Stoneridge Resort shutdown update

By Cindy Thomas, general manager On April 15, Idaho Gov. Brad Little extended the Stay-Home Order (which expired that day) until April 30. Stoneridge Resort is still not considered an essential business, which was actually a relief since about half of our clientele is from highly populated areas. After the April 15 press conference, I […]

Association “internal” financing

  By Gary Porter, CPA, RS, FMP Today, the entire country is experiencing an unprecedented challenge. The COVID-19 pandemic has completely shut down major sectors of the economy and is affecting the entire economy.  For associations, the impact is significant uncertainty related to collection of assessments, vendor service levels, ability to pay or retain employees, […]

Repurpose and restructure?

By R. Scott MacGregor Is this the right time to repurpose and restructure your resort?  Maybe, or not. Boards must understand and consider all of their options.   The COVID-19 crisis makes this analysis more critical than ever. Begin with an understanding that the timeshare marketplace has changed.  During the heyday of timeshare ownership during the […]

Online Payment Options Keep Resort Finances Healthy

Timeshare owners get the best of all worlds—a share of ownership in a beautiful vacation resort with luxury amenities and no responsibilities for upkeep of the property. Ownership with no responsibility is a homeowner’s dream! They do, however, have to pay maintenance fees each month toward that upkeep. Typically, timeshare owners pay with a paper […]

Remembering Edwin H. McMullen Sr.

Vacation timeshare pioneer Edwin H. McMullen Sr., who played a significant role in bringing hospitality brands into the industry, passed away April 10 at his home in Sarasota, FL.  He was 83 years old. Today’s extensive Marriott and Hilton vacation-ownership companies trace their history back to his significant involvement. Timesharing was in its infancy in […]

Examine your resort’s business fundamentals

By R. Scott MacGregor The COVID-19 story may be just beginning to unfold, but now is the time for resort boards to take a sober and critical look at their business fundamentals and determine what options are in the best interest of the majority of owners whom they represent. Timeshare resorts depend on maintenance-fee income […]

Lack of clarity plagues PPP application process

(April 8, 2020) Problems with the application process for PPP (Paycheck Protection Program) loans to small and medium-sized businesses are prompting the Federal Reserve and the Treasury Department to create a new application mechanism.  Details are expected later this week, reports Today in Payments The initial arrangement, with participating lenders taking applications for loans […]

Apply through your lender for PPP loan

(April 6, 2020) If your resort or other vacation-industry business needs a Paycheck Protection Program (PPP) loan, contact your lender first. The U.S. Small Business Administration is the source of PPP funds, but lenders are administering the program.  At present, most participating lenders are taking applications only from their current customers. Your lender will provide […]

Keeping and paying your staff

We reported on March 30th that under the CARES Act, resorts with fewer than 500 employees are eligible for a Small Business Administration (SBA) guaranteed loan. Repayment will be forgiven to the extent that the loan proceeds are used for payroll (wages, salaries, healthcare costs, retirement costs, taxes, and related costs), commissions, interest on mortgage […]

SBA starts taking PPP loan applications

(April 3, 2020) The U.S. Small Business Administration has begun accepting applications for Paycheck Protection Program loans. This is the program that we first described on March 30th. Under the CARES Act, resorts and other businesses with fewer than 500 employees are eligible for a Small Business Administration (SBA) guaranteed loan. Repayment will be forgiven […]