Despite the challenges of COVID-19, Continental Country Club’s operations net profit was $140,000 more than budgeted for 2020, according to a preliminary report from HOA Board Treasurer Chuck Thompson.
Total income was $3,319,621 with expenses of $2,869,087 for a net profit of $450,534.
Among the highlights:
- The country club was able to obtain a fully-forgivable Paycheck Protection Program loan of $120,700 that covered payroll expenses.
- Golf had an outstanding year, despite increased costs associated with the pandemic. It was a record year for rounds of golf (almost 30,000) and Golf Shop sales were up 65% over 2019, due to new and improved inventory.
- Despite the pandemic, homes continued to sell and property transfer income exceeded the budget by $69,000 or 49 additional homes.
Challenges still remain and will probably impact this year’s budget. These include our ongoing issue with Lake Elaine, a balloon payment to SunWest Bank, the continued expenses associated with adhering to COVID-19 safety guidelines, the minimum wage that increased to $15 an hour on January 1, and the ongoing expenses of maintaining an aging facility.
If you have questions about the preliminary 2020 year end report, please contact the Board via email.