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Coosaw Creek Country Club
• Call to Order & Welcome: John Bennett
Coosaw Creek Mission Statement
• BOD Vacancies
• Candidate Introductions / Vote: Jim Deaton
• Board of Directors report
2010 Challenges & Actions: John Bennett
• General Manager’s Report: Mike Benner
• Financial Report: Mike Benner /Marion Phillips
• 2011 Challenges and Opportunities: John Bennett
• Election Results: Jim Deaton
• Q&A: Membership & BOD
Annual Meeting Agenda 02/22/11
02-22-11 CCCC Annual
Membership Meeting
2
Coosaw Creek Country Club
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.”
302-22-11 CCCC Annual
Membership Meeting
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4
Coosaw Creek Country Club
BOD ElectionVacancies
Term Completed
- Mark Schultz
- Jim Deaton
- Ira Marshall (Filled remaining 1 year term of prior
board member)
Candidates
Mark Schultz
Ira Marshall
Judy Hair
02-22-11 CCCC Annual
Membership Meeting
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5
Coosaw Creek Country Club
Report of the Board of Directors
2010 Annual Review
John Bennett
02-22-11 CCCC Annual
Membership Meeting
5
Coosaw Creek Country Club
• 2010 Challenges
– Housing market
– Declining golf membership and reduction of revenues
– Accounting system not compatible with current club structure
– Long term Capital Plan
– Acceptable Membership Plan to sustain club viability
– Working Capital
– Communications
602-22-11 CCCC Annual
Membership Meeting
6
Coosaw Creek Country Club
• 2010 Results
– 30 Home sales
– Golf Membership increased
– Replaced Great Plains with PeachTree Accounting Software System
– Long term Capital Plan implemented
– Country Club Membership introduced
– $250,000 earmarked for capital improvements over next 3 years
– Communications have improved via e-mail blast, website , etc.
702-22-11 CCCC Annual
Membership Meeting
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8
Coosaw Creek Country Club
General Manager’s Reports
2010 Accomplishments
2010 Operations ReportAll 2010 Financial Numbers are unaudited
Mike Benner
02-22-11 CCCC Annual
Membership Meeting
8
Coosaw Creek Country Club
2010 Accomplishments
1. Grew non-dues revenue through increased
facility usage and member participation
2. Established a revised marketing plan of CCCC
3. Continued expense control
4. Developed a five year capital plan
5. Improved Communication
6. Coordinated efforts with CCOA
7. Retention of core staff
902-22-11 CCCC Annual
Membership Meeting
9
Coosaw Creek Country Club
Financial Overview
Marion PhillipsAll 2010 Financial Numbers are unaudited
02-22-11 CCCC Annual
Membership Meeting
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Coosaw Creek Country Club
December Budget YTD YTD Budget
Revenue 247,387 225,369 2,596,713 2,653,043
COGs 35,488 39,916 320,018 358,187
Labor 70,766 82,514 921,556 1,009,580
Operating Expense 32,296 85,172 1,184,513 1,203,494
TOTAL COI (EBITDA) 108,838 17,767 170,627 81,782
MRF Billed (17,670) (17,722) (211,862) (212,657)
Depreciation 12,760 9,545 140,253 114,540
Interest Expense 4,428 6,065 50,663 72,780
Interest Revenue (45) (166) (1,932) (1,992)
Amortization 61 62 734 744
Taxes - 48 - 576
109,305 19,935 192,771 107,791
Financial Statement
12
Coosaw Creek Country Club
Current Assets Property and Equipment
Cash - Disbursement 232,393$ Land 1,053,413$
Cash - Mortgage Reserve 196,304$ Buildings 522,946$
Cash- MM/Capital Reserve 355,904$ Capital Improvements 888,053$
Petty Cash 1,000$ Building Improvements 164,691$
Cash - Receipts Account 37,992$ Equipment - Course 109,983$
Accounts Receivable Members 308,959$ Equipment - Kitchen 154,704$
Allowance for Doubtful Accts 33,328)($ Furniture, Fixtures & Equip 89,637$
Accounts Receivable - Other 6,646$ F/A Capital Lease 154,339$
Merchandise - Shoes 5,604$ Loan Costs 19,079$
Merchandise - Menswear 4,796$ Acc Depr - Buildings 58,107)($
Merchandise - Ladieswear 1,591$ Acc Depr - Cap Improv Course 170,194)($
Merchandise - Pro Balls 3,881$ Acc Depr - Building Improvemen 5,629)($
Merchandise - Headwear 1,006$ Acc Depr - Equip Kitchen 110,524)($
Merchandise - Gloves 2,276$ Acc Depr - Equip Course 77,671)($
Merchandise - Clubs 15,389$ Acc Depr - Furn Fix & Equip 44,259)($
Merchandise - Bags 597$ Accum Depreciation Capital Lea 25,723)($
Merchandise - Misc 4,924$ Accumulated Amortization 28,959)($
Inventory-Maintenance 3,741$
Inventory - Food 17,353$ Total Property and Equipment 2,635,777$
Inventory - Course Supplies 2,471$
Prepaid Deb/Escrow 60$ Other Assets
Prepaid Other 97,354$
Total Other Assets 0$
Total Current Assets 1,266,912$
Total Assets 3,902,690$
ASSETS
13
Coosaw Creek Country Club
Current Liabilities
GOLD INITIATION ACCRUAL 12,241$ Long-Term Liabilities
Accounts Payable - Other 4,169$ Notes Payable 2,127,279$
Accrued Wages Payable 11,261$ Obligation Capital Lease 128,621$
Accr Banquet Service Charge 2,934$ Long Term Debt Contra Account 73,165)($
Accrued Payroll Pool 52,681$ Paid In Capital 910,000$
Sales Tax Payable 61,520$
Accrued Payables 48,667$ Total Long-Term Liabilities 3,092,736$
Accrued Personal Property Tax 8,475$
Accrued Real Estate Taxes 280$ Total Liabilities 3,896,629
Accrued Interest Payable 4,428$
Gift Certificates 4,085$ Capital
Deferred Revenue 456,168$ Retained Earnings 185,019)($
Christmas Gratuity 12,275$ Net Income 191,080$
Lease Payable - Simplex Grinne 12,547$
Current Portion Capital Lease 9,294$ Total Capital 6,061
Capital Lease Contra Account 9,294)($
Current Portion of LTD 73,165$ Total Liabilities & Capital 3,902,690$
Accounts Payable - Trade 38,999$
Total Current Liabilities 803,893
LIABILITIES AND CAPITAL
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Coosaw Creek Country Club2009 Actual 2010 Actual 2011 Budget 2012 2013 2014
Revenue 2,547,267 2,596,713 2,576,765 2,681,041 2,792,502 2,854,772
COGS 379,934 320,018 337,160 343,903 350,781 357,797
Labor 862,442 921,556 986,583 1,006,315 1,026,441 1,046,970
Operating Expense 1,132,898 1,184,513 1,131,176 1,153,800 1,176,876 1,200,413
TOTAL COI 171,993 170,627 121,846 177,024 238,403 249,592
Capital Expense 233,325 56,721 100,000 75,000 75,000 75,000
Mortage P&I 154,006 170,272 180,000 180,000 180,000 180,000
Operating Cash (215,338) (56,366) (158,154) (77,976) (16,597) (5,408)
MRF Billed 207,985 211,862 134,640 67,320 - -
Total Cash to Account (7,353) 155,495 (23,514) (10,656) (16,597) (5,408)
15
Coosaw Creek Country Club
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2008 359,84 379,85 312,00 351,17 319,31 185,33 242,26 197,24 145,63 261,38 224,99 317,44
2009 482,96 518,21 524,67 519,10 529,39 566,37 555,85 508,14 504,35 413,87 432,55 474,70
2010 618,86 630,50 598,52 630,08 650,45 700,70 700,91 620,69 596,01 588,79 586,05 593,77
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Cash Flow
16
Coosaw Creek Country Club
456,168196,304
156,943
Cash Balance Allocation
Deferred Revenue
Mortgage Reserve
Operating Cash
Bank Balance Jan 1, 2011 - $809,415
17
Coosaw Creek Country Club
• Jan 2010 Accounts > 30 days $165,269
• Jan 2011 Accounts > 30 days $114,641
• Jan 2010 Accounts > 120 days $88,695
• Jan 2011 Accounts > 120 days $42,044
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Coosaw Creek Country Club
2011 Challenges and Goals
John Bennett
02-22-11 CCCC Annual
Membership Meeting
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Coosaw Creek Country Club2011 Goals
• Continue to increase operating capital through club
utilization•Target is 1.5 months total expenditures
• Continue expense control
• Continue to fund Five Year Capital Plan
•Upkeep of club facilities
•Upkeep and repair of course infrastructure and
equipment
• Continue to improve communication
• Continue coordination with the CCOA
• Continue to develop activities to provide additional
family involvement and use of the Club amenities
02-22-11 CCCC Annual
Membership Meeting
19
Coosaw Creek Country Club
Newly Elected Board Members
Voting results
2002-22-11 CCCC Annual
Membership Meeting
20
Coosaw Creek Country Club
• New 2011 – 2014 Board Members
Mark Schultz
Ira Marshall
Judy Hair
02-22-11 CCCC Annual
Membership Meeting
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