Tiburon Peninsula Club 2012 ANNUAL MEETING Financial Review – November 8, 2012 1
Jan 05, 2016
Tiburon Peninsula Club
2012 ANNUAL MEETING
Financial Review – November 8, 2012
1
2012 Financial Highlights
Financial metrics of the TPC are improving
Our cash position increased $100,000 YTD and now stands at over $1,400,000
Our partnership with First Republic is solid
There are currently over 30 families on the in-town membership wait list
A slight dues increase at the beginning of this year has helped offset a rise in costs of insurance, utilities and labor.
As of now, all operating units are operating in the black
2
2012 P&L Pre-Bonus Operating Resultsby Unit (through September 2012)
Note: Any year-end profits are returned to the respective business unitsfor equipment upgrades and to pay bonuses. There is no carry forward.
3
Running a Tight(er) Ship
4
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 2012 YTD Capital Expenditures
Projects Completed
Clubhouse (largely café improvements) BBQs 80” Flat Screen New Sound System Upgraded kitchen equipment, flatware,
glassware and utensils
Tennis (resurfacing, leveling, windscreens, benches)
Aquatics (new heater in wading pool)
Locker Rooms (flooring and carpets)
Cap Ex remains below norm, but improvements continue
5
2012 Membership Review
As of September 30, 2012:
Regular Members = 699 (700 is max under CUP)Senior Members = 175Total Members = 874
Monthly Dues Income = $198,191
YTD Initiation Income = $424,293
In-Town waiting list of 30 families, each who have submitted a 10% non-refundable deposit (i.e. $1,850).
We budget for 35 new Regular Members annually (5% turnover) – from both resignations and Senior Member conversions.
YTD, 22 new Regular Members have joined the TPC. We are currently at our membership capacity due to our
conditional use permit
6
First Republic Construction Loan Update
1 – Loan Amount: $4,500,000
2 - Interest Rate: 5.35%
3 - Amortization: 15 years (refinanced in 2011)
4 - Monthly Payment: $37,000/month
5 - Prepay Penalty: None
Another 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.
7
Café – YTD Financial Performance
• Sales through September 2012 were $453,000 vs. $540,000 through September 2011– Café was open two months less this year than last
• Beer, wine and liquor are down nearly 30% from last year
• Fitness Area drink and snack sales are down 60% from last year
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Final Thoughts
Congratulations to all business units on another exceptional year
Volunteer members - Thank you for your time and effort in making the TPC a great place for family, friends and other members to enjoy
2013 will be another great year for the TPC
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UNIT P&LS, CASH AND MEMBERSHIP RESULTS BY MONTH(THOUGH SEPTEMBER 2012)
10
Funded by initiation fees
TPC Cash and Reserve Balances(as of September 30, 2012)
CASH BALANCES
"A" Operating Cash/Check Acct
Balance on Jan. 1, 2012 $239,991.23
Balance on Sep. 30, 2012 $156,034.89
Change ($83,956.34)
"B" Emergency Reserve Savings
Balance on Jan. 1, 2012 $558,151.23
Balance on Sep. 30, 2012 $558,673.06
Change $521.83
"C" Cap Ex "Replacement" (Ckg)
Balance on Jan. 1, 2012 $491,711.77
Balance on Sep. 30, 2012 $534,542.55
Change $42,830.78
"D" Cap Ex "New" (Savings)
Balance on Jan. 1, 2012 $40,141.90
Balance on Sep. 30, 2012 $40,146.92
Change $5.02
"E" Cap Ex "Swimming Pool" (Savings)
Balance on Jan. 1, 2012 $0.00
Balance on Sep. 30, 2012 $125,122.64
Change $125,122.64
Total Cash Balance as of Sept. 30, 2012: $1,414,620.06 11
Initiation Fees Dues Non-Member Surcharges
Revenues
Expenses
Aquatics
Fitness
Food/Bev
Tennis
Youth
Activity Specific Member Charges
Non-Member Activity Charges
Activity Fee
Activities – Set at Operational Breakeven
Monthly Debt Retirement Fees
Mortgage
Personnel/Operations- Aqua
Personnel/Operations - Fit
Personnel /Operations– F/B
Persn/Ops - Tennis
Persn/Ops - Youth
TPC Comprehensive Financial Model
20%
80%
Administration
Facility Operations
“A” - Operating Cash/Checking Acct
I
“C” - Capital Reserve“Replacement”
$250,000/yr
“B” - Emergency Reserve Savings Account
Half of Year End
Balance
II
“D” - Capital Expense (New)
Capital Expenses