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"Based on the total income from maintenance fees for 14,872 timeshares of $37,122,176, this bad debt is about 2817 members not paying (using an average maintenance fee of $2,496)." The accounting is not accurate. Number "14,872" refers to the amount of the interests, not number of owners. Some owners have several interests; current owner Vacation Trust Inc purchased hundreds of fractional, absolutely ridiculous, undivided interests like 0,108, 0,72, 0,79, 0.114, etc. (you name it!). Number of owners has never been released by TMC. It supposed to be provided in Schedule A Footnote but that Footnote is absent in all Annual Budgets.