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Tiburon Peninsula Club 2012 Annual Meeting

Tiburon Peninsula Club 2012 Annual Meeting. Financial Review – November 8, 2012. 2012 Financial Highlights.  Financial metrics of the TPC are improving. Our cash position increased $100,000 YTD and now stands at over $1,400,000 Our partnership with First Republic is solid

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Tiburon Peninsula Club 2012 Annual Meeting

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  1. Tiburon Peninsula Club 2012 Annual Meeting Financial Review – November 8, 2012

  2. 2012 Financial Highlights Financial metrics of the TPC are improving • Our cash position increased $100,000 YTD and now stands at over $1,400,000 • Our partnership with First Republic is solid • There are currently over 30 families on the in-town membership wait list • A slight dues increase at the beginning of this year has helped offset a rise in costs of insurance, utilities and labor. • As of now, all operating units are operating in the black

  3. 2012 P&L Pre-Bonus Operating Results by Unit (through September 2012) Note: Any year-end profits are returned to the respective business units for equipment upgrades and to pay bonuses. There is no carry forward.

  4. Running a Tight(er) Ship This is why we have been able to minimize dues increases… Jerry Pang is hired As GM of TPC Total Revenues as a % of Labor Costs

  5. Highlights of 2012 YTD Capital Expenditures  Cap Ex remains below norm, but improvements continue • Projects Completed • Clubhouse (largely café improvements) • BBQs • 80” Flat Screen • New Sound System • Upgraded kitchen equipment, flatware, glassware and utensils • Tennis (resurfacing, leveling, windscreens, benches) • Aquatics (new heater in wading pool) • Locker Rooms (flooring and carpets)

  6. 2012 Membership Review • As of September 30, 2012: • Regular Members = 699 (700 is max under CUP) • Senior Members = 175 • Total Members = 874 • Monthly Dues Income = $198,191 • YTD Initiation Income = $424,293 • In-Town waiting list of 30 families, each who have submitted a 10% non-refundable deposit (i.e. $1,850). • We budget for 35 new Regular Members annually (5% turnover) – from both resignations and Senior Member conversions. • YTD, 22 new Regular Members have joined the TPC. • We are currently at our membership capacity due to our conditional use permit

  7. First Republic Construction Loan Update 1 – Loan Amount: $4,500,000 2 - Interest Rate: 5.35% 3 - Amortization: 15 years (refinanced in 2011) 4 - Monthly Payment: $37,000/month 5 - Prepay Penalty: None • Another refinancing was explored in April 2012 • BOG determined the terms were not currently in the best interest of the TPC. • − Although there were interest rate savings, points and fees pushed out the breakeven to over three years. • − We will continue to monitor refinancing opportunities.

  8. Café – YTD Financial Performance • Sales through September 2012 were $453,000 vs. $540,000 through September 2011 • Café was open two months less this year than last • Beer, wine and liquor are down nearly 30% from last year • Fitness Area drink and snack sales are down 60% from last year

  9. Final Thoughts • Congratulations to all business units on another exceptional year • Volunteer members - Thank you for your time and effort in making the TPC a great place for family, friends and other members to enjoy • 2013 will be another great year for the TPC

  10. UNIT P&LS, CASH AND MEMBERSHIP RESULTS BY MONTH(THOUGH SEPTEMBER 2012)

  11. TPC Cash and Reserve Balances (as of September 30, 2012) Funded by initiation fees

  12. TPC Comprehensive Financial Model Monthly Debt Retirement Fees Initiation Fees Dues Non-Member Surcharges Revenues Expenses Mortgage “B” - Emergency Reserve Savings Account “A” - Operating Cash/Checking Acct I “C” - Capital Reserve “Replacement” $250,000/yr II “D” - Capital Expense (New) Administration Half of Year End Balance Facility Operations Capital Expenses Activities – Set at Operational Breakeven Activity Specific Member Charges Aquatics Personnel/Operations- Aqua Fitness Personnel/Operations - Fit Food/Bev Personnel /Operations– F/B Non-Member Activity Charges Tennis Persn/Ops - Tennis Youth 80% Persn/Ops - Youth Activity Fee 20%

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