02/07/2017 02-07-2017 1 cccc annual membership meeting

1 02-07-2017

CCCC Annual Membership Meeting

1 02/07/2017

2

Coosaw Creek Country Club

• Call to Order & Welcome: Judy Hair

• BOD Vacancies

• Candidate Introductions / Vote: Judy Hair

• General Manager’s Report: Mike Benner

• Financial Report: Marion Phillips

• Election Results: Judy Hair

• Q&A: Membership & BOD

Annual Meeting Agenda 02/7/17

02-07-2017 CCCC Annual

Membership Meeting

2 02/07/2017

3


BOD Election

Vacancies - Terms Completed

Judy Hair

Trina Hemphill

Ira Marshall

2017 Candidates

• Aubrey Bell

• Trina Hemphill


Membership Meeting

3

• Christine Boyette

• Derek Robbins

• Jack Frost

02/07/2017

4


BOD Election


Membership Meeting

4

Please make certain your ballot

has been turned in at this time

02/07/2017

5


General Manager’s

Report

Mike Benner


Membership Meeting

5 02/07/2017

6


General Manager’s

Report Topics

• 2016 Operational Summary

• R&M Projects List

• 2017 Goals

• 2016 Financial Summary


Membership Meeting

6 02/07/2017


2016 Operational Summary

• Membership Report

• Golf Course Status

• Weather Challenges

• Rounds Played Data

• F&B Utilization

• Member Events, Promotions & Communications

7 02-07-2017 CCCC Annual

Membership Meeting

7 02/07/2017

Coosaw Creek Country Club 2016 Facility Improvements

Non-Capital Expenditures - $186,000 Total

• New Carpeting in Dining Room & Member Lounge

• Tennis Court Repairs (court resurfacing, fencing, lighting & new rebound board)

• Security Cameras Upgraded at Pool

• New Computer Server in Admin. Office (9 years old)

• Basketball Court Repairs (new backboard and rims)


Membership Meeting

8 02/07/2017

Coosaw Creek Country Club 2016 Facility Improvements

Non-Capital Expenditures - $186,000 Cont.

• Drainage Repair at #3 Pond Weir

• Concrete Sand Storage Bins Added

• ½ Putting Green Resurfaced

• Rebuilding of Tee Boxes on holes #1 & #6

• Leveling of Tee Boxes on Holes #2, #4 & #10

• Sodding Faces of Bunkers on Holes #2, #12 & #14

• Installation of “Tif Grand” Sod Collars on All Holes

• Drainage Repairs/Installation on Holes #4 & #15

• Tree Removal to Increase Sunlight to Greens (Hurricane Matthew Clean-up)


Membership Meeting

9 02/07/2017


Facility Improvements

• Capital Expenditures - $0

1. All repairs and improvements classified as maintenance expenses

2. Audit of financials will once again be conducted by Hyland, Rudy & Garbett


Membership Meeting

10 02/07/2017

11


2017 Goals

• Achieve 2017 Financial Plan

• Maintain Positive Cash Flow

• Continue Expense Controls

• Maintain Established Service Levels

• Maintain Member Satisfaction Levels

• Reduce Member Displacement

• Continue Collaboration Efforts with the POA

• Identify & Manage Facility Upkeep & Repairs

• Retain Management Team


Membership Meeting

11 02/07/2017

12


2016 Financial Statement

12 02/07/2017 02-07-2017 CCCC Annual

Membership Meeting

YTD YTD Budget

TOTAL CLUB REVENUE 3,102,760 3,121,606

TOTAL COGS 381,014 382,164

TOTAL LABOR 1,074,243 1,125,096

TOTAL EXPENSE 1,424,308 1,383,471

TOTAL COI (EBITDA) 223,196 230,875

Depreciation 114,530 120,000

Interest Expense 46,142 33,175

Interest Revenue (462) - Amortization 734 744

Taxable Income 62,253 76,956

13


2016 Financial Statement Cash Flow

13 02/07/2017 02-07-2017 CCCC Annual

Membership Meeting

YTD YTD Budget

TOTAL COI (EBITDA) 223,196 230,875

Interest Expense 46,142 33,175

Interest Revenue (462) - Mortgage Principal 115,552 138,840

Capital Expense - 48,000

Equity Refunds 54,000 48,000

State Taxes - - Federal Taxes - - Cash To Account 7,965 (37,140)

14


2016 Assets

14

Property and Equipment

Land 1,053,413

Buildings 522,946

Capital Improvements 1,002,359

Building Improvements 230,164

Equipment - Course 596,781

Equipment - Kitchen 145,452

Furniture, Fixtures & Equip 204,182

Loan Costs 19,079

Acc Depr - Buildings (136,549)

Acc Depr - Cap Improv Course (432,275)

Acc Depr - Building Improvement (46,524)

Acc Depr - Equip Kitchen (170,000)

Acc Depr - Equip Course (201,360)

Acc Depr - Furn Fix & Equip (177,462)

Accumulated Amortization (7,644)

Total Property and Equipment 2,602,561

Other Assets

Total Other Assets -

Total Assets 4,292,312

02/07/2017


Membership Meeting

Current Assets

Cash - Southcoast Disbursement 42,796

Cash- MM/CAPITAL RESERVE 222,350

Petty Cash 1,100

Cash - Southcoast Receipts 139,966

Cash - Heritage Trust Receipts 707,390

Cash - Heritage Trust Disburse 40,869

Accounts Receivable Members 388,709

Allowance for Doubtful Accts (97,176)

Accounts Receivable - Other 1,926

Merchandise - Shoes 4,971

Merchandise - Menswear 4,709

Merchandise - Ladieswear 2,055

Merchandise - Pro Balls 6,774

Merchandise - Headwear 1,457

Merchandise - Gloves 2,744

Merchandise - Clubs 20,785

Merchandise - Bags 1,968

Merchandise - Misc 6,923

Inventory-Maintenance 5,444

Inventory - Food 21,753

Inventory - Course Supplies 2,471

Prepaid Deb/Escrow 148,589

Prepaid Other 12,308

Prepaid - Federal Taxes (423)

Prepaid - State Taxes (708)

Total Current Assets 1,689,752

15


2016 LIABILITIES AND CAPITAL

15

Current Liabilities

Reciprocal/Deposits Current Li (601) Accrued Wages Payable 36,320

Accr Banquet Service Charge 5,174

Sales Tax Payable 59,632

Accrued Payables 49,246

Accrued Personal Property Tax 9,427

Accrued Real Estate Taxes 84,817

Accrued Interest Payable 5,039

Gift Certificates 8,107

Deferred Revenue 1,050,022

DEFERRED - TRAIL FEES 67,816

Federal Taxes Payable (15,000)

State Taxes Payable (1,748)

Christmas Gratuity 14,089

Current Portion Capital Lease 104,042

Current Portion of LTD 75,017

Accounts Payable - Trade 97,711

Total Current Liabilities 1,649,110.64

Long-Term Liabilities

Notes Payable 1,263,126

Capital Lease - Club Car 178,379

Capital Lease - Toromaster 63,054

Paid In Capital 691,000

Total Long-Term Liabilities 2,195,559

Total Liabilities 3,844,670

Capital

PAID IN CAPITAL (113,000)

Retained Earnings 498,390

Net Income 62,253

Total Capital 447,643

Total Liabilities & Capital 4,292,312

02/07/2017 02-07-2017 CCCC Annual

Membership Meeting


Financial Overview

Marion Phillips All 2016 Financial Numbers are unaudited


Membership Meeting

16 02/07/2017

17



Membership Meeting

17

2016 Ten Year Plan

2017 2018 2019 2020 2021

Total Club Revenue 3,170,633 3,252,856 3,314,425 3,380,966 3,430,251

Total Cost of Goods 390,771 399,762 403,759 407,797 411,875

Total Labor 1,139,340 1,150,733 1,162,241 1,173,863 1,185,602

Total Expense 1,423,267 1,442,356 1,461,742 1,481,431 1,501,428

Club Operating Income 217,255 260,005 286,683 317,875 331,347

Depreciation 100,000 100,000 100,000 100,000 100,000

Interest Expense 59,196 59,196 59,196 59,196 59,196

Interest Revenue (603) (603) (603) (603) (603) Amortization 500 500 500 500 500

Facility / Equip Repair or replacement 80,000 72,000 88,000 100,000 100,000

Taxable Income (21,838) 28,912 39,590 58,782 72,254

State Tax - 2,168 2,969 4,409 5,419

Fed Tax - 7,228 9,897 14,696 18,063

Net Income (21,838) 19,515 26,723 39,678 48,771

02/07/2017

18



Membership Meeting

18

2016 Ten Year Plan

2022 2023 2024 2025 2026

Total Club Revenue 3,478,901 3,522,440 3,572,038 3,622,170 3,672,849

Total Cost of Goods 415,994 420,154 424,355 428,599 432,885

Total Labor 1,197,458 1,209,432 1,221,527 1,233,742 1,246,079

Total Expense 1,521,738 1,542,366 1,563,319 1,584,601 1,606,219


Depreciation 100,000 100,000 100,000 100,000 100,000


Interest Revenue (603) (603) (603) (603) (603) Amortization 500 500 500 500 500


Taxable Income 64,619 71,394 83,744 96,135 108,573

State Tax 4,846 5,355 6,281 7,210 8,143

Fed Tax 16,155 17,849 20,936 24,034 27,143

Net Income 43,618 48,191 56,527 64,891 73,287

02/07/2017

19



Membership Meeting

19

2016 Ten Year Plan

Cash Flow

02/07/2017

2017 2018 2019 2020 2021



Interest Revenue (603) (603) (603) (603) (603)

Mortgage Principle 63,753 63,753 63,753 63,753 63,753


Equity Refunds 48,000 48,000 48,000 48,000 48,000

State & Fed Tax - 9,396 12,867 19,104 23,482

Cash Flow (33,091) (9,738) (6,530) 3,425 12,518

20



Membership Meeting

20

2016 Ten Year Plan

Cash Flow

02/07/2017

2022 2023 2024 2025 2026



Interest Revenue (603) (603) (603) (603) (603)

Mortgage Principle 63,753 63,753 63,753 63,753 63,753


Equity Refunds 48,000 48,000 48,000 48,000 48,000

State & Fed Tax 21,001 23,203 27,217 31,244 35,286

Cash Flow 2,365 6,938 15,274 23,638 32,034

21



Membership Meeting

21 02/07/2017

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2015 Actual $1,098,9 $1,050,3 $1,002,8 $999,234 $945,303 $769,615 $713,513 $566,511 $526,016 $520,661 $517,376 $1,076,3

2016 Plan $1,036,7 $968,461 $898,930 $847,882 $810,457 $750,633 $697,095 $619,794 $574,080 $527,998 $485,872 $1,037,3

2016 Actual $1,048,1 $1,020,7 $913,519 $878,683 $877,072 $931,006 $774,297 $698,750 $617,054 $568,802 $499,090 $1,134,4

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

Cash Flow

2015 Actual 2016 Plan 2016 Actual


Membership Meeting

22


02/07/2017

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 Actual $1,048,1 $1,020,7 $913,519 $878,683 $877,072 $931,006 $774,297 $698,750 $617,054 $568,802 $499,090 $1,134,4

2017 Plan $1,090,1 $1,001,1 $926,974 $865,601 $811,296 $733,374 $661,218 $572,306 $506,013 $434,202 $375,667 $1,106,4

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

Cash Flow

2016 Actual 2017 Plan

23



Membership Meeting

23

Estimated Hurricane Expenses

02/07/2017

Hole #3 Pond Drainage Repair 67,135

Tree & Debris Removal 33,759

Cart & Concrete Repairs 12,920

113,814

24



Membership Meeting

24

Old mortgage rate was Libor + 1.75%

New fixed rate is 4.37% for 10 years

Fee for new loan (debt modification) $250.00

New loan does not raise monthly payments

Had one time payment of $32k for escrow

change (tax and insurance increase)

Mortgage Update

02/07/2017

25



Membership Meeting

25

Dec 31, 2016

$1,134,452

Cash Balance

02/07/2017

$782,080 $5,000

$124,984

$222,388

Pre-Paids Capital Operating Cash Asset Reserve


• 40 homes sold in 2016

• Member golf rounds increased

• More family oriented events added

• Less member displacement

• Facility improvements and upgrades

• Long term asset replacement plan

• 10 year business plan established

• Fixed rate mortgage obtained

• Financial Plan achieved (excl Hurricane cost)

02/07/2017 02-07-2017 CCCC Annual

Membership Meeting

26

2016 Recap


Newly Elected Board Members

Voting results


Membership Meeting

27 02/07/2017

28


Question/Answer Session

•Please approach microphone with questions


Membership Meeting

28 02/07/2017

02/07/2017 02-07-2017 1 cccc annual membership meeting

Documents