Summary
While club operations continue through the summer months, albeit with fewer events & members, the Team’s focus shifts towards preparing for the upcoming season, facility repairs & maintenance and cleaning, staff training & development, among other items.
Baby News!
Congratulations to Membership Director, Merci Harrod, on the birth of her son Maddox Staerling Harrod born on Monday, June 9th. Mom, baby and family are all doing well.
Golf Operations
Curtis to give a verbal update on the back-9 golf course project, which is moving along swiftly.
The Public and Guest rates will be decreasing on Wednesday, June 18th. Morning rates, which are charged until 12:00pm, will be $109, between 12pm-2pm will be $89 and after 2pm will be $75. Despite the modest decreases, these rates remain at the high end of our competition.
Racquets & Fitness
Tim Irwin, our Head Pickleball Professional, announced his resignation last month. Tim accepted a new role closer to home, giving him more time with his wife and family. We sincerely thank Tim for his dedication and the positive impact he made on our pickleball community. His last day was Monday, May 26, during the Memorial Day Pickleball event. Dallas Burko will continue in his capacity as a Pickleball Professional.
Summer Memberships for Racquets have hit 48, highest since 2019. We have seen an uptick since the closure of The Meadows.
Upcoming Racquets events include a Wimbledon Garden Party on Monday and an Independence Day Doubles Mixer & PB Round Robin.
Suzanne and her team of Fitness Instructors continue to provide a wide variety of daily fitness classes including Pilates, Yoga, Aquatics, and TRX. Private Lessons also continue to gain in popularity. In addition, there is a complimentary Independence Day “warm-up” event which is open to all Members.

Membership

Full	
Racquets	
Social	Net Change in
Memberships	Trial Full	Trial Rac/Fit	Trial Fit/Soc	Trial Social	Sum Golf	Sum Tennis	Wait List	
2024 Totals 12/31/24		445	108	786	1339	2	0	0	2	0	0	9	
January		
-1	
1	
0	0	
3							
February		
-4	
1	
3	0								
March		
1	
2	
-6	-3	
-2		
2	
-2			
-2	
April		
2	
1	
4	7	
-3				
41	
14	
-6	
May		
5	
-1	
-1	3			
-2		
29	
33		
NEW	June	
6/5	
-1	
1	
-1	-1					
-1	
1		
Total Members		447	113	785	1345	0	0	0	0	69	48	1	
Social Access		98	30		128								
Fitness		21	1	131	153								
Range			10	59	69								
Tw ilight Tennis				23	23								
Pickleball		2		55	57								
Total Passes		430								
*135 grandfathered non-members (-2 to prior month), 199 grandfathered members (flat to prior month)
**302 non-resident memberships (+2 to prior month)
***Official Waitlist, after requiring the deposit, stands at 1.

Statements of Operations (as of April 30, 2025):

UNIVERSITY PARK COUNTRY CLUB & RD								
SEVEN MONTHS ENDING APRIL 30, 2025								
(in thousands)								
								
SUMMARY STATEMENT OF OPERATIONS		FY2025		
Description		YTD Actual		YTD Budget		YTD Variance		
								
REVENUE:								
MEMBERSHIP DUES		$	3,450		$	3,436		$	14		
GOLF OPERATIONS		2,479		2,815		(336)	(a)	
RACQUETS & FITNESS CENTRE		129		97		32		
DINING OPERATIONS		2,172		2,315		(143)	(b)	
OTHER INCOME		11		4		7		
TOTAL REVENUE		$	8,240		$	8,667		$	(427)		
								
EXPENSES:								
GOLF OPERATIONS		$	1,063		$	1,151		$	(87)	(c)	
RACQUETS & FITNESS CENTRE		353		374		(21)		
DINING OPERATIONS		2,752		3,051		(298)	(d)	
GOLF COURSE MAINTENANCE		2,029		1,935		94		
GENERAL & ADMIN		1,399		1,491		(92)	(e)	
TOTAL DIRECT EXPENSES		$	7,596		$	8,001		$	(405)		
								
OPERATING INCOME/(LOSS)		$	644		$	666		$	(22)		
								
CAPITAL ALLOCATION:								
INITIATION FEES & OTHER		$	407		$	741		(335)	(f)	
OUTSIDE GOLF -CAPITAL ALLOCATION		176		202		(26)		
CAPITAL DUES		220		219		1		
TOTAL CAPITAL ALLOCATION		$	803		$	1,162		$	(359)		
								
MILTON EXPENSE (NOT INCLUDED ABOVE)		$	304					(g)	
LESS : INSURANCE PROCEEDS		$	(65)						
TOTAL MILTON EXPENSE		$	240						
Golf Operations are $336k unfavorable to budget primarily due to Hurricane Milton ($150k), less than favorable weather conditions during season, and lower Pro Shop sales/foot traffic ($39k).
Dining Operations are $143k unfavorable budget primarily due to Hurricane Milton ($71k) and reduced foot traffic from golf operations.
No LPGA Pro hired, Pro Shop COGS, Credit Card Fees
COGS Control, less Temp Labor, less Spoilage, limited linens

Delayed Accountant hire, Maintenance labor, Credit Card Fees
Non-resident, Full Member Waitlist + fewer home sale turnover
Hurricane Milton related expenses excluded from Operating P&L. Currently working with Insurance and FEMA to seek reimbursement.

Statement of Cash Flows (as of April 30, 2025):

	APRIL		
(In Thousands)	MTD		YTD		
Cash Flows From Operating Activities:					
					
Cash Receipts From Members & Customers	$	1,033		$	10,184		
Cash Payments To Vendors & Suppliers	(482)		(3,833)		
Cash Payments To PBM Employees	(525)		(4,132)		
					
Net Cash Provided (Used) By Operating Activities	$	27		$	2,219	(a)	
					
Cash Flows From Capital And Other Non-Operating Activities:					
Initiation Fees	$	186		$	382		
Capital Dues	11		341		
Purchase Of Equipment & Capital Projects	(3)		(1,952)	(b)	
Transfer To/From General & Capital Funds	-		2,174	(c)	
Insurance Proceeds	65		65		
Hurricane Milton	(3)		(304)		
Interest From Investments	25		27		
Net Cash Provided (Used) By Capital And Other Non-Operating Activities	$	280		$	733		
					
Net Increase (Decrease) In Cash	$	307		$	2,952		
					
Cash At Beginning Of Period	$	3,805		$	1,160		
Cash At End Of Period	$	4,112		$	4,112		
					
Capital Account Balance	$	958		$	958		
Operating Account Balance	3,148		3,148		
Other (Petty Cash)	6		6		
Cash At End Of Period	$	4,112		$	4,112		
Net operating cash flow is positive for April, year-to-date will continue to be positive due to the receipt of annual dues at the beginning of the fiscal year.
$2m of outflows for capital projects, covering final payments related to the Irrigation Project, Pro Shop Renovation, and Short Game/Practice Area Renovations.
Transfers include outflows of -$126k to the General Fund as well as inflows of $2.35m from the Bond Anticipation Note (BAN).

Revenue Flash Report (as of May 31, 2025):

	May		YTD		
(in thousands)	Actual	Budget	Variance		Actual	Budget	Variance		
									
MEMBERSHIP DUES	$	532	$	542	$	(10)		$	3,982	$	3,978	$	4		
GOLF OPERATIONS	238	328	(90)		2,717	3,172	(455)	(a)	
RACQUETS & FITNESS	13	11	1		141	108	33		
DINING OPERATIONS	243	249	(6)		2,415	2,564	(148)	(a)	
OTHER INCOME	0	0	0		11	4	7		
TOTAL OPERATING REVENUE:	$	1,026	$	1,130	$	(104)		$	9,266	$	9,826	$	(560)		
									
CAPITAL ALLOCATION:									
INITIATION FEES & OTHER	$	160	$	3	$	158		$	567	$	744	$	(177)	(b)	
OUTSIDE GOLF -CAPITAL ALLOCATION	14	29	(15)		190	202	(12)		
CAPITAL DUES	32	33	(0)		252	251	1		
TOTAL CAPITAL ALLOCATION:	$	207	$	64	$	143		$	1,010	$	1,197	$	(188)		
									
TOTAL REVENUE:	$	1,233	$	1,194	$	38		$	10,276	$	11,023	$	(748)		
Golf Operations and Dining are $455k and $148k unfavorable to budget, primarily due to Hurricane Milton and fewer outside rounds than budgeted in November through May contributing further to the unfavorable variance.
The May Budget also didn’t contemplate the renovation of the back-9 project which reduces our revenue potential.
Initiation fees were $177k unfavorable to budget due to lower than budgeted and historical real estate turnover.

Rounds of Golf (as of May 31, 2025):

	May		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,357	4,567	(1,210)		32,278	36,580	(4,302)	
Outside Rounds	2,263	3,490	(1,227)		19,815	23,407	(3,592)	
	5,620	8,057	(2,437)		52,093	59,987	(7,894)	
Rounds of Golf (as of May 31, 2024):

	May		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,281	4,086	195		35,597	36,418	(821)	
Outside Rounds	2,730	2,653	77		23,677	25,824	(2,147)	
	7,011	6,740	271		59,274	62,241	(2,967)	

Statement of Cash Flows – Forecast:

	September		
(In Thousands)	2024		2025		
Cash Flows From Operating Activities:					
					
Cash Receipts From Members & Customers	$	12,914		$	13,301		
Cash Payments To Vendors & Suppliers	(5,775)		(5,751)		
Cash Payments To PBM Employees	(6,643)		(7,247)		
					
Net Cash Provided (Used) By Operating Activities	$	495		$	303		
					
Cash Flows From Capital And Other Non-Operating Activities:					
Initiation Fees	$	1,278		$	542		
Capital Dues	348		388		
Purchase Of Equipment & Capital Projects	(5,065)		(3,060)	(a)	
Loss on Equipment Dispoals	(3)		-		
Transfer To/From General & Capital Funds	1,204		2,174		
Insurance Proceeds	-		143		
Hurricane Milton	-		(304)		
Interest From Investments	20		42		
Net Cash Provided (Used) By Capital And Other Non-Operating Activities	$	(2,218)		$	(75)		
					
Net Increase (Decrease) In Cash	$	(1,723)		$	229		
					
Cash At Beginning Of Period	$	2,882		$	1,160		
Cash At End Of Period	$	1,160		$	1,389		
					
Capital Account Balance	$	4		$	323		
Operating Account Balance	1,150		1,060		
Other (Petty Cash)	6		6		
Cash At End Of Period	$	1,160		$	1,389		
(a) Outflows of $3.06m includes $2m of outflows for final payment of projects at the beginning of the fiscal year and projections of $1.1m for Back 9 project.