coosaw creek country club

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Coosaw Creek Country Club

• Call to Order & Welcome: John Bennett

Coosaw Creek Mission Statement

• BOD Vacancies

• Candidate Introductions / Vote: Jim Deaton

• Board of Directors report

2010 Challenges & Actions: John Bennett

• General Manager’s Report: Mike Benner

• Financial Report: Mike Benner /Marion Phillips

• 2011 Challenges and Opportunities: John Bennett

• Election Results: Jim Deaton

• Q&A: Membership & BOD

Annual Meeting Agenda 02/22/11

02-22-11 CCCC Annual

Membership Meeting

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Mission/Vision Statement

“Coosaw Creek Country Club is a premier, semi-private, family-oriented community country club. The Club serves as the social focal point and offers an array of quality amenities which enhances Coosaw Creek’s quality of life and property values. The Club is managed in a fiscally sound manner.”


Membership Meeting

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4


BOD ElectionVacancies

Term Completed

- Mark Schultz

- Jim Deaton

- Ira Marshall (Filled remaining 1 year term of prior

board member)

Candidates

Mark Schultz

Ira Marshall

Judy Hair


Membership Meeting

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5


Report of the Board of Directors

2010 Annual Review

John Bennett


Membership Meeting

5


• 2010 Challenges

– Housing market

– Declining golf membership and reduction of revenues

– Accounting system not compatible with current club structure

– Long term Capital Plan

– Acceptable Membership Plan to sustain club viability

– Working Capital

– Communications


Membership Meeting

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• 2010 Results

– 30 Home sales

– Golf Membership increased

– Replaced Great Plains with PeachTree Accounting Software System

– Long term Capital Plan implemented

– Country Club Membership introduced

– $250,000 earmarked for capital improvements over next 3 years

– Communications have improved via e-mail blast, website , etc.


Membership Meeting

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8


General Manager’s Reports

2010 Accomplishments

2010 Operations ReportAll 2010 Financial Numbers are unaudited

Mike Benner


Membership Meeting

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2010 Accomplishments

1. Grew non-dues revenue through increased

facility usage and member participation

2. Established a revised marketing plan of CCCC

3. Continued expense control

4. Developed a five year capital plan

5. Improved Communication

6. Coordinated efforts with CCOA

7. Retention of core staff


Membership Meeting

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Financial Overview

Marion PhillipsAll 2010 Financial Numbers are unaudited


Membership Meeting

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December Budget YTD YTD Budget

Revenue 247,387 225,369 2,596,713 2,653,043

COGs 35,488 39,916 320,018 358,187

Labor 70,766 82,514 921,556 1,009,580

Operating Expense 32,296 85,172 1,184,513 1,203,494

TOTAL COI (EBITDA) 108,838 17,767 170,627 81,782

MRF Billed (17,670) (17,722) (211,862) (212,657)

Depreciation 12,760 9,545 140,253 114,540

Interest Expense 4,428 6,065 50,663 72,780

Interest Revenue (45) (166) (1,932) (1,992)

Amortization 61 62 734 744

Taxes - 48 - 576

109,305 19,935 192,771 107,791

Financial Statement

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Current Assets Property and Equipment

Cash - Disbursement 232,393$ Land 1,053,413$

Cash - Mortgage Reserve 196,304$ Buildings 522,946$

Cash- MM/Capital Reserve 355,904$ Capital Improvements 888,053$

Petty Cash 1,000$ Building Improvements 164,691$

Cash - Receipts Account 37,992$ Equipment - Course 109,983$

Accounts Receivable Members 308,959$ Equipment - Kitchen 154,704$

Allowance for Doubtful Accts 33,328)($ Furniture, Fixtures & Equip 89,637$

Accounts Receivable - Other 6,646$ F/A Capital Lease 154,339$

Merchandise - Shoes 5,604$ Loan Costs 19,079$

Merchandise - Menswear 4,796$ Acc Depr - Buildings 58,107)($

Merchandise - Ladieswear 1,591$ Acc Depr - Cap Improv Course 170,194)($

Merchandise - Pro Balls 3,881$ Acc Depr - Building Improvemen 5,629)($

Merchandise - Headwear 1,006$ Acc Depr - Equip Kitchen 110,524)($

Merchandise - Gloves 2,276$ Acc Depr - Equip Course 77,671)($

Merchandise - Clubs 15,389$ Acc Depr - Furn Fix & Equip 44,259)($

Merchandise - Bags 597$ Accum Depreciation Capital Lea 25,723)($

Merchandise - Misc 4,924$ Accumulated Amortization 28,959)($

Inventory-Maintenance 3,741$

Inventory - Food 17,353$ Total Property and Equipment 2,635,777$

Inventory - Course Supplies 2,471$

Prepaid Deb/Escrow 60$ Other Assets

Prepaid Other 97,354$

Total Other Assets 0$

Total Current Assets 1,266,912$

Total Assets 3,902,690$

ASSETS

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Current Liabilities

GOLD INITIATION ACCRUAL 12,241$ Long-Term Liabilities

Accounts Payable - Other 4,169$ Notes Payable 2,127,279$

Accrued Wages Payable 11,261$ Obligation Capital Lease 128,621$

Accr Banquet Service Charge 2,934$ Long Term Debt Contra Account 73,165)($

Accrued Payroll Pool 52,681$ Paid In Capital 910,000$

Sales Tax Payable 61,520$

Accrued Payables 48,667$ Total Long-Term Liabilities 3,092,736$

Accrued Personal Property Tax 8,475$

Accrued Real Estate Taxes 280$ Total Liabilities 3,896,629

Accrued Interest Payable 4,428$

Gift Certificates 4,085$ Capital

Deferred Revenue 456,168$ Retained Earnings 185,019)($

Christmas Gratuity 12,275$ Net Income 191,080$

Lease Payable - Simplex Grinne 12,547$

Current Portion Capital Lease 9,294$ Total Capital 6,061

Capital Lease Contra Account 9,294)($

Current Portion of LTD 73,165$ Total Liabilities & Capital 3,902,690$

Accounts Payable - Trade 38,999$

Total Current Liabilities 803,893

LIABILITIES AND CAPITAL

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Coosaw Creek Country Club2009 Actual 2010 Actual 2011 Budget 2012 2013 2014

Revenue 2,547,267 2,596,713 2,576,765 2,681,041 2,792,502 2,854,772

COGS 379,934 320,018 337,160 343,903 350,781 357,797

Labor 862,442 921,556 986,583 1,006,315 1,026,441 1,046,970

Operating Expense 1,132,898 1,184,513 1,131,176 1,153,800 1,176,876 1,200,413

TOTAL COI 171,993 170,627 121,846 177,024 238,403 249,592

Capital Expense 233,325 56,721 100,000 75,000 75,000 75,000

Mortage P&I 154,006 170,272 180,000 180,000 180,000 180,000

Operating Cash (215,338) (56,366) (158,154) (77,976) (16,597) (5,408)

MRF Billed 207,985 211,862 134,640 67,320 - -

Total Cash to Account (7,353) 155,495 (23,514) (10,656) (16,597) (5,408)

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008 359,84 379,85 312,00 351,17 319,31 185,33 242,26 197,24 145,63 261,38 224,99 317,44

2009 482,96 518,21 524,67 519,10 529,39 566,37 555,85 508,14 504,35 413,87 432,55 474,70

2010 618,86 630,50 598,52 630,08 650,45 700,70 700,91 620,69 596,01 588,79 586,05 593,77

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100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

Cash Flow

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456,168196,304

156,943

Cash Balance Allocation

Deferred Revenue

Mortgage Reserve

Operating Cash

Bank Balance Jan 1, 2011 - $809,415

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• Jan 2010 Accounts > 30 days $165,269




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2011 Challenges and Goals

John Bennett


Membership Meeting

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Coosaw Creek Country Club2011 Goals

• Continue to increase operating capital through club

utilization•Target is 1.5 months total expenditures

• Continue expense control

• Continue to fund Five Year Capital Plan

•Upkeep of club facilities

•Upkeep and repair of course infrastructure and

equipment

• Continue to improve communication

• Continue coordination with the CCOA

• Continue to develop activities to provide additional

family involvement and use of the Club amenities


Membership Meeting

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Newly Elected Board Members

Voting results


Membership Meeting

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• New 2011 – 2014 Board Members

Mark Schultz

Ira Marshall

Judy Hair


Membership Meeting

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Question/Answer Session

•Please approach microphone with questions


Membership Meeting

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coosaw creek country club

Documents