A Letter From The President

Dear Deering Bay Members,

It is hard to believe that we are nearing the end of the high season here at the Club. It has been an eventful few months here at the Club and we are looking forward to continuing this momentum into the Summer and next season.

Leo Chomiak President Board of Directors

February saw a continuation of the momentum from January as another strong month in revenues resulted in an increase of approximately $42,000 over February of 2022. Year-to-date, we are ahead of prior year by approximately $275,000. Overall, we have achieved a positive net operating income of approximately $48,000 in February and approximately $168,000 year-to-date, which is ahead of both the budget and prior year. We expect strong first quarter results as we continue to generate strong business from events and tournaments.

The Club has a substantial amount of cash deposited with Amerant Bank. Given the recent banking crisis caused by the collapse of Silicon Valley Bank and Signature Bank, the Finance Committee and the Board worked diligently to safe guard the Club’s cash. Complicating matters is the fact the Club’s loan agreement with Amerant Bank requires us to maintain our cash balance with the Bank, which limited the Club’s options. Amerant Bank has a type of sweep account known as an Insured Cash Sweep (ICS) where the cash balance gets deposited in ICS accounts within a number of other ICS network banks across the country in increments of $250,000 so the entire cash balance falls within Federal Depository Insurance Corporation’s insurance limits. The added benefit, the Club makes a good return of approximately 4% on the cash invested. The ability to earning a return was a secondary concern to the Finance Committee and the Board. Our first concern was to make sure the principal amount of the cash was safeguarded from loss in case of a bank run and/or seizure. I want to the thank the members of the Finance Committee and the Board for coming together and find a resolution.

The 19th Hole is looking amazing, and we are currently awaiting some final permitting and inspections in order to get it open. The Pool renovation is fully underway and crews are here daily, working quickly to complete this project. We are waiting on permitting for the splash pad.

The golf course renovation design process is ongoing. Reese Jones and Bryce Swanson will conducting 2 focus group meetings on April 18th at the Club. They will share their preliminary thoughts on redesign eliminates for the golf course redesign and then solicit members input and comments. The 2 meetings will be approximately 60 to 75 minutes long . One session will be focused on high handicap player and the other on low handicap players. Details for these meeting soon to follow.

The entire Deering Bay Team is gearing up to work on a variety of tasks this summer, including the all-important aerification of the Golf Course. The Golf Course will be closed for aerification on the following dates:

June 5 – 9

July 17 – 21

August 21 – 25

Director of Golf Craig Corcoran is finalizing summer reciprocal agreements with other local clubs for our members to enjoy, and the Club will announce these agreements soon.

We are looking forward to sending the season on a high note with our Men’s and Women’s Club Championships!

Thank you, Leo Chomiak