April 3rd, 2020 2:40 PM by Roberta Watson
Dear Fellow Members,This is a general update on a number of Club related matters.CURRENT FINANCIAL CONDITIONYour Board and Club Management continue to take a variety of fiscal measures to minimize the economic impact on the Club. Everyone should rest easy for the moment regarding the financial impact to our Club. While we will suffer significant cash losses for the foreseeable future, we are in a very strong financial condition. We have over $60 million of cash in the bank and no debt borrowings. As a result, we do not envision any special charges or assessments related to the Coronavirus. (We will however, have our normal annual repair and maintenance charge which will be reflected in your April statement.) We will discuss in detail, the economic impact on the Club’s finances and the likely short term and long term consequences caused by the virus during our Annual Meeting.During the Annual Meeting, we will also provide the Membership with a detailed update on our major Capital Projects (Associate Parking Garage, Ocean Room building renovation, Golf Clubhouse renovation, Lagoon upgrades) and any impact on anticipated completion timing based on the Coronavirus situation.NUMBER OF PEOPLE AT THE CLUBLast week, there were an estimated 1,550 Members at the Club. More than 93% were Equity Members and their families. The remaining people were comprised of Social Members that also work daily in the community at our Medical Center, Banks and Real Estate offices as an example, along with a few Social Members who were already staying over in long-term rentals or as Designated Users of Equity. As you know, The Inn, Vacation Rental and Marina Rental program has been closed since March 22nd, per the Monroe County Emergency Management directive. The current Member population is less than 50% of the historical count during this same period over the past couple of years.