driftwood key club 2008-2009 financial presentation
TRANSCRIPT
Driftwood Key Club Driftwood Key Club
2008-2009 2008-2009 Financial Financial
PresentationPresentation
Facts About DWK Facts About DWK CommunityCommunity
775 Individual Lots775 Individual Lots 505 Homes505 Homes 599 Members599 Members Many members own multiple lots Many members own multiple lots but only pay for one membership but only pay for one membership
DWK represents approximately 45% DWK represents approximately 45% of the total population living of the total population living in the Hansville zip code.in the Hansville zip code.
DWK Club Common DWK Club Common OwnershipOwnership
4.61 Acres of Land4.61 Acres of Land 1,000+ feet of Waterfront1,000+ feet of Waterfront 3,000 Sq. Ft. Clubhouse3,000 Sq. Ft. Clubhouse Pool and Pool House Pool and Pool House BuildingBuilding
Office/Storage BuildingOffice/Storage Building 93 Slip Marina93 Slip Marina Boat LaunchBoat Launch Sheltered Bay & Channel Sheltered Bay & Channel TidelandsTidelands
Boat Storage AreaBoat Storage Area Children’s PlaygroundChildren’s Playground
Clubhouse/Marina Clubhouse/Marina ComplexComplex
Boat Storage AreaBoat Storage Area MarinaMarina Marina/Clubhouse Marina/Clubhouse ParkingParking
ClubhouseClubhouse Office/Storage Office/Storage BuildingBuilding
Pool & Pool HousePool & Pool House Community BeachCommunity Beach Children’s Play AreaChildren’s Play Area Park GroundsPark Grounds Boat Storage AreaBoat Storage Area 2.65 Acres2.65 Acres
Boat LaunchBoat Launch
Boat Launch RampBoat Launch Ramp Dock and Dock and Temporary SlipsTemporary Slips
Boat Wash WaterBoat Wash Water .17 Acres.17 Acres
Lot 54Lot 54
Community ParkCommunity Park Emergency Emergency Helicopter Helicopter Landing AreaLanding Area
1.62 Acres1.62 Acres
Lot 25Lot 25
Located on Hood Located on Hood Canal DriveCanal Drive
Southernmost Lot Southernmost Lot in DWKin DWK
Location of DWK Location of DWK Southern Community Southern Community SignSign
$150/year Property $150/year Property TaxTax
.17 Acres.17 Acres
Estimated Value of Club Estimated Value of Club AssetsAssets
DESCRIPTIONDESCRIPTION ESTIMATED VALUEESTIMATED VALUE
Club House and Club House and PropertyProperty
$1,700,000$1,700,000
Marina & Boat Marina & Boat LaunchLaunch
$2,500,000$2,500,000
Lot 54Lot 54 $900,000$900,000
Lot 25Lot 25 $15,000$15,000
TotalTotal $5,115,000$5,115,000
Value per MemberValue per Member $8,540$8,540
Different FundsDifferent Funds Two Operating FundsTwo Operating Funds
Club OperationsClub Operations Marina OperationsMarina Operations
Two Restricted FundsTwo Restricted Funds Building and MaintenanceBuilding and Maintenance Harbor & Channel Dredging Harbor & Channel Dredging
Special AssessmentSpecial Assessment Modernize Governance Modernize Governance DocumentsDocuments
Club Operation Fund Club Operation Fund Pays For:Pays For:
Maintenance and Upkeep of:Maintenance and Upkeep of: Member parking areasMember parking areas ClubhouseClubhouse Pool and Pool HousePool and Pool House Boat Storage AreaBoat Storage Area Office/Storage BuildingOffice/Storage Building Club Grounds and BeachClub Grounds and Beach Guest/Member Temporary Marina & Guest/Member Temporary Marina & Boat Launch MoorageBoat Launch Moorage
Club OperationsClub Operations Newsletter Mailing and BillingNewsletter Mailing and Billing Building/Office StaffBuilding/Office Staff InsuranceInsurance CPA/Legal servicesCPA/Legal services
Club Operation Fund Income Club Operation Fund Income Comes From:Comes From:
General Membership Dues of General Membership Dues of $14.33/Mo$14.33/Mo
Boat Storage Fees Boat Storage Fees ($100/Year/Space)($100/Year/Space)
Allocation from Marina Fund to Allocation from Marina Fund to Pay Prorated Share of Club Pay Prorated Share of Club Personnel and Office ExpensePersonnel and Office Expense
Marina Operation Fund Marina Operation Fund Pays For:Pays For:
Maintenance and Upkeep of Marina and Boat Maintenance and Upkeep of Marina and Boat LaunchLaunch
Pump-out StationPump-out Station Electricity/WaterElectricity/Water Marina Parking LotMarina Parking Lot Liability InsuranceLiability Insurance Marina Property TaxesMarina Property Taxes Annual $5K Contribution to Harbor & Annual $5K Contribution to Harbor & Channel Dredging FundChannel Dredging Fund
Prorated Share of Club Personnel and Prorated Share of Club Personnel and Office Operating ExpensesOffice Operating Expenses
Harbor Navigation SignageHarbor Navigation Signage
Marina Operation Fund Marina Operation Fund Income Comes From:Income Comes From:
Marina Tenant Slip LeasesMarina Tenant Slip Leases Private Dock Tideland LeasesPrivate Dock Tideland Leases Allocation from Club Operations Allocation from Club Operations Fund for Guest/Temporary Fund for Guest/Temporary Moorage SpaceMoorage Space
Building and Maintenance Building and Maintenance Fund Pays For:Fund Pays For:
Major Building, Equipment, Major Building, Equipment, Vehicle and Facility RepairVehicle and Facility Repair
Major Capital Improvements and Major Capital Improvements and Equipment Acquisitions.Equipment Acquisitions.
Building and Maintenance Building and Maintenance Fund Income Comes From:Fund Income Comes From:
General Membership Dues of General Membership Dues of $1.66/Mo.$1.66/Mo.
Harbor & Channel Dredging Harbor & Channel Dredging Fund Pays for:Fund Pays for:
Permits Permits Soil AnalysisSoil Analysis Legal ExpensesLegal Expenses Engineering DesignEngineering Design Dredging and Soil DisposalDredging and Soil Disposal Entrance PilingsEntrance Pilings Builds Reserve Fund for Builds Reserve Fund for Next Harbor and Channel Next Harbor and Channel Dredging ProjectDredging Project
Harbor & Channel Dredging Harbor & Channel Dredging Fund Income Comes From:Fund Income Comes From:
General Membership Dredging General Membership Dredging Assessment of $14.83/MoAssessment of $14.83/Mo
Governance Special Governance Special Assessment Pays For:Assessment Pays For:
Modernizing the Club Covenants, Modernizing the Club Covenants, Articles, Bylaws, and other Articles, Bylaws, and other Rules and RegulationsRules and Regulations
Member Assessment in 2008/2009 Member Assessment in 2008/2009 is $0.83/Mo.is $0.83/Mo.
Assessment Terminates when Assessment Terminates when Total Expenses Equal $40,000 Total Expenses Equal $40,000 (approximately $32,000 expended (approximately $32,000 expended to date)to date)
Operational Fund Operational Fund HistoryHistory
-$100,000
-$50,000
$0
$50,000
$100,000
$150,000
$200,000
2003 2004 2005 2006 2007 2008 2009
Total Expenses
Total Revenue
Operating Income
Summary of Current Summary of Current General Membership DuesGeneral Membership Dues
DescriptionDescription MonthlyMonthly YearlyYearly
Club Club OperationsOperations
$14.33$14.33 $172.00$172.00
Building and Building and MaintenanceMaintenance $1.66$1.66 $20.00$20.00
Harbor & Harbor & Channel Channel DredgingDredging
$14.83$14.83 $178.00$178.00
Governance Governance AssessmentAssessment
$0.83$0.83 $10.00$10.00
TotalTotal $31.65$31.65 $380.00$380.00
Proposed 2008/2009 Club Proposed 2008/2009 Club Operations Fund BudgetOperations Fund Budget
SummarySummary
Operating Operating ExpensesExpenses
$173,136$173,136
Total Total IncomeIncome
$131,048$131,048
Savings Savings AccountAccount
$801$801
Net IncomeNet Income -$41,287-$41,287
SummarySummary
Operating Operating ExpensesExpenses
$173,136$173,136
Total Total IncomeIncome
$192,146$192,146
Savings Savings AccountAccount
$801$801
Net IncomeNet Income $19,811$19,811
Maintain Dues of 14.33/Mo Increase Dues to 22.83/Mo
No Dues Increase No Dues Increase Balanced Operation Fund Balanced Operation Fund
BudgetBudget
SummarySummary
Operating Operating ExpensesExpenses
$121,806$121,806
Total Total IncomeIncome
$121,117$121,117
Savings Savings AccountAccount
$801$801
Net IncomeNet Income $113
Eliminate caretaker Eliminate caretaker position immediatelyposition immediately
Use member volunteer Use member volunteer labor to maintain labor to maintain Club’s common Club’s common property.property.
Close pool Close pool immediatelyimmediately
Eliminate Club Eliminate Club grounds maintenance grounds maintenance expendituresexpenditures
This is only a short This is only a short term fix.term fix.
Maintain Dues of 14.33/Mo
Summary of Proposal to Summary of Proposal to Increase Increase
General Membership DuesGeneral Membership DuesDescriptionDescription MonthlyMonthly YearlyYearly
Club Club OperationsOperations
$22.83$22.83 $273.50$273.50
Building and Building and MaintenanceMaintenance $1.66$1.66 $20.00$20.00
Harbor & Harbor & Channel Channel DredgingDredging
$14.83$14.83 $178.00$178.00
Governance Governance AssessmentAssessment
$0.83$0.83 $10.00$10.00
TotalTotal $40.15$40.15 $481.50$481.50