University Park Recreation District Management Discussion & Analysis Report As of February 28, 2026

Member Experience
We are in the heart of season with March being our busiest month of the year!
Member Events in March are highlighted by Music in the Park (3/5), Art in the Park (3/13-3/15), two Wine Dinners (3/3 & 3/28), St. Patrick’s Day events and our Men’s (3/18-3/21) and Women’s (3/24) Member Guest golf events. April quickly kicks off with Passover Seder (4/1), Breakfast with the Bunny (4/4) and Easter Sunday Brunch (4/5). All of this in addition to Trivia, Bingo, Racquets events, among many others!
Food & Beverage
We have hired Kaitlyn Olmos as a new F&B Manager. This is an open headcount left unoccupied following the F&B leadership transition last fall. Kaitlyn joins us with 20+ years of F&B experience, most recently spending the last 4 years as the F&B Director at the Sarasota Modern hotel downtown. Please welcome Kaitlyn when she joins us on Monday, March 16th.
Golf Operations
Golf Operations is currently $86k favorable to Budget through January with Outside Rounds favorable to Budget by 953 rounds. Merchandise Sales continue to be favorable to Budget also.
Racquets & Wellness Operations
The Racquets and Wellness facilities, like the golf course and dining operation, are also very busy with all-time high participation!
Lee and Suzanne continue to push member events, lessons, clinics, group fitness, etc. Truly, the activity is remarkable!
To that end, we are looking to expand the Admin Staff for R&W, notably for the morning hours where we find it would be ideal to have two receptionists on site vs. the current one. Ty Kross has retired (she is helping during a transitional period) so we will be looking to hire two new staff members ASAP.
Finally, the recent hires of Brian Cook (Racquets) and Trey Cunningham (Wellness) have each been very well received.

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 4 MONTHS THROUGH 1/31/26	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
						
Total Revenues	$4,979	$4,892	$87	1.8%		
Less: Outside Golf Capital Allocation	(102)	(92)	(10)	10.7%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	4,876	4,799	77	1.6%		
						
Total Expenses	4,592	4,756	165	3.5%		
						
Net Operating Surplus (Deficit)	285	43	242	563.5%	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$2,095	$2,119	($ 24)	(1.1%)		

Golf operations revenue	

1,439	

1,353	

86	

6.4%	
Outside rounds exceeded the budget by 953 rounds. Merchandise sales $20K favorable to budget.	
Dining operations revenue	1,244	1,236	8	0.7%		

Racquets/Fitness/Other operations revenue	
98	
91	
7	
7.6%		
						
Subtotal, Revenues	4,876	4,799	77	1.6%		
						
Golf operations	627	663	36	5.5%		

Golf maintenance	
1,261	
1,233	
(28)	
(2.3%)	Projects that were budgeted for later in the year
completed early	

Dining operations	
1,586	
1,681	
96	
5.7%	COGS 18k, Payroll 25k, Linens 16k, waste and
supplies	
Racquets & Fitness operations	235	237	2	0.7%		

General & Adm	
884	
943	
59	
6.2%	
Payroll 21k, Ins.10k, & other various expenses	
Subtotal, Expenses	4,592	4,756	165	3.5%		
						
Net Operating Surplus (Deficit), net of $102k
outside golf capital allocation	
$285	
$ 43	
$ 242	
563.5%	
Variance is $242k, 563.5% from budget	

2/12/2026	1/4

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

		UPCC Operating Fund		Capital Irrigation Fund			
	
Assets	Unaudited
1/31/26		Unaudited
1/31/25		Unaudited
1/31/26		Unaudited
1/31/25		
Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$4,145		$3,488							
	Accounts Receivable	803		867							
	Inventory	375		356							
	Deposits & Prepaids	720		582						FY26 - 347k Prepaid Insurance & 373k Prepaid Cart
Lease, software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

5,975		

5,583		Amounts drawn from BAN, $4,140 + Amounts borrowed from UPCC Capital Reserves, $1,835	
	Subtotal, operating assets	6,043		5,292		5,975		5,583			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves & Short-Term Investments	1,142		6							
	Capital Reserves Used for Irrigation Project--Due
from Capital Irrigation Fund	
1,835		
1,728						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital Reserves
& Capital Irrigation Fund Receivable	
3,377		
2,135		
-		
-			

	Property and Equipment - Net	27,242		19,953							
	Property and Equipment - CIP	171		6,152		-		-			
	TotaI Assets	$36,833		$33,532		$5,975		$5,583			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$448		$351							
	Accrued Liabilities & Other Payables	289		286		-		-			
	Gift Cards & Store Credits	135		123							
	Subtotal, operating liabilities	871		760		-		-			
											
	Deferred Revenue	5,312		4,924							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	2		-							
											
	Due to UPCC Operating Fund					$1,835		$1,728			
	BAN Payable to Bank					4,140		3,855			
	Total Liabilities	8,195		6,103		5,975		5,583			
											
	Beginning Balance, Purchase of UPCC assets in
2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,728							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	185		1,670							
	Net Position	28,638		27,429		-		-			
											
	Total Liabilities & Net Position	$36,833		$33,532		$5,975		$5,583			

2/12/2026	2/4

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF JANUARY 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 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	977		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	6,935	Capital raised through Operations	
			
Total Sources of Capital	15,704		
			
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	124		
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	13,093		
			
FY2026 Uses			
			
2026, (4)Toro Greensmasters	29		
2026, Back 9 Renovation	1,164		
2026, Varsity Club Renovation	49		
2026, Admin Office Renovation	31		
2026, Ice Machines, GCM & Dining	15		
2026, Golf Club Rentals	12		
Subtotal, FY2026 Uses	1,301		
			
Construction In Progress			
2020, Master Plan Project	160		
Locker Room Renovation	5		
Other - Carpeting	5		
Racquets - Patio Furniture	2		
Subtotal, CIP	171		
			
Total Uses	14,564		
			
Remaining Capital Reserves	1,140	Capital Account Balance at 1/31/2026	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	2,975	Balance with Irrigation Project repayment	

2/12/2026	3/4

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

MTD & YTD STATEMENT OF CASH FLOWS, 4 MONTHS THROUGH
1/31/26				
	January	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 1,416		$ 8,060	
Cash Payments To Vendors & Suppliers	(419)		(2,548)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(818)		(2,621)	
				
Net Cash Provided (Used) By Operating Activities	179		2,892	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 92		$ 529	
Capital Dues	10		358	
Purchase Of Equipment & Capital Projects	(15)		(350)	
Transfer to General Fund	-		(120)	
Interest From Investments	-		1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	87		418	
				
Net Increase (Decrease) In Cash	266		3,310	
Cash At Beginning Of Period	5,421		2,378	
Cash At End Of Period	$ 5,687		$ 5,687	

2/12/2026	4/4

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

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

	January		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,507	4,777	(270)		15,704	16,999	(1,295)	
Outside Rounds	2,776	2,686	90		11,059	10,106	953	
	7,283	7,463	(180)		26,763	27,105	(342)	
Rounds of Golf (as of January 31, 2025):

	January		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,105	4,813	(708)		14,195	16,542	(2,347)	
Outside Rounds	2,675	2,845	(170)		8,350	10,966	(2,616)	
	6,780	7,658	(878)		22,545	27,508	(4,963)	

Overall revenue is $77K favorable to budget, variance driven primarily by Golf. Golf operations revenue is $86k favorable to budget, with higher outside rounds producing an
$89K favorable variance in greens fees, which helped offset lower member rounds resulting in a $6K unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $20K 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.

Membership

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

MEMBERSHIP COUNTS											
		Beg. Jan.		Additions		Resignations		Conversions		Total	
Golf											
Family - Resident		178		-		-		-		178	
Family - Non Resident		75		2		-		-		77	
Single - Resident		123		-		-		(1)		122	
Single - Non Resident		71		1		(1)		-		71	
		447		3		(1)		(1)		448	
Racquets & Fitness											
Family - Resident		28		-		-		-		28	
Family - Non Resident		15		-		-		-		15	
Single - Resident		37		-		-		-		37	
Single - Non Resident		25		-		-		-		25	
		105		-		-		-		105	
Social											
Family - Resident		458		1		(1)		2		460	
Family - Non Resident		52		-		-		-		52	
Single - Resident		208		3		(2)		-		209	
Single - Non Resident		58		-		-		-		58	
		776		4		(3)		2		779	
											
Total Memberships		1,328		7		(4)		1		1,332	
											
Passes		Beg. Jan.		Net Change		Total					
Fitness		145		1		146					
Range		55		-		55					
Pickleball		50		-		50					
Twilight Tennis		19		1		20					
SAP		130		-		130					
		399		2		401					
*140 grandfathered non-members (+2 to prior month), 187 grandfathered members (-2 to prior month)
**298 non-resident memberships (+3 to prior month)