By: Kimberly Williams
We are excited to welcome you to the new season of 2020 as we prepare for a great summer and hope for an early spring.
We are in the process of closing out the 2019 fiscal year review with our auditors and will have a comprehensive review presentation given by the audit team to the Board of Directors and the Finance Team. At this time, we will also have our Investment Advisor from Charles Schwab present to review the past years investment activity.
Our next Board of Directors meeting is scheduled for Friday, March 20 at 2:00 pm. The location, agenda and details will be posted online at sandypines.com/calendar. The Finance Committee will be attending to review the financials from November 2019 through February 2020.
FY2020 Financial Review to date
The financial statements leading into FY2020 are solid. Member Service continues to keep current accounts receivable up to date and timely. The winter (off-season) months for the Sandy Pines Park and Golf Course tend to involve many costs related to upgrade, maintenance and repairs that are not as easily accessible during the busy summer months of the season.
A few projects on the capital budget that are currently in progress or have been wrapped up are the replacement of the Administration Windows to maintain better heating efficiency; replacement of the Inspector Truck that has reached beyond its useful life, and upgrade to the playground area located in Phase 2. The Administration and Maintenance teams will continue to focus on the improvements as budgeted through this off-season.
North Shore Center
Sandy Pines Administration, the Board of Directors, Local Township and Emergency Management Personnel, along with the selected architect/engineer and contractor have also met regularly to thoroughly review the planning, progress and construction of the Phase 4 North Shore Center FEMA Storm Shelter. This facility will be the first two-story Storm Shelter constructed under the P-361 FEMA and ICC 500 construction standards. This facility will hold occupancy of 1,104 people in the case of an emergency. The total project cost is budget at $4.8M with a FEMA reimbursed grant of $2.8M (approx. 75% of the hardened project costs). Sandy Pines will be responsible for the remaining 25% of hardened costs and all non-hardening costs. The commitment from Sandy Pines is budgeted through the Capital Funds of $300k in FY2020 and FY2021 originally set aside for the replacement of the Adult Rec building. The remaining funds needed will be supported through the Board approved transfer of up to $1.5M from the operational reserve as needed. Completion for this project is intended for November 2020. This building will be used as a mixed-use recreational facility and storm shelter for protection of Sandy Pines and the surrounding community and provided with support from the National, State and Local emergency governances. This is a major enhancement for Sandy Pines, and we are blessed to have the support of local officials concerned for the safety of our community. Additional information, renderings, and ongoing updates are available on our North Shore Center Page sandypines.com/NorthShoreCenter.
If you have followed the monthly payment plan for dues and assessments for the 2020 season. The final payment must be paid in full as of March 25, 2020. The April 2020 statement will include the billing of annual renewals specific to each site. Please refer to the Member Services news article for further details and information. Blessings to each of you as we continue to prepare for your arrival in the 2020 season.