Board Book 2023

We worked with the House Committee to make improvements to the pool dining spaces prior to the pool opening this coming weekend. We have hired 160 staff over the last month to provide service primarily at the pool but in other areas as needed. We still face challenges in hiring culinary staff. Eric Portman then updated the committee on technology utilization within the Club including an overview of current state (Jonas, Microsoft exchange, gate system, etc.) and a brief discussion on recently-implemented and potential improvements (mobile ordering system, digitizing member files, electronic membership application process, mobile app, Office 365, and evaluating other club software packages). We conducted a journey- mapping exercise to better understand the “golf experience” of members and guests and will assess how we can use technology to improve that experience. David Potts then updated the committee on activities of the Vision Committee and how we are preparing to analyze the committee’s recommendations and determine the impact of those recommendations on our financial resources and our membership. Membership numbers reflect continued strong interest in the joining the Club. YTD initiation fees on a straight-line basis exceeded budget by $66K. We are budgeted for approximately $3.2M in initiation fees for the year with the majority of those fees paid as part of existing installment payment plans. We continue to operate in a strong cash position ending the month with $9.9M in cash and short-term investments. We had a brief discussion relating to JME’s and how we can use JME’s as a percentage of to tal member count to drive membership objectives. We will check availability of comparable membership data to benchmark with peer clubs. We then reviewed the Projected Cash Flow focusing on the monthly Increase (Decrease) in Cash line with an emphasis on the seasonal nature of spending and the timing of capital projects throughout the year. Overall, the projection is a conservative approach with an underlying assumption of complete spending on all approved capital projects within the fiscal year. Some highlighted items on the Board’s Summary included the $14.7K negati ve variance in Food revenue (50/50 split between member and private party business) and the $19.2K negative variance in Beverage revenue (member revenue down $28K due to bad weather early in month and some events with lighter-than-expected attendance). Driver for $38K Golf revenue positive variance was tournament revenue which was offset by corresponding increase in tournament expense. Similarly, a key driver of the $62.5K positive variance in Other Revenue was Tennis lesson revenue which was offset by increased lessons pay. Other Revenue also included unrealized gains on treasury-bill investments as well as higher interest earned on cash and cash-equivalent holdings. Chief Financial Officer Presentation and Discussion – Tony Kelley Overall the month of April was a good month with a positive budget variance.