GM REPORT TO THE BOARD FEBRUARY 12, 2017

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1 GM REPORT TO THE BOARD FEBRUARY 12, 2017 GM/COO Business MTD Financials $47,901 worse than budget with a profit of $80,053 versus a budgeted profit of $127,954. o F&B was $2,899 worse than budget due to a shortfall in revenue because of our aggressive pricing structure on lunch buffet and Wednesday night buffets. o Golf Shop was $1,516 better than budget due to savings in expenses; tennis was $1,015 better than budget due to savings in expenses. o Fitness was $281 better than budget. o Marina was $596 better than budget because of savings on the shuttle boat fuel surcharge fee. o Misc. Income was $10,804 worse than budget due to $8,500 in Lessee transfer fees and $3,650 in rental application fees; this will most likely trend negatively going forward. o G&A was $19,211 worse than budget with Payroll being $13,422 over budget because of additional expense of W2 processing and proof of group insurance documentation that needed to be sent out to all employees which normally would be expensed in December. There was also an audit expense of $5,625 that was a timing issue as that was budgeted in February but they started the audit early. o Golf Course Maintenance was $1,055 better than budget. o Utilities were $328 worse than budget. o Property Management was $19,162 worse than budget due to two timing issues of $10,190 in cleaning supplies that we purchased in bulk and were budgeted in future months and $8,983 in gate transponders as we were almost out of units, which will be offset as we sell them throughout the year. Golf Clubhouse and site planning around the Golf Club Complex in ongoing and good progress is being made. No significant changes can be made at the Golf Club without a major kitchen upgrade and redesign. That is our current focus but we will begin to meet this week with the architect and interior designers on the conceptual design for both usability, functionality and aesthetics. Once that is all complete, we can begin to get cost estimates. The preserve maintenance work along #5 & #6 Sound course and #3 River course are either completed or underway; we hope to have all work done by the end of the month. The Comcast contract is still in the hands of Comcast management. John Graft and myself have been in contact with them and we expect the contract to be delivered by the end of this week or next. There have been a few concerns about some spots within the roadway system after the completion of the resurfacing project. These have been passed along to the River Ridge management and engineer for follow up action by the contractor. After reviewing the possible ownership change to the River Ridge CDD of the roadway from Torrey Pines to the River Club, it was determined to be cost prohibitive as it would require a total re-plat of the roadway system, which would probably take a year and be over $50,000 in legal fees. Accounting Department Cash Account Balances as of 02/09/17 Operating Checking $1,526,900 1

2 Operating M.M. $4,138, Capital M.M. $1,018, Capital M.M. $ 38,280 Replacement M.M. $ 713,225 AEP $ 931,000 HOME SALES JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOT Resale Statistics # % Average Age Under Contract Total 13 Previous Renter 1 20% nd Purchase 4 80% 68.0 New to Community 0 00% 00.0 Total SEASONAL RENTALS YEAR OCT NOV DEC JAN FEB MAR APR Fitness/Wellness We had a great turnout for our Annual Health & Wellness Fair as we saw a steady flow of members for the entire 3-hour event, which hosted 35+ vendors in the health/wellness field. Our Blood Drive delivered a good turnout with over 25 members showing up to donate over 19 units of blood. This correlates to as many as 57 patients being helped from our efforts. Our 3 Healthy Cooking classes in January got rave reviews from the 24 members who participated and learned how to prepare several healthy meals, chef style. We are currently holding Professional Line Dance instruction here and have over 25 members participating in the 5-week session. We held a Physician Seminar on New Treatments for Shoulder Issues with Dr. John Mehalik. We sold out the River Room with over 50 members attending; outstanding comments and reviews followed. 2

3 We are currently running over 135 classes this month in February and have sold over 50 Unlimited Class packages and sold 14 Annual Passes for year-round residents. Food & Beverage Member Events holers opening day (160) Couples golf (180) holers Welcome BACK (140) Tennis Party Welcome back (92) Mexican Buffet (168) Godfather Party (163) Concert in the park (600) Prime Rib (196) MEN S SENIOR Championship (138) Casino Night (246) Rally Lunch & Dinner (147 lunch, 144 Dinner) Couples Member Guest (180) Valentines Dinner Dance (200) Upcoming Events holers member guest (130) holers member guest (130) Tapas night (170) PRIME Rib Buffet (200) Men s Member Guest (180) Wine Dinner (100) Concert in the Park (600) holers member guest (130) Banquets Catered events: Dance for the Heart (150) January 2017 /February 2017 The Golf Club continues to be open for lunch Monday-Saturday; we added our Sunday Brunch on January 15 th ; brunch has been well attended thus far. - Still Rotating the lunch menu every 4 weeks - Express Soup & Salad Bar available Monday-Friday 11:30-2:30 - January Lunch/Brunch covers totaled 3,994, an average of 128 per day at the Golf Club The Golf Club will continue to have dinner on Wednesday & Friday nights for the remainder of the season. - January Friday Dinner covers averaged 100 per evening at the Golf Club - We have an Al a Carte menu available as well as a nightly dinner special - The 2 for $42 Special that includes Salad, Entrée, and a Bottle of Wine on Fridays is being well received We are continuing Wednesday nights at the Golf Club with Themed Buffets. Soup & Salad bar January 11th 162 attendees & 18th 147 attendees Mexican Buffet January 25, attendees Prime Rib with 196 attendees. Soup & Salad Plus with 142 attendees 3

4 The Outside Grill and Snack Bar will continue 7 days a week throughout the season; adding Sundays have been a great success. The River Club will continue dinner on Tuesday, Wednesday, Thursday, Friday, Saturday & Sunday for the remainder of the season. - Rotating the menu every 4 weeks - January Dinner covers averaged 165 per day at the River Club The Unplugged series on Thursday nights continues, averaging 320 covers. We added the Taco Boat on Thursday nights; it is being well received, averaging 65 covers Thursday nights. Lunch at the River Club - Rotate lunch menu every 4 weeks; January Lunch covers averaged 46 daily. We will serve lunch Tuesday Sunday throughout the season at the River Club. Concert in the Park, January 31, 2017, with the Robert Williamson Band drew a crowd of around 600 members! We will continue our program for Concert in the Park for the remainder of the season. We started a new and exciting program! We are now offering Chips. Chips can be purchased ahead of time for Beer, Wine or Well brand liquor. This added feature helps the service staff from ringing up each individual check per drink, and will allow quicker service and shorter lines. We will still offer the single wrist band for one event which will be $16 inclusive. We started the Comment Card initiative program in January; we received 370 comments cards for the month. Our top servers for January were, Lindsay, Amanda, Torri & Emily. Golf Course Maintenance Additional nematode samples were pulled again this week (February 13 th ) by Bayer to follow the progress and effectiveness of Indemnify. The results so far have been positive. Burrows Turfgrass Services performed their first site visit and sampling on February 1 st. Soil samples will provide information on soil and plant health. Recommendations will follow on adjustments if needed. The shrub mulcher will be on property on February 13 th for continued work on River 3. During this time, please be advised to stay clear of the machine as it can shoot debris out from the front of the mulcher head. We will continue plugging bad/weak areas on the greens as time permits. We have and will continue to fertilize as needed in weak areas, walk-ups and enter/exit points. Stump grinding has been canceled due to the undersized stump grinder. Since there are no larger machines in the southeast, we will resume this project again this summer with a larger, more effective piece of equipment. Golf Shop January rounds came in at 10,427 New Chelsea rules in effect; no violations so far. Rally for a Cure event was another success raising $44,400 Golf Committee members and management exploring possible GPS options by visiting neighboring courses with installed systems. A new Greens subcommittee was formed and will be headed by former handicap chair Jerry Brown; Tom Werner takes over the position of handicap chair. Couples Member-Guest event had 160 players and received positive feedback. This was a new event and we learned some ways to improve it going forward. The local PGA Chapter is in discussions with Pelican Sound to host the annual spring meeting and tournament in May. 4

5 Property Management Property management is continuing their usual tasks to maintain community amenities during season, including pressure washing general areas, grill maintenance/repair, pools, etc. We added more lighting to the bocce courts and have contracted to install a gutter drainage system to help court playability. We are in the process of adding a fiber network for our internal network that supports all of our administration needs. The watercraft attendant down at the River Club area is working out well. You can now reserve your desired watercraft on Chelsea and head straight down to the boat launch to pick up your reserved watercraft. This service will be offered until the end of April. We have added new cutting boards to the fish cleaning station in the River Club parking lot. We have replaced the air compressor in the River Club parking lot. We have replaced the spa pump/filter at the Island Sound pool. Tennis Department/Pickleball The active tennis member list up now up to 300! The Sneaks and Cleats event is up next on February 25 th and sign-ups are going well; 16 teams so far. Pickleball has exploded in the pro shop and we are doing great with sales in that department. The courts are getting more and more active in the afternoon hours with the addition of a ladder system to accommodate more players. Our Tennis 101 keeps growing every week with new players. 5