Dear Elkrun Owners,

It is time again to provide you with an update on recent Elkrun Board activities. On August 7, 2010, your board met for quarterly and annual meetings in Pagosa Springs. All three board members were present at this meeting. At the annual meeting all three board incumbents were re-elected – Melinda Medrick-Nye (Treasurer-Secretary – one year term), Gary Cheadle ( Vice President – two year term) and Steven Blea (President – three year term).

Currently we are tracking the following financials as of June 30, 2010.

Collections:

• Billed $490,050.00 maintenance fees for 2010, with $439,881,80 (90%) collected and a balance of $50,168.20 (10%) past due.
• Current outstanding - $144,705.58 for current and past years.
• Reserves – $456,873.00 as of 06/30/10.

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 have started or will start foreclosure processing. We continue to have success with reselling deeds returned to our Association through Wyndham with net proceeds covering our expenses.

Rentals

In years past we have had an agreement with Wyndham/Fairfield to rent our delinquent owner's weeks with proceeds going toward uncollected maintenance fees. Unfortunately, we have not experienced a number of rentals under this program. Therefore, we have terminated our agreement with Wyndham Extra Holiday and found another company to handle this program. In addition to renting to the general public, we have decided to offer these available weeks to current Elkrun POA owners at a special rate.
Should you be interested with renting an additional week, you may contact:

Gerrit Brouwer Jr. of Bar-G, Inc. - (573) 346-0545 or gerritjr@bargvacations.com.
You may also contact Steven Blea for current availability.

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 maybe reached at (505) 821-8636 or property management at 1-800-731-4123. We will meet next at our quarterly/budget meeting scheduled for Friday, October 22, 2009 at 10:30AM in Pagosa Springs.

Respectfully,

Steven Blea – President
Gary Cheadle – Vice President
Melinda Medrick-Nye – Secretary/Treasurer