dayton raiders swim club jan 6, 2014 · 2014. 1. 6. · dayton raiders swim club jan 6, 2014 mid...

Professional Swimming for Professional Athletes www.daytonraiders.com


Dayton Raiders Swim Club Jan 6, 2014

Mid Season General Membership Meeting about the

Dayton Raiders Aquatic Center (DRAC)



DRAC Facility Board • David Listerman

• Patrick Mulligan

• Shawn Blatt

• Rick Lehman

• JK Koehler

Note: The Facility Board operates separately from the Dayton Raiders Swim Team Board



DRAC Board • This board meets on average 4 times a week

at a minimum of 2 hours each evening

• This board meets with vendors, suppliers, and customers on average of 2 hours each day.

• Rick Lehman averages 40 hours a week maintaining the facility doing improvements and ensuring that the facility is operation

• The board is responsible for coordination of all outside interest.



DRAC Responsibilities The main responsibility of the board is to develop a business plan to ensure the facility is a PROFIT center.

We are responsible to oversee the day to day operations of the facility.

Make decisions on improvements and allocation of funds.

To ensure the Dayton Raiders swim club has a HOME!



Goals • Purchase the facility from the YMCA

• Develop strategies to meet all our financial obligations and all essential capital improvements to the facility.

• Maintain a safe and secure home for the Dayton Raiders team at the most economical cost per family

• Build a 50 meter facility from operational income from the DRAC



Recent Purchases • Painting facility $3000.00

• Carpet $3000.00 Stanley steamer donated 90 yds

• Tile cleaning of locker rooms $1400.00

• New furniture for Lobby $1800.00

• New front desk 2000.00

• New Floor scrubber –850.00

• Brick sign –Donation

• Conference Table and chairs –Donation

• New lane line system for deep end –Donation



Recent Purchases (cont.)

• New Sign out by the road-Donation

• Copier machine-Donation

• Refrigerator –donation

• Chairs and tables –donation

• Stage risers-Donation

• Automatic pool cleaner $1500.00



Time to purchase the facility • As a facilities board we believe it is now time

to renegotiate with the YMCA and PNC to obtain a loan and continue the positive growth in the team and facility.



YMCA Loan vs. mortgage • Presently we are finance through the YMCA which

has these requirements.

• Original selling price is 750,000.00

• Monthly payment of 5500.00 $1000.00 goes to principle ( We owe presently 714,000.00)

• Balloon payment of 25000.00 due in May

• Commitment of 15,000.00 in spa repair

• 50% of all sub rentals income goes to the YMCA

• Only 501 c3 can sublease from the DRAC



Why purchase with a bank loan? • Reduces our monthly mortgage payment

• Eliminates the Balloon payment in May 25,000.00

• Eliminates the commitment of repairs to Spa 15,000.00

• Allows us to rent to anyone not just 501c3

• All rent would be the ours not 50%

• Capital improvements would be ours



Amortization schedule • Loan Summary

• $600,000.00

• 4.5% interest

• 20 year

• $3795.90 Monthly Principal & Interest



Why a $750,000.00 loan? • Our goal is to renegotiate with the YMCA to a

lower sale price. We will have a signed letter from PNC stating we can obtain a $600,000.00 loan and we would ask the YMCA would they be willing to sell at a lower price.

• By keeping the loan at 750,000.00 this would allow us to finance the bigger capital improvement such as dehumidification system and HVAC systems.



Can we afford to do the necessary improvements and not

own the facility?

• Our belief is it makes no sense to invest the needed capital in the facility without actually owning the facility.



Necessary improvements • New pump for pool $5000.00

• New Dehumidification system $90,000.00

• New boiler system $25,000.00

• New Filtration system 15,000.00

• New epoxy flooring for the locker rooms $15,000.00

• New windows for the natatorium $8000.00

• New ceiling and repairs for natatorium $250,000.00

• New score board 10,000.00



Additional income sources and possibilities

• Pool rental to 4 local High school swim teams 8000.00

• Pool rental for High School swim meets 2000.00

• Pool rental for synchronized swimming 1000.00

• Pool rental to the Kayak club 500.00

• Room rental for New Life Church 24000.oo

• Room rental for Irish Dance 20000.00

• Room rental for Banquets and parties 2000.00

• Room rental for personal fitness and training 10000.00

• Room rental for potential Day care facility 24,000.00



Finances as of November 1

• Cash on hand $165,000.00

• Main account $125,000.00

• DRAC account $6000.00

• Capital fund $34000.00

The capital fund is presently set aside for the balloon payment



Finances • Monthly team Income 40,000.00 on average

• Monthly team expenses 35,000.00 on average(includes the DRAC)

• Monthly other income 5,000.00

• Presently we have $105,000.00 in savings



Decision time • Apply for a loan at PNC

• Renegotiate selling price to the YMCA

• Require a 20% down Payment of 150,000.00

• This would reduce our cash down to approximately 20,000.00

• Additional savings would give us the future capital to make improvements



Things to remember • We have no other viable facilities to use for

the team

• Dixon was a DOA waiting to happen

• WSU took away our morning practice time

• Having a facility lets us control our destiny instead of someone else



What we MUST have from DR Board • A commitment of people and resources to

implement and sustain a long term capital fund raising program.

• A commitment of people and resources to implement and sustain an annual advertising program. A goal of $75,000.00 annually

A Commitment of the board to be present and assist at the DRAC of at least 8 hours a week

dayton raiders swim club jan 6, 2014 · 2014. 1. 6. · dayton raiders swim club jan 6, 2014 mid...

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