GENERAL MANAGER’S REPORT/ACTIVITY UPDATE 02/20/2025
Account Statements: All bank accounts have been reconciled for December and January without discrepancy.
Business Activities:
I would like to begin with another congratulations to Heather who was acknowledged by the Board of Directors with her promotion to Assistant General Manager. Over the course of the past 2 years, Heather and I have worked in tandem delving into historical systems, deciphering the current and future needs of the Association while cultivating new parameters for our fiscal policies.
With that, she has been an integral component in crafting the Banking Institutions Handout. Like many, I too need a visual aid working as my GPS for where the money goes. As shown, are the current banking institutions that house our 4 categories of money. In order to ensure a higher probability of FDIC insurance, the Association is in the process of opening an account with a 4th bank. This new bank will house the non-assessment major maintenance savings as reported earlier by Treasurer Judge.
As part of our future needs savings, the Association in January reinvested the $200K Wells Fargo CD brokered from our Fidelity account to the GBank of Las Vegas at 4.1% for 12 months with monthly interest payments. Additionally, the two $50K CDs housed in Charles Schwab also matured in February. These were reinvested at 4.3% for 12 months with monthly interest payments. With the fantastic year end of 2024, the Association found that we did not need to keep as much cash in liquid form, thus $70K of the Charles Schwab interest sweeping account was used to purchase a 4.25% CD for 12 months, also with monthly payments. As the CD’s are noncallable, we are guaranteed over the course of the 12 months a total of $15,475 of passive income.
This earned interest remains within the non-assessment yellow category, while the operations checking account, operations, money market, assessment major maintenance and lastly the interest from the $250K transfer to the Fidelity money market are all considered assessment earned interest and are color coded purple.
The last two categories are the Capital Campaign or donor funded accounts and the Golf Equipment Replacement Program Savings which is derived directly from annual golf course revenue. It is my hope in 2025, to introduce a greater understanding of the income or interest categories and how each may be used to propel the Association forward.
The year-to-date financials finds that at the close of January:
- Gross Profits are slightly better than budgeted, closing at just over $1M.
- Expenses for daily operations are going to show skewed this and in the months to come due to the payroll increases stemming from the 2024 EOY golf income. What is indicated on our January Budget vs. Actual is that we are 41.05% over budget, however when removing the payroll increases we are trending at just over $107K in expenses or 93.2% to budget.
- This then makes our Net Operating Income, prior to depreciation, a total of $949,151.90 or 1.29% better than budget.
- The YTD cash assets as of the 1/31/2025 Balance Sheet total $1,128,456.28
- The summary of the financials are available on the SVRA website and detailed copies are always available by request at the Association Office. Additionally, Heather and I are available to further discuss the delineation of the banking accounts and offer further tools to aid in your understanding.
Assessments:
2025 Assessment Status: As of February 11, 2025 – 716 accounts are paid in full or at 35.52%. As a reminder, the 2025 annual assessments are due on February 28th and if payment is not received by March 31st, interest based on your plat’s DCC&Rs will be applied retroactive to March 1st.
In terms of our 2023 collection accounts we have collect over $31,000 or 59.26%. The three remaining accounts, all were served via publication on October 16, 2024. Within the 2024 batch, 5 families were sent to which two have paid in full. The remaining accounts have also been filed with the court on October 16th. In keeping with our Delinquent Account Operating Policy, all outstanding assessments are considered 1-year delinquent on March 1st of the following year and will be subject to legal collection efforts for all amounts over $1,000.00 and/or accounts in that are 25 months in arrears or more.
Facilities:
The Facilities department, spearheaded by Ernie will be undertaking a glow up renovation of our Banquet Room. The overhead meeting lighting will be replaced with dimmable recessed lighting, along with soffit recessed lights and a center chandelier. The projector will also be moved to the west side wall to allow for Directors on Zoom to interact easier with the present Board Members. We have also ordered Roman Shades for this room, and light filtering shades for the Pro Shop and the Gym downstairs. The expense for the improvements is coming from the member donated funds that has remained in the Cedar Creek Capital Campaign Account.
It was an exciting day today when the garden level balcony railing was installed. The extension of the garden level balcony will serve as the handicap access to the driving range, offer additional seating and potentially hold some outside exercise classes in the summer months.
As we are gearing up for the season, Ernie will be renewing his Certified Pool Operators License in March and he, Tom and Kyle will also be attending the Toro Irrigation Software Course. This 4-day course will provide the men with a Class 2 Certification.
Larry Tucceri returns on March 3rd and has been hired as our official golf course superintendent for 2025.
Another first will be the addition of an irrigation specialist. Kyle, who previously worked in the Pro Shop will return to the team in 2025 with primary responsibilities surrounding the irrigation of both courses and under Larry’s purview.
Golf:
Nick Harding, our new Senior Golf Pro will be onsite starting March 17th. Nick has been diligently working to immerse himself in our golf software and internal systems. Nick has already solidified the Wyoming Senior Amateur Tournament which will take place at the Cedar Creek Course on September 6th-7th with practice rounds and registration on the 5th.
The winter tournament is going to kick off at Loughlin Ranch on March 1st. Nick will be in attendance to say hello, shake hands and rub some elbows with our golfing community. Also at the winter tournament, the registration for our annual Mixed Moose tournament begins. We will pace the digital sign-up sheet on our website under the Tournament subsection. Should participants need assistance with the form, please come see us in the Administrative Office or at the Pro Shop after Nick’s arrival on March 17th.