• Mike Lanni, Social (2023-2024), House & Pool (2024-2026)
• Jasmine Cacace, Social (2024-2027)
• Ari Zweig, Paddle (2024-2027)
• Paul Cusack, Buildings & Grounds (2024-2027)
• Nate Goldman, Past Board Member (2024-2025)
PRESIDENTS’ REPORT
RGCC 101
RGCC’s Reason for Existing….Why are we here?
The Ramsey Golf and Country Club, Inc. (the “Club”) shall be dedicated to the furtherance of social, recreational, and athletic activities of the Stockholders of the Corporation.
The various social, recreational, and athletic activities shall operate and function under the guidance and supervision of committees appointed by the Board of Directors for that purpose.
RGCC 101 FEES
Capital Assessments
• Clubhouse renovation
• Golf equipment
• Paddle courts
Dues - turn on the lights
• Taxes/Insurance
• Utilities
• Admin and Management
• Maintenance
Activities – a la Carte
• Golf
• Paddle /Pool/Pickle
• Social Restaurant Minimums
Real Estate Transfer Fees
Why not pay one price?
Not fair to those who don’t want to participate
Nothing is free at RGCC, and it can’t be. Due to a court order…since 1981.
RGCC 101 BUSINESSES
Cyclical Businesses - have ups and downs with economic cycles and or
inflation
Golf…bad weather also influences golf
Catering
Food
Real Estate Transfer Fees
Services - are intended to “pay for themselves”
Pool
Paddle Pickle Social
RGCC 101 - GOLF PROFITS 21 YEARS
RGCC 101 BUSINESSES
Non-Cyclical Business = Recession-Proof
Reliable sources of revenue, no matter the current economic condition.
Booze
Dues
Our auditors and our lenders closely monitor our dues income.
RGCC 101 - DUES VS ADMIN EXPENSES
An additional $21.5 per member per month beginning in 2004 provides $2.8 in additional revenue and covers fixed admin costs.
Over the same period there were $3M in real estate transfer fees
We have been relying of cyclical revenues to cover fixed expenses
WHERE DO MY DUES GO?
2024 Dues of $253 Covered 92% of Administrative & Building/Grounds Costs
For 2025: $278 monthly Dues will cover 100% of these Expenses.
RGCC 101 – MASTER PLAN
Why did we need the Master Plan?
Short-term view and lack of long-term planning.
Over many years, annual plans didn’t provide enough funding for reinvestment or maintenance on the clubhouse and facilities.
Low Dues supplemented with real-estate transfer fees and the assumption that profits would always provide for the needs for the future
Last Major renovation was in the 1980s
In 2004, the club took out a loan to replace the roof and upgrade the greens and irrigation.
In 2009, the club renovated the restaurant with operating funds and reserves.
But in 2019 we had…
Decaying facility, in need of renovation
Inadequate ancient golf irrigation didn’t cover the entire course, Tee to green.
Tired and unprofitable restaurant, aging ballroom
An estimated $ 3.2MM in maintenance that needs to be completed if the master plan wasn't passed.
The master plan was passed by 74% affirmative vs 26% negative.
Members will pay $87 a month plus 75% of CAPEX to a Master Plan account until 2040
RGCC 101 RISKS
Everything is Great…. what could go wrong?
RGCC Risks
• We over-rely on profits to offset dues
• We flood the golf course with associates
• Under fund annual golf maintenance
• Don’t invest in our Staff
• We don't reserve for maintenance or future investments
• We don’t break even on services
• Member delinquency
• Home sales are our only hope
• Inflation
• Tax Reassement
• Key person risk
• Legal and regulatory complexity
• Small footprint
• Knowledge gaps in FB
• Short-term view
• Over-reliance on golf associates
• Other people stop showing up
RGCC 101
However, we have an emerging new risk stemming from the loan
If we don’t stay on track, this could happen….
In 5 years, our financials are in bad shape
The Bank doesn’t renew our loans
$2M in bullet payments are due in 2030
$8M in bullet payments are due in 2034
The Bank forecloses on RGCC
What are we doing to mitigate this risk?
RGCC 101 FINANCIAL PRINCIPALS
How do we mitigate this new risk?
We adopt sound financial principles and have the operational discipline and sound governance in place to stick to them.
We consider our businesses long term investments.
We budget, but with an eye on the future
Don’t micro manage or window dress our businesses
Expect bad things to happen…they will in our businesses and we plan for it
Don’t rely on real estate transfer to offset dues
Defend golf revenue
Break even on services.. Social pool and paddle
Pay attention to pricing and close rates in Golf and Catering
Don’t borrow to fund maintenance
Plan for maintenance costs
Don’t expect a good year is the new normal
Cover fixed costs with fixed revenue streams and stay ahead of inflation
Don’t hope for home sales to save us
Profits deployed to pay down debt at roll date.
RGCC 101 PLANNING FOR THE FUTURE
Financial Goal: Pay off outstanding principal in 10 years, 10 In 10
Eliminates $87 in loan payments from shareholders
How will we do that?
Fix the Restaurant
Cover fixed costs
Profits and Real Estate Transfer Fees are reserved for the future payoff dates.
BUSINESS REVIEW
RGCC 101 – BUSINESS ENVIRONMENT
RGCC 101 – BUSINESS ENVIRONMENT
RGCC 101 – BUSINESS ENVIRONMENT
RGCC 101 GOLF
Golf is a success story
• 12-year transformation of the course and the financials
• Got the right team
• Had a vision
• Made investments in People and Infrastructure
• Greater economy drives golf
• Weather
• Dependent on associates
• Associate fees too low vs members
• Better Carts = More revenue
• Drive member participation = simulators
• Proactive maintenance = better product
• Get the Price right for associates and members
RGCC 101 CATERING
Long History of success in Catering
• $2.3M In Profits over 10 years 22% margin over the same period
• $1.65M in 2023 was an all-time record in sales and a 24% margin.
• 2023 Weddings are $788K of our sales and $188K of profits
• By 2027, we expect to sell weddings at 57% above the prices of weddings in 2023.
RGCC 101 POOL
The new facility is amazing, it is the best thing RGCC has done in years
• Work out the kinks with hours and pricing
• Rebuilt the Swim Team
• Set all-time daily sales records on Labor Day 2025
• Requesting longer hours aligned with 2024 changes to the NJ state ABC Law
• Focus on staffing levels to reduce labor costs
RGCC 101 ADMIN & B&G
The team is thriving after a leadership change in 2023
Our new GM saved the day with the closing pre-reno!
• Inventory EVERYTHING
• Keep and Store vs Chuck out
• Trailer and paddle hut reno
• Upgrade WIFI
• Prepare for a state tax audit
Need More efficiency and improvement in some areas
• Going paperless, less data entry
• Transition from transaction processing and controls to reporting and analysis
• Training and education
• Going to be more open to member suggestions…Social, Pool, and Paddle
• Getting to YES!
• Communicate in a more business-like manner
FYI…
• The staff spends most of their time with the same 15-20 members
RGCC 101 – BUSINESS REVIEW
You can’t drive a car with a flat tire, but we have been.
• The club industry views F&B as a loss leader for golf
• F&B COGS are higher due to food inflation in the last 2 years
• Trying to please everyone
• Huge menu is difficult to execute consistently
• No bench in the kitchen
• Service is friendly and personable but not efficient
• Small staff = big overtime $
• End of quarter to go orders create havoc for in-person dining logistics
• Don’t advertise specials
• Open to the public but little outside business
• Key person risk in food ordering
What are we going to do?
RGCC 2025 F&B PLANS
Balancing Risks and Rewards and Control
Options:
Keep doing the same thing…
Hire a manager and run it ourselves
Up to us, but we have to start over from scratch
Lease to a third party
Nice to be rid of the headache and have a fixed cash flow
It would be great if we could find someone who may leave us with less control
Hire a Management Company
Expensive…costs may offset the financial benefit
But the product may be improved
Hire a management team
Share Risks and Rewards and Control
The team is successful but juggles many balls
RGCC 101 F&B STRATEGY
From a country club restaurant, open to the public
RGCC 101 F&B STRATEGY
To a public restaurant that happens to be in a country club
RGCC 2025 F&B PLANS
We are hiring Dan Grey and Chef Joe Sergentakis to manage our restaurant. They will be with us for five years on a fixed contract with incentives to drive revenue.
What do we need to be successful in the Restaurant?
The Right Space
Experienced Management
Trained Staff
Advertising/Marketing strategy
All of these elements have to be in sync/cohesive
When everything works together, we anticipate an increase in sales of $1M, from $2M to $3M.
We are also bringing back food minimums, BUT they will be staggered so everyone doesn’t show up on the same day to spend their minimum
Currently, we have only $150k in nonmember sales
2024 ACCOMPLISHMENTS
Master Plan Progress
Building Permit Approved
Obtained a Loan Commitment
Living Through the Club Closure
Staff Release
Staff Relocation
New F&B Team at the pool
Litigation Free
Re Launch Swim Team
Create Sports Membership Category
Rerate the course
Create an Opening strategy for Rare Bird
Take advantage of our
Beautiful Community
RGCC 101 Homework
Behave yourselves
Relax
Join an activity if you haven’t
Compliments in person, complaints in email
Go to a social event
Try the new food offerings at the pool
Volunteer for a committee
Bring friends to Rare Bird
Feedback to Club management, then to the respective Board member, then to the President
PROFIT & LOSS - SUMMARY
Total Revenue Cost of Sales Payroll & Benefits Other Expenses Fixed Charges/Taxes
Net Operating Income Depreciation & Other Capital Assessments
- Ongoing installation of finishes in 3rd floor (carpet, furniture, bathroom fixtures, Millwork cabinets)
- All roughing inspections and above ceiling inspections complete on 1st and 2nd floor. So ceilings being closed and walls closed
- Painting and lighting installation in restaurant
- Delivery and installation of food service equipment
- Landscape grading and patio prep
- Locker room finishes started and ongoing
- Bathroom tiling and painting on going
- Final installation of exterior sheathing
- New parking lot curbing (milling and paving to be completed in next week or so to coordinate with golf season
- Sheetrock ongoing in catering hall and new bar extension
Master Plan
3rd Floor - Administrative Offices
- Changes - Added 2 more private offices - New stair location - New IT closet
- Benefits - Better flow for team members - Comfortable meeting area for perspective event clients - Better data management - Cost Avoidance - Alternate bathroom finishes - Stock flooring materials
- Millwork cabinet construction
Master Plan
Abbey
- Changes
Master Plan
- Relocated entrance
- Permanent bar for events
- Opened access to Bradford Room
- New bathroom building
- Relocated ductwork
- Benefits
- Better flow for events using the space
- Proper bathroom to guest ratio
- Ability to raise ceilings and have efficient heating and cooling
- Cost avoidance
- Window design
- Judicial use of Millwork moldings
- Use of existing structural support
Master Plan
Kitchens
- Changes
Master Plan
- Added dishwash rooms
- Added servery areas
- New exhaust infrastructure
- Benefits
- Better work flow and enhanced sanitation
- Space for team members to work and prep
- Ability to flex storage, prep, and cooking between restaurants and catering
- Cost avoidance
- Maintain layout of cooking to minimize plumbing work
- Alternate custom stainless manufacturing
- Auditing and incorporating existing equipment
- Use of leased equipment through service providers
- Ramsey labor for installation
Master Plan
Restaurant, Bar & Club Room
- Changes - NEW BAR & CLUB ROOM!
- NEW OUTDOOR DINING!
- HVAC layout
- Benefits - Added space for multiple use functionality - Operable windows for indoor/outdoor flow - The bar has a view - High ceilings - Efficient heating and cooling - Direct access to golf course - Cost avoidance
- Optimize design to use standard windows - Direct material procurement - Judicial use of Millwork trim
Master plan
Master plan
Locker Rooms
Master Plan
- Changes - New layouts - Upgraded finishes - Benefits - Better use of space - Added aesthetic value - More than just an afterthought - Cost Avoidance - Direct contractor and project management - Direct material procurement - Maintain plumbing layout
Master Plan
Ballroom and Event Space
- Changes
- New bathrooms
- New Brides Room
Master Plan
- More space in ballroom
- Added Entrance foyer
- New ductwork layout
- Bigger Bar and kitchen entrance
- Added storage
- Benefits
- 21st century event space
- Higher ceilings
- Added efficiency for operations of events
- Better space management
- Cost avoidance
- Direct material procurement
- Use existing plumbing layout where able
- Standardize window size
- Judicial use of Millwork trim
Master Plan
GOLF
Membership
• Resident/Associate mix remains healthy:
• 150 Associate members to start the 2025 Season
• We have a referral program for Members who refer a new Associate Member
GOLF
Golf Course
• Winter Weather Overview:
• Influence on Turf
Spring Transition & Course Conditions
• Winter Maintenance Activities
• General Course Cleanup
• Tree Management
• Course Enhancements
• Equipment Maintenance
• Housekeeping & Course Accessories
• Member Support
• Turf Care
• Cart Usage
• Practice Facilities
• Sod Areas
Projects
• Restoring Stream Banks
• Bunkers
• Par 69 to Par 70. Hole 9 is now a par 5!
• With bigger projects done around the course, Jason and his team continue to focus on the fine tuning/beautification.
• The replacement of safety netting around the course (greens & tees) has started and will continue during the Season.
Pro Shop
• We are happy to announce the professional staff will be returning for 2025!
• Men's and Women’s leagues are at an all time high with regards to participation
• New Committees have been a big success
• Office renovation/bag storage
• Carts
• Pace of Play
HOUSE & POOL
2024 pool recap
• Pool & Pool Bar complex officially opened
• Kids and parents alike enjoyed kiddie pool area with the geysers and mushroom water feature
• New successful towel program
• New pool manager
• Swim team returned for a great season!
House
Pool Bar
• Successful pilot year with a new Chef & Operator
• New food & cocktail menu
• Introduced poolside service & app for ordering
• Live music on weekends
• Fresh menu for 2025 (limited until Memorial Day)
• Weekly specials
• Naming Competition
New Membership Category – Sports Membership
• For anyone looking to join the Club but doesn’t golf
• Includes the pool, paddle tennis, pickleball and access to all member only areas of the Club
• Initiation Fee: $7,500 + tax
• Annual Dues: $6,120 + tax
• Restaurant Minimum
Clubhouse – Rare Bird
House
• 1-2 weeks soft opening, members only
• Grand opening to follow
• Menu Concept
• Italian American Steakhouse
• House dry-aged steaks
• Ample seafood & pastas
• Limited fresh sushi
• Members: Advanced reservations and pricing
Member Benefits
• F&B Minimum: Annual vs Quarterly (Pro-rated in 2025)
• Member Only Bar & Lounge (Name TBD)
• Private Bar
• Holds 30-35 people – soft seating & high tops
• Tavern menu & full dinner menu
• Wine Club & Lockers
• 40 lockers
• Monthly fee & wine tastings
• Wine storage
PADDLE TENNIS & PICKLEBALL
Racket Membership
New membership category for Racket Only sports in 2024 – 8 new members!
• Membership Costs
• Initiation Fee: $1,200 + tax
• Annual Dues: $1,000 + tax
• Membership Information
• Included access to Paddle Tennis and Pickleball activities at RGCC*
• Great way for people to get a feel of the RGCC community prior to becoming Sport or Associate Members
*Membership does not include access to member-only areas of the Clubhouse, the pool, pool bar or RGCC Club events
2024 Paddle highlights
• 1st RGCC 4 week Men's Paddle Camp run by Krisi Behrens and two visiting pros in September
• Women’s Team Clinics and Coaching with Krisi Behrens
• Junior Paddle Clinics
• 4 Men’s and 1 Women’s Interclub Paddle Teams
PICKLE HIGHLIGHTS
• Weekly social play nights
• Adult beginner, intermediate, and advance clinics with Krisi Behrens
• Junior pickle clinics
Rackets at RGCC 2025
• Permanently lined courts for Pickle
• Fun Social Events
• Adult and Junior Paddle & Pickle Clinics and Lessons
SOCIAL
REAL ESTATE
RGCC 2024 SUMMARY
• 17 RGCC sales
• Up from 13 sales in 2023 but below 10-year average of 27 sales per year
• Average Sale price - $869,454
• Up 9.7% vs 2023
• up 45% since 2019
• Average Sales Price in Ramsey excluding RGCC - $931,675 (up 10.8%)
• Driven by low inventory and high demand
• RGCC homes sold FAST - 16 days
• Ramsey homes outside the club averaged 24 days
• RGCC homes sold on average 107% of list price Kristin Graves, Broker/Owner, RE/MAX Properties
Kristin Graves, Broker/Owner, RE/MAX Properties
17 sales in 2024 Total volume: $14,780,000
* Source: NJMLS 1/1/24-12/31/24. Does not include any private sales
Kristin Graves, Broker/Owner, RE/MAX Properties
Average sale price $ 869,454 9.7% increase vs. 2023
* Source: NJMLS 1/1/08-12/31/24
Average list price: $816,800 2024
Average sale price: 869,500 107% of list price
Kristin Graves, Broker/Owner, RE/MAX Properties
* Source: NJMLS 1/1/13-12/31/24
Graves, Broker/Owner, RE/MAX Properties
Average sale price in RGCC: $869,500
Average sale price for outside Club: $931,676
* Source: NJMLS 1/1/20-12/31/24
Kristin
RGCC 101 Value
If you buy a house in RGCC…you will pay $100k in fees (NPV)…Net present value vs the exact same house outside the club over 30 years.
Based on that, houses in the Club SHOULD be selling for 100k less than houses outside the club…but they aren’t.
Why not?
Buyers have a perceived value of the Club that is priced in when they buy.
Board of Director Nominating Process
The By Laws Committee started work and recommended a few areas for the Board to consider. While suggested, revisions to the By Laws have been submitted to our attorney for final review.
During this year's Board selection process, we made changes to get closer to areas addressed in the committee’s recommendations all while operating within the boundaries of the existing By Laws.
• The nominating committee was open to any shareholder in good standing.
• Four shareholders applied to the nominating committee.
• One of the four decided to apply to be on the board.
• The committee was filled with all of the others who applied.
Board of Director Nominating Process
• Seven candidates were interested in being on the Board.
• The nominating committee interviewed the seven candidates.
• The nominating committee recommended three candidates which are presented before you, to fill the three vacancies opened as a result of three current board members coming off.
• Three of the other individuals, not recommended by the nominating committee elected not to be placed on the ballot. One of the members chose to be placed on the ballot along with the three nominated by the committee.
Communications to shareholders were done in accordance with the RGCC By Laws
We are looking at improving the process for next year.
