Hurricane Idalia

Hurricane Idalia came and went with minimal impact to University Park, both residential and Club. Out of an abundance of caution we did close the Club on Wednesday and the Golf Course again on Thursday (for maintenance and continued drying of the turf). Thank you to the Team for their preparation in advance!
Golf Operations

There have been 4,000 fewer rounds YTD vs. prior year and vs. Budget (through 11 months), primarily in outside rounds. Despite this decrease, we remain $500,000 favorable to Budget. This is primarily driven by higher than anticipated open rates.
Racquets & Fitness
On the Racquets side, the new staff continues to get settled. Lance Martin has been meeting with Team Captains for league play and is actively meeting the Pickleball members. Lance will be hosting two complimentary PB clinics for those who may be interested in the learning the game or for those who actively play and want to get to know him.
We continue to interview for a Fitness Director, with internal and external candidates.

Dining Operations

As previously communicated, we have been closed this week for maintenance, cleaning, and various open items work. This has been extremely successful, and we’ve used this time effectively.
Work completed includes:

Park Grille:	Café:

Acoustical Panels added		Downspouts fixed
Painting of woodwork		Truss Hardware treated and
Deep cleaning, including dining	painted
room floors		Gutters (open as of this writing)
Room Divider Doors (open as of		Tongue & Groove (open as of this this writing)		writing

In addition, on Monday, the entire F&B FOH Team will be participating in an all-day training with Bob Brown, a world-renowned F&B expert and trainer (over 20 countries, including Disney, Marriot, Ritz Carlton, among others). Our thanks to Resident Member, and Social Advisory Group Member, Steve Heitzner, for the recommendation and connection.
Member Events

Our events calendar is on the quieter side now in the heat of the summer. We continue to host sold out Bingo and Trivia once a month and have occasional F&B Theme Nights.
The Golf, Racquets (Tennis and Pickleball) and F&B Teams hosted a fun-filled Labor Day of events and a BBQ Lunch. My thanks to the Team for coordinating and to Ann Backus for quarterbacking the dining event!

Membership

Full	
Racquet s	
Social	Soc /
Res - Cmty Reqrd	
Jr. Exec.	Change in Annual Mbrs	
Trial Full	
Trial Rac/Fit	
Trial Fit/Soc	
Trial Social	
Sum Golf	
Sum Tennis	
2022 Totals		386	125	241	521	2	1275	27	2	6	4	0	0	
Jan 2023		2	1	-2	3		4	14	1		0			
Feb 2023		5		0	3		8	5	-1	-2	3			
March 2023		5	-2	1	-1		3	-24	1	-3	-4			
April 2023		-1	-3	-1	3		-2	-14	-3	-1	2	108	18	
May 2023		1			2		3	-7			0	15	7	
June 2023		-2		2	1		1	-1			0	10	3	
July 2023		1	1		-2		0				-1	-1		
	8/11	1	1		2		4							
NEW	8/31	-1	-1	0	2		0	1						
Total Members	397	122	241	534	2	1296	1	0	0	4	132	28	
Add SAP		96	31				127							
Add AFP		17	1	28	95		141							
Add Range			15	20	29		64							
Add Tw i Ten				18	1		19							
Add Pickleball				4	37		41							
Total Passes		113	47	70	162	0	392							

*147 grandfathered non-members, 228 grandfathered members

Statements of Operations (as of July 31, 2023):

UNIVERSITY PARK COUNTRY CLUB & RD								
TEN MONTHS ENDING JULY 31, 2023								
(in thousands)								
SUMMARY STATEMENT OF OPERATIONS		FY2023		FY2023		FY2023		
Description		YTD Actual		YTD Budget		YTD Variance		
								
REVENUE:								
MEMBERSHIP DUES		$	4,192		$	4,080		$	111		
GOLF OPERATIONS		3,594		3,126		468	(a)	
TENNIS & FITNESS CENTRE		118		83		35		
DINING OPERATIOINS		2,425		2,140		284	(b)	
OTHER INCOME		24		26		(1)		
TOTAL REVENUE		$	10,353		$	9,456		$	898		
								
EXPENSES:								
GOLF OPERATIONS		$	1,344		$	1,328		$	17		
TENNIS & FITNESS CENTRE		410		390		20		
DINING OPERATIONS		3,423		2,761		662	(b)	
GOLF COURSE MAINTENANCE		2,536		2,572		(36)		
GENERAL & ADMIN		1,594		1,591		3		
TOTAL DIRECT EXPENSES		$	9,308		$	8,643		$	665		
								
OPERATING INCOME/(LOSS)		$	1,045		$	813		$	232		
								
CAPITAL ALLOCATION:								
INITIATION FEES & OTHER		$	577		$	468		109		
OUTSIDE GOLF -CAPITAL ALLOCATION		249		188		62		
CAPITAL DUES		174		172		2		
TOTAL CAPITAL ALLOCATION		$	1,000		$	827		$	173		

$468k favorable to budget due to 4,370 more rounds than budgeted and increased public rates.
$284k favorable to budget due to overall increased capacity for a la carte dining and member events and slight menu pricing to combat continued inflation.

$662k unfavorable to budget primarily due to higher COGS (variable with revenue + real cost increases) and labor increases (OT wages due to club activity).

Revenue Flash Report (as of August 31, 2023):

	August		YTD		
(in thousands)	Actual	Budget	Variance		Actual	Budget	Variance		
									
MEMBERSHIP DUES	$	397	$	378	$	19		$	4,589	$	4,458	$	130		
GOLF OPERATIONS	197	162	35		3,792	3,288	504	(a)	
TENNIS & FITNESS CENTRE	4	6	(2)		122	89	33		
DINING OPERATIONS	145	114	31		2,570	2,255	315		
OTHER INCOME	1	1	0		26	27	(1)		
TOTAL OPERATING REVENUE:	$	745	$	661	$	84		$ 11,099	$  10,116	$	982		
									
CAPITAL ALLOCATION:									
INITIATION FEES & OTHER	$	31	$	8	$	24		$	608	$	476	$	133		
OUTSIDE GOLF -CAPITAL ALLOCATION	10	19	(9)		258	206	52		
CAPITAL DUES	25	25	0		198	196	2		
TOTAL CAPITAL ALLOCATION:	$	65	$	51	$	15		$	1,065	$	878	$	187		
									
TOTAL REVENUE:	$	810	$	712	$	99		$ 12,164	$  10,995	$	1,169		

504k over Budget YTD due to pricing and more outside rounds than budgeted, as outlined below:
Rounds of Golf (as of August 31, 2023):

	August		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	2,578	2,165	413		47,264	43,380	3,884	
Outside Rounds	1,531	2,125	(594)		31,900	31,595	305	
	4,109	4,290	(181)		79,164	74,975	4,189	

Rounds of Golf (as of August 31, 2022):

	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,434	2,055	1,379		46,833	41,070	5,763	
Outside Rounds	1,819	2,125	(306)		36,185	33,029	3,156	
	5,253	4,180	1,073		83,018	74,099	8,919