By Kimberly Williams email@example.com
As we enter the month of June, we are excited to see our season well underway. We are hoping for a full and active season as close to normal as possible, but still with precautionary measures, as necessary, for the protection of our membership and community. With the uncertainty faced during the very beginning phases of last season and the onset of COVID, we were very pleased in the end with the success of the season. In the very first stage, we weren’t sure if we would have a season and how the park would be affected financially with the temporary shutdown. With proper planning, precautions and coordination with local officials the park came through financially strong and provided another year of lasting memories with their families. We know going into this 50th year of Sandy Pines we are looking at another great season ahead.
The Board of Directors meeting occurred Friday, May 21, 2021 and included the review and approval of the March and April 2021 financial statements for both SPWT and LMGC.
Financial Statement Review
• Operation Cash as of May 2020 is up approx. $90k over prior year.
• The balance in the Operational Cash account includes the receipt of the PPP Loan funds approx. $512k, which has received full forgiveness.
• The Charles Schwab Investment Account as of the end of May is up $10k.
• The final FEMA draw requests are in process and will increase the Operations Cash and decrease the Acquisitions – Grant Funded Account.
• Total Net Income is up $313k, approx. 21.8% from prior year.
o Flea Market income is up from prior year, due to the lessening of restrictions surrounding the COVID pandemic.
o Newsletter Ad Income is up in May 2021 is support of the 50th Anniversary celebrations and sponsorship ads.
o Supplies are up in May 2021 due to expenses early on in the fiscal year accommodating the remote working of staff in response to state legislative guidelines.
o Newsletter Expense is up for the year due to Footprints publications occurring every month in the off-season.
o Maintenance Income is significantly down from prior year due to the timing cut-off of winterizations being purchased and completed prior to FYE2020. Additional Maintenance Income will be earned through the season and with winterizations at the end of FY2021.
o Total Operation Expense is up compared to prior year May 2020, due to the season of 2021 opening as a normal season and preparation continuing as normal.
o Violations is up $8k May 2021 YTD.
o Guest pass income is up with the normal opening of the season and members being able to invite guests as previously allowed.
o Recreation Taxable Income includes the sales of 50th Anniversary Merchandise. The $5k in Recreation Taxable income and approximately $25k in Newsletter income under Admin for Sponsorship Media Kits for the 50th and together the $30k with additional sales to incur will offset the expenses of the 50th under Social Activities expense under Recreation.
o Social Activities is up approximately $8k from prior year for 50th Anniversary expenses with $109k left to spend.
Park and Garden
o Park and Garden Income is up from prior year due to a better start-up of the year and has met approximately 50% of net income for the year.
o Golf Cart Lease Expense is up due to timing and contract renewal.
o Golf Cart Rental Net Income is up from prior year due to a better start-up of the year and has met approximately 40% of net income for the year.
o Gasoline Income along with Gasoline Expense is up related to internal business use.
o Laundry Income is up due to timing of recognition of funds received.
o Bullpen Storage is a full capacity and has met all of the budget for income revenue this year.
o Commission Income is up almost $16k from prior year.
o Transfer Fee Income is up $58k from prior year. The difference in prior year is due to the shutdown of the Administrative office with COVID last year.
o Camping is up approx. $150k from prior year and met the budget of income for the year.
• Operation Cash as of May 2021 is up approx. $70k over prior year.
• The balance in the Operational Cash account also includes the receipt of the PPP Loan funds approx. $35k, which has received full forgiveness.
• Total Net Income is up $15k from prior year and on target.
o The increase in Net Income is specifically related to increases in all green fees, weekend, weekday and member green fees as well as power cart rentals and beer/wine, food and merchandise income.
o The offset of Net Income is related to increased cost in Repair and Maintenance on the Course.
Please refer to the Finance section of the Sandy Pines webpage for the posting of the most recent year-to-date financial statements.