BOARD OF DIRECTORS MEETING MONARCH AT ROYAL HIGHLANDS, INC. April 7, 2017

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1 BOARD OF DIRECTORS MEETING MONARCH AT ROYAL HIGHLANDS, INC. April 7, 2017 A meeting of the Board of Directors of the Monarch at Royal Highlands, Inc. was held at 8:00am in the Great Hall Meeting Room. Those present: Terry Neikirk, Dick Therrien, Ray Smith, Ann Carter, Diane Christie, Dick Sjogren, Mike Russomano and Linda Gietz. Tom Bailey was absent. Also in attendance was Sam Floyd from Par for the Course Management Linda Eaton, F & B & Craig Misch, Golf Pro. President Terry Neikirk Terry called the meeting to order at 8:00 AM. Minutes of the March 24th meeting were approved. Treasurers Report Linda Gietz The Monarch at Royal Highlands, Inc. Treasurer's Report 04/06/17 Account Account Type Bank APY Balance Cash - Operating - Available Checking Sun Trust 0.01% 40, Petty Cash Currency Office Safe 0.00% 1, Capital Reserve 28, * Ford Interest Advantage Note/Checking Ford Interest Advantage 1.05% 151, Non Operating Investment Account Bonds Raymond James 3.11% 40, Non Operating Investment Account Cash Raymond James 0.02% 1, , Change from 03/24/17 Report (7,873.29) * The Capital Reserve account has been deducted from the checking account to reflect the correct total. Sun Trust Loan 5.15% 1,023, Linda spoke with Josh Gonzales from Sun Trust regarding our loan renewal. He is shopping for an appraiser for the loan. Based on our operating results, Sun Trust is willing to give us a 7-year loan so we

2 would not have to have another renewal of this loan. This would allow us to know what our interest rate would be for the life of the loan and we then would not have to pay for another appraisal. We have asked the bank for early renewal and they have agreed to have it done so our renewal can be in place before May 31, Our loan balance should be $1,023,873. At the time of our last loan the prime rate with 3.25%. Our loan rate is currently 5.15% or 190% over prime. The current prime rate is 4.00% so we know our new rate would be at least 5.9% & probably more like 7% because the length of the loan will be longer. At 7% we would be looking at a Principle & Interest payment of $15, The board will evaluate our upcoming projects and capital requirements to determine if an additional loan amount will be requested. Linda made a motion to approve the purchase of a VFD computer (Variable Frequency Drive Computer) for the water system as a capital expenditure. This motion was seconded by Dick Therrien and approved). Sam Floyd Managers Report The preliminary results for March shows sales are down $6,344 to budget with a net income up $29,998. F & B made up lost ground in March by making up $1,789. We are down for the year $6,665. Year to date is performing $14,000 ahead of budget. Sam feels we are performing extremely well. We have changed payroll companies to PayCor because the program we had which was Quickbooks was not working well for us. It gives us more control before checks are issued. The Member Guest tournament is coming along extremely well. We raised $17, from sponsors and have a budget of $15,000 so we did great thanks to all the people that solicited the local businesses. We have 124 players playing. The entry fee pays for the golf and the six meals each player will receive including the banquet on Saturday. The sponsorship money goes for the cost of the rest of the tournament. Hot spots on the course are because of the hot weather and lack of rain. Some of the greens have dark spots and that is because those areas are not getting watered properly by our irrigation system. The course is transitioning by itself as a result of the weather conditions. The maintenance department is working on properly training the employees for cup placements. Vacuuming of the leaves and acorns is currently taking place. It will be completed at the end of the day of Friday, April 7th. The beetles that have shown up on some of the greens are not detrimental to the course. We are using a wetting agent which is a pellet jell on the roots of the green to help keep them moist. The greens were spiked this week.

3 Course Closing on the following dates for ground work: Monday, May 1 st, the course will be closed all day for punching of the greens. Wednesday, May 3 rd, the course will close at noon for application for mole crickets Wednesday, May 10 th, the course will close at noon for DriJett application. Monday, June 19, the course will be closed all day for Aerification The ravine on #16 is a water hazard with yellow stakes. It will not be mowed until it is a foot high at which time it will be trimmed. It is difficult to get servers for the restaurant as they don t make much money. Linda & Sam are working hard to get staffing up to normal. Mulch for the club was donated by the Nifty Niners from their 50/50 drawings. The mulch has been put down around the club house, back of #9 green, and around the celebration patio. Thanks to Keith Patterson for painting all the ball washers. Vice President - Dick Therrien Grounds Committee There was a grounds committee meeting which redefined the definition of greens transition. Matter of proper explanation was well received. Membership Mike Russomano Resignation no resignations Remaining on Leave: Bob Breen Chuck Shenot Ed Auger Casey Case Bob Titton Harvey Small Pat Chausse Ron Field Hartley Rossom Roy Colmer Harry Taylor eff 4/1 Terry Henderson eff 4/16 Debbie Douglass has changed from Family Equity to Single Equity effective 3/1/17 Ron Bouchard has changed from Family Seasonal Equity to Single Seasonal Equity effective 4/1/17

4 Mike made the motion to accept the One Month Membership effective May 1 st. The motion was seconded by Ann Carter and passed. This membership is a limited time offer. It can only be used once and is not available to current or former members. It includes all member privileges and requires food & beverage minimum for the month. This new membership will be available not only to people from Royal Highlands, but will be opened to anyone outside our gates. We will advertise extensively as it is thought this will help bring in new memberships. Mike made the motion to discontinue the Social Golf Program for any new players effective 5/1/17. The motion was seconded by Linda Gietz. All were in favor. Marketing Dick Sjogren We are down 200 rounds this month. We had more member rounds in March this year from last year at this time. Golf Ray Smith Discussion of the Memorial Day Couples scramble format & meals will take place at the next Golf Committee meeting. Ray will bring this to the Board at the next Board Meeting. This event will take place May 29 th. Communication Ann Carter The numbers for the dinners from March 23 thru April 5th are: 3/23 Thursday Dinner Special (Spaghetti & Meatballs-13) 48- $724, Bar $385 = $1,109 3/24 Friday Dinner Special (Grouper-260) 74- $$1,339, Bar $453 = $1,792 3/28 Tuesday s Dinner (Greek Chicken-3) 20 - $770, Bar$392 = $1,162 3/30 Thursday Dinner Special (Stuffed Peppers-21) -67- $874, Bar $539 = $1,413 3/31 Friday Dinner Special (Shrimp Scampi-13) -67-$1,002, Bar $262 = $1,264 4/4 Tuesday Dinner Special (Liver & Onions-46) -8- $1,078, bar $261 = $1,339 4/5 Italian Bingo -48-$598, Bar $296 = $894 For the period March 23 thru April 6 (12 days) there were 84 pizzas sold average of 7/Day The specials and events for the second half of April are: Tuesday s Dinners April 18-Roast Pork Loin with Apple Rum Raisin Glaze, Chef choice of potato & veg $14.99 April 25-Taste of Italy $15.99 Thursday s Dinners April 20-Pulled Pork Butt Plate with Garlic Toast, French Fries & Coleslaw $12.99 April 27-Homemade Meatloaf with Mashed Potato, gravy & vegetable $12.99

5 Friday s Dinners April 21 Closed to Public Member Guest April 28 -Wild Sockeye Salmon w/pineapple Salsa, served w/rice & Vegetable $15.99 For the month of April, we have two private dinner parties scheduled, one on April 12th h and another on April 19th. In addition to that, there will be the Member Guest Tournament, Top the Hill Birthday Bash, Men s & Ladies Tournament Luncheons. The pickleball team has ordered 16 pizzas for their event on Saturday, April 8 th. Entertainment Diane Christie May 10th Taco Bingo June 7 th Italian Bingo Challenge Cup Award Luncheon Friday, April 14. There will be 47 golfers and 48 people for lunch. President - Terry Neikirk The Board went through the presentation that will take place at the Informational Meeting on Monday, April 10 th 2:00 pm. The meeting adjourned at 11:15 AM. The next board meeting will be April 28, 2017 at 8:00AM in the Great Hall Meeting Room. Respectfully Submitted, Ann Carter, Acting Secretary