FINANCIAL REVIEW – FISCAL YEAR ENDED 6/30/2025 On behalf of our Board Treasurer and Finance Committee, I was asked to write the financial review. Fifteen months ago, I was hired to improve all accounting and financial management processes, eliminate unnecessary spending, implement cost controls, improve operational efficiency, stay within budgetary parameters, and rebuild our financial reporting system. Concurrent with this, we tried to positively impact the quality of our offerings to our members and improve the culture of our employees and business. We accomplished that and more. These accomplishments were periodically profiled in Rick Schultz’s weekly Monday morning newsletters which are emailed to all members. Through open and continuous communication, we hope that we have earned your trust and confidence. The Club had been working on a debt refinancing for more than three years and we were making slow progress. Last summer, we began to actively pursue a debt refinancing deal and explored our options with six banks. Due diligence lasted longer than we anticipated but our patience and continuous pursuit of completion resulted in a fair and balanced deal. We had environmental studies, two appraisals, and lots to clean up on our Title in order to provide a “clean” collateral. Our 100-year old club was here before any houses ‑ we have more than 50 easements carving through our 215 acres! We learned much about our history during due diligence. In late May 2025, we were thrilled to close on a $2.9 million term debt financing through Banner Bank. Approximately $1.3 million was used to repay and close out our previous bank leaving $1.6 million in net proceeds which will be used during the next 12-18 months in much needed long-term capital improvements. We are very pleased with our new relationship with Banner Bank.
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