Board Book 2023

Finance Committee Minutes

May 19, 2023

Date:

Present: Vice-Chairman Randy Moore, Darcy Copeland (phone), John Dwyer, Mike Englert, Cres Ferrell, Les Harper (phone), Roddy McCrory (phone), Eric Portman, David Potts, and Thomas Rumph (phone) Chairman John Stakel, Mike Johnson, David Sheppard, GM/COO Tony Kelley, CFO, Audra Lucas, Club Manager, and Scott Sperry, Controller Call to Order Vice-Chairman Randy Moore called the Finance Committee meeting to order at 7:31 a.m. in the Hoylake Room. Approval of April 2023 Meeting Minutes On a motion by John Dwyer and seconded by Eric Portman, the committee unanimously approved the minutes of the April 21, 2023 Finance Committee meeting. Absent: Staff:

Opening Remarks Vice-Chairman Moore reported on the following:

Recent Club events including the East Lake Sunset Soiree, Easter buffet, wine dinner, Seafood Spectacular and Mother’s Day brunch were well-received and well-attended. We hosted the 30 th annual Northside golf outing on May 15. Some upcoming and recently-implemented food & beverage opportunities include outdoor cooking experiences, expanded Merion dining and the pool opening. We are modifying the beverage cart strategy (mix of stationary and roaming carts) to better serve members.

We have hired a new CFO, Matt Simmons (starting June 5) and a new CHRO, Joel Myers (starting June 1).

The tennis center facelift is complete and looks great.

April golf course utilization was down due to bad weather. We experienced winter damage to about 158,000 square feet of sod. Tripp Davis has been retained as a consulting golf course architect. We are seeking consideration for Riverside to be awarded golf course renovation of the year by Golf Digest. We have begun using autonomous mowers.

Interest in membership remains high.

Board & GM/COO Report – Audra Lucas/Eric Portman/David Potts Audra updated the committee on the following:

We had over one thousand covers for Mother’s Day brunch but some of the later times were not filled. We will recap the event and make adjustments to times for next year’s brunch.