Treasurer's Report

Ladies and Gentleman:

As the instructions on my college bonsai tree noted for the step after you remove it from the fridge, “The Long Winter is over!” The winter months are typically a slow time for LBC, both in the use of the club and financial performance While we have great and festive holiday events, the annual club closure for maintenance guarantees a slow January This year we were dealt an additional blow by the wind storm knocking out power resulting in reduced operating days in February as well However, not unlike the proverbial lion we came roaring back in March I am pleased to report that despite the shortened months, we are firmly ahead of budget for the year having generated $170k in YTD operating earnings and $12k in net income with very strong cash flow I am most pleased that we achieved these results in large part due to beating the revenue budget by over $100k, which means members are using the club!

Some of the recent positive trends include new memberships a strong banquet business, and the use of racquets, in particular squash and pickle I am told that pickle is all the rage (and would be a good choice for a man of my carriage), so would encourage any slow adopters to get out there and play The positive cash flow we have generated is being consistently directed back into the club in the form of maintenance and upgrades to the clubhouse and grounds, which is really the way it’s supposed to work I think the membership will be pleased by some of the upgrades that have already taken place and some that are on the near-term horizon Longer-term these trends are what enable us to undertake larger capital projects to enhance our enjoyment and attract new members in a virtuous circle of leisure

As we approach the busy outdoor season I wanted to remind everyone that monthly dues are the lifeblood of the club, and that even a small boost in membership can have a large impact on our financial performance To the extent you know any boaters, racquet players, swimmers and divers, people who are sick of the heat and/or their children, or are just good company in general, please continue to encourage them to consider joining Likewise, despite the strong recent results and tireless efforts of George and David, we still can’t market the club for banquets, so please keep our house in mind for any personal events or those of your friends, families and neighbors Thanks for everything you do to keep the club in a healthy social and financial position, and I know we are all looking forward to a fantastic summer at LBC!

-Chris Schaefer

I know I harp on this every month but Membership growth is most important to the lifeblood of any Club Bring your friends and business associates into your circle at the Club! We offer a Food and Beverage credit equal to 10% of the Initiation Fee paid by your invitee as a thank you to you for sponsoring them. While the Initiation fee has been raised to $7500 we do offer some payment plans, including a lesser fee if paid in a one-time, upfront, payment

We also have a Legacy Membership for your immediate family members (children, grandchildren, parents and grandparents, brothers and sisters) which is a way to perpetuate your familys heritage in the Club Legacy Members only pay 50% of the published Initiation Fee and regularly posted dues and fees We also offer Junior Memberships again with a $500 Initiation Fee and $150 dues with no minimum for people between the ages of 21 to 30 years old.

Financially Through the first two quarters of the fiscal year, we are doing well with a positive bottom line better than budget and considerably better than the prior year

Our racquet programs are thriving with Lee, Travis Kelly-Marie, and Drew doing a great job programming and promoting By the time you read this the outdoor courts should all be open, and you will be enjoying playing in the sun

Ladies: The ETA for the new Sauna is May 10, we hope We are grateful to those who graciously donated so that all can enjoy it We will also be installing new electrical outlets with charging ports and doing a couple of other “beautifications ”

A staff change: Chef Omar has left us to move on to greener pastures and we welcome Chef Josh Robinson who comes to us with a stellar background and is eager to show you his culinary talent Look for some new menu ideas and great food After the Seafood and Champagne Dinner, he will prepare a special Maine Lobster Dinner on May 11th

The Team and I thank you for your constructive comments because it is through those that we can improve your Membership experience

The future looks great and together we will do great things

Sincerely,

David Drury