Columbia Sailing Club Understanding CSC Financials
Columbia Sailing Club • CSC operates just like a household • We take in money and spend it • If we spend more than we earn, savings goes down • If we spend less than we earn, savings goes up • Along the way we have been able to accumulate savings
Columbia Sailing Club Basic Revenue Sources • Dues • Back Cove Slip Rentals • Land Parking Fees • Initiation and Back Cove entry fees • Late fees • Work day assessments • LMYRA, Canteen, Regattas, etc.
Columbia Sailing Club Revenues ACTUAL BUDGET Remaining Percent Feb 11 YTD Annual Budget Remaining RECEIPTS 1000 · Dues 17,236 32,784 146,000 113,216 78% 1100 · Back Cove Slip Rentals 6,083 12,947 56,800 43,853 77% 1200 · Land parking rentals 3,135 5,420 22,500 17,080 76% 1300 · Initiation fees 625 750 8,000 7,250 91% 1350 · Back Cove Entry Fees 230 979 4,000 3,021 76%
Columbia Sailing Club Basic Expense Categories • Administration (insurance, salaries, utilities) • Facilities • Sailing • Entertainment • Communications • Commodore Discretionary • General Contingency • Transfers to Capital Improvement Fund
Columbia Sailing Club Expenses ACTUAL BUDGET Remaining Percent Feb 11 YTD Annual Budget Remaining 1660 · Facilities 1661 · Buildings 160 160 1,500 1,340 89% 1662 · House Supplies 1667 · Other 1,415 1,415 1,500 85 6% 1,575 1,575 3,000 1,425 48% Total 1661 · Buildings 0 0 1670 · Undergrowth Control 1675 · Docks 44 44 1,500 1,456 97% 1676 · Front Docks 1680 · Back Cove 0 0 500 500 100% 44 44 2,000 1,956 98% Total 1675 · Docks 1685 · Grounds 1686 · Beach Sand 0 0 1,500 1,500 100% 0 0 3,500 3,500 100% 1690 · Other Total 1685 · Grounds 0 0 5,000 5,000 100% Total 1660 · Facilities 1,619 1,619 10,000 8,381 84%
Columbia Sailing Club Operating Cash Flow Cycle • Dues are billed quarterly • Expenses are generally monthly • Accrue for big recurring items (insurance) • Sources of funds for capital items • Committee savings accounts • Capital Improvement Fund • Credit
Columbia Sailing Club Budget Process • Budget is constructed each year • Breakeven target • Includes normal operating revenues and expenses • Each Committee has budgets • Overspending a budget shorts another committee • Avoid “borrowing from one area for another” • Unspent money in some areas goes into savings acct
Columbia Sailing Club Summary Profit & Loss ACTUAL BUDGET Remaining Percent Feb 11 YTD Annual Budget Remaining TOTAL RECEIPTS 29,932 58,561 247,300 188,739 76% DISBURSEMENTS Total 1600 · Administration 5,541 13,209 87,569 74,360 85% Total 1660 · Facilities 204 204 10,000 9,796 98% Total 1700 · Sailing 3,423 3,925 7,700 3,775 49% Total 1736 · Entertainment 0 152 11,450 11,298 99% Total 1770 · Member Communications 364 1,746 6,400 4,654 73% 0 0 1,000 1,000 100% 1780 · Commodore's Discretionary Acct 0 0 3,000 3,000 100% 1785 · General Contingency Account 0 0 120,144 120,144 100% 1790 · Transfers to Cap Improve Acct 0 0 6560 · Payroll Expenses TOTAL DISBURSEMENTS 9,532 19,236 247,263 228,027 92% EXCESS (-DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS 20,400 39,325 37 -39,288
Columbia Sailing Club General Fund Balance February Increase 2011 2010 (Decrease) General Fund Balance 88,526 105,950 Escrow s: Mo # Esc % (Budget Amount) SCEG Dock Fee due 6/09 (Mo#/12 of $1320) 9 75% $1,320 990 990 Liability & Prop Insurance due 9/09 (Mo#/12 of $25,034) 6 50% $24,686 12,343 12,517 Regatta Liability Insurance due 12/08 (Mo#/12 of $600) 3 25% $600 150 150 Due to Capital Improvement Fund (Jan, Feb receipts) 26,281 12,149 0 Total Escrow ed 39,764 25,806 13,958 Available for Current Operations (31,382) 48,762 80,144 (mos. left) (Annual Budget) Budgeted Disbursements for remainder of quarter 505 1 $246,763 20,564 20,059 Due from Members 2,237 7,167 4,930 General Fund Working Capital/(Deficit) (29,650) 35,365 65,015
Columbia Sailing Club Other Fund Balances February Increase 2011 2010 (Decrease) Other Unrestricted Accounts Canteen 1,198 8,006 (6,808) Other Restricted Accounts Emergency Fund 13,574 13,571 3 Capital Improvement Fund 74,768 62,482 12,286 Junior Program 3,508 1,734 1,774 Back Cove/Docks 7,349 7,101 248 Front Docks 9,707 8,321 1,386 Boat Master 10,253 7,484 2,769 Buildings 7,839 4,982 2,857 Grounds 1,504 3,104 (1,600) Self Insurance 9,331 9,210 121 Angel Fund 1,500 3,857 (2,357) Dishw asher Fund 1,617 1,617 0 Total Other Accounts 142,150 131,469 10,681
Columbia Sailing Club Other Fund Balances Disbursements From Capital Improvement Fund Previous Month Current Month YTD Rip rap project 23,360 Carolina First payment 7,160 7,160 Total 7,160 30,520 37,680 Loan Balance - Carolina First (Clubhouse) 633,714 Total Hard Dollar Construction Cost Clubhouse * 933,684 * does not include interest paid on SCBT loan, loan closing costs, costs associated w ith relocation of equipment to boat house, etc. Includes closing costs on Carolina First loan, including accrued interest on SCBT loan, hand rail
Columbia Sailing Club Long Range Plan Total Estimated Project Cost 2010 2011 2012 2013 2014 New Committee boat $ 20,000 $ 20,000 Replace/rebuild engine on Carolina skiff $ 8,000 $ 8,000 Various capital needsyouth program (boat, dollies, etc.) $ 40,000 $ 7,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000 Replace existing #1 dock w ith tw o docks (2) $ 68,000 $ 68,000 Replenish riprap on southside of club - see note 5 $ 17,500 $ 17,500 Replenish riprap on east side of club - see note 6 $ 22,500 $ 22,500 Beach house renovations $ 45,000 repair w ashout & retaining w all near BBQ shed $ 6,000 $ 6,000 Replace law n tractor $ 6,000 $ 6,000 Relocate Boat House $ 80,000 expand dinghy parking by beach $ 7,000 replace existing day dock #2 $ 40,000 $ 40,000 campground upgrade - see note 4 $ 30,000 Totals $ 390,000 $ 50,500 $ 71,000 $ 25,500 $ 43,000 $ 17,000 ing Estimate Projected beginning of year end balance, CIF $83,845 $60,000 $15,655 $16,810 $465 ProjectedCapital Expenditures $ (50,500) $ (71,000) $ (25,500) $ (43,000) $ (17,000) Debt Service on house $ (85,695) $ (85,695) $ (85,695) $ (85,695) $ (85,695) Required contribution, based on 2009 budget + tax savings (3) $112,350 $112,350 $112,350 $112,350 $112,350 Projected end of year balance, CIF $60,000 $15,655 $16,810 $465 $10,120
Columbia Sailing Club Long Range Plan Project 2015 2016 2017 2018 2019 2020 2021 New Committee boat Replace/rebuild engine on Carolina skiff Various capital needsyouth program (boat, dollies, etc.) $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000 Replace existing #1 dock w ith tw o docks (2) Replenish riprap on southside of club - see note 5 Replenish riprap on east side of club - see note 6 Beach house renovations $ 25,000 $ 20,000 repair w ashout & retaining w all near BBQ shed Replace law n tractor Relocate Boat House $ 40,000 $ 40,000 expand dinghy parking by beach $ 7,000 replace existing day dock #2 campground upgrade - see note 4 $ 10,000 $ 10,000 $ 10,000 Totals $ 3,000 $ 43,000 $ 43,000 $ 10,000 $ 38,000 $ 33,000 $ 13,000 ing Estimate Projected beginning of year end balance, CIF $10,120 $33,775 $17,430 $1,085 $17,740 $6,395 $50 ProjectedCapital Expenditures $ (3,000) $ (43,000) $ (43,000) $ (10,000) $ (38,000) $ (33,000) $ (13,000) Debt Service on house $ (85,695) $ (85,695) $ (85,695) $ (85,695) $ (85,695) $ (85,695) $ (85,695) Required contribution, based on 2009 budget + tax saving $112,350 $112,350 $112,350 $112,350 $112,350 $112,350 $112,350 Projected end of year balance, CIF $33,775 $17,430 $1,085 $17,740 $6,395 $50 $13,705
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