Gregory Manor Swim Club Annual Member Meeting Sunday March 30th, 2:00PM 4:00PM King Street United Church of Christ - Downstairs
Agenda Presidents Welcome, Introduction of the Current Board, and Review Annual Overview, Property Highlights Introduction of 2014 & Board Position Reviews Vice President Update Property Operations & Present Potential Upcoming Projects Lifeguard Chair Update Treasurer Update Current Financials, Proposed 2014 Budget, By-Law Change Social Chair Update Guest Fee Chair Update Membership & Guest List Update Proposed By-Law & Rule Changes, Discussion & Voting New Business / Motions for Discussion Dr. Schleider Pool Opening Date Friday May 23, Pool Set-up Date Saturday May 17 th 2014 Fall Membership Meeting Date Sunday, October 12 th Elections for Board Positions 2015 Season Presentation of 2015 budgets, 2014 season review & financial update Q&A
2014 GMSC Board Introduction 2014 President: Bob MacNevin 2014 Vice President: Jake Muller 2014 Secretary: Celia Cuk 2014 Treasurer: Stephanie Parker 2014 Lifeguard Chair: Mary Beth Heady 2014 Social Chair: Phil Attina 2014 Membership Chair: Michele Donaty 2014 Guest Fee Chair: John Philbin
What a Difference Another Year Makes! Another Great Pool Season with lots of continued Improvements New Electrical Box & Industrial Gable Fan New Elevated Lifeguard Chairs New Pool Vacuum Aquabot New Efficient Water Heater Shower & Bathroom Improvements New Full Size Refrigerator and Microwave Deck & Poolhouse re-painted, water fountain removed, new bathroom mats Shallow End Lights, Gate Light & Address Sign, Keys Replaced & Gates Fixed New Website http://www.gregorymanorswimclub.com Finances Came in under budget versus plan again 3 years in a row! Club Self Financed over 70% of Pool Improvements again Maintained Cash Flow Targets, new rules regarding late payments 4-Pay plan required too many reminders 2 Payments in 2014 (for those who qualify) New Members We welcome 7 new Families to our Club this season (3 during 2013 season + 4 NEW) Over the past 3 years, 30% of our membership are new Families Back to a Waiting List! Big Thanks to the GMSC Board Collaboration & Cooperation
3 Year Improvements Over $55,000 has been used to improve / repair our Club Grounds Member Assessments have totaled $350 over that 3 year period (or $26,250 in total) Club Finances have paid the balances while maintaining cash flow target, and no equity line balance owed.
Our Ongoing Improvement Efforts 2010 Reserve Study Results & Other Improvements Needed / Proposals Kiddie Pool Continued Issues Survey Results to Remove Kiddie Pool Pool Heater Replacement Pool Patio Deck Replacement & Repair Pool Pump Propane flex line to new Propane Grill / Grilling area Overall Goal to Self-Finance and or Minimize Assessments $14,425 currently in GMSC Reserve Fund ($50 per Family for 3 yrs PLUS new member initiation & late payment fees) Board Recommends to keep dues the same, but still need for small assessment to address improvements total $700 ($600 dues, $50 reserve, $50 assessment) Based on Improvement Voting & Finances
Recent Survey Results 55 Members Responded to our 2013 Survey Clear Majority of Responses Happy with Improvements, and that the Board is protecting the value of their Bond. Clear Majority also pleased with the current annual dues and fees, and comfortable with future assessments of $50 - $100 (20% not) 60% of Membership in favor of moving from a Quarterly Payment Plan to a 2-Pay Plan. Addressed and Approved at Fall 2013 meeting 80% of Membership recommending removal of kiddie pool. Can use temporary Wading Pools for kids Club will Purchase. Over half do not want fire pit to replace kiddie pool. Most members have visited our web page Most Members are in favor of a permanent, open air roofed structure with grilling stations & patio in the rear of the property
Vice President Update / Proposal All Contracted Services again put out to Bid Open Air Pavillion Project Proposal: 3-5 year Plan Shaded Area & New Grilling Area Kiddie Pool Removal Issues / Survey Results Will address with Kids Plastic Wading pools Based on new proposal, initial recommendation is for the 2014 assessment to be $50
GMSC Board Improvement Proposal
Financing of 2014 Improvements $8,400 Budget Less $3,750 2014 assessment (covers 45% of expense) $4,650 Balance to Cover Propose $925 from Initiation & Late Fees from 2013 $3,725 Balance to be covered from Operating Expenses Short-term use of credit line (if needed).
Lifeguard Chair Update New Lifeguard Chairs worked extremely well Lifeguard Protocols Adopted & Accepted (4 hr Shifts) 5 Lifeguards Hired for 2014 Season 3 returning, 2 new Guards on Duty only when School is not in session Shifts will start at 10:30am, On-duty @ 11:00am Lifeguard Uniforms will be required (GMSC subsidizes)
Treasurer's Update 2014 Pool Season Budget = $46,700 Spending Projected to be slightly under budget again Start of Year Balances: $4,709 Operating Cash (Meets our 10% of Budget Goal) $14,425 Reserve Fund * $0 Balance in Line of Equity Account ($25,000) Proposal $700 per family ($600 dues, $50 reserve, $50 improvement assessment) 2 Pay Plan Bills $350 Due by April 30 (for those who qualify) Last payment of $350 Due by July 31 Bills to go out this week
2014 Pool Season Dues Proposal
Social Chair Update GMSC Board Planned Parties were a Success! In 2013, Pool Parties were much lower than 2012 - $450 less in revenue. Gas Grill Shut off / Refrigerator cleanliness / Propane Tanks Stolen Location of Grill Needs to be Moved Addressing with improvements. Improvements to include an additional Grill
Budget Introduction Fiscal Year runs is November October There is a certain level of conservatism in the 2010 Budget prepared, but the margin is relatively small. Already there is budget pressures from late reported 2010 calendar year expenses.
GMSC Budget 2010-2011
Membership dues account for 90% of the income that sustains the pool. New revenue sources are being investigated vendor advertising is new in 2010 year. Initiation and Late Fees are not budgeted for as they are variable. May present a budget cushion.
GMSC Budget 2010-2011
Expenses primarily based on prior year levels: Insurance budget increased to account for Workman's Compensation insurance required by law, but never purchased previously. Pool maintenance increased to allow for minor repairs / upgrades where needed. Several areas identified that were not within city code that will be brought up to code.
GMSC Budget 2010-2011 Taxes increased to account for cost of corporate maintenance with CT Secretary of State. 2010 utilities were low because heater was not working for part of the season
GMSC Budget 2010-2011
Project funding is misleading Repair costs for the Kiddie pool not shown as they were not readily broken out from bank records when migrated to Quickbooks. Work remains (and therefore expenses) in 2011 calendar year for fence project. In general, an assessment is meant to be revenue neutral if scope and cost estimates are correct.
GMSC Budget 2010-2011 Notice the Budget Net Income is negative indicating that $550 per family is insufficient to fund the on-going cost of the pool.
What are Reserves? All physical elements owned by the pool has a useful life span that can range from a year or two to decades. e.g.: - Cabana will last at 20+ years - Pool heater will last 5-10 years - Pool deck will last 10-15 years All physical elements have sustain wear and tear over time and eventually everything needs replacement.
What are Reserves? (2) Wear and tear is an intrinsic cost to being a pool member. In the past we have not budgeted for it, nor factored it into the financial health of the membership. A replacement reserve is a pool of funds that is set aside to handle replacement of physical elements around the pool. The 2010 fiscal year marks the year when a structured replacement reserve will begin to be funded.
What are Reserves? (3) At present each time an element requires replacement, an assessment is needed. This is charged to the existing membership at the time of replacement, even though the membership over many years enjoyed the usage of the element being replaced. Establishing a reserve is a more fair, fiscally prudent approach to managing our finances as each family pays their share of the wear and tear as we go along.
What are Reserves? (4) A well established replacement fund will reduce (but may not eliminate) the need for on-going assessments. Funding the reserve will make the cost of pool ownership more predictable year over ye