The Keystone Neighbourhood Company · Services provided by the KNC include general maintenance of...
Transcript of The Keystone Neighbourhood Company · Services provided by the KNC include general maintenance of...
THE KEYSTONE NEIGHBOURHOOD COMPANY SPECIAL MEMBERS’ MEETING
July 3rd, 2019 (Warren Station at Keystone)
AGENDA
I. Call the Meeting to Order . . . . . . Verbal A. Introduction of Executive Board . . . . Verbal B. State of the County by Summit County Officials . . . Verbal C. Resort Update . . . . . . Verbal D. Approval of Previous Meeting Minutes . . . . 1 - 5
II. Audit Report (Paul Backes of McMahon & Associates)A. Audit and Year-End 2018 . . . . . Verbal
III. Executive Director’s Report (Mark Mathews)A. Year-to-Date April 30, 2019 Financial Reports . . . 6 - 14 B. Capital Projects Status . . . . . . Verbal
IV. Vote (Mark Mathews)A. Determination of Quorum . . . . . Verbal B. Candidate Forum . . . . . . Verbal
a. River Run Residential Director Board Seat Election currently held byMarilyn Manning
b. At-Large Residential Director Board Seat Election currently held byGail Allaman
c. At-Large Director Board Seats Election currently held Clare Lehmanand Jonathan Smith
d. At-Large Commercial Director Board Seat Election currently held byDonna Nolz
C. Vote on Board Nominees. . . . . 15 - 22 (Ballot on page 22)
V. General DiscussionA. Events and Warren Station Update (Maja Russer) . . Verbal B. 2019 Summer Events Calendar . . . . . 24 - 25 C. Member Questions / Comments (2 minutes each)(Mark Mathews) Verbal
VI. Election & Voting Results (Mark Mathews) . . . . Verbal
VII. Next Meeting Date (Mark Mathews) . . . . . Verbal Friday, November 22nd, 2019 from 2:00 – 5:00 pm
VIII. Adjournment . . . . . . . . Verbal
The Keystone Neighbourhood Company
Annual Members’ Meeting
November 16, 2018
I. Call the Meeting to Order
The Keystone Neighbourhood Company (KNC) Annual Members’ Meeting was called to order by
Mr. Buchheister at 2:13 p.m. in Warren Station.
Board Members Present Were:
Geoff Buchheister, President, Resort Director
Gail Allaman, Secretary, At Large Residential Director
David Stelzer, Ski Tip Residential Director
Clare Lehman, At Large Director
Donna Nolz, At Large Commercial Director
Don McCoy, River Run Commercial Director
Homeowners Present Were:
Scott Silver, #2217 Ginger Boult, #2241
Gunther Kerkhoff, #2316 Liz & Brian Van Vechten, #2336
Homer & Becky Kay, #3033 Doug & Nancy Sims, #6223
Darin & Diane Daby, #8038 Dirk Martin, #8202
Geoff Kaeser, #8210 Gary & Pam Preston, #8374
Richard Alan Fuhr, #8417 Jim Hutter, #8481
Barb Schwarte, #8481 Jason Pratt, #8490
Anne & Tom Matchell, #8510 Patty Murray, #8531
Mike Dammell, #8603 Judd Ellmers, #8702
John McDonald, #8767 Michael Trask, #8802
Penny Gibson, #8810 Joe & Lori Rooney, 55 Tieze Ln.
Jeanne Startzel, 780 Outpost Dawn Gaynor, #84 River Run
Steve Kelley, #23 Alders
Representing the Keystone Neighbourhood Company Were:
Mark Matthews, KNC Executive Director Mindy Bothel, Business Manager
Maya Russer, Director of Events & Marketing Chelsea Rybak, Special Events Mgr.
Michelle Anderson, Warren Station Coord. Brendan Lawrence, Office Coord.
Chris Duncan, Warren Station Mgr. Erin Bissette, Special Events Coord.
Representing Keystone Property Management Were:
Josh McReynolds, Community Association Manager
Alan Teets, Community Association Manager
Jeff Pennette, Senior Community Association Manager
Others present were Ralf Garrison Presenter and Erika Krainz, Summit Mgt. Resources,
Recording Secretary
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Annual Members’ Meeting
11/16/18 Page 2 of 5
A. Approval of Previous Meeting Minutes
Mr. Sims motioned to approve the June 29, 2018 Special Members’ Meeting minutes as
presented. Mr. Rooney seconded and the motion carried.
B. Ralf Garrison: Mountain Travel Market Update
Mr. Garrison presented a Mountain Travel Market Update 2019. The information
addressed key influences on the lodging industry, including econometrics (economic
recovery, federal policy, geopolitical considerations and consumer confidence),
consumers/customers (psychographics, age transition, time vs. money, disruption caused
by technology and nationalism), attractions/activities (destination magnets,
legacy/niche/experiential activities) and bed base (hot – warm – cold beds, capacity, aging
inventory and the effect of the grey market).
He provided a 2017/2018 Summary:
1. Breckenridge, Copper Mountain and Keystone are the Summit County destinations
that have provided statistically relevant data.
2. Occupancy last winter was very similar to the year prior but there was some filling
of the valleys between peak occupancy periods.
3. Occupancy, ADR and RevPar in Summit County are similar to the overall industry.
4. The industry average rate for summer occupancy is $237 versus $162 for Keystone.
5. Winter occupancy and RevPar for Summit County in 2018/2019 are up and rates
are flat.
6. There were 53.9 million skier visits in US last year.
C. Resort Update
Mr. Buchheister stated that the mission is for Keystone to be the leader in delivering
family experiences. There are concerns about the effects of technology and the team is
looking to find new ways for families to connect on the mountain.
He reviewed new developments for 2018/2019:
1. Keystone was voted the most family friendly resort.
2. Added Keystone’s 21st lift. It is a second carpet at the gondola mid-station.
3. Replaced 6,200 feet of snowmaking infrastructure on Paymaster and added a valve
house on Schoolmarm.
4. Added snow fence at the top of Santiago to retain natural snow along the ridge.
5. Mowed the growth on Porcupine to facilitate opening the trail with less snow
depth.
6. In Mountain Dining, there is new Go Big Burger concept on the first floor of the
Mountain House. The Resort has a commitment to zero emissions and waste in the
landfill and has eliminated straws. The Mountain House Coffee Corner has been
reimagined.
7. Dercum Mountain opened two days ahead of schedule on November 7th and North
Peak opened on November 9th. The Outback will be opening on November 17th.
8. The Ski Tip guest rooms were rejuvenated and one room was converted to a guest
lodge.
9. The Conference Center carpet is being replaced and a coffee shop is being added.
10. There will be curling at Lakeside Village this winter.
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The Keystone Neighbourhood Company
Annual Members’ Meeting
11/16/18 Page 3 of 5
11. Kidtopia signature events include the Holiday Spectacular November 24th –
December 24th, the Culinary Festival February 8th – 15th and the Music Experience
March 1st – 10th.
12. Emma, Epic Mountain Assistant will be debuted at Keystone. The program uses
artificial intelligence and natural language processing to respond to guest questions
about topics such as weather and dining options submitted via text.
13. The Village at Wintergreen workforce housing is under construction. It will
provide nearly 400 beds for the 2019/2020 season. Workforce housing was also
built in Silverthorne for Epic Mountain Express employees.
III. KNC Overview
Mr. Matthews introduced the KNC staff and reviewed the KNC Mission Statement: “Our mission
is to make the Neighbourhoods at Keystone a premier mountain community by maintaining a
high-quality environment and investing in amenities, facilities, events and services that will attract
residents and visitors to create a vibrant resort community.”
Services provided by the KNC include general maintenance of common areas, snow and trash
removal, landscaping and beautification, enforcement of covenants, rules and regulations, security,
public and private event promotion, coordination, execution and management of events and
upkeep of facilities and amenities including Warren Station and the pool at Dakota Lodge. The
KNC drives value through events and amenities.
KNC highlights in 2018 included:
1. It was another great year of growth for summer festivals and events.
2. Installed a snowmelt system and pavers to improve the streetscape.
3. There were continued strong budget controls and a clean audit.
4. There is new construction consisting of the 32 River Run Townhomes, Estates at the
Alders new single family homes and Alders Townhomes.
KNC summer projects included:
1. Landscaping at Buffalo Lodge, East neighborhoods, Arapahoe Lodge and Jackpine.
2. An event information kiosk was added.
3. New ski/snowboard racks were placed around the Village.
4. Installed a snowmelt system in the River Run Village. An additional section was
completed in the fall between Silver Mill and Christy Sports. The project was completed
on schedule and on budget.
Mr. Matthews provided a Design Review Board Update:
1. One River Run – Continuing with the design review process.
2. Alders Townhomes – Fourth phase is in progress and getting ready to turn over to buyers.
3. River Run Townhomes – Construction has been completed.
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Annual Members’ Meeting
11/16/18 Page 4 of 5
IV. Executive Director’s Report
A. 2018 Year-End Projections
Balance Sheet as of September 30, 2018:
1. Total Checking/Savings - $9,010,540 vs. $9,642,153 last year.
2. Total Accounts Receivable - $122,922 vs. $73,117 last year. There was one
delinquent owner.
2018 projected Year-End Results:
1. Total Revenue - $3,986,128 budget vs. $4,910,704 projected, 23% ahead of budget.
2. Total Expenses – $3,284,517 budget vs. $3,274,073 projected, less than 1% under
budget.
3. Operating Income (before allocations) – $701,611 budget vs. $1,636,630 projected,
233% ahead of budget.
4. Capital - $5,116,043 budget vs. $4,906,043 projected, 4% under budget.
B. 2019 Budget
1. Total Revenue - $4,380,816
2. Total Expenses - $3,485,041
3. Reserve Allocation - $895,755
4. Capital Expenditures - $588,500
There was general discussion about the Reserve funding level. Mr. Mathews said the
Reserve funding level is in line with the Reserve Study recommendation. The replacement
of Warren Station is projected to cost $10 million. The model assumes 60% financing and
40% from Reserves. An owner suggested consideration of Warren Station events targeting
the baby boomer generation such as happy hours and concerts.
V. Vote
A. Determination of Quorum
Mr. Mathews confirmed that there was a quorum.
B. Ratification Vote on 2019 Budget
Ballots were collected and tallied and the 2019 Budget was ratified with 1,747 votes in
favor and three opposed.
VI. General Discussion
A. Events and Warren Station Update
Ms. Russer provided a summary of the summer activities:
1. There were record festival numbers with 15.5% - 27% revenue growth.
2. Third party and private events included the Instructure and Mini Cooper groups, the
River Run Art Festival, Kidtopia Kidfests, Discovery Days and Strider Cups.
3. Numerous weddings were hosted in Warren Station.
4. Warren Station public events continued, including BLAM, comedy and festival
activation.
5. There were 75 million public relations impressions throughout the summer season.
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Annual Members’ Meeting
11/16/18 Page 5 of 5
6. Surveys were completed by event guests. The results indicated that 55% paid for
lodging, 78% stayed in Keystone the average guest spent $200. There were 220,000
website views and six local television appearances to promote the festivals.
B. 2018/2019 Winter Event Calendar
Winter events include the Get Stoked movie series, Welcome Winter Family Carnival,
Winter Comedy Series, Winter BLAM shop local, NYE Trout Steak Revival concert,
Winter Bluegrass Weekend, Winter Wine Tasting, Rocky Mountain Country Festival and
Tim O’Brien Band concert on closing weekend.
2019 Events will include a Mardi Gras Celebration and Gumbo Cook Off, with the
Lighting of River Run, Mardi Gras Kids Choice Gumbo Competition and Kidtopia Music
Experience. The summer lineup will include six festivals.
There will be five First Tracks hosted by the KNC, one each month starting in mid-
December. The dates will be announced once they have been finalized.
VII. Set Next Meeting Date
The next KNC Members Meeting was scheduled for Wednesday, July 3, 2019 at 2:00 p.m.
VIII. Adjournment
Mr. Mathews motioned to adjourn at 4:19 p.m. Mr. Rooney seconded and the motion carried.
Approved By: ________________________________________ Date: ______________________
Board Member Signature
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Financial Report as of April 30, 2019
Executive Director Summary
Profit & Loss Budget vs. Actual Comparison
Profit & Loss Budget vs. Actual Report
Balance Sheet Year-Over-Year Comparison as of April 30, 2019
Accounts Payable Aging Summary as of April 30, 2019
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TO: KNC FINANCE COMMITTEE
FROM: MARK MATHEWS
RE: APRIL 2019 FINANCIALS
DATE: JUNE 5, 2019
As has been the case for the past couple of months, we are tracking flat to budget on expenses
and revenues are very strong due to RETA. One category we have been tracking is
snowplowing and snow removal expenses from January through March. You can see this line
item shows we were just slightly under budget in spite of a record snowfalls during this time.
Our Operations crew did a great job this past winter.
Revenues 118% over Budget YTD
Expenses Flat to Budget
RETA $149,592 above budget
Payroll Overall tracking to Budget
Events & WS Events Investment is slightly under Budget.
Operations Below Budget
RETA
As of 6/5/2019
Total: $786,600 ($116,259) less than same time last year and includes $100,000 for 1RR)
Same time last year: $902,879
Budget to date: $571,304
Total collected to budget: $215,316 over budget or 137.7%
# of transactions for current year: 48 (22 fewer transactions than same time last year)
# of transaction previous year: 70
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Keystone Neighbourhood Company
Profit & Loss Budget vs. Actual January through April 2019
Jan - Apr 18 Jan - Apr 19 Budget $ Over Budget % of Budget
Income
40000 · Annual Real Estate Assessments 11,452.75 40,597.61 40,848.98 -251.37 99.39%
41000 · Real Estate Transfer Assessment 800,299.10 660,150.00 510,557.10 149,592.90 129.3%
42000 · Sales Assessment (1/2%) 123,213.52 131,106.73 118,213.52 12,893.21 110.91%
43000 · Recreation Assessments (1/2%) 18,313.34 19,606.88 16,876.12 2,730.76 116.18%
45000 · Other Income 115,716.28 113,163.30 99,735.57 13,427.73 113.46%
46000 · Keystone Design Review Board 20,100.00 16,400.00 17,600.00 -1,200.00 93.18%
47000 · Community Events 11,106.34 43,761.74 42,117.00 1,644.74 103.91%
48000 · Warren Station 135,967.83 93,047.17 94,935.41 -1,888.24 98.01%
Total Income 1,236,169.16 1,117,833.43 940,883.70 176,949.73 118.81%
Gross Profit 1,236,169.16 1,117,833.43 940,883.70 176,949.73 118.81%
Expense
51000 · Administrative Expenses 24,261.16 18,968.50 20,274.96 -1,306.46 93.56%
52000 · Insurance 12,705.05 14,287.76 13,912.96 374.80 102.69%
53000 · Leasehold 21,236.04 20,612.27 21,654.56 -1,042.29 95.19%
53020 · Security 34,349.76 34,349.76 36,362.13 -2,012.37 94.47%
53030 · Member Expenses 2,085.01 7,164.37 6,284.06 880.31 114.01%
53035 · Board Member Travel Expenses 0.00 0.00 500.00 -500.00 0.0%
54000 · Income Tax Expense 0.00 0.00 0.00 0.00 0.0%
59999 · Depreciation Expense 16,333.36 32,204.00 26,492.95 5,711.05 121.56%
61000 · Event Dept. Expenses 14,318.55 16,999.07 16,893.97 105.10 100.62%
69999 · Events & Festivals 53,030.15 58,486.90 58,990.60 -503.70 99.15%
70000 · Warren Station Operations 177,142.69 132,747.55 133,171.43 -423.88 99.68%
72000 · Weddings 9,691.94 4,358.13 3,684.83 673.30 118.27%
81000 · Neighbourhood Operations 122,272.44 173,712.68 173,719.18 -6.50 100.0%
83000 · Pool & Spa Maintenance 25,453.41 26,208.90 26,053.78 155.12 100.6%
84000 · Road Snow Removal & Mtn. 78,586.71 98,543.85 99,811.65 -1,267.80 98.73%
85000 · Landscaping 131.95 0.00 0.00 0.00 0.0%
89000 · KNC Design Review Board 7,996.53 8,359.38 8,527.58 -168.20 98.03%
Total Operating Expenses Only 1,044,578.42 1,101,224.00 1,101,351.34 -127.34 99.99%
Net Income - Operating 191,590.74 16,609.43 -160,467.64 177,077.07 -10.35%
91000 · Capital Reserve & Replacement 124,674.39 48,013.49 51,704.47 -3,690.98 92.86%
92000 · Community Improvements 6,320.00 70,124.56 70,000.00 124.56 100.18%
Total Expense 1,175,572.81 1,219,362.05 2,163,939.51 -944,577.46 56.35%
Net Ordinary Income 60,596.35 -101,528.62 -1,223,055.81 1,121,527.19 8.3%
60,596.35 -101,528.62 -1,223,055.81 1,121,527.19 8.3%
April 2019 Year to Date:
· Income was $1,117,833 or 118.8% the budgeted amount.
· Operating Expenses were $1,101,224 or 100.0% of the budgeted amount.
· Capital Expenditures were $118,138 or 3.0% of the budgeted amount
· Net Operating Income year to date was $16,609 or (10.4%) of the budgeted amount.
· Net Income (after Capital Expenditures) year to date was ($101,529) or 8.3% of budgeted amount.
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Keystone Neighbourhood Company
Monthly Financial Report
for month ending
April 30, 2019
INCOME
Annual Real Estate Assessments
2019 estimated A.R.E.A. paid at closings.
Real Estate Transfer Assessment
RETA is starting the year at approximately $140K less than same time last year but outpacing budget
by 29%. 2019 total includes $100,000 in RETA received in February from the sale of the Hunki Dori lot
to One River Run Acquisitions LLC. Ten properties closed in April 2019 compared to twelve in April
2018. Three units sold in the Alders Townhomes, one unit each sold in the Buffalo Lodge, Dakota
Lodge, Expedition Station Lodge, Jackpine Lodge, Springs Lodge, Trappers Crossing and Settlers
Creek Estates.
Sales Assessment (1/2%)
Sales assessments are showing an increase to same time last year of approximately $7,900.
Assessments are also trending over budget by 10.9%. Village and resort merchants had strong sales
through the 2018/2019 winter season as well as various property management companies.
Recreation Assessments (1/2%)
Recreation assessments are showing an increase to budget of 16.2% and same time last year of
approximately 7%. Adult Ski School is showing an increase of $156 year over year with Kids Ski
School experiencing an increase of $838 and Ice Skating revenues are flat year over year.
Other Income
Other Income is starting the year with an increase to budget, but a decrease to same time last year. All
accounts are showing an increase in interest revenue and the Capital Reserve interest earned through
April is flat to budget .
Keystone Design Review Board
The KDRB is showing a decrease to same time last year and budget. Thus far we have received an
application fee for one new home in Settlers Creek Estates, three hot tub installation application fees
and assessed additional review fees to One River Run Acquisitions LLC .
Community Events
Community events is beginning 2019 exceeding the Mardi Gras budget by $335. We received stage
rental income and bar revenue from the Kidtopia event held in the village area in March. Bar revenue
for the Kidtopia event exceeded last year by approximately $1,275. We have assessed the booth fees
for Bacon & Bourbon Festival, Wine & Jazz Festival, Bluegrass & Beer Festival and Mountain Town
Music Festival creating the variance year over year. Our sponsorship revenue is also trending on
budget.
Warren Station
Warren Station revenue closed April with a slight decrease to budget and approximately $42,900 less
than same last year. The increase in wedding revenue is offset by a decrease in bar revenue. The
variance in year over year revenue is attributed to having The Motet and Kyle Hollingsworth preform in
January 2018 and not hosting any concerts in Warren Station in January 2019 thus reducing ticket
revenue as well.
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Keystone Neighbourhood Company
Monthly Financial Report
for month ending
April 30, 2019
Expense
Administrative Expenses
Administrative expenses show a minor decrease to budget with meetings/meals accounts over budget
offset by legal expenses, continuing ed and bank fees under budget. Higher legal fees and a deposit
paid on the audit in 2018 is contributing to the variance between years.
Insurance
Business insurance is trending on budget.
Leasehold
Leasehold expenses show a minor decrease to budget with the corporate office lease account closing
the month under budget.
Security
Security is showing a decrease to budget and flat to same time last year.
Member Expenses
Member expenses show a minor increase to budget. We had three 2019 First Tracks events in the
1st qtr. with approximately 75 guests in January, 100 guests in February and 70 guests in March. We
also hosted a breakfast on the mountain at the March event. We did not hold a First Tracks event in
the 1st qtr. of 2018 thus the year over year variance.
Board Member Travel Expenses
No Board member travel expenses were submitted thus far in 2019.
Income Tax ExpenseNo income tax expenses expected for 2019.
Depreciation Expense
Depreciation expenses are showing an increase to budget and are expected to close 2019 over budget
due to the revised fixed asset schedule received from our auditors.
Event Dept. Expenses
Event Dept. operating expenses are on budget. We experienced an increase in continuing ed and
meeting/meals accounts offset by a reduction in office supplies.
Events & Festivals
Festival expenses are trending on budget as we prepare for the busy summer festival season. We
have purchased supplies for all major festivals and paid band deposits. We are comparable to year
over year spending through April.
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Keystone Neighbourhood Company
Monthly Financial Report
for month ending
April 30, 2019
Warren Station Operations
Warren Station operating accounts are trending on budget through April. Equipment/network,
cleaning/supplies and utilities/phone accounts are under budget offset by an increase in signage and
marketing expenses. The variance year over year is attributed to no payments made to entertainers for
concerts in the first qtr. 2019.
Weddings
Wedding expenses are showing a slight increase to budget due to marketing costs. Year over year
variance is due to a change in wedding advertising activities.
Neighbourhood Operations
Neighbourhood Operations is on budget through April with an increase in fuel, vehicle maintenance and
lighting/electrical expenses offset by tools/supplies and temporary labor. The year over year variance
is attributed to the new snowmelt system utility expense and the reduction of expenses realized in
spring/summer of 2018 due to the closure of the village area.
Pool & Spa Maintenance
Pool and Spa expenses are on budget. Repair/maintenance and pool towels are under budget offset
by chemical purchases and restroom cleaning.
Road Snow Removal & Maintenance
Road snow removal closed April with a minor decrease to budget. With the heavy snow fall we received
in March we did approximately $20K in snow removal from the village and outlaying neighbourhoods
which is attributed to the year over year variance. We are on target with our annual budget using
approximately 57% of the budget thus far in 2019.
Landscaping
No landscaping expenses through April.
KNC Design Review Board
KDRB professional fees are slightly higher than same time last year due to additional work sessions
related to the One River Run project. We are trending on budget through April.
Capital Reserve & Replacement
As we move into spring 2019 we have completed a refresh on all the KNC websites, purchased new
event flutter flags and custom table covers, purchased 2 new bollard packages for Upper Gold Bug
parking area, 3 new mushroom heaters, POS docking stations, new games for the village. An
emergency stop switch was installed on the snowmelt boiler system and we upgraded the gate hinges
at the pool and purchased a new pool cover to get ready for the busy summer season. We completed
the installation of artificial turf at the ice rink/mini-golf area for a greatly improved guest experience.
Community Improvements
We made the first construction draw payment on the Buffalo restroom remodel in April.
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Keystone Neighbourhood Company
Balance Sheet As of April 30, 2019
Apr 30, 19 Apr 30, 18 $ Change % Change
ASSETS
Current Assets
Checking/Savings
10000 · Alpine Bank Checking 43,487.92 313,923.65 -270,435.73 -86.15%
10000A · Operating Checking- Alpine Bank 179,817.70 0.00 179,817.70 100.0%
10001 · Alpine Bank -Operations Reserve 127,385.16 131,169.51 -3,784.35 -2.89%
10003 · Alpine Bank - Capital Reserve 3,163.10 66,241.27 -63,078.17 -95.23%
10005 · Alpine Bank - Improvement Resv. 3,579.26 45,327.51 -41,748.25 -92.1%
10008 · Alpine Bank - Facilities Reserv 35.71 35.69 0.02 0.06%
10021 · UMB Bank - Capital Checking 526.00 968,923.97 -968,397.97 -99.95%
10021A · UMB Bank - Capital Investment 33,000.00 735,000.00 -702,000.00 -95.51%
10022 · UMB Bank - Improvements Chcking 503.01 281,026.75 -280,523.74 -99.82%
10022A · UMB Bank - Improvements Invest 1,022,000.00 735,000.00 287,000.00 39.05%
10023 · UMB Bank - Facilities Checking 5,326.13 5,599.48 -273.35 -4.88%
10023A · UMB Bank - Facilities Invest 718,000.00 703,000.00 15,000.00 2.13%
10030 · MBS - Pershing Operations
10030A · MBS - Pershing Oper Investment 2,752,210.00 1,493,601.85 1,258,608.15 84.27%
10030 · MBS - Pershing Operations - Other 449,529.88 1,704,841.81 -1,255,311.93 -73.63%
Total 10030 · MBS - Pershing Operations 3,201,739.88 3,198,443.66 3,296.22 0.1%
10031 · MBS - Pershing Capital
10031A · MBS - Pershing Capital Invstmnt 400,007.00 1,009,386.60 -609,379.60 -60.37%
10031 · MBS - Pershing Capital - Other 238,216.16 633,434.50 -395,218.34 -62.39%
Total 10031 · MBS - Pershing Capital 638,223.16 1,642,821.10 -1,004,597.94 -61.15%
10032 · MBS - Pershing Improvement
10032A · MBS - Pershing Impv Investment 605,570.01 248,817.72 356,752.29 143.38%
10032 · MBS - Pershing Improvement - Other 5,967.92 338,820.79 -332,852.87 -98.24%
Total 10032 · MBS - Pershing Improvement 611,537.93 587,638.51 23,899.42 4.07%
10033 · MBS - Pershing Facilities
10033A · MBS - Pershing Facilities Invst 523,664.06 333,236.17 190,427.89 57.15%
10033 · MBS - Pershing Facilities - Other 3,863.70 2,834.04 1,029.66 36.33%
Total 10033 · MBS - Pershing Facilities 527,527.76 336,070.21 191,457.55 56.97%
Total Checking/Savings 7,115,852.72 9,750,221.31 -2,634,368.59 -27.02%
Accounts Receivable
11000 · Accounts Receivable 107,089.65 72,189.71 34,899.94 48.35%
Total Accounts Receivable 107,089.65 72,189.71 34,899.94 48.35%
Other Current Assets
12003 · Undeposited Funds* 19,370.04 8,407.35 10,962.69 130.39%
12306 · Warren Station Bank 1,750.00 750.00 1,000.00 133.33%
12308 · Prepaid Expenses - Current Year 34,317.83 13,193.55 21,124.28 160.11%
12309 · Prepaid Insurance 22,561.56 20,700.40 1,861.16 8.99%
12311 · Resort Reimbursable 0.00 -600.00 600.00 100.0%
12340 · Inventory Asset 10,869.42 14,171.06 -3,301.64 -23.3%
12350 · Alcohol Inventory 5,993.44 7,028.69 -1,035.25 -14.73%
Total Other Current Assets 94,862.29 63,651.05 31,211.24 49.04%
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Keystone Neighbourhood Company
Balance Sheet As of April 30, 2019
Apr 30, 19 Apr 30, 18 $ Change % Change
Total Current Assets 7,317,804.66 9,886,062.07 -2,568,257.41 -25.98%
Fixed Assets
12000 · Accumulated Depreciation -563,730.09 -451,257.45 -112,472.64 -24.92%
12001 · Equipment 636,301.33 609,501.33 26,800.00 4.4%
12002 · Tenant Improvements 187,606.92 187,606.92 0.00 0.0%
Total Fixed Assets 260,178.16 345,850.80 -85,672.64 -24.77%
Other Assets
12200 · Security Deposits / Bonds 605.00 605.00 0.00 0.0%
Total Other Assets 605.00 605.00 0.00 0.0%
TOTAL ASSETS 7,578,587.82 10,232,517.87 -2,653,930.05 -25.94%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
20000 · Accounts Payable 124,739.88 60,691.36 64,048.52 105.53%
Total Accounts Payable 124,739.88 60,691.36 64,048.52 105.53%
Credit Cards
28000 · Credit Cards
28002 · Credit Card - Wells Fargo MC 5,976.55 18,936.69 -12,960.14 -68.44%
28003 · Credit Card - Lowe's -107.89 286.20 -394.09 -137.7%
Total 28000 · Credit Cards 5,868.66 19,222.89 -13,354.23 -69.47%
Total Credit Cards 5,868.66 19,222.89 -13,354.23 -69.47%
Other Current Liabilities
20001 · Tips Payable 207.33 464.58 -257.25 -55.37%
21500 · IRA Employee Contribution 1,554.00 1,574.00 -20.00 -1.27%
21600 · HSA Employee Contribution 290.00 0.00 290.00 100.0%
23000 · DRB Refundable Deposits 128,750.00 105,500.00 23,250.00 22.04%
23100 · WS Damage Deposit - Current Yr. 1,500.00 7,000.00 -5,500.00 -78.57%
23100a · WS Damage Deposit - Next Year 11,000.00 500.00 10,500.00 2,100.0%
24000 · Sales Tax 1,566.25 12,156.30 -10,590.05 -87.12%
25503 · Prepaid WS Deposit - Current Yr 69,953.67 23,404.96 46,548.71 198.88%
Total Other Current Liabilities 214,821.25 150,599.84 64,221.41 42.64%
Total Current Liabilities 345,429.79 230,514.09 114,915.70 49.85%
Total Liabilities 345,429.79 230,514.09 114,915.70 49.85%
Equity
30002 · Retained Earnings- Com Cap Rsrv 5,977,189.00 4,625,411.00 1,351,778.00 29.23%
30003 · Retained Earnings-Comm Imprvmts 2,257,651.57 2,446,650.57 -188,999.00 -7.73%
30004 · Retained Earnings-Facilities 1,485,228.00 1,295,451.00 189,777.00 14.65%
32000 · Unrestricted Net Assets -2,319,941.18 1,612,012.46 -3,931,953.64 -243.92%
32000A · VRDC-DRB Unrst Net Asset YE -65,440.74 -38,117.60 -27,323.14 -71.68%
Net Income -101,528.62 60,596.35 -162,124.97 -267.55%
Total Equity 7,233,158.03 10,002,003.78 -2,768,845.75 -27.68%
TOTAL LIABILITIES & EQUITY 7,578,587.82 10,232,517.87 -2,653,930.05 -25.94%
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Keystone Neighbourhood Company
A/P Aging Summary As of April 30, 2019
Current 1 - 30 31 - 60 61 - 90 > 90 TOTAL
Auto-Chlor Systems 180.28 0.00 0.00 0.00 0.00 180.28
Black Duck Builders Inc 69,249.56 0.00 0.00 0.00 0.00 69,249.56
Burkart, Joshua 0.00 100.00 0.00 0.00 0.00 100.00
Colorado Mountain News Media 692.84 0.00 0.00 0.00 0.00 692.84
GeoLens 500.00 0.00 0.00 0.00 0.00 500.00
High Country Copiers 136.19 0.00 0.00 0.00 0.00 136.19
Home Sweet Home 0.00 2,000.00 0.00 0.00 0.00 2,000.00
Krystal Broadcasting 1,400.00 0.00 0.00 0.00 0.00 1,400.00
Lawrence, Brendan 47.88 0.00 0.00 0.00 0.00 47.88
Lowe's 0.00 419.84 0.00 0.00 0.00 419.84
Mountain High Chem-Dry 0.00 1,619.00 0.00 0.00 0.00 1,619.00
O'Bryan Partnership 0.00 482.18 0.00 0.00 0.00 482.18
Orozco Concrete, Inc. 0.00 0.00 0.00 0.00 500.00 500.00
Snake River Water District 0.00 -1,046.87 0.00 0.00 0.00 -1,046.87
Sno-White Linen/Uniform 38.17 128.63 0.00 0.00 0.00 166.80
SYNScapes of Colorado, LLC 0.00 10,049.24 0.00 0.00 0.00 10,049.24
Vail Resorts 13,444.60 0.00 0.00 0.00 0.00 13,444.60
Wells Fargo 0.00 13,772.11 0.00 0.00 0.00 13,772.11
Western States Fire Protection Co. 0.00 872.00 0.00 0.00 0.00 872.00
Xcel Energy 4,287.84 5,866.39 0.00 0.00 0.00 10,154.23
TOTAL 89,977.36 34,262.52 0.00 0.00 500.00 124,739.88
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Marilyn Manning Payroll Vault - Director of Franchise Development; Professional Speaker; Arapahoe Lodge Homeowner
Marilyn and husband Sean have been homeowners in River Run at Arapahoe Lodge since 2001. Native to Colorado and owning several businesses in Denver, Marilyn understands the importance of all things that make a Colorado experience exceptional. She worked for Ski the Summit in their traveler information booth at both Stapleton and Denver International Airports from 1993 until the organization disbanded in 1996. Marilyn’s tenure with Ski the Summit gave her a great familiarity with the
Summit County area, resorts, and amenities to inspire tourism. Marilyn served on the Arapahoe Lodge Board of Directors, and as President, from 2004 – 2015. Her experience brings knowledge about the area, the dynamics of serving on a Board, and her work consulting with Keystone Neighbourhood Company for many of the River Run Plaza improvements also helped her to gain knowledge of how KNC works to support the Keystone community. Family was the reason why the Mannings purchased in Keystone, and their two teenage sons have grown up loving Keystone by learning to ski, mountain bike, hike, fish, and enjoy the festivals and wonderful mountain living.
Professionally, Marilyn is the Director of Franchise Development for Payroll Vault Franchising—a nationally based payroll services business that she co-founded with her CPA husband. In 2007, she founded Rev Networking, an innovative professional networking and marketing business that pioneered the concept of “speed networking” into the Denver business community. Certainly a “people-person,” she knows how to work a networking event, create relationships and connections, and get to the people who know how to get business done. A nationally sought-after speaker, Marilyn teaches audiences her art of networking and shares real strategies to help you grow and brand your business.
Marilyn earned her Bachelor of Arts degree in Speech Communications and Broadcasting from Colorado State University. She volunteers within her community by serving on boards, has helped to raise $1.5 million to support various education-based projects to help improve the local school system, and is a mentor with Goodwill Industries teaching at-risk youth business etiquette and networking skills.
Contact Information: [email protected] Phone: 303-763-1865
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Gail L Allaman
With Wife Jane on Dercum Mountain
I am a Colorado CPA, and full time resident of Keystone. An owner in
Buffalo/Dakota since 1998, I have served on Buffalo/Dakota Board of Directors as
President, Vice President and Treasurer, and currently serve on that Finance
Committee. An owner in Elk Run since 2005, I have been Treasurer of Elk Run
Homeowners Association since 2006 and now serving as both President and
Treasurer. I have been serving on the Keystone Neighborhood Company Board
since the summer of 2013. I was elected to a 2 year term at the November 2013
meeting, and again July 2015.
Jane and I have lived full time in Keystone and Elk Run since 2005. We completed
8 ski seasons in the Guest Services Mountain Host Program, and are members of
the River Golf Course. Active in Keystone activities we attend many activities in
River Run including the festivals, and concerts at Warren Station.
A resident of Colorado since 1970, I worked for Arthur Young & Company CPAs for
9 years in the Denver office. I was controller of an independent start-up oil and
gas exploration company, and owned my own CPA practice before joining a
predecessor to Time Warner Cable, a subsidiary of Time Warner Inc. in 1985. I
retired as Senior Vice President, Tax in 2004. Time Warner Cable had more than
11 million subscribers, revenues in excess of $11 billion per year, and assets more
than $30 billion. I was responsible for all tax accounting and reporting for
operations in more than 35 states. Part of my duties was to structure the
acquisition of multiple cable systems in many states, balancing the needs of
business partners with the tax law that governed those transactions.
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I have a BS in Agriculture Science and MAS, Accounting, from the University of
Illinois. I did serve in the US Air Force as Deputy Accounting & Finance Officer at
Lowry AFB. Having grown up on an Illinois farm, I am well aware of the struggles
of small businesses in difficult environments, and the hard work required to be
successful.
During 2014 I was appointed to the Board of Directors of Lake Dillon Theatre
Company and currently serve as Treasurer, chair of the Finance Committee, and
member of Governance, Executive and Capital Campaign committees.
Jane and I have two adult children and 4 grandchildren, all of whom are Colorado
residents and skiers. Our hobbies are family activities, skiing, golfing and
travelling.
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CLARE LEHMAN VICE PRESIDENT OF HOSPITALITY
KEYSTONE RESORT
Clare Lehman is currently the Vice President of Hospitality for Keystone Resort, leading the
teams who operate all resort owned & managed lodging, golf courses, stables, ice rinks, off
mountain food and beverage and conference center.
She has been in the service industry her entire life, having grown up working in the family
restaurant that has been in business since 1934. After graduating from the University of
Wisconsin with a bachelor’s degree in Retail Management, she spent time managing in the
family business before pursuing her lifelong goal to live in the mountains.
She has worked for Keystone Resort since 2003, holding positions of Assistant Property
Manager, Property Manager, Executive Housekeeper, Senior Property Manager, Assistant
General Manager and Director of Property Management prior to becoming Vice President of
Hospitality for Keystone in 2018. In the community, she serves as Treasurer and on the
Executive Committee of the Family & Intercultural Resource Center. In her spare time, Clare
can be found enjoying the outdoors of Colorado with her husband and kids, or traveling to spend
time with friends and family.
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Jonathan SmithRegional Director of Marketing - Vail Resorts
Jonathan has been an integral member of Vail Resorts’ marketing and sales division since 2008, where he has held leadership roles across Colorado and Tahoe regions.
In his current role as Regional Director of Marketing, Jonathan oversees the resort marketing teams for Keystone and Breckenridge focused on driving visitation and revenue growth across all resort lines of business. Leading a team of 20 marketers, Jonathan brings a data-driven, guest-centric approach to the marketing efforts of these resorts.
Previously, Jonathan served as the Sr. Manager of Destination Marketing for Vail Resorts’ eight destination resorts: Vail, Beaver Creek, Breckenridge, Keystone, Park City, Whistler-Blackcomb, Heavenly and Northstar. In this role, Jonathan led enterprise-wide acquisition marketing efforts and directed the Customer Relationship Marketing strategy for all of Vail Resorts existing guests.
Jonathan also served as the Hospitality Marketing Manager for Vail Mountain and directed strategic marketing efforts for The Ritz-Carlton Residences, The Arrabelle at Vail Square, The Lodge at Vail, Game Creek Chalet and The Austria Haus Hotel.
In the sales arena, Jonathan spent six years leading a Keystone-based sales department of 35 employees responsible for driving more than $30 million in annual sales for the Colorado and Tahoe regions.
Before joining Vail Resorts, Jonathan held a variety of roles in his home state of North Carolina, including marketing strategy, government affairs and television news.
Jonathan’s extensive background in communications and marketing as well as his expertise in destination marketing make him the right person to join the Executive Board of the Keystone Neighbourhood Company to continue driving vibrancy to the Neighbourhoods at Keystone.
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Donna Nolz
Commercial Leasing Asset Manager, Keystone and Breckenridge Resorts
Vail Resorts Management Company
_____________________________________________________________________________________
Donna has been an integral part of the commercial leasing department efforts for seventeen years. With a passion to deliver extraordinary guest experience, Donna has been a positive part in re-imagining the village experience. In addition to leasing and property management responsibilities, each year Donna’s marketing efforts gain merchant exposure and animate the village with events that continue to build the Keystone family brand, elevate the guest experience and bring families back year after year. Donna works closely with the KNC management and events team and has been involved in Keystone festivals since 2002. Donna is driven to make the village a more vibrant community, and is passionate about the success of the village retailers as partners in our resort.
Donna earned her Bachelor of Science degree in Business Management & Marketing from the University of Massachusetts at Amherst. She currently serves as a board member for five different River Run HOA boards, including the Keystone Neighbourhood Company.
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PROXY AND BALLOT
I am/we are unable to attend the Special Members' Meeting of The Keystone Neighbourhood Company, Inc.
(“The Neighbourhood Company”) to be held on Wednesday July 3rd, 2019 at 2:00 p.m. at Warren Station at Keystone.
In order that I am/we are represented at the meeting, I/we do hereby appoint
_______________________________________________, (insert name of individual) and vote as follows:
(You are not required to choose a proxy. Only choose a proxy if you want someone to vote for any new business
presented at the meeting.)
INSTRUCTION: FOR SKI TIP AREA HOMEOWNERS (includes The Alders, Estates at the Alders, Alders
Townhomes, River Meadows, Ski Tip Ranch, Trappers Crossing, Settlers Creek Estates, and Settlers Creek
Townhomes.) Please vote on items 1 through 3 below.
INSTRUCTION: FOR RIVER RUN HOMEOWNERS (includes Arapahoe, Black Bear, Buffalo, Dakota, Expeditions
Station, Jack Pine, Lone Eagle, Red Hawk Lodge and Townhomes, Silver Mill, The Springs and The Timbers
Lodges.) Please vote on all items below.
1. RESOLVED, that the following individual be elected as the At - Large Residential Director.
(Please see Nominee Biographies attached to this proxy/ballot).
__________ Gail Allaman ____________No Vote
2. RESOLVED, that the following individual be elected as the At - Large Director.
(Please see Nominee Biographies attached to this proxy/ballot).
____________Clare Lehman ____________No Vote
3. RESOLVED, that the following individual be elected as the At - Large Director.
(Please see Nominee Biographies attached to this proxy/ballot).
____________Jonathan Smith ____________No Vote
4. RESOLVED, that the following individual be elected as the River Run Residential Director.
(Please see Nominee Biographies attached to this proxy/ballot).
____________Marilyn Manning ____________No Vote
_______________________________________ _________________________________
Print First and Last Name Print Lodge/Neighbourhood & Unit Number
______________________________________ _________________________________
Owners Signature and Date Owners Signature and Date
THIS PROXY & BALLOT MUST BE RETURNED ON OR BEFORE Monday July 1st, 2019 TO
THE KEYSTONE NEIGHBOURHOOD COMPANY, 140 IDA BELLE DRIVE, SUITE F4, KEYSTONE, CO 80435
OR BY FAX TO 970-423-8995 OR YOU CAN PRINT/SCAN AND EMAIL THE SIGNED
PROXY/BALLOT TO [email protected].
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WWW.KEYSTONEFESTIVALS.COM
Keystone 201 9 Summer Event Schedule
WWW.WARRENSTATION.COMWWW.KEYSTONERESORT.COM
J U N E 2 0 1 9
7 - Opening Day - Keystone Resort16 & 30 - Kidtopia Strider Balance Bike Series - River Run Village
20 - Comedy Night - Warren Station Center for the Arts22 & 23 - Keystone 9th Annual Bacon and Bourbon Festival - River Run Village
22 & 23 - Camp Bacon For Kids - Quaking Aspen Amphitheater
J U L Y 2 0 1 92, 9, 16, 23, 30 - Kids Discovery Days - Keystone Resort
3 - KNC Member's Meetings - Warren Station Center for the Arts4, 5 & 6 - Kidtopia Stars and Guitars - 4th of July Celebration - Keystone Resort
4 - 4th of July Bike Parade - River Run Village5 - B.L.A.M - Warren Station Center for the Arts
6 & 20 - Kidtopia Kidzfest - River Run Village7 & 21 - Kidtopia Strider Balance Bike Series - River Run Village12 - Reserve Wine Tasting - Warren Station Center for the Arts
13 & 14 - Keystone Wine and Jazz Festival - River Run Village13 & 14 - Wine Seminars - Warren Station Center for the Arts
18 - Comedy Night - Warren Station Center for the Arts27 & 28 - River Run Art Festival - River Run Village
27 - Hike MS - Keystone Resort
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WWW.KEYSTONEFESTIVALS.COM
Keystone 201 9 Summer Event Schedule
WWW.WARRENSTATION.COMWWW.KEYSTONERESORT.COM
A U G U S T 2 0 1 9
2 - Eat, Drink, Pick - Beer Maker's Pairing - Warren Station Center for the Arts3 & 4 - Keystone 23rd Annual Bluegrass and Beer Festival - River Run Village
3 - Voodoo Ranger Beer Seminar - Warren Station Center for the Arts4 - New Belgium Cornhole Tournament - Warren Station Center for the Arts
9 - Canvas Uncorked - Warren Station Center for the Arts10 - River Run Summer Hoopla - River Run Village
11 - Kidtopia Strider Balance Bike Series - River Run Village16 - Mountain Town Music Kick-Off Concert - Warren Station Center for the Arts
17 - Mountain Town Music Festival - River Run Village22 - Comedy Night - Warren Station Center for the Arts
24 - River Run Summer Hoopla - River Run Village31 - Keystone Oktoberfest - River Run Village
S E P T E M B E R 2 0 1 9
1 - Taste of Keystone - Lakeside Village__ - Keystone Closing Day - Keystone Resort
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