Update on Club Operations

 The Country Club continues to operate under Governor DeSantis’ and CDC COVID-19 guidelines. Club management is exercising prudent judgement on re-opening facilities, prioritizing the health and safety of members, guests and employees. An update on current operations and what is open and closed, may be found here https://www.universitypark-fl.com/covid-19  (to   the   Club COVID-19  section on the website)

Board Matters – May 8, 2020 Board Meeting (held via Go To Meeting with all members, residents and the public invited)

  • The Board ratified lease agreements for new EZ-Go Golf Carts and Toro golf course maintenance equipment, and the associated finance
  • The Board agreed to collaborate with UPCAI in pursuit, prosecution and maintenance of servicemarks and trademarks for both UPCAI and UPRD/UPCC. UPCAI will be the registrant of record for all marks, with relevant markets licensed to UPRD/UPCC on a full, irrevocable, royalty free basis. UPCAI and UPRD will share the cost of securing and maintaining Supervisor Kopnisky will work with UPCAI to formalize this arrangement.
  • The Board considered a proposed preliminary General Fund budget for fiscal 2021 as presented in the Revised Agenda. This budget includes cost of administering the District and its operations. In order to control costs, in a time of reduced Club revenue, both PFM and Blalock Walters agreed to trim their budgets. The Board offered its thanks for their contributions. After discussion, the Board Approved Resolution 2020-13 adopting the preliminary budget with an additional $20,000 as contingency. A preliminary Debt Service budget was also approved as submitted. The debt on UPRD Series 2019 Bonds is serviced by previously approved assessment, and no further assessment or financing is required.
  • The Country Club reported that its operations have been, as expected, impacted by COVID and closure of the restaurant, cancellation of member events, and actions to help protect the wellbeing of members, homeowners and staff. While the first five months of this year exceeded budget, there are concerns on the timing of re-opening, and the return of member and guest participation in both FY20 and FY21. The Club now projects a deficit of $~$205,000 for FY20 versus a surplus of $375,000 in the approved FY20 budget. While revenue uncertainty would have resulted in a loss for FY21, a dues surcharge of $25 per month per membership is being considered in order for us to achieve a preliminary breakeven budget. The Board approved the Preliminary budget (resolution 2020-14) for the Club as presented in the Agenda.
  • Both the General Fund and Country Club budgets will be revised over the next three months, as more information on future expectations becomes available. A final vote on these budgets will take place at the Board meeting on August 14, 2020.
  • The revenue shortfall in FY20 and FY21 has a major impact on available cash. Many of you may be aware of the CARES Act Payroll Protection Program (the PPP). This is the federal program designed to keep people employed during this time of a closed economy. With a lot of hard work by Dick Crouch, Bruce Mantia, Laurie Evans, Ron Tobin, Bill Lockhorn, John Whyte, and others at PBM, our management company, PBM applied for and received on May 4th, a PPP loan with a term of 2 years at 1% interest in the amount of $855,000. As you also may have heard, if certain criteria are met, the loan has the potential to be forgiven. The explicit criteria which finally may be applied to qualify for forgiveness are unknown by us or our Accordingly, we cannot be assured we will get loan forgiveness and have ignored it for the purposes of the preliminary budget the Club has developed. If the loan is not forgiven, the Club will be required to repay the loan at the end of its 2-year term and will need additional cash. To protect against such a contingency, the Board directed District Management to seek the most favorable terms available on a revolving credit line of up to $1.2 million.
  • The Board considered and approved resolution 2020-12 setting a date for election of Supervisors of December 8, 2020, with a final date for candidate names to be submitted to the Supervisor of Elections on October 9,
  • An update on the transfer of the District’s option to acquire Parcel #7 was It was agreed that Parcel #7 has little value to UPRD and it should be transferred to UPCAI as permitted by our Purchase and Sale Agreement. Supervisor Long will work with counsel and UPCAI to finalize the terms of a transfer.
  • Discussions on the possible transfer of the “Sales Office” to UPCAI for use as a “Welcome Center” are Chairman Wood is working with UPCAI on terms for a possible transfer.

District Budget for Fiscal Year 2020-21

 Like all governments, the District’s budget has two parts: (1) General Fund (“GF”) and (2) enterprise fund (“EF”). The GF covers all the administrative expenses of the District and pays the debt service on the bonds used to acquire the Club. The EF is the budget for the operations of the Club and all its associated facilities and services. Our plan was to have the Club operate profitably and to use the profits to pay all the cost of the GF, exclusive of debt service on the bonds (which are paid from annual debt service assessments) and to provide additional funds for replacement and renewal. However, with Covid19 Club revenues were greatly reduced and Club revenues are not expected to recover until 2022 or when a vaccine becomes widely available. Through careful management there is a substantial surplus in the GF budget projected for this year high enough to cover GF expenses for the upcoming fiscal year FY2020-21. The Club is projected to operate at a significant loss this year and next. The District is informed that the Club’s management company (that employs the staff including Laurie and Curtis) was approved for a significant loan under the Paycheck Protection Program which is expected to offset much of the projected loss expected for this year and next. However, timing for receipt of the loan is uncertain and the cash flow benefit from partial reopening of the Club is also uncertain. Therefore, the District is in the process of securing a short- term loan to cover any shortfalls.

District Board Elections December

 The 2020 elections of supervisors will be held on December 8, 2020. The qualifying date for filing for the office of supervisor shall be October 9, 2020. Details concerning how to qualify to run will be provided as soon as the full arrangements for the election are completed. The candidates receiving the first highest, second highest, and third highest number of votes shall be assigned to seats 1, 2, and 3, respectfully. These Supervisors will serve on the Board for a term of 4 years. The candidates receiving the fourth and fifth highest number of votes shall be assigned to seats 4 and 5, respectfully. These Supervisors will serve on the Board for a term of 2 years.

June 12th Meeting Via WebEx

The June 12th Board meeting will again be conduced remotely over WebEx.

Contact Information for District Management 

Fishkind, Ph.D., District Manager 407-723-5900 Fishkindh@pfm.com
Vivian Carvalho, Assistant District Manager 407-723-5900 Carvalhov@pfm.com
Jennifer Glasgow, District Accountant 407-723-5900 Glasgowj@pfm.com

 Upcoming Meetings

Regular Meeting             June 12th


1:00 PM



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