FAQ Resort FAQ Marketplace FAQ Governance FAQ
About Forms Listings Map Villa Views Calendar

GOVERNANCE

 
 
 
 

THE BOARD OF DIRECTORS

 

The Monarch Board of Directors is the governing body of the Association. Directors are elected by the owners, as stated in the Association’s bylaws. The Board is responsible for the overall governance, maintenance, and operation of the Association. The board has hired a management company to achieve and maintain a level of quality, service, and amenities that Monarch’s owners expect. The Board approves the budget for the Association. Board members are elected to 3-year terms.  A Board member may choose to run for re-election to a second term of office.  Any Board member serving two consecutive terms must then leave the Board for at least one year before deciding if they would like to run again for a Board seat.

 
 

BOARD ROSTER

David Eisenreich, President
Elected: 2024
Term of office: Fall 2023-2026

Edward Brennan, Vice President
Elected: 2021
Term of Office: Fall 2021-2024

William Klein, Treasurer
Re-Elected: 2021
Second Term of office: Fall 2021-2024

Eileen Fitzgerald, Secretary
Elected: 2022
Term of Office: Fall 2022-2025

Nancy Barbee
Re-Elected: 2022
Second Term of office: Fall 2022-2025

Debbie Corzine
Elected: 2024
Term of office: Fall 2023-2026

Daniel Tovar
Elected: 2022
Term of Office: Fall 2022-2025

 
 

STANDING COMMITTEES

GOVERNANCE

Helps the Board understand the Association’s governing documents, helps update them as necessary, helps the Board understand the Board’s role and the Management Company’s role, and maintains and monitors the Board’s Ethics Policy. Acts as liaison with Association’s outside legal counsel.

FINANCE

Works with management to evaluate financial performance; collaborates with management as annual budgets are developed; and helps the board of directors fulfill its oversight responsibilities for financial reporting, internal control and audit

NOMINATING

Selects candidates to be placed on the ballot after reviewing self-nomination forms submitted by volunteers and confirming eligibility with management.

RESERVES

Working with the Marriott team, the committee reviews and updates Reserve expenditures.  During major refurbishment projects, the committee will monitor progress and costs.

COMMUNICATIONS

Develops and maintains website for the Board to communicate with Monarch owners.

 

BUDGETS

 
 
 

OPERATING BUDGET

The Operating budget covers the cost of expenses incurred each year for the day-to-day operations of the resort, such as utilities, housekeeping, maintenance, landscaping, security, and insurance. Administrative expenses, such as accounting, billing and collections, and owner services, are also part of the operating budget.

Each year, a proposed operating budget for the next calendar year is assembled by the MVCI management team and reviewed by the Board of Directors. After any needed adjustments, the operating budget is approved by the Board and becomes the Operating portion of that year's Annual Maintenance Fee.

 
 

RESERVE BUDGET

The Reserve Fund is for the repair and replacement of major components of the property such as asphalt paving, appliances, roofs, villa furnishings, and swimming pool reconstruction.

These expenditures occur as our major assets reach the end of their useful lives. Budgeting of the Reserve Fund involves a long-term plan to ensure that we are adequately prepared for needed capital improvements.

A Reserve Study is prepared by an outside engineering firm. For each major asset, the date placed in service, age, condition, expected useful life, and expected replacement cost (adjusted for inflation) are determined. Money is put aside over time to help ensure that funds will be available when needed. Capital improvements that are planned for the next fiscal year are included in the Reserve budget.

The Reserve Study recommends an amount for the annual Reserve Fee to be paid by owners to ensure money is available when needed for capital improvements. The Board determines from year to year if this recommended amount needs to be adjusted. There is no minimum requirement for the Reserve fund.

The Reserve Fund is analyzed regularly by our MVCI management team, to adjust the status of assets, with recaps presented semi-annually to the Board of Directors for review and approval of the annual Reserve Fee.

 
 

PROPERTY TAX

Property tax is assessed by the county and billed to each owner through the maintenance fee, but is not part of the Operating or Reserve budget.