Jamie Bogema with her family at Disney

February Finance & Accounting Update

By: Kimberly Williams
kim@sandypines.com

Happy New Year and welcome to 2020!  We have started this year off with great goals and focus going into the FY2020 season!

Introductions

First, I would like to welcome a great addition to our team, Jamie Bogema.  Jamie is the new Human Resource Associate and will also fill in additional time assisting and planning events for the Recreation Department.  She comes to us with great experience, knowledge and skills and we are so happy to welcome her to Sandy Pines.

Financial Review

An open Board meeting was held in conjunction with the Finance Committee to review the final FY2019 Financial Statements of the year.  These reports are located at www.sandypine.com/finance.  Beene Garter was on-site early in January completing the annual review and tax filing for the September 2019 fiscal year.  They will provide a report presentation and informational review to the Board of Directors and Finance Committee during the next meeting in March 2020.

September 2019 ended the fiscal year in a continued strong financial position for both SPWT and LMGC and in great preparation for the specific finance and construction goals set for us in the month and years ahead.

SPWT Financial Review

In review of the FY2019 financial statements ending September 30, 2019 for Sandy Pines Wilderness Trails, we ended the year with a strong cash reserve and minimal debt.  The current ratio for Sandy Pines is higher showing a good amount of current assets in relation to current liabilities and yet supports Sandy Pines not-for-profit goal of keeping 6+ months of cash on hand.  The September 30, 2019 financials show a net loss of $47k, which is a great position to end the year.  It is a good reminder that Sandy Pines is a not-for profit organization with the purpose to fulfill the mission of Sandy Pines and maintain cost without making a profit, and minimize tax obligations.

The operational dues account for 45% of the operational expenses within the park.  The remaining 55% of operational expenses are covered by the revenue received within the park activities and operations.

In reviewing the financial statements for Sandy Pines leading into FY2020, we will be meeting regularly as an Administration group and focusing on the strengths and areas of improvement for each department.  For example, most recently in the months of October and November 2019, we have noticed a significant increase in Refuse Expense for the park.  There is a current inflation rate of 4% per year recognized on the cost of Refuse.  Sandy Pines is recognizing significant amounts over this amount. FY2019 Refuse Expense was $14k over the budget.  Our Maintenance and Security department will be taking measures to monitor the use and ensure the park is not incurring extensive costs related to misuse of our refuse services.

LMGC Financial Review

In review of the FY2019 financial statements ending September 30, 2019 for Lake Monterey Golf Course, we ended the year with cash down approximately 35%, however the one Note Payable to Sandy Pines was paid off in the amount of $75,000.  Overall, LMGC Operations Cash was up 58% with current reserves for future projects, specifically the replacement well on the golf course.

Total Net Income equaled $67k, which was approx. 10% lower than prior year.  Weekend green fees were up 56% and power carts were 17% up from last year, with food sales 14% lower.  Repair and Maintenance to the Course was 19% lower than prior year and 38% lower than budget, with much focus on the fertilizing and seed on the golf course instead.

Looking ahead into FY2020, the early months of October and November 2019 do not show much activity in the off-season with the minimal expenses in line with budget.

Operational Dues and Account Balances

As mentioned in the previous Footprints and highlighted in the member e-news as well as on your monthly statements, if you are electing the option of the installment plan for Annual Dues and Assessments, your last monthly payment of the dues must be paid by March 25, 2020.  The installment plan relates to your Annual Dues and Assessments only, and is not a payment option for any other charges to your member account.  We have provided for your convenience on the statement a minimum balance amount that must be met each month to be compliant within the terms of the payment plan and to avoid any risk of deactivation on your membership cards.  In the future, please ensure if you on utilizing the payment plan that you are staying below the balance shown on your statement.

As of March 25, 2020 all dues and assessments must be paid in full.

Annual Renewal charges (per your individual member Automatic Renewal Summary sent the last week of January) will be posted on your March 2020 member statement and is due April 25th, 2020.

We would also like to remind you of the various payment options available to you:

  • In office – Cash, Check or Credit Card payment (please note the Public Safety office is available to take payments 24/7 as well, in person only)
  • Mail – Check payment
  • Online Billing – Make a payment on your account using your MasterCard/Visa/Discover. Convenience fees for MasterCard/Visa/Discover Cards will be 3% of the total payment made. The new payment system will allow your payment to be reflective on your account immediately.
  • Recurring ACH Authorization through your bank – Set a designated amount to pay every month through your personal bank that in time will create a credit balance close enough to cover your dues and assessments prior the new season.

If you have any questions or concerns at any time regarding your member statement, we are happy to assist and may be reached by contacting Member Service at 616-896-8315 ext 0.

 

 

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