by Jan Ek
Financial Report:
Since there is no monthly Board meeting in the month of August, I will include the Treasurer’s report information in my monthly report. The balance of unrestricted funds as of July 31, 2016 was $10,841,131 which includes a $2.5M cash reserve. Restricted funds include the Preservation and Improvement Fund (“PIF”) and the Capital Reserve Fund. As of July 31, 2016, PIF had a balance of $7,479,237 plus $638,500 collected in July that was transferred into the PIF account the first part of August 2016. The Capital Reserve Fund had a balance of $5,000,044 as of July month end.
We have completed August 2016 well within our operating and capital budget year-to-date. Matter of fact, every division has a net operating positive variance from budget.
Bowling:
Bell Lanes recently replaced the underlayment for the bowling lanes. The previous underlayment had too much flex which caused some lane panels to crack. The cost of the project was $25,000.
Both bowling centers will be installing lane bumpers. Two lanes will be installed at each center. The lane bumpers will make the bowling experience more enjoyable for young children because the bumper will not allow the bowling ball to fall into the gutter. The project was expected to be completed by the end of August, but due to delivery delay the project has been postponed and hopefully will be completed by late September. The cost of the project is $6,000.
The final summer bowling tournament will be held on September 25, 2016 at Bell Lanes. All bowlers, whether or not USBC certified, are welcome in the Scotch Doubles tournament.
Cardholder Services:
Payments on past due assessments in July decreased by 32% from the June high. In spite of this decrease, overall accounts receivables decreased by just under 2% in July. The Over 90 day balances increased in July by 31% and reflects the continued aging of April past due balances. June assessments went 30 days past due at a 5.5% rate while May assessments went 60 days past due at a 2.9% rate. Payments from our third party collections firm were down slightly in July with year to date payments totaling $147,245.
Payments made by Cardholders through the online RCSC Web Portal in July totaled $78,230. Year to date web portal payments total $593,343. Web portal payments are up 40% YTD compared with 2015 and 97% YTD compared to 2014.
In July property transfer related balances decreased by 3.6% and lender owned related balances decreased by 3%. This was the sixth month in a row lender owned balances have decreased and continue to be significantly below prior year’s balances. Outstanding balances related to property transfers represent approximately 54% of all receivables due and 53% of past due balances.
Trustee sale notices on Sun City properties increased to 42 properties at the end of July. The number of properties owned by lending institutions decreased again this month to 17 properties.
Preservation and Improvement Fees collected in July were $638,000, which is $239,000, or 60%, over the amount budgeted. Year to date PIF fees are $4,995,600 which is $1,604,100, or 47%, over budget for the year. The year to date total is up 20% from 2015. Again a reminder that we intentionally budget PIF income very conservatively to assure that we have the cash on hand for any planned project as we remain debt free.
Human Resources:
Employee voluntary CPR/AED/and First Aid training classes are now completed for this series. Seventy seven employees have completed the training and have received their two year certification. Future training classes will be held on a semi-annual schedule to offer new hires the training opportunity.
Federal, state and local laws require employers to comply with certain labor laws and to post those laws in all work locations to inform employees of their rights. Posting is also required in the Human Resources office where applicants complete job applications. Since the laws change periodically, Human Resources has begun an audit of RCSC’s work locations to assure compliance.
Member Services:
On Saturday, August 13 we had our 3rd annual Ice Cream Social Dive-In Movie at the Mountain View Recreation Center. Not only did we show a movie on the big screen by the pool, we also presented a movie inside the auditorium for those who didn’t care to get wet. The night was beautiful, the kids had fun watching the family movie in the pool and ice cream was enjoyed by all.
We are currently gearing up for the fall Sun Bowl concert series, which will kick off at 7pm on Sunday, September 25 with the band voted best in Phoenix, “Faded Jeans.” But before we hit the dance floor, we will be attending our 3rd annual Casino Night at the Sundial Auditorium on Saturday, September 17. This is a free event from 4-8pm. Doors open promptly at 4pm. Be sure to bring your RCSC photo ID card, as you must present it to attend this event. Key fobs will not be accepted. Beer, wine and Bloody Mary’s will be sold and no outside alcohol is permitted. We will be selling a hotdog, chips and bottled water meal for $3. Donations will be accepted to benefit this year’s RCSC Management Team’s 2016 non-profit charity of choice, The Sun City Foundation.
In October we will be back in full swing with the fall Sun Bowl concert series. All shows in October will begin at 6:30pm. Watch for information on our 2nd annual Fall Festival at Sundial on Friday, October 21 from 4-7pm. There will be carnival games, prizes, food and dancing to the sounds of one of Sun City’s all-time favorites, “Yesterday Once More.” This is a free event for RCSC Cardholders and their escorted guests. Come feel like a kid again! Play games, eat carnival food and do some good old time dancing!
General:
For those who may not be aware, the monthly management reports are available on our website www.sunaz.com under the Corporate 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!