University Park Recreation District Management Discussion & Analysis Report As of April 30, 2026

Member Experience/Dining
Season is winding down but the Club remains fairly busy.
April continued a very busy season with Passover Seder (4/1), Breakfast with the Bunny (4/4) and Easter Sunday Brunch (4/5). We served approximately 900 members and guests over this 3-event timeframe.
In addition, we hosted our first ever (at least in recent history), New Member Reception. This Event was attended by approximately 75 people including New Members, invited Club Ambassadors and Club Management. The event was a huge success and the new members were very appreciative. We anticipate hosting this event twice a year moving forward to continue to welcome and integrate our new annual members.
Finally, we hosted the Drew Bledsoe Wine Dinner on April 23rd. The Wine Dinner was attended by over 100 Members with some mentioning it to be their TOP member event ever.
All of this in addition to Trivia, Bingo, Racquets & Wellness events, among many others! Thank you to the Team for this tremendous effort!
Golf Operations
Golf Revenue is currently $196k favorable to Budget through March with Outside Rounds favorable to Budget by 1424 rounds. Merchandise Sales continue to be favorable to Budget also.
The Front-Nine project is ongoing, notably the replacement of the bulkhead on hole #5. (Curtis to give further verbal update).
Racquets & Wellness Operations
The Racquets and Wellness facilities, like the golf course and dining operation, are also very busy with all-time high participation!
As communicated to the Board last month, Jose Tolentino, has begun leasing tennis courts here at UPCC. Jose brings with him a large contingent of high-quality players, notably youth players. Jose’s presence has been reinvigorating and brings a whole new energy level when here.
We continue to obtain proposals for the modest Wellness Center upgrades discussed at the 4/28 Board Meeting. The proposed project would include new flooring, painting of the walls and possible new ceiling tiles and the removal of the bar area. No work will commence until the board is presented with options, pricing and provides Management with approval.

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 6 MONTHS THROUGH 3/31/26	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
						
Total Revenues	$7,995	$7,815	$180	2.3%		
Less: Outside Golf Capital Allocation	(186)	(166)	(20)	11.9%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	7,809	7,648	161	2.1%		
						
Total Expenses	6,897	7,090	193	2.7%		
						
Net Operating Surplus (Deficit)	912	558	354	63.5%	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$3,197	$3,233	($ 37)	(1.1%)		

Golf operations revenue	

2,534	

2,338	

196	

8.4%	Outside rounds exceeded the budget by 1,424 rounds. Merchandise sales $43K favorable to budget.	
Dining operations revenue	1,914	1,941	(27)	(1.4%)		

Racquets/Fitness/Other operations revenue	
164	
136	
28	
20.6%		
						
Subtotal, Revenues	7,809	7,648	161	2.1%		
						
Golf operations	972	994	22	2.2%		

Golf maintenance	
1,868	
1,821	
(47)	
(2.6%)	Projects that were budgeted for later in the year
completed early	

Dining operations	
2,373	
2,524	
151	
6.0%	COGS 54k, Payroll 31k, Linens 26k, waste and
supplies	
Racquets & Fitness operations	355	344	(11)	(3.3%)		

General & Adm	
1,328	
1,407	
79	
5.6%	Payroll 30k, Advertising 19k,Ins.12k, CC Fees 10k &
other various expenses	
Subtotal, Expenses	6,897	7,090	193	2.7%		
						
Net Operating Surplus (Deficit), net of $186k
outside golf capital allocation	
$912	
$ 558	
$ 354	
63.5%	
Variance is $354k, 63.5% from budget	

4/14/2026	1/6

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF MARCH 31, 2026 AND 2025

		UPCC Operating Fund		Capital Irrigation Fund			
	Assets	Unaudited
3/31/26		Unaudited
3/31/25		Unaudited
3/31/26		Unaudited
3/31/25		Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$3,820		$2,824							
	Accounts Receivable	984		884							
	Inventory	356		338							
	Deposits & Prepaids	618		538						FY26 - Prepaid Insurance & Prepaid Cart Lease,
software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

5,975		

5,744		Amounts drawn from BAN, $4,140 + Amounts borrowed from UPCC Capital Reserves, $1,835	
	Subtotal, operating assets	5,777		4,584		5,975		5,744			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves & Short-Term Investments	1,478		606							
	Capital Reserves Used for Irrigation Project--Due
from Capital Irrigation Fund	
1,835		
1,835						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital Reserves
& Capital Irrigation Fund Receivable	
3,713		
2,841		
-		
-			

	Property and Equipment - Net	26,893		20,091							
	Property and Equipment - CIP	182		5,762		-		-			
	TotaI Assets	$36,565		$33,278		$5,975		$5,744			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$452		$364							
	Accrued Liabilities & Other Payables	322		291		-		-			
	Gift Cards & Store Credits	144		127							
	Subtotal, operating liabilities	917		782		-		-			
											
	Deferred Revenue	4,469		4,079							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	9		-							
											
	Due to UPCC Operating Fund					$1,835		$1,835			
	BAN Payable to Bank					4,140		3,909			
	Total Liabilities	7,404		5,279		5,975		5,744			
											
	Beginning Balance, Purchase of UPCC assets in
2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,835							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	708		2,133							
	Net Position	29,161		27,999		-		-			
											
	Total Liabilities & Net Position	$36,565		$33,278		$5,975		$5,744			

4/14/2026	2/6

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF MARCH 31, 2026

Sources		Notes	
			
2019, Construction Fund after UPCC club purchase	$4,157		
2021, Loan Forgiveness	856		
2024-5, Bond Anticipation Note for Irrigation Project	

3,757	$1,835 was paid out of Operating Cash and needs to be repaid from either BAN assessment or 2024 Bond funds when available.	
Sub total, Bond Proceeds and Loan Forgiveness	8,769	Bonds & Loan Forgiveness	
			
FY 2021 -2025 Initiation Fees	3,554		
FY 2021-2025 10% Outside Golf	1,530		
FY 2023-2025 Capital Dues	872		
FY 2026 Initiation Fees	755		
FY 2026 10% Outside Golf	186		
FY 2026 Capital Dues	382		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	7,279	Capital raised through Operations	
			
Total Sources of Capital	16,049		
			
Uses			
			
2022, Parking Lot - Asphalt	136		
2021-2025, Golf Course Improvement & Irrigation	7,412		
2023, Tennis/Pickleball Courts	810		
2022-2023, Buildings - Renovations, A/C and Upgrades	291		
2023-2025, Range Picker, Bag Drop/Pro Shop FF&E	123		
2022-2024, Grille - Kitchen Equipment	289		
2023, Golf Course Maintenance Equipment	459		
2023, IT Equipment - Computers, Server etc	91		
2023-2024, Racquets And Fitness Equipmet	89		
2021-2023, Indoor Dining Renovation	1,066		
2023-2024, Outdoor Dining (Cafe) Renovation	2,326		
Subtotal, Uses	13,092		
			
FY2026 Uses			
			
2026, Golf Course Maintenance Equipment	36		
2026, Back 9 Renovation	1,164		
2026, Buildings, Varsity Club, Admin & Locker Room
Renovation	
64		
2026, Golf Club Rentals	12		
2026, Grille - Kitchen Equipment	26		
2026, Admin Furniture	3		
Subtotal, FY2026 Uses	1,305		
			
Construction In Progress			
2020, Master Plan Project	168		
Security Cameras	2		
Cart Barn - Garage Doors	12		
Subtotal, CIP	182		
			
Total Uses	14,579		
			
Remaining Capital Reserves	1,469	Capital Account Balance at 3/31/2026	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	3,304	Balance with Irrigation Project repayment	

4/14/2026	3/6

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF MARCH 31, 2026

MTD & YTD STATEMENT OF CASH FLOWS, 6 MONTHS THROUGH
3/31/26				
	March	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 1,024		$ 10,110	
Cash Payments To Vendors & Suppliers	(429)		(3,494)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(669)		(3,832)	
				
Net Cash Provided (Used) By Operating Activities	(73)		2,784	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 74		$ 761	
Capital Dues	12		381	
Purchase Of Equipment & Capital Projects	(15)		(370)	
Transfer to General Fund	(62)		(237)	
Interest From Investments	1		3	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	11		537	
				
Net Increase (Decrease) In Cash	(62)		3,320	
Cash At Beginning Of Period	5,760		2,378	
Cash At End Of Period	$ 5,698		$ 5,698	

4/14/2026	4/6

University Park Recreation District FY2026 General Fund Actual & Budget

Revenues

Actual Through 03/31/2026

Anticipated Apr. - Sept.

Anticipated FY 2026
Total

FY 2026
Adopted Budget

PrYr Surplus	-	-	-	9,088	
Inter-Fund Transfers - Debt Service to O&M	5,486	70,000	75,486	70,000	
Inter-Fund Transfers - Country Club to O&M		237,412		10,196		247,608		220,912	
	$242,898	$80,196	$323,094	$300,000	

General & Administrative Expenses		
Assessment Administration	10,000		-		10,000		10,000	
Audit	29,125		5,000		34,125		35,000	
Bank Fees	120		200		320		500	
Bond Admistration Fee	6,687		-		6,687		7,500	
Contingency	360		360		720		15,000	
Dissemination Agent	5,000		-		5,000		5,000	
District Counsel	84,358		65,364		149,722		110,000	
Dues, Licenses, and Fees	175		-		175		2,500	
Election Costs	10,621		-		10,621		10,000	
Insurance	21,569		-		21,569		17,500	
Legal Advertising	5,527		1,800		7,327		5,000	
Management	35,000		35,000		70,000		70,000	
Meeting Set Up	-		-		-		5,000	
Office Supplies	-		600		600		1,000	
Postage & Shipping
Professional Services, Other	128
-		100
-		228
-		1,000
-	
Travel and Per Diem Web Site Maintenance	- 3,000		- 3,000		- 6,000		- 5,000	
Total General & Administrative Expenses	$211,670		$111,424		$323,094		$300,000	

4/14/2026	5/6

UNIVERSITY PARK COUNTRY CLUB KEY PERFORMANCE INDICATORS FY 2025 Q2 FY 2026

Operating and Strategic Insights		
FY 2025	1st & 2nd Qtr 2026
Actual	1st & 2nd Qtr 2026
Budget	
CB
Median	
Comments	
								
	Net Worth over Time (CAGR)		1.6%			4.1%	See supplemetal workbook for additional detail.	

Net Operating Margin (before golf allocation)		

2.5%	

14.1%	

9.7%	

0.7%	(Net Operating Result / Revenue) Driven by outside golf and lower payroll ratio compared to other clubs, and the requirement to fund district expenses (General Fund) with operations. Revenue adjusted for capital leases.	
								
	Total Labor as a % of Operating
Revenue		55.4%	49.8%	52.1%	57.0%	Labor includes outside cleaning company and 1099 Racquets
and Fitness Instructors	
								
	Net F&B Income/(Loss) as of % of F&B Revenue		
-33.8%	
-16.7%	
-23.3%	
-33.0%	(F&B Subsidy/F&B Revenue) KPI performed favorably in Q1, primarily due to strong in-season revenue and favorable
expense timing.	
								
	*Club Benchmarking - Median data from 74 Clubs, South Region, 10-15M Revenue, 18-27 Holes	

University Park Recreation District Summary Operating Data
As of March 31, 2026

Rounds of Golf (as of March 31, 2026):

	March		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	5,129	5,326	(197)		25,123	27,214	(2,091)	
Outside Rounds	3,858	3,412	446		17,860	16,436	1,424	
	8,987	8,738	249		42,983	43,650	(667)	
Rounds of Golf (as of March 31, 2025):

	March		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	5,067	5,739	(672)		23,906	27,311	(3,405)	
Outside Rounds	3,596	3,346	250		14,863	17,282	(2,419)	
	8,663	9,085	(422)		38,769	44,593	(5,824)	

Overall revenue is $161k favorable to budget, driven primarily by Golf operations. Golf revenue is $196k favorable to budget (net of capital allocation), with higher outside rounds producing an $171k favorable variance in greens fees. Merchandise sales also surpassed budget, contributing an additional $43k favorable variance.
Golf course maintenance expenses continue to remain over budget due to various projects that were scheduled for later in the year but were completed earlier. We anticipate this trend will continue over the next couple of months, with expenses realigning to budget by the end of summer.

Membership

University Park Recreation District Summary Operating Data
As of March 31, 2026

		CYTD Change		Beg. Mar.		Additions		Resignations		Conversions		Total	
Golf													
Family - Resident		1		178		1		(1)		1		179	
Family - Non Resident		2		78		-		(1)		-		77	
Single - Resident		8		129		1		-		1		131	
Single - Non Resident		-		71		-		-		-		71	
		11		456		2		(2)		2		458	
Racquets & Fitness													
Family - Resident		2		29		1		-		-		30	
Family - Non Resident		-		14		1		-		-		15	
Single - Resident		1		38		-		-		-		38	
Single - Non Resident		(1)		22		1		-		1		24	
		2		103		3		-		1		107	
Social													
Family - Resident		(4)		456		1		(1)		(2)		454	
Family - Non Resident		2		54		-		-		-		54	
Single - Resident		(2)		209		-		(3)		-		206	
Single - Non Resident		(5)		55		-		(1)		(1)		53	
		(9)		774		1		(5)		(3)		767	
													
Total Memberships		4		1,333		6		(7)		-		1,332	
													
Passes		CYTD Change		Beg. Mar.		Net Change		Total					
Fitness		(6)		146		(7)		139					
Range		3		57		1		58					
Pickleball		2		49		3		52					
Twilight Tennis		(1)		19		(1)		18					
SAP		6		133		3		136					
		4		404		(1)		403					
*137 grandfathered non-members (-4 to prior month), 184 grandfathered members (Same as prior month)
**294 non-resident memberships (Same as prior month)