2/11/2014 02-18-2014 CCCC Annual 1 Membership Meeting · 02-18-2014 CCCC Annual Membership Meeting...

1 2/11/2014 02-18-2014 CCCC Annual

Membership Meeting

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2

Coosaw Creek Country Club

• Call to Order & Welcome: Aubrey Bell

• BOD Vacancies

• Candidate Introductions / Vote: Aubrey Bell

• General Manager’s Report: Mike Benner

• Financial Report: Marion Phillips

• 2014 Challenges and Opportunities: Aubrey Bell

• Election Results: Aubrey Bell

• Q&A: Membership & BOD

Annual Meeting Agenda 02/18/14

02-18-2014 CCCC Annual

Membership Meeting

2 2/11/2014

3


BOD Election Vacancies

Term Completed

Judy Hair

Ira Marshall

Mark Schultz

Candidates

• Judy Hair

• Deon Knecht

• Ira Marshall

• Jim Miller


Membership Meeting

3 2/11/2014

4


BOD Election


Membership Meeting

4 2/11/2014

Please make certain your ballot

has been turned in at this time

5


General Manager’s Reports

Mike Benner


Membership Meeting

5 2/11/2014


• 2013 Goals

– Increase & Expand Community Oriented Social Events

– Increase Member Participation

– Continue to improve communications

– Stabilize Financial Plan

– Identify 5 Year Capital Replacement

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Membership Meeting

6 2/11/2014


• Increase & Expand Community Oriented Social Events Seasonal Events (Fall Festival, Oyster Roast, Member

Holiday Party)

New Events (Comedy Night, Murder Mystery, Men’s Fun Night, 20th Anniversary Celebration)

• Increase participation Fun tournaments

Holiday party

New Invitational Members

Upgraded Memberships


Membership Meeting

7 2/11/2014


• Communications Monthly News Letter

E-Mail Blast

2014 Website Redesign

Quarterly Board Report

• Stabilize Financial Plan Financial plan exceeded budget primarily due to higher

than budgeted initiations fees

Continued cost control

Competitive bids


Membership Meeting

8 2/11/2014



Membership Meeting

9 2/11/2014

Irrigation Control Box Upgrade $91,962

Resurface 1/2 Putting Green w/ Mini Verde $5,612

Fountain Installed at #10 Pond $6,473

New Patio Furniture at Clubhouse $6,350

Water Heater Replacement $11,575

HVAC Replacement 2 units Clubhouse/1 unit

maintenance $16,425

Total $138,398

Capital Projects



Membership Meeting

10 2/11/2014

Cart Path Repairs on hole #7 & hole #8 $2,000

Drinking Fountains Replaced at Course

Restrooms $911

Resurface Bridges on holes #17 & 18 $7,002

Sun Room Wall Removal/Renovation $9,947

Sod Replacement on Course $2,600

Replace intake for Pump on Pond #10 $8,605

Tree trimming and removal throughout course $5,000

Total $36,065

Improvements / Repairs



Membership Meeting

11 2/11/2014

Court Surface Repairs (cracks and peeling) $1,000

Sand Replacement $3,103

Lateral Replacement $279

Auto Pilot Cell Replacement $968

Total $5,349

POOL / TENNIS IMPROVEMENTS



Membership Meeting

12 2/11/2014

Tree Trimming around putting green & clubhouse $15,650

Window/Door Replacement $1,225

Structural Support for Roof $2,500

Concrete/Cart Path work around clubhouse $2,702

Total $22,077

OTHER MISC. ITEMS


• Other Areas to Note Pool

Junior Golf

Golf / Course


Membership Meeting

13 2/11/2014


Financial Overview

Marion Phillips All 2013 Financial Numbers are unaudited


Membership Meeting

14 2/11/2014

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Financial Statement


Membership Meeting

15 2/11/2014

Coosaw Country Club

Dec 2013 YTD YTD Budget

TOTAL CLUB REVENUE 2,967,764 2,874,108 TOTAL COGS 370,429 381,958 TOTAL LABOR 1,011,686 1,051,578 TOTAL EXPENSE 1,315,631 1,261,052 TOTAL COI (EBITDA) 270,017 179,520

Depreciation 114,530 110,592

Interest Expense 39,980 49,200

Interest Revenue (2,014) (2,014)

Amortization 734 744

Taxable Income 116,786 20,998

Cash Flow 270,017 179,520

Interest Expense 39,980 39,980

Interest Revenue (2,014) (2,014)

Mortgage Principal 139,613 139,613

State Taxes - -

Federal Taxes - -

CapEx 46,435

Cash To Account 46,002 1,940

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Assets


Membership Meeting

16 2/11/2014

Current Assets

Cash - Disbursement $125,536.64

Cash- MM/CAPITAL RESERVE 220,533.56

Petty Cash 1,000.00

Certificate of Deposit 150,000.00

Cash - Receipts Account 562,045.61

Accounts Receivable Members 303,854.63

Allowance for Doubtful Accts (40,833.97)

Accounts Receivable - Other 2,590.30

Merchandise - Shoes 5,720.60

Merchandise - Menswear 5,339.82

Merchandise - Ladieswear 2,141.87

Merchandise - Pro Balls 3,183.43

Merchandise - Headwear 1,605.03

Merchandise - Gloves 3,540.20

Merchandise - Clubs 14,509.27

Merchandise - Bags 1,444.38

Merchandise - Misc 5,426.12

Inventory-Maintenance 4,731.36

Inventory - Food 18,593.29

Inventory - Course Supplies 2,470.75

Prepaid Deb/Escrow 136,586.29

Prepaid Other 5,353.80

Total Current Assets 1,535,372.98

Property and Equipment

Land 1,053,412.51

Buildings 522,945.83

Capital Improvements 1,006,698.33

Building Improvements 216,263.52

Equipment - Course 402,524.74

Equipment - Kitchen 162,492.38

Furniture, Fixtures & Equip 175,824.06

F/A Capital Lease 154,339.20

Loan Costs 19,078.67

Acc Depr - Buildings (97,327.69)

Acc Depr - Cap Improv Course (303,530.51)

Acc Depr - Building Improvemen (19,912.41)

Acc Depr - Equip Kitchen (173,277.17)

Acc Depr - Equip Course (246,378.61)

Acc Depr - Furn Fix & Equip (105,920.63)

Accum Depreciation Capital Lea (38,584.80)

Accumulated Amortization (5,442.34)

Total Property and Equipment 2,723,205.08

Other Assets 0.00

Total Other Assets 0.00

Total Assets $4,258,578.06

17


LIABILITIES AND CAPITAL


Membership Meeting

17 2/11/2014

Current Liabilities

Reciprocal/Deposits Current Li $446.19

Accrued Wages Payable 22,462.80

Accr Banquet Service Charge 4,154.38

Sales Tax Payable 12,671.81

Accrued Payables 54,281.59

Accrued Personal Property Tax 6,600.00

Accrued Real Estate Taxes 77,905.01

Accrued Interest Payable 3,118.84

Gift Certificates 7,125.63

Deferred Revenue 780,295.90

DEFERRED - TRAIL FEES 33,248.01

Christmas Gratuity 13,096.96

Current Portion Capital Lease 101,848.56

Current Portion of LTD 80,632.20

Accounts Payable - Trade 144,033.93

Total Current Liabilities 1,341,921.81

Long-Term Liabilities

Notes Payable 1,692,350.32

Obligation Capital Lease (28,878.51)

Capital Lease - Club Car 206,650.09

Capital Lease - Cushman 6,017.58

Paid In Capital 687,000.00

Total Long-Term Liabilities 2,563,139.48

Total Liabilities 3,905,061.29

Capital

PAID IN CAPITAL 46,831.87

Retained Earnings 189,898.70

Net Income 116,786.20

Total Capital 353,516.77

Total Liabilities & Capital $4,258,578.06

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Financial Statement


Membership Meeting

18 2/11/2014

DUES REVENUE 1,233,407

42%

INITIATION FEES 217,500

7%

GREEN FEES 190,117

6%

CART FEES 365,900

12% MERCHANDISE

159,250 5%

OTHER PRO SHOP 17,330

1%

F&B SALES 656,960

22%

OTHER F&B REVENUE

74,223 3%

TENNIS REVENUE 253 0%

POOL REVENUE 33,213

1% OTHER INCOME 19,611

1%

Revenue by Source $2,967,764

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Expense as % of Revenue


Membership Meeting

19 2/11/2014

$2,967,764 MERCHANDISE COGS

$103,008 3%

F&B COGS $267,442

9%

PRO SHOP LABOR $135,527

5%

F&B LABOR $309,270

11%

POOL LABOR $38,140

1%

COURSE LABOR $328,587

11%

MARKETING LABOR $6,672

0% ADMIN LABOR

$193,082 6%

PRO SHOP EXPENSE $122,153

4%

F&B EXPENSE $85,986

3%

TENNIS EXPENSE $4,116

0%

POOL EXPENSE $31,275

1%

COURSE EXPENSE $474,832

16%

MARKETING EXPENSE $37,326

1%

OPERATIONAL EXPENSE $477,908

16%

OTHER EXPENSE $82,536

3%

MORTGAGE PRINCIPAL $139,606

5%

INTEREST EXPENSE $40,720

1%


Membership Meeting

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2/11/2014

TOTAL CAPITAL IMPROVEMENTS $138,398

TOTAL REPAIRS & IMPROVEMENTS $63,492

Total $201,889

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Membership Meeting

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Five Year Plan

2014 2015 2016 2017 2018

TOTAL CLUB REV $2,886,817 $2,977,345 $3,075,914 $3,192,958 $3,295,428

TOTAL COGS $377,010 $384,550 $392,241 $400,086 $408,087

TOTAL LABOR $1,088,880 $1,115,178 $1,139,854 $1,165,099 $1,190,927

OPERATING EXPENSE $1,302,723 $1,325,625 $1,348,985 $1,372,812 $1,397,116

CLUB OP INCOME $118,205 $151,993 $194,834 $254,961 $299,298

DEPRECIATION $104,195 $125,000 $125,000 $135,000 $135,000

INTEREST EXPENSE $40,724 $40,724 $40,724 $40,724 $40,724

INTEREST REVENUE $(3,581) $- $- $- $-

AMORTIZATION $744 $744 $744 $744 $744

TOTAL EXPENSE $142,082 $166,468 $166,468 $176,468 $176,468

Est Taxable Income $(23,877) $(14,475) $28,366 $78,493 $122,830

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Membership Meeting

22 2/11/2014

Five Year Plan

2014 2015 2016 2017 2018

CLUB OP INCOME $118,205 $151,993 $194,834 $254,961 $299,298

INTEREST EXPENSE $40,724 $40,724 $40,724 $40,724 $40,724

PRINCIPAL $139,613 $139,613 $139,613 $139,613 $139,613

CAPITAL $124,500 $50,000 $100,000 $50,000 $50,000

State & Federal Income

Tax $- $- $- $26,447 $46,842

CASH FLOW

$(186,632) $(78,344) $(85,503) $(1,823) $22,119

Proj EOY Bal Incl

Prepaids $844,224 $765,879 $680,376 $678,554 $700,673

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Membership Meeting

23 2/11/2014

DUES REVENUE $1,292,377

45%

INITIATION FEES $67,500

2%

GREEN FEES $195,000

7%

CART FEES $379,500

13%

MERCHANDISE $154,980

6%

OTHER PRO SHOP

$18,785 1%

F&B SALES $674,250

23%

OTHER F&B REVENUE $63,950

2%

TENNIS REVENUE

$125 0%

POOL REVENUE $33,750

1%

OTHER INCOME $6,600

0%

2014 Budget Revenue

Rev = $2,886,817

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Membership Meeting

24 2/11/2014

Mortgage Reserve Fee

$220,533 22%

Annual Prepaids $558,377

54%

Operating Cash $126,676

12%

Capital Fund $125,000

12%

Bank Balance 12/31/2013 $1,030,586

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Membership Meeting

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

2013 Plan $893,297 $836,585 $778,009 $742,818 $717,644 $680,321 $574,532 $518,499 $483,180 $452,911 $422,366 $846,726

2013 Actual $1,008,7 $941,507 $934,052 $937,624 $901,378 $907,924 $849,662 $764,643 $750,181 $740,029 $614,999 $1,030,8

2014 Plan $1,004,3 $919,748 $862,675 $804,432 $770,739 $713,407 $652,704 $577,843 $540,592 $494,813 $458,901 $979,377

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

Cash Flow

2013 Plan 2013 Actual 2014 Plan

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Membership Meeting

26 2/11/2014

ACCOUNTS 60 DAYS & OVER SUMMARY

YEAR 60 Days 90 Days 120 Days TOTAL

2008 $37,027 $11,445 $75,773 $124,246

2009 $9,364 $11,023 $84,548 $104,934

2010 $6,693 $4,103 $39,748 $50,543

2011 $7,359 $5,088 $67,673 $80,120

2012 $4,969 $3,930 $78,840 $87,739

2013 $6,181 $5,337 $49,326 $60,844

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2014 Path Forward

A. Bell


Membership Meeting

27 2/11/2014

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Coosaw Creek Country Club 2014 Goals

• Maintain Cash Flow

• Continue facility improvements

• Evaluate outside events that displace

members

• Evaluate non-replacement capital

projects


Membership Meeting

28 2/11/2014


Newly Elected Board Members

Voting results


Membership Meeting

29 2/11/2014

30


Question/Answer Session

•Please approach microphone with questions


Membership Meeting

30 2/11/2014

2/11/2014 02-18-2014 CCCC Annual 1 Membership Meeting · 02-18-2014 CCCC Annual Membership Meeting...

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