tiburon peninsula club 2013 annual meeting
DESCRIPTION
Tiburon Peninsula Club 2013 Annual Meeting. Financial Review – November 21, 2013. 2013 Financial Highlights. The TPC finances continue to improve. Cash Position: $1,670,000 (up $300,000 y/y) Our Cap Ex is below budget ($250k) for third year in a row. - PowerPoint PPT PresentationTRANSCRIPT
Tiburon Peninsula Club
2013 ANNUAL MEETING
Financial Review – November 21, 2013
1
2013 Financial Highlights
The TPC finances continue to improve
Cash Position: $1,670,000 (up $300,000 y/y) Our Cap Ex is below budget ($250k) for third year in a row. We now have $265,000 in our pool replacement fund
Up from $0 at the beginning of 2012.
Membership: At our Conditional Use Permit (CUP) Capacity Waitlist is currently at 50 in-town families
Operating Costs: Trending Slightly Higher Insurance, utilities, labor
Bank: Partnership with First Republic Bank remains solid.
Operations: Aside from the Cafe, all departments are in the black.
2
Café - Loss Run Rate Analysis
2013 Monthly Low: ($10,943) – September => Annualized:
($131,316)
3
2013 Monthly High: ($27,933) – July => Annualized:
($335,196)
2013 Most recent: ($11,546) – October =>Annualized: ($138,552)
• Since the summer months, losses are stabilizing• Club usage this summer was down significantly due to member travel
• Difficult to plan labor schedules and food buying
• Main culprits for loss: • Food costs• Labor costs• Service charge removal• Catering
2013 P&L Pre-Bonus Operating Resultsby Unit (through October 2013)
4
=> Department profits are not carried forward (i.e. zero balance on Jan. 1st each year)
Profits returned to departments for equipment upgrades and bonuses.
Running a Tight(er) Ship
5
2007 2008 2009 2010 2011 201230%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
TotalRevenuesas a % ofLabor Costs
Jerry Pang is hired as GM of TPC
This is why we have been able to minimize dues increases…
Highlights of 2013 YTD Capital Expenditures
Projects Completed
Clubhouse Café redesign consultation services Clubsoft – management/membership software Security camera system upgrade Fencing Concrete work – sidewalks and stairs
Fitness TV system upgrade
Aquatics Locker room enhancement in boys/girls rooms
Cap Ex remained below average for the third year in a row Most expenditures were related to general/deferred maintenance
6
2013 Membership Review
As of October 31, 2013:
Regular Members = 699 (700 is max under CUP)
Senior Members = 175 Total Members = 874
Monthly Dues Income = ~$200,000
YTD Initiation Income = $455,809 In-Town wait-list at 50 families, each who have submitted a 10% non-
refundable deposit (i.e. $1,850). It’s a real list.
We budget for 35 new Regular Members annually (5% turnover or $647,500) – from both resignations and Senior Member conversions.
YTD, 26 new Regular Members ($481,000) have joined the TPC. Note: some new members are on a 3 month installment plan.
Membership is at capacity due to our conditional use permit (CUP). 7
First Republic Construction Loan Update
1 – Loan Amount: $4,500,000 (current balance = $4,056,810)
2 - Interest Rate: 5.35%
3 - Amortization: 15 years (refinanced in 2011)
4 - Monthly Payment: $37,000/month
5 - Prepay Penalty: In 1st 4 years, we can pay down 20%/year
w/out penalty.
Construction loan refinancing was explored in April 2012 BOG determined the terms were not currently in the best
interest of the TPC. − Although there were interest rate savings, points and fees pushed out the breakeven to over three years.− We will continue to monitor refinancing opportunities.
8
Final Thoughts
Congratulations to all departments on another exceptional year
Thank you to all volunteer members for your time and effort in making the TPC a great place for family, friends and other members to enjoy
Jerry and Aaron are huge assets to the TPC
On the CapEx front, 2014 will prove to be an exciting year for the TPC. Stay tuned!
9
Addendums
10
UNIT P&LS, CASH AND MEMBERSHIP RESULTS BY MONTH(THOUGH OCTOBER 2013)
11
Funded by initiation fees
TPC Cash and Reserve Balances(as of October 31, 2013)
CASH BALANCES"A" Operating Cash/Check Acct
Balance on Jan. 1, 2013 $244,761.26 Balance on Oct. 31, 2013 $101,808.98 Change ($142,952.28)
"B" Emergency Reserve Savings Balance on Jan. 1, 2013 $558,701.22 Balance on Oct. 31, 2012 $559,110.85 Change $409.63
"C" Cap Ex "Replacement" (Ckg)Balance on Jan. 1, 2013 $554,200.41 Balance on Oct. 31, 2012 $704,202.01 Change $79,743.70
"D" Cap Ex "New" (Savings)Balance on Jan. 1, 2013 $40,147.93 Balance on Oct. 31, 2013 $40,155.73 Change $7.80
"E" Cap Ex "Swimming Pool" (Savings)Balance on Jan. 1, 2013 $155,126.13 Balance on Oct. 31, 2013 $265,224.38 Change $110,098.25
Total Cash Balance as of Oct. 31, 2013: $1,670,601.95 12