Driftwood Key Club 2008-2009 Financial Presentation - PowerPoint PPT Presentation

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Driftwood Key Club 2008-2009 Financial Presentation

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Driftwood Key Club 2008-2009 Financial Presentation
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Driftwood Key Club 2008-2009 Financial Presentation

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  1. Driftwood Key Club 2008-2009 Financial Presentation

  2. Facts About DWK Community • 775 Individual Lots • 505 Homes • 599 Members • Many members own multiple lots but only pay for one membership • DWK represents approximately 45% of the total population living in the Hansville zip code.

  3. DWK Club Common Ownership • 4.61 Acres of Land • 1,000+ feet of Waterfront • 3,000 Sq. Ft. Clubhouse • Pool and Pool House Building • Office/Storage Building • 93 Slip Marina • Boat Launch • Sheltered Bay & Channel Tidelands • Boat Storage Area • Children’s Playground

  4. Clubhouse/Marina Complex • Boat Storage Area • Marina • Marina/Clubhouse Parking • Clubhouse • Office/Storage Building • Pool & Pool House • Community Beach • Children’s Play Area • Park Grounds • Boat Storage Area • 2.65 Acres

  5. Boat Launch • Boat Launch Ramp • Dock and Temporary Slips • Boat Wash Water • .17 Acres

  6. Lot 54 • Community Park • Emergency Helicopter Landing Area • 1.62 Acres

  7. Lot 25 • Located on Hood Canal Drive • Southernmost Lot in DWK • Location of DWK Southern Community Sign • $150/year Property Tax • .17 Acres

  8. Estimated Value of Club Assets

  9. Different Funds • Two Operating Funds • Club Operations • Marina Operations • Two Restricted Funds • Building and Maintenance • Harbor & Channel Dredging • Special Assessment • Modernize Governance Documents

  10. Club Operation Fund Pays For: • Maintenance and Upkeep of: • Member parking areas • Clubhouse • Pool and Pool House • Boat Storage Area • Office/Storage Building • Club Grounds and Beach • Guest/Member Temporary Marina & Boat Launch Moorage • Club Operations • Newsletter Mailing and Billing • Building/Office Staff • Insurance • CPA/Legal services

  11. Club Operation Fund Income Comes From: • General Membership Dues of $14.33/Mo • Boat Storage Fees ($100/Year/Space) • Allocation from Marina Fund to Pay Prorated Share of Club Personnel and Office Expense

  12. Marina Operation Fund Pays For: • Maintenance and Upkeep of Marina and Boat Launch • Pump-out Station • Electricity/Water • Marina Parking Lot • Liability Insurance • Marina Property Taxes • Annual $5K Contribution to Harbor & Channel Dredging Fund • Prorated Share of Club Personnel and Office Operating Expenses • Harbor Navigation Signage

  13. Marina Operation Fund Income Comes From: • Marina Tenant Slip Leases • Private Dock Tideland Leases • Allocation from Club Operations Fund for Guest/Temporary Moorage Space

  14. Building and Maintenance Fund Pays For: • Major Building, Equipment, Vehicle and Facility Repair • Major Capital Improvements and Equipment Acquisitions.

  15. Building and Maintenance Fund Income Comes From: • General Membership Dues of $1.66/Mo.

  16. Harbor & Channel Dredging Fund Pays for: • Permits • Soil Analysis • Legal Expenses • Engineering Design • Dredging and Soil Disposal • Entrance Pilings • Builds Reserve Fund for Next Harbor and Channel Dredging Project

  17. Harbor & Channel Dredging Fund Income Comes From: • General Membership Dredging Assessment of $14.83/Mo

  18. Governance Special Assessment Pays For: • Modernizing the Club Covenants, Articles, Bylaws, and other Rules and Regulations • Member Assessment in 2008/2009 is $0.83/Mo. • Assessment Terminates when Total Expenses Equal $40,000 (approximately $32,000 expended to date)

  19. Operational Fund History

  20. Summary of Current General Membership Dues

  21. Proposed 2008/2009 Club Operations Fund Budget Maintain Dues of 14.33/Mo Increase Dues to 22.83/Mo

  22. No Dues Increase Balanced Operation Fund Budget • Eliminate caretaker position immediately • Use member volunteer labor to maintain Club’s common property. • Close pool immediately • Eliminate Club grounds maintenance expenditures • This is only a short term fix. Maintain Dues of 14.33/Mo

  23. Summary of Proposal to Increase General Membership Dues