Presentation on theme: "GOOD NEWS…I have conquered my fear of port-o-lets. BAD NEWS…It can still happen to you: GoodBad Ugly."— Presentation transcript:
GOOD NEWS…I have conquered my fear of port-o-lets. BAD NEWS…It can still happen to you: GoodBad Ugly
Tiburon Peninsula Club 2012 Y EAR E ND F INANCIAL R EVIEW All Committees Meeting – February 5, 2013 (unaudited results)
1 Our cash position increased over $200,000 in 2012 and now stands at ~$1,550,000. There are currently over 30 families on the in- town membership wait list. A slight dues increase at the beginning of 2012 helped offset a rise in the cost of insurance, utilities and labor. Our financial partnership with First Republic is solid as demonstrated by their increased support at this years TPC Challenger event. 2012 Financial Highlights
Almost identical to last year Cap Ex will increase this year due to a variety of planned projects and upgrades to the facilities 2012 Annual P&L Results by Unit – PRE-BONUS Note: Any year-end profits are returned to the respective business units for equipment upgrades and to pay bonuses. There is no carry forward. We upgraded equipment and purchased new flatware and utensils Not black, but deserves a shout-out 2
Our goal is to fund this account with an additional $150,000/year from initiation fees TPC Cash and Reserve Balances (as of December 31, 2012 - unadited) We like to keep about 3 months of operational expenses on reserve. And, it should be noted that we self-insure for force majeure events (i.e. earthquakes) Total cash and reserves increased approximately $240,000 during 2012. 3
Highlights of 2012 Capital Expenditures Completed in 2012 – a bunch of smaller projects Clubhouse (largely café improvements) BBQs Added an 80 Flat Screen TV New Sound System and improved wifi installed 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 was below norm last year, but will increase in 2013 4
2012 Membership Review As of December 31, 2012: Regular Members =695 (700 is max under CUP) Senior Members = 175 Total Members =870 Monthly Dues Income = $198,450 (covers operations) YTD Initiation Income =$515,000 (used for Cap Ex projects) Our in-town wait-list exceeds 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. In 2012, we admitted 31 new Regular Members. At the beginning of 2013, we had room to add 5 new Regular Members under our conditional use permit. 5
Running a Tight(er) Ship Labor Costs as a % of Total Revenues Jerry Pang is hired as GM of TPC This is why we have been able to minimize dues increases… 6
Closing Remarks 7 Congratulations to all business units on another exceptional year Volunteer Committee Members and BOG - Thank you for your time and effort in making the TPC a great place for family, friends and other members to enjoy Lets keep the momentum going in 2013!
2012 U NIT P&L S, C ASH AND M EMBERSHIP R ESULTS BY M ONTH i
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. ii
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 iii
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