Mid-season Update & Closure Status

As a follow-up to the July 9th Briarwood Members’ meeting at the Pool, this post summarizes the issues discussed, provides an update on the remainder of this season, and describes next steps involved in permanent closing the Pool.

July 9 Meeting
Approximately 30 members were present at the July 9 meeting held at the Pool. The agenda followed documents summarizing the financial situation as of July 9, steps being taken to extend the season as long as possible, and obstacles to opening next season. In addition, listings of revenue growth initiatives and facility improvements implemented at Briarwood over the past three years were distributed. The Board President reiterated that Briarwood Pool cannot meet its financial obligations in 2010 and announced that the pool property would be put up for sale.

Season Update
We are currently at 68 members, an increase of four since the July 9 meeting. Please pass the word that August Family and Single Memberships are available for $199 and $99, respectively. Also, we are offering Day Passes to Families for $25 and Singles for $10. Every little bit helps. On a hot, humid day in August, Briarwood can be a nice place to be. On the positive side, concessions sales have been contributing nicely to our cash position, and with a reduced guard schedule, we are cautiously optimistic that we will make it through to August 30. Our primary concern is to be able to make payroll. Should the situation change, we will notify the membership as quickly as possible.

Closing of Briarwood
The Board of Directors met on July 25 and, based on information shared prior to and at the July 9 Members’ meeting, voted unanimously to close down operations and liquidate the Briarwood Pool assets at the end of the season. Along these lines, the property has been placed on the market and we have begun tallying a list of assets that will be sold off to raise money. Our goal is to reach the end of the season with our accounts payable as small as possible. Any remaining bills, property taxes, and the note from Friends of Briarwood will be satisfied from the proceeds of the property sale. Lastly, in accordance with the Articles of Incorporation, following dissolution of the Corporation, any remaining funds will be donated to a 501(c)(3) charity. Please note that this is not a bankruptcy proceeding. Our goal is to wind down what has been a community jewel for 45 years in a responsible and professional manner.

The Board greatly appreciates the support and encouragement given to us by the Members. Briarwood is a big part of our lives and we, like you, will be very sad to see it go. Our only consolation is that we will leave knowing that we gave it our all and did the best we could.

Respectfully,



Richard DesJardins, President