2009 YACHT CLUB SURVEY PARTICIPATING YACHT CLUBS. Results compiled by: Dennis Conneally, CCM CCE The San Francisco Yacht Club

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1 PARTICIPATING YACHT CLUBS Balboa Yacht Club Kaneohe Yacht Club Hyannis Yacht Club Rochester Yacht Club Conanicut Yacht Club California Yacht Club San Francisco Yacht Club New Bedford Yacht Club (seasonal) Bayview Yacht Club Southwestern Yacht Club (under construction) Annisquam Yacht Club Edgartown Yacht Club (seasonal) Annapolis Yacht Club Lauderdale Yacht Club Chicago Yacht Club Newport Harbor Yacht Club Corinthian Yacht Club of Philadelphia Southern Yacht Club St. Francis Yacht Club Beach Point Club Coronado Yacht Club (uses outside caterer) San Diego Yacht Club Carolina Yacht Club Admirals Cove Results compiled by: Dennis Conneally, CCM CCE The San Francisco Yacht Club

2 CATEGORY I -- FEES #1 1a 1b a 7b 8 8a 8b 9 9a Monthly Monthly Monthly Monthly Monthly Monthly Dues Sail Large Small Locker Large Small Dry Storage Dues Dues Social Dues Senior Dues Dues Non-Resident Storage Storage Storage Room Locker Locker (price per Spouse Member Member Special Junior Member Lockers Locker Locker Lockers Room Room foot) Member Category Member (price / mo) (price / mo) Included in Locker Locker Member Dues (price / mo) (price / mo) Monthly Dues Regular Mbrs/Equity Yacht Club # varies on age 84 Y Y Yacht Club # /yr N N/A 1.75 Yacht Club # / yr 140 / yr 450 / yr 326 / yr N/A N N/A / yr Yacht Club # Y N Yacht Club # N N N/A Yacht Club # Y N N/A / 8.75 Yacht Club # Y N/A Yacht Club # 8 1,075 season N/A annual N/A Y N N/A N/A N/A Yacht Club # semi-ann N/A N/A N/A 156 annual 180 semi-ann Y N/A 2.50 Yacht Club # Y Yacht Club # 11 1,150 annual N/A N/A 700 annual 100 annual 285 / 560 N/A N N/A N/A N/A N/A Yacht Club # 12 1,520 season 400 annual N N/A N/A Yacht Club # N/A N N N/A average Yacht Club # N Yacht Club # N/A N/A 50%-90% disc / 51 / Y 151 / year 101 / year N 56 / year 56 / year N/A Yacht Club # / Y N Yacht Club # / 70 / N Y Yacht Club # N N / yr Yacht Club # N/A (5)cat /90/100 N N Yacht Club # 20 6,440 annual 400 annual 800 annual Y 150 / year 150 / year N Yacht Club # Y N 2.15 Yacht Club # N/A Y N.43 / sq. ft. N/A Yacht Club # / yr Y / yr Yacht Club # 24 15,893 golf N/A N/A N/A N/A N/A N/A N Y N/A marina Dry Storage (price per space)

3 CATEGORY I -- FEES # a 10b 10c 10d a Wet Storage Wet Storage Wet Storage Wet Storage Monthly Comp Docking Transient Transient Fiscal Year 35' slip 45' slip 55' slip 65' slip + Mooring for Reciprocal Reciprocal Reciprocal Ends (price per foot) (price per foot) (price per foot) (price per foot) Rental Rates Guests # Nights Free Dockage Rates Wet Storage 25' slip (price per foot) All Operations Net Profit / Loss Fiscal Year 2009 (foot) (price/ft/day) Yacht Club # Y November 111,000 Yacht Club # N/A Y /day September 25,443 Yacht Club # / yr / ft N/A N N 2.50 September 73,407 Yacht Club # N/A Y November 137,000 Yacht Club # 5 N/A $55 seasonal N N 40.00/day December Yacht Club # N/A Y December 916,151 Yacht Club # N/A Y December 351,264 Yacht Club # N/A N N 3.25 September 108,112 Yacht Club # 9 N/A Y September 85,861 Yacht Club # / / / / / N/A Y December 729,880 Yacht Club # 11 N/A N/A N N 40.00/day December 100,000 Yacht Club # 12 N/A N/A N N September 4,400 Yacht Club # N/A N/A N/A N N 2.00 December 211,000 Yacht Club # N/A Y 1 / month 1.25 April <40,445> Yacht Club # 15 N/A N/A N N 2 recip/.50 mbr December 60,000 Yacht Club # Y 3 December 483,000 Yacht Club # Y / day December <259,932> Yacht Club # / yr Y December 137,200 Yacht Club # / 30 days.46 / 30 days.62/ 30 days.62 / 30 days.62 / 30 days N/A Y November 66,000 Yacht Club # / season 117 / season 117 / season 117 / season 117 / season 1,100 / season N 2.50 September 0 Yacht Club # in kind in kind in kind November 13,000 Yacht Club # N/A Y October 359,200 Yacht Club # 23 N/A October 231,000 Yacht Club # 24 N/A N/A N/A N/A N 3.00 October 275,780

4 CATEGORY -- II MEMBERSHIP # a 5 5a 5b 5c 5d 6 6a 6b 6c Initiation Fee Transfer Fee Waiting List How Many How Many Method of Dec. '09 to Join on Wait List on Sell List Selling Equity Non-Equity For Profit Other Waiting List to Sell Y/N Average Wait Time to Sell Sell w/o Going on Wait List Total # Members All Categories Regular Members Spouse Members Social Members Yacht Club # 1 Equity 4,500 1,000-4,500 N Y 8 6 mo - 1 yr N List Yacht Club # 2 Equity 2,500 Non Transferable Y 50 N/A Yacht Club # 3 Non-Equity 3,500 N N/A 5, ,700 Yacht Club # 4 Non-Equity 4,800 N N Yacht Club # 5 Non-Equity 7,500 Y 6 N/A Yacht Club # 6 For Profit 2,500 N N/A 1, Yacht Club # 7 Non-Equity 15,000 N N/A 1, Yacht Club # 8 Non-Equity 3,225 Y 4 N N/A 35 Yacht Club # 9 Non-Equity 2,500 N N/A 1, N/A Yacht Club # 10 Non-Equity 10,000 N/A Y 4 N N/A N/A Yacht Club # 11 Equity 5,000 N/A Y 6 N N N/A Yacht Club # 12 Equity 35,000 N/A N N/A Yacht Club # 13 Non-Equity 9,500 N N/A 2,045 1,572 3 Yacht Club # 14 Non-Equity 18,000 N N Yacht Club # 15 Non-Equity 4,500 N/A N N/A 1, Yacht Club # 16 Equity 10,000 1,800 N Y months N 1, Yacht Club # 17 For Profit 3,720 N/A N N Yacht Club # 18 Non-Equity 10,600 N 1, Yacht Club # 19 Non-Equity 22,500 N/A N N 2,418 1, Yacht Club # 20 Non-Equity 52,500 N N/A 607 Yacht Club # 21 Non-Equity 9,600 N N/A non-transfer Yacht Club # 22 Non-Equity 21,000 N/A N N/A Yacht Club # 23 Non-Equity 4k / 10k Y 345 legacy N/A 1760 Yacht Club # 24 Equity & 159K equity N/A N N/A N N/A N/A N/A Home Purch golf Non-Equity Sponsor 33 marina

5 CATEGORY -- II MEMBERSHIP #2 6d 6e 6f 6g 7 8 8a 8b 8c 8d 8e 8f 8g Junior Total New New New New New New New Junior Non- Special Junior Age of New Regular Spouse Social Senior Non- Special Members Resident Category Members Conversion Members Members Members Members Members Resident Category Last Year Members Members Last Year Last Year Last Year Last Year Last Year Members Members Last Year Last Year Senior Members Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # 8 48 N/A Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # jr assoc 23 assoc - 40 reg jr - 17assoc Yacht Club # Yacht Club # Yacht Club # Yacht Club # Yacht Club # / 30 / Yacht Club # Yacht Club # Yacht Club # honorary Yacht Club # 24 N/A

6 CATEGORY III -- FOOD & BEVERAGE #1 1 1a 2 3 3a a 13b 2009 Banquet 2009 Members Combined Food Cost 2009 Banquet 2009 Member Combined Bar Cost Total Restaurant Total Bar Combined 2009 F&B Combined 2010 Food & Beverage Food Only Minimum Average Monthly Average Monthly Member Service Banquet Service Service Charge Food Sales Dining Food Sales of Sales (%) Bar Sales Bar Sales of Sales (%) Profit / Loss Profit / Loss Profit / Loss Budget F&B Profit / Loss Minimum (Mo/Qtr) (MO/Q) Food Inventory Beverage Inventory Charge % Charge % Flat Amount ($) Yacht Club # 1 170, , % 68, , % <250,000> 175,900 <74,100> 24, quarter 35,000 44,000 15% 20% Yacht Club # 2 187, , % 374, , % 19, , , ,650 N/A N/A 22,000 N/A 18% Yacht Club # 3 1,455, % 760, % 160, ,000 N/A 21,000 33,000 N/A N/A Yacht Club # 4 217, , % 384, % <332,123> <424,192> 20 mo 16,000 27,000 18% Yacht Club # 5 100, , % 30, , % 53,000 52, quarter 7,500 8,000 None 20% Yacht Club # 6 467, , % 136, , % <128,289> 108,478 N/A 44,000 63,000 18% 20% Yacht Club # 7 248, , % 72, , % <116,450> 227, , , quarter 14,845 43,278 18% 20% Yacht Club # 8 5, , % 37,713 88, % <19,691> ,520 31, ,177 11,000 18% 20% Yacht Club # 9 193, , % 51, , % <286,033> 130,613 <155,804> <133,804> 150 quarter 18,000 21,000 19% 19% Yacht Club # 10 none 284, % none 157, % <261,470> 50,748 <210,721> <317,037> 150 quarter 8,000 10,000 18% 20% Yacht Club # 11 48, , % 14,559 74, % <64,906> 39,700 <25,206> <28,880> N/A N/A 6,500 10,000 15% 18% Yacht Club # 12 44, , % 36, , % <5,400> 123, , , /season 12,000 25,000 20% 20% Yacht Club # ,504 1,470, % 260, , % 106,202 51, ,000 40,000 20% 20% Yacht Club # ,807 1,111, % 283, , % not split out not split out <84,531> 87, annual 18,000 54,000 20% 20% / month Yacht Club # , , % 178, , % <558,000> 315,000 <243,000> <139,000> N/A N/A 30,000 60,000 18% 20% Yacht Club # , , % 138, , % <346,680> 346, <272,186> N/A 22,000 45,000 15% 20% Yacht Club # , , % 43,975 65, % <9,496> 54,046 29,768 80, quarter 11,900 10,860 18% 20% 20/mo resident Yacht Club # , , % 60, , % 37,915 63, , , quarter 8,000 12,000 15% 18% Yacht Club # ,000 1,304, % 332,000 1,052, % <1,238,000> 325,000 <503,000> <439,000> N/A 100 quarter 25,000 90,000 0% 18% N/A Yacht Club # , , % 121, , % <110,000> 80,000 <30,000> <25,000> 750 / year 30, , / month Yacht Club # 21 N/A 4, , % 38,000 N/A 16,000 18% 20% Yacht Club # ,000 1,200, % 165, , % <240,000> <165,000> 90 30, % 20% Yacht Club # 23 78, , ,000 28,000 36,000 64,000 seasonal seasonal 18% Yacht Club # ,420 2,491, % 130, , % <1,735,885> <1,707,621> 1,800 annual 74,000 95,000 N/A 20% 110 / month

7 CATEGORY III -- FOOD & BEVERAGE # a 25b 26 Well Drink Call Drink Call Drink House Wine House Wine Dom Beer Prem Beer Soft Drink Annual Days Open Days Open Days Open Portion Price Portion Price Portion Price Price Price Budget for for Lunch for (Oz) (Oz) (Oz) Free Goods Breakfast Well Drink Price Yacht Club # ,000 Y Yacht Club # N 1 N/A 5 Yacht Club # N/A Y Yacht Club # ,200 Y 1 5 (6 summer) 5 N/A Yacht Club # ,000 Y Yacht Club # ,000 Y Yacht Club # ,800 Y Yacht Club # N/A Y N/A Yacht Club # N/A 1 5 to 6 5 to 6 Yacht Club # N Yacht Club # N/A Y Yacht Club # N/A N Yacht Club # ,000 Y Yacht Club # ,400 Y Yacht Club # ,500 Y Yacht Club # Y Yacht Club # Y Yacht Club # ,000 N Yacht Club # / / ,000 N Yacht Club # Y months Yacht Club # Y Yacht Club # ,100 N Yacht Club # , Yacht Club # 24 N/A ,000 N Non- Member Business Seasonal Clubs Days Open per Season

8 CATEGORY IV -- RACE MANAGEMENT OPERATIONS # a a 7b 7c 8 Annual Sponsorship Sponsorship Number On the GPS Full Time Race Mgr. Race Mgr. Performance Total Salaries Employees Volunteers Loss/Profit Allowed Revenue Per Water Race Positioning Race Mgr. Salary Performance Bonus tied to and Wages Year Days Bonus Goals Yacht Club # <50,000> Y 14, Y Y 50,000 50,000 Yacht Club # <25,000> N 100 Y N Yacht Club # ,000 N 35 Y N N/A Yacht Club # <42,900> Y 48, Y Y 9,700 N/A 22,200 Yacht Club # N 12 N N 0 Yacht Club # N 80 Yacht Club # <74,146> Y 1, Y N 32,983 Yacht Club # N 33 Y N N/A Yacht Club # 9 N/A 75 <32,543> Y varies 82 Y N N/A Yacht Club # N 52 Y N Yacht Club # <6,000> N N/A 25 N N Yacht Club # <62,600> N 23 Y N 33,500 Yacht Club # <73,000> Y varies 40 Y Y $45,000 10% Y 75,000 Yacht Club # 14 N/A Y 10,000 Yacht Club # N/A Y 200, Y Y 70,000 5% Y 115,000 Yacht Club # <20,000> Y 5, Y Y 70, ,490 Yacht Club # N 23 N N 8,500 Yacht Club # <15,000> Y 15, Y N Yacht Club # <435,000> Y 357, Y Y 170,000 11,000 Y 256,000 Yacht Club # breakeven N 2 N N Yacht Club # <2,200> N 65 N N Yacht Club # <275,000> Y 10, Y Y 70,000 N/A 182,000 Yacht Club # N 45 Y N Yacht Club # 24 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

9 CATEGORY IV -- RACE MANAGEMENT OPERATIONS # a a Fuel Expense Club Subsidy for Total Subsidy Subsidy from US Amount of Race Management Sailing US Sailing Subsidy 2009 Satisfied with US Sailing Subsidy Yacht Club # 1 4,000 N N Yacht Club # 2 3,600 Y 10,000 N Yacht Club # 3 N N Yacht Club # 4 1,800 Y 42,900 N Yacht Club # N N Yacht Club # 6 9,300 N N Yacht Club # 7 2,047 Y 8,773 Y 0 Y Yacht Club # N N Yacht Club # 9 10,000 Y 15,771 Y 0 N Yacht Club # 10 Y 16,500 N Yacht Club # 11 N N Yacht Club # 12 2,700 N Yacht Club # 13 5,000 Y 75,000 N Yacht Club # 14 Yacht Club # 15 15,000 N N Yacht Club # 16 4,591 Y 137,490 N Yacht Club # N N Yacht Club # 18 5,000 Yacht Club # N N Yacht Club # N N Yacht Club # 21 2,000 Y 2,200 N Yacht Club # 22 17,500 Y 275,000 N Yacht Club # 23 4k - 6k Yacht Club # 24 N/A N/A N/A N/A N/A N/A

10 CATEGORY V -- Junior Sailing #1 1 1a 1b a 5 5a 5b 5c 6 7 7a 2009 Profit or Sailing Total Sailing Full Time Coach Salary Performance Total Salaries Full Time Volunteers Loss Foundation Foundation Coach Bonus and Wages Employees Contribution Employees P/T or Seasonal Employees Performance Bonus Tied to Goals Club Subsidy for Jr. Sailing Program Yacht Club # <33,000> Y 10,000 Y 40,000 0 N 68,000 N Yacht Club # <10,000> Y 10,000 N 30,000 Y 57,000 Yacht Club # N Y /hr N 130,000 N Yacht Club # <30,800> N Y 46,300 90,000 Y 30,800 Yacht Club # <1,000> Y N 71,000 Y 1,000 Yacht Club # parents N Y 45, ,321 Y 95,000 Yacht Club # <41,979> Y 20,000 Y 72k/40k/32k 5,000 Y 249,523 Y 30,000 Yacht Club # In Process Y 19,400 2,500 N 13,775 N Yacht Club # ,000 Y N 6,000-8,000 1 weeks pay Y 31,000 Y 20,000 Yacht Club # <75,000> Y 15,000 N 97,250 Y 85,000 Yacht Club # breakeven N N 65,000 N Yacht Club # <73,100> N Y 14,300/12wks 2,000 Y 123,400 Y 73,100 Yacht Club # <135,000> N Y 45,000 N/A 275,000 Y 135,000 Yacht Club # <110,000> Y Y 48,000 6,000 Y 148,000 Y 110,000 Yacht Club # breakeven N Y 52,000 N/A 180,000 N Yacht Club # <30,000> Y Y 37, ,987 Y 30,000 Yacht Club # ,355 N N 11,678 N Yacht Club # breakeven N N 35,000 N Yacht Club # <105,000> Y 55,000 Y 76,000 5,500 N 150,000 Y 90,000 Yacht Club # breakeven N N 90,000 N Yacht Club # ,000 Y varies Y 44k / 38k N/A 112,000 Y 148,000 Yacht Club # <130,000> Y 10,000 Y 41,000 N/A N 221,225 Y 130,000 Yacht Club # small profit N N 65,000 N Yacht Club # 24 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Amount of Subsidy

11 CATEGORY V -- Junior Sailing #2 8 8a 8b 8c 9a 9b 9c 10 10a Spring Summer Fall Students Spring Days Summer Days Fall Days Students in Students Students HS Sailing Year Round (YR) Program Summer Only (S) Program High School Sailing Program Outside Coaching Allowed Support Boat Maintenance Charged to Jr. Program Yacht Club # 1 YR wks 12 Y 14 N N Yacht Club # 2 YR N N Y Yacht Club # 3 S Y 30 Y N Yacht Club # 4 S 44 (HS) (HS) Y 52 N Y Yacht Club # 5 S N Y Y Yacht Club # 6 YR N Y N Yacht Club # 7 YR Y 25 N Y Yacht Club # 8 S Y 20 N Y Yacht Club # 9 S N/A 53 N/A 40 N N Y Yacht Club # 10 YR N Y Y Yacht Club # 11 S N Y N Yacht Club # 12 S N Y Y Yacht Club # 13 YR Y 50 N Y Yacht Club # 14 YR Y 25 N Y Yacht Club # 15 YR Y 15 Y N Yacht Club # 16 YR Y 35 N Y Yacht Club # 17 S N N Y Yacht Club # 18 YR Y 40 N N Yacht Club # 19 YR Y 65 Y Y Yacht Club # 20 S N N Y Yacht Club # 21 YR Y 16 Y Y Yacht Club # 22 YR Y 70 N Y Yacht Club # 23 S college Yacht Club # 24 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 8Y - 13N

12 CATEGORY VI -- GIFT SHOP OPERATIONS Annual Gross Annual Cost of Inventory Revenue Sales (%) Amount Employees Yacht Club # 1 40,000 55% 15,000 0 Yacht Club # 2 37,000 60% 10,000 0 Yacht Club # 3 50,000 70% 22,000 0 Yacht Club # 4 13,100 94% 6,000 0 Yacht Club # 5 4,000 60% 7,000 0 Yacht Club # 6 71,980 65% 19,000 0 Yacht Club # 7 55,831 77% 36,513 0 Yacht Club # 8 8,100 75% 7,800 0 Yacht Club # 9 73,749 63% 17,357 0 Yacht Club # 10 18,000 59% 6,000 0 Yacht Club # 11 5,000 60% 8,500 0 Yacht Club # 12 28,600 68% 27,500 3 Yacht Club # ,000 57% 67,000 1 Yacht Club # 14 32,218 67% 28,212 0 Yacht Club # 15 60,000 60% 40,000 3 Yacht Club # 16 60,919 59% 22, Yacht Club # % 13,806 0 Yacht Club # 18 45,000 66% 18,000 0 Yacht Club # ,000 50% 115,000 1 Yacht Club # 20 N/A N/A N/A N/A Yacht Club # 21 35,000 75% 4,700 volunteers Yacht Club # ,000 60% 33,000 4 Yacht Club # 23 78,000 60% 25,000 2 Yacht Club # ,288 72% 36,999 1

13 CATEGORY VII -- CLUB FUNCTION PRICES #1 1a 1b 2a 2b 2c 3a 3b 3c 4a 4b 4c Valentine Valentine Children's Event Children's Event Child ($) Children's Event Champ Adults ($) Champ Child ($) Champ Child ($) Yacht Club # Yacht Club # free free none Yacht Club # menu 450 Yacht Club # 4 limited menu menu 20 Yacht Club # Yacht Club # free free Yacht Club # free free free 450 N/A N/A Yacht Club # 8 Yacht Club # 9 $30 lobsterfest free free Yacht Club # N/A N/A Yacht Club # 11 N/A N/A N/A N/A Yacht Club # 12 Yacht Club # 13 N/A N/A Yacht Club # w/brunch w/brunch N/A Yacht Club # 15 N/A N/A N/A Yacht Club # N/A Yacht Club # Yacht Club # free free / 500 Yacht Club # Yacht Club # N/A N/A N/A Yacht Club # N/A N/A N/A Yacht Club # N/A Yacht Club # 23 Yacht Club #

14 CATEGORY VII -- CLUB FUNCTION PRICES #2 5a 5b 5c 6a 6b 6c 7a 7b 7c 8a 8b 8c 9a 9b 9c Mother's Day Champ Adults ($) Mother's Day Champ Child ($) Mother's Day Champ Mother's Day Mother's Day Child ($) Mother's Day Father's Day Champ Father's Day Champ Child ($) Father's Day Champ Father's Day Yacht Club # Yacht Club # none Yacht Club # 3 menu Yacht Club # menu bkfst 4.00 bkfst 125 menu 70 Menu 19 Yacht Club # Yacht Club # Yacht Club # free 350 limited menu 130 a la carte 180 a la carte Yacht Club # 8 Yacht Club # Yacht Club # N/A N/A Yacht Club # 11 N/A N/A / Yacht Club # 12 Yacht Club # N/A N/A Yacht Club # Yacht Club # N/A N/A bbq Yacht Club # N/A N/A Yacht Club # Yacht Club # / Yacht Club # Yacht Club # 20 N/A Yacht Club # 21 N/A N/A Yacht Club # Yacht Club # Yacht Club # N/A N/A Father's Day Child ($) Father's Day Fourth of July Fourth of July Child ($) Fourth of July

15 CATEGORY VII -- CLUB FUNCTION PRICES #3 10a 10b 10c 11a 11b 12a 12b 12c 13a 13b 14a 14b 15 15a Thanksgiving Thanksgiving Holiday Holiday Children's Children's Children's New Year's New Year's Commd Ball Commd Annual Holiday Holiday Holiday Eve Eve Ball Meeting Child ($) Dance ($) Dance Event Event Event Dance ($) Dance Subsidy Thanksgiving Child ($) Yacht Club # N Yacht Club # 2 None free free 200 Free Y 2,000 Yacht Club # N Yacht Club # 4 N/A N/A N/A limited menu N Yacht Club # Yacht Club # N/A free free a la carte N/A Yacht Club # free free 250 limited menu Y 17,000 Yacht Club # 8 Yacht Club # 9 closed $30 lobsterfest 181 free Y 100% Yacht Club # N/A 67 N/A N/A N Yacht Club # 11 N/A N/A N/A N/A Y 150 Yacht Club # 12 Yacht Club # cancelled Y 3,000 Yacht Club # N Yacht Club # N/A N/A N Yacht Club # N/A ,000 Yacht Club # N Yacht Club # free None / couple Y 7,000 Yacht Club # / N Yacht Club # 20 N/A N/A N Yacht Club # 21 N/A free free Y 1,000 Yacht Club # Y 4000 Yacht Club # free Yacht Club # Y 500 Annual Meeting Subsidy ($)