About the Quarterly Retreat LLC
QUARTERLY RETREAT, LLC
Background and Brief Description
by Richard Whisnant
Quarterly Retreat, LLC was formed in 1995 by a group of 13 couples living in Cary and Raleigh, NC to provide a beach condominium for the enjoyment of the group on a long-term basis. The LLC is a legal entity in accordance with the General Statutes of the State of North Carolina. The number of couples was originally set at 13 in order to provide each couple with 4 weeks of occupancy per year, and that number is maintained constant. Legally, one member of each couple is member of Quarterly Retreat. A person joins the LLC by purchasing a 1/13th share at going market rate, and can sell the share similarly if they choose to leave the LLC. The LLC owns Unit 309 of the Summer Winds Condominiums at 1505 Salter Path Road, Indian Beach, NC, 28512. Summer Winds is a 211 unit complex located on Bogue Banks, directly across Bogue Sound from Morehead City, NC. Pictures and other data on Summer Winds are available on the internet at https://www.summerwindscondos.com/. Bogue Banks is about 25 miles long and the communities of Emerald Isle, Indian Beach, Pine Knoll Shores, and Atlantic Beach occupy all of the island. Summer Winds is located in the Salter Path community, an unincorporated enclave within Indian Beach, and is the oldest settlement on Bogue Banks, which is at about the mid-point of the island. The Summer Winds complex provides, in addition to private access to the beach, various amenities including three outdoor swimming pools, outdoor hot tub, outdoor grills, shuffleboard court, and a Sports Complex that includes an indoor pool, sauna, hot tub, exercise room, showers and rest rooms, raquetball courts, tennis courts, and a soda fountain with several games. During the summer a cafe is operated next to the large pool offering beverages, food items and dessert items, with indoor and outdoor seating.
Unit 309, owned by Quarterly Retreat, is a condominium of about 1100 sq. ft. that includes two bedrooms, two full baths, kitchen with stove, refrigerator/freezer, dishwasher, microwave oven, and a full complement of dishes and utensils, plus a washer and dryer. The unit also includes a dining/living room area and an outdoor patio overlooking the largest outdoor pool and the ocean. The unit is fully furnished, and furnishings are replaced as needed by vote of the members. Summer Winds consists of 3 buildings, all with access by elevators and stairways. Quarterly Retreat is in Building A, the central building, on the third floor. Buildings A and C are five stories, and Building B is six stories. All buildings are of concrete and steel construction.
Quarterly Retreat has several documents that define its incorporation and its operation. The Operating Agreement is the legal document on file with the State of North Carolina, and defines the formation, basic rights and responsibilities, membership and changes thereof, and dissolution of the LLC. Other documents include information for new members, schedule of condo use, standing rules, rules and regulation, member contact information, and information for new members. These and other current and past records are available to members on a Quarterly Retreat website.
Quarterly Retreat was formed for the enjoyment of the members of the LLC and their families and guests. Rental of the unit is not permitted, and pets and smoking are not permitted. Each member is allotted four weeks per year of occupancy, one week in each quarter. Quarters are defined as
March, April, May
June, July, August
September, October, November
December, January, February. .
Weeks within the quarter are scheduled many years in advance, and the week assigned to a given member is advanced within the quarters by six weeks each year. This process results in a member having different weeks within the quarters from year to year. The yearly change in week assignment occurs at the beginning of March. The member's week begins at 3 pm on Monday and ends at 12 pm of the next Monday. Members may swap weeks at their own initiative, and may allow family or other guest to use their week, but members are always responsible for occupancy by any guests.
The general approach to the operation of the LLC has been that it is for the enjoyment of the members and families, and that each member will take an active interest in the proper use and maintenance of the facility, remembering that this venture is only successful if the good of the whole membership is respected at all times. Communication between members is important and a website is maintained to aid such interchange. Also, a lunch meeting is held twice yearly on the first Monday of May and November. A slate of officers (sometimes referred to as Managing Managers, in accord with the NCGS 57-3-20) is elected at the November meeting, and includes a President, Vice President, Secretary, Treasurer, Manager at Large, and Webmaster*. These officers carry out the financial and operational activities of the organization, as further defined in the Operating Agreement and other adopted procedures.
The Summer Winds HOA assesses monthly dues on Quarterly Retreat to operate and maintain the common property, and employs a full-time staff for this purpose. Dues vary from year to year, and Quarterly Retreat members pay dues to the Quarterly Retreat Treasurer each quarter ($250 $300*/quarter as of July 2019). Individual unit owners are responsible for the maintenance of the interior of their units, and Quarterly Retreat carries insurance against damage to the interior. Quarterly Retreat maintains a checking account to handle HOA dues and other expenses such as insurance, cost of supplies, maintenance, and replacement of appliances as needed.
*Updates made by Managers as of August 3, 2021.