The Ocean Pines Association released its financial statements for July this week, indicating an overall positive fiscal year for the community despite decline in a couple of areas.
A lifeguard is pictured watching swimmers at the Ocean Pines Yacht Club pool.
File photo
By Tara Fischer, Staff Writer
The Ocean Pines Association released its financial statements for July this week, indicating a positive fiscal year for the community.
The report notes that the homeowner association’s operating fund variance is positive year-to-date at $432,277 and positive for the month ending July 31, 2024, at $2,378.
Additionally, all amenities, sans aquatics, which is down $11,000 from July 2023, and the yacht club, which has a negative difference of around $57,000 from last year, increased their profits.
At the end of July 2023, the Ocean Pines Beach Club parking saw operational profits of $448,282. This year, that figure has increased 4% to $464,472. The marinas rose 18% from $217,266 to $257,076, the beach club’s numbers improved 25% from $131,485 to $164,055, and the Clubhouse Grille climbed slightly from $65,500 to $69,555.
Racquet sports’ profits grew 27% from $82,574 to $104,716, and golf shot up 15% to $571,401 from $495,337.
The report was released following the community’s Aug.10 annual meeting, at which OPA Board of Directors President Rick Farr referred to the golf course as a “destination” spot. General Manager John Viola has repeatedly referred to the amenity as the propeller to the neighborhood’s financial success.
The golf course’s monetary favorability is notable, as OPA officials have claimed that the recreational service operated at a considerable loss in the past. As maintenance and renovations continue to be prioritized, membership has increased.
The course is preparing to undergo an irrigation initiative, which, in its first phase, will include replacing pump stations at fairways one and nine and the driving range. According to Viola, the project is expected to cost approximately $934,000. The work will kick off in November and be completed by March 2025.
“The golf course … continues to be improved, and we are going to continue down that avenue to make sure it remains a destination golf course,” Farr said at the August 10 meeting.
Marty Clarke, a former OPA board member and vice president who was initially elected in 2007, noted on the Ocean Pines Forum that the July numbers indicate the HOA is “sitting on over $9 million in our reserves and an additional $9,777,340 in cash on hand.”
On Aug. 10, Viola maintained that the community is financially stable.
“At this point, if I were to put a term on it, I would call it Goldilocks,” he said. “It is a Goldilocks situation.”
The association continues to improve its amenities. The Veterans Memorial Pavilion is on track to be completed by November. In the last 12 months, $25,000 was spent on maintenance to the racquet sports pro shop, including a new HVAC system, an ice machine, office furniture, window repairs, and a splash pad installed at the Swim and Racquet pool.