Hello Members,
As the due date for 2024 Annual Dues approaches, and for an abundance of clarity, we would like to provide additional information to a prior communication on how we have planned to deploy Stock Fees held on our balance sheet to minimize your future capital assessment.
As you might assume, our capital plan pairs funds from annual dues, one-time initiation fees from new members, the future capital assessment, and, lastly, cash on-hand to include Stock Fees on the balance sheet to effectively qualify for a loan to fund the Reimagine Project. Operating profit then services debt over a scheduled period of time.
We had previously communicated that if you resigned your membership by October 31, 2023, your $300 Stock Fee paid upon joining would be immediately refunded. We want to make sure everyone realizes that if you are moving forward with your membership and not resigning, your Stock Fee will be held as a liability on our balance sheet in conjunction with the financial planning for the Reimagine Capital Project until the organization can refund those fees, either upon resignation or possibly earlier.
To be as fair as possible and avoid confusion, the Board would like to extend the deadline for membership resignations receiving an immediate Stock Fee refund to the due date on your invoice for 2024 Annual Dues. Stock Refunds will be immediately given to members who request such with their written resignations. Membership resignations tendered after this date will have Stock Fees refunded in arrears as the organization pays off its debt and has those excess funds available.
We trust this makes sense and that you would expect your equity scheduled to be returned in this manner, as is often the case with membership organizations managing debt structure related to capital projects. This decision is made after years of careful capital structure planning weighing the amount of a future assessment, dues and initiation fees for new members against future debt needed to execute any capital project membership approved by vote.
If you have questions, please email finance@swimminghole.club and provide your best phone number. We can have a phone call to explain further and share additional details.
Thank you for your continued support!
Thank you,
Glenn Prillaman
Board President
If you have any questions or comments, feel free to reach out to The Swimming Hole at membership@theswimminghole.club