University Park Recreation District Management Discussion & Analysis Report As of December 31, 2025

New Year, New Energy, continued Member Experience!
The Team is coming off a VERY busy Holiday Season. Beginning with Thanksgiving Dinner (feeding almost 700 members and guests over two days) and concluding with a very successful NYE Dinner, the Team did an amazing job delivering several memorable events!
Member events included Thanksgiving (including to-go), our Racquets Holiday Party (12/6), Member Christmas Party (12/13), Hanukkah Dinner (12/15), Wine Club Holiday Tasting (12/20), Christmas Eve Breakfast with Santa (12/24), and a New Year’s Eve Dinner (12/31). In addition, we also hosted many other Holiday Parties including several for UP neighborhoods. All of these events in addition to our standard Bingo (12/4), Trivia (12/18), Trucks and Tunes (12/22), among many others.
We now turn our attention to the New Year and a very busy calendar of events over the next four (4) months.
Golf Operations
Golf Operations are currently $95k favorable to Budget through December with Outside Rounds favorable to Budget by 863 rounds.
We have several MGA/LGA/9-holer events upcoming including 4-Members, “Member Member” and Member Guest Tournaments.
Racquets Operations
The Tennis and Pickleball courts continue to be action packed, notably during the morning hours.
On the tennis side, Lee and Ryan have introduced a few new events including a 3-week “Fit & Hit” Tennis Movement Program and will host an Australian Open Team Competition, including F&B. Lee is also introducing an afternoon Mixed Doubles Program with a concerted effort to add play later in the day.
On the pickleball side, Lee, John and Tracy are hosting a Pickleball “Open House” on 1/16. This is open to ALL Members, regardless of membership status, to introduce the game to those who are unfamiliar or haven’t played too often.
Fitness & Wellness
Suzanne is hosting an inaugural Wellness Open House “Ignite Your Health” on 1/17. Group Fitness Classes, Wellness Assessments, Nutritional Coaching and other Wellness Experts/Vendors will be on site this for multi-faceted member event.

University Park Recreation District Management Discussion & Analysis Report As of December 31, 2025

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							Full- R-235 /NR-139 /GF-70 Racq- R-53 /NR-40 /GF-16
Soc- R-546 /NR-122 /GF-118	
February		
-4	
1	
3	0								Full- R-234 /NR-137 /GF-69 Racq- R-53 /NR-40 /GF-17
Soc- R-550 /NR-122 /GF-117	
March		
1	
2	
-6	-3	
-2		
2	
-2			
-2	Full- R-237 /NR-136 /GF-68 Racq- R-54 /NR-41 /GF-17
Soc- R-546 /NR-120 /GF-117	
April		
2	
1	
4	7	
-3				
41	
14	
-6	Full- R-235 /NR-141 /GF-67 Racq- R-55 /NR-41 /GF-17
Soc- R-550 /NR-121 /GF-116	
May		
5	
-1	
-1	3			
-2		
29	
33		Full- R-235 /NR-146 /GF-67 Racq- R-54 /NR-42 /GF-16
Soc- R-552 /NR-119 /GF-115	
June		
1	
1	
-1	1					
5	
2		Full- R-235 /NR-145 /GF-67 Racq- R-54 /NR-43 /GF-16
Soc- R-552 /NR-117 /GF-115	
July		
-2		
2	0					
0	
2		Full- R-235 /NR-145 /GF-67 Racq- R-54 /NR-43 /GF-16
Soc- R-554 /NR-117 /GF-115	
August		
5	
-1	
1	5									
September		
3	
-2	
-1	0							
1	Full- R-244 /NR-145 /GF-66 Racq- R-49 /NR-44 /GF-17
Soc- R-557 /NR-118 /GF-112	
October		
7	
4	
-7	4					
-75	
-51	
1	Full- R-249 /NR-146 /GF-67 Racq- R-49 /NR-48 /GF-17
Soc- R-552 /NR-117 /GF-111	
November		
2	
1	
0	3							
-2		
December	
12/22	
-18	
-8	
-2	-28	
1								
Total Members		446	107	778	1331	1	0	0	0	0	0	1		
Social Access		102	27		129									
Fitness		21	2	130	153									
Range			5	51	56									
Tw ilight Tennis				21	21									
Pickleball		2		52	54									
Total Passes		413									
*138 grandfathered non-members (+4 to prior month), 189 grandfathered members (-5 to prior month)
**293 non-resident memberships (-22 to prior month)

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 2 MONTHS THROUGH 11/30/25	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
						
Total Revenues	$2,278	$2,223	$55	2.5%		
Less: Outside Golf Capital Allocation	(43)	(39)	(4)	11.4%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	2,235	2,184	51	2.3%		
						
Total Expenses	2,132	2,150	18	0.8%		
						
Net Operating Surplus (Deficit)	103	34	68	199.5%	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$1,015	$1,025	($ 10)	(1.0%)		
Golf operations revenue	627	588	39	6.7%		
Dining operations revenue	554	536	18	3.5%		

Racquets/Fitness/Other operations revenue	
39	
36	
3	
8.0%		
						
Subtotal, Revenues	2,235	2,184	51	2.3%		
						
Golf operations	287	308	21	6.8%		

Golf maintenance	
609	
553	
(56)	
(10.1%)	Projects that were budgeted for later in the year
completed early	
Dining operations	720	752	33	4.3%		
Racquets & Fitness operations	105	104	(1)	(0.7%)		
General & Adm	412	432	20	4.7%		
Subtotal, Expenses	2,132	2,150	18	0.8%		
						
Net Operating Surplus (Deficit), net of $43k
outside golf capital allocation	
$103	
$ 34	
$ 68	
199.5%	
Variance is $68k, 199.5% from budget	

12/12/2025	1/4

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF NOVEMBER 30, 2025 AND 2024

		UPCC Operating Fund		Capital Irrigation Fund			
	
Assets	Unaudited
11/30/25		Unaudited
11/30/24		Unaudited
11/30/25		Unaudited
11/30/24		
Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$155		$459							
	Accounts Receivable	6,516		6,166							
	Inventory	364		349							
	Deposits & Prepaids	617		295						FY25 - 207k Prepaid Insurance & 191k Prepaid Cart
Lease	
	Future Assessments based on BAN or Long-Term Bonds					

5,936		

5,181		Amounts drawn from BAN, $4,059 + Amounts borrowed from UPCC Capital Reserves, $1,835 as of
FY25, $42 accrued interest	
	Subtotal, operating assets	7,653		7,269		5,936		5,181			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves	634		4							
	Capital Reserves Used for Irrigation Project--
Due from Capital Irrigation Fund	
1,835		
1,326						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital
Reserves & Capital Irrigation Fund Receivable	
2,869		
1,730		
-		
-			

	Property and Equipment - Net	27,604		20,212							
	Property and Equipment - CIP	158		5,691		-		-			
	TotaI Assets	$38,283		$34,901		$5,936		$5,181			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$874		$762						Sales tax payable 422k in FY25 & 377k in FY24	
	Accrued Liabilities & Other Payables	381		369		42		-			
	Gift Cards & Store Credits	121		111							
	Subtotal, operating liabilities	1,376		1,243		42		-			
											
	Deferred Revenue	6,258		5,874							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	9		45							
											
	Due to UPCC Operating Fund					$1,835		$1,326			
	BAN Payable to Bank					4,059		3,855			
	Total Liabilities	9,652		7,580		5,936		5,181			
											
	Beginning Balance, Purchase of UPCC assets
in 2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,326							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	178		1,964							
	Net Position	28,631		27,321		-		-			
											
	Total Liabilities & Net Position	$38,283		$34,901		$5,936		$5,181			

12/12/2025	2/4

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF NOVEMBER 30, 2025

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 Init Fees & 10% Outside Golf	673		
FY 2022 Init Fees & 10% Outside Golf	666		
FY 2023 Init Fees, Cap Dues & 10% Outside Golf	1,330		
FY 2024 Init Fees, Cap Dues & 10% Outside Golf	1,850		
FY 2025 Init Fees, Cap Dues & 10% Outside Golf	1,439		
FY 2026 Init Fees, Cap Dues & 10% Outside Golf	435		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	6,393	Capital raised through Operations	
			
Total Sources of Capital	15,162		
			
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	127		
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	13,096		
			
FY2025 Uses			
2025, Varsity Club Renovation	49		
2025, Admin Office Renovation	31		
2025, (4)Toro Greensmasters	29		
2025, Back 9 Renovation	1,164		
2025, Ice Machine	9		
			
Subtotal, FY2025 Uses	1,282		
			
Construction In Progress			
2020, Master Plan Project	151		
Locker Room Renovation	3		
Other - Carpeting	5		
Subtotal, CIP	158		
			
Total Uses	14,536		
			
Remaining Capital Reserves	626	Capital Account Balance at 11/30/2025	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	2,461	Balance with Irrigation Project repayment	

12/12/2025	3/4

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF NOVEMBER 30, 2025

MTD & YTD STATEMENT OF CASH FLOWS, 2 MONTHS THROUGH
11/30/25				
	November	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 422		$ 850	
Cash Payments To Vendors & Suppliers	(569)		(912)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(562)		(1,155)	
				
Net Cash Provided (Used) By Operating Activities	(709)		(1,218)	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 219		$ 382	
Capital Dues	10		20	
Purchase Of Equipment & Capital Projects	(59)		(324)	
Transfer to General Fund			(50)	
Interest From Investments			1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	170		29	
				
Net Increase (Decrease) In Cash	(538)		(1,189)	
Cash At Beginning Of Period	1,728		2,378	
Cash At End Of Period	$ 1,189		$ 1,189	

12/12/2025	4/4

University Park Recreation District Summary Operating Data
As of November 30, 2025

Rounds of Golf (as of November 30, 2025):

	November		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,220	4,411	(191)		7,468	8,310	(842)	
Outside Rounds	2,846	2,524	322		5,409	4,880	529	
	7,066	6,935	131		12,877	13,190	(313)	
Rounds of Golf (as of November 30, 2024):

	November		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,344	4,228	116		6,476	7,927	(1,451)	
Outside Rounds	2,444	2,864	(420)		3,284	5,296	(2,012)	
	6,788	7,092	(304)		9,760	13,223	(3,463)	

Overall revenue is $55K favorable to budget, variance driven primarily by Golf and Dining operations. Golf operations revenue is $39k favorable to budget, with higher outside rounds producing a $44K favorable variance in greens fees, which helped offset lower member rounds resulting in a $10K unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $11K 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 summer.