02-21-2012 CCCC Annual 1 Membership Meeting · 02-21-2012 CCCC Annual Membership Meeting . Coosaw Creek Country Club Mission/Vision Statement “Coosaw Creek Country Club is a premier,

1 02-21-2012 CCCC Annual

Membership Meeting

1

2

Coosaw Creek Country Club

• Call to Order & Welcome: John Bennett

Coosaw Creek Mission Statement

• BOD Vacancies

• Candidate Introductions / Vote: Chip Fallon

• Board of Directors report

2011 Challenges & Actions: John Bennett

• General Manager’s Report: Mike Benner

• Financial Report: Mike Benner /Marion Phillips

• 2012 Challenges and Opportunities: John Bennett

• Election Results: Chip Fallon

• Q&A: Membership & BOD

Annual Meeting Agenda 02/21/12

02-21-2012 CCCC Annual

Membership Meeting

2


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

3

4


BOD Election Vacancies

Term Completed

- Aubrey Bell

- Kit Graves

- Marion Phillips

Candidates

Aubrey Bell

Kit Graves

Jeff Hemphill

Deon Knecht

Marion Phillips 02-21-2012 CCCC Annual

Membership Meeting

4

5


Report of the Board of Directors

2011 Annual Review

John Bennett


Membership Meeting

5


• 2011 Goals

– 24 Home sales

– Golf Membership increased

– Long term Capital Plan implemented

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

– Communications have improved via

e-mail blast, website , etc.


Membership Meeting

6


• 2011 Challenges

– Continuing general economic stress

– Tennis Courts needed resurfacing

– Swimming pool maintenance costs

– Long term Capital Plan

– Working Capital

– Communications


Membership Meeting

7

8


General Manager’s Reports

2011 A Benchmark Year

Improvements to Club Amenities All 2011 Financial Numbers are unaudited

Mike Benner


Membership Meeting

8


2011 Accomplishments

1. Fully funded Mortgage Reserve

2. Rounds played 28,500

3. Golf revenues $625,500

4. F&B sales $620,000

5. Pool revenues $38,000

6. Total Club revenues $2,755,000

7. Retention of core staff


Membership Meeting

9


Improvements to Club Amenities 1. Tennis Courts

2. Cart Paths

3. Playground

4. Pool

5. Pro-Shop

6. Club Landscaping

7. Golf Course


Membership Meeting

10

The

Tennis

Courts

were

completely

resurfaced

The Golf Shop

renovation

Many improvements were

made to our 8 miles of cart

path, including replacement

of damaged and unlevel

sections.

Included in this project was

the addition of a sidewalk/cart

path in the area leading from the

Clubhouse to the #1 Tee Box.

This should help to ensure golfer safety

in this high traffic area.

The Playground equipment was

replaced recently with new state-

of-the art equipment which is

designed to encourage physical

fitness as well as fun.

Included is a 2-station

“Energi”

Total Body Fitness System

for adults.

This is the 5-12 year

olds’ section.

Conversion to

Salt Water

Golf Shop

renovation


Financial Overview

Marion Phillips All 2011 Financial Numbers are unaudited


Membership Meeting

17

18


Financial Statement


Membership Meeting

18

December Budget YTD YTD Budget

Revenue $ 227,174 $ 208,765 $ 2,754,636 $ 2,577,074

COGs $ 36,509 $ 36,082 $ 345,938 $ 337,611

Labor $ 76,759 $ 80,023 $ 954,512 $ 986,582

Operating Expense $ 83,311 $ 80,669 $ 1,200,802 $ 1,130,636

COI (EBITDA) $ 30,594 $ 11,991 $ 253,384 $ 122,245

MRF Billed (11,357.76) (11,220.00) (136,888.64) (134,640.00)

Depreciation 12,759.57 9,545.00 153,114.84 114,540.00

Interest Expense 3,702.56 4,100.00 46,293.06 49,200.00

Interest Revenue (1,289.99) (166.00) (1,771.34) (1,992.00)

Amortization 61.15 62.00 733.80 744.00

Taxes - 48.00 (102.00) 576.00

Profit before taxes $26,718.50 $9,622.00 $192,004.11 $ 93,817.00

19



Membership Meeting

19

Current Assets

Cash - Disbursement $ 129,250.10

Cash- MM/CAPITAL RESERVE 215,677.52

Petty Cash 1,000.00

Certificate of Deposit 250,000.00

Cash - Receipts Account 380,229.85

Accounts Receivable Members 316,957.17

Allowance for Doubtful Accts (38,547.82)

Accounts Receivable - Other 5,705.92

Merchandise - Shoes 5,813.87

Merchandise - Menswear 4,684.41

Merchandise – Ladies-wear 1,312.62

Merchandise - Pro Balls 3,418.58

Merchandise - Headwear 983.04

Merchandise - Gloves 2,670.96

Merchandise - Clubs 10,628.43

Merchandise - Bags 674.76

Merchandise - Misc. 4,498.80

Inventory-Maintenance 3,875.30

Inventory - Food 16,997.65

Inventory - Course Supplies 2,470.75

Prepaid Deb/Escrow 163,873.76

Prepaid Other 54,317.43

Total Current Assets 1,536,493.10

Property and Equipment

Land 1,053,412.51

Buildings 522,945.83

Capital Improvements 898,310.98

Building Improvements 166,771.31

Equipment - Course 100,676.67

Equipment - Kitchen 156,278.17

Furniture, Fixtures & Equip 105,942.26

F/A Capital Lease 154,339.20

Loan Costs 19,078.67

Acc. Depr. – Buildings (71,180.39)

Acc. Depr. - Cap Improv Course (213,798.16)

Acc Depr - Building Improvement (10,040.65)

Acc Depr - Equip Kitchen (140,408.15)

Acc Depr - Equip Course (127,276.31)

Acc Depr - Furn Fix & Equip (60,246.34)

Accum Depreciation Capital Lea (38,584.80)

Accumulated Amortization (42,552.34)

Total Property and Equipment 2,473,668.46

Total Assets $ 4,010,161.56

20



Membership Meeting

20

Current Liabilities

Reciprocal/Deposits Current Li $ 703.63

Accounts Payable - Other 6,750.00

Accrued Wages Payable 15,122.83

Accr Banquet Service Charge 4,670.71

Accrued Payroll Pool 15,067.40

Sales Tax Payable 44,402.71

Accrued Payables 78,001.07

Accrued Personal Property Tax 6,840.00

Accrued Real Estate Taxes 86,520.85

Accrued Interest Payable 3,702.56

Gift Certificates (759.35)

Deferred Revenue 568,282.39

Christmas Gratuity 13,838.47

Lease Payable - Simplex Grinne 3,707.93

Current Portion Capital Lease 9,867.34

Capital Lease Contra Account (9,867.34)

Current Portion of LTD 107,995.74

Accounts Payable - Trade 20,688.19

Total Current Liabilities 975,535.13

Long-Term Liabilities

Notes Payable 2,037,168.76

Obligation Capital Lease 86,935.56

Long Term Debt Contra Account (107,995.74)

Paid In Capital 967,000.00

Total Long-Term Liabilities 2,983,108.58

Total Liabilities 3,958,643.71

Capital

Retained Earnings (140,486.26)

Net Income 192,004.11

Total Capital 51,517.85

Total Liabilities & Capital $4,010,161.56

21



Membership Meeting

21

2012 2013 2014 2015 2016 2017

Revenue $ 2,779,353 $ 2,869,985 $ 2,954,027 $ 2,992,465 $ 3,083,744 $ 3,178,196

COGs $ 351,483 $ 358,513 $ 365,683 $ 372,997 $ 380,457 $ 388,066

Labor $ 1,036,095 $ 1,056,691 $ 1,077,700 $ 1,099,128 $ 1,120,985 $ 1,143,279

Operating Expense $ 1,177,321 $ 1,199,029 $ 1,221,171 $ 1,243,755 $ 1,266,792 $ 1,290,289

COI (EBITDA) $ 214,454 $ 255,752 $ 289,474 $ 276,585 $ 315,511 $ 356,563

MRF $ - $ - $ - $ - $ - $ -

DEPRECIATION $ 156,000 $ 156,000 $ 156,000 $ 156,000 $ 156,000 $ 156,000

INTEREST EXPENSE $ 49,200 $ 49,200 $ 49,200 $ 49,200 $ 49,200 $ 49,200

INTEREST REVENUE $ - $ - $ - $ - $ - $ -

AMORTIZATION $ 744 $ 744 $ 744 $ 744 $ 744 $ 744

TAXES $ 576 $ 576 $ 576 $ 576 $ 576 $ 576

TOTAL EXPENSE $ 206,520 $ 206,520 $ 206,520 $ 206,520 $ 206,520 $ 206,520

NET PROFIT/LOSS $ 7,934 $ 49,232 $ 82,954 $ 70,065 $ 108,991 $ 150,043

5 Year P/L PROFORMA

22



Membership Meeting

22

2012 2013 2014 2015 2016 2017

Revenue $ 2,779,353 $ 2,869,985 $ 2,954,027 $ 2,992,465 $ 3,083,744 $ 3,178,196

COGs $ 351,483 $ 358,513 $ 365,683 $ 372,997 $ 380,457 $ 388,066

Labor $ 1,036,095 $ 1,056,691 $ 1,077,700 $ 1,099,128 $ 1,120,985 $ 1,143,279

Operating Expense $ 1,177,321 $ 1,199,029 $ 1,221,171 $ 1,243,755 $ 1,266,792 $ 1,290,289

COI (EBITDA) $ 214,454 $ 255,752 $ 289,474 $ 276,585 $ 315,511 $ 356,563

INTEREST EXPENSE $ 49,200 $ 49,200 $ 49,200 $ 49,200 $ 49,200 $ 49,200

PRINCIPAL $ 85,000 $ 85,000 $ 85,000 $ 85,000 $ 85,000 $ 85,000

BUDGETED CAP/EX $ 120,000 $ 120,000 $ 120,000 $ 120,000 $ 120,000 $ 120,000

CASH FLOW $ (39,746) $ 1,552 $ 35,274 $ 22,385 $ 61,311 $ 102,363

5 Year CASH FLOW PROFORMA

23



Membership Meeting

23

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

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

Cash Flow

2010 2011 2012

24



Membership Meeting

24

$218,000

$406,716

$234,110

$100,000

Cash Balance Allocation Dec. 31, 2011 Total - $958,826

MRF Prepaid Dues Month Op Exp Long Trm Cap

Monthly Operating

Expense is $225K

25


Receivables

• Jan 2010 Accounts > 30 days $165,269







Membership Meeting

25

26


2012 Challenges and Goals

John Bennett


Membership Meeting

26

27

Coosaw Creek Country Club 2012 Goals

• Continue to increase operating capital through club

utilization •Target is two months total expenditures ($450,000)

• Continue expense control

• Continue to fund Five Year Capital Plan

•Upkeep and repair of course infrastructure and

equipment

•Upkeep of club facilities

•Continue to develop activities to encourage

additional family involvement and use of the Club

amenities


Membership Meeting

27


Newly Elected Board Members

Voting results


Membership Meeting

28

29


Question/Answer Session

•Please approach microphone with questions


Membership Meeting

29

02-21-2012 CCCC Annual 1 Membership Meeting · 02-21-2012 CCCC Annual Membership Meeting . Coosaw Creek Country Club Mission/Vision Statement “Coosaw Creek Country Club is a premier,

Documents