Lockwood Folly Country Club. Quarterly Meeting Nov 3 4 PM- POA Clubhouse

Transcription

1 Lockwood Folly Country Club Quarterly Meeting Nov 3 4 PM- POA Clubhouse

2 Agenda President Vice President Golf Marketing House Grounds & Greens Membership Treasurer Questions & Comments

3 President Remarks Hurricane cleanup Dues and Fees Schedule 4 Board positions open Ballot to be sent in November

4 Vice President Remarks Special Thank You

5 Golf Business: Golf After reopening the golf course, uptick in volume of golfers on the golf course; members and outside guests Tournaments (member and outside events). Consensus is golf course is in much better shape than it has been in the past; The fairways are well conditioned. The greens are superb. Has led to many more repeat customers. Enabled us to Stick to our Guns with pricing; Because we are offering a very good product, we haven t had to resort to highly discounting rates.

6 We have entered into a marketing partnership with East Coast Golf Management. Some initial benefits: Higher exposure with Package Providers. Already seeing an increase in Package Provider Play. Online booking directly through our website. Should be live by end of November. Allowed Professional Networking Opportunities. Enabled an ongoing limited reciprocal agreement with Carolina National and Rivers Edge. Will allow members to play for $28 when we are hosting tournaments or during special circumstances.

7 Member Business: Upcoming Tournaments: Saturday 11/5- Brunswick Baptist Association players. Friday 11/11- Veterans Day Mixer Tuesday 11/15- MGA Turkey Trot Thursday 11/24- Thanksgiving Day Shotgun- Time: TBD (All play on Thanksgiving Day to go out in this shotgun). Spring Tournaments: Travelling Retired Golfers Association (TRGA)- April players Myrtle Beach Passport- May players Carolinas Golf Association- May players ECGM Platinum Event May players

8 Thanks to Myrna Robinson & Jan Kelly for their efforts and guidance on decorating and design of the new Pro Shop. Found many Pro Shop fixtures and Purchased VERY inexpensively from GolfSmith, as they were closing their store in North Myrtle Beach. New Men s and Ladies apparel in the Pro Shop. Now through the end of the year, all MEMBERS will receive a 30% discount on Pro Shop Merchandise.

9 Marketing Report Ran two weeks of ads in Brunswick Beacon announcing our reopening after greens replacement project Updated information with the Brunswick Tourism Development Authority to reflect our course improvements Got foliage trimmed away from signage at Holden Beach Rd./Mt. Pisgah Rd. Sweyer/Century 21 has notified us effective November 1, 2016 they wish to discontinue sharing the cost of vinyl board at HB Rd./Mt. Pisgah Rd. We will be seeking another entity to share cost and get replacement wrap

10 Reopening information posted on Chamber of Commerce website Currently running ads emphasizing course improvements on both Sunrise Broadcast radio and Cumulus radio in the Wilmington market Work continues on drone video and aerial shots of the course Met with Dave Harbaugh of East Coast Golf Management and Tracy Connor of Myrtle Beach Area Golf Course Owners Association regarding online tee times and package bookings. Eric and Janette met with Mark Williams of IBS to discuss contract and conversion process for new Point of Sale system Contracts signed with East Coast Golf Management for 2017 for package play bookings in an effort to increase revenue

11 Banner being displayed at North Brunswick High School on fence at football field. It will be moved into the gym for basketball season and then to the fence at the baseball field in season. Done in an effort to announce course improvements and attract business from that end of the county Continue to work with POA on planning of opening events for new Clubhouse

12 House Report Siding for pump house on #5 will be picked up week of October 15, Shrubs and bushes around cart barn will be trimmed, or Removed. This will occur prior to pressure washing and painting. Ben Galletto has discussed that some of the shrubs should be removed, in order to keep other ornamental plants healthy. Grille was closed for three days due to matthew. Board of Health had to inspect before Sal could continue to serve food. The approval was given on Tuesday at 1:30 pm, and the Grille was back up and running.

13 Discussion was held with POA president Joe Giese, regarding Back up power strategy for new club house. There apparently isn t any in place as of this time. It will be addressed at the next POA meeting. Trim paint colors have been selected and will be purchased to paint the existing buildings on course. This includes cart barn, halfway house, pump house, and restrooms on holes #13 and #14. Applications are being taken to staff the cleaning crew for the clubhouse, pool house, and course buildings

14 Grounds & Greens Report Greens Renovation the greens have turned out to be a total success. They have been getting better each month. the sod ring around the greens will be repaired this late fall and winter. Tees all tees have been seeded with ryegrass. Fairways fairways will be painted 2 to 3 applications. Greens greens will also be painted

15 Master Plan Golf Course Architect Stephen Kay has been hired to do a master plan. The master plan committee had the first visit with Stephen Kay September 29th. The next visit will be November 15th. We will have one or two more visits before the master plan is finalized. Hurricane Matthew Hurricane Matthew was a very messy storm. Fortunately no damage was done to the greens, tees or fairways. Clean up is ongoing. Insurance claim will be submitted.

16 Course improvements this winter if budget allows we will be looking to improve course based on the master plan. one of the things we hope to do next year is a new putting green. The green would be placed behind the back tee at #1. The existing green would then become a short game green. Practice bunker

17 Membership New members: August 25: Mike Collins, Resident of LF- limited golf package September 30: Ernest and Rowena Sewell-limited golf package, Amenities, and initiation fee- Seascape October 1: Doug Westmoreland-Resident of LF-Full individual golf package Total new members YTD Total members YTD 144

18 Membership packages Two new type of membership packages available 2017: Social Membership: per house hold $800 plus F&B of $360 No golf fees required Range membership-family $750 or $375 for 6 months Individual $600 or $300 for 6 months No other changes to the 2017 fees or golf packages. Remember to re-up by December 10, 2016.

19 Treasurer s Report

20 LFCCI Members Meeting = 3 rd Quarter, 2016 FINANCIAL RESULTS July-Sept 2016 B / (W) BUDGET July-Sept 2016 B / (W) Actual Budget Budget OPERATIONS REVENUE $ 177,792 $ 181,287 $ (3,495) EXPENSE $ 261,763 $ 251,800 $ ( 9,963) OPERATING INCOME $ (83,971) $ (70,513) $( 13,458) PROJECT SPENDING $ 125,367 NET INCOME $ (209,338)

21 LFCCI Members Meeting = 3 rd Quarter 2016 FINANCIAL RESULTS REVENUE = B / (W) than BUDGET July-Sept 2016 July-Sept 2016 B / (W) Actual Budget Budget Outside, w/comm $ 66,296 $ 68,254 $ (1,958) Member $ 96,783 $ 93,047 $ 3,736 Other $ 14,713 $ 19,986 $ (5,273) $ 177,792 $ 181,287 $ (3,495)

22 LFCCI Members Meeting = 3 rd Quarter 2016 FINANCIAL RESULTS EXPENSES = B / (W) THAN BUDGET July-Sept 2016 July-Sept 2016 B / (W) Actual Budget Budget Administration $ 41,631 $ 46,520 $ 4,889 Grounds $ 149,389 $ 142,154 $ (7,235) Pro Shop $ 54,314 $ 50,662 $ (3,652) Marketing $ 2,736 $ 1,754 $ (982) House $ 9,216 $ 6,675 $ (2,541) Storm Damage Membership $ 749 $ (749) Interest $ 3,728 $ 4,035 $ 307 Total Operating Expenses $ 261,763 $ 251,800 $ (9,963)

23 LFCCI Members Meeting = YTD September 30, 2016 FINANCIAL RESULTS Jan-Sept 2016 B / (W) BUDGET Jan-Sept 2016 B / (W) Actual Budget Budget OPERATIONS REVENUE $ 652,306 $ 672,944 $ (20,638) EXPENSE $ 710,512 $ 691,987 $ (18,525) OPERATING INCOME $ (58,206) $ (19,043) $ (39,163) PROJECT SPENDING $ 149,388 $ 84,500 $ (64,888) NET INCOME $ (207,594) $ (103,543) $ (104,051)

24 LFCCI Members Meeting = YTD September 30, 2016 FINANCIAL RESULTS REVENUE = B / (W) than BUDGET Jan-Sept 2016 Jan-Sept 2016 B / (W) Actual Budget Budget Outside, w/comm $ 218,347 $ 244,479 $ (26,132) Member $ 388,273 $ 374,929 $ 13,344 Other $ 45,686 $ 53,536 $ (7,850) $ 652,306 $ 672,944 $ (20,638)

25 LFCCI Members Meeting = YTD September 30, 2016 FINANCIAL RESULTS EXPENSES = B / (W) THAN BUDGET Jan-Sept 2016 Jan-Sept 2016 B / (W) Actual Budget Budget Administration $ 110,431 $ 120,022 $ 9,591 Grounds $ 389,491 $ 369,428 $ (20,063) Pro Shop $ 168,424 $ 166,283 $ (2,141) Marketing $ 5,360 $ 4,124 $ (1,236) House $ 23,428 $ 20,025 $ (3,403) Storm Damage Membership $ 1,950 $ (1,950) Interest $ 11,428 $ 12,105 $ 677 Total Operating Expenses $ 710,512 $ 691,987 $ (18,525)

26 LFCCI Members Meeting = 3nd Quarter, 2016 BALANCE SHEET 09/30/16 12/31/15 Variance Total Cash $ 143,778 $ 177,170 $ (33,392) Fixed Assets (net) $ 1,137,989 $ 1,137,215 $ 460 Other Assets $ 42,424 $ 27,310 $ 15,428 TOTAL ASSETS $ 1,324,191 $ 1,341,695 $ (17,504) BBT Loan $ 313,573 $ 344,847 $ (31,274) Pay It Forward Fund $ 240,000 $ 0 $ 240,000 Other Liabilities $ 11,287 $ 31,134 $ (19,846) TOTAL LIABILITIES $ 564,860 $ 375,981 $ 188,879 Equity $ 759,331 $ 965,714 $ (206,382) TOTAL E & L $ 1,324,191 $ 1,341,695 $ (17,504)

27 LFCCI Members Meeting = 3 rd Quarter, 2016 Forecasted Revenue & Expenses Fourth Quarter 2016 OCT 2016 NOV 2016 DEC 2016 ACTUAL FORECAST FORECAST OPERATIONS: REVENUE $ 77,755 $ 73,425 $ 55,162 EXPENSES $ 74,674 $ 64,752 $ 89,645 INTEREST $ 1,229 $ 1,345 $ 1,345 STORM RESERVE (DEDUCTIBLE) $ 3,513 $20,000 $ (18,513) PROJECTS $ 22,232 $ 3,000 $ 13,000 NET INCOME $ (23,893) $(15,672) $(30,315)

28 LFCCI Members Meeting = 3 rd Quarter, 2016 Forecasted Net Income st Quarter nd Quarter rd Quarter th Quarter 2016 Total 2016 Actual Actual Actual Forecast Forecast OPERATIONS: REVENUE $ 255,366 $ 219,148 $ 177,792 $ 206,342 $ 858,648 EXPENSES $ 215,823 $ 225,226 $ 258,035 $ 229,071 $ 928,155 INTEREST $ 3,936 $ 3,764 $ 3,728 $ 3,919 $ 15,347 STORM RESERVE $ 5,000 $ 5,000 PROJECTS $ 7,050 $ 16,971 $125,367 $ 38,232 $ 187,620 NET INCOME $ 28,557 $ (26,813) $ (209,338) $ (69,880) $ (277,474)

29 LFCCI Members Meeting Forecasted Cash Flow 2016 Forecast Budget B/ (W) Budget CASH FLOW Source/(Use): BEGINNING CASH BALANCE $ 177,170 $ 169,400 $ 7,770 BANK BORROWING $ 50,000 $ (50,000) PAY-IT FORWARD $ 240,000 $ 240,000 OPERATING NET INCOME $ (84,854) $ (44,780) $ (40,074) STORM RESERVE $ (5,000) $ (10,000) $ 5,000 PROJECTS $ (187,620) $ (84,500) $ (103,120) LOAN PRINCIPAL PAYMENTS $ (41,589) $ (43,300) $ 1,711 PRO SHOP INVENTORY INCREASE $ (5,000) $ 0 $ (5,000) ENDING CASH BALANCE $ 93,107 $ 36,820 $ 56,287

30 LFCCI Members Meeting PROJECT SPENDING SPENT YTD 9/30/16 PLANNED TOTAL BUDGET Greens Renovation $136,389 $136,389 $ 84,500 Paving & Drainage at Bag Drop and Cart Barn Master Plan $ 4,000 $22,232 $ 6,000 $22,232 $10,000 Moving Expenses $ 5,000 $ 5,000 Pro Shop Furnishings $ 8,999 $ 8,999 Marketing- Reopening $ 5,000 $ 5,000 Total $149,388 $38,232 $187,620 $ 84,500

31 LFCCI Members Meeting Plans and Actions for 2017 PLANS & ACTIONS Plan To Reevaluate Membership Package Joined Grand Strand Tee Time Network (GSTTN) Joined East Cost Golf Management (ECGM) Marketing Coop Participating in the Platinum Golf Loyalty Program Contracting With On-Line Tee Time Providers (Golf-Now.com, Quick 18 T- Off.com) Approved Over-Seed of Tee Boxes and Painting Fairways and Greens Contracted for Drone Aerial Video of Golf Course Contracted Boomers Rental to Stuff Printed Flyer in Rental Bedding Plan Spring Grand Reopening with Radio and Print Ad Campaigns

32 MEMBERSHIP 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec YTD Membership Family Sr. Family Individual Senior Ind Round n/a Round Round n/a Limited Renter Program 2 Total

33 Questions & Comments