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Olde Providence Dues Increase

Olde Providence Dues Increase. Why We Are Opposed!. Objections. The largest Increase in club history will reduce membership The increase is not supported by the long range plan or any other plan Reduced availability of Capital forces rational spending. Clubs greatest a$$et.

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Olde Providence Dues Increase

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  1. Olde ProvidenceDues Increase Why We Are Opposed!

  2. Objections • The largest Increase in club history will reduce membership • The increase is not supported by the long range plan or any other plan • Reduced availability of Capital forces rational spending

  3. Clubs greatest a$$et • Tennis playing members are our clubs greatest asset. • They attract new members • They provide us with a wide variety of partners at every level • They are OP

  4. Risk of losing members • Thursday Night Indoor 6:30 • brianwalton to you show details Hey Ric, Thanks for finding a sub for me for Thursday. As you start planning for next season, you better start looking for a permanent replacement for me as I am about 95% certain to be resigning my membership. I don't use the club that often and with the big dues increase it just doesn't seem to make sense to continue as a member. I've always enjoyed the Thursday nights, but close to $200 dollars a month dues is just too much. Regards, Brian Walton

  5. Member Loss Risk and Down Side

  6. Resolution of Plan Differences • Working with the board most of the spending differences have been resolved. • Most of the differences are items that can either be deferred, redefined or eliminated.

  7. Unresolved of Plan Differences

  8. Is a Dues Increase Necessary? We believe you can argue against a dues increase. However we realize it is around 4 years since the last one so… Also the board needs to remember the assessment of 2013! $500.00 Increase in indoor contract time cost has been 40% over the last 3 years!

  9. No Dues Increase!?

  10. A $28.00 Increase

  11. An $8.00 Increase

  12. A $13.00 Increase

  13. Lower Dues IncreaseThe Up Side!

  14. Remaining Issues • How much should we accumulate in excess of our forecasted requirements in the next 10 years for either debt repayment or financial security ?

  15. What is the Refinance Crisis? • Members approved a $35 per month increase in dues to pay for the club in 30 years. Refinancing the balance of $2,200,000 for ten additional years in 2022 will pay off the note in less than 26 years. Refinancing the note for 15 years will only extend that one year.

  16. Recommendations • Reduce the dues increase to $8 to $13.00 • If this is not acceptable call a membership meeting to fully inform the membership and allow full disclosure that the additional $15 is for debt reduction and allow a vote since this is really a 10 year assessment.

  17. Thank You!

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