University Park Recreation District Management Discussion & Analysis Report As of November 30, 2025

The Holiday Season is here!
“Thank you” to the entire Team for a very successful Thanksgiving to-go service and dinner buffet. Thanksgiving Day was sold-out with approximately 600 reservations (all Members & Guests) and we finished with approximately 100 “to-go” orders the Wednesday before. In total, approximately 700 Members were provided with a Thanksgiving meal over a 24-hour period.
Our Staff Holiday Party was on Monday, December 8th at Lakewood National CC (we hosted their party on December 1st). Approximately 175 staff members and guests enjoyed great food, drink, prizes and more!
The Team has now moved on to hosting member and public Holiday Parties. Member events include 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 are also hosting 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.
It is shaping up to be a busy month of Member Experiences!
Varsity Club
John Fetsick to provide a verbal update on the Varsity Club furniture.
Racquets Furniture
John Fetsick will seek approval to move forward with the purchase of new outdoor furniture within the Racquets & Fitness spaces. The proposed furniture will be on-site Thursday, December 11th for review for the Board and Membership.

University Park Recreation District Management Discussion & Analysis Report As of November 30, 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							
February		
-4	
1	
3	0								
March		
1	
2	
-6	-3	
-2		
2	
-2			
-2	
April		
2	
1	
4	7	
-3				
41	
14	
-6	
May		
5	
-1	
-1	3			
-2		
29	
33		
June		
1	
1	
-1	1					
5	
2		
July		
-2		
2	0					
0	
2		
August		
5	
-1	
1	5								
September		
3	
-2	
-1	0							
1	
October		
7	
4	
-7	4					
-75	
-51	
1	
November	
11/20	
2	
1	
0	3							
-2	
Total Members		464	115	780	1359	0	0	0	0	0	0	1	
Social Access		104	28		132								
Fitness		21	1	131	153								
Range			10	57	67								
Tw ilight Tennis				24	24								
Pickleball		2		56	58								
Total Passes		434								
*134 grandfathered non-members (flat to prior month), 194 grandfathered members (-1 to prior month)
**315 non-resident memberships (+3 to prior month)

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 1 MONTH THROUGH 10/31/25	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
						
Total Revenues	$1,043	$1,017	$26	2.6%		
Less: Outside Golf Capital Allocation	(18)	(17)	(0)	2.1%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	1,026	1,000	26	2.6%		
						
Total Expenses	1,024	1,020	(3)	(0.3%)		
						
Net Operating Surplus (Deficit)	2	(20)	22	(111.0%)	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$506	$510	($ 3)	(0.6%)		
Golf operations revenue	271	267	4	1.5%		
Dining operations revenue	229	209	20	9.7%		

Racquets/Fitness/Other operations revenue	
19	
15	
5	
32.0%		
						
Subtotal, Revenues	1,026	1,000	26	2.6%		
						
Golf operations	131	152	21	14.0%		

Golf maintenance	
315	
278	
(37)	
(13.4%)	Projects that were budgeted for later in the year
completed early	
Dining operations	321	325	4	1.3%		
Racquets & Fitness operations	59	50	(9)	(18.5%)		
General & Adm	198	216	17	8.1%		
Subtotal, Expenses	1,024	1,020	(3)	(0.3%)		
						
Net Operating Surplus (Deficit), net of $18k
outside golf capital allocation	
$2	
($ 20)	
$ 22	
(111.0%)	
Variance is $22k, 111.% from budget	

11/17/2025	1/4

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

		UPCC Operating Fund		Capital Irrigation Fund			
	
Assets	Unaudited
10/31/25		Unaudited
10/31/24		Unaudited
10/31/25		Unaudited
10/31/24		
Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$827		$492							
	Accounts Receivable	585		593							
	Inventory	354		339							
	Deposits & Prepaids	254		166							
	Future Assessments based on BAN or Long-Term Bonds					

5,936		

5,137		Amounts drawn from BAN, $4,059 + Amounts
borrowed from UPCC Capital Reserves, $1,835 as of FY25, $42 accrued interest	
	Subtotal, operating assets	2,020		1,590		5,936		5,137			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves	501		4							
	Capital Reserves Used for Irrigation Project--
Due from Capital Irrigation Fund	
1,835		
2,532						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital
Reserves & Capital Irrigation Fund Receivable	
2,736		
2,936		
-		
-			

	Property and Equipment - Net	26,613		20,313							
	Property and Equipment - CIP	1,323		5,619		-		-			
	TotaI Assets	$32,692		$30,458		$5,936		$5,137			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$519		$428							
	Accrued Liabilities & Other Payables	380		357		42		-			
	Gift Cards & Store Credits	119		108							
	Subtotal, operating liabilities	1,018		894		42		-			
											
	Deferred Revenue	1,164		1,076							
	Capital Lease Obligations	2,009		418							
	Capital Projects Payable	58		785							
											
	Due to UPCC Operating Fund					$1,835		$2,532			
	BAN Payable to Bank					4,059		2,605			
	Total Liabilities	4,249		3,172		5,936		5,137			
											
	Beginning Balance, Purchase of UPCC assets
in 2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		2,532							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	(10)		723							
	Net Position	28,443		27,286		-		-			
											
	Total Liabilities & Net Position	$32,692		$30,458		$5,936		$5,137			

11/17/2025	2/4

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF OCTOBER 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	$1,838 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	194		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	6,151	Capital raised through Operations	
			
Total Sources of Capital	14,920		
			
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	47		
2025, Admin Office Renovation	31		
2025, (4)Toro Greensmasters	29		
			
Subtotal, FY2025 Uses	107		
			
Construction In Progress			
2025, Back 9 Renovation	1,115		
2020, Master Plan Project	151		
Locker Room Renovation	3		
Other - Carpeting	5		
Subtotal, CIP	1,274		
			
Total Uses	14,477		
			
Remaining Capital Reserves	443	Capital Account Balance at 10/31/2025	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	2,278	Balance with Irrigation Project repayment	

11/17/2025	3/4

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

MTD & YTD STATEMENT OF CASH FLOWS, 1 MONTH THROUGH
10/31/25				
	October	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 428		$ 428	
Cash Payments To Vendors & Suppliers	(344)		(344)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(594)		(594)	
				
Net Cash Provided (Used) By Operating Activities	(509)		(509)	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 163		$ 163	
Capital Dues	10		10	
Purchase Of Equipment & Capital Projects	(264)		(264)	
Transfer to General Fund	(50)		(50)	
Interest From Investments	1		1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	(140)		(140)	
				
Net Increase (Decrease) In Cash	(649)		(649)	
Cash At Beginning Of Period	2,378		2,378	
Cash At End Of Period	$ 1,728		$ 1,728	

11/17/2025	4/4

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

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

	October		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,248	3,899	(651)		3,248	3,899	(651)	
Outside Rounds	2,563	2,356	207		2,563	2,356	207	
	5,811	6,255	(444)		5,811	6,255	(444)	
Rounds of Golf (as of October 31, 2024):

	October		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	2,133	3,699	(1,566)		2,133	3,699	(1,566)	
Outside Rounds	840	2,432	(1,592)		840	2,432	(1,592)	
	2,973	6,131	(3,158)		2,973	6,131	(3,158)	

Overall revenue is $22K favorable to budget, variance driven primarily by strong dining sales. Golf operations revenue is on target with budget, with higher outside rounds producing a $5K favorable variance in greens fees, which helped offset lower member rounds resulting in a $7K unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $6K favorable variance.
Golf course maintenance expenses are currently 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.