Skip to main content
Dance_Floor_Empty

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:

Cash out  

Cost of restoration/renovation              Total cash out                               $1,800,000                         

Cash in

Cash on hand as of 7/31/2018 from member auctions

& prior DLYC profits                                                                                              600,000                                                                                           

 Donated cash and in-kind investments                                                           800,000

Mortgage                                                                                                                400,000

                                                                    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)