Board Book 2023

in banquets last year and this year so far it is 41%. Total labor costs have increased since Merion was not open last year. Our F&B NPS scores have gone down from 8.74 to 7.84. The Cost of Goods show liquor was a little off, but wine is doing very well, due to the proper pours. We have 87% utilization on Riverside and 77% on Highlands. We had 4500 rounds played in March and 1000 were guest rounds. The pace of play was 4:08 on Highlands and 4:07 on Riverside with carts on path. Carts are used by 43% of members. This will increase as the temperatures get warmer and carts are off path. GCM had more labor costs due to hiring more team members and covering greens in March. Fitness is having one of its best years. From 7 to 9 p.m. they average 10.5 member visits. The court usage at the Tennis center is 62% indoor and 16% outdoor. This month we billed the ambassador members, so the JME count is up to 1426. We are increasing our dues for Heisman members to 73% of Jones members and will work towards 75%. Our Heisman count went from 350 a year ago to 330 and we lost 1.5 net JME since last year. We may want to increase our Heisman count before the recession that is predicted this summer. We currently have 247.5 FTE and this will continue to grow with seasonal hiring. We have made good progress on capital projects. The Tennis Center is done and looks great. Randy Moore showed some photos of the project. The new door will be installed on Monday. The roof has been repaired. The outdoor lighting is mostly done as well. We have a few more trees to light up on the courses. There was mention of doing Aquatics and Athletics lighting next. The drainage project is complete on Highlands and has made a difference. We are able to mow now after it rains. In July we will hit the rough areas on the course. David asked for feedback on the GCM standards document. Michael Washington and Ansley Brackin have done an update of the AAC app and we have received many positive comments. Eric Portman has worked with Erica on the membership forms with Monday.com. We will be upgrading to Outlook 365 in the near future. This will be cloud based and will have some benefits. There is no cloud version of Jonas or club software. We are waiting on a part for the front gate. The site fee for the International Festival in Heisman Field is $7500 and will go to $10,000 next year. David and Jimmy have met with Kelly Harris regarding the design of the Men’s Locker Room. The estimate is $2.5M. This is the only area in the clubhouse not renovated and does not fit our brand. We will do the men’s grill later. Please keep this confidential.

Mr. Costello mentioned the Baltusrol Board trip and to please book your flights. Milford McGuirt will not be able to attend.

IV. Treasurer ’s Report – John Stakel/Tony Kelley: Tony Kelley gave an overview of where our cash is held. We have two checking accounts with $2.3M in each. We have $5M in treasuries: We have $2.5M in a 90-day fund making 4.55% and $2.5M in a 180-day fund making 4.83%. We have $1.5M in Synovus which has an overnight sweep that we can access easily. We have $585K CD with Piedmont Bank at 1.4% and it