by Jan Ek
Since there is no monthly Board meeting in the month of July, I will include the Treasurer’s Report information in my monthly report. The balance of unrestricted funds as of June 30, 2018 was $15,045,906 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of June 30, 2018 PIF had a balance of $16,429,082 plus $681,500 collected in June that was transferred into the PIF account the first part of July 2018. The Capital Reserve Fund had a balance of $5,179,092 as of June month end.
We have completed our second quarter within our overall operating and capital budget year-to-date. Every division has a net operating positive variance from budget year-to-date.
Monthly summer No-Tap bowling tournaments are held the last Sunday of each month and end the last Sunday of September with a Scotch Doubles tournament. The tournament is being held at Bell Lanes and all bowlers are welcome whether USBC certified or not.
Bowling league Secretaries and Presidents are essential to league operations and communication with the bowling centers is also very important. On August 16, 2018, the bowling center supervisors, Director of Bowling Operations and representatives of USBC will meet with all RCSC league Presidents and Secretaries to discuss any RCSC policy changes and USBC rule changes.
Summer maintenance is being performed at both bowling centers by the RCSC bowling mechanics. Maintenance includes rebuilding major components and lubrication. The maintenance will ensure proper and reliable operation for the upcoming fall season.
Payments on past due assessments in June were 13.6% of past due balances. Overall accounts receivables increased in June by just under 1%. While the Current and Over 60 Day categories both increased in June, the Over 90 Day category decreased by 1.8% and is at the lowest level since July 2013. May assessments went 30 days past due at a rate of 5.4% and April assessments went 60 days past due at a 2.3% rate.
Payments from our third-party collections firm totaled $13,979 in June and are 33% over the 2017 year to date amount. Payments made in June by Cardholders through the online RCSC Web Portal totaled $116,714 from 266 property owners. Year-to-date web portal payments total $768,117 from 1,694 property owners. This is a 20% increase in payments through the RCSC Web Portal over the 2017 YTD totals.
In June, property transfer balances increased by 2% and lender related balances decreased by 20%. Outstanding balances related to property transfers represent 53% of all receivables and past due balances. At the end of June, trustee sale notices on Sun City properties ended at 45 and properties owned by lending institutions at 12.
In the second quarter of the year, three former employees filed for unemployment benefits. In reviewing the claims, the Arizona Department of Economic Security ruled in favor of RCSC for all three claims and the corporation’s account will not be charged. Controlling benefit costs is one way in which we can affect the bottom line.
After a review, two of RCSC’s Personnel Policies and Procedures have been updated, the Conflict of Interest and the Gratuities, Gifts and Tips policies. Revised policies are available to employees on RCSC’s intranet and will be distributed to individuals in their next paycheck.
We have filed the Corporation’s Form 5500 for the annual reporting of Employee Benefit Plans in compliance with the requirements of ERISA (Employee Retirement Income Security Act) and the Internal Revenue Code. The filing includes benefits for medical, dental and life insurance.
We are in the process of completing the requirements for filing the Form 5500 for the RCSC Employees 401(k) Plan. We automatically file for an extension for the October deadline each year, however, we plan to file before the end of this month. The audit of the plan has been completed and we are waiting for the final audit document in order to file. We expect to receive the document early this week.
On Wednesday, June 18 we welcomed Americana to the Sundial Auditorium. This performance was such a good time that we have put them in the 2019 Sun Bowl line-up.
The 40th annual Ring That Bell ceremony and presentation, followed by free bowling, shuffleboard, billiards, darts and dancing with pulled pork sandwiches, chips and bottled water at George’s Café was very well received and attended. Thank you for your donations that will benefit the Sun City Foundation.
On Wednesday, July 25 we spent an enjoyable evening of music and dancing with the Main Event Band for our final summer concert at the Sundial Auditorium.
The 2019 Season Ticket Concert Series is booked, and it will be released in the August SunViews. Remember, season tickets for RCSC Cardholders only will go on sale Thursday, November 1, 2018 at 8:30am. Don’t miss out on the very popular season tickets with reserved seating!
Be sure to join us for the annual Dive-In Movie and Ice Cream Social at Mountain View Pool on Saturday, August 18 at 6pm. We will be showing “The Spiderwick Chronicles,” a movie geared more for adults than small children. Upon moving into the run-down Spiderwick Estate with their mother, twin brothers along with their sister find themselves pulled into an alternate world full of fairies and other creatures. This is a free event for RCSC Cardholders and their escorted guests. Please be sure to bring your RCSC Member or Privilege Card (with photo, no key fobs) for entry.
For those who may not be aware, the monthly management reports are available on our website www.suncityaz.org under the RCSC tab. Also, if you have not done so already, please sign up on the RCSC email list where you can designate topics of interest and stay in the loop with RCSC News Alert Emails.