1 2/11/2014 02-18-2014 CCCC Annual
Membership Meeting
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2
Coosaw Creek Country Club
• Call to Order & Welcome: Aubrey Bell
• BOD Vacancies
• Candidate Introductions / Vote: Aubrey Bell
• General Manager’s Report: Mike Benner
• Financial Report: Marion Phillips
• 2014 Challenges and Opportunities: Aubrey Bell
• Election Results: Aubrey Bell
• Q&A: Membership & BOD
Annual Meeting Agenda 02/18/14
02-18-2014 CCCC Annual
Membership Meeting
2 2/11/2014
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Coosaw Creek Country Club
BOD Election Vacancies
Term Completed
Judy Hair
Ira Marshall
Mark Schultz
Candidates
• Judy Hair
• Deon Knecht
• Ira Marshall
• Jim Miller
02-18-2014 CCCC Annual
Membership Meeting
3 2/11/2014
4
Coosaw Creek Country Club
BOD Election
02-18-2014 CCCC Annual
Membership Meeting
4 2/11/2014
Please make certain your ballot
has been turned in at this time
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Coosaw Creek Country Club
General Manager’s Reports
Mike Benner
02-18-2014 CCCC Annual
Membership Meeting
5 2/11/2014
Coosaw Creek Country Club
• 2013 Goals
– Increase & Expand Community Oriented Social Events
– Increase Member Participation
– Continue to improve communications
– Stabilize Financial Plan
– Identify 5 Year Capital Replacement
6 02-18-2014 CCCC Annual
Membership Meeting
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Coosaw Creek Country Club
• Increase & Expand Community Oriented Social Events Seasonal Events (Fall Festival, Oyster Roast, Member
Holiday Party)
New Events (Comedy Night, Murder Mystery, Men’s Fun Night, 20th Anniversary Celebration)
• Increase participation Fun tournaments
Holiday party
New Invitational Members
Upgraded Memberships
7 02-18-2014 CCCC Annual
Membership Meeting
7 2/11/2014
Coosaw Creek Country Club
• Communications Monthly News Letter
E-Mail Blast
2014 Website Redesign
Quarterly Board Report
• Stabilize Financial Plan Financial plan exceeded budget primarily due to higher
than budgeted initiations fees
Continued cost control
Competitive bids
8 02-18-2014 CCCC Annual
Membership Meeting
8 2/11/2014
Coosaw Creek Country Club
9 02-18-2014 CCCC Annual
Membership Meeting
9 2/11/2014
Irrigation Control Box Upgrade $91,962
Resurface 1/2 Putting Green w/ Mini Verde $5,612
Fountain Installed at #10 Pond $6,473
New Patio Furniture at Clubhouse $6,350
Water Heater Replacement $11,575
HVAC Replacement 2 units Clubhouse/1 unit
maintenance $16,425
Total $138,398
Capital Projects
Coosaw Creek Country Club
10 02-18-2014 CCCC Annual
Membership Meeting
10 2/11/2014
Cart Path Repairs on hole #7 & hole #8 $2,000
Drinking Fountains Replaced at Course
Restrooms $911
Resurface Bridges on holes #17 & 18 $7,002
Sun Room Wall Removal/Renovation $9,947
Sod Replacement on Course $2,600
Replace intake for Pump on Pond #10 $8,605
Tree trimming and removal throughout course $5,000
Total $36,065
Improvements / Repairs
Coosaw Creek Country Club
11 02-18-2014 CCCC Annual
Membership Meeting
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Court Surface Repairs (cracks and peeling) $1,000
Sand Replacement $3,103
Lateral Replacement $279
Auto Pilot Cell Replacement $968
Total $5,349
POOL / TENNIS IMPROVEMENTS
Coosaw Creek Country Club
12 02-18-2014 CCCC Annual
Membership Meeting
12 2/11/2014
Tree Trimming around putting green & clubhouse $15,650
Window/Door Replacement $1,225
Structural Support for Roof $2,500
Concrete/Cart Path work around clubhouse $2,702
Total $22,077
OTHER MISC. ITEMS
Coosaw Creek Country Club
• Other Areas to Note Pool
Junior Golf
Golf / Course
13 02-18-2014 CCCC Annual
Membership Meeting
13 2/11/2014
Coosaw Creek Country Club
Financial Overview
Marion Phillips All 2013 Financial Numbers are unaudited
02-18-2014 CCCC Annual
Membership Meeting
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Coosaw Creek Country Club
Financial Statement
02-18-2014 CCCC Annual
Membership Meeting
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Coosaw Country Club
Dec 2013 YTD YTD Budget
TOTAL CLUB REVENUE 2,967,764 2,874,108 TOTAL COGS 370,429 381,958 TOTAL LABOR 1,011,686 1,051,578 TOTAL EXPENSE 1,315,631 1,261,052 TOTAL COI (EBITDA) 270,017 179,520
Depreciation 114,530 110,592
Interest Expense 39,980 49,200
Interest Revenue (2,014) (2,014)
Amortization 734 744
Taxable Income 116,786 20,998
Cash Flow 270,017 179,520
Interest Expense 39,980 39,980
Interest Revenue (2,014) (2,014)
Mortgage Principal 139,613 139,613
State Taxes - -
Federal Taxes - -
CapEx 46,435
Cash To Account 46,002 1,940
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Coosaw Creek Country Club
Assets
02-18-2014 CCCC Annual
Membership Meeting
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Current Assets
Cash - Disbursement $125,536.64
Cash- MM/CAPITAL RESERVE 220,533.56
Petty Cash 1,000.00
Certificate of Deposit 150,000.00
Cash - Receipts Account 562,045.61
Accounts Receivable Members 303,854.63
Allowance for Doubtful Accts (40,833.97)
Accounts Receivable - Other 2,590.30
Merchandise - Shoes 5,720.60
Merchandise - Menswear 5,339.82
Merchandise - Ladieswear 2,141.87
Merchandise - Pro Balls 3,183.43
Merchandise - Headwear 1,605.03
Merchandise - Gloves 3,540.20
Merchandise - Clubs 14,509.27
Merchandise - Bags 1,444.38
Merchandise - Misc 5,426.12
Inventory-Maintenance 4,731.36
Inventory - Food 18,593.29
Inventory - Course Supplies 2,470.75
Prepaid Deb/Escrow 136,586.29
Prepaid Other 5,353.80
Total Current Assets 1,535,372.98
Property and Equipment
Land 1,053,412.51
Buildings 522,945.83
Capital Improvements 1,006,698.33
Building Improvements 216,263.52
Equipment - Course 402,524.74
Equipment - Kitchen 162,492.38
Furniture, Fixtures & Equip 175,824.06
F/A Capital Lease 154,339.20
Loan Costs 19,078.67
Acc Depr - Buildings (97,327.69)
Acc Depr - Cap Improv Course (303,530.51)
Acc Depr - Building Improvemen (19,912.41)
Acc Depr - Equip Kitchen (173,277.17)
Acc Depr - Equip Course (246,378.61)
Acc Depr - Furn Fix & Equip (105,920.63)
Accum Depreciation Capital Lea (38,584.80)
Accumulated Amortization (5,442.34)
Total Property and Equipment 2,723,205.08
Other Assets 0.00
Total Other Assets 0.00
Total Assets $4,258,578.06
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Coosaw Creek Country Club
LIABILITIES AND CAPITAL
02-18-2014 CCCC Annual
Membership Meeting
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Current Liabilities
Reciprocal/Deposits Current Li $446.19
Accrued Wages Payable 22,462.80
Accr Banquet Service Charge 4,154.38
Sales Tax Payable 12,671.81
Accrued Payables 54,281.59
Accrued Personal Property Tax 6,600.00
Accrued Real Estate Taxes 77,905.01
Accrued Interest Payable 3,118.84
Gift Certificates 7,125.63
Deferred Revenue 780,295.90
DEFERRED - TRAIL FEES 33,248.01
Christmas Gratuity 13,096.96
Current Portion Capital Lease 101,848.56
Current Portion of LTD 80,632.20
Accounts Payable - Trade 144,033.93
Total Current Liabilities 1,341,921.81
Long-Term Liabilities
Notes Payable 1,692,350.32
Obligation Capital Lease (28,878.51)
Capital Lease - Club Car 206,650.09
Capital Lease - Cushman 6,017.58
Paid In Capital 687,000.00
Total Long-Term Liabilities 2,563,139.48
Total Liabilities 3,905,061.29
Capital
PAID IN CAPITAL 46,831.87
Retained Earnings 189,898.70
Net Income 116,786.20
Total Capital 353,516.77
Total Liabilities & Capital $4,258,578.06
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Coosaw Creek Country Club
Financial Statement
02-18-2014 CCCC Annual
Membership Meeting
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DUES REVENUE 1,233,407
42%
INITIATION FEES 217,500
7%
GREEN FEES 190,117
6%
CART FEES 365,900
12% MERCHANDISE
159,250 5%
OTHER PRO SHOP 17,330
1%
F&B SALES 656,960
22%
OTHER F&B REVENUE
74,223 3%
TENNIS REVENUE 253 0%
POOL REVENUE 33,213
1% OTHER INCOME 19,611
1%
Revenue by Source $2,967,764
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Coosaw Creek Country Club
Expense as % of Revenue
02-18-2014 CCCC Annual
Membership Meeting
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$2,967,764 MERCHANDISE COGS
$103,008 3%
F&B COGS $267,442
9%
PRO SHOP LABOR $135,527
5%
F&B LABOR $309,270
11%
POOL LABOR $38,140
1%
COURSE LABOR $328,587
11%
MARKETING LABOR $6,672
0% ADMIN LABOR
$193,082 6%
PRO SHOP EXPENSE $122,153
4%
F&B EXPENSE $85,986
3%
TENNIS EXPENSE $4,116
0%
POOL EXPENSE $31,275
1%
COURSE EXPENSE $474,832
16%
MARKETING EXPENSE $37,326
1%
OPERATIONAL EXPENSE $477,908
16%
OTHER EXPENSE $82,536
3%
MORTGAGE PRINCIPAL $139,606
5%
INTEREST EXPENSE $40,720
1%
02-18-2014 CCCC Annual
Membership Meeting
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Coosaw Creek Country Club
2/11/2014
TOTAL CAPITAL IMPROVEMENTS $138,398
TOTAL REPAIRS & IMPROVEMENTS $63,492
Total $201,889
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Coosaw Creek Country Club
02-18-2014 CCCC Annual
Membership Meeting
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Five Year Plan
2014 2015 2016 2017 2018
TOTAL CLUB REV $2,886,817 $2,977,345 $3,075,914 $3,192,958 $3,295,428
TOTAL COGS $377,010 $384,550 $392,241 $400,086 $408,087
TOTAL LABOR $1,088,880 $1,115,178 $1,139,854 $1,165,099 $1,190,927
OPERATING EXPENSE $1,302,723 $1,325,625 $1,348,985 $1,372,812 $1,397,116
CLUB OP INCOME $118,205 $151,993 $194,834 $254,961 $299,298
DEPRECIATION $104,195 $125,000 $125,000 $135,000 $135,000
INTEREST EXPENSE $40,724 $40,724 $40,724 $40,724 $40,724
INTEREST REVENUE $(3,581) $- $- $- $-
AMORTIZATION $744 $744 $744 $744 $744
TOTAL EXPENSE $142,082 $166,468 $166,468 $176,468 $176,468
Est Taxable Income $(23,877) $(14,475) $28,366 $78,493 $122,830
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Coosaw Creek Country Club
02-18-2014 CCCC Annual
Membership Meeting
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Five Year Plan
2014 2015 2016 2017 2018
CLUB OP INCOME $118,205 $151,993 $194,834 $254,961 $299,298
INTEREST EXPENSE $40,724 $40,724 $40,724 $40,724 $40,724
PRINCIPAL $139,613 $139,613 $139,613 $139,613 $139,613
CAPITAL $124,500 $50,000 $100,000 $50,000 $50,000
State & Federal Income
Tax $- $- $- $26,447 $46,842
CASH FLOW
$(186,632) $(78,344) $(85,503) $(1,823) $22,119
Proj EOY Bal Incl
Prepaids $844,224 $765,879 $680,376 $678,554 $700,673
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Coosaw Creek Country Club
02-18-2014 CCCC Annual
Membership Meeting
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DUES REVENUE $1,292,377
45%
INITIATION FEES $67,500
2%
GREEN FEES $195,000
7%
CART FEES $379,500
13%
MERCHANDISE $154,980
6%
OTHER PRO SHOP
$18,785 1%
F&B SALES $674,250
23%
OTHER F&B REVENUE $63,950
2%
TENNIS REVENUE
$125 0%
POOL REVENUE $33,750
1%
OTHER INCOME $6,600
0%
2014 Budget Revenue
Rev = $2,886,817
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Coosaw Creek Country Club
02-18-2014 CCCC Annual
Membership Meeting
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Mortgage Reserve Fee
$220,533 22%
Annual Prepaids $558,377
54%
Operating Cash $126,676
12%
Capital Fund $125,000
12%
Bank Balance 12/31/2013 $1,030,586
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Coosaw Creek Country Club
02-18-2014 CCCC Annual
Membership Meeting
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 Plan $893,297 $836,585 $778,009 $742,818 $717,644 $680,321 $574,532 $518,499 $483,180 $452,911 $422,366 $846,726
2013 Actual $1,008,7 $941,507 $934,052 $937,624 $901,378 $907,924 $849,662 $764,643 $750,181 $740,029 $614,999 $1,030,8
2014 Plan $1,004,3 $919,748 $862,675 $804,432 $770,739 $713,407 $652,704 $577,843 $540,592 $494,813 $458,901 $979,377
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
Cash Flow
2013 Plan 2013 Actual 2014 Plan
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Coosaw Creek Country Club
02-18-2014 CCCC Annual
Membership Meeting
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ACCOUNTS 60 DAYS & OVER SUMMARY
YEAR 60 Days 90 Days 120 Days TOTAL
2008 $37,027 $11,445 $75,773 $124,246
2009 $9,364 $11,023 $84,548 $104,934
2010 $6,693 $4,103 $39,748 $50,543
2011 $7,359 $5,088 $67,673 $80,120
2012 $4,969 $3,930 $78,840 $87,739
2013 $6,181 $5,337 $49,326 $60,844
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Coosaw Creek Country Club
2014 Path Forward
A. Bell
02-18-2014 CCCC Annual
Membership Meeting
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Coosaw Creek Country Club 2014 Goals
• Maintain Cash Flow
• Continue facility improvements
• Evaluate outside events that displace
members
• Evaluate non-replacement capital
projects
02-18-2014 CCCC Annual
Membership Meeting
28 2/11/2014
Coosaw Creek Country Club
Newly Elected Board Members
Voting results
29 02-18-2014 CCCC Annual
Membership Meeting
29 2/11/2014
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Coosaw Creek Country Club
Question/Answer Session
•Please approach microphone with questions
02-18-2014 CCCC Annual
Membership Meeting
30 2/11/2014