Overview
The Club has officially turned the calendar into the off-season. Activity around the Club has waned a bit but we continue to receive support at events we are hosting.
Staffing
I am pleased to announce the hire of Justin Sears as our new Executive Chef, replacing the retiring Chef Roger Turtch. Justin comes to us from Lakewood Ranch Country Club which was recently purchased by Heritage Golf. The search for a new Executive Chef was led by Club Recruitment expert, GSI Executive Search. In addition, an Interview/Tasting Committee comprised of Board Members, Residents and Management assisted me in the selection process. Justin's selection was unanimous, and we look forward to Justin's arrival tentatively set for June 11, 2024. Chef Justin will oversee all day-to-day culinary operations.
Member Events/Dining
Since the last MD&A, we have held many events at the Club including the Seder Dinner (4/22), a Duckhorn Wine Dinner (4/27), a Kentucky Derby Party (5/4), the Mother’s Day Brunch (5/12)(serving 472 people…100+ over prior year) and the Drouhin Wine Dinner (5/16). All of these in addition to Bingo, Trivia, Theme Nights, etc. Special thanks to Rico, Dana, and the entire F&B Team for their efforts in wrapping up a successful season of events!
After initially reducing our Park Grille hours on certain days, we have largely returned to our “in-season” hours. We were initially trying to curtail the financial losses incurred during these slower times but also understand members want the Club available to them as much as possible. Please support the Club during these expanded hours as we balance member experience and fiscal prudence.
Golf, Racquets & Fitness
All “sport” activities have held end of season events including the Racquets Ball (4/13), MGA Closing Shotgun & Lunch (4/17), LGA Closing Shotgun & Lunch (4/23) and the 9-hole LGA Closing Shotgun & Lunch (4/25).
Despite these events, the sport activities remain active and busy, notably in the morning hours.

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	Sum Dining	Change
in Other Mbrs	
2023 Totals		426	109	252	529	2	1318	19	2	4	7	0	0	0	32	
January		2	2	-1	-2	-1	0	9	1	-1	-1				8	
February		6	1	2	1		10	1	-2	-1	-2				-4	
March		10	1	0	0		11	-4	2	0	-2				-4	
April		5	1	1	7		14	-16	-1	1		55	18		57	
May	5/3	1	-1	-3	-2		-5	-8		-3	-1	16	2		6	
	5/17	3	0	-1	0		2		-1			11	3		13	
NEW	5/22	1					1									
Total Members	454	113	250	533	1	1351	1	1	0	1	82	23	0	108	
Add SAP		108	29				137									
Add AFP		18		27	111		156									
Add Range		2	13	26	30		71									
Add Tw i Ten				17	1		18									
Add Pickleball		3		8	49		60									
Total Passes		131	42	78	191	0	442									
*140 grandfathered non-members, 217 grandfathered members
**312 non-resident memberships
***Unofficial Full Membership waitlist of 18 as of 5/21/24

Statements of Operations (as of March 31, 2024):

UNIVERSITY PARK COUNTRY CLUB & RD								
SIX MONTHS ENDING MARCH 31, 2024								
(in thousands)								
SUMMARY STATEMENT OF OPERATIONS		FY2024		FY2024		FY2024		
Description		YTD Actual		YTD Budget		YTD Variance		
								
REVENUE:								
MEMBERSHIP DUES		$	2,630		$	2,570		$	60		
GOLF OPERATIONS		2,349		2,392		(43)		
RACQUETS & FITNESS CENTRE		68		91		(23)		
DINING OPERATIOINS		1,929		1,889		40		
OTHER INCOME		7		4		4		
TOTAL REVENUE		$	6,984		$	6,946		$	38		
								
EXPENSES:								
GOLF OPERATIONS		$	826		$	869		$	(43)		
RACQUETS & FITNESS CENTRE		267		339		(72)		
DINING OPERATIONS		2,794		2,304		490	(a)	
GOLF COURSE MAINTENANCE		1,648		1,566		83	(b)	
GENERAL & ADMIN		1,057		1,115		(58)		
TOTAL DIRECT EXPENSES		$	6,593		$	6,193		$	400		
								
OPERATING INCOME/(LOSS)		$	391		$	753		$	(361)		
								
CAPITAL ALLOCATION:								
INITIATION FEES & OTHER		$	845		$	474		371		
OUTSIDE GOLF -CAPITAL ALLOCATION		171		185		(15)		
CAPITAL DUES		161		154		7		
TOTAL CAPITAL ALLOCATION		$	1,177		$	814		$	363		
$490k unfavorable to budget primarily due to kitchen labor costs, Food COGS, and Linens. The labor and linens are the result of the budget under-projecting the impact of additional days open, and events held. Benchmarking labor with other Clubs suggests we are within the median for this area. Our Food COGS are above the industry norm and talks are ongoing to curtail them.

$83k unfavorable to budget primarily due to the early completion of projects that are budgeted for in the summer. The weather over the winter restricted traditional maintenance of the golf course so Curtis reallocated labor to do projects scheduled for the summer. The budget will catch up to the expenses by July.

Revenue Flash Report (as of April 30, 2024):

	April		YTD		
(in thousands)	Actual	Budget	Variance		Actual	Budget	Variance		
									
MEMBERSHIP DUES	$	463	$	431	$	32		$	3,093	$	3,001	$	92		
GOLF OPERATIONS	430	388	42		2,780	2,780	(0)		
RACQUETS & FITNESS	13	14	(2)		81	106	(25)		
DINING OPERATIONS	312	339	(27)		2,241	2,228	13		
OTHER INCOME	1	0	1		8	4	4		
TOTAL OPERATING REVENUE:	$	1,219	$	1,173	$	46		$	8,203	$	8,119	$	84		
									
CAPITAL ALLOCATION:									
INITIATION FEES & OTHER	$	165	$	4	$	161		$	1,011	$	478	$	532	(a)	
OUTSIDE GOLF -CAPITAL ALLOCATION	31	31	(0)		201	216	(15)		
CAPITAL DUES	30	27	3		191	181	10		
TOTAL CAPITAL ALLOCATION:	$	226	$	62	$	164		$	1,402	$	875	$	527		
									
TOTAL REVENUE:	$	1,445	$	1,235	$	210		$	9,606	$	8,994	$	611		
New memberships (the basis for Initiation Fees and Membership Dues) have exceeded YTD Budget as outlined in the Membership section above.

Rounds of Golf (as of April 30, 2024):

	April		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	5,067	4,397	670		31,316	32,331	(1,015)	
Outside Rounds	3,121	3,535	(414)		20,947	23,170	(2,223)	
	8,188	7,932	256		52,263	55,501	(3,238)	
Rounds of Golf (as of April 30, 2023):

	April		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,704	4,485	219		32,310	32,040	270	
Outside Rounds	2,952	3,280	(328)		23,186	21,535	1,651	
	7,656	7,765	(109)		55,496	53,575	1,921	
Interesting stats:
3,233 fewer rounds YTD from 2024 to 2023 (2,239 being outside/994 members)
Weather impact and shift to more members than public play
Within budget in Golf Ops despite decrease in rounds.
Weather volatility is diminished with more reliance on Full Members than outside play.