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Tiburon Peninsula Club 2011 Year End Financial Review - PowerPoint PPT Presentation


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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.

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slide1

Tiburon Peninsula Club

2011 Year End Financial Review

All Committees Meeting – February 7, 2012

slide2

Executive Summary

  • Congratulations on a stellar year
  • Your efforts are truly appreciated
  • Let’s do this again in 2012!

1

slide4

2011 Annual P&L Results by Unit

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

the ship!

3

slide5

TPC Cash and Reserve Balances

(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

4

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2011 Membership Review and

A Look at What’s Ahead

  • As of December 31, 2011:
  • Regular Members = 690
  • Senior Members = 175
  • Total Members = 865
  • Annual Dues = $1,837,753
  • As of January 31, 2012:
  • Regular Members = 700
  • Senior Members = 175
  • Total Members = 875
  • Annual Dues (est.) = $1,944,700
  • Annual Dues Increase Y/Y = $100,000

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.

  • For reference, in 2011 we had 30 Regular Membership resignations, 6 Senior conversions, 8 inactives/leaves of absence and 28 new members (~$500k in initiation fees).
  • There is currently an in-town waiting list of 22 families, each who have submitted a 10% non-refundable deposit (i.e. $1,850).

5

slide7

Summary of 2011 Capital Expenditures

and Roadmap for 2012

  • 2011 Cap Ex Summary
  • Clubhouse (largely café improvements): $88,000
  • Aquatics (concrete and starting blocks): $20,000
  • Locker Rooms (flooring and carpets): $28,000
  • Fitness (painting): $3,500
  • Administration (computers): $14,000
  • Grounds (fencing, playground, lighting): $79,000
  • 2012 – Projects Approved by BOG
  • Tennis (resurfacing, leveling, windscreens): $64,700
  • Food & Beverage-related enhancements: $10,000
  • 2012 – Projects Currently Under Consideration ($ estimates)
  • Front Desk Reconfiguration: $30,000
  • Tennis (lower court fences): $55,000
  • Outdoor Café Trellis Cover: ?
  • Youth Tennis Center Project: ?
  • Main Pool Refurbishment: ?

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slide8

Terms of our Construction Loan Refinancing with First Republic

(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

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TPC Comprehensive Financial Model

Monthly Debt

Retirement Fees

Initiation Fees

Dues

Non-Member

Surcharges

Revenues

Expenses

Mortgage

“B” - Emergency Reserve

Savings Account

“A” - Operating

Cash/Checking Acct

I

“C” - Capital Reserve

“Replacement”

$250,000/yr

II

“D” - Capital

Expense (New)

Administration

Half of Year

End Balance

Facility Operations

Capital Expenses

Activities – Set at Operational Breakeven

Activity Specific

Member Charges

Aquatics

Personnel/Operations- Aqua

Fitness

Personnel/Operations - Fit

Food/Bev

Personnel /Operations– F/B

Non-Member Activity Charges

Tennis

Persn/Ops - Tennis

Youth

80%

Persn/Ops - Youth

Activity Fee

20%

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