University Club of Santa Barbara Annual Report 2020-2021

Mission: To be a welcoming place to connect, celebrate, and grow. Vision: To enrich and inspire the lives of our members and the community today and for generations to come

MESSAGE FROM OUR PRESIDENT:

Dear Members,

When I wrote my letter to membership for last year’s Annual Report it was at the end of what others aptly dubbed my “pandemic presidency.” I thought that letter was my last as UClub President. Fate and circumstance saw otherwise, and it is truly an honor to have the chance to serve you all for another term.

My first term as President was defined more than anything by the unequivocal communal spirit of our staff and all of you - our members. Those two years truly brought home for me just how much our Club serves as a vital anchor in so many of our lives. That sentiment still rings true now that we have moved forward and times are good.

Last year, I ended my letter for the Annual Report by saying that I was “absolutely certain the next years here at the Club will be nothing short of incredible.” Thanks to the hard work and dedication of Sarah, her team, and all of our incredible members, this past year truly has been nothing short of incredible.

Honestly, when we first set our sights on becoming a truly member-focused and member-driven club, I could not have imagined how much all of you would step up to make that happen. Your engagement and dedication

are the beating pulse of our Club and make it the vibrant, wonderful home that it is to us all.

This past year our monthly calendars have been filled with a dazzling array of exclusive activities, meals, social clubs, private tours, classes, parties, and more. From Wine and Opera Dinners on our beautiful Sola Patio and celebrations such as Fiesta and Oktoberfest, to our Wine & Spirits Society, exclusive behind-the-scenes Performing Arts Society presentations, Distinguished Speakers, and so much more, the Club has quickly and steadily grown into a true hub of activity for all of our members to enjoy. I am continually amazed by what else you all bring to the table and the fun and joy we all have together.

Thank you all for everything you do, and for making our Club the place to be. I am, as always, honored to raise a glass with you, to connect, to celebrate, and to grow, as we head into our next fiscal year.

Lacy Taylor UClub President

MESSAGE FROM OUR GENERAL MANAGER:

Dear Members,

This past year has been one of incredible growth. We have moved in leaps and bounds beyond our expectations toward our goal of making the Club a true ‘university of members’, where connections, collaborations, and sharing of expertise and experiences are made possible; a Club underpinned by member involvement, member enrichment, member connections, celebrations, and growth. Thanks to all of you, that vision is already a tangible reality.

It has been nothing short of inspiring to see so many of you taking point to bring your passions to our Club this past year. Together, you are continually molding the Club into the kind of place that you want it to be. What is more, you are shaping the Club into the kind of place that you enjoy bringing your friends and families to; the kind of place that excites and inspires us all and to which others aspire to belong as well.

It is such a joy to witness the camaraderie among our members, the new connections and friendships

being made almost daily, and the traditions and memories being forged. The laughter and smiles I hear and see every day at the Club, the enthusiasm, and the joyful glasses raised together with friends old and new are a testament to the strides we have made this past year, and the ongoing growth we have to look forward to. I can’t wait to see what we all accomplish together in the coming months and years!

Thank you all for continuing to let us know what you want your Club to be and how we can best serve you each and every day.

Thank you for being such an integral part of your Club and for all that you do.

Sarah Rudd

General Manager

• 73 new members since August 2021 (through August 2022); 22 new members September-October 2022;

• New Wine & Spirits Society, Performing Arts Society, French Club, Photography Club, and Bridge Club;

• Mah Jongg Classes back at the Club, photography classes, writing class, architectural sketch class, pool lessons;

• Enjoyed exclusive in-person artist’s demos at the Club, including painting and sculpting;

• Added exclusive tours at art facilities, galleries, museums, and local historical institutions for UClub members;

• Exclusive culinary demos and tastings with Executive Chef David Rosner as well as guest chefs;

• Expanded our Distinguished Speakers program with various speakers every month;

• New holiday collaboration started with the Ensemble Theatre Company for exclusive behind the scenes presentations about their holiday performances for UClub members at the Club;

UClub Highlights:

• Added exclusive promo codes and discounted tickets for UClub members for local opera, symphony, and theatre productions;

• New Activities Coordinator hired;

• New pizza oven installed and pizza added to the menu;

• Comprehensive Food & Service Survey completed; Kitchen and front of house staff trainings completed; Menus updated accordingly.

• Social table implemented for all meals and more communal seating for events and after activities;

• Switched to a new IT company for improved IT support and better IT reliability;

• All new phones and auto-attendant system installed;

• Switched internet providers for more reliable and cost-effective internet services;

• New Espresso Machine;

• Front patio reset for improved safety and utility;

• Game Room and Alumni Room upgraded.

TREASURER’S REPORT:

Keeping in mind both our mission and vision, operational and capital expenditures were made with an eye to providing opportunities for our members to connect with programs that enrich and inspire. The early part of this fiscal year continued to have some of the COVID 19 challenges, but both members and staff overcame those.

Regarding operations, we were fortunate to have our second PPP loan of nearly $195,000 forgiven and were able to receive additional funding through the Employee Retention Credit program during part of the fiscal year. We also became eligible for and received the $25,000 California COVID relief grant. Private event rentals resumed in August 2021, and we are now averaging 2 per month and have budgeted 2-3 per month in the upcoming year. Our membership growth of approximately 100 in the past year has allowed the UClub to offer more member activities. Total revenue, including COVID relief, was approximately

$2.5 million, a significant increase over the prior COVID year. Naturally, with increased activities and inflation, our costs rose but we finished the year with net income of approximately $199,000!

Capital expenditures of $100,000 this year included resetting the outdoor patio for safety, upgrades to the Billiard, Game, and Alumni Rooms, and strengthening the wi-fi of the UClub.

We recognize that this upcoming year will have challenges. Consequently, the budget reflects both the enthusiasm from the positive energy within the Club as well as the realism of staffing shortages and inflation. As we start this new year, we remain optimistic that membership will continue to grow, allowing the UClub to remain focused on the member experience and remain a successful Club.

Liabilities and Equity

Income

Dues & Other Income

Food & Beverage

Rentals & Other Revenue

Total Income

Cost of Goods

Food & Beverage

Total Cost of Goods

Gross Profit

Expense

Fixed Charges & Inc. Taxes

Food & Beverage

General & Admin

Total Expense

Net Profit/Loss

Fixed Charges & Inc. Taxes

Income after Extra Items

Member Type

Statement of Cash Flows

THE UNIVERSITY CLUB OF SANTA BARBARA STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED AUGUST 31, 2022

(unaudited)

2021

Cash Flows from Operating Activities: Change in net assets 199,224$ Adjustments to reconcile change in net assets to net cash (used)/provided by operating activities: Depreciation 50,400

Noncash addition to EIDL loan 14,061

Foregiveness of second PPP loan (194,405)

Changes in: Accounts receivable (47,042) Inventory (21,435) Accounts payable (661) Accrued liabilities 5,681 Secured deposits (2,131)

Net Cash Provided by Operating Activities 3,692

Cash Flows from Investing Activities: Purchase of property and equipment (100,232)

Net Cash Used by Investing Activities (100,232)

Cash Flows from Financing Activities Payments on mortgage (3,145)

Net Cash Used by Financing Activities (3,145)

Net Decrease in Cash (99,685)

Cash and Cash Equivalents at Beginning of Year 698,741

Cash and Cash Equivalents at End of Year 599,056$

Other Required Disclosures

Cash paid for interest 24,550$ Cash paid for income taxes 800$

UCLUB BOARD & COMMITTEES

Board of Directors:

President Lacy Taylor

Historical John J. Thyne III

Vice President Jean Pfeiffer

Secretary Kostis Protopapas

Treasurer Gail Anikouchine

Craig Alexander

Susan Bradley - Membership Chair

Steve Epstein

Jack Heine - Finance Chair

Cynthia McClelland

Edward Savage

Jack Skidmore

Executive Committee:

Lacy Taylor - Chair

John J. Thyne III

Jean Pfeiffer

Kostis Protopapas

Gail Anikouchine

Finance Committee:

Jack Heine - Chair

Craig Alexander

Gail Anikouchine

Edward Fuller

Bob Monk

Jean Pfeiffer

Jack Skidmore

Lacy Taylor

Membership Committee:

Susan Bradley - Chair

Anne-Marie Cabot

Rebecca Craig

Charles Feinstein

Janet Malki

Liz Muench

Joanne Payne

Eve Savage

Susan Washing

Paul Wendt

Thank you to:

Steve Sereboff and Alejandro Ochoa for their service on the UClub Board

Anne Luther and Cynthia McClelland for their service on the Activities Committee

Welcome To Our New Members!

New Members This Fiscal Year (Through August, 2022)

John Alexander & Karen Sweeny

Jackie Anker

Heidi August

Elizabeth Bauer & Matthew Sperling

Bradley & Kristin Bergstrom

Melanie & James Brewer

Doreen Burk & Bob Townsend

Nicholas Burlett & Jessie Dove

Margo & Mike Byrne Glenn Brown & Cindy LaFond

Stephen Byrd

Debra Cochrane-Vercammen

Alex & Heather Craigie

Patrick & Marianne Day

Cara & Leo De Amicis

Scott & Evelyn DeVine

Jessie & Daniel Dugan

Timothy Eaton Danna English Kevin & Kay Fitzgerald

Bob & Marilyn Freeman

Bruce & Soni Friedman Hannah Foraker

Jeffrey & Katherine Graham

Joan Green

Stephen Harby & Kritsada Buajud

Peter & Kathy Hartz

Leonard Homeniuk & Marina Stephen

Janice & Stanton Howell

Andrea & Richard Hutton

David & Lori Huey

Kimberly & Doyle Jetton

Pamela & John Johnston

Kathleen Kalp & Jim Balsitis

Patricia Kennan

Eric Kocher & Louise Reed

Mark Lambert

Karen Lehrer & Dr. Steve Sherwin

Monica Lenches

Stanley Lowenberg & Anne Steinmann Kelly Marsh & Mark Meza

Helen McCann

Richard & Marjorie McShirley

David & Tracey Messner

Gay Milligin

Andrew Moore & Anjie Park

Joel & Christine Nachman

Justin & Danielle Noll

Phil Palumbo & Loyce Clark

Joanne & Gregory Payne

John & Susan Pate

Michael & Lorie Porter

Susan & Gilbert Rosas

Loretta Redd Carol Schmitz

Janet & Steven Shaw

Jae & Jeff Sherwood

Pei Shu & Greg Milne

Stacy Shymansky & Douglas Draper

Bruce Stark

James & Patricia Stretchberry

Luke Swetland & Stacey Byers

Evangelin & Daniel Tuft

Duncan Turner & Karen Spaulding

Alan Wade & Cindy McCann Leslie Westbrook

Heather Wiener & William Wells

Monica & Brooke Williams

Rick Wood & Carol Holdsworth

Jeff & Linda Wortham

Firket Yegul & Diane Favro

Joann Younger & Merlin Rossow

Marina Vogel & Rodney Iwata

Welcome Also New Members SeptemberOctober 2022:

Tim & Lori Dahl

Kirsten & James Ellis

Kate Godfrey

Heather Schuyler Gray

Rachel Kaganoff

Tessa Kaganoff

Timothy & Yvette Karman

Georgette & Scott Kelsey

Carla Laughlin

Atul & Linda Malhotra

Pardis & Dr. Sherry Nasseri

James & Colette Phillippi

Michele Profant & William Bridges

Michael & Erika Rutledge

Francis & Damarina Sarguis

Harvey Shrednick

Cameron Macmillan Thornton

Martha & Timothy Townsend

Connie & Edward Wernet

George Richard & Jane Westerman

Arlene Westley

Jane Witucki

“All the ingredients I need for a 10-point blood pressure drop at the end of another crazy week is to be on the University Club patio by 5:15 on Friday evening with my wife’s hand in one hand and a glass of good wine in the other.“ - Simon Dixon

“The momentum and energy that the UClub has been showing members, from the great selection of activities, exquisite events, and delicious food offerings, really makes me appreciate being a member here even more! I’d say the UClub is knocking it out of the park! Looking forward to the upcoming year with the UClub!”– Cynthia McClelland