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Circular 154 / 29.8.2006 / Distribution of LODGE Rental Income - January to June 2006. As previously advised CGM is in receipt of net rental income from SCI in the sum of €25,171.58 for the period 1st January to 30th June 2006. CGM has taken the booking records from the site and has analysed these records in terms of (1) the houses used; (2) the number of events; (3) the number of nights per event, and (4) the allocation of events to the available Lodges. Each analysis provides a different answer per Lodge and all methodologies are unfair to some owners. In addition CGM does not have any information, though requested from SCI, in relation to the number of owners that actually consented to their property being let by SCI in 2006 and the date of sign up. In the circumstances we have decided that the only way we can deal with the distribution is to 'pool' or divide the monies received by the actual number of Lodges used/available during the period. We propose that any letting income paid to CGM by SCI for the second half of the year will be distributed on a similar basis. According to the actual site booking records 41 houses were used/available for SCI rentals during this period - Lodges 6, 9, 11, 13, 15, 21, 22, 24, 27, 28, 29, 31, 32, 33, 36, 39, 41, 42, 43, 49, 50, 51, 52, 55, 56, 58, 59, 60, 63, 65, 67, 68, 70, 71, 72, 75, 76, 77, 78, 79, 82. We do not believe that it is CGM's responsibility to track and distribute SCI income and we will advise SCI that CGM will not accept payment of rental income collected by SCI from January 2007. In our opinion SCI should deal with the distribution of rental income to partnerships/owners as part of their letting service, for which you pay commission. The total number of 'events' for the period 1st January to 30th June 2006 was 182 - this equals approximately 4.44 bookings per house. For this period SCI has paid net rental income of €25,171.53 which amounts to €613.94 per Lodge when split equally amongst the 41 houses. CGM will now arrange for the issue of cheques to partnerships or owners
as appropriate.Some owners will require two cheques - one payable to the
partnership and one to themselves.
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