To:All Concerned                                                                                                                                          2/5/02
From: PIBC Owners
Re: PIBC  “Other Special Assessment”


We  call it  the Other Special Assessment so it won,t be confused with the  proposed Special Assessment for the conversion to a Marriott Resort or the last Special Assessment in 1997.This is a new one.

The article in the PIBC 2001 December Newsletter by Mike Fisher titled “Meeting Update” contains the following statement:
“Adopted a policy to include an expense item in  the Annual Budget,an amount to reduce the accumulated deficit on the Club`s Financial Statement.”          
In the past, budget deficits were eliminated by including a fee for same in a subsequent budget .As the fee was not an ordinary expense it was identified as a Special Assessment.

In the Budget for 2002 a fee of * $ 19,000.00 is included to reduce the deficit.(Marriott`s 10% is added to this) The total deficit amont is* $75,000.00 +Marriott`s 10% for a total of* $82,500.00. ( * = approximately )You won`t find it in the budget which is sent to the Owners  because this fee is lumped into the` Discretionary & Other` Category & not identifiable. Marriott  apparently doesn`t want us to  know where  it is  or how much it is.
In another  Budget for 2002 which Marriott uses it is an identifiable item in the` Discretionary & Other` Category
YES THERE ARE 2 DIFFERENT BUDGETS USED. This definitly is not a good policy.Even if the dollar amounts are the same on both  they can be rearranged to tell a different story.

So if you paid your maintenance fee you`ve already paid for part the of total deficit amount

We have been discussing the format,categories,etc. used for the Budgets & Financial Statements for years (Minutes of Annual Meeting on Oct.28,1991 is the earliest documentation I have)  The owners have been totally ignored on this issue by Marriott & the Board. I am writng a separate letter regarding these issues so no reply is required at this time.

Comments from Marriott , the Board, and Owners are to be sent to PIBC Owners c/o patcgrief@msn.com


Thank you






    Previous Special Assessments: (Actual)
          1993 Reserve Fund $315,892.00
          1993 Operating Fund $262,508.00
          1998 Reserve Fund $171,600.00
    
     Copy:   C.Lightbourn
                 M.Fisher
                  E.Koch                                            
                  A.LaJoie                              
                  B.Mahon                                                             	                                                                                                                                       
                  B.Love
                  J.Cammaert
                  E.Ahles