Tiburon Peninsula Club 2011 Year End Financial Review. All Committees Meeting – February 7, 2012. Executive Summary. Congratulations on a stellar year Your efforts are truly appreciated Let’s do this again in 2012!. 1. 2011 Unit P&Ls, Cash and Membership Results by Month. 2.
2011 Year End Financial Review
All Committees Meeting – February 7, 2012
and a 5-Year Comparison
Operations / PRE-BONUS
About ½ of last year, but a more representative # of future expectations
Cap Ex should average around $250,000/year
Difficult to budget for (we had a $140,000 delta y/y)
Note: Any year-end profits are returned to the respective business units
for equipment upgrades and to pay bonuses. There is no carry forward.
andhow far we’ve come…
Again, these are pre-bonus results.
We owe Jerry, Mike and crew a
huge thank you for righting
(as of December 31, 2011 and pro forma)
Funds drawn down to close
First Republic Loan and for
pre-payment penalties to Bank of Marin.
2012 initiation fees will be deposited here first,
and then into Funds “C” and “D”.
Total Cash and Reserves (as of Feb. 1, 2012) = ~$1.5 million
A Look at What’s Ahead
10 new members admitted in January 2012.
Conditional Use Permit allows for a total of 700
Regular Members. We are at the limit.
The dues increase will help
offset increased costs of insurance,
utilities and labor
We currently budget for 35 new Regular Members annually (5% turnover) – from both resignations and Senior Member conversions. If our estimate is correct, we will generate approximately $525,000 for the Club’s capital expenditures (split roughly 40% for replacement/maintenance and 60% for new projects). Already have 10 new members in 2012.
and Roadmap for 2012
(and what it means for the TPC)
LOAN COMPARISON FACTS:
1 – Loan Amount: reduced from $5,620,000 down to $4,500,000.
2 - Interest Rate: reduced from 6.25% down to 5.35%.
3 - Amortization: reduced from 30 years down to 15 years.
4 - Monthly Nut: roughly equivalent (~$36,000/month)
5 - Prepay Penalty: None
WHAT THE NEW LOAN MEANS TO THE TPC:
1 - FOR THIS LOAN, WE WILL BE DEBT-FREE IN 15-YEARS– PERHAPS SOONER.
2 - SAVINGS OF MORE THAN $2,000,000IN INTEREST PAYMENTS.
3 - WE HAVE GAINED A COMMITTED PARTNERIN FIRST REPUBLIC BANK.
- Lead sponsor for TPC Challenger
“B” - Emergency Reserve
“A” - Operating
“C” - Capital Reserve
“D” - Capital
Half of Year
Activities – Set at Operational Breakeven
Personnel/Operations - Fit
Personnel /Operations– F/B
Non-Member Activity Charges
Persn/Ops - Tennis
Persn/Ops - Youth