Meadows Club

Annual Meeting

October 30th, 2008

 

Annual Managers Report:

 

·        Membership: 

§         223 family memberships

§         11 senior family memberships

§         18 single parent memberships

§         38 single memberships

§         19 senior single memberships

§         40 junior memberships

§         TOTAL = 349

§         We have added: 5 juniors, 10 families, 2 singles

§         When I came on board in February we had 237 families, right now we have a total of 233, with 4 pending to come in.  We currently have 220 families on the waitlist.

§         We have 57 singles; this is due to people changing their memberships (i.e. from families).  There are 29 on the waitlist.

§         We have 41 juniors, I would like to add to this group, but since our singles have soared, I don’t feel we have the space at this point.  There are 50 on the waitlist.

 

·        Revenue YTD:  Our revenue is $563,379.73 a nearly $50K increase over 2007.  The primary reason for the increase is that we have brought tennis revenue in house and realized $113K in tennis revenue this year.  Our tennis increase was offset by a $50K decrease in dues and initiation fees as a result of fewer new members added in 2008 and some memberships converting to singles from families. 

·        Balance Sheet:

§         Cash:  Cash is currently $383K, up $180K from December 2007 reflecting operations and additional debt.  We anticipate spending approximately $90K on Phase 1 and Phase 2 progress. 

§         Building:  Building increased $50K this year due to the new boiler and water heater.

§         Long Term Debt:  Our bank debt increased $200K due to the financing for Phase 1.

 

Looking towards the future:

I think you all know and have seen how crazy / fun / difficult / nasty this year has been.  However, among all things I have seen the beauty of this club.  I want to assure you that it is my #1 goal to keep the tradition that Dale started… Meadows is a community. 

All of the families that I have met this year, although all are different, there is a common thread of good ethics, morals & character.  Buildings, landscaping, courts & pools will continue to change and grow, but these material changes will not who we are… a family.  Remember everyone’s family has crazy people and issues, but we always stick together.