer