OCTOBER 18, 2018 - BOARD BOOK
FRENCHMAN’S CREEK, INC. Board of Governors’ Meeting Thursday, October 18, 2018, at 11:00 a.m. AGENDA
NO.
ITEMS FOR DISCUSSION
PRESENTER ACTION PAGE
I.
Communications from Residents
II.
Call the Meeting to Order
Mr. Slepkow
III.
Moment of Silence for Deceased Members : Irwin Hart (07-23-18), Manny Doppelt (08/10/18), Grace Mann (08-10-18), Jerome Tally (08-20-18), Herbert Cohan (08-28-18), Hubert Opici (09-11-18), Linda Moscow (09-23-18), Jay Bramson (10-13-18), Sol Freedman (10-14-18)
IV.
Secretary Establishes a Quorum
Mr. Eigner
V.
Set the Agenda
MOTION
VI.
Approval of Meeting Minutes: A. June 28, 2018 (Regular Board Meeting) ATTACHMENT B. July 26, 2018 (Special Board Meeting) ATTACHMENT
MOTION
2-4
MOTION
5
VII. Committee Reports: A. Food & Beverage
Mr. Glazer
VIII. Financial Report:
A. September 2018 Financials ATTACHMENT
Mr. Nelson
6-30
IX.
Project Updates: A. Club Buildings Ad Hoc Committee Update
Mr. Slepkow
X.
Executive Director’s Report: A. Operations Update
ATTACHMENT
Mr. Goswami
31-78 79-81 82-83
B. Private Parties
ATTACHMENT
MOTION
C. New Memberships
ATTACHMENT
XI.
Old Business:
A. None at this time
XII. New Business:
A. Discussion of Regrassing the North Course TIME CERTAIN 12:00 P.M. (NOON)
Wes & JR
XIII. Executive Session:
Mr. Polselli
84-87
A. Legal Matters ATTACHMENT Committee Minutes ATTACHMENT
XIV. XV. XVI.
88-93
Good Will ATTACHMENT
94-100
Adjournment
MOTION
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FRENCHMAN’S CREEK, INC. BOARD OF GOVERNORS’ MEETING MINUTES THURSDAY, JUNE 28, 2018, AT 11:00 A.M.
Present:
Steven Bernstein , Liam Egan, Michael Eigner, Jane Feinstein, William Gersten (ex-officio) , Jeffrey Glazer (via conference call) , Richard Golber, Jonathan Nelson, David Rosenblatt (via conference call) , Martin Slepkow, Jeffrey Stanfield, Frank Spitalny, Ed Zimmerman (via conference call) .
Absent:
Norman Barham, Krista Nicklaus and Ethel Schultz
Guests:
Sheila Babitch, Bill & Sue Davis, Stephen & Beth Elgort, Marlene Grad, Debra Greenberg, Brett Handler, Abraham Kamor, Iris Leaf, Jerry Moff, Linda Pack, Rima Robinson, Neil Wolfson
Staff:
Michael Chesnovitz, Linda George, Achal Goswami, Bernie Polselli
CALL THE MEETING TO ORDER: President Marty Slepkow called the meeting to order at 11:24 a.m.
MOMENT OF SILENCE: There was a moment of silence for Steven Lazarus and Ilene Barshay.
SECRETARY ESTABLISH A QUORUM: Secretary Michael Eigner advised that a quorum was present.
SET THE AGENDA : Mr. Nelson made a motion “ to set the agenda, as submitted.” Mrs. Feinstein seconded the motion and the motion passed unanimously.
MEETING MINUTES: Mr. Bernstein made a motion “to approve the May 28, 2018, Emergency Board Meeting Minutes and the May 17, 2018, Regular Board Meeting Minutes, as submitted.” Mr. Nelson seconded the motion and the motion passed unanimously. COMMITTEE REPORTS: Reports were provided on behalf of the following Committees, including updates on committee work, events, activities, and/or recommendations: Food & Beverage : Mr. Glazer, Chair of the Food & Beverage Committee, reported on recent bottled water inquiries regarding plastic safety and it was determined, after investigation, that the current method is deemed safe. External Affairs : Mrs. Feinstein, Chair of the External Affairs Committee, reported on All Aboard Florida’s current rail incidents and high speed rail proposal and the efforts of CARE FL to continue opposing this project. She also provided an update on important races in the upcoming August election and questions on the ballot. Marketing Committee : Pamela Rudd, Director of Marketing, presented the results of the Realtor Opinion Survey. 2/100
FINANCIAL MATTERS : Mr. Nelson, Treasurer and Chair of the Finance Committee, reported that the Community experienced an unfavorable variance to budget of $36k; the Club income was under budget by $68k, while the POA ended favorable to budget by $32k. The unfavorable variance was due in part to an unseasonably wet month of May which affected dining venues, i.e., Sports Bar & Beach Club. PROJECT UPDATES: Beach Club Matter: Mr. Slepkow reported that the Beach Club matter has been resolved with the Town of Juno Beach and the settlement agreement was executed and recorded with the courthouse. He stated that going forward our goal is to rebuild the relationship with the Town of Juno Beach. Club Buildings Ad Hoc Committee: Mr. Slepkow, Chair of the Club Buildings Ad Hoc Committee, reported on the Ad Hoc Committee meeting held prior to this Board meeting and a recommendation to the Board that the option of a “new building” no longer be pursued. He stated that a new building would cost approximately $20M more; it would mean a tent and closure for possibly 2 years and that there is no other practical place to build another building except for its current site. That said, Mr. Slepkow focused on option 1A which would cure all infrastructure issues and address some issues of flow and he touched on a proposed timeline going forward. Mr. Slepkow further reported that building a parking garage at this time will not be pursued, but that a land planner will look at the existing parking and a reconfiguration to add approximately 80 more parking spaces. Mr. Stanfield made a motion “to no longer pursue the option of a new build and to proceed with future efforts on Plan 1A.” Mr. Nelson seconded the motion and the motion carried unanimously. Master Plan Ad Hoc Committee : Mr. Stanfield, Chair of Master Plan Ad Hoc Committee, reported that the Committee continues to look at the list of projects between 2018 and the end of 2023, which total approximately $10-$14M. There was discussion regarding regrassing the golf course which the Committee feels should be done prior to the clubhouse remodel. The Committee will continue to look at the needs and alternative funding methods and will provide an update at a future Board meeting. POA MATTERS: Mr. Polselli, Asst. General Manager, reported that the County is redoing the sidewalk along A1A and the Frenchman’s Creek property to an 8’ wide sidewalk. He then reported on notification of a possible sale of the 2 acre lot at the corner of Donald Ross Road and Palmwood/Prosperity Farms Road for the construction of a storage unit building. He stated that the potential buyers are currently in the planning stages and doing their due diligence. An update will be provided to the Board once new information becomes available. PRIVATE PARTY REQUESTS: Mr. Goswami presented seven (7) private party requests for review and approval. After discussion, Mr. Nelson made a motion “to ratify private party request #1, as submitted.” Mr. Glazer seconded the motion and the motion passed unanimously. Mr. Glazer then made a motion “to approve private EXECUTIVE DIRECTOR’S REPORT: Mr. Goswami, Executive Director, reported on the overall operations of the Club and various other items in his written report.
3/100
parties #2 thru #7, as submitted.” Mr. Barham seconded the motion and the motion carried unanimously.
NEW MEMBERSHIPS: Five (5) new membership applications were submitted for perusal as follows: Developer Eric Ende, Construction Capital (13220 Verdun Drive), Todd & Deborah Krasnow (13809 Parc Drive), John Bauman & Sherry Norris (13893 Rivoli Drive), Bill & Sandra Glassman (13767 Le Bateau Lane), Neil & Carol Abrams (3662 Dijon Way).
NEXT BOARD MEETING: August Board meeting - Cancelled Next Board Meeting - September 13, 2018
ADJOURNMENT: There being no further business, Mr. Bernstein made a motion “to adjourn the meeting at 12:34 p.m.” Mr. Nelson seconded the motion and the motion carried unanimously.
Respectfully submitted, Michael Eigner, Secretary
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FRENCHMAN’S CREEK, INC. BOARD OF GOVERNORS’ SPECIAL BOARD MEETING MINUTES THURSDAY, JULY 26, 2018, AT 11:30 A.M.
Present:
In Person: Frank Spitalny
Via Conference: Norman Barham, Steven Bernstein , Liam Egan, Michael Eigner, Jane Feinstein, William Gersten (ex-officio), Jeffrey Glazer, Jonathan Nelson, Krista Nicklaus, David Rosenblatt, Martin Slepkow, Jeffrey Stanfield, Ed Zimmerman.
Absent:
Richard Golber and Ethel Schultz
Guests:
Keith Spina, Jessica Gomes, William Caldwell, Glidden/Spina Architects and Jesse Sukhu, Gaudet Associates.
Staff:
Achal Goswami, Linda George, and Bernie Polselli
(Via
Conference)
CALL THE MEETING TO ORDER: President Marty Slepkow called the meeting to order at 11:30 a.m.
SECRETARY ESTABLISH A QUORUM: Secretary Michael Eigner advised that a quorum was present.
SET THE AGENDA : Mr. Bernstein made a motion “ to set the agenda, as submitted.” Mr. Spitalny seconded the motion and the motion passed unanimously.
PRIVATE PARTY REQUESTS: Mr. Goswami presented two (2) private party requests for review and approval. Mr. Spitalny then made a motion “to approve the two private parties, as submitted.” Mrs. Feinstein seconded the motion and the motion carried unanimously. CLUBHOUSE PROJECT: Mr. Slepkow reported that due to various comments by members requesting that the Board reconsider construction of a new clubhouse, Mr. Slepkow made a motion “to continue to study the construction of a new clubhouse building and continue the evaluation of an extensive renovation and redesign of the existing Clubhouse.” Mr. Bernstein seconded the motion and after discussion, the motion carried by a vote of 10 to 3. (In Favor: Barham, Bernstein, Egan, Eigner, Feinstein, Glazer, Nicklaus, Rosenblatt, Slepkow, and Stanfield) (Against: Nelson, Spitalny, and Zimmerman) (Absent: Golber & Schultz).
ADJOURNMENT: There being no further business, Mr. Slepkow declared the meeting adjourned at 11:50 a.m.
Respectfully submitted, Michael Eigner, Secretary
5/100
FINANCIAL STATEMENTS
September 2018
6/100
Frenchman’s Creek Financial Overview as of September 2018
5th Month of the Fiscal Year Fiscal Year End April 30, 2019
Home sales remain active with one additional new member home closing in September, with an additional four pending new member sales. The community has a negative variance compared to budget of $84k; the club income being under budget by $285k with the POA favorable to budget by $201k. The Go Green Initiative is projected to increase the club’s costs by approximately $150k per year. The member requested shift to organic food products is estimated to increase the cost of food and amenities by about $20k.
Fiscal Year 18/19 Actual
Fiscal Year 18/19 Budget
Variance
$1,000s
Club Income/(Loss) POA Income/(Loss) Total Income/(Loss)
$607
$891
($285)
($179)
($379)
$201 ($84)
$428
$512
Department Amounts rounded to nearest thousand
Actual
Budget Last Year Var to Budget (Unfavorable)
Explanation
Higher labor costs in Golf Operations as well as housing costs for trainees added to the variance. Sports Bar revenue has been effected by the wet weather early in the year. Higher contract labor costs related to special cleaning and refurbishment projects. The cost of some operating supplies and paper products has risen due to the shift to environmentally friendly products. $45K was spent on multiple air quality tests in September. Variance was due in part to price increases of fruit, lemonade and coffee as well as the higher cost of organic produce. An increased summer Clubhouse usage also contributed to the increase in consumed amenities.
GOLF
$ (1,882) $(1,824)
$(1,818)
($58)
MAIN CLUB F&B
$ (758) $ (721)
$ (772)
($37)
HOUSEKEEPING
$ (542)
$ (433)
$ (434)
($109)
MEMBER SERVICES
$ (513)
$ (467)
$(433)
($46)
7/100
Account Amounts rounded to nearest thousand
Actual
Budget
Last Year
Var to Budget (Unfavorable)
Explanation
POA
$ (179)
($379)
$(181)
$ 201 Common area projects delayed (weather and permitting).
Home Sales
Home Sales
Total Sales
New Members
In-House
Last Fiscal Year New
Closed as of 09/30/18
13
10
3
15
Pending
4
4
0
2
Total
17
14
3
17
This fiscal year, fourteen (14) capital producing home sales are budgeted. The three (3) year average of equity producing home sales is twenty-one (21) homes per year.
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Frenchman's Creek, Inc. Capital Fund Balance Forecast 2018 -2020
2018-19
2019-20
Beginning Balance, May 1, 2018
1,659,942
2,404,416 Beginning Balance, May 1, 2019
Projected Equity Transactions (14), net
1,734,120
1,610,000 Projected Equity (14), net
$200 Monthly Capital Assessment
1,460,400
1,460,400 $200 Monthly Capital Assessment
2018/2019 Club Capital Budget
(1,768,400)
(1,768,400) 2019/2020 Capital Budget Estimate
2018/2019 Board Approved Additions
(300,000)
(300,000) 2019/2020 Board Approved
2017/2018 Carry Forward
(4,231)
0
Clubhouse Renovation Planning
(383,417)
0
Interest
6,002
6,002 Interest
Forecast Balance, April 30, 2019
$2,404,416
$3,412,418 Forecast Balance, April 30, 2020
9/100
Frenchman's Creek Inc. Statement of Financial Position, September 2018
At 09/30/2017
At 09/30/2018
ASSETS Operating Cash Capital Funds Total Reserves TOTAL CASH
9,786,691
8,635,881 87,713 550,809
87,713
1,050,809
10,925,213
9,274,404
SHORT TERM INVESTMENTS
496,320
489,236
496,320
489,236
RECEIVABLES Accounts Receivable
2,125,703 2,129,534 (19,995)
2,105,141 2,336,102 (18,745)
A/R Renovation
Allowance for Doubtful Accounts
10,741
4,683
A/R Other
TOTAL RECEIVABLES INVENTORIES F&B Inventories GCM Inventory Fuel Inventory Fitness Inventory Other Inventories Golf Shop Inventories TOTAL INVENTORIES
4,245,982
4,427,181
392,493 281,658 47,549 16,035 15,620 25,119
337,955 247,687 42,606 10,285 18,758 15,646
778,475
672,937
OTHER ASSETS Prepaid Expenses & Other Assets
2,817,682
2,468,851
Deposits
50,433
15,867
TOTAL OTHER ASSETS FIXED ASSETS Land, Property & Equip. Accumulated Depreciation TOTAL FIXED ASSETS
2,868,115
2,484,718
89,362,953 (48,107,813)
86,609,728 (44,078,438)
41,255,140 60,569,245
42,531,290
TOTAL ASSETS
60,569,245
59,879,765 59,879,765
10/100
Frenchman's Creek Inc. Statement of Financial Position, September 2018 (cont) LIABILITIES & CAPITAL
At 09/30/2018
At 09/30/2017
PAYABLES Accounts Payable
867,357 617,240 1,449,298
1,131,902 469,353 1,661,327
A/P Other
Bank of America Loan TOTAL PAYABLES ACCRUED EXPENSES Accrued Payroll
2,933,895
3,262,581
325,598 496,748 2,619,075
344,897 455,191 2,389,049
Accrued Vacation
Accrued Expenses & Other Liabilities TOTAL ACCRUED EXPENSES
3,441,422
3,189,138
RESERVES Infrastructure
777,539 105,645 112,743 393,919
622,800 132,375 167,063 369,861
Capital Reserves Painting Reserves Waterfront Reserves TOTAL RESERVES OTHER LIABILITIES Deferred Income
1,389,846
1,292,099
10,109,613
9,462,110
TOTAL OTHER LIABILITIES
10,109,613
9,462,110
TOTAL LIABILITIES
17,874,775 17,874,775
17,205,929 17,205,929
CONTRIBUTED CAPITAL Membership Equity
104,042,966 (61,348,496)
99,739,636 (57,065,800)
Retained Earnings TOTAL CAPITAL
42,694,470
42,673,836
TOTAL LIABILITIES & CAPITAL
60,569,245 60,569,245
59,879,765 59,879,765
11/100
Frenchman's Creek, Inc. 9/30/2018
Statement of Fund Balances
Fund Balances
Cash - G/L balance
Investments
Total
Infrastructure Funds Cash in Bank Cash in Investments
940,163
940,163
-
Infrastructure
777,539 112,743
Painting
Due (to) / from Operations
(49,880)
890,282
940,163
-
890,282
Total Reserve Cash Balance
Waterfront Maintenance Fund Cash in Bank
110,647
110,647 248,489 34,784
Cash in Investments Due (to) from Operations
248,489
Waterfront Reserve Balance
393,919
110,647
248,489
393,919
Total Reserve Funds
1,284,201
1,050,809
248,489
1,284,201
Capital Improvement Fund Cash in the Bank
87,713
87,713
Cash in Investments Iberia
247,831
247,831
Opening Cash Balance
1,719,872 (128,879) (1,501,531) (193,849) 819,400 1,690,000 (470,934)
Capital Purchases Club 2017-2018 Capital Purchases Club 2018-2019 Capital Purchases POA 2018-2019
Capital Fund Assessment New Memberships Equity Refunds Interest Income YTD
3,381
Transfer from POA Capital Reserves
105,645
Capital Improvement Fund Cash Due (to) / from Operations
2,043,106
1,707,562
2,043,106
87,713
247,831
2,043,106
Capital Improvement Funds
Operating Fund Operating Cash Balance Due (to)/ from Other Funds
9,786,691
9,786,691 (1,692,466)
9,786,691
-
8,094,225
Total Balances
3,327,307
10,925,213
496,320
11,421,533
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Frenchman's Creek Inc.
Financial Statements
Cash Flow 18-19
Actual
Actual
Actual Jul-18
Actual
Actual
Forecast Oct-18
Forecast Nov-18
Forecast Dec-18
Forecast Jan-19
Forecast
Forecast
Forecast Apr-19
Annual
Year End
May-18
Jun-18
Aug-18
Sep-18
Feb-19 Mar-19
Total
Balance
18/19
Operating Activities
Beg Bal
Beginning Cash Balance
5,406,583 $
100,251 604,210 15,397 63,977
224,340
86,776
8,007
6,725
(59,349) (605,440)
(207,861)
(211,724)
(144,971)
96,085
64,468
37,254 325,958 13,760 83,660 68,059
Projected Net Income (Loss) (Increase)/ Decrease in A/R
0
4,879,443 2,213,458
331,780
4,850
(258,025)
2,134,241
(82,540)
(733,608)
598,041
(331,404)
(1,988,064) 13,773 11,157 126,711 (511,924)
(0)
4,879,443 2,018,523
(Increase) /Decrease Renovation A/R
9,308
16,023 35,021
20,448
22,749
20,963
21,072
21,179
7,704
12,559
194,935
(Increase)/Decrease in Inventory
793,947
(4,833)
(25,165)
(53,628) (21,963) 393,271 232,085
(67,656) (45,088)
(48,810) (14,131) (344,353) (329,199)
(25,369)
36,031 21,063
(4,385)
0
793,947
(Increase)/Decrease in Prepaid Exp. Payables increase/(Decrease) Accruals Increase/ (Decrease)
2,151,566 1,752,455 2,672,601 1,538,928 1,492,110 7,330,273
(17,250)
(316,467)
(311,790) 134,530 342,510 (17,926) (113,573)
36,311
390,177 650,415 (341,077)
84,368
(0) (0)
2,151,566 1,752,455 2,672,601 1,319,859 1,647,077 7,691,954
(651,859) (112,348)
235,115
(293,907)
65,893
(132,637) (60,527) (18,915) 120,000 (809,867)
469,607
(14,150)
25,739
384,492
129,585
28,443
151,974
(451,677) (18,915) (50,000)
0
Bank of America Loan
(17,926)
(17,926) (92,552)
(17,926) (4,103)
(17,926)
(17,926)
(17,926)
(17,926)
(18,915)
(18,915) (1,338)
(219,069) 154,967
Reserves Increase/(Decrease)
49,756
58,209
27,159
18,553
62,435
80,421
Deferred Income
861,117
837,366
858,691
858,691
(828,502)
(799,047)
(810,681)
(809,182)
(812,994)
944,555
871,532
361,681
Net Cash Provided (Used) Operations
895,324
1,231,870
1,035,111
708,823
1,925,262
(1,350,905)
(1,815,876)
(1,014,679)
(384,078)
(396,216)
(1,207,603)
865,481
492,515
Financing Activities
Funded in the Year
Beginning Cash Balance
-
3
3
3
1
3
1
- - -
- - -
- - -
Issuance of Membership Certificates (14)
175,000
465,000
525,000
585,000
115,000
525,000
175,000
- -
-
2,565,000
2,565,000
Redemption of Membership Certificates **
(175,000)
(110,640)
(145,320)
(172,960)
-
(171,640)
(55,320)
(830,880)
(830,880)
Capital Contributions
191,799
191,400
193,200
193,200
48,800
50,800
49,800
49,800
50,000
49,600
201,400
190,600
1,460,399
1,460,399
Acquisition of Property & Equipment
-
(278,854)
(310,296)
(699,047)
(201,629)
(337,878)
(207,660)
(253,114)
(113,332)
(74,512)
(15,036) (24,192)
(70,750)
(150,243)
(2,712,350)
(2,712,350)
Change in BOH & Fit Equity
3,042
(11,540)
(10,626)
(11,169)
(5,638)
(13,108)
(2,739)
(448)
(5,049)
(3,514)
(8,980)
(93,961)
(93,961)
Net Cash Provided (Used) Capital
(84,013)
223,924
(136,793)
392,443
(179,716)
183,392
(86,373)
(63,980)
(29,561)
10,372
241,991
31,377
388,209
(443,037)
811,311
1,455,794
898,318
1,101,266
1,745,546
(1,167,513)
(1,902,249)
(1,078,659)
(413,638)
(385,843)
(965,612)
896,858
880,723
Net Cash Balance Capital/Operations
5,406,583
6,217,894
7,673,688
8,572,006
9,673,272
11,418,818
10,251,305
8,349,056
7,270,396
6,856,758
6,470,915
5,505,303
6,402,161
6,402,161
Ending Total Cash Balance
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
Less Water Front Maintenance Fund
5,817,894
7,273,688
8,172,006
9,273,272
11,018,818
9,851,305
7,949,056
6,870,396
6,456,758
6,070,915
5,105,303
6,002,161
Total Unrestricted Funds
Prior Year Cash Balance 17-18
4,419,832
6,099,206
6,757,669
7,924,826
9,363,638
7,816,476
5,732,989
4,340,533
4,053,178
4,344,330
3,443,669
5,006,583
* Included Member Developer Fee of $115K
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10/10/20182:26 PM
FRENCHMAN'S CREEK INC Investment Accounts G/L Acct # 1045-00
September 30, 2018
Bauer Financial as of 10/08/2018
Funding account
Amount
Interest Rate Maturity Date
Security type
Institution
Rating
Waterfront Reserve
Certificate of Deposit
Everbank
*****
248,488.61
2.32% 7/29/2019
Capital
Certificate of Deposit
Iberia Bank
*****
247,830.92
1.21% 3/23/2019
INVESTMENT BALANCE
496,319.53
14/100
Frenchman's Creek Real Estate Activity Report
May 1, 2018 thru September 30, 2019
ACTIVE LISTINGS
as of: 9/30/2018
Houses For Sale
4.29%
ADDRESS
LIST $
List Date
DOM Brk/Agent
Seller
Type
AC/SF $ AC/SF
19 Kathleen O'Brien, Leibowitz Realty Group 24 Kathleen O'Brien, Leibowitz Realty Group
13389 Verdun Drive 2941 Le Bateau Drive 13220 Verdun Drive 13885 Le Havre Drive 13813 Rivoli Drive 3366 Degas Drive 2643 Marseille Drive 13828 Rivoli Drive 13741 Le Havre Drive 2075 La Porte Drive 13232 Provence Drive 13732 Le Harve Drive 13330 Deauville Drive 3326 Degas Drive West 13901 Rivoli Drive 3811 Toulouse Drive 13869 Rivoli Court 13765 Le Havre Drive 3659 Toulouse Drive 13282 Deauville Drive 13852 Degas Drive East 3200 Monet Drive 3615 Loire Lane 3599 Loire Lane
Klein
PB
$
665,000
9/11/2018 9/6/2018 9/1/2018 8/17/2018 8/9/2018 8/8/2018 8/7/2018 7/28/2018 7/27/2018 6/14/2018 5/31/2018 5/31/2018 5/16/2018 5/14/2018 5/8/2018 4/11/2018 3/28/2018 3/22/2018 3/7/2018 2/28/2018 2/22/2018 10/3/2017 3/21/2017 2/4/2017 7/19/2016 9/26/2018
2,692 4,805 2,692 3,686 3,218 3,468 3,898 3,325 4,761 3,143 3,143 4,791 3,420 2,379 2,748 7,118 2,692 4,567 2,617 3,259 2,692 3,840 5,244 4,558 2,839 3,664 L
247 363 501 595 279 375 436 780 499 286 307 548 232 353 610 590 301 349 277 270 258 337 380 372 562 -
Broker\Agent
Listings
% of Ttl
Kathleen O'Brien, Leibowitz Realty Group
8 0 1 2 0 0 0 2 0 0 0 1 0 0 1 6 0 1 1 0 1 2 0
30.8%
Schrreibman
C 1,745,000 $ PB 1,349,000 $ PC 2,195,000 $ PC 1,300,000 $ PC 1,699,000 $ VB 2,595,000 $ PC 2,375,000 $ VA 899,000 $
29 Kathleen O'Brien and Mat Frank, Leibowitz Realty Group 44 Michael & Andrew Leibowitz, Leibowitz Realty Group
Marc Schafler, Lang Realty, Inc.
Ende (D)
0.0% 3.8% 7.7% 0.0% 0.0% 0.0% 7.7% 0.0% 0.0% 0.0% 3.8% 0.0% 0.0% 3.8% 0.0% 3.8% 3.8% 0.0% 3.8% 7.7% 0.0%
Jacki Ojakian & Abraham J Kamor, Waterfront Properties Harvey Comito & Kathleen O'Brien, Leibowitz Realty Group
Kimball Siegel
52 Kathleen O'Brien, Leibowitz Realty Group 53 Kathleen O'Brien, Leibowitz Realty Group 54 Kathleen O'Brien, Leibowitz Realty Group 64 Vincent G Marotta, Illustrated Properties
Brett D Handler, Illustrated Properties
Smith
Mark A Griffin, Coastal Sotheby's Intl. Realty
Motzkin Dubin Lavine Brown Hacker Simboli Duffine Burstein Caplan
Madison J Collum, Coastal Sotheby's Intl Realty
Lynn Byrd, Illustrated Properties
Michael & Andrew Leibowitz, Leibowitz Realty Group Scarlett Chan and Craig Cope, Illustrated Properties
65
108 Jacki Ojakian & Abraham J Kamor, Waterfront Properties
VB VB
$ $
900,000 965,000
Amine Aghzafi, The Sheehan Agency Paul Thomson, Waterfront Properties
122 Lynn Byrd, Illustrated Properties
Lynn Byrd, Illustrated Properties
3201 Monet Drive W Rubinstein
C 2,625,000 $
122
Lynn Byrd and Mary Saxton, Illustrated Properties
L
1,700,000 $
137 Franck J Prissert, One Sotheby's Intl. Realty
Julie and Scott Warner, Lang Realty
139 Harvey Comito & Kathleen O'Brien, Leibowitz Realty Group
PB PA
$
795,000 838,950
Harvey Comito, Leibowitz Realty Group
145 Jeffrey Lichtenstein, Echo Fine Properties
$
172 Harvey Comito & Kathleen O'Brien, Leibowitz Realty Group
Franck J Prissert, One Sotheby's Intl. Realty
PB 1,675,000 $ C 4,200,000 $
186 Kathleen O'Brien, Leibowitz Realty Group 192 Kathleen O'Brien, Leibowitz Realty Group 207 Jeffrey Lichtenstein, Echo Fine Properties
Lynn Byrd, Illustrated Properties
Markowitz
23.1%
Sagner Weiser
PB
$
810,000
Fredrick & Michele Locke, Fine Living Realty Vincent G Marotta, Illustrated Properties
VC 1,594,930 $
Kathleen O'Brien and Mat Frank, Leibowitz Realty Group
Greenspan Freedman
PA VB PB
$ $ $
725,000 880,000 695,000
214 Lynn Byrd, Illustrated Properties
Lynn Byrd, Illustrated Properties Lynn Byrd, Illustrated Properties
Scarlett Chan, BWG Realty
220 362
Michael & Andrew Leibowitz, Leibowitz Realty Group and Vinc
Kaufman Newman Carson Kanter Berman
558 Kathleen O'Brien, Leibowitz Realty Group
Jeffrey Lichtenstein, Echo Fine Properties
PB 1,295,000 $ PB 1,995,000 $ PC 1,695,000 $ PC 1,595,000 $ AVG 1,530,995
603 Michael & Andrew Leibowitz, Leibowitz Realty Group and Vinc 803 Lynn Byrd and Mary Saxton, Illustrated Properties 4 Michael & Andrew Leibowitz, Leibowitz Realty Group
For Sale By Owner
26 100.0%
Total
13590 Verde Drive ACTIVE LISTINGS
26
181
404
PENDING SALES
NEED APP
ADDRESS
SELLER Type
LIST $
List Date
DOM Brk/Agent
Closing
BUYER
Member Refundable
AC/SF $ AC/SF
Buyer Agent
new new new new
3121 Burgundy Drive N 13345 Provence Drive
Handler
C $ 3,975,000 PA $ 1,000,000 PC $ 1,150,000 C $ 2,800,000
NA NA
0 For Sale Buy Owner
4,944 2,379 3,271 5,171
804 420 352 541
10/15/2018 Allen 10/15/2018 Wills
Quinlan
55,320 75,320 41,000 55,320
Egan
0 For Sale Buy Owner
Byrd
13231 Verdun Drive
Gold
8/3/5048
195 Kathleen O'Brien, Leibowitz Realty Group 26 Kathleen O'Brien, Leibowitz Realty Group
10/30/2018 Shulman
O'Brien
2758 Rhone Drive
Drusinksky
7/18/2018
11/5/2018 Farmer
Lax
226,960
TOTAL 4
2,231,250 -AVG
3,941
529
NEW 4
AVG
# Homes for Sale
Avg. Price
Avg. DOM
AC/SF $AC/SF
CUSTOM
3
$ $
2,856,667 1,356,372
111 216
5,571 3,389
513 400
PATIO
16
TOWNHOUSE
0 6 1
-
-
-
-
VILLA
$ $ $
1,305,655 1,700,000 1,530,995
129 137
3,443
379
LOT
-
-
26
15/100
SOLD LISTINGS
as of 9/30/2018
N Source
ADDRESS
FEE
TYPE
LIST $
Sold
List
Sell
BUYER
Mini- Orientation Full-Orientation
Seller
L/S $ Var % CLOSING DOM SF $ AC/SF
13584 Verde Drive 13400 Provence Drive 13781 Rivoli Drive 13789 Le Havre Drive 13102 Redon Drive 13767 Le Bateau Lane 3662 Dijon Way 13893 Rivoli Drive 2811 Calais Drive 2040 La Porte Drive 13809 Parc Drive 13220 Verdun Drive 13644 Rivoli Drive
Sacks Glasser Levine
PA PB VC PA VB VB VC TB TA PB VB C C
O'Brien Frank O'Brien
Leaf (D) Santos (D)
MR RR MR
$ $ $ $ $ $ $ $ $ $ $ $ $ $
1,980 1,593 3,032
NA NA
NA NA
34%
9/17/2018 9/7/2018 8/15/2018 8/30/2018 8/6/2018 8/3/2018 7/31/2018 7/25/2018 7/6/2018 7/3/2018 6/29/2018 6/8/2018 6/7/2018
53 2,306 0 2,692 57 3,930 137 2,692 247 3,469 338 4,751 103 3,129 100 4,321 158 5,253 121 2,636 50 2,497 57 2,692 148 3,117
173 186
O'Brien O'Brien O'Brien
E N N N E N N N E N N N N
$ $ $ $ $ $ $ $ $ $ $ $ $
610,000 500,000 800,000 859,000
$ $ $ $ $ $ $ $ $ $ $ $ $
400,000 500,000 700,000 810,000
0%
13%
178
Gordon
8/23/2018
Sack
6%
301
Byrd
Greenberg Butler
Web
3,645.00
2,595,000 2,999,000 1,025,000 1,395,000 3,799,000
Sabatello (D)
2,300,000 2,300,000
11% 23% 22% 28%
663 Ojakian & Kamor
Byrd
Rubinstein
-
NA
NA
Siegel Gore Baron
484 256 231 685 222 180 186 263
O'Brien
Goldberg Glassman
RR MR MR
6,900 2,430 3,825
8/3/2018 7/24/2018 7/25/2018
8/8/2018 7/24/2018 7/25/2018
801,000
Byrd Byrd
O'Brien O'Brien Marotta
Abrams Bauman LaVine
1,000,000 3,600,000
Andrews Harris Sontag Rashad
5% 6%
Marotta Casper O'Brien
- -
NA
NA
625,000 550,000 648,990 996,500
585,000 450,000 500,000 818,700
Thomson Poulin
WEB
7/3/2018 7/23/2018
7/25/2018 7/23/2018
18% 23% 18%
O'Brien
Krasnow Ende (D)
MR RR MR
1,350
Lichtenstein
Frank
-
NA
NA
O'Brien
Shyer
4,208
6/11/2018
6/27/2018
O'Brien
Koenigsberg
TOTALS
13
17,402,490
14,764,700
TOTALS 10
28,963
AVERAGES
1,338,653
1,135,746
15%
121 3,345
308
15% VARIANCE
* Total Square Foot SOLD by TYPE
# Units
Avg List Price
Avg Sale Price
Avg Sqft
$ Sqft
Agent
Listing
Selling
Total
%
Byrd
15%
CUSTOM
2 4 5 2
3,399,000
2,950,000
5,002
$590 $213 $313 $202
3 0 0 0 0 0 1 0 6 0 1 0 0 0 1 0 0 1
1 0 0 0 1 0 1 1 6 0 0 0 1 0 0 0 2 0
4 0 0 0 1 0 2 1 0 1 0 1 0 1 0 2 1
Byrd and Comito
0% 0% 0% 4% 0% 8% 4% 0% 4% 0% 4% 0% 4% 0% 8% 4%
PATIO VILLA
654,498
552,500
2,596 3,593 2,567
Cole
1,362,300
1,123,940
Comito
TOWNHOUSE
587,500
517,500
TOTAL
13
1,338,653
1,135,746
Greenberg M Liebowitz
Marotta Goldberg O'Brien Snedaker M Gomez Thomson Casper
Avg $ per SqFt
2016-2017
2015-2016 2014-2015
2018-2019
46%
CUSTOM
$ $ $ $
590 213 313 202
$ $ $ $
425 254 387 227
$ $ $ $
401 252 214 163
$ $ $
345 166 130
12
PATIO VILLA
TOWNHOUSE
A Ryan
Ojakian & Kamor
Koretzky
Frank
Lichtenstein
Total
13
13
100%
26
16/100
Frenchman's Creek, Inc. REAL ESTATE ACTIVITY
2018-2019 2017-2018 2016-2017 2015-2016 2014-2015 2013-2014 2012-2013 2011-2012 2010-2011 2009-2010 2008-2009 2007-2008
May
24
23 10
21
18
27
39
39
Available Homes
45
41
41
26
19
0 0
3 2
7 2
4 2
2 2
3 2
Closings
1 1
1 1
2 2
3 1
4 2
6
Sales to New Members
June
24
15
21
20
27
39
36
Available Homes
36
30
37
25
16
3 3
7 5
2 1
5 2
3 2
5 5
0 0
Closings
4 3
1 1
3 2
3 0
5 1
Sales to New Members
July
25
12
21
21
25
36
35
Available Homes
37
26
35
26
15
4 3
0 0
1 1
1 1
4 2
5 3
1 1
Closings
3 3
0 0
4 2
1 0
2 1
Sales to New Members
August
24
26
24
21
26
29
34
Available Homes
32
25
34
24
16
4 3
2 2
2 2
1 1
0 0
1 1
0 0
Closings
5 3
0 0
0 0
2 2
4 2
Sales to New Members
September
26
15
28
24
20
24
33
Available Homes
31
29
32
28
16
2 1
4 2
0 0
0 0
3 1
3 3
1 1
Closings
2 1
2 2
0 0
1 1
1 0
Sales to New Members
October
21
28
23
23
30
38
Available Homes
31
31
35
29
22
1 1
0 0
1 1
2 1
1 1
0 0
Closings
0 0
1 1
1 0
0 0
2 1
Sales to New Members
November
23
29
23
26
30
43
Available Homes
32
34
40
30
20
1 0
6 3
2 1
0 0
2 2
4 4
Closings
1 1
3 1
0 0
0 0
3 2
Sales to New Members
December
24
28
24
29
30
45
Available Homes
38
38
39
30
19
1 1
0 0
3 2
0 0
1 1
2 2
Closings
6 2
3 3
2 1
0 0
3 1
Sales to New Members
January
26
28
24
29
29
47
Available Homes
42
35
43
28
29
2 2
3 2
3 1
2 2
3 2
0 0
Closings
0 0
2 1
0 0
0 0
0 0
Sales to New Members
February
26
26
26
28
30
49
Available Homes
49
35
40
34
29
8 6
3 2
5 3
0 0
0 0
5 2
Closings
0 0
1 1
3 2
0 0
1 0
Sales to New Members
March
26
26
25
25
34
42
Available Homes
49
34
41
41
32
1 1
3 1
3 2
4 2
5 5
1 0
Closings
4 4
3 2
2 2
0 0
3 2
Sales to New Members
April
24
28
24
22
33
45
Available Homes
45
44
42
36
32
4 3
5 4
1 1
1 1
2 2
4 3
Closings
5 3
4 3
0 0
1 1
2 2
Sales to New Members
Total Sales
13 10
41 29
28 18
32 17
23 13
30 27
21 15
31 21
21 16
17 11
11
30 14
Sales to New Club Members YTD % of New Member Sales
5
77% 71% 64% 53%
57%
90%
71% 68% 76% 65% 45% 47%
14
28
18
17
13
27
15
21
16
11
5
14
Projected Sales to New Members
Moving 3 Year Average
19
21
16
19
18
21
17
16
11
10
11
16
17/100
Jul-18
Aug-18 Sep-18
Oct-18
Nov-18 Dec-18 Jan-19
Feb-19 Mar-19
Apr-19 Year Total
Prior Year Total
May-18 Jun-18
Beginning Balance
(983,237)
1,719,872
Shyer (4164)
- - - - - - - - - - -
175,000 115,000 175,000
- - -
- - - - - -
- - - - - - - - - -
- -
- -
- -
- -
- -
- -
- -
175,000 115,000 175,000 175,000 175,000 175,000 60,000 175,000 175,000 175,000 115,000 (42,014) (55,320) (55,320) (45,000) (45,000) (55,320) (70,320) (47,320) (55,320) 1,690,000
Cons Capital LLC (6009)
Krasnow (4165) Poulin (4166) Bauman (4167) Abrams (4168) Handler (4131) Glassman (4169) Gordon (4170)
- - - - - - - -
175,000 175,000 175,000
- - - - -
60,000 175,000 175,000 175,000
Butler (4171)
13400 Provence LLC (6013)
-
115,000
5,245,000
Equity Refunds Shortfall-Back of the House/Fitness Center Koenigsberg (3919)
(3,042)
(11,540) (55,320) (55,320)
(10,626)
(11,169)
(5,638)
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - -
- -
- - - - -
- - - - - - - -
Sontag (3681) Harris (3945) Baron (3927) Gore (3187) Siegel (3452) Le Vine (2974) Eisdorfer (3807)
- - - - - -
(45,000) (45,000) (55,320)
- - -
(70,320) (47,320) (55,320)
(1,815,890)
(470,934)
Net
2,445,873
(3,042)
342,820
369,054
400,871
109,362
-
-
-
-
-
-
-
2,938,939
Decreases in fund balance: Capital Funds 16-17
(103,393)
- -
- -
- -
- -
- -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- -
Capital Funds 16-17 P. Cochere (157,016)
(33,626)
(128,879)
Capital Funds 17-18
(1,984,063) (267,630)
(42,618)
(11,660)
(29,975)
(11,000)
Capital Funds POA 2017-2018
-
-
-
-
-
-
Capital Funds 18-19
(196,791) (39,446)
(221,373) (77,263) 191,400 1,351 21,129
(635,267) (33,805)
(161,690) (28,939) 193,200 1,238 21,129
(286,411) (14,395)
(1,501,531) (193,849)
Capital Funds POA 2018-2019 Increases in fund balance: Capital Assessment Inc
1,460,400
191,800
193,200
49,800
819,400
Interest Income Transfer from POA
6,002
-
351
441
3,381
319,700
21,129
21,129
21,129
105,645
1,719,872
(68,967)
246,405
(115,313)
414,809
(153,701)
-
-
-
-
-
-
-
2,043,106
Balance of Fund
18/100
Delinquent List
10/12/2018 ACCT Amount Due
Home for Sale
Aged Code Status
3702 D3702
$ $ $
35,556 34,056 69,612
D LEGAL ACTION D LEGAL ACTION
SUMMARY
30 Days 45 Days 60 Days 90 Days
$ $ $ $ $
- - - -
Legal Action
69,612 69,612
Total
$
CODE A
30 Days 60 Days
B C
90 Days D Legal Action E Payment Agreement - Complying F Payment Agreement - Not Complying
19/100
Frenchman's Creek Club Capital Expenditures 2018-2019 Club Budget 9/30/2018
Item
Actual
Commited
Remaining
Grand Total
Purchase
Fund
Budget
Golf Operations Golf Cart - EZ Go Proposal - 25 carts Golf Shop Displays\Radio System
- -
$ $
18,103
$ $
98,000 10,000
79,898
8,092
1,908
Total for Golf Operations
$
108,000
$
81,805
$
-
$
26,195
Golf Course Maintenance Tractor - mid size
- - - - - - - - - -
$ $ $ $ $ $ $ $ $ $
4,937
$ $ $ $ $ $ $ $ $ $
35,000 42,000 17,000 25,000 55,000 36,000 60,000 21,000 80,000 40,000
30,063
Turf Truck ( Cancelled in the current year )
42,000 (2,981)
-
Greens Roller
19,981 24,968 124,562 61,685 33,061 77,832 30,785 -
32
Turf-2 11hp lightweight carts Large Rough Mower ( 2 )
(69,562) 36,000 (1,685) (12,061)
Small Rough Mower ( Cancelled in the current year)
GR3100-18hp (Triplex Mower)
Fairway Aerifiers
2,168 9,215
Cart Path Refurbishment (Stage 1 of 3)
Fairway Top Dresser
Total for GCM
$
411,000
$
402,936
$
-
$
8,064
Club Food & Beverage: Operations Provision for Misc. Equipment
20,000 30,000
$ $
18,357 20,451
$ $
40,000 65,000
1,643
Service Equipment
14,549
Total for Club Operations
$
105,000
$
16,192
$
50,000
$
38,808
20/100
Actual
Commited
Remaining
Item
Grand Total
Purchase
Fund
Budget
Club Food & Beverage: Kitchen Hot Line Main Kitchen/Steel Cabinets Replacements
$ $ $ $
(7,893) 10,000 15,000 10,000
-
$ $ $ $
24,000 20,000 15,000 20,000
31,893
10,000
Banquet Frontcooking Equipment Replace Gas Stoves/Oven/Griddle
- - -
-
10,000
Portable Banquet Equipment (Tables, Trollleys etc.)
Total for Club Kitchen
$
79,000
$
31,893
$
20,000
$
27,107
Beach Club Operations Operational Replacement - Beach Chairs/Tables/Umbrella, etc.
6,930
$ $ $ $ $
8,050
$ $ $ $ $
20,000 37,000 20,000 15,000
5,021
-
(6,855)
Provision for Mechanical Equipment Provision for Kitchen Equipment Accent Lighting & Sound System Upgrade
43,855
14,200
4,142 5,361
1,658 9,639
- -
-
Awning
-
-
Total for BC Operations
$
92,000
$
60,173
$
21,130
$
10,698
Fitness Fitness equipment (Strength, Cardio, Pilates)
2,213
$ $ $ $ $
(1,678)
$ $ $ $ $
70,000
69,465
- -
7,000
Outside Sail
7,000
-
555
Spa Equipment-Pedi Chairs
11,000 75,000
10,445 45,470
600
28,930 (9,377)
Fitness Center Locker room Furniture/Remodel/Carpet
-
Water Stone Project
-
9,377
Total for Fitness
$
163,000
$
134,757
$
2,813
$
25,430
Admin/Accounting/IT Equipment (PC, POS, Network, storage) Virtual Storage Area Network (VSAN)
- - -
$ $ $
(3,227) (2,188)
$ $ $
20,000 65,000 14,400
23,227 67,188
14,400
Portable POS Tablets (12)
-
21/100
Actual
Commited
Remaining
Item
Grand Total
Purchase
Fund
Budget
Total Admin
$
99,400
$
90,415
$
-
$
8,985
Tennis Tennis HydroCourt Conversions (5)
7,050
$ $ $
(24,562)
$ $ $ $
225,000
242,512
- -
7,000
Windscreen/Awning/Canopy/Terrace Umbrellas
7,000
-
(4,618)
Pickleball Court Surface Conversion
55,000
59,618
-
Total for Tennis
$
287,000
$
302,130
$
7,050
$
(22,180)
Main Club - Engineering Provision for Mechanical Equipment
2,833 5,715 3,230 2,838
$ $ $ $ $ $ $
(7,110)
$ $ $ $ $ $ $
65,000 40,000 18,000 35,000 50,000 75,000
69,277 28,564 39,716 32,718 27,191 99,443 30,070
Cooler\Refrigeration Heaters for Sports Bar
5,721
(24,946)
Main Club Lift Station Rehabilitation
(556)
Dumpster
- - -
22,809 (24,443) (30,070)
Generator (Fitness Center)
Generator Switch
-
Total for Main Club Engineering
$
283,000
$
326,979
$
14,616
$
(58,595)
Housekeeping Dryer
10,000
$ $ $
-
$ $ $
10,000 15,000 16,000
- - -
-
15,000
Washer
10,000
6,000
Water Extractor
Total for Housekeeping
$
41,000
$
-
$
20,000
$
21,000
14,071
$
28,233
Contingency
$
100,000
57,696
Capital - Operations Grand Total
$
1,768,400
1,504,977 $
149,679 $
$
113,744
22/100
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