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Manhattan Club Budget-2021 (by Richard Q.):

I take note from recently received 2021 budget(Schedule B and related footnotes),that in Time Share Assoc " labor" budget of $22 million,it includes "salary and benefits"of "general manager",along 4 "admin",along with all the other employees.

There is ALSO $7.2 million "Management fees"from NY Urban,which I believe is sponsor,and note says they've agreed to "cap" at this amount. I guess I always assumed GM was part of "management fee",but apparently not,which makes larger the question of what services are provided for this $7.2 million?. It also answered question as to why the GM stays/will stay,he is "our"employee,not the sponsor,who is supposedly to leave the picture under AG settlement. As AG settlement I thought also says sponsor gives up control of board, maybe this will/can change. Also,whether Blue Green will try to retain the $7 million fee is an additional issue.

As an additional aside,I have always found it interesting that they have always just given us this -one year of the new budget.In many many years of financial management,I've always seen such info as a comparison to prior year actual,and most time how the prior year compared to prior year budget-so you can see how management did vs budget.This is necessary I think to better understand and flag concerns in a new budget.I queried this a number of years ago-I was told they didn't think owners wanted this(?)