1. Minutes of the 2015 AGM were approved at the January 2016 Board meeting.

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Anastasia Williams
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1 2016 RTCC Annual General Meeting Dec 11, 2016 Meeting called to order at 1: Minutes of the 2015 AGM were approved at the January 2016 Board meeting. 2. Financial report; Mark Brown. Mark gave a very detailed outline of overall deferential in our income revenue and expenses. Gerry Santarosa, asked about the Accounts Receivable, to which Mark explained that this because of the pre-authorized payment plan which the members use for memberships. She also asked if in the future we would be looking into a formal audit. It will be looked into when our finances are in better shape. Jim Markle, asked about our mortgage payment plan. Mark explained the terms as they are now. 3. President Forrest, gave him annual report. (see attach report) Forrest spoke and thanked long time member, Jack Colbert, who for many years served on the Finance Committee. Jack has been inactive for the last six years but, he still has the Golf Club in his heart. Forrest also gave notice that he would be stepping down as President. He still has one year left in his term. 4. Nominating Committee Report - Rob Drezdoff, spoke about the attempt to recruit new members to the Board. He thanked the following, Frank Marino, for his service and involvement as Chair of the Greens Committee. Norm Moll, for involvement in the wed site, Tourism Committee. He welcomed Kimba McLean, (one year) and Tom Gawryletz, (three years) He also said that he could not get any female member of the Club to come and be a member of the Board. 5. Members concerns; What are we going to do about the Geese? Mark Lloyd is looking into different methods of control. Dana Haas, thank the Board on behalf of the membership. 6. There being not further comments Forrest thank those in attendance for their support and wish everyone a very Happy,Healthy, Festive Season. See you all in the Spring.

2 A message from the President: We have completed another very good year with perfect conditions from opening day right up to closing. Matter of fact the course was in absolutely great shape when we closed on October 31. The good weather throughout the season contributed to lots of rounds being played by members and the green fee players. Green fee play was up in number of rounds but down in revenue due to the many specials used in The discounted rates were very popular and well received by our playing guests. Membership revenue was up by $ 10,346. The majority of our members took advantage of the early bird discounts and many used the monthly pre-authorized payment to pay for their membership. This fall we have 241 members registered for the 2016 season. Many have paid their dues in total and the rest are taking advantage of the pre-authorized payments. One of our financial highlights was another great year in the Bistro. We were profitable even with paying accrued holidays from previous years to Margo. We have extended Margo s contract for another year, so look forward to seeing Margo in Mark Lloyd, our Course Superintendent, managed the course with his expertise and with reduced staff. They kept the course in wonderful condition and we had many positive comments from our green fee players and members alike. Many of our out of town players in the Tournaments at Birchbank were very impressed and many thanked Mark and the crew for their hard work. In the spring, a senior union employee, Claudio Colli, retired and we thank him for his many years at Birchbank. Dennis Bradley, our Director of Golf, had a very busy year keeping our members supplied with the latest golf equipment and advertising and attracting sponsorship from the Greater Trail area. Thank you Dennis for the extreme amount of time spent at the Club. The Proshop sales are up slightly this year. We operate with reduced inventory so the numbers are even more impressive. Thank you to the Pro Shop and back shop staff, for all your help. I would like to thank the 2016 Board of Directors for their commitment during the past year. Many Directors spent countless hours on Birchbank assignments and we could not continue without their support. Rob Drezdoff has been exceptional and we could not survive without his hard work. Special thanks to Mark Brown and the Finance committee for all their work and advice. Thank you to Frank Marino and Norm Moll who have resigned as of this meeting. They have contributed their expertise and time to make Birchbank better. Thank you to all the Directors Our work is not done and we want to help where we can. Thank you to the members for their ongoing support and suggestions. Lastly I need to thank the many volunteers. It is amazing how volunteers get involved in our worthwhile projects. Most of them are highly skilled and all will help when asked, even on short notice. I would love to list all their names but, I cannot. This is the true meaning of belonging to a Club and we appreciate everything that you do for the Club.

3 FINANCIAL STATEMENTS AS AT BALANCE SHEET STATEMENT OF OPERATIONS STATEMENT OF CHANGE IN NET ASSETS STATEMENT OF CASH FLOWS NOTES TO THE FINANCIAL STATEMENTS SCHEDULE 1 Bistro Net of Direct Expenses SCHEDULE 2 Pro Shop Net Sales SCHEDULE 3 Course Operations These Financial Statements have been prepared for the members of the Rossland-Trail Country Club in accordance with Generally Accepted Accounting Principles for a not-for-profit society. These Financial Statements have been reviewed by the Finance Committee of the Rossland-Trail Country Club. The Committee believes there is nothing misleading in the Financial Statements and these statements reasonably reflect the financial position and the results of operations for the year ending. December 1, 2016 President Treasurer

4 12 ROSSLAND-TRAIL COUNTRY CLUB BALANCE SHEET AS AT ASSETS CURRENT ASSETS Cash $2,822 $2,815 Accounts Receivable 111,574 90,677 Prepaid Expenses 36,574 8,786 Inventory 80, , , ,108 LONG TERM INVESTMENT - - PROPERTY AND EQUIPMENT 918, ,568 ASSETS UNDER CAPITAL LEASE 224,178 - $1,373,591 $1,196,676 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Bank Indebtedness $221,641 $154,775 Trade Payables 86,916 37,335 Wages Payable 9,159 36,235 Unearned Revenue 395, , , ,383 LONG-TERM DEBT KSCU Mortgage 411, ,308 Equipment Leases 197,323 - Deferred Capital Contributions 16,750 20,000 Refundable Assessment Fees 48,580 52,650 Accumulated Sick Pay 55,697 70, , ,338 NET ASSETS Invested in property and equipment $528,693 $545,261 Reserved for specific purposes 1,498 1,570 Unrestricted (599,586) (584,876) -69,395-38,045 $1,373,591 $1,196,676 See Notes to the Financial Statements Page 1

5 STATEMENT OF OPERATIONS FOR THE YEAR TO DATE PERIOD ENDED REVENUE Membership Dues $465, , Green Fees 153, , Powercart Revenue 108, , Range Revenue 43,113 43, Other Revenue 25,220 24, Proshop Net Sales (schedule 2) 48,644 47, Bistro Net of Direct Expenses (schedule 1) 6,403 9, Deferred Capital Contribution 3,695 4, Admin Fees 2,800 2, Investment Income RDKB Grant Gain on Sale of Assests 11,927 0 Total Revenue 869, ,095 EXPENSES Course operations (Schedule 3) 424, , Direct operating expenses-pro Shop 177, , Direct operating expenses-administration 30,503 30, Amortization 76,524 81, Rental Inventory Write Down 5,937 Advertising & Promotion 10,799 12, Bank Charges 16,866 17, Interest-Long Term Debt 34,642 35, Insurance 12,733 14, Clubhouse Utilities 17,993 18, Membership Expense 14,487 14, Office Expenses 8,237 9, Building Maintenance/Security 32,151 19, Bad Debts 4, Equipment Maintenance 10,036 21, Telecommunications 17,903 11, Miscellaneous Expenses 889 1, Licences Dues & Taxes 1, Accounting & Legal 2,818 2, Junior Golf Development Cash Over/Short Total Expenses 901, ,043 Net Revenue (Expense) ($31,919) ($45,948) See Notes to the Financial Statements Page 2

6 STATEMENT OF CHANGE IN NET ASSETS as at Invested in Property & Restricted for Unrestricted Net equipment specific Purpose Assets Total 2016 Total 2015 Balance start of year $545,260 $1,570 ($584,876) -$38,046 $7,903 Excess of Expenses over Revenue -98,163 66,244 (31,919) (45,948) Prior year Adjustment Restricted assets redeemed/added 0 (72) 72 0 Invested in Capital Assets 81,596 0 (81,596) - Balance end of period $528,693 $1,498 ($599,586) -$69,395 -$38,045 Invested in Property and Equipment comprises: Property and equipment $918,240 $991,568 Capital Lease $237,160 $0 Financed by KSCU Mortgage (411,638) (426,308) Financed Capital Lease Obligation (197,323) Financed by Sale of Assets and General Revenues (996) Financed by Deferred Capital Contributions (16,750) (20,000) $528,693 $545,260 Restricted for Specific Purposes comprises: Cash $1,498 $1,530 Long Term Investments - - $1,498 $1,530 See Notes to the Financial Statements Page 3

7 STATEMENT OF CASH FLOWS FOR THE YEAR TO DATE PERIOD ENDED 2016 CASH FLOWS FROM OPERATIONS Cash from club operations $103,482 Debt charges (42,160) Inventory adjustment - 61,322 CASH FLOWS FROM FINANCING ACTIVITIES Short term financing (working capital) (4,131) Capital Lease 237,160 Proceeds from disposal of capital assets 11,927 Unearned Revenue -41, ,200 CASH AVAILABLE 264,522 Repayment of long-term debt (76,604) Purchase of Capital Assest (254,777) (66,859) CASH FLOWS FROM INVESTING ACTIVITIES Payout of equipment leases 0 Decrease in long term investments 0 0 INCREASE/(DECREASE) IN CASH (66,859) CASH BEGINNING OF YEAR (151,960) CASH END OF Period ($218,819) CASH COMPRISED OF: Cash $2,822 Bank Indebtedness (221,641) ($218,819) 0 See Notes to the Financial Statements Page 4

8 NOTES TO THE FINANCIAL STATEMENTS 1. PURPOSE The Rossland-Trail OF ORGANIZATION Country Club is a not-for-profit society registered under the laws of British Columbia. The society is a not-for-profit organization under the Income Tax Act and accordingly is exempt from income taxes, provided certain requirements of the Income Tax Act are met. 2. INVENTORY Inventory is valued at the lower of cost and net realizable value and comprises the following: Inventory-Course Supplies $3,458 $7,810 Pro Shop Merchandise 64,163 77,338 Rental equipment 10,643 15,722 Bistro Supplies 1,940 1,960 $80,203 $102, BANK INDEBTEDNESS The club has a business line of credit with Kootenay Savings Credit Union with a maximum limit of $500,000 requiring interest at the Credit Union's prime lending rate plus 1.25% per annum. Security is provided through a first mortgage on the club's land and a general security agreement over all assets of the club. At at the end of the year the Credit Union's prime lending rate was 3.50% per annum. 4. PROPERTY AND EQUIPMENT the following rates: Rate in Years Cost Accumulated Amortization Net 2016 Net 2015 Land $152,083 0 $152,083 $152,083 Buildings , , ,060 Equipment 5 315, ,140 11,017 Paving and grounds 10 70, Course 30 1,677, , ,409 $3,023,712 $2,110,062 $913,650 $991,568 See Notes to the Financial Statements Page 5

9 Notes to the Financial Statements 5. LOANS Kootenay Savings Credit Union Re-advanceable operating loan with a maximum principal sum of $700,000 with $500,000 advanced to date; required blended monthly payments of $2,993 bearing interest at 5.24% per annum; secured by a first mortgage on the club's assets and a general security agreement over all assets of the club; matures January 1, , , LONG TERM LEASE OBLIGATIONS ASSETS UNDER CAPITAL LEASE Golf Lease Inc Assets under capital leases are recorded at cost. Amortization on a straight-line basis is provided annually net of buyout at end of term at the following rate: Rate in Years Cost Accumulated AmortiNet 2016 Equipment 5 249,087 24, ,178 The new lease is a 5 year lease commencing in May 2016 with monthly payments of $7893 for 6 months each year expiring in October 2020 with a buyout of $47432 due April ACCUMULATED SICK LEAVE Clause of the collective bargaining agreement provides that all employees, after three (3) months service, shall accumulate sick leave equivalent to 1.5 days for each month worked accumulative to a maximum of 150 days. Clause provides that upon retirement, each employee is eligible for a cash gratuity payment. This payment is calculated at the employee's current wage rate, multiplied by a percentage of their accumulated sick leave. 8. DEFERRED CAPITAL CONTRIBUTIONS Deferred capital contributions related to capital assets represent the unamortized amount of grants and donations received for the purchase of capital assets. The amortization of capital contributions is recorded as revenue in the statement of operations. See Notes to the Financial Statements Page 6

10 SCHEDULES FOR THE YEAR TO DATE PERIOD ENDED BISTRO NET OF DIRECT EXPENSES Schedule 1 SALES Food $147,392 $139,850 Bottled Beer 50,956 45,320 Draft Beer 23,007 24,961 Beverages 24,194 25,094 Liquor 13,146 12,728 Wine 10,101 10,357 Coolers/Cider 6,099 6,015 Confectionary 3,709 4, , ,215 COST OF SALES Food 63,399 58,164 Bottled Beer 18,597 18,261 Draft Beer 9,459 9,158 Beverages 8,589 10,551 Liquor 3,356 3,438 Wine 4,164 3,833 Coolers/Cider 2,717 2,413 Waste/Spoilage 0 0 Confectionary 2,299 3,079 "Purchase Discounts 580 3,068 Fuel S/C , ,965 Gross Margin 165, , % 58.4% Expenses Wages & Employee Benefits 141, ,590 Propane 6,736 4,635 Kitchen & Bar Supplies 6,366 4,260 Travel 1,410 1,916 Office Expenses Liquor Licence 1,221 1,421 Misc , ,245 Net Bistro $6,403 $10,005 See Notes to the Financial Statements Page 7

11 SCHEDULES FOR THE YEAR TO DATE PERIOD ENDED PROSHOP NET SALES SALES Clubs $82,301 $71,274 Clothing & Accessories 32,347 31,841 Balls 21,041 20,292 Golf Bags & Push Carts 5,702 8,198 Shoes 17,420 17,596 Shrapnel 7,935 8,883 Gloves 5,055 5,213 Club Repairs 6,718 6,126 Clubs-Demos 4,417 4,200 Tournament Sales 0 3, , ,158 COST OF SALES Clubs 72,333 68,396 Clothing & Accessories 22,735 24,379 Balls 18,331 15,296 Golf Bags & Push Carts 4,308 6,436 Shoes 14,197 12,838 Shrapnel 5,048 7,141 Gloves 2,827 2,847 Club Repairs 4,377 3,527 Tournament Product 1,028 5,374 Volume & Manufacturer's Rebates (9,081) (17,174) Purchase Discounts (4,728) (3,676) Freight-in 2,917 4, , ,431 Gross Margin 48,644 47, % 26.9% Pro Shop Net Sales $48, $47,727 Schedule 2 See Notes to the Financial Statements Page 8

12 SCHEDULES FOR THE YEAR TO DATE PERIOD ENDED Schedule 3 COURSE OPERATIONS Wages & Employee Benefits $285,334 $298,028 Capital Lease Amortization ,909 45,024 Fertilizers 46,187 43,966 Fuel 16,191 18,372 Utilities 19,087 17,955 Equipment Repairs 10,178 7,158 Irrigation Parts 5,839 4,267 Interest Expense and Executory costs- Capital Lease 11,143 2,474 Sand & Gravel 4,590 4,259 Tree Maintenance 1, Total Course Operations $424,545 $442,178 See Notes to the Financial Statements Page 9

Birchbank Golf Minutes for Board of Directors Meeting for Mar. 29th, KSCU Board Room, Trail, BC at 4:00 pm

Birchbank Golf Minutes for Board of Directors Meeting for Mar. 29th, 2018. KSCU Board Room, Trail, BC at 4:00 pm Attendance: Rob Drezdoff, Tom Milne, Mark Brown, Derrick Simister, Ken Swanson, Kimba McLean,