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Kelowna yacht Club leaking money

Kelowna yacht Club leaking money

Postby grumpies daughter » Sep 12th, 2017, 6:27 pm

Global news tonight reported that the KYC has lost over half a million dollars this year. How does that happen?
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Re: Kelowna yacht Club leaking money

Postby Loki2u » Sep 12th, 2017, 6:30 pm

Didn't see the news story but my best guess would be because of all the flooding and boating restrictions on the lake this year which probably resulted in property damages and loss of revenues.
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Re: Kelowna yacht Club leaking money

Postby Even Steven » Sep 12th, 2017, 7:24 pm

You'll be surprised how easy it is to lose money when running a business this big in Kelowna.

It's not all puppies and rainbows.

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Re: Kelowna yacht Club leaking money

Postby stuphoto » Sep 12th, 2017, 7:27 pm

Considering that BOAT stands for
Bring Over Another Thousand
and they have hundreds of boats there it's no wonder they are losing so much money.
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Re: Kelowna yacht Club leaking money

Postby GoStumpy » Sep 12th, 2017, 7:33 pm

grumpies daughter wrote:Global news tonight reported that the KYC has lost over half a million dollars this year. How does that happen?


Oh my god.

Did you just move here in the past 15 minutes?

Almost ALL boating related businesses have had large issues this year, one that dealt with the flooding and lake closure would definitely be affected... pretty hard to turn a profit when you're flooded and closed?

JEEZ.

BTW, people and businesses have lost over a half million dollars in DOZENS of other things that didn't make the news, just a heads up if you want to get up in arms about those :)
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Re: Kelowna yacht Club leaking money

Postby Ken7 » Sep 12th, 2017, 7:36 pm

grumpies daughter wrote:Global news tonight reported that the KYC has lost over half a million dollars this year. How does that happen?


I do not believe they lost, they projected a sum and due to the circumstances that necessary operating budget was not met. They therefore have released the GM of the Club and are considering ways to cut costs.

To bad the place was not looking like the original plan, they could have renamed it "I HOPE SHE FLOATS."

Members may be asked to buck up $350.00 each to cover some of the operating costs. I thought that was interesting, how can you do that when people budget what they spend there. Just glad I am not in that class, LOL. I have had offers to join but I can't be like some of those......_____________________.
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Re: Kelowna yacht Club leaking money

Postby lesliepaul » Sep 12th, 2017, 8:06 pm

Did they REALLY lose money or are they like so many other (big) business's that claim they lost money because profit this year did not exceed last years profit..........too many companies or business's claim a loss publicly when in fact there WAS a profit, just not enough.

Looks like the Thurston Howells of Kelowna will have to cough up some more of their "play dough". UNLESS our mayor (Gilligan) comes to their rescue.

Hey Basran..........was that you I seen swabbing the poop-deck of one of your election donators near the yacht club?

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Re: Kelowna yacht Club leaking money

Postby Ken7 » Sep 12th, 2017, 8:12 pm

lesliepaul wrote:Did they REALLY lose money or are they like so many other (big) business's that claim they lost money because profit this year did not exceed last years profit..........too many companies or business's claim a loss publicly when in fact there WAS a profit, just not enough.

Looks like the Thurston Howells of Kelowna will have to cough up some more of their "play dough". UNLESS our mayor (Gilligan) comes to their rescue.

Hey Basran..........was that you I seen swabbing the poop-deck of one of your election donators near the yacht club?


As I stated they did not meet the projected figure. I actually taped the news, but it likely is in the paper as well. I do further do not believe someone was skimming as they made NO mention of a investigation or police involved.
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Re: Kelowna yacht Club leaking money

Postby vegas1500 » Sep 12th, 2017, 8:32 pm

stuphoto wrote:Considering that BOAT stands for
Bring Over Another Thousand
and they have hundreds of boats there it's no wonder they are losing so much money.


They don't own the boats so should be irrelevant. People commit to the slips in advance and pay a year in advance (non-refundable) I believe so that income should have been the same. Maybe people weren't hanging out down there and spending money when they weren't using their boats.

You purchase a shared mbrship there so they could do a special assessment and levy a charge to all mbrs.
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Re: Kelowna yacht Club leaking money

Postby Ken7 » Sep 12th, 2017, 8:43 pm

vegas1500 wrote:
They don't own the boats so should be irrelevant. People commit to the slips in advance and pay a year in advance (non-refundable) I believe so that income should have been the same. Maybe people weren't hanging out down there and spending money when they weren't using their boats.

You purchase a shared mbrship there so they could do a special assessment and levy a charge to all mbrs.



It will be interesting seeing what happens.

I'd think in their Bylaws and Constitutions they can only raise the prices by a percentage per year.

I wonder how many will say no. That would be my answer, raise the cost next year as per the Bylaws and then one can stay of leave. I don't think it is proper to go back and ask for more, not the proper way to do business at all.

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Re: Kelowna yacht Club leaking money

Postby grumpies daughter » Sep 12th, 2017, 8:46 pm

I think that the big problem is the food and Beverage , even though the members are forced to pay about 3 or 4 hundred into the food and beverage ve3nue each year, I don't think that comes close to supporting the number of staff that are required to support the square footage
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Re: Kelowna yacht Club leaking money

Postby Queen K » Sep 12th, 2017, 8:56 pm

vegas1500 wrote:
stuphoto wrote:Considering that BOAT stands for
Bring Over Another Thousand
and they have hundreds of boats there it's no wonder they are losing so much money.


They don't own the boats so should be irrelevant. People commit to the slips in advance and pay a year in advance (non-refundable) I believe so that income should have been the same. Maybe people weren't hanging out down there and spending money when they weren't using their boats.

You purchase a shared mbrship there so they could do a special assessment and levy a charge to all mbrs.


Vegas, I believe you've nailed it right here. On top of "Make No Wake" for like, June and July, what would be the fun of heading up to the club with all the smoke views? Lost revenue on all sides and it's all added up.
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Re: Kelowna yacht Club leaking money

Postby WalterWhite » Sep 12th, 2017, 9:16 pm

Maybe the "if you build it - they will come" philosophy didn't quite pan out the way they were projecting.

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Re: Kelowna yacht Club leaking money

Postby 60-YEARS-in-Ktown » Sep 13th, 2017, 1:25 am

Chalk it up to an out of ordinary bad season .
They will slowly make the money back and recover from it.

Half a million bux ain't so much if you say it real fast ! !
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Re: Kelowna yacht Club leaking money

Postby Anonymous123 » Sep 13th, 2017, 5:21 am

They are contemplating downsizing some of their square footage. Could there be enough rearranging in that building to accommodate a tourist information centre?
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