Notes from the WorldMark Board

Learn about your most recent Quarterly Board meeting.

On November 19, 2009, the WorldMark Board of Directors gathered for their regular quarterly meeting.

• The directors accepted the election results presented by BNY Mellon, subject to any subsequent modification by BNY Mellon. The directors resolved that Proposal 1 was approved by the necessary affirmative votes of the owners, and that Section 7.1(a) of the Club’s Bylaws would be amended as set forth in Proposal. Finally, the directors acknowledged that Peggy Fry, Gene Hensley, and Bob Morrison received the highest number of votes among the candidates, and resolved that Peggy Fry, Gene Hensley, and Bob Morrison are qualified and elected as directors of the Club to serve until expiration of their terms and their successors are elected and qualified.
• The board approved the 2010 operating budget which includes: a 2.5% increase to annual maintenance dues effective June 1, 2010, a 2.5% increase to housekeeping fees effective January 1, 2010 and a 4.17% increase to bonus time fees effective January 1, 2010 resulting in bonus time being calculated at $.05/credit.
• The board approved the 2010 refurbishment budget.
• The board reelected the same Club officers for the coming year: Gene Hensley, President; Dave Herrick, Vice President & Chief Financial Officer; John Henley, Secretary; and Peggy Fry, Assistant Secretary.
• The board discussed a proposal for the Club to acquire a check-in and operations building to serve the Club’s Arrow Point resort in Idaho. After reviewing financial analysis for the proposal, the board authorized management to negotiate the purchase of the Arrow Point check-in and operations facility as presented to the board, provided local counsel is retained to represent the Club in the transaction. The board will require management to return to the board for final approval before entering into an agreement.
• The board appointed a litigation committee comprised of Gene Hensley, Dave Herrick and John Henley to facilitate litigation matters involving the Club.
• The board discussed the desire to increase the number of board directors. Proposed language to appear on the ballot will be discussed at the March board meeting.
• The board approved the regular board meeting dates for 2010. The dates and locations are: Thursday, March 18 (Las Vegas, NV – location tbd); Thursday, June 17 (Redmond, WA office); Thursday, September 16 (Redmond, WA office); Thursday, November 18 (Redmond, WA office). All meetings will begin at 10am Pacific time.
• Bob Morrison indicated that the Club’s outside auditor, LeMaster Daniels, is entering its second year as auditor, and that the auditor will meet with the Board to review its 2009 audit report.