Understanding CSC Financials Columbia Sailing Club CSC operates - - PowerPoint PPT Presentation
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
Feb 11 YTD Annual Remaining Budget Percent 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% ACTUAL BUDGET
Feb 11 YTD Annual Remaining Budget Percent Remaining 1660 · Facilities 1661 · Buildings 1662 · House Supplies 160 160 1,500 1,340 89% 1667 · Other 1,415 1,415 1,500 85 6% Total 1661 · Buildings 1,575 1,575 3,000 1,425 48% 1670 · Undergrowth Control 1675 · Docks 1676 · Front Docks 44 44 1,500 1,456 97% 1680 · Back Cove 500 500 100% Total 1675 · Docks 44 44 2,000 1,956 98% 1685 · Grounds 1686 · Beach Sand 1,500 1,500 100% 1690 · Other 3,500 3,500 100% Total 1685 · Grounds 5,000 5,000 100% Total 1660 · Facilities 1,619 1,619 10,000 8,381 84% ACTUAL BUDGET
Feb 11 YTD Annual Remaining Budget Percent 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 152 11,450 11,298 99% Total 1770 · Member Communications 364 1,746 6,400 4,654 73% 1780 · Commodore's Discretionary Acct 1,000 1,000 100% 1785 · General Contingency Account 3,000 3,000 100% 1790 · Transfers to Cap Improve Acct 120,144 120,144 100% 6560 · Payroll Expenses TOTAL DISBURSEMENTS 9,532 19,236 247,263 228,027 92% 20,400 39,325 37
ACTUAL BUDGET EXCESS (-DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS
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 Total Escrow ed 39,764 25,806 13,958
Available for Current Operations
48,762 80,144 (31,382) (mos. left) (Annual Budget)
Budgeted Disbursements for remainder of quarter
1 $246,763 20,564 20,059 505
Due from Members
7,167 4,930 2,237
General Fund Working Capital/(Deficit)
35,365 65,015 (29,650)
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
Total Other Accounts
142,150 131,469 10,681
February
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
Project Total Estimated 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
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