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Tiburon Peninsula Club 2013 A NNUAL M EETING Financial Review – November 21, 2013 1.

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Presentation on theme: "Tiburon Peninsula Club 2013 A NNUAL M EETING Financial Review – November 21, 2013 1."— Presentation transcript:

1 Tiburon Peninsula Club 2013 A NNUAL M EETING Financial Review – November 21,

2 2013 Financial Highlights The TPC finances continue to improve Cash Position: $1,670,000 (up $300,000 y/y) Our Cap Ex is below budget ($250k) for third year in a row. We now have $265,000 in our pool replacement fund Up from $0 at the beginning of Membership: At our Conditional Use Permit (CUP) Capacity Waitlist is currently at 50 in-town families Operating Costs:Trending Slightly Higher Insurance, utilities, labor Bank:Partnership with First Republic Bank remains solid. Operations: Aside from the Cafe, all departments are in the black. 2

3 Café - Loss Run Rate Analysis 2013 Monthly Low:($10,943) – September => Annualized:($131,316) Monthly High:($27,933) – July => Annualized:($335,196) 2013 Most recent:($11,546) – October => Annualized:($138,552) Since the summer months, losses are stabilizing Club usage this summer was down significantly due to member travel Difficult to plan labor schedules and food buying Main culprits for loss: Food costs Labor costs Service charge removal Catering

4 2013 P&L Pre-Bonus Operating Results by Unit (through October 2013) 4 =>Department profits are not carried forward (i.e. zero balance on Jan. 1 st each year) Profits returned to departments for equipment upgrades and bonuses.

5 Running a Tight(er) Ship 5 Total Revenues as a % of Labor Costs Jerry Pang is hired as GM of TPC This is why we have been able to minimize dues increases…

6 Highlights of 2013 YTD Capital Expenditures Projects Completed Clubhouse Café redesign consultation services Clubsoft – management/membership software Security camera system upgrade Fencing Concrete work – sidewalks and stairs Fitness TV system upgrade Aquatics Locker room enhancement in boys/girls rooms Cap Ex remained below average for the third year in a row Most expenditures were related to general/deferred maintenance 6

7 2013 Membership Review As of October 31, 2013: Regular Members =699 (700 is max under CUP) Senior Members = 175 Total Members =874 Monthly Dues Income = ~$200,000 YTD Initiation Income =$455,809 In-Town wait-list at 50 families, each who have submitted a 10% non- refundable deposit (i.e. $1,850). Its a real list. We budget for 35 new Regular Members annually (5% turnover or $647,500) – from both resignations and Senior Member conversions. YTD, 26 new Regular Members ($481,000) have joined the TPC. Note: some new members are on a 3 month installment plan. Membership is at capacity due to our conditional use permit (CUP). 7

8 First Republic Construction Loan Update 1 – Loan Amount:$4,500,000 (current balance = $4,056,810) 2 - Interest Rate:5.35% 3 -Amortization:15 years (refinanced in 2011) 4 -Monthly Payment:$37,000/month 5 -Prepay Penalty:In 1 st 4 years, we can pay down 20%/year w/out penalty. Construction loan 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. 8

9 Final Thoughts Congratulations to all departments on another exceptional year Thank you to all volunteer members for your time and effort in making the TPC a great place for family, friends and other members to enjoy Jerry and Aaron are huge assets to the TPC On the CapEx front, 2014 will prove to be an exciting year for the TPC. Stay tuned! 9

10 Addendums 10


12 Funded by initiation fees TPC Cash and Reserve Balances (as of October 31, 2013) CASH BALANCES "A" Operating Cash/Check Acct Balance on Jan. 1, 2013$244, Balance on Oct. 31, 2013$101, Change($142,952.28) "B" Emergency Reserve Savings Balance on Jan. 1, 2013$558, Balance on Oct. 31, 2012$559, Change$ "C" Cap Ex "Replacement" (Ckg) Balance on Jan. 1, 2013$554, Balance on Oct. 31, 2012$704, Change$79, "D" Cap Ex "New" (Savings) Balance on Jan. 1, 2013$40, Balance on Oct. 31, 2013$40, Change$7.80 "E" Cap Ex "Swimming Pool" (Savings) Balance on Jan. 1, 2013$155, Balance on Oct. 31, 2013$265, Change$110, Total Cash Balance as of Oct. 31, 2013:$1,670,

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