Renovation Capital Campaign
August 20, 2021
Dear DLYC Members,
On August 1, 2018, DLYC’s Board of Governors announced a Capital Campaign in order to finance the majority of our clubhouse restoration/renovation. Our goal was to raise $700,000 over the next three years; August 1, 2018 to August 31, 2021. Members were given the option to pledge their gift and pay it over this three year period.
Capital Campaign highlights to date:
1. Campaign goal established at $700,000.
2. As of July 31, 2021, DLYC received cash donations amounting to $670,000 and in-kind donations of $130,000.
3. Complete cost of restoration/renovation was $1,800,000.
By all measures, the Capital Campaign was a tremendous success. The generosity of our members provided $800,000. At the beginning of the Campaign, DLYC had 506 members. Today we have reached our maximum capacity of 578 members. New applications for membership continue to come in but in order to maintain service standards these applications are placed on a waiting list.
Cash Flow explains how project was financed:
Cost of restoration/renovation Total cash out $1,800,000
Cash on hand as of 7/31/2018 from member auctions
& prior DLYC profits 600,000
Donated cash and in-kind investments 800,000
Total cash in $1,800,000
Currently the balance on our mortgage is $250,000. It is our desire to pay this mortgage off as soon as possible so DLYC can be debt free and not have to pay interest on this loan. In this effort, we’re asking all members (new and old) who didn’t have an opportunity to support the Capital Campaign to consider doing so now.
DLYC Capital Campaign consists of eight donation levels.
Current participants Category Donation amount
1 Admiral $100,000 and up
4 Captain $50,000 – 99,999
3 Commander $25,000 – 49,999
7 Lieutenant $10,000-24,999
26 First Mate $5,000 – 9,999
118 Lightning $1,000 – 4,999
38 Main Sail $500-999
22 Spinnaker $50 – 499
In the spring of 2022, a permanent donor board will be placed in the flag room to commemorate the generosity of DLYC’s members. Our renovated clubhouse will serve us, and future generations, well.
With sincere thanks,
Devils Lake Yacht Club Board of Governors
(Please Note: All numbers are rounded for illustration purpose)