Acing Accruals

by

Timeshare is unique in the fact that there is a whole new terminology to learn in order to fully understand what you own.  With Traditional Timeshare (Week/Unit Ownership) you just had to understand three basic concepts: Using the week, Renting the week, or Exchanging the week.

With the InnSeason Vacation Club, there are a few new terms to master.  The first (and probably most important) concept that we will cover is ACCRUAL.  The InnSeason Vacation Club Definition is as follows:

Accrue /uh-KROO/ – verb – To roll your points from this year to the next for one additional year of usage.

Now, as you are aware, there’s a little more to it than that.  So let’s take a deeper look at what this really means and how it really applies to your Points and your Vacation Club membership.

Your Points are good for one calendar year.  Every January 1st, you receive your annual allotment of points (or every other year if you own biennially).  Those Points are considered “live” for a full 365 days.  The hope is that you will be able to use all of the Points you own within that calendar year.  Whatever Points are left over on December 31st will expire and the next day, you will get your next year’s allotment of Points.

We understand, however, that you are not always able to take the vacations you want when you want.  For whatever reason, you may not be able to use all your points within that one year time frame.  That is why the Vacation Club has come up with the option of accrual.

The deadline for accruing 100% of your Points balance  is June 30th.

What does that mean? – The Club administrators need to receive, in writing, your consent to roll your Points over from one year to the next. You can send a letter, an email, a fax, or go to the Owner’s Inn and fill out the online form and submit it via the internet.  We just need to have a documented form that says you are asking to roll your Points over.  It can be a simple one line note including your NAME, ADDRESS, CONTRACT NUMBER (if you have it) and a line saying “Please accrue my (enter the year here) Points.”  The easiest way is to simply go online through the Owner’s Inn.  Once you log in, click on the orange Contract Number in the middle of the page.  That will open up to your contract.  On the left hand side of the page, there will be a menu that will have the option (fourth from the bottom) called Points Accrual.  Click on that and all you have to do is check a box and click the submit button!

Why do they need to know that?  Why do I have to send it in written form?  I paid for the Points, I should get to automatically keep them! – True, you did pay for your Points, however, the Vacation Club needs to plan and set up inventory.  Let’s say that there are 50 million Points in the Vacation Club (that number is totally made up and random for the sake of this example – the number is actually much, much higher).  For every point, there is a piece of inventory.  The Vacation Club begins to count all of that inventory in March, almost a year prior to the new year to make sure that all of the annual inventory matches all of the Points in the Club.  Think of it as a double-check to make sure  that if every single person wanted to book a full seven night stay, they would be able to find a week that equaled the value of their Points package.

Once we make sure all of that is set, we then need to look at an estimate of how many Points will be rolled over from the current year into the next year.  That is why we ask for your accrual forms in June.  If we estimate that there will be an additional 25 million Points rolled over from 2011 to 2012, then we need to make sure that there is enough inventory in the system to cover those additional Points.  As you can see, it’s really to help plan so that when you call to book, you are able to get a vacation using your Points.

If I send my Accrual in, does that mean there are any restrictions on my Points? – No.  When you send your Points Accrual Form, your Points remain “live” until December 31 of that usage year. For example:

Jane Smith has 90,000 Points annually.  In April of 2011, she is not sure what she’s really going do in 2011 for her vacations and to be safe, sends in her Accrual form (you can send in your Accrual form anytime up to June 30th.  You can send it in today after reading this blog post!) to make sure that no matter what her Points Balance on December 31, 2011, 100% of those Points will be rolled over into 2012.  A few months go by and in September, Jane decides she wants to go away in November on a stay that will cost her 45,000 Points.  Jane can call Owner Services and use those 45,000 Points, leaving 45,000 Points in her account.  On December 31, 2011, those 45,000 remaining Points will be rolled over into 2012 and her 2012 90,000 Points will begin.

You can send in the accrual form and still use the Points throughout that usage year.  They do not become accrued Points until January 1st of the next usage year.

Are there any rules to using Accrued Points? – Yes.  You may book reservations using accrued Points within four months of the request arrival date.  For example: Jack Doe wants to book a stay using his 2010 accrued Points.  He is looking to travel in August of 2011.  The earliest he can call to book a reservation and be sure that his accrued Points will be used is April of 2011.

Do I have to ask the Owner Service Agent to use my Accrued Points? – No, they will automatically be used first if there are any in the account and the reservation falls into the booking window that allows the use of accrued Points (the four-month booking window).

What happens if I do not notify the Club by June 30th? – If you are not able to or forget to send in your accrual form by June 30th, there’s still an option for you!  If your accrual form is received between July 1st and August 31st then 50% of your Points balance as of December 31st will be accrued to the next year. If you do not send in an accrual form at all or after August 31st, then the balance of your Points will expire on December 31st.

The program is designed to help make sure that you use the Points you have paid for.  If you still have questions or have a question that wasn’t mentioned here, please feel free to post it in the comments and we’ll do our best to address it and answer it.

Advertisements

Tags: , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: