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

Member Experience/Dining
Given the time of year our attendance at dining activities remained solid.
June events and activities included: Pasta Buffet (6/10), Bingo (6/11), Wine Dinner (6/16), Trivia (6/18), Father’s Day Brunch (6/21), Prime Rib Night (6/24), 9 Dine & Wine (6/28). We served over 1,000 members and guests at these events in addition to our regular dining.
F&B financial results through June 2026 are $105k favorable to budget. Thank you to the Team for this tremendous effort!
Golf Operations
Golf Revenue is currently $245k favorable to budget through June. While merchandise sales have slowed, they remain in line with the June budget and continue to favorable for the fiscal year overall.
Summer slowdown is in full swing, no pun intended, but we are still seeing anywhere from 100 to 180 players per day. Staffing levels have been adjusted and are at good levels for this time of year.
Racquets Operations
Racquets, like the golf course and dining operations, were also busy with high participation!
During our regular season we hosted more than 30 events, all of which reached full capacity. Since our May “Cinco-De-Mayo” event we hosted a “First Friday” for both Tennis and Pickleball”, in addition to Tropical Paradise summer Pickleball and tennis events. We added an advanced plus pickleball program which has attracted a higher level of player base to UPCC.
Wellness & Fitness
Overall usage across group fitness, personal training, and the gym has declined since May as our snowbirds have departed and full-time residents travel. Lower facility volume has encouraged a steady flow of new and returning local members, taking advantage of increased class and fitness equipment availability.
Our team consists of 5 personal trainers and 3 group fitness instructors, and 2 trainers are already fully booked for the upcoming September – May season.

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD	OPERATING RESULTS, 9	MONTHS	Actual Results of	
Budget					
COMMENTS	
			THROUGH 6/30/26		UPCC Operations		$	Variance	%	Change		
						
												Total	Revenues	$11,576	$11,287	$289	2.6%		
				Less: Outside Golf	Capital	Allocation	(244)	(220)	(23)	10.6%		10%	of	Outside	Golf	Allocated	to	Capital	
		Total Revenues, Less	Capital	Allocation	11,332	11,067	266	2.4%		
						
												Total	Expenses	10,124	10,181	57	0.6%		
						
						Net	Operating	Surplus	(Deficit)	1,208	886	322	36.4%	Net Operating impact	
						
		Revenues	and	Expenses,	Details	Actual	Budget	$	Variance			%	Change		
Dues	revenue													$4,898	$4,964		($	66)	(1.3%)		

3,453	

3,202	

251	

7.8%	Outside	rounds exceeded the budget by 1,916	
														rounds.	Merchandise sales $57K favorable to	
Golf	operations	revenue												budget.		
Dining	operations	revenue								2,731	2,716	15	0.6%		

Racquets/Fitness/Other	
operations	
revenue	
251	
185	
65	
35.3%		
						
										Subtotal,	Revenues	11,332	11,067	266	2.4%		
						
Golf	operations													1,459	1,431	(29)	(2.0%)		
													
2,725	
2,675	
(50)	
(1.9%)	Projects that were	budgeted	for	later	in	the	year	
Golf	maintenance																completed early							

Dining	
operations												
3,488	
3,578	
90	
2.5%	
Food	
COGS	
65k,	
Linens	
29k,	
waste	
and	
supplies	
Racquets	&	Fitness	operations						545	503	(43)	(8.5%)		
General	&	Adm													1,906	1,995	89	4.4%	Payroll	68k,	Insurance	15k,	CC	Fees	15k		
										Subtotal,	Expenses	10,124	10,181	57	0.6%		
						
Net Operating Surplus (Deficit),	net	of	$244k	
$1,208	
$ 886	
$ 322	
36.4%								
outside golf capital allocation									Variance	is	$322k,	36.4%	from	budget	

7/14/2026	1/6

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF JUNE 30, 2026 AND 2025

		UPCC Operating Fund		Capital Irrigation Fund			
	
Assets	Unaudited 6/30/26		Unaudited 6/30/25		Unaudited 6/30/26		Unaudited 6/30/25		
Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$3,327		$2,375							
	Accounts Receivable	527		390							
	Inventory	302		329							
	Deposits & Prepaids	470		336						FY26 - Prepaid Insurance & Prepaid Cart Lease,
software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

6,040		

5,826		Amounts drawn from BAN, $4,140 + 65k
Accrued Interest + Amounts borrowed from UPCC Capital Reserves, $1,835	
	Subtotal, operating assets	4,626		3,430		6,040		5,826			
											
	Board Designated Cash & Investments & Receivable
from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves & Short-Term Investments	1,477		871							
	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	
3,712		
3,106		
-		
-			

	Property and Equipment - Net	26,371		25,087							
	Property and Equipment - CIP	414		684		-		-			
	TotaI Assets	$35,123		$32,306		$6,040		$5,826			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$321		$226							
	Accrued Liabilities & Other Payables	305		256		65		-			
	Gift Cards & Store Credits	135		121							
	Subtotal, operating liabilities	761		604		65		-			
											
	Deferred Revenue	3,142		2,928							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	14		177							
											
	Due to UPCC Operating Fund					$1,835		$1,835			
	BAN Payable to Bank					4,140		3,991			
	Total Liabilities	5,926		4,127		6,040		5,826			
											
	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 Non-Operating Surplus (Deficit)	-464		1,639							
	Current Period Operating Surplus	1,208		675							
	Net Position	29,197		28,180		-		-			
											
	Total Liabilities & Net Position	$35,123		$32,306		$6,040		$5,826			

7/23/2026	2/6

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF JUNE 30, 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 Interest on Investments	13		
FY 2026 Initiation Fees	890		
FY 2026 10% Outside Golf	244		
FY 2026 Capital Dues	413		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	7,516	Capital raised through Operations	
			
Total Sources of Capital	16,286		
			
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, Cart Barn Garage Doors	
87		
2026, Golf Club Rentals	12		
2026, Grille - Kitchen Equipment	26		
2026, Admin Furniture	3		
2026, Security Cameras	13		
Subtotal, FY2026 Uses	1,341		
			
Construction In Progress			
2020, Master Plan Project	182		
Front 9 Project	202		
Boardwalk Project	4		
Subtotal, CIP	389		
			
Total Uses	14,822		
			
Remaining Capital Reserves	1,464	Capital Account Balance at 6/30/2026	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	
3,299	
Balance with Irrigation Project repayment	

7/14/2026	3/6

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF JUNE 30, 2026

MTD & YTD STATEMENT OF CASH FLOWS, 9 MONTHS THROUGH 6/30/26				
	
June	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 716		$ 12,886	
Cash Payments To Vendors & Suppliers	(427)		(5,043)	

Cash Payments To PBM Staff Serving UPCC & UPRD	(543)		(5,501)	
				
Net Cash Provided (Used) By Operating Activities	(255)		2,342	
				
Cash Flows From Capital, Financing, And Other Non-
Operating Activities:				
Initiation Fees	$ 32		$ 898	
Capital Dues	11		413	
Purchase Of Equipment & Capital Projects	(150)		(620)	
FEMA Proceeds	-		8	
Transfer to General Fund			(237)	
Interest From Investments	9		23	
Net Cash Provided (Used) By Capital And Other Non-
Operating Activities	(98)		485	
				
Net Increase (Decrease) In Cash	(352)		2,827	
Cash At Beginning Of Period	5,557		2,377	
Cash At End Of Period	$ 5,204		$ 5,204	

7/14/2026	4/6

University Park Recreation	District					
FY2026 General Fund Actual	& Budget					

Actual	
Anticipated		
Anticipated		
FY 2026	
Through	Jul. - Sept.		FY 2026		Adopted	
06/30/2026			Total		Budget	
Revenues						
PrYr Surplus	-	-		-		9,088	
Inter-Fund Transfers - Debt Service to O&M	75,486	-		75,486		70,000	
Inter-Fund Transfers - Country Club to O&M	237,412	35,587		272,999		220,912	

$312,898	
$35,587		$348,485		
$300,000	

General & Administrative Expenses						
Assessment Administration	10,000	-		10,000		10,000	
Audit	36,392	-		36,392		35,000	
Bank Fees	140	20		160		500	
Bond Admistration Fee	6,687	-		6,687		7,500	
Contingency	540	180		720		15,000	
Dissemination Agent	5,000	-		5,000		5,000	
District Counsel	133,358	39,000		172,358		110,000	
Dues, Licenses, and Fees	1,075	-		1,075		2,500	
Election Costs	10,621	-		10,621		10,000	
Insurance	21,569	-		21,569		17,500	
Legal Advertising	6,776	900		7,676		5,000	
Management	52,500	17,500		70,000		70,000	
Meeting Set Up	-	-		-		5,000	
Office Supplies	-	-		-		1,000	
Postage & Shipping	128	100		228		1,000	
Professional Services, Other	-	-		-		-	
Travel and Per Diem	-	-		-		-	
Web Site Maintenance	4,500	1,500		6,000		5,000	
Total General & Administrative Expenses	
$289,285	
$59,200		
$348,485		
$300,000	

7/14/2026	5/6

UNIVERSITY PARK COUNTRY CLUB KEY PERFORMANCE INDICATORS FY 2025 Q3 FY 2026

	Operating	and	Strategic	Insights														
				
Q1 FY25	
Q2	
FY25	
Q3 FY25	
Q4 FY25	
Q1 FY26	
Q2 FY26		
Q3 FY26	
Q3	
Budget		
FYTD 26	CB
Median	
				Trend							
	Net Operating Margin (before golf allocation) (Net Operating Result /			

3.3%	

14.4%	

7.7%	

-10.7%	

9.7%	

17.8%		

10.8%	

11.6%		

13.1%	

0.7%	
	Revenue)																		
																
	Total Labor as a % of Operating
Revenue			52.6%	51.8%	51.9%	68.6%	49.1%	50.4%		49.8%	50.5%		49.8%	57.0%	
																
	Net F&B Income/(Loss) as of % of
F&B Revenue (F&B Subsidy/F&B			
-20.8%	
-19.2%	
-31.1%	
-100.5%	
-12.5%	
-20.6%		
-27.7%	
-28.8%		
-19.9%	
-33.0%	
	Revenue)																		
																
	*Club Benchmarking - Median data from 74 Clubs, South Region, 10-15M Revenue, 18-27 Holes										

University Park Recreation District Summary Operating Data
As of June 30, 2026

Rounds of Golf (as of June 30, 2026):

	June		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	2,839	2,680	159		36,409	38,144	(1,735)	
Outside Rounds	2,340	2,251	89		25,402	23,486	1,916	
	5,179	4,931	248		61,811	61,630	181	
Rounds of Golf (as of June 30, 2025):

	June		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	2,527	3,559	(1,032)		34,804	40,139	(5,335)	
Outside Rounds	1,927	2,761	(834)		21,742	26,168	(4,426)	
	4,454	6,320	(1,866)		56,546	66,307	(9,761)	

Overall revenue is $266k favorable to budget, driven primarily by Golf operations. Golf revenue is $251k favorable to budget (net of capital allocation), with higher outside rounds producing an $206k favorable variance in greens fees. Merchandise sales also surpassed budget, contributing an additional $57k favorable variance.
Golf course maintenance expenses continue to remain slightly over budget due to various projects that were scheduled for later in the year but were completed earlier. We anticipate expenses to align with budget by the end of the fiscal year.

Membership

University Park Recreation District Summary Operating Data
As of June 30, 2026

		CYTD Change		Beg. Jun		Additions		Resignations		Conversions		Total	
Golf													
Family - Resident		1		180		-		-		(1)		179	
Family - Non Resident		-		76		-		-		(1)		75	
Single - Resident		7		127		1		-		2		130	
Single - Non Resident		1		71		-		-		1		72	
		9		454		1		-		1		456	
Racquets & Fitness													
Family - Resident		2		30		-		-		-		30	
Family - Non Resident		(1)		14		-		-		-		14	
Single - Resident		(1)		37		-		-		(1)		36	
Single - Non Resident		1		26		-		-		-		26	
		1		107		-		-		(1)		106	
Social													
Family - Resident		(5)		455		1		(2)		(1)		453	
Family - Non Resident		-		52		-		-		-		52	
Single - Resident		3		211		1		(2)		1		211	
Single - Non Resident		(6)		52		-		-		-		52	
		(8)		770		2		(4)		-		768	
													
Total Memberships		2		1,331		3		(4)		-		1,330	
													
Passes		CYTD Change		Beg. Jun		Net Change		Total					
Fitness		4		140		9		149					
Range		5		59		1		60					
Pickleball		4		52		2		54					
Twilight Tennis		(1)		18		-		18					
SAP		8		137		1		138					
		20		406		13		419					
*135 grandfathered non-members (Same as prior month), 180 grandfathered members (-2 to prior month)
**292 non-resident memberships (Same as prior month)