2014 Annual 2014 Annual Membership MeetingMembership Meeting

In MemoryIn Memory

Not Pictured

Allene Kirchner

Fred Wiehe Gerald Archer

Carolyn Blocher Bill Brunhaver

Peggy Moore Alice Fraser

2014/2015 Improvements2014/2015 Improvements

2014 Improvements Bunker Renovation Bunker Renovation

CompletedCompleted Bridge #1Bridge #1 Restrooms Golf CourseRestrooms Golf Course FlooringFlooring

2015 Capital BallotClubhouse Improvements ($25,000)Clubhouse Improvements ($25,000)

CarpetingCarpetingFurnitureFurniture

Golf Course ($14,000)Golf Course ($14,000)Tee Leveling Tee Leveling IrrigationIrrigation

Kitchen Equipment ($10,000)Kitchen Equipment ($10,000)Pool ($10,000)Pool ($10,000)

Chemical Control System Chemical Control System FurnitureFurniture

Membership PlanMembership Plan

Stage 1: Stop the Attrition Completed 2013Stage 2: Reduce/Eliminate Assessments Completed 2014Stage 3: Closing the Gap Starting 2015Stage 4: Completion

Golf Equivelant Members

320

340

360

380

400

420

2010 2011 2012 2013 2014

Year

GE

M L

evel

GEM's

2014 Budget & Forecast2014 Budget & Forecast

2014 Budget2014 Budget 2014 Forecast2014 Forecast VarianceVariance

Total Dues and FeesTotal Dues and Fees 1,995,4281,995,428 2,000,0112,000,011 4,5834,583

Food & Bev. MarginFood & Bev. Margin 1,118,5911,118,591 1,065,7321,065,732 (52,859)(52,859)

Pro Shop MarginPro Shop Margin 217,537217,537 220,987220,987 3,4503,450

Other IncomeOther Income 352,198352,198 385,034385,034 32,83632,836

Wages & BenefitsWages & Benefits 2,144,0032,144,003 2,094,8822,094,882 (49,121)(49,121)

Operating ExpensesOperating Expenses 1,639,8711,639,871 1,677,1601,677,160 37,28937,289

Net Operating Income (Loss)Net Operating Income (Loss) (100,120)(100,120) (100,278)(100,278) (158)(158)

Add DepreciationAdd Depreciation 317,040317,040 316,680316,680 (360)(360)

Capital FundCapital Fund 83,68583,685 8520385203 1,5181,518

Loan PrincipleLoan Principle 116,194116,194 114,105114,105 2,0892,089

Capital Purchases from operationsCapital Purchases from operations 0.000.00 16,72216,722 (16,722)(16,722)

Impact on operating cashImpact on operating cash 17,04117,041 372372 (16,669)(16,669)

2015 Dues/Fees2015 Dues/Fees

-$10 Decrease for Heritage Members-$10 Decrease for Heritage Members

-$10-$15 Increase for all other categories-$10-$15 Increase for all other categories

-Lockers, No Change-Lockers, No Change

-Cart Rentals, No Change-Cart Rentals, No Change

-Club Storage, $20 annual increase-Club Storage, $20 annual increase

-Guest Green Fee, Increase $5-Guest Green Fee, Increase $5

Thank you for your support of Thank you for your support of The Bellingham Golf The Bellingham Golf

and Country Cluband Country Club