April 2021: Supplementary Smoke Signals

SMOKE SIGNALS

April 2021 SUPPLEMENTARY ISSUE REGARDING BYLAWS UPDATE

President's Message

By Al Ross

I hope everyone had a wonderful Passover or Easter deficit we experienced in FY 2021, and the loan will celebration. The day got nicer as it went along and provide an inflow of cash that will permit us to the next week promises more warm spring days. eliminate the outstanding balance on our operational line of credit and put us in a much I wanted to inform you of a decision that the Board stronger position going forward. has made that may have a significant beneficial impact on our financial situation.

Attached you will also find proposed changes to our Bylaws that the board has recommended for We have an opportunity to improve our financial approval. These changes have been made to position because the Paycheck Protection Plan (PPP) streamline and clarify the Club’s inclusive loan features of the 2020 CARES Act have finally membership position. The SBA is clear about its been extended to 501(c)7 non-profit organizations inclusivity requirements, and we want to be equally like ICYCC. We are eligible for a loan amount that clear about ours to be in the best position for loan would be a multiple of payroll, mortgage and utilities forgiveness. These small changes will not affect the for a limited time, which should total in the range of Membership Committee’s process or procedures for $225-250K. The best aspect of this is that the loan is recruiting and approving qualified new members. eligible for total forgiveness after a short period if used for payroll. If the loan is not forgiven the The fairways are greening up nicely, and we just applicable interest rate is 1%. experienced the grand opening of our newly renovated 1955 room this weekend. Things are The Board’s intent is to expend the loan funds, if looking very bright as we transition to our postapproved, to pay staff salary and wages until the Covid operations and we can be optimistic about principle is exhausted --- about two and a half the future. months. At the same time, we will be sequestering an equal amount of regular revenue to hold as a hedge Please click to view the proposed updates to the against the event the loan is not forgiven for some bylaws. reason. We consider that highly unlikely, but a worthwhile risk since our total exposure is approximately $2,500.

We normally report results rather than discuss Board financial decisions in depth, but in this case I wanted to make sure that our member-owners understand fully what we are doing and why. Some of you may have concerns about pursuing this loan, but the Board unanimously agreed that the loan is in the Club’s best financial interest if we can set the politics aside. Not long ago I wrote to you regarding the operating

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Board of Directors AL ROSS, CLUB PRESIDENT BRIAN CLARKE BARBARA FENTRESS DEBBIE GILLISPIE

Administrative

Food & Beverage

BRIAN DARLAK

CURT DEGRAW

GENERAL MANAGER, CCM

FOOD & BEVERAGE

804.435.1340 EXT 107

DIRECTOR

BDARLAK@ICYCC.COM

804.435.1340 EXT 109 CDEGRAW@ICYCC.COM

MERRILL GRASSO DAN HOYT KEN KOPOCIS BARBARA MAIT MIKE PETTY KATHY RHODES AL ROSS RICK SAUNDERS GIL ZIMMERMAN

MEGAN STEPHENS

MEMBERSHIP DIRECTOR

SHAWN VALDRIGHI

804.435.1340 EXT 104

DINING ROOM MANAGER

MEGAN@ICYCC.COM

804.435.1340 EXT 110 SVALDRIGHI@ICYCC.COM

THERESA DEGRAW

ACCOUNTING & EVENTS 804.435.1340 EXT 106 TDEGRAW@ICYCC.COM WINDLEY "LEY" GAULDING

BUSINESS MANAGER 804.435.1340 EXT 105 WGAULDING@ICYCC.COM

HOURS OF OPERATION GOLF COURSE: 9-5 P.M. CURBSIDE CARRYOUT TUESDAY-SUNDAY 11:00-6:00 P.M. SKIPJACK TUESDAY-SUNDAY 11:30- 7:00 P.M.

1955 THURDSAY-SATURDAY 4:30- 7:00 P.M.

Golf MIKE MAYER

PETER STEPHENS

HEAD GOLF

GOLF COURSE

PROFESSIONAL, PGA 804.435.1340 EXT 101 804.435.3130

CLUB PHONE: 804.435.1340 TENNIS CENTER: 804.435.2713 GOLF SHOP: 804.435.3130

804.435.2470 (O) 804.436.4059 (C)

GOLFSHOP@ICYCC.COM

Racquet GEORGE CHRISTOFORATOS

RACQUET SPORTS DIRECTOR 804.435.1340 EXT 102 TENNIS@ICYCC.COM

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