08-07-20.BARHAM.PRESIDENT'S REPT.ISSUE 7

F R E N C H M A N ’ S C R E E K , I N C .

President’s Report

Norman Barham, President

August 7, 2020—Issue 7

Dear Members: As I sit here in New Jersey, watching Isiaias’ winds and rain (and getting tornado warnings and power outages...the longest one lasting 11/2 days!), it is time to update you on the latest news from Frenchman’s Creek. Because there is still unfinished business on the Board’s agenda, we de- cided to add July and August Board meetings to the calendar. The July meeting was held (via zoom) on July 23rd. Highlights of that meeting are summarized below:

COMMITTEE REPORTS

FINANCIAL MATTERS (Jonathan Nelson, Treasurer): Our Treasurer reported that the Com- munity has a positive variance compared to budget of $84K; the Club income is favora- ble to budget by $1K and the POA is favora- ble to budget by $83K. COVID-19 continues to impact all aspects of the Community. Ex- penses related to the pandemic totaled over $133K for the first 2 months of the fiscal year. As a result of a higher occupancy rate in June, Main Club Food & Beverage revenue (mostly in Take-Out) finished the month $111K higher than budget. The Beach Club, which was expected to be closed for most of June, remained open and ended the month with a positive revenue variance of $39K. Golf re- lated revenues were also impacted by both the pandemic and the higher occupancy rate. Golf Shop sales were double the budg- eted amount while non-member and guest fees dropped by $17K. Most overhead de- partments have favorable variances due to the continuing cost saving measures put into place by Management at the beginning of the pandemic.

MEDICAL ADVISORY COMMITTEE (Dr. Stuart Friedman, Chairman): The Committee has continued to follow the upward spiral of new Covid-19 cases and deaths in both Palm Beach Gardens and Palm Beach County. We are in the process of devel- oping protocols for our members upon their re- turn this fall for obtaining coronavirus testing. In addition, we will be reviewing our policies as they pertain to the fitness center and our dining out- lets. Lastly, we are working with Marketing to de- velop a set of short COVID-19 educational vide- os for our community. Floor layouts for a renovated Clubhouse, a new Clubhouse and a Lifestyle Center (Spa/ Fitness Center) are being completed. We are also examining options for temporary facilities and talking with 3 banks about financing options. We are evaluating operational savings for both clubhouse options. The target date for a full package to be presented to the community is November. CLUBHOUSE OVERSIGHT COMMITTEE (Michael Azeez, Chairman):

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