This winter we bit the bullet and replaced the roof of the facility after many patches. Armor Services Roofing of Florence completed the project in January at a cost of $37,100. Last Spring, we purchased 50 Adirondack chairs ($7,350), refrigerator and freezer ($3,100), and umbrellas ($1,200). All items were paid with our cash reserves.
We are in the early stages of discovery and diagnosis of both the facility and the property. Our goal is to get caught up with any deferred maintenance and determine the funds left for any improvements and or changes. We will be soliciting your input as we get further into the project. Our bank loan will be paid off in the next couple of years and the timing is right financially. The last renovation in 1989 was financed with the help of an assessment. At this time, we are striving to complete upcoming renovations without assessing the current bondholders.
2019 brings a financial headwind for fitness and recreational sports centers including Beechwood Swim Club. Historically, the state of Kentucky sales tax only applied to a few select services. The General Assembly enacted 2018 House Bill 487, effective July 1, 2018, extending the 6% sales tax to include membership dues and single-use fees charged to access swim clubs. The new law creates a new $15,000 expense for the club.
The board of directors prides itself in keeping annual membership dues affordable and among the lowest in the area. We have only raised dues one time in the last seven years. The board of directors has decided it is necessary to raise dues to cover rising costs and to maintain and improve our property. The 2019 membership structure will be as follows:
ALL MEMBERSHIPS PAYING DUES BY APRIL 15 WILL RECEIVE 5 SINGLE DAY GUEST PASSES.
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Members can pay online with a credit card (subject to 3.75% upcharge to cover merchant processing) or mail checks to Beechwood Swim Club, PO Box 17066, Ft. Mitchell, KY 41017. All payments are due by April 15, 2019. ALL BONDHOLDER PAYMENTS POSTMARKED AFTER APRIL 15 MUST INCLUDE A $50 LATE FEE. Membership cards will not be activated until all fees are paid. There are no exceptions to this policy to be fair to all members.
The board is planning a full slate of activities, some old and some new, and will put out a calendar of events as we lock in the dates. We are excited for the 2019 season and look forward to seeing you at the pool!
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