Return to flip book view

FA L M O U T H YA C H T C L U B C L U B H O U S E R E N O VAT I O N 2 0 2 4

Falmouth Yacht Club Clubhouse Renovation History FYC s Clubhouse Renovation Committee The FYC Clubhouse was originally built almost 75 years ago Two years ago the Board of Governors created a Clubhouse Most of what we see today was constructed in a major renovation Renovation Committee to identify the needs of our growing Club completed in 2004 and address the major deferred maintenance items within the Other than the improvements to the north back deck the Clubhouse remains as it did almost 20 years ago In those past 20 years the membership has swelled and the variety of activities the Club offers its members has expanded tremendously The dining room and bar have become more crowded these past few years Last summer we were sold out numerous times and were unable to fulfill some member requests for reservations or accommodate walk ins At times we had to offer limited menus have blackout periods or were prohibited from serving full meals in the bar This is in addition to the constraints of accommodating multiple large parties and coordinate serving our members appropriately when there s an event happening in the Club at the same time In short it s time to update our facility to accommodate Clubhouse This includes items that our membership has been requesting for years the construction of a second floor accessible restroom and an expanded bar area The Committee s six members come from FYC s Building Maintenance House Finance and Strategic Planning Committees Three of the six are also members of the Board of Governors The Committee is committed to open communication with the membership as well as regular updates and interaction with the Club s officers and members of the Board of Governors Most of the items the Committee is addressing are a direct response to the items members have requested the most There will be a survey sent to the members soon asking for additional feedback from their Summer 2022 experience our current needs avoid the above issues and prepare for the A comprehensive report of the Committee s years to come progress from the past two years planned renovations and financing plans was presented at the Annual Meeting in August The entire presentation is available online just scan the QR code to access 2

Project Scope and Schedule Some of our most pressing deferred items were addressed last year Most notably the installation of a new elevator the replacement of the north dock gangway and the installation of privacy fencing along our property line This included construction of a dumpster cage and gates to screen our back storage area The next phase is to renovate the upstairs of the Clubhouse The main components of this renovation are constructing the second floor restroom expanding and renovating the bar area and kitchen as well as several improvements in the dining room Member feedback from last year s survey was crucial in formulating these plans thank you to all who participated Behind the scenes the renovation includes an expansion and modernization of the kitchen and bar including updated equipment The cumulative effect of these improvements will improve operations and enhance member experience A floor plan and a few representations are included on the following pages For more details please go to our website falmouthyachtclub com profile team clubhouse renovation Architects engineers and food service consultants are working with the Renovation Committee and the FYC staff to complete our plans this winter The objective is to finalize plans by the spring and have a competitive bidding process by early summer This will enable us to complete most of the work in the off season winter of 2023 2024 3 Finance The costs for the proposed Clubhouse renovations are budgeted as follows Upstairs Restroom 100 000 Expand Renovate Kitchen 300 000 Bar Dining Room Renovation 1 000 000 First Floor Issues 150 000 Contingency 225 000 Capital Reserves 225 000 TOTAL 2 000 000 To understand the project funding it makes sense to first review the FYC s overall finances The money collected by the Club from annual dues activity fees food beverage income and event revenue covers our employees salaries costs of goods and other operating costs Most members see the Club as a value and maintaining that impression results in breaking even from our regular operations Unfortunately the lack of adequate financial reserves often resulted in deferring maintenance to the Clubhouse and being unable to address many improvements requested by the members

Renovated Dining Room View looking Southeast towards Vineyard Sound The frosted glass doors in the background can be opened for larger Club events Renovated and Expanded Bar View facing Southeast from the new entrance at the top of the staircase 4

Addressing the Financial Needs The Club had virtually no material savings capital reserves or emergency funds at the beginning of 2020 To address this need the Board of Governors refinanced our debt at historically low rates in early 2021 We were able to generate some surplus cash and established for the first time in Club history a Capital Reserve account Simultaneously we began directing 50 of all new member initiation fees into this account as well The remaining 50 goes toward supporting the current year s operations The funds in the Capital Reserve account were substantial enough to cover the capital projects of the past two years new elevator north dock fencing etc as well as fund the design and consulting fees for the Clubhouse Renovation Project to date None of these expenses were paid from the Club s operations All money spent from the capital reserve fund needs to be approved by the Board of Governors Funds from future initiation fees should contribute approximately 30 40 000 each year to the Capital Reserve fund and could be spent on addressing the most pressing deferred maintenance item at any given time However this is not enough to fund any project of a significant size or scope Moreover it is imperative that we not only fund the project in front of us but establish a plan to safeguard the long term viability of the Club The Board approved the renovation plan as presented and is advocating in favor of a 2 million assessment to fund the project as outlined above However we are keenly aware that we have a diverse community of members and the assessment needs to reflect this The average assessment is 4 640 per membership Different categories of membership will be assessed the same ratio as our current annual dues structure as described 5 2022 Dues Type of Family Dues Members per Type Proposed Assessment TOTAL Family Members 2 090 100 328 4 929 65 1 616 925 93 Individual 1 800 86 56 4 245 63 237 755 48 Social 1 530 73 37 3 608 79 133 525 17 500 24 10 1 179 34 11 793 43 Legacy TOTAL 431 2 000 000 00 as of August 2022 We also recognize that while some of our members can pay the assessment upon invoice others need more time All of our members are important and no one should have to leave the Club for financial reasons This being the case there are multiple payment options available A single payment by February 15 2023 or 4 quarterly payments by November 15 2023 If you are able to do this please do so It helps cover the project s up front expenses and enables the Club to give more time to our friends and neighbors that need it There will be a 100 ship s store credit as well as a limited edition FYC cap given in appreciation for this level of support Paid over two years in 2 equal payments or 8 quarterly payments beginning February 15 2023 Paid over three years in 3 equal payments or 12 quarterly payments beginning February 15 2023 As stated above all of our members are important and no one should have to leave the Club for financial reasons If you need to make alternative arrangements please contact Commodore Kate Killory katekillory yahoo com or GM Jay Kehoe kehoe falmouthyachtclub com

Next Steps On a related note over the next ten years new members will also pay an assessment as well as the then current initiation fee This not only helps fund the Renovation Project but further bolsters the Capital Reserve Fund keeps the Clubhouse appropriately maintained and supports capital projects in the future This long term Capital Plan is designed to take care of the issues we know about today as well as minimize the need for numerous additional assessments in the coming years This is an exciting time for the Falmouth Yacht Club and it s important that our members be informed and able to keep up with the progress We will be holding an informational town hall live and via internet tentatively set for December 3 2022 If you have a specific question please email it to renovations falmouthyachtclub com in advance Enclosed is an Assessment response card Please return the card in the envelope provided so we can manage the project s expenses and bill each account appropriately Please keep an eye on the website and the newsletter for details as they unfold throughout the year New Floor Plan of Second Floor Kitchen expansion and new restroom shaded in blue Current separation wall fireplace shown in red for reference 6

The sea shore is a sort of neutral ground a most advantageous point from which to contemplate this world HENRY DAVID THOREAU CAPE COD 2 9 0 C LI N TO N AV E FA LM O U T H M A 0 2 5 4 0 W W W FA LM O UT HYACHTCLU B COM 7