September / October 2010
Camp Chartwell
y now you should recognize that I prefer to cut
B
right to the point. Here are some comments,
questions and issues that Tad, the Board and I are often asked: 1. “The Club has too much debt.” Actually, we have reduced debt by over $500,000 in the last two fiscal years and our debt is $7.7 million. Approximately, the same level of debt we had ten years ago. We have actually deleveraged as a percent of revenues. Revenues up 40%, debt up 10%.
2. “Chartwell used all the Capital Reserve to fund the dam.” Not true. We
September & October Upcoming Events
maintained $750,000 in our Capital Reserve fund. This is cash available for catastrophic events (i.e. membership drops by 50%).
3. The Dam cost approximately $1.7 million and we paid for it with the $2.2 million of cash proceeds from the loan refinancing we did in 2008. We, therefore, have $500,000 ($2.2 million minus $1.7 million) cash available for capital improvements. Both, the standing Committees and the Board, are reviewing the capital expenditure priorities for fiscal 2011.
continued on page 4
First Friday Kids Club, Fri. Sept 3 & Oct 1 Labor Day Carnival, Mon. Sept 6 Late Night Happy Hour, Fri. Sept 10 & Oct 15 Jr. Golf Closing Banquet, Sun. Sept 19 Nickel & Nickel Wine Tasting, Fri. Sept 17 Rodney Strong Wine Dinner, Fri Oct 1 Member-Member Golf, Fri & Sat. Oct 8 & 9 Fall Festival, Sun. Oct 17 OktobeRoast Party & Sports Awards, Sat. Oct 23 Tennis/ Golf Challenge, Sun. Oct 24 Annual Membership Meeting, Tues. Oct 26