Old Palm Golf Club - Vision 2025

Vision 2025 Strategic Plan   Old Palm Golf Club  March 2020 

PART IV.

POTENT IAL SOLUT IONS TO ADDRESS CHALLENGES ( cont i nued )

Strategic Initiative: Funding Our Future Develop and communicate to members a plan for managing our resources to fund annual operations, annual maintenance and major repairs and a transformative facility improvement while maintaining high perceived value among our membership. Strategies:  Increase leadership’s focus on generating capital to maintain and enhance facilities.  Increase members’ understanding of the Club’s financial requirements by communicating to them in a clear way the Club’s financial position and the future allocation of long-term capital.  Identify methods and plans for generating funds for enhancing the clubhouse and golf course. Action Plans:  The Finance Committee should complete a comprehensive review of the Club’s financial model to assure it is responsive to the changing nature of clubs and the funding requirements it will face in the next decade. Among other activities, consider: o Rolling Operating Forecast: Develop a rolling five-year forecast to identify operating costs and dues requirements and identify steps to maintain perceived value. o Capital Reserve Study: Complete a useful life study to identify the average amount the Club should fund each year for major capital repair and replacement. o Member Forecast: Project the number of turns the Club will need to fund capital requirements. Work with the Membership Committee to determine the likelihood the new member pipeline will support these needs. Consider other sources of funds, like a capital fee for existing members. Consider restructuring the transfer fee to support capital funding requirements. o Master Plan Funding: Work with the Long-Range Planning Committee to understand the expected cost for the highest priority improvement projects coming from the master plan studies and identify ways to fund these from traditional sources like assessments and debt service allocated across the membership.

Responsible: Finance Committee to develop the financial model.

Long Range Planning Committee to develop Facility Enhancement Plan.

Timing:

Coordinate with Planning Committee

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