University Park Recreation District Management Discussion & Analysis Report As of January 31, 2026

Member Experience
Despite the record chilly weather we have experienced in recent weeks, the Club continues to be very active across all amenities.
Recent Member events included several speakers/meetings (Manatee County Commissioner, Dr. Gomes Research & a Wellness Workshop), Trivia (1/8 & 1/22), Bingo (1/15), an Arts Alliance Women’s Event (1/26), the Paul Hobbs Wine Dinner (1/29), among many other events across Golf, Racquets & Fitness.
Golf Operations
Golf Operations is currently $94k favorable to Budget through December with Outside Rounds favorable to Budget by 863 rounds. Merchandise Sales are $25k favorable to Budget.
The Men’s Member Guest Tournament, a hallmark event for many clubs, has exceeded our cap of sixty (60) teams, with nine teams on a waitlist. After additional consideration and seeking the input of the Golf Advisory Group, it was decided to maintain the waitlist rather than expand the tournament field. To fit the additional nine teams, all 27 holes would be closed for most of 3-day period. The nine teams on the waitlist will automatically be granted access in the 2027 Member Guest event.
Racquets Operations
The Tennis and Pickleball courts continue to be busy, notably during the morning hours. Afternoon play continues to expand with Lee introducing several afternoon activities to drive additional member engagement (Advanced Plus Pickleball, First Friday Tennis, Mixed Doubles Tennis, among others).
We recently announced the hiring of Brian Cook as a new Tennis & Pickleball Professional. Brian was hired as a 1099 with a sole focus on tennis and pickleball lessons and clinics.
Fitness & Wellness
We recently announced the hiring of Trey Cunninghame as a new Fitness/Wellness Instructor. Trey, who is a full-time member of our Golf Course Maintenance Team, like Brian at Racquets, was hired as a 1099 with a sole focus on private lessons and classes.

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 3 MONTHS THROUGH 12/31/25	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
						
Total Revenues	$3,646	$3,527	$119	3.4%		
Less: Outside Golf Capital Allocation	(72)	(63)	(8)	12.8%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	3,575	3,464	111	3.2%		
						
Total Expenses	3,304	3,343	39	1.2%		
						
Net Operating Surplus (Deficit)	271	121	150	123.8%	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$1,527	$1,556	($ 29)	(1.8%)		

Golf operations revenue	

1,038	

944	

94	

9.9%	
Outside rounds exceeded the budget by 863 rounds. Merchandise sales $25K favorable to budget.	
Dining operations revenue	939	904	35	3.9%		

Racquets/Fitness/Other operations revenue	
70	
59	
11	
18.3%		
						
Subtotal, Revenues	3,575	3,464	111	3.2%		
						
Golf operations	456	468	12	2.5%		

Golf maintenance	
915	
880	
(35)	
(3.9%)	Projects that were budgeted for later in the year
completed early	
Dining operations	1,136	1,173	37	3.2%	Linens, waste and supplies	
Racquets & Fitness operations	169	160	(9)	(5.3%)		
General & Adm	629	662	33	5.0%	Open position, Ins. & other various expenses	
Subtotal, Expenses	3,304	3,343	39	1.2%		
						
Net Operating Surplus (Deficit), net of $72k
outside golf capital allocation	
$271	
$ 121	
$ 150	
123.8%	
Variance is $150k, 123.8% from budget	

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2025 AND 2024

		UPCC Operating Fund		Capital Irrigation Fund			
	
Assets	Unaudited
12/31/25		Unaudited
12/31/24		Unaudited
12/31/25		Unaudited
12/31/24		
Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$3,988		$4,221							
	Accounts Receivable	1,301		1,367							
	Inventory	348		326							
	Deposits & Prepaids	783		426						FY25 - 405k Prepaid Insurance & 378k Prepaid Cart
Lease, software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

5,962		

5,204		Amounts drawn from BAN, $4,059 + Amounts borrowed from UPCC Capital Reserves, $1,835 as of
FY25, $68 accrued interest	
	Subtotal, operating assets	6,420		6,340		5,962		5,204			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves	1,034		4							
	Capital Reserves Used for Irrigation Project--
Due from Capital Irrigation Fund	
1,835		
1,349						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital
Reserves & Capital Irrigation Fund Receivable	
3,269		
1,753		
-		
-			

	Property and Equipment - Net	27,421		20,087							
	Property and Equipment - CIP	167		5,739		-		-			
	TotaI Assets	$37,277		$33,919		$5,962		$5,204			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$408		$469	O						
	Accrued Liabilities & Other Payables	309		314		68		-			
	Gift Cards & Store Credits	134		125							
	Subtotal, operating liabilities	851		908		68		-			
											
	Deferred Revenue	5,751		5,325							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	9		-							
											
	Due to UPCC Operating Fund					$1,835		$1,349			
	BAN Payable to Bank					4,059		3,855			
	Total Liabilities	8,621		6,652		5,962		5,204			
											
	Beginning Balance, Purchase of UPCC assets
in 2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,349							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	203		1,888							
	Net Position	28,656		27,268		-		-			
											
	Total Liabilities & Net Position	$37,277		$33,919		$5,962		$5,204			

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF DECEMBER 31, 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	847		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	6,804	Capital raised through Operations	
			
Total Sources of Capital	15,573		
			
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		
			
Subtotal, FY2026 Uses	1,289		
			
Construction In Progress			
2020, Master Plan Project	160		
Locker Room Renovation	3		
Other - Carpeting	5		
Subtotal, CIP	167		
			
Total Uses	14,549	Capital Account Balance at 12/31/2025	
			
Remaining Capital Reserves	1,025		
			
Due to operating capital from BAN or Bond	1,835	Balance with Irrigation Project repayment	
			
Total Capital Reserves	2,860		

1/20/2026	3/5

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF DECEMBER 31, 2025

MTD & YTD STATEMENT OF CASH FLOWS, 3 MONTHS THROUGH
12/31/25				
	December	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 5,796		$ 6,644	
Cash Payments To Vendors & Suppliers	(1,214)		(2,130)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(648)		(1,803)	
				
Net Cash Provided (Used) By Operating Activities	3,934		2,711	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 55		$ 437	
Capital Dues	328		348	
Purchase Of Equipment & Capital Projects	(10)		(334)	
Transfer to General Fund	(70)		(120)	
Interest From Investments			1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	303		332	
				
Net Increase (Decrease) In Cash	4,237		3,044	
Cash At Beginning Of Period	1,189		2,378	
Cash At End Of Period	$ 5,421		$ 5,421	

University Park Recreation District FY2026 General Fund Actual & Budget

	Actual	Anticipated	Anticipated	FY 2026	
	Through	Jan. - Sept.	FY 2026	Adopted	
	12/31/2025		Total	Budget	
Revenues
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		120,000		85,955		205,955		220,912	
	$125,486	$155,955	$281,441	$300,000	

General & Administrative Expenses
Assessment Administration	

10,000	

-	

10,000	

10,000	
Audit	7,875	27,125	35,000	35,000	
Bank Fees	85	200	285	500	
Bond Admistration Fee	6,687	-	6,687	7,500	
Contingency	180	540	720	15,000	
Dissemination Agent	5,000	-	5,000	5,000	
District Counsel	38,215	71,785	110,000	110,000	
Dues, Licenses, and Fees	175	-	175	2,500	
Election Costs	-	10,000	10,000	10,000	
Insurance	21,569	-	21,569	17,500	
Legal Advertising	1,528	3,472	5,000	5,000	
Management	17,500	52,500	70,000	70,000	
Meeting Set Up	-	-	-	5,000	
Office Supplies	-	600	600	1,000	
Postage & Shipping	5	-	5	1,000	
Professional Services, Other	-	-	-	-	
Travel and Per Diem	-	-	-	-	
Web Site Maintenance	1,900	4,500	6,400	5,000	
Total General & Administrative Expenses	$110,719		$170,722		$281,441		$300,000	

University Park Recreation District Summary Operating Data
As of December 31, 2025

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

	December		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,729	3,912	(183)		11,197	12,222	(1,025)	
Outside Rounds	2,874	2,540	334		8,283	7,420	863	
	6,603	6,452	151		19,480	19,642	(162)	
Rounds of Golf (as of December 31, 2024):

	December		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,614	3,802	(188)		10,090	11,729	(1,639)	
Outside Rounds	2,391	2,825	(434)		5,675	8,121	(2,446)	
	6,005	6,627	(622)		15,765	19,850	(4,085)	

Overall revenue is $111K favorable to budget, variance driven primarily by Golf and Dining operations. Golf operations revenue is $94k favorable to budget, with higher outside rounds producing a $84K favorable variance in greens fees, which helped offset lower member rounds resulting in a $8K unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $24K 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.

Investments

Account	Amount Invested	Interest	Face Value	Term	 Maturity Date	Yield	
Operating	2,212,321	37,679	2,250,000	180	7/16/2026	3.42	
Operating	295,762	4,238	300,000	150	6/18/2026	3.51	
Operating	197,715	2,285	200,000	120	5/19/2026	3.54	
Operating	248,644	1,356	250,000	60	3/17/2026	3.55	
Capital	790,585	9,415	800,000	120	5/19/2026	3.54	
	3,745,027	54,973	3,800,000				

Membership

University Park Recreation District Summary Operating Data
As of December 31, 2025

		Beg. Dec.		Additions		Resignations		Conversions		Total	
Golf											
Family - Resident		188		-		-		(10)		178	
Family - Non Resident		75		1		-		(1)		75	
Single - Resident		121		-		(1)		3		123	
Single - Non Resident		80		-		(4)		(5)		71	
		464		1		(5)		(13)		447	
Racquets & Fitness											
Family - Resident		31		1		-		(4)		28	
Family - Non Resident		17		-		-		(1)		16	
Single - Resident		40		-		(3)		(1)		36	
Single - Non Resident		27		-		(2)		-		25	
		115		1		(5)		(6)		105	
Social											
Family - Resident		466		-		(9)		1		458	
Family - Non Resident		56		-		(4)		-		52	
Single - Resident		201		1		(7)		13		208	
Single - Non Resident		57		-		(4)		5		58	
		780		1		(24)		19		776	
											
Total Memberships		1,359		3		(34)		-		1,328	
											
Passes		Beg. Dec.		Net Change		Total					
Fitness		153		-8		145					
Range		67		-12		55					
Pickleball		58		-8		50					
Twilight Tennis		24		-5		19					
SAP		132		-2		130					
		434		(35)		399					
*138 grandfathered non-members (+4 to prior month), 189 grandfathered members (-5 to prior month)
**293 non-resident memberships (-22 to prior month)