Ownership

Ownership Overview

Caribbean Beach Club is a timeshare organized under the now uncommon deeded unit-week structure.  Owners get a deed giving them the right to use a specific unit number in a specific week number as long as they retain ownership.  The non-profit corporation “Caribbean Beach Club Association, Inc.” is the legal entity responsible for managing the resort in the collective interest of all owners.  Florida regulations govern the responsibilities and authorities and legal obligations of the Association and of owners.

 

An elected board of directors of the Association has the authority to run the resort, and the board has the option of engaging a management company to do that in its name.  In our case, the board has selected TriCom Management to do that effective April 2020 , after they won an open competitive bid at the end of 2019.

 

There are several legal documents that define CBC.  The main documents are a Declaration of Condominium; Articles of Incorporation of the non-profit Caribbean Beach Club Association, Inc.; and the By Laws of the Association.   A number of amendments have been filed since the original documents were filed with Lee County in 1979, and they have all been compiled and restated into the document package you received when you purchased your unit.  Copies can be requested from the office, and are also available through the owner-operated web site.

 

Owners are responsible for paying each year their share of the funds required to operate the resort.  Three amounts are involved in the bills issued, collectively called the Maintenance Fee.  They cover the annual operating costs of the resort; paying into the reserves fund that spreads the cost of infrequent large expenditures across multiple years; and paying the annual property taxes owed to various local government entities.

 

The board creates a budget for operating the resort each year, and a multi-year reserve fund plan.  The maintenance fee amounts to bill each unit owner for operating, reserves, and property taxes are calculated based on this budget.

 

The board meets several times each year, and owners are always welcome to attend the meetings.  A time is set aside in each meeting for owner comments.  Members of the board are elected by vote of the owners for two year terms.  (Current board members are listed elsewhere on this site.)  An election is held each year, generally in October, for members of the board whose terms expire that year.  The notice sent to owners for that meeting also includes the proposed budget for the following year.

 

Board meetings are documented in official minutes which owners are welcome to inspect.

 

Further information on ownership may be added here over time, but interested owners are always welcome to ask questions of the board or make comments about issues to address.