1 GCC Annual Meeting 2014 Call to Order Voting Presentation President’s Remarks Membership Report Financial Report Facilities Report Kitchen and Dining Improvements Project Report Recognize Board Members Completing Terms Final Tally of Vote Presentation of New Board Members New Business - “Plan C” Presentation

2 Membership Report - Tom Corrigan Committee : Nan Naeve, Wheeler Neff, Diane Crivelli, Rick Thomas, Karissa Thacker, Deirdre Pettinaro, Nancy Wolak, plus Julie Saunders and Erica Donoho Currently 363 resident members, including 107 Senior Social, and 37 non-resident members – Resident membership increased by six (6) members vs. last year

3 Membership Report (2) - Tom Corrigan Average Age – Total Club [Years] Departing Members’ Average Age: 71 – Relocation (8), Inactive at Club (6), Death In Family (5), Affordability (1), Other (3) New Members’ Average Age: 55 – Age Distribution:

4 Finance Committee Report, John Wolak  Financial position of the club remains very strong  Six consecutive years of positive net operating income  Fiscal year ended May 31, 2014  Net operating income of $51,000 versus budget of $45,000  Revenue of $3.66 million in line with budget  Dues - $1.58 million; Dining/Banquet - $1.87 million  Zero debt outstanding  No material issues noted by our accountant Condon O’Meara  Current year budget – net operating income of $10,900  Owl’s Nest Fund – Current balance of $63,200

5 Facilities Report, Kurt Faller Capital Improvements in Fiscal – New baby grand piano – New Power Plate fitness equipment – House Subcommittee interior upgrades – Purchase of a lawn aerator Maintenance Items Categorized as Capital – Replacement HVAC for fitness center and pro shop – New gas heaters for indoor tennis – Resurfacing the swimming pool – Underground water pipe replacement – House roof and chimney maintenance projects

6 GCC Kitchen & Dining Improvements Project, Eric Holloway November “Construction Documents” completed- reviewing fit and finish details with architect and contractor to finalize pricing Jan/Feb Architect and Interior Designer to provide picture boards showing project as it is to be built Spring Complete variance process on Parking and Well Head Area Summer Sign contractor contract and place materials and equipment orders Summer Finalize financing details for project with intent to begin borrowing within 3-6 months

7 GCC Kitchen & Dining Improvements Project (2), Eric Holloway Summer/Fall Contractor to obtain NCC Building Permits Nov 1, Commence Construction of exterior portions of project, i.e. Dining and Bar area Jan 1, Commence Construction on kitchen and interior portion of project April Reopen kitchen portion of project (separate building permit) June 1, Open outdoor dining Labor Day - Open bar and informal dining areas

8 Board Members Completing Terms Thank you! Cam Martin – Vice President, Personnel Ann Martelli – Dining/ Social Kurt Faller – Facilities Chair

9 Tally of the Vote Rod Teeple Presentation of Slate of New Board Members – Eric Mazie – Legal Chair – Deirdre Pettinaro – Tennis & Paddle Chair – Kathy Zabel – Dining/ Social Chair – Shaw Taylor – Facilities Chair – Wheeler Neff – Vice President, Personnel

10 New Business An alternative Project Proposal – “Plan C” Presentation

11 Questions and Answers

12 Adjourn This concludes the annual meeting of the membership of Greenville Country Club