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
Coosaw Creek Country Club
BOD Election
Vacancies - Terms Completed
Judy Hair
Trina Hemphill
Ira Marshall
2017 Candidates
• Aubrey Bell
• Trina Hemphill
02-07-2017 CCCC Annual
Membership Meeting
3
• Christine Boyette
• Derek Robbins
• Jack Frost
02/07/2017
4
Coosaw Creek Country Club
BOD Election
02-07-2017 CCCC Annual
Membership Meeting
4
Please make certain your ballot
has been turned in at this time
02/07/2017
5
Coosaw Creek Country Club
General Manager’s
Report
Mike Benner
02-07-2017 CCCC Annual
Membership Meeting
5 02/07/2017
6
Coosaw Creek Country Club
General Manager’s
Report Topics
• 2016 Operational Summary
• R&M Projects List
• 2017 Goals
• 2016 Financial Summary
02-07-2017 CCCC Annual
Membership Meeting
6 02/07/2017
Coosaw Creek Country Club
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)
8 02-07-2017 CCCC Annual
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)
9 02-07-2017 CCCC Annual
Membership Meeting
9 02/07/2017
Coosaw Creek Country Club
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
10 02-07-2017 CCCC Annual
Membership Meeting
10 02/07/2017
11
Coosaw Creek Country Club
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
02-07-2017 CCCC Annual
Membership Meeting
11 02/07/2017
12
Coosaw Creek Country Club
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
Coosaw Creek Country Club
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
Coosaw Creek Country Club
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
02-07-2017 CCCC Annual
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
Coosaw Creek Country Club
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
Coosaw Creek Country Club
Financial Overview
Marion Phillips All 2016 Financial Numbers are unaudited
02-07-2017 CCCC Annual
Membership Meeting
16 02/07/2017
17
Coosaw Creek Country Club
02-07-2017 CCCC Annual
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
Coosaw Creek Country Club
02-07-2017 CCCC Annual
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
Club Operating Income 343,712 350,487 362,837 375,228 387,666
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 120,000 120,000 120,000 120,000 120,000
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
Coosaw Creek Country Club
02-07-2017 CCCC Annual
Membership Meeting
19
2016 Ten Year Plan
Cash Flow
02/07/2017
2017 2018 2019 2020 2021
Club Operating Income 217,255 260,005 286,683 317,875 331,347
Interest Expense 59,196 59,196 59,196 59,196 59,196
Interest Revenue (603) (603) (603) (603) (603)
Mortgage Principle 63,753 63,753 63,753 63,753 63,753
Facility / Equip Repair or replacement 80,000 90,000 110,000 125,000 125,000
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
Coosaw Creek Country Club
02-07-2017 CCCC Annual
Membership Meeting
20
2016 Ten Year Plan
Cash Flow
02/07/2017
2022 2023 2024 2025 2026
Club Operating Income 343,712 350,487 362,837 375,228 387,666
Interest Expense 59,196 59,196 59,196 59,196 59,196
Interest Revenue (603) (603) (603) (603) (603)
Mortgage Principle 63,753 63,753 63,753 63,753 63,753
Facility / Equip Repair or replacement 150,000 150,000 150,000 150,000 150,000
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
Coosaw Creek Country Club
02-07-2017 CCCC Annual
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
02-07-2017 CCCC Annual
Membership Meeting
22
Coosaw Creek Country Club
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
Coosaw Creek Country Club
02-07-2017 CCCC Annual
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
Coosaw Creek Country Club
02-07-2017 CCCC Annual
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
Coosaw Creek Country Club
02-07-2017 CCCC Annual
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
Coosaw Creek Country Club
• 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
Coosaw Creek Country Club
Newly Elected Board Members
Voting results
27 02-07-2017 CCCC Annual
Membership Meeting
27 02/07/2017