|
|
||||||||||
|
Frequently Asked Questions Below are
answers to frequently asked questions regarding Lincoln Valley’s current
financial situation and how the board of directors would like to move forward
with addressing our current debt load. If you
have a question please feel free to send us e-mail via the “e-mail us”
selection. Thank
You! Question:
Why is Lincoln Valley asking its membership for monetary assistance by
filling out a pledge form? Answer: Lincoln
Valley currently rents course ground from the Gutenkunst Trust. The trust in turn uses that income to
support the library in State Center.
Over the years membership at Lincoln Valley has consistently declined
from 300 in 1991 to less than 180 in 2007.
The cost basis to expand to 18 holes from 9 was based on an average of
300 memberships. Costs to run a golf
course have also consistently risen with increases in fertilizer and
fuels. Because of this reduced income
the course has had difficulty making rent payments to the trust for lease of
the ground in 2006 and 2007. The club also incurred a judgment against it regarding a
lease agreement for beverage carts. The course entered into the agreement in
200? with Royal Links to provide beverage carts at minimal cost in exchange
for national advertising on the carts.
This group unfortunately went bankrupt and their lease agent C and J
Leasing filed for payment based on the lease agreement Lincoln Valley
signed. These costs increases along
with the decreases in membership and the judgment against the course have led
to the need to raise funds to open the course in 2008. With this need to raise funds comes a commitment to change
the way Lincoln Valley moves forward.
The board is asking for a long-term commitment from its membership and
the community as a step to reduce the debt load of the course and to start a
focus on the debt free future of the facility. Question:
What will happen to the pledge money if the goal of $100,000 is not
reached? Answer: The money
collected from your pledge check will be kept in a new bank account. This account was created to keep the
monies pledged completely separate from any account used to operate the
course. The account was setup to make
it easier to manage as a fund used to assist the course and to allow your
check to be sent back to you if the goal is not reached. Question:
How will my payment of 2008 dues now help the course and be handled
should the goal not be reached. Answer: Payment
of your 2008 dues now will go a long way to helping the course open in
2008. Your membership along with your
pledge will have a two-fold effect.
The membership will help us continue with enough funds to start the
season and get to the period where regular income will come from greens fees,
golf events, and ballroom rentals.
Your pledge will help the course pay back rent owed to the trust and
the judgment for the beverage carts in 2007 and begin a new goal in the years
to come to reduce the debt load of the course for loans taken out to make
Lincoln Valley an 18-hole golf course.
Question: Will people who paid their 2008 dues in 2007 be reimbursed for
their payment? Answer:
Unfortunately the answer is no.
This money has been spent for operating expenses and loan payments
already. |
|||||||||
|
|
||||||||||
|
|
||||||||||
