Treasurer outlines RCSC fund balances, board asks for simpler member-facing summary

Anita Boroski, RCSC treasurer, presented the board with the Treasurer's Report dated Jan. 30, 2025, summarizing year-end fund balances and investment results.

Boroski reported the corporation's unrestricted funds balance as of Dec. 31, 2024, was $13,800,000, which includes a $2,500,000 cash reserve. The Preservation and Improvement Fund (PIF) held $37,800,000 and the Capital Reserve Fund had $5,900,000. SIF funds collected to date in 2024 were $1,400,000. The corporation generated a year-to-date net operating deficit of $9,400 for 2024, which the treasurer described as $15.75 below budget year-to-date. That operating deficit was more than offset by investment and interest income: management reported total investment income across accounts of $3,188,000 for 2024 (with net amounts after management fees reported per fund).

Boroski provided fund-level investment details: the unrestricted operating cash reserve and other unrestricted funds (approximate cost basis $2.9 million) were invested in FDIC-insured treasury bills and corporate bonds and produced net income of $215,367 after $10,672 in management fees. The restricted capital reserve funds (cost basis reported as $1.4 million of $5.8 million) produced net income of $301,580 after $8,670 in management fees. The restricted Preservation and Improvement Fund (reported cost basis ~$35.7 million) produced interest income of $1,678,760 with management fees of $69,516 for a net of $1,609,244.

Several directors asked for simpler member-facing explanations. Vice President Netesheim said the report is “very hard to understand” for lay readers and asked staff to present a short paragraph that explains the key points in plain language. Director Foster asked why $9,000,000 was singled out in the report; Kevin McCurdy, finance support senior leader, explained that the $9,000,000 represented the portion of the $35.7 million PIF balance that was invested in fixed-income instruments as of Dec. 31, 2024, because a substantial amount of bonds matured in late December and much of the balance previously sat in a money market at year-end.

Director Collins asked for a breakdown of apparel inventory and sales in golf pro shops for the prior year. Director Netesheim and others reiterated the request for clearer presentation on PIF inflows, outflows and investment income. The board directed management to prepare a simplified summary paragraph for member materials while retaining the detailed accounting data for those who want it.