Tahoe Donner News December 2025

Tahoe Donner NEWS + LIFE

2026 Budget Report Winter Fun Guide

Plan Your Adventures at Tahoe Donner’s Amenities

DECEMBER 2025

Contents

Welcome 2 Letter from the Board President

The Buzz 12 Clubs Updates

The Report 18 Briefs 20 Board Meeting Recaps

04 Winter Fun Guide

Trevor Clark (Main); Cynthia Cendreda (Inset); Trevor Clark (Cover)

Make the Most of Your Snowy Season With All That Tahoe Donner Has to Offer!

11 2026 Budget

16 Why Your Support

Budget and Financial Information for 2026

The Tahoe Donner Giving Fund is Raising Funds for Help and Hope This Winter

Report

Is Needed Now

LEARN MORE AT TAHOEDONNER.COM

1

VOLUME 26 | NO. 12

December 2025

President’s Welcome

EDITORIAL + PRODUCTION TEAM Lindsay Hogan Carlynne Fajkos Jesus Antonio Vazquez

Drew Deurlington Cynthia Cendreda Camy Marotta

SENIOR MANAGEMENT Annie Rosenfeld | General Manager arosenfeld@tahoedonner.com Miah Cottrell | Director of Information Technology mcottrell@tahoedonner.com John Groom | Director of Land Management + Open Space jgroom@tahoedonner.com Jason Hajduk-Dorworth | Director of Administrative Services jhajduk@tahoedonner.com Lindsay Hogan | Director of Communications + Member Relations lhogan@tahoedonner.com Justin Malley | Director of Finance + Accounting jmalley@tahoedonner.com Jon Mitchell | Director of Capital Projects + Facilities jmitchell@tahoedonner.com Mike Peters | Director of Food + Beverage mpeters@tahoedonner.com Miguel Sloane | Director of Operations msloane@tahoedonner.com

BOARD OF DIRECTORS President | Benjamin Levine blevine@tahoedonner.com Vice President | Denise Gauny dgauny@tahoedonner.com Treasurer | Don Koenes dkoenes@tahoedonner.com Secretary | Courtney Murrell cmurrell@tahoedonner.com Vice Treasurer | Jay Wertheim jwertheim@tahoedonner.com

POSTMASTER: Periodical postage paid at Truckee, California and additional mailing offices.

Send address changes to Tahoe Donner News + Life, 11509 Northwoods Blvd., Truckee, CA 96161; (530) 587-9400, Fax (530) 579-3224 EMAIL: comdep@tahoedonner.com ADVERTISING SALES: CC Media + Publishing is the exclusive advertising representative: (775) 742-9850 | laura@ccmpublishing.com PUBLISHING INFORMATION Tahoe Donner Association holds the exclusive service mark right to “Tahoe Donner.” Any unauthorized use of such will be regarded as an infringement of that service mark right and is prohibited. The inclusion of advertising in this publication does not constitute an endorsement or recommendation

by Tahoe Donner Association or its board of directors of the products, services or views contained therein.

Tahoe Donner News + Life (ISSN 1550-6061) is the official monthly publication of Tahoe Donner Association, which is located at 11509 Northwoods Blvd., Truckee, CA 96161.

Each membership parcel receives one subscription to a domestic address. Cost to produce and distribute this publication is offset by advertising revenues. Periodicals Postage Paid at Truckee, CA, and additional mailing offices. Member letters to Tahoe Donner are published in the Member Portal; details available at tahoedonner.com/member-letters.

Tahoe Donner News + Life is created largely in-house and is printed on certified recycled paper stock using soybased inks.

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A

t a special evening board meeting on Oct. 14, Tahoe Donner’s Board of Directors approved the 2026 Annual Budget, concluding more than six months of diligent work by staff and the Finance Committee. We are proud to deliver a budget that expands member benefits, builds financial resilience, and invests in our community’s safety and vitality.

The 2026 budget begins implementing the new capital and financial policies adopted by the board in June to strengthen our Association’s financial health and transition into a steady, sustainable savings plan to ensure robust capital reserves. It also fully integrates the Amenity Access Rule adopted last year.

Tahoe Donner’s annual budget combines the Operating Fund and capital reserves to provide for our Association’s common expenses. The annual assessment represents the difference between projected revenue and projected common expenses.

The capital reserves pay for the Association’s regular maintenance, including wildfire preparedness, and fund our capital improvement plans. In 2026, the capital reserves will also support key facility upgrades, including court and facility improvements for the Tennis + Pickleball Center and summer recreation enhancements at Alder Creek Adventure Center.

Amenity Access Rule implementation is the centerpiece of the 2026 Operating Fund budget. Beginning Jan. 1, 2026, private amenity access will become a core member right and benefit. The annual Recreation Fee and member daily access fees will be eliminated, allowing members to enjoy Tahoe Donner’s private amenities without additional nickel-and-dime entry fees.

Each property will be entitled to four Member Photo ID Cards, with the option to purchase up to six more annually. Each

cardholder will enjoy member access rights to the private amenities, including the Beach Club Marina, Trout Creek Recreation Center, Northwoods Pool and the Tennis + Pickleball Center.

In addition to private amenity access, Member Photo ID Card holders will receive a wide range of member-only benefits, including 10% retail discount at all Tahoe Donner amenities, substantial discounts off public pricing for ski and golf passes, member-only Beach Club parking privileges, and priority reservation windows for camps, golf, tennis and more.

The Annual Assessment for 2026 will be $3,621, a difference of $321 or 9.73%.

However, because private amenity access will now be included with your Tahoe Donner membership, compared to 2025, most members will experience a notable cost reduction or only a minimal increase.

For example, a Tahoe Donner family that purchased a 4-person Recreation Fee in 2025 will see total costs decrease $179 or 4.71%, while those who purchased a 2-person Recreation Fee will see only a minimal cost increase of $16 or 0.44%. (See chart below.)

Finally, I am pleased to report that Downhill Ski Lodge construction is finishing on budget and on time to open for business on Dec. 19. In January, we will complete the final punch lists, make our last payment for the Downhill Ski Lodge, and look forward to celebrating the “official” grand opening.

As always, please look for me around Tahoe Donner, say hello, and let me know what’s on your mind!

Benjamin Levine Board President blevine@tahoedonner.com

2025 Rec Fee

2025 Member Rec Fee/Daily Cost

2025 Annual Assessment

2025 Total Member Cost

2026 Annual Assessment (Including Amenity Access)

Total Member Cost Difference

Total Member Cost Percentage Change

4-Person

$500

$3,300

$3,800

$3,621

-$179

-4.71%

2-Person

$305

$3,300

$3,605

$3,621

$16

0.44%

Daily Fee

$30*

$3,300

$3,330

$3,621

$291

8.74%

* $30 is the simple average daily access fee spent by properties that did not buy the Rec Fee in 2025 ($79,741 / 2,654 Properties).

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LEARN MORE AT TAHOEDONNER.COM

3

FEATURE

The Buzz Presents the 2025/26

Winter Fun Guide

Make the most of your snowy season with a complete list of all that Tahoe Donner has to offer this winter!

BY CYNTHIA CENDREDA

Whether you’re embarking on your first-ever winter adventure or looking to hone your skills, Tahoe Donner is the place to be this 2025/26 season. Learn to ski or snowboard with supportive instruction on gentle, wide-open runs at the Downhill Ski Resort. Plus, enjoy an all-new ski lodge experience featuring an array of enhancements. Seeking a more tranquil nature experience or even an endurance challenge? Explore over 100 kilometers of trails across a variety of terrain at the Tahoe Donner Cross Country Ski Center (TDXC). Immerse yourself in the majesty of Euer Valley or soak in stunning Sierra Nevada views on classic or skate skis or snowshoes, all available for rent. And for snowy fun for all ages, from children to the child-at-heart, head over to Snowplay for sledding, tubing, snowman building and more! What will your winter adventures be?

Plan yours at tahoedonner.com.

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Cross Country Ski Center 15275 Alder Creek Road | (530) 587-9484 | tahoedonner.com/xc | xc@tahoedonner.com Opening Day: Friday, Nov. 28, conditions permitting Acres of Terrain: 3,000+ Ski + Snowshoe Trails: 79 Trail Distance: 100+ km Terrain: 34% Beginner, 40% Intermediate, 23% Advanced, 3% Expert Rated the Best Cross Country Ski Area in Truckee/North Tahoe year after year by Sierra Sun readers, explore over 100 kilometers of ski/snowshoe trails and stunning Sierra Nevada views. This 2025/26 season, the Tahoe Donner Cross Country Ski Center celebrates its 40th Anniversary. Enjoy fun commemorative events and more! Visit the website for details.

Rentals + Repairs: 8:30AM-4:30PM Alder Creek Cafe: Coffee + Breakfast Snacks 8:30-11AM Lunch 11AM-3PM Après 3-5PM Trailside Bar: 11AM-5PM Daily Facility and trails open from 12-5PM on Dec. 25.

Check the grooming report for trail details and status. Schedules subject to change based on conditions.

Winter Trail Access Trails are groomed daily for optimal skate and classic skiing conditions; snowshoe trails are groomed when conditions allow. A trail pass is required to ski or snowshoe. Hiking and biking are not permitted within the ski area boundary. Only dogs with season passes are permitted and must stay on designated trails.

Download the Nordic Pulse app for real-time grooming updates and trail status reports.

Season Passes Save time and money with a season pass. Enjoy unlimited ski days and instant access to the trails, once you scan your pass at the trailhead. Other benefits include early bird access (when conditions allow), retail, food and beverage discounts, free ski days at Diamond Peak and Tahoe XC, and more! Add unrestricted access to Tahoe Donner Downhill Ski Resort with the purchase of a Combo Pass.

Season pass prices increase Dec. 1.

Rentals Rental packages and demo gear from top brands start at $29 for kids and $41 for adults, with discounts for Tahoe Donner members (must have valid Member ID Card). Not ready to invest in your own equipment?

Consider a season-long rental pass for a full winter of access to the rental fleet’s collection of quality classic or skate skis, demo gear and snowshoes. Advanced reservations on ShopTD strongly recommended.

Day Passes Daily Trail Passes can be found for as low as $39 for Tahoe Donner members (must have valid Member ID Card) and $43 for non-members when pre-purchased online.

Additional discounts available for youth and seniors. Purchase online in advance for the best price and to guarantee your ski experience!

High demand for skiing is anticipated this season and TDXC may sell out over the holidays.

Note: Season passholders do not need to make reservations but should plan to reserve lessons and rentals in advance.

Ski Tuning Let technicians tune, repair and wax your skis for easier skiing and better performance. Plus – introduced last season – TDXC now offers stonegrinding services.

Retail Check out the region’s best selection of cross country ski clothing and accessories in the retail store. Tahoe Donner Members with valid Member ID Cards and Season passholders always receive 10% off non-sale items.

Free Shuttle Service Skip the hassles of parking and save money by using the free TART Connect service direct from your house to the ski area. Or, utilize the free XC shuttle from the parking lot at The Lodge Restaurant & Pub on busier days. Visit the parking and shuttles page on the website for more details.

40th Anniversary Lesson Package Specials!

On the first Monday of every month from December through April, enjoy a $40 adult (ages 13+) Learn to Classic Ski lesson package that includes a trail pass, rental equipment and a 90-minute group lesson/tour! On the last Monday of every month from December through April, enjoy the same deal but with an adult (ages 13+) Learn to Skate Ski lesson package!

Learn to XC Ski This Season in a Lesson or Clinic An array of introductory lesson packages are available online at tahoedonner.com/xc and include a trail pass and equipment. Prices start at $99 for members. For more in-depth instruction, four-week programs and NEW season-long programs are also offered from January through March. Sessions are $139 for members and include a trail pass and equipment for each day. Explore lessons, four-week and season-long programs today at tahoedonner.com/xc.

Improve your Skiing with a Private Lesson Enhance your skiing abilities this winter with private lessons from a PSIA-certified Ski School Instructor.

Available daily and suitable for all levels, private instruction is an ideal way to help refine your technique and boost confidence. Visit tahoedonner.com/xc for complete details or sign up on ShopTD. Member Pricing: Starting at $99, not including trail pass or equipment

Kids XC Programs These eight-week after-school programs for kids focus on developing XC skills while having fun. Programs start in January; register on ShopTD. TD Kids: Basic skill-building for grades K-5 | Wednesdays or Thursdays Junior Biathlon: Shoot safely with laser rifles and improve ski skills for grades 2-7 | Tuesdays Junior Racers: Race skills for grades 3-5 | Mondays Member Pricing: $187 ($209 for Junior Biathlon), including trail pass and equipment for all eight weeks

Season-Long Ski Locker Rentals Conveniently store your gear at TDXC all season long. Visit ShopTD to confirm availability as they often sell out!

Individual Locker: Members $203

Events All events are weather-permitting and subject to cancellation. For more information, please call (530) 587-9484 or visit the website.

New Year’s Eve Snowshoe Tour Wednesday, Dec. 31 | 5:30-8PM Suitable for ages 13+ Enjoy an evening under the stars (and view the Downhill fireworks show) this New Year’s Eve with a guided snowshoe tour of the cross country trails at night! Groups depart from the Alder Creek Adventure Center; equipment is available if needed. Space is limited, so be sure to reserve your spot now.

Members Ski Free Days Friday, Jan. 23, Monday, Feb. 9 (the 40th day of the year!) and Friday, March 20 Here's to you, our fantastic Tahoe Donner members! Mark your calendars and join us for our Members Ski Free days throughout the season at both the Downhill Ski Resort and Cross Country Ski Center. Pre-reserve complimentary lift tickets or day passes on ShopTD (required on Members Ski Free Days).

I-Did-A-Run Sunday, March 8 | 3PM Inspired by the world-famous Iditarod Trail Sled Dog Race, which takes place every March from Anchorage to Nome, Alaska, TDXC will hold the traditional “Ididarun” dog pull race to benefit the Humane Society of Truckee-Tahoe.

Sierra Skogsloppet Benefit XC Ski Race Sunday, March 22 | 9AM This benefit race is organized by Truckee High and Alder Creek Middle School cross country ski teams as a fundraiser with 100% of the proceeds going to help support their teams. Entering this fun race is a great way to challenge yourself and win some great swag! Various race lengths are available for all ages and abilities. This is a freestyle race, but a classic track will be set for those wishing to classic ski.

LEARN MORE AT TAHOEDONNER.COM

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Daphne Hougard

Hours of Operation

Trails: 8:30AM-5PM

Downhill Ski Resort

11603 Slalom Way | (530) 587-9444 | tahoedonner.com/downhill | skireservations@tahoedonner.com Opening Day: Friday, Dec. 19, conditions permitting Skiable Acres: 120 Runs: 17 Lifts: 1 quad, 1 triple, 3 conveyors Terrain: 35% Beginner, 65% Intermediate A beloved, local resort with a big heart, Tahoe Donner Downhill Ski Resort has been the region’s one-stop destination for beginners and families for over 50 years. Widely recognized as Tahoe’s “Best Place to Begin,” the resort offers wide-open bowls, gentle and friendly ski runs and affordable learning programs for adults and children as young as 3. This 2025/26 season enjoy an all-new ski lodge experience, featuring an enhanced indoor and outdoor dining experience, dedicated kids’ ski school flex-space, revamped rental and retail spaces and more, plus fun events throughout the season to celebrate!

Lifts: 9AM-4PM

Ticket Office: 8AM-4:15PM Rental Shop: 8AM-4:30PM Parking Shuttles: 8AM-4:45PM Dining: Breakfast 8:30-10:30AM Lunch 11AM-3PM Bar 11AM-5PM Après 3-5PM Friday-Sunday Bar will remain open until 5:30 on weekends and select holidays.

Schedules subject to change based on conditions. See website for details.

Season Passes Season passes are still available.

Get unrestricted ski days at Tahoe Donner Downhill Ski Resort as well as free ski days at partner resorts, retail savings and more. Make it a combo pass to ski at TDXC, too, and discover additional exclusive perks. Season pass prices increase Dec. 1. For complete details, visit tahoedonner.com/skiseasonpasses.

Lift Tickets

Save time and money. Purchase your lift tickets online in advance for the best value, convenience and to ensure your preferred ski days.

Downhill Ski Resort may sell out on busy weekends and holidays. With the new Pickup Box kiosks for prepurchased lift ticket retrieval, skip the line and go straight to the snow!

Rentals Rental packages and demo gear from top brands start at $39 for kids and $54 for adults, with discounts for multiple days.

Ski + Board Tuning The full-service repair shop offers wax, base repair, edge sharpening, stone grind and more.

Retail The retail store offers a selection of ski and snowboard essentials, including gloves, goggles, helmets and accessories to keep you comfortable and ready for the slopes.

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Ski + Ride Programs Kids as young as 3 can enroll in afterschool or weekend ski and snowboard programs to build foundational skills. Children 7 and older can compete on a ski race or ski/snowboard recreational team!

New this year, the All-Mountain Team is designed for kids who want to expand their downhill skills beyond racing. Visit the website for individual program details and to register.

Ski + Ride School With affordable lessons designed for all levels, Downhill Ski Resort is the ideal destination for family fun and learning. This season, kids in lessons can experience the all-new ski school flex-space with its own lunchroom, dining service, restrooms and storage cubbies!

Private Lessons The most popular and productive lessons are individual or small private sessions with a pro. The location and activities of the class are tailored to your specific needs.

Ski + Snowboard Lessons Packages All group packages include a full-day lift ticket, lesson and rental equipment.

Snowflakes + Shredders: These unique beginner programs for younger kids have a low student-toinstructor ratio. Kids ages 3-6 can participate in Snowflakes ski lessons.

Kids ages 5-6 can participate in Shredders snowboard lessons.

Kids Lessons: Kids ages 7-12 can take their skills to the next level.

All-day lessons include lunch in the all-new ski school flex-space.

Adult Lessons (age 13+): Take a morning or afternoon lesson to improve your skills on the mountain so you can keep up with your kids!

Now Hiring Instructors!

The Downhill Ski Resort is seeking ski and snowboarding instructors to join the team! To apply, visit tahoedonner.com/jobs.

Events All events are weather-permitting and subject to cancellation. For more information, please call (530) 587-9444 or visit the website.

Christmas Day Ski with Santa Thursday, Dec. 25 | Lifts Open at 11:30AM Come out and ski or ride along with Santa Claus! Remember, the Ski Resort opens at 11:30AM on Christmas Day. Enjoy the morning with your family, then come out for all the holly, jolly fun in the afternoon.

New Year’s Eve Light Parade + Fireworks Show Wednesday, Dec. 31 | 6PM The light parade is a fun event for intermediate skiers and riders ages 10 or older who can ski or ride unassisted in the dark on our race course run (Eagle Rock). Limited spots are available; $5 to participate.

Fireworks to follow the parade.

The bar will be open with après ski menu! Learn more and sign up at tahoedonner.com/events.

Members Ski Free Days Friday, Jan. 23, Monday, Feb. 9 and Friday, March 20 Here's to you, our fantastic Tahoe Donner members! Mark your calendars and join us for our Members Ski Free days throughout the season at both the Downhill Ski Resort and Cross Country Ski Center. Pre-reserve complimentary lift tickets or day passes on ShopTD (required on Members Ski Free Days).

Glowstick Parade + Carnival Saturday, Feb. 21 | 4:30PM A kid’s version of the light parade with glow sticks for children 10 or younger who can ski or ride unassisted in the dark on Snowbird run. Collect glow sticks by playing carnival games in the lodge starting at 4:30PM, followed by the parade at 6:15PM.

Continued on Page 8

Cynthia Cendreda

Hours of Operation

LEARN MORE AT TAHOEDONNER.COM

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Trout Creek Recreation Center + Pools

12790 Northwoods Boulevard | (530) 587-9437 | tahoedonner.com/fitness | troutcreek@tahoedonner.com Open to members and their personal guests, the Trout Creek Recreation Center is a state-of-the-art fitness facility offering the equipment, instruction and encouragement necessary to make any exercise routine a success. The Rec Center has everything you need to improve overall fitness, including weight and cardio machines, fitness classes, pools, spas, a steam room and sauna.

Daily Access Fee

Lap Pool*: 6AM-8:45PM

Personal Guest with Member

$15

$15

Hot Tubs*, Sauna + Steam Room: 6AM-9:45PM

Personal Guest without Member present

$20

$15

Recreation Pool*: 10:15AM-7PM Open Daily during Holiday Periods (Dec. 20, 2025-Jan. 4, 2026, Jan. 17-19, Feb. 14-22 and April 11-19)

Short-Term Rental Tenant with Card

$24

$30

Gym: 6AM-10PM

Holiday Hours: • Nov. 27 | 6AM-1:30PM • Dec. 24 | 6AM-5:30PM • Dec. 25 | 12-5:30PM • Dec. 31 | 6AM-5:30PM • Jan. 1 | 6AM-10PM *All pools and hot tubs closed until mid-December for renovation. All hours are conditions permitting

Child (0-2)

2025 2026

FREE FREE

Note: All guests without a member present must be pre-registered online.

Facility Agreement Waiver for Ages 13-17 Members with valid Member ID Cards, ages 13-17, may use the gym and pools without direct supervision only after attending a mandatory orientation and having a parent or guardian sign the Facility Agreement waiver and code of conduct. Visit the website for more information, or email troutcreek@tahoedonner.com to schedule an orientation.

Fitness Classes Supplement your winter adventures with additional training. Basic fitness classes like TRX and spinning are included with your paid Rec Fee through Dec. 31, 2025 and included with your Annual Assessment beginning Jan. 1, 2026 (must have valid Member ID Card). Check the web for current schedule of offerings.

Kids Club

Monday, Wednesday + Friday: 3:30-7:30PM Saturday: 9:30AM-2PM Enjoy our pools, fitness classes or weight and cardio equipment while your kids ages 3-12 are entertained with fun activities, games, crafts, books and more in a safe, supervised environment.

Bill Stevenson

Hours of Operation

Golf Simulator

12850 Northwoods Boulevard | (530) 587-9443 | tahoedonner.com/golf-simulator | golf@tahoedonner.com Opening Day: Wednesday, Dec. 3, conditions permitting, reservations required Stay up on your golf game through the winter with the state-of-the-art FlightScope launch monitor, available by reservation for members and the public from Dec. 3 through April 19. Whether you want to practice on your own, enjoy with friends (up to three) or take a private lesson from a PGA-affiliated instructor, the simulator located inside the Pro Shop is an ideal way to continue improving or enhancing your skills in the off-season.

Wednesday-Sunday: 10AM-4PM Reservations required; book up to two weeks in advance through the online reservation system.

Schedule subject to change based on conditions.

For more information on hours, pricing and passes, reservations and more, visit tahoedonner.com/golf.

To purchase a pass or lesson, visit the Pro Shop or call (530) 587-9443.

To learn more or schedule a playtime, email Jeff Hwang at jhwang@tahoedonner.com.

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Pricing + Passes

Lessons

Brush up on your game with the FlightScope launch monitor located inside the Pro Shop.

Fine-tune your swing or continue to advance your game in the offseason with a private lesson from a PGA-affiliated instructor.

Individual Season Pass: $400 Couples Pass: $675 For members from the same property Individual Session: $60 Rent a Pro: $450 per person Includes three lessons, four coaching sessions, new club fitting and Gap Analysis, all used before April 19, 2026

1-Hour Private: $125 1-Hour Private with Season Pass: $100 Gap Analysis Member Pricing: $175 Improve and enhance your game with a Gap Analysis; the FlightScope launch monitor can provide the most accurate data on your club carry and total distance so that you can immediately adjust your clubs or address gaps in your set.

Continued on Page 10

Kyle Kelly

Hours of Operation

LEARN MORE AT TAHOEDONNER.COM

9

Snowplay

12790 Northwoods Boulevard at Trout Creek Recreation Center (530) 587-9400 | tahoedonner.com/snowplay snowplay@tahoedonner.com Opening Day: Friday, Dec. 19, conditions permitting Activities: Sledding, tubing, snowman building, snowball making and more. Fun for the whole family!

Join us for a tubular time at Snowplay! Reserve a timeslot to race down a sledding hill, bank turns in a tubing lane or romp around the snow at Tahoe Donner’s favorite winter playground. Reservations are highly recommended; timeslots will sell out on busy weekends and holidays. Admission tickets include sleds and tubes (no personal equipment permitted).

Hours of Operation Fridays: 12:15-4:30PM

Saturdays + Sundays: 9AM-4:30PM Reservation Time Slots: 9-10:15AM, 10:30-11:45AM, 12:15-1:30PM, 1:45-3PM, 3:15-4:30PM Morning timeslots for weekends only Extended Holiday Hours: 9AM-4:30PM • Dec. 20, 2025-Jan. 3, 2026 (Dec. 25 opens at 12:15PM) • Jan. 17-19, 2026 • Feb. 16-20, 2026 Schedule subject to change based on conditions.

Tickets Anyone ages 2 and up (including Tahoe Donner members) entering the Snowplay area, regardless of if they are sledding or tubing, must pay the admission fee. Tickets can be purchased up to seven days in advance on ShopTD.

TD Eats Food Truck After romping around in the snow, cozy up with hot cocoa, coffee, freshly made donuts and more at the TD Eats food truck, available during select days when Snowplay is open.

TAHOE DONNER CONTACTS + HOURS Cross Country Ski Center Dining (530) 587-9484 tahoedonner.com/xc xc@tahoedonner.com Trails Open Daily Starting Nov. 28 | 8:30AM-5PM Open Dec. 25 | 12-5PM Rentals + Repairs Open Daily Starting Nov. 28 | 8:30AM-4:30PM Open Dec. 25 | 12-5PM

Downhill Ski Resort

(530) 587-9444 tahoedonner.com/downhill skireservations@tahoedonner.com Lifts Open Daily Starting Dec. 19 | 9AM-4PM Open Dec. 25 | 11:30AM-4PM Tickets Open Daily Starting Dec. 19 | 8AM-4:15PM Open Dec. 25 | 11:30AM-4:15PM Rentals Open Daily Starting Dec. 19 | 8AM-4:30PM Open Dec. 25 | 11:30AM-4:30PM

Golf Course

(530) 587-9443 tahoedonner.com/golf golf@tahoedonner.com Pro Shop + Golf Simulator Open Wednesday-Sunday Starting Dec. 3 | 10AM-4PM Reservations required Course + Driving Range Closed for the season

Snowplay

(530) 587-9462 tahoedonner.com/snowplay snowplay@tahoedonner.com Open Friday Starting Dec. 19 | 12-4:30PM Open Saturday-Sunday Starting Dec. 19 | 9AM-4:30PM Extended Holiday Hours Open Daily Dec. 20-Jan. 3 | 9AM-4:30PM

Trout Creek Rec Center

Trevor Clark

(530) 587-9437 tahoedonner.com/aquatics tahoedonner.com/fitness troutcreek@tahoedonner.com All pools and hot tubs are closed through mid-December for renovations Gym Open Daily | 6AM-10PM Sauna + Steam Room Open Daily | 6AM-9:45PM Holiday Hours Nov. 27 | 6AM-1:30PM Dec. 24 | 6AM-5:30PM Dec. 25 | 12-5:30PM Dec. 31 | 6AM-5:30PM Jan. 1 | 6AM-10PM

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Alder Creek Cafe

(530) 582-9686 tahoedonner.com/aldercreekcafe Breakfast Open Daily Starting Nov. 28 | 8:30-11AM Lunch Open Daily Starting Nov. 28 | 11AM-3PM Après Open Daily Starting Nov. 28 | 3-5PM Trailside Bar Open Daily Starting Nov. 28 | 11AM-5PM

The Lodge Restaurant & Pub

(530) 587-9455 tahoedonner.com/the-lodge lodge@tahoedonner.com Open Wednesday-Sunday | 5-8:30PM Open Daily Dec. 22-Jan. 4 | 5-8:30PM Holiday Hours Nov. 27 | 2-6PM Dec. 24 | 4-8PM Dec. 25 | Closed Dec. 31 | 5-9PM Jan. 2 | Closed

Pizza on the Hill

(530) 587-9669 tahoedonner.com/pizza pizza@tahoedonner.com Open Friday-Tuesday | 4-8PM Open Daily Dec. 22-Jan. 6 | 4-8PM Holiday Hours Dec. 25 | Closed Ask about our First Responders Discount!

Member Services

(530) 587-9400 tahoedonner.com/welcome info@tahoedonner.com Open Daily | 8AM-5PM Holiday Hours Nov. 27 | Closed Dec. 24 | 8AM-2PM Dec. 25 | Closed Dec. 31 | 8AM-3PM Jan. 1 | 9AM-3PM

All amenities are weather and conditions permitting. Check the website or call for most upto-date information.

2026

BUDGET REPORT

$3,621 ASSESSMENT

An Increase of $321, or 9.7%, from 2025 Now Inclusive of 4 Member Photo ID Cards With Private Amenity Access

$28.7 MILLION

Total Revenues $18.2 MILLION

Total Operating Revenues LEARN MORE AT TAHOEDONNER.COM

1

Annual Assessment History Per Owner $4,000

$3,500

$3,621

$30

$30

Operating Fund

$752

Replacement Reserve Fund

$3,300 $20

Development Fund

$902

$2,624 $2,500

$939

$2,907

$3,000

$187

New Equipment Fund

$867

$2,349

Prior Capital Policies

$3,621

$694

$2,000

$1,034

$555

$1,034

$940

New Capital Policies* Operating Fund

$854

$1,500

Repair + Replacement Fund

$865 $848

Long Life Fund $1,000 $1,438

$500

$0

$946

2022

$1,065

2023

$1,618

$1,618

New Capital Projects Fund

$1,186

New Equipment Fund

2024

2025

2026

Prior Capital Policies

2026

New Capital Policies

*Capital Reserve Funds were restructured and renamed as part of the newly adopted Capital Policies in June 2025.

Introduction Dear Members,

The 2026 Tahoe Donner Annual Assessment is dedicated as follows:

The Tahoe Donner Association Board of Directors approved the 2026 Budget at the evening Oct. 14, 2025 Special Board Meeting.

Led by our professional staff, the budget was developed and approved over the course of four robust open sessions, with member participation through the Finance, Long-Range Planning and Trails and Open Space committees, as well as general member comments.

This cycle, the Finance Committee, and particularly its Budget Working Group, were especially involved with staff in the review and building of the Annual Budget.

OPERATING FUND $ 1,618 This fund covers the daily operating costs of our association including amenities, customer service, staff payroll and administrative expenses.

The 2026 Annual Assessment is $3,621 per property, inclusive of four Member Photo ID cards granting access to private amenities without additional Recreation Fees or Daily Access Fees for card holders.

Including this private amenity access, operating expenses and capital funding needs covered by the assessment increased by $321 (9.7%) for 2026 over 2025.

REPAIR + REPLACEMENT FUND $ 1,034 This fund saves for corrective maintenance, repair and replacement of existing items that wear out within 30 years (e.g. paint, flooring, vehicles).

The Recreation Fee and Member Daily Access Fees will sunset Dec. 31, 2025. With the elimination of the Rec Fee, owners who purchased a 4-person Rec Fee in 2025 will have a net out-of-pocket cash reduction in 2026 of $179 (-4.7%). For owners that purchased a 2-person Rec Fee in 2025, the net out-of-pocket cash difference in 2026 of $16 (+0.4%). Owners that did not purchase any Rec Fee in 2025, and instead opted for Daily Access Fees, will have a year-over-year cashout-of-pocket increase of $291 (+8.7%), based on the calculated average Daily Access Fee spend for those properties. The inclusion of private amenity access for four members per property is an implementation of the Amenity Access Rule, adopted in October 2024.

Other factors impacting the 2026 assessment include increased operating costs, principally labor (the association's largest expense category), insurance, an update to HOA industry Reserve Study Standards expanding the scope of what is covered by our Repair + Replacement Fund, plus continuing inflationary pressures of Major Components. Operational efficiencies and revenue growth, through expanded offerings, amounting to $451 per property, were identified to partially offset these cost pressures.

2

TAHOE DONNER 2025 BUDGET REPORT

CAPITAL FUNDS The association’s 20-Year Capital Improvement Plan outlines and prioritizes major projects funded by these Capital Reserve Funds.

Under California law, the board is responsible for ensuring adequate funding for these vital investments.

LONG LIFE FUND $ 187 This fund saves for the repair and replacement of existing items that last longer than 30 years (e.g. roofs, foundations).

NEW CAPITAL PROJECTS FUND $ 752 This fund saves for new real estate purchases and major facility additions and enhancements (e.g. new trailheads, more snowmaking).

NEW EQUIPMENT FUND $ This fund saves for new furniture, technology and other new equipment purchases.

2026 ANNUAL ASSESSMENT TOTAL

$

30

3,621

The annual budget process carefully balances delivering services, maintaining amenities, investing to protect our home values, and providing community safety and enjoyment, all with fiscal prudence.

The board and staff sincerely appreciate your support in preserving the unique character of our community. Please, explore all that Tahoe Donner has to offer in this remarkable mountain setting!

Sincerely, Justin Malley Director of Finance, Accounting and Business Support

Don Koenes Board Member and Association Treasurer

ANY DIFFERENCES IN ASSESSMENT REVENUE DUE TO ROUNDING

Visitation Tools That Help Generate Revenue Projections

2026 Estimated Amenity Visitation Metrics

2026 Estimated Amenity Visitation Metrics

200,000

66,960

70,000

190,000

180,000

Estimated Visits

60,000 50,000

160,000

46,700

45,000

42,610

140,000

40,000

120,000

28,900

30,000 20,000

21,000

18,500

17,480

13,500 3,100

2,700

3,200

850

60,000

0

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20,000 0

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Trout Creek Recreation Center*

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40,000

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40,000-60,000 40,000-60,000 visitsestimated estimated visits persummer summer per

80,000

10,000

Lo

Trails Trails

100,000

*Private Amenity

Homeowner Value

Fire Safety + Forest Health

Trails + Facility Management

Amenities + Mountain Lifestyle

Community Building + Events

Community Standards + Compliance

Member ID Card Benefits • Private Amenity Access

• Priority Reservation Windows

• Food + Beverage Member-Exclusive Deals and Buy-One-Get-One Special Offers

• Discounted Services (e.g. Ski Passes, Golf Passes and Rentals)

Operating Fund The Operating Fund accounts for the annual revenue and expense activities of our amenity and homeowner association support functions. Operating Fund budgets for all departments were prepared with an emphasis on providing competitive compensation and benefits, addressing significant cost increases while continuing to provide consistent levels of service to the members. A detailed analysis of each department was prepared and evaluated by senior management before the budget was reviewed by the Finance Committee and the Board of Directors.

IN TOTAL, THE 2026 ASSESSMENT CONTRIBUTION TO OPERATIONS IS $10,468,581 OR $1,618 PER MEMBER-PROPERTY. THE 2026 AMOUNT REPRESENTS A $180 INCREASE OVER 2025.

The total revenue requirement for a balanced 2026 Operating Fund budget is $28,659,254. Operating revenue, generated by Amenity users, will contribute 63.5% of the requirement ($18,190,673), which leaves the remaining 36.5% ($10,468,581) to be funded by the Annual Assessment. This assessment represents the shortfall of operating revenue versus operating costs in the Operating Fund budget. Refer to page 7 for budget summary by activity.

OPERATING REVENUE Revenue is budgeted at $18,190,673, an increase of $1,300,000 (7.5%) from the prior year budget. While operating revenues are subject to significant volatility due to weather and snowpack, which can affect operating dates, overall visitation and amenity usage, the primary

driver of the forecasted revenue growth is the opening of the new Downhill Ski Lodge. The change of the Rec Fee and member daily access fee from Operating Revenue to (inclusion in the) Assessment Revenue offsets a significant portion of the gross revenue increase forecasted by the Downhill Ski Lodge re-opening.

We are planning for modest revenue increases in 2026 for Golf, Pizza on the Hill (POTH), Alder Creek Cafe (ACC), Recreation, Bikeworks, Day Camps, The Lodge Restaurant & Pub and the cumulative view of the Homeowners Association (HOA) Support Departments. Golf will benefit from the further leveraging of the newest booking software that improve round yields by tapping into the general public interest for unused member rounds. Recreation and Day Camps will benefit from increased program offerings and minimal rate increases. POTH will have additional operating hours. ACC will return to offering a hot menu in the summer and increased hours during peak periods.

OPERATING PAYROLL With a budget of $19,673,457, this represents 66% of total operating costs and reflects a increase of 10.1% versus 2025. A critical component of any large-scale common interest development is the dedicated workforce that operates and manages our amenities, support departments and administration. Operating payroll costs encompass not only wages and salaries but also related expenses such as payroll taxes, workers compensation, retirement savings Continued on Page 4 LEARN MORE AT TAHOEDONNER.COM

3

Continued from Page 3

Operating Fund Revenue Generated by Annual Assessment versus User Fees Total Operating Fund = $26,200,947

63.5% Funded by User Fees

36.5% Funded by Annual Assessment

plans, and health insurance benefits. As California’s minimum wage, which is already significantly above the national average, rises to $16.90 per hour, local economic pressures—such as fast-food restaurants offering starting wages above $20 per hour—combined with the competitive labor market in the Tahoe region, often necessitate that our starting pay be set 15-20% higher than the minimum wage to attract employees. TDA saw a further 8% increase to medical insurance for 2026. Further increasing the year-over-year payroll expense increase is the staff ramp-up to return to normal winter operations with the Downhill Ski Lodge re-opening.

OPERATING EXPENSE Management’s ongoing commitment to operational efficiencies has enabled TDA to limit the year-over-year increase in operating expenses to just 5% (roughly $400,000), bringing the total to $8,404,578 for 2026, in spite of the fact that Utilities (10%) and General Liability Insurance (16%) each experienced double digit market increases. The Operating Expense represents 28% of our overall operating budget.

COST OF GOODS SOLD The budget of $1,919,323 represents 6.4% of our overall operating costs. Cost of Goods Sold (COGS) represents the wholesale cost of retail, food and beverage products and will increase and/or decrease proportionally with changes to sales of these goods. We are no longer subject to the significant supply chain issues that hampered operations immediately following COVID, yet food costs remain at higher levels, and to budget with a COGS percentage-to-revenue of roughly 30%, prices are adjusted accordingly.

Reserve Study Fund The Reserve Study Fund (RSF) is a Capital Reserve Umbrella Fund used to plan and provide funding for the repair, restoration, replacement, and/or maintenance of existing Major Components of the association.

The RSF includes two sub-funds: the Repair + Replacement Fund (RRF), which includes existing Major Components that have a useful life of 30-years or less; and the Long Life Fund (LLF), which includes existing Major Components that have a useful life in excess of 30-years, including “life-of-the-building” components.

In accordance with state law and sound business practices, it is the policy of the association to fund a reserve program that will adequately provide for repair and replacement of existing communityowned assets. An extensive, onsite review by the association’s reserve specialist of the Reserve Study is conducted every three years, unless advised otherwise by outside council, and further reviewed annually by the board. OVER 2,000 INDIVIDUAL ITEMS ARE TRACKED IN THE RESERVE STUDY, WITH A CURRENT ESTIMATED Continued on Page 5

4

TAHOE DONNER 2025 BUDGET REPORT

Repair + Replacement Fund Analysis Tahoe Donner Association 2026 Budget

Total Estimated Allocation of 100% Funded Current Accumulated Allocation Replacement Funds (Dec. 31, 2025) Cost (Dec. 31, 2025)

Administration

$

907,754

$

116,225

$

592,976

Alder Creek Cafe

249,535

36,539

186,420

Beach Club Marina

1,632,973

212,515

1,084,247

Bikeworks

292,543

30,436

155,286

Campground

1,529,713

179,036

913,439

Capital Projects

442,650

78,437

400,187

Chalet House (Employee Housing)

397,219

70,545

359,919

Cross Country Ski Center

5,423,843

665,321

3,394,455

Cross Country Snowmaking

1,108,604

53,755

274,259

Equestrian Center

1,458,237

195,400

996,929

72,900

10,836

55,283

4,816,053

457,701

2,335,180

816,708

137,110

699,531

1,033,342

130,629

666,465

526,705

36,344

185,427

11,251,812

1,193,304

6,086,250

Food Trailer Forestry General Maintenance Golf Golf Complex Golf Complex Cart Barn Golf Course

12,000

1,418

7,234

Information Technology

Lodge Golf

2,813,887

328,375

1,675,363

Maintenance

3,870,447

412,896

2,106,586

Northwoods Pool Building

420,752

54,120

276,117

Northwoods Clubhouse

3,588,576

526,490

2,686,141

Pizza on the Hill

509,857

68,017

347,020

Recreation Hut

503,914

78,003

397,970

Mountain Operations

9,134,558

391,333

1,996,572

Ski Lodge - All Areas

165,000

29,620

151,120

Lift Maintenance

4,649,850

656,049

3,347,151

Rental + Retail

1,125,797

99,835

509,356

Snowmaking

1,058,542

130,044

663,484

Top Shop

270,946

32,767

167,179

Top Shop Parking

62,000

1,957

9,986

Winter Food + Beverage

702,601

9,059

46,221

Downhill Ski Resort

Parking

45,000

7,503

38,281

Snowplay

145,270

15,443

78,791

2,404,883

388,091

1,980,032

Tennis Complex Access Road

67,250

8,980

45,814

The Lodge Restaurant & Pub

5,236,292

643,702

3,284,155

Trails

4,059,410

334,440

1,706,305

2,793,693

330,066

1,683,993

Tennis Complex

Trout Creek Recreation Center Building Building Basketball Area

10,000

1,545

7,881

Parking

136,780

10,559

53,870

2,574,849

286,518

1,461,811

$ 78,322,745

$ 8,450,963

$ 43,114,686

Pool + Spa Area TOTALS

Note: Projected accumulated funds at Dec. 31, 2025 equal approximately 19.60% of the 100% funded total based on the method of calculation in Section 1362.2.5(b)(4) of the Civil Code. The financial representations set forth in this summary are based on the best estimates of the preparer at this time. The estimates are subject to change. Remaining and useful lives vary between 1 and 30 years. Reference Disclosure Summary on page 8 and Policy 2013-3 for further information.

Combined Annual Capital Funds Ending Balances 5-Year Historical and 5-Year Projected $35,000,000

$33,673,818 $31,462,637 $29,060,504

$30,000,000 $26,128,113 $25,000,000

$20,000,000 $17,635,415 $15,000,000

$12,829,585

$9,312,327

$10,000,000

$10,635,189

$9,875,832

$9,827,143

$5,000,000

$0 2021 Actual

2022 Actual

2023 Actual

2024 Actual

Replacement Reserve Fund

2025 Forecast

Development Fund

Repair + Replacement Fund

REPLACEMENT VALUE OF APPROXIMATELY $78,000,000. Each item is evaluated by average useful life, present age, projected remaining useful life and estimated replacement cost.

Repair + Replacement Expenditures Budgeted The Repair + Replacement Fund’s (RRF) 2026 budgeted expenditures total is $8,173,561. Components scheduled for 2026 may not necessarily be expended, based on management and board review, the availability of contractors and other contributing factors.

The 2026 Annual Assessment contribution to the RRF per the Reserve Study is $1,034 per property owner. The total funds provided to the RRF in 2026 will be $6,693,082.

The following outlines notable 2026 budget year planned expenditure items in excess of $250,000: 2008 INTERNATIONAL DUMP TRUCK DIESEL, $460,000: Replacement of the Forestry Department’s diesel dump truck.

ALDER CREEK ADVENTURE CENTER PARKING LOT DRAINAGE REPAIR, $420,000: Expenditures in relation to the construction repairs needed to mitigate the drainage issues presented by the north parking lot of ACAC to avoid current maintenance and pathof-travel issues.

MILLING/PAVING - NORTHWOODS, $269,000: Replacement of the paving at Northwoods Clubhouse.

STARCRAFT 14 – XL 30' BUS, $290,000: Replacement of Downhill Ski Resort’s 30-foot Starcraft 14 Bus. The forecasted ending balance of the Fund in 2026 is $7,317,865.

2026 Budget 2027 Projected 2028 Projected 2029 Projected 2030 Projected New Equipment Fund

New Capital Projects Fund

Total Capital Funds Spend Long Life Fund

Long Life Expenditures Budgeted The Long Life Fund’s (LLF) 2026 budgeted expenditures total is $369,726. The 2026 Annual Assessment contribution to the LLF is $187 per property owner. The total funds provided to the LLF in 2026 will be $1,210,451.

The following outlines notable 2026 budget year planned expenditure items in excess of $100,000: TENNIS + PICKLEBALL CENTER BUILDING REPLACEMENT, $106,000: Planning to replace and/or enhance the Tennis + Pickleball Center building, built in 1971, which has reached the end of its useful life.

NORTHWOODS CAMPUS MASTER PLAN - NORTHWOODS CLUBHOUSE BUILDING, $263,000: The project is a full master plan of the associated Northwoods Clubhouse, built in 1971, including remodel and/or replacement options.

The forecasted ending balance of the Fund in 2026 is $877,038.

Development Fund The Development Fund (DF) is a Capital Reserve Umbrella Fund established, as authorized in governing documents, to accumulate funds for capital improvements that result in the creation or acquisition of new Major Components that do not qualify for RSF funding. In order to facilitate the future use of DF assessments toward the funding of large-scale projects, each year projects are identified as eligible for such future funding. Projects designated as eligible, though not approved, to receive funding from future assessment contributions include amenity expansions and additions, real estate acquisitions, and infrastructure improvements that do not otherwise qualify for RSF funding. The DF includes two sub-funds: the New Capital Projects Fund (NCPF), which is used to provide funding for new capital projects; and the New Equipment Fund (NEF), which is used to provide funding Continued on Page 6

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5

Continued from Page 5

for new capital improvements that are not considered and/or cannot be considered a capital project or a component of a capital project.

Tahoe Donner’s 50th anniversary in 2021 was a clear reminder that facilities built around our opening in 1971, such as the Downhill Ski Lodge, Northwoods Clubhouse and Tennis + Pickleball Center, are nearing, or at, the end of their useful lives, have a myriad of issues impacting services offered and need to be addressed. The board has a responsibility under California law to ensure that there are funding sources for these projects.

2026 BUDGET SUMMARY – BY FUND

Number of Properties = 6,473 2026 Budget

$ per Property

OPERATING FUND Beginning Balance, Start of Year

$

0

$

0

Assessment Contribution

10,468,581 (A1)

1,618

Net Operating Results

- 10,468,581

- 1,618

Operating Fund, Year-End Balance

$

0

$

0

$

8,450,576

$

1,306

REPAIR + REPLACEMENT FUND (RRF) Beginning Balance, Start of Year

6,693,082 (A2)

1,034

Interest Income

347,768

54

Salvage Receipts

0

0

-7,590

-2

Assessment Contribution

New Capital Projects Expenditures Budgeted

Income Tax and Other Expenses Payroll Costs

-418,869

-65

The New Capital Projects Fund’s (NCPF) 2026 budgeted expenditures total is $3,562,352.

Components scheduled for 2026 may not necessarily be expended, based on management and board review, the availability of contractors and other contributing factors.

Expenditures for Capital Additions

-7,730,602

-1,195

-16,500

-3

The 2026 Annual Assessment contribution to the NCPF is $752 per property owner. The total funds provided to the NCPF in 2026 will be $4,867,696.

Interest Income

The following outlines notable 2026 budget year planned expenditure items in excess of $250,000:

Major Repairs, Maintenance and Lease Expenses Repair + Replacement Fund, Year-End Balance

$

Beginning Balance, Start of Year

$

Assessment Contribution

Income Tax and Other Expenses Long Life Fund, Year-End Balance

Beginning Balance, Start of Year

6

-726

-1 -58

$

877,038

$

136

$

831,580

$

129

Interest Income

170,978

27

Income Tax and Other Expenses

-3,420

-1

-392,731

-61

-3,166,201

-490

Beginning Balance, Start of Year

Expenditures for Capital Additions New Capital Projects Fund, Year-End Balance

$

2,307,903

$

357

$

30,171

$

5

NEW EQUIPMENT FUND (NEF) Assessment Contribution Interest Income Income Tax and Other Expenses Expenditures for Capital Additions New Equipment Fund, Year-End Balance

194,190 (A5)

30

3,818

1

-76

-1

-95,720

-15

$

132,383

$

21

$

-11,361,523

$

-1,756

$

-11,378,023

$

-1,758

$

10,468,581 (A1)

$

1,618

45%

Combined CAPITAL FUNDS ACTIVITY Expenditures for Capital Additions

-16,500

Major Repairs, Maintenance and Lease Expenses Combined CAPITAL FUNDS ACTIVITY – Total

-3

2026 ANNUAL ASSESSMENT RECAP Operating Fund Capital Funds Repair + Replacement Fund (RRF)

6,693,082 (A2)

1,034

29%

Long Life Fund (LLF)

1,210,451 (A3)

30

1%

New Capital Projects Fund (NCPF)

4,867,696 (A4)

752

21%

New Equipment Fund (NEF) TAHOE DONNER 2025 BUDGET REPORT

36,314

752

The forecasted ending balance of the Fund in 2026 is $2,307,903.

6

0 187

4,867,696 (A4)

Payroll Costs

The forecasted ending balance of the Fund in 2026 is $132,383.

$

NEW CAPITAL PROJECTS FUND (NCPF)

TENNIS + PICKLEBALL COURT IMPROVEMENT PROJECT, $762,000: Expenditures related to the replacement/ enhancement of the Tennis + Pickleball Center’s courts.

Assets scheduled for 2026 purchase may not necessarily be acquired based on management and board review, the availability of contractors and other contributing factors.

0

1,131

1,210,451 (A3)

-369,000

Expenditures for Capital Additions

Assessment Contribution

The New Equipment Fund’s (NEF) 2026 budgeted expenditures total is $95,796. The 2026 Annual Assessment contribution to the NEF is $30 per property owner. The total funds provided to the NEF in 2026 will be $194,190.

$

LONG LIFE FUND (LLF)

DOWNHILL SKI LODGE REPLACEMENT, $1,463,000: The retention payment for the Downhill Ski Lodge replacement project.

New Equipment Expenditures Budgeted

7,317,865

187

5%

Capital Funds, Subtotal

$

12,965,419

194,190 (A5) $

2,003

55%

Annual Assessment – Total

$

23,434,000

$

3,621

100%

2026 BUDGET SUMMARY – OPERATING FUND Operating Revenue

Operating Costs Total

Net Operating Result

Capital Charge

Net Result Including Capital Charge

(REV)

(OCT)

(NOR)

(CC)

(NR)

Trout Creek Recreation Center/Aquatics

$493,191

-$1,743,671

-$1,250,480

$0

-$1,250,480

Recreation Programs/Day Camps

$611,603

-$575,093

$36,510

$0

$36,510

Beach Club Marina

$664,207

-$697,487

-$33,280

$0

-$33,280

PRIVATE AMENITIES

Tennis Center

$372,327

-$516,209

-$143,881

$0

-$143,881

$2,141,329

-$3,532,460

-$1,391,131

$0

-$1,391,131

Downhill Ski Resort

$6,228,483

-$4,180,979

$2,047,503

$0

$2,047,503

Cross Country Ski Center

$1,977,620

-$1,351,462

$626,158

$0

$626,158

Snowplay Sledding and Tubing

$259,351

-$201,121

$58,230

$0

$58,230

Equestrian Center

$138,282

-$348,441

-$210,159

$0

-$210,159

Campground

$129,853

-$121,431

$8,422

$0

$8,422

$0

-$391,915

-$391,915

$114,000

-$277,915

TOTAL PRIVATE AMENITIES

PUBLIC AMENITIES

Trails Bikeworks

$222,869

-$254,035

-$31,166

$0

-$31,166

Golf Course

$1,833,289

-$2,099,717

-$266,428

$0

-$266,428

$505,145

-$641,251

-$136,106

$0

-$136,106

$2,606,040

-$3,086,807

-$480,767

$0

-$480,767

Alder Creek Cafe The Lodge Restaurant & Pub and Summer F+B

$657,270

-$808,805

-$151,536

$0

-$151,536

TOTAL PUBLIC AMENITIES

$14,558,202

-$13,485,965

$1,072,237

$114,000

$1,186,237

TOTAL AMENITIES

$16,699,531

-$17,018,426

-$318,895

$114,000

-$204,895

Pizza on the Hill

HOMEOWNERS ASSOCIATION OPERATIONS General HOA

$0

-$1,126,323

-$1,126,323

$0

-$1,126,323

Community Standards Office Formerly Architectural Standards Office

$165,246

-$585,131

-$419,885

$0

-$419,885

Forestry, Defensible and Open Space

$182,799

-$1,777,306

-$1,594,507

$229,996

-$1,364,511

TOTAL HOA OPERATIONS

$348,045

-$3,488,760

-$3,140,715

$229,996

-$2,910,719

AMENITY + HOMEOWNERS ASSOCIATION SUPPORT SERVICES $274,545

-$1,057,409

-$782,864

$0

-$782,864

$0

-$750,330

-$750,330

$663,749

-$86,581

$356,002

-$1,708,078

-$1,352,076

$0

-$1,352,076

Information Technology

$0

-$930,324

-$930,324

$0

-$930,324

Accounting and Finance

Communications Facility Administration and Risk Management Administration

$47,200

-$1,215,160

-$1,167,960

$18,000

-$1,149,960

Human Resources

$0

-$807,358

-$807,358

$65,500

-$741,858

Workforce Housing

$218,800

-$455,828

-$237,028

$0

-$237,028

$0

-$605,851

-$605,851

$0

-$605,851

Risk Member Services

$246,550

-$570,818

-$324,268

$0

-$324,268

$0

-$1,389,016

-$1,389,016

$246,860

-$1,142,156

$1,143,097

-$9,490,173

-$8,347,076

$994,109

-$7,352,967

$18,190,673

-$29,997,358

-$11,806,686

$1,338,105

-$10,468,581

Maintenance TOTAL SUPPORT SERVICES

TOTAL OPERATING FUND

Capital Charge (CC) is the Repair + Replacement Fund Assessment contribution amount only.

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7

ASSESSMENT AND REPLACEMENT RESERVE FUNDING DISCLOSURE SUMMARY (CA CIVIL CODE SECTION 5570) The 2026 regular Annual Assessment per ownership interest is $3,621.

The updated 30-year funding and expenditure plan (Reserve Study), utilizing a 3.0% annual inflation of repair and replacement costs, requires a contribution to the Repair + Replacement Fund (RRF) of $1,034 per property for 2026, a 10% increase over 2025. This amounts to a 2026 contribution to the RRF of $6,693,082. There are no additional regular or special assessments anticipated for the reserve program or for other purposes at this time.

In July 2023, the Community Associations Institute released updated guidance for governing an association’s “Replacement Reserve Fund” (now the Repair + Replacement Fund), largely in part to the catastrophic partial collapse of Champlain Towers South complex in Surfside, Florida.

Tahoe Donner Association was quick to begin incorporating these changes, culminating in an update to the Capital Funds policies in 2025.

Based upon the most recent Reserve Study and other information available to the Tahoe Donner Board of Directors, the currently projected reserve account balances will be sufficient at the end of each year to meet the association’s obligation for repair and/or replacement of Major Components during the next 30 years. This projection is principally based on the future funding plan, which requires a minimum annual increase of “the most recently published 12-month San Francisco CPI plus 5% until the percent-funded level exceeds 25% of the capital improvement costs designated in the 30year expenditure plan” (as defined in Policy Resolution 2025-9). With the $1,034 Annual Assessment contribution per member-property, the projected fund balance in the RRF at the end of 2026 is $7,317,865.

All Major Components are included in the Reserve Study and are included in its calculations. Components with an estimated remaining useful life of more than 30 years are not included in the RRF calculation; those assets are included in the Long Life Fund (LLF) calculations. The Development Fund section of this report contains additional information.

Based on the method of calculation in paragraph (4) of subdivision (b) of CA Civil Code Section 5570, the estimated “Fully Funded” value in the RRF at the end of the current fiscal year is $43,114,688*, based in whole or in part on the most recently completed Reserve Study in 2022, prepared by management and Hughes Reserves and Asset Management, Inc. as of October 2022 along with further updates by staff annually. The projected RRF cash balance at the end of the current fiscal year is $8,450,576, resulting in reserves being 19.6% funded at this date. * This amount is calculated based on a straight-line method wherein each component must stand alone, not utilizing the cash flow method of funding, also known as the pooling method.

Based on the method of calculation in paragraph (4) of subdivision (b) of Section 5570 of the Civil Code, the estimated “Fully Funded” value in the RRF at the end of each of the next five budget years is $45,700,000 in 2026, $48,100,000 in 2027, $49,900,000 in 2028, $53,000,000 in 2029 and $55,300,000 in 2030. The projected RRF cash balance as estimated in each of those years is $7,300,000 in 2026, $6,700,000 in 2027, $6,000,000 in 2028, $7,300,000 in 2029 and $8,200,000 in 2030.

The Repair + Replacement Fund Analysis on page 4 summarizes the component values by area and the projected available funding for repairs and replacements. The full Reserve Study plan with a more detailed listing of the individual plan components is available to any member upon request.

Note: The financial representations set forth in this summary are based on the best estimates of the preparer at that time. The estimates are subject to change. At the time this summary was prepared, the assumed long-term before-tax interest rate earned on reserve funds was a conservative 3% per year, and the assumed long-term inflation rate to be applied to major component repair and replacement costs was 3% per year.

8

TAHOE DONNER 2025 BUDGET REPORT

Policies and Procedures Regarding Assessment Collection, Delinquency and Foreclosure Actions Each property owner’s annual Regular Assessment is due at the beginning of each fiscal year on Jan. 1, and becomes delinquent on March 3 of the same fiscal year. Special and Special Individual Assessments (Architectural Standards, Covenants and Forestry Assessments, Fines and Inspection Fees) are due 30 days after invoicing and delinquent 30 days thereafter. Delinquent accounts are subject to the following schedule of procedures and charges. (The actions indicated below will not be taken until at least the date specified, but may occur at a later date due to scheduling considerations.)

Interest Amount: Interest charged will be equal to the maximum allowed by law (currently 12% per annum).

ANNUAL REGULAR ASSESSMENT March 3: DELINQUENCY FEE (10% OF REGULAR ASSESSMENT BALANCE) is charged to the account; also, interest begins to accrue on the delinquent Assessment balance.

April 1: Notice of pending suspension of membership rights (eligibility for candidacy to serve as a director and to access the amenities as a member) for failure to pay the Assessment and of the member’s right to a prior hearing thereon, and notice of intent to record a lien against the member’s property to secure amounts owed, is sent to owner(s) of record via certified mail.

April 15: Assessment lien recorded against property; the Lien Fee amount (which may be changed by the board as part of the annual budget) is charged to the account. If requested, hearing on pending suspension of membership rights must be completed at least five days prior to the suspension’s effective date.

April 20: Effective date of suspension of membership rights, which shall remain in effect until the account is brought current.

May 1: Interest begins accruing on Delinquency Fee. June 15: Delinquent accounts become subject to all appropriate collections/legal recourses, including FORECLOSURE of the Assessment lien, to recover amounts owed. All costs and fees related to such actions, including attorney’s fees, become the property owner’s obligation.

July 1: Interest begins accruing on Lien Fee. SPECIAL AND SPECIAL INDIVIDUAL ASSESSMENT(S) Days After Invoicing 60 Days: DELINQUENCY FEE (10% OF ASSESSMENT BALANCE) is charged to the account; also, interest equal to the maximum allowed by law (currently 12% per annum) begins to accrue on the delinquent Assessment balance.

90 Days: Notice of pending suspension of membership rights (eligibility for candidacy to serve as a director and to access the amenities as a member) for failure to pay the Assessment and of the member’s right to a prior hearing thereon, and, if applicable, notice of intent to record a lien against the member’s property to secure amounts owed, is sent to owner(s) of record via certified mail.

105 Days: If applicable, Assessment lien recorded against property; the Lien Fee amount (which may be changed by the board as part of the annual budget) is charged to the account. If requested, hearing on pending suspension of membership rights must be completed at least five days prior to the suspension’s effective date.

110 Days: Approximate effective date of suspension of membership rights, which shall remain in effect until the account is brought current.

120 Days: Interest begins accruing on Delinquency Fee. 165 Days: Delinquent accounts become subject to all appropriate collections/legal recourses, including foreclosure of the Assessment lien, to recover amounts owed. All costs and fees related to such actions, including attorney’s fees, become the property owner’s obligation.

180 Days: If applicable, interest begins accruing on Lien Fee. TIMELINESS OF PAYMENTS In relation to the imposition of penalties, etc., in accordance with this schedule shall be determined by: • Official USPS postmark date appearing on the envelope in which a payment is received through the mail (private postage meter dates are ignored).

• Any other method of delivery (i.e. hand-delivered payments, overnight services or electronic payments via the Member Portal) is considered delivered on date of receipt of payment.

• Send payments to: Tahoe Donner Association, ATTN: Accounting, 11509 Northwoods Blvd., Truckee, CA 96161 APPLICATION OF PAYMENTS It is the association’s policy to apply payments received as follows: • First, to the oldest unpaid Assessment.

• Second, to the interest and penalties (Delinquency Fee, Lien Fee, costs of collection, etc.) related to that oldest unpaid Assessment.

• Next, to the second-oldest Assessment, followed by the interest and penalties related to that second-oldest Assessment.

This sequence continues until the most recent Assessment is paid; the interest and penalties related to that most recent Assessment are then paid.

Civil Code Section 5310 requires the following notices: NOTICE ASSESSMENTS AND FORECLOSURE This notice outlines some of the rights and responsibilities of owners of property in common interest developments and the associations that manage them. Please refer to the sections of the Civil Code indicated for further information. A portion of the information in this notice applies only to liens recorded on or after Jan. 1, 2003. You may wish to consult a lawyer if you dispute an Assessment.

ASSESSMENTS AND FORECLOSURE Assessments become delinquent 15 days after they are due, unless the governing documents provide for a longer time. The failure to pay association Assessments may result in the loss of an owner’s property through foreclosure. Foreclosure may

occur either as a result of a court action, known as judicial foreclosure, or without court action, often referred to as nonjudicial foreclosure. For liens recorded on and after Jan. 1, 2006, an association may not use judicial or nonjudicial foreclosure to enforce that lien if the amount of the delinquent Assessments or dues, exclusive of any accelerated Assessments, late charges, fees, attorney’s fees, interest and costs of collection are less than $1,800.

For delinquent Assessments or dues in excess of $1,800 or more than 12 months delinquent, an association may use judicial or nonjudicial foreclosure subject to the conditions set forth in Article 3 (commencing with Section 5700) of Chapter 8 of Part 5 of Division 4 of the Civil Code.

When using judicial or nonjudicial foreclosure, the association records a lien on the owner’s property. The owner’s property may be sold to satisfy the lien if the amounts secured by the lien are not paid. (Sections 5700 through 5720 of the Civil Code, inclusive) In a judicial or nonjudicial foreclosure, the association may recover Assessments, reasonable costs of collection, reasonable attorney’s fees, late charges and interest. The association may not use nonjudicial foreclosure to collect fines or penalties, except for costs to repair common areas damaged by a member or a member’s guests if the governing documents provide for this (Section 5725 of the Civil Code).

The association must comply with the requirements of Article 2 (commencing with Section 5650) of Chapter 8 of Part 5 of Division 4 of the Civil Code when collecting delinquent Assessments.

If the association fails to follow these requirements, it may not record a lien on the owner’s property until it has satisfied those requirements. Any additional costs that result from satisfying the requirements are the responsibility of the association (Section 5675 of the Civil Code).

At least 30 days prior to recording a lien on an owner’s separate interest, the association must provide the owner of record with certain documents by certified mail, including a description of its collection and lien enforcement procedures and the method of calculating the amount. It must also provide an itemized statement of the charges owed by the owner. An owner has a right to review the association’s records to verify the debt (Section 5660 of the Civil Code).

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9

If a lien is recorded against an owner’s property in error, the person who recorded the lien is required to record a lien release within 21 days and to provide an owner certain documents in this regard (Section 5685 of the Civil Code).

The collection practices of the association may be governed by state and federal laws regarding fair debt collection. Penalties can be imposed for debtcollection practices that violate these laws.

PAYMENTS When an owner makes a payment, they may request a receipt, and the association is required to provide it. On the receipt, the association must indicate the date of payment and the person who received it. The association must inform owners of a mailing address for overnight payments (Section 5655 of the Civil Code).

In addition, an association may not initiate a foreclosure without participating in alternative dispute resolution with a neutral third party, as set forth in Article 3 (commencing with Section 5925) of Chapter 10 of Part 5 of Division 4 of the Civil Code, if so requested by the owner. Binding arbitration shall not be available if the association intends to initiate a judicial foreclosure.

An owner is not liable for charges, interest and costs of collection if it is established that the Assessment was paid properly on time (Section 5685 of the Civil Code).

MEETINGS AND PAYMENT PLANS An owner of a separate interest that is not a timeshare may request the association to consider a payment plan to satisfy a delinquent Assessment.

The association must inform owners of the standards for payment plans, if any exist (Section 5665 of the Civil Code).

The Board of Directors must meet with an owner who makes a proper written request for a meeting to discuss a payment plan when the owner has received a notice of a delinquent Assessment. These payment plans must conform with the payment plan standards of the association if they exist (Section 5665 of the Civil Code).

NOTICE OF RIGHTS AND OBLIGATIONS RELATING TO GOVERNING DOCUMENT ENFORCEMENT: The provisions of Tahoe Donner Association’s Governing Documents (Declaration of Covenants and Restrictions, Bylaws, Articles of Incorporation and Association Rules) may be enforced by the association or by any owner, and the prevailing party in such an action is entitled to an award of reasonable attorney’s fees and costs. However, before most Governing Document enforcement actions may be taken to court, Civil Code Section 5935 requires the initiating party to serve a Request for Resolution (the “Request”) upon the other parties to the dispute. The objective of the Request must be to encourage the recipient opposing parties to agree to resolve the matter through arbitration, mediation or some other form of alternative dispute resolution (“ADR”). The form and details of the ADR process, and whether its result will be binding or non-binding on the parties, must be agreed upon by the parties. If you receive a Request, you have 30 days to either accept or reject the ADR proposal. If you do not respond to the party issuing the Request within that time, you will be deemed to have rejected the proposal.

If the Request is rejected, the other party may file a suit. You should be advised that failure by any member of the association to comply with the pre-filing requirements of section 5935 of the Civil Code may result in the loss of your rights to sue the association or another member of the association regarding enforcement of the Governing Documents. In a Governing Document enforcement lawsuit, the court may also consider a party’s refusal to participate in ADR in determining an attorney’s fee award. With regard to internal dispute resolution, Tahoe Donner Association follows the process described in section 5915 of the Civil Code. For more information, please contact the association offices.

As required by California Civil Code section 5300(b)(9), the following is a summary of Tahoe Donner Association’s insurance coverages: PROPERTY/INLAND MARINE/BOILER INSURANCE POLICIES: Granite State Insurance Co.: Property Limit – $135,248,565; Deductible – $100,000 per occurrence for buildings, contents, lifts, moveable equipment, etc.; Granite State Insurance Co.: Inland Marine Limit – $9,788,539; Deductible – $100,000 per occurrence ; Granite State Insurance Co.: Boiler Limit – $48,361,834; Deductible – $100,000 minimum for compressors, motors, pumps, equipment generating electricity and property damage GENERAL LIABILITY POLICIES: Granite State Insurance Co.: Limit – $1,000,000; General Aggregate – $2,000,000 per occurrence; Deductible – $25,000 per occurrence, $2,000,000 aggregate EXCESS LIABILITY (UMBRELLA) POLICIES: National Union Fire Insurance Co. of PA: Limit – $5,000,000; General Aggregate – $5,000,000; Deductible – $10,000 per occurrence. Additional excess liability coverage over the current Umbrella: Berkley Custom: Limit – $5,000,000; Markel American: Limit – $10,000,000; Starstone: Limit – $10,000,000; Westfield Specialty Insurance: Limit – $10,000,000; Liberty Surplus Insurance: Limit – $10,000,000 CRIME POLICIES: Granite State Insurance Co.; Limit – $500,000; Deductible – $5,000 per occurrence; Additional excess crime coverage: Travelers: Limit – $5,000,000, Great American Insurance Co., Limit – $20,000,000 EARTHQUAKE AND FLOOD INSURANCE POLICIES: Granite State Insurance Co; Limit – $3,000,000 per occurrence; Earthquake Aggregate – $3,000,000; Deductible – $100,000; Flood Deductible – $50,000 POLLUTION POLICIES: Palomar: Limit – $1,000,000 per occurrence; General Aggregate – $2,000,000; Deductible – $25,000

10

TAHOE DONNER 2025 BUDGET REPORT

TERRORISM/SABOTAGE/ACTIVE SHOOTER POLICIES: Lloyds: Limit – $1,000,000 per occurrence for active shooter/malicious acts limits; Deductible – $5,000 DIRECTORS AND OFFICERS LIABILITY INSURANCE POLICIES: Everest National: Limit – $5,000,000; Deductibles – Non-Indemnifiable Loss: None; Indemnifiable Loss: $50,000 DIRECTORS AND OFFICERS EXCESS LIABILITY INSURANCE POLICIES: RSUI: Limit – $5,000,000; Ironshore: Limit – $10,000,000; Houston Specialty: Limit – $5,000,000; Landmark: Limit – $5,000,000 BUSINESS AUTOMOBILE POLICIES: New Hampshire Insurance: Limit – $1,000,000; Deductibles – $1,000 per occurrence

ANNUAL POLICY STATEMENT SUMMARY (California Civil Code 5310(a), 4040) Association’s Designated Recipient Mail or Personal Delivery: Board, Tahoe Donner Association, 11509 Northwoods Blvd., Truckee, CA 96161 Email: info@tahoedonner.com

Right of Notice to Two Addresses A member may submit a request to have notices sent to up to two different specified addresses.

General Notice Location 11509 Northwoods Blvd., Truckee, CA 96161 and tahoedonner.com

THE CIVIL CODE REQUIRES THAT THE FOLLOWING STATEMENT APPEARS: “This summary of the association’s policies of insurance provides only certain information, as required by Section 5300 of the Civil Code, and should not be considered a substitute for the complete policy terms and conditions contained in the actual policies of insurance. Any association member may, upon request and provision of reasonable notice, review the association’s insurance policies and, upon request and payment of reasonable duplication charges, obtain copies of those policies. Although the association maintains the policies of insurance specified in this summary, the association’s policies of insurance may not cover your property, including personal property or real property improvements to or around your dwelling, or personal injuries or other losses that occur within or around your dwelling. Even if a loss is covered, you may nevertheless be responsible for paying all or a portion of any deductible that applies. Association members should consult with their individual insurance broker or agent for appropriate additional coverage.” In fact, since all of our common areas and facilities are owned solely by the association as a corporate entity and not by the association’s individual members, the insurance carried by the association insures only the association and only with regard to its actions and its property. It does not insure individual members their property (individual homes and lots) or their actions.

Right to Receive General Notice by Individual Delivery A member has the option to receive general notices by individual delivery.

Right to Receive Board Minutes A member has a right to board meeting minutes, other than an executive session.

Minutes are available at the General Notice Locations indicated above. Upon request, the minutes can be mailed to the member.

Statement of Assessment Collection Policies and Assessment Collection and Lien Policy The statement of Assessment collection and lien policies is provided on pages 8–11 of this budget report document.

Governing Document Enforcement and Fine Policy Governing Documents, Resolutions and Policies, refer to tahoedonner.com/governing-documents Rules and Fines, refer to tahoedonner.com/covenants-rules

Dispute Resolution Procedure Summary Refer to Notice of Rights and Obligations section on page 10

Architectural Guidelines and Procedures Refer to tahoedonner.com/community-standards

Overnight Payment Mailing Address Accounting, Tahoe Donner Association, 11509 Northwoods Blvd., Truckee CA 96161

45-Day Notices Photo Credits: Cover – Cynthia Cendreda, taken during a mid-October site tour of the Downhill Ski Resort lodge project, showing the doors exiting onto the beachfront near the charlifts.

Page 11 – Brian Fowler, submitted for the 2025 Tahoe Donner Photo Contest, shows an aurora borealis behind Eagle Rock Chairlift at Tahoe Donner Downhill Ski Resort.

Tahoe Donner Association, 11509 Northwoods Blvd., Truckee, CA 96161 and tahoedonner.com/45-day-notices

Charges for Documents Provided The association may charge members for the direct and actual cost of copying and redacting documents. However, associations may not charge a fee that exceeds the amount necessary to defray the costs for which it is levied. Also, the association must inform the member of the cost before copying the requested documents.

VISION STATEMENT Tahoe Donner is a vibrant and desirable mountain community providing attractive and well-maintained facilities, events, programs and leading customer service to its members, guests and public, all while maintaining accessible and healthy natural surroundings.

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11

2026 BUDGET SUMMARY $3,621

VERSUS 2025 – AN INCREASE OF $321 ($26.75 PER MONTH) Inclusion, with the Annual Assessment, of four Member Photo ID Cards per property to

+ $278 access private amenities

ANNUAL ASSESSMENT

+ $262 Salary, wage and benefit increases, and budgeting for all positions Increase in Capital Reserve Fund contribution to address the changing needs of the

+ $141 members and address the needs of aging facilities

PER OWNER PROPERTY (DUE JAN. 1, 2026)

Increase in general liability insurance policy and workers compensation costs due to

+

$56 industry losses

+

$48 rate increases

+

$16 Increase in utilities due to industry rate increases

Increase in expenses (excluding utilities and insurance) due to inflation and market

- $393 Increase of Winter Operations revenue from re-opening of the Downhill Ski Resort lodge Increase in revenue from public amenities, including increased offerings, programs and

-

$33 visitation

-

$30 banquet services growth and a hot food menu returning to Alder Creek Cafe

-

$18 Fund work

-

$6 support transactions

Increase in revenue from Food and Beverage, including extended operating hours, Increase of capitalized labor allocation in Forestry for additional Repair + Replacement Net revenue increase across HOA Support operations to cover direct costs of member

= + $321 TOTAL CHANGE IN ANNUAL ASSESSMENT

ANNUAL ASSESSMENT PAYMENT PORTAL

FACTS + FIGURES ABOUT YOUR ASSOCIATION ESTIMATES AS OF NOV. 2025; SUBJECT TO CHANGE

• 25,000 Members

OWN AND OPERATE • Golf Course

• Established in 1971

• Beach Club Marina

• 92% Built-Out

• Downhill Ski Resort

• Owned and Managed by the Property Owners

• Cross Country Ski Center

• 7,000 Acres

• Snowplay Sledding + Tubing

• 120,000 Square Feet of Conditioned Space

• Equestrian Center

• 80,000 Tons of Green Waste Removed Annually

• Tennis + Pickleball Center

• Over 63,000 Trees Planted in Past Decade

• Pools

• 62 Miles of Paved Public Roads

• Gym + Recreation Center

• 75+ Miles of Trails (and More Planned)

• Day Camps

• $6.1 Billion Estimated Tahoe Donner Community Real Estate Value

• Restaurants

• 6,473 Member Property Owners

Quickly and easily pay your 2026 Annual Assessment online!

Watch for your Annual Assessment mailer for details.

• Retail Shops

SEASON PASS PRICES INCREASE DECEMBER 1 DOWNHILL | CROSS COUNTRY | COMBO

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TAHOE DONNER 2025 BUDGET REPORT

ANY DIFFERENCES IN ASSESSMENT REVENUE DUE TO ROUNDING

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11

The Buzz:

Clubs 4-Wheelers Club

October was a busy month for the club.

We did a moderately challenging run up to Eagle Lakes and forded the Yuba River.

This is a good trail to build skills. Josh Routh even drove up the rocky route out from the river. It was his first time driving the Jeep. Glenn Granada led an overlanding trip to Black Rock Desert/ High Rock Canyon along the historic Applegate Trail. The “40s & One Ton Group” and some other brave souls did several Jeep Badge of Honor trails at Southern California’s Big Bear area. These trails were tough, but the group did great and had a blast. We did a run up Jumbo Grade from Washoe Lake to Virginia City and then back via the OnX Silver Queen route. And our last scheduled trip for the year was a trip to Tonopah/Goldfield, Nevada, to visit historic sites. See Facebook “Tahoe Donner 4 Wheelers” for pictures!

1. Stop offensive moves; don’t call tiles or swap jokers 2. Don't discard a tile that hasn’t appeared 3. Don't discard flowers and dragons 4. Watch a player with three exposures; be extra careful with every discard 5. Discard your jokers

The club meets every Tuesday at Pizza on the Hill from 12-3PM. We play American Mah Jongg using the current year’s National Mah Jongg League card and rules. No RSVP needed! It is advisable to send a group email to tdmahjongg@googlegroups.com on Mondays to ask other club members if they plan to attend that week. For more information about Mah Jongg Club, contact Dori Schick at doridans@hotmail.com or Deb Bloomberg at debbala@comcast.net.

Equestrian Club

For additional club information or to join us on our next run, visit TD4Wheelers.org.

American Mah Jongg Club For our Mah Jongg enthusiasts, here are some more strategy tips: In the last 20 tiles – which is known as the ENDGAME – every discard matters. If you're more than TWO TILES away from winning, shift your priority to DEFENSE. Block the win and push toward a wall game.

YOUR DEFENSE STRATEGY: WHEN IN DOUBT, PLAY DEFENSE 12

Equestrian Club members and staff celebrated the end of the season with a trail ride and picnic to enjoy the newly refurbished corrals in the Euer Valley. A huge thank you to the trail crew for their hard work and wonderful pens. We are very grateful and looking forward to more fun in the valley!

Hiking Club The Hiking Club kicked off the 2025 summer season with a bang! We started the year by planning activities, distributing club information and more. Throughout June, July and August, we launched a packed schedule of weekly green, blue and black hiking opportunities throughout the Northern Sierra Nevada, improving our altitude fitness and providing an introduction to backpacking. We logged many miles together and celebrated our shared adventures at the annual Member Meeting and Potluck in late August. Our hiking opportunities continued through the end of October, wrapping up nearly six months of glorious hiking adventures!

In mid-September, the Hiking Club hosted a spectacular “Away Trip,” coordinated

by Pam Pontius. Sixteen lucky members traveled to Dubrovnik, Croatia, for a nineday island-hopping adventure through this stunning destination. We hiked, toured and swam in the warm, clear waters of the Adriatic, immersing ourselves in Croatian culture and history with the help of knowledgeable local guides. Between the unique experiences, delicious meals and chances to explore independently, it was truly a trip to remember.

We hope you’ll consider joining the Hiking Club soon for a hike, a jaunt or perhaps an international adventure!

Quilt Club December is usually a busy month for many of us. There are decorations to put out and menus to plan for visitors and/or celebrations. And for some of us, it’s time to put finishing touches on some holiday projects. I made several sets of tree napkins a few years ago as presents. They are easy and quick to make and add some whimsy to any place setting. However, I still have to make a set for myself, maybe this year? I also like to make what I call “Linda Kitano Stars” (since she is the one who showed us how to make them). They make beautiful ornaments for a tree or can be made into a brooch.

Continued on Page 14

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13

The Buzz: Clubs, Continued

If you would like to learn more about what we do, please contact me at odette.turmel@gmail.com. We are planning to meet on Wednesday, Dec. 3, and Wednesday, Dec. 17, in the Meadow Room of the Northwoods Clubhouse from 1-3PM. Feel free to come and spend time with us. Whether you are a long-time quilter, a new one, or just curious about the art, we would love to meet you!

And on Behalf of the Tahoe Donner Quilt Club, have safe and wonderful holidays!

Senior Alpine Ski Club We’ve received our first storm, and our ski club board is busy planning the upcoming season’s social and ski activities.

We will be hosting our traditional holiday party on Dec. 18 at The Lodge Restaurant & Pub, followed by our first club ski day at Alpine Meadows on Dec.19. Throughout the winter, our club will be coordinating two ski days each week at our various Ikon and Epic Pass local resorts. In the works are ski clinics at Tahoe Donner Downhill Resort with their excellent instructors and our annual four-day club excursion to Mammoth Mountain in March. To join or inquire more about our ski club, visit tdski.com.

job coordinating all our events this summer.

She is a pleasure to work with. The new club menus were also an excellent idea.

Thank you, Tahoe Donner!

Women’s Golf Club Winter has arrived, and while the fairways rest under snow, our golfers have traded clubs for skis!

The Tahoe Donner Women’s Golf Club is excited to announce the 2026 Board of Directors: • President: Mary Liz Wardlaw • Vice President: Lois Anderson • Secretary: Cynthia Hamilton • Treasurer: Martha Gilbertson • Membership: Julie Sharp • Tournaments: Patty Giuntoli

Women’s 9-Holers Golf Club Summer Highlights – we had so much fun this summer that we forgot to write about one of our biggest events. 2025 saw the FIRST-EVER 9-Holers Invitational. The Wild About Golf theme brought out everyone’s best animal prints and flamingo shirts.

On the front nine, the winning team was the Macaws – Amy Rose, Laura Bailey, Leslie Matteoni and Lynn Carter. On the back nine, the winning team was the LLamas – Jess Olimpia, Martha Murphy, MaryJo Johnson and Shannon Dugan.

Best Decorated Cart went to the Crazy Tigers – Carolyn Rose, Cathy Pellegrini, Karen Heitzman and Mary Bean!

As we wrap up this year, I also wanted to extend my gratitude to Marissa Bulris from Food + Beverage, who did an outstanding 14

With our new board in place, planning is already underway for an exciting 2026 golf season. We look forward to welcoming both new and returning members!

A quick reminder: Membership rates increase after Jan. 1, 2026, so be sure to send in your application soon. Forms are available at tdwomengolf.org.

Happy holidays, and here’s to a wonderful 2026 season ahead!

CLUB CONTACTS See all clubs info at tahoedonner.com/clubs.

We are grateful for your support and wish you a joyful and healthy winter season!

DAV E A B A R TA

ANNA A B A R TA

JOHN BIEBL

530.414.3124

530.559.1296

530.448.9854

CA DRE 02100378

CA DRE 01947697

CA DRE 01220758

R E A L E S TAT E BY R E A L E X P E R T S An Equal Opportunity Company. Each Office Is Independently Owned And Operated.

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15

THE REPORT

TAHOE DONNER GIVING FUND

LOCAL PHILANTHROPY NEEDED NOW MORE THAN EVER

10TH ANNIVERSARY WINTER CAMPAIGN TEN YEARS AND 37 GRANTS SO FAR, RAISING FUNDS FOR HELP AND HOPE BUT MORE NONPROFITS NEED HELP! Nonprofit programs are struggling to provide essential services as government funding disappears. More students than ever are relying on scholarships to reach their educational goals, as the cost of tuition, books and living expenses continues to rise.

In the ten years since the Tahoe Donner Giving Fund was founded, 37 grants have been made to nonprofit organizations that provide the help and hope needed by so many local individuals and causes.

Ten years ago, Tahoe Donner homeowners came together to create something lasting: a way to give back to the community we love through the Tahoe Donner Giving Fund by combining our donations to make a difference for those who need it most.

In the past year alone, eight grants totaling $60,000 were made to help strengthen our local Truckee/Tahoe community. That includes grant recipients Achieve Tahoe, Friends of the Truckee Library, La Fuerza Latina and Sierra Senior Services, whose stories have been told in recent issues of Tahoe Donner News + Life.

Now, as we celebrate our 10th anniversary, there is a rapidly escalating need for help and hope. That’s why we need your support:

Now, meet the other nonprofit organizations that received Giving Fund grants in the past year.

This winter, you can help meet those escalating needs. Your gift, in any amount, will make a meaningful difference through the combined giving of Tahoe Donner members.

Your one-time donation can be made by credit card, check, IRA-qualified charitable distribution or donor-advised funds, among others.

Your recurring gift can help build a strong foundation for the future, so we can plan confidently, sustain programs year-round and invest in more grants and scholarships.

Today, with your support, we can help meet the escalating needs of local nonprofits as they face budget cuts and increasing costs, and we can help local students who face rising education expenses and greater competition for scholarships.

Every donation is meaningful, and every donor is deeply appreciated. Thank you for whatever support you can give.

The Boys and Girls Club provides afterschool and summer programs for youth throughout the Tahoe Truckee and Area.

The primary site in Truckee is at Truckee Elementary School.

Slow Food Lake Tahoe is known for its food bank and community gardens in the Regional Park, compost collection at the Farmer’s Market and many educational programs.

The Tahoe Truckee School of Music offers music education to TTUSD students, maintains an instrument library and provides students with unique live performance opportunities.

Truckee Community Theater offers opportunities for local performers to shine, as well as summer camps for young performers.

tahoedonner.com/giving-fund

Your support makes this possible. Thank you to all Tahoe Donner Giving Fund donors: past, present and future

The Tahoe Donner Giving Fund Committee is chartered by the Tahoe Donner Board of Directors to carry out the mission of the Tahoe Donner Giving Fund: to inspire generosity and charitable giving among Tahoe Donner members in order to support deserving programs and youth in the greater Truckee Community. The Tahoe Donner Giving Fund is administered as an affiliate fund of the Tahoe Truckee Community Foundation, a 501(c)(3) non-profit organization, EIN 68-0416404. All contributions are voluntary, irrevocable and are tax-deductible to the extent allowed by law. Tahoe Donner Giving Fund grants and scholarships are made through the Tahoe Truckee Community Foundation’s annual review process. The Tahoe Donner Giving Fund Committee thanks our founding partner, Elements Mountain Company, who has supported the Tahoe Donner Giving Fund since its inception in 2014, and the anonymous Tahoe Donner member who has generously funded the IMPACT Scholarships each year since 2019.

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FOUNDING PARTNER

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Where community meets convenience.

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Made-to-Order Deli Full Coffee Bar Huge Selection of Groceries, Beer, Wine and Spirits Local Family Owned

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LEARN MORE AT TAHOEDONNER.COM

17

THE REPORT

Briefs ASSOCIATION UPDATE

Tahoe Donner Goes Cashless Starting Dec. 1

doors for another great season, here’s a sneak peek at what to get excited for when Downhill opens on Dec. 19:

Beginning Dec. 1, 2025, Tahoe Donner will transition to a cashless point-of-sale system across all amenities. This change reflects the diminishing use of cash in today’s transactions and supports greater efficiencies for staff, members and visitors. Cash handling requires significant staffing resources and carries inherent risks, while digital and card payments provide a faster and more secure customer experience.

Members and guests must pay with credit or debit cards or via mobile wallets using Apple Pay or Google Pay. Mobile wallet payments are currently accepted at all locations except The Lodge Restaurant & Pub and Marco Polo Grill, which will begin offering this option in Spring 2026. Member Services will still accept personal checks for payment of any association fees. By going cashless, Tahoe Donner is streamlining operations, enhancing security and ensuring a more convenient experience for everyone. Learn more at tahoedonner.com/cashless.

CAPITAL PROJECTS

Downhill Ski Lodge Sneak Peek The wait is almost over for the muchanticipated unveiling of Downhill Ski Resort’s all-new ski lodge. As construction winds down and the resort prepares to open its

jewelry, recycled leather handbags, botanical skin care and more, visit each artist’s home studio to see where their goods are thoughtfully inspired and crafted.

Participating studios include: • Alanna Hughes Pottery • Barbara Prodaniuk Pottery • Brad Henry Pottery • Eva Nichols Arts (Watercolor) • Kahlila Designs (Leather) • Krista Tranquilla Studio (Jewelry) • Lillaboo Designs, Jewelry by Carla Beebe • LoveMert (Textiles) • Quench Alp (Skincare + Candles)

Photos taken by Cynthia Cendreda during a midOctober site tour.

Visit tahoedonner.com/ski-lodge-sneak-peek to see additional photos and read about all the upgrades and improvements.

Visit every studio and be entered into a raffle to win a gift basket featuring an item from each artist! Additional artists are expected to pop up through the weekend.

For details and a map of studio locations, visit kristatranquilla.com/blogs/news/ glenshire-holiday-open-studios or @GlenshireOpenStudios on Instagram.

LOCAL NEWS

LOCAL NEWS

Discover Unique Gifts at the Glenshire Holiday Open Studios Event This holiday season, discover unique gifts for loved ones from local artists at the Glenshire Holiday Open Studios event, Dec. 5-7, at various locations throughout Glenshire.

Featuring stoneware and earthenware pottery, ceramic sculptures, nature-inspired

Delight in Festive Fridays in Downtown Truckee Experience the joy and warmth of the holiday season during Festive Fridays on Dec. 5, 12 and 19 from 5–7 PM. Stroll through beautifully lit streets, discover unique local shops and dine at Truckee’s popular and lively restaurants. Bring your family and friends to celebrate Historic Downtown Truckee during this magical time of year!

COMMUNITY CONNECTIONS Home is where you belong.

Join us to find out about Truckee events, businesses, and people. Learn more at Truckee.com.

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T R U C K E E & TA H O E P H O T O G R A P H Y P R I N T S

Doug’s dramatic and timeless photos featuring stunning landscapes and locally cherished places are available as prints at any size with free shipping. Choose from striking modern metal displays or traditional framed and matted prints.

“Truckee & Tahoe” Coffee Table Book Doug’s new book is a great addition to your home, and makes a fantastic gift for the holidays.

Free Virtual Mockups of Your Home

Ridgeline Gallery

Scan to order online

Shop online or visit us at Ridgeline Gallery: 10104 Donner Pass Road Truckee, CA

DouglasDeVore.com

LEARN MORE AT TAHOEDONNER.COM

19

THE REPORT

Board Meeting Recaps Special Board of Directors Meeting October 14, 2025

2026 Annual Strategic Objectives Staff updated the board of directors on the Draft 2026 Strategic Annual Objectives. Following a discussion, the board unanimously approved the Strategic Objectives with the following edits: • Annual Strategic Objective #1, Metrics + Targets, second bullet point: Staff to set a target for member validation by Jan. 1, 2026.

• Annual Strategic Objective #4, Key Actions: Add an additional step to Project Organization (as the new step 2) that the rest of the plan will proceed with the Board approved parameters.

Adoption of the 2026 Annual Budget Staff presented the proposed 2026 Annual Budget, which included the 2026 Amenity Access Operating Plan and its associated fees, and the 2026 Annual Assessment. The board moved to adopt Budget Resolution 2025-1. Motion passed 5-0.

Regular Board of Directors Meeting October 24, 2025

Committee Reports The board announced it will schedule a meeting in November with the Elections Committee and Legal Counsel to discuss the apparent proposal to provide board election candidates access to association media for campaign communications.

Proposed Architectural Standards Rules Changes to the Policies, Siding, and ADU/JADU Sections Adoption The board of directors received a presentation on the proposed changes to the Architectural Standards Rules and unanimously adopted the ADU/JADU sections as presented in Exhibits A, effective Oct. 24, 2025.

Following a discussion, the motion to adopt the proposed Architectural Standards Rules Changes to the Policies and Siding Sections was tabled until the November regular board meeting. Motion passed 3-2 (Levine and Murrell no).

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Committee Year-End Activities The board met with TD Committee Chairs/ Vice Chairs and Staff Leads/Liaison to review year-end committee activities. The discussion included topics such as membership renewals, new member recruitment and application processes, annual task lists, and succession planning. The board provided guidance to committees related to these year-end activities and offered feedback to staff regarding 2026 Annual Strategic Objective #4, which focuses on developing a new Tahoe Donner Community Plan. Over 2026 and 2027, the board expects to assign each committee a special task connected to the Community Plan.

Q3 Treasurer’s Report The board of directors received a presentation from the Treasurer reviewing the Q3 Report.

Q3 Financial Report The board of directors received a presentation from the Director of Finance covering the unaudited Q3 financial results.

Management Update The board received an update from the Director of Capital Projects and Facilities on the status of capital projects currently under construction, including the Downhill Ski Lodge, Euer Valley Restoration (Coyote Crossing), ACAC Pump House Access Road and Parking Improvement, and Trout Creek Pool Room and Deck Improvements.

Go to tahoedonner.com/board-meetings to see presentations and video recordings of past meetings. To provide feedback to help improve the overall association, please submit your comments and concerns at tahoedonner.com/feedback.

Upcoming Committee Meetings Tuesday, Dec. 2, 2025 – Elections Wednesday, Dec. 3, 2025 – Trails + Open Space Tuesday, Dec. 9, 2025 – Tahoe Donner Giving Fund Wednesday, Dec. 10, 2025 – Architectural Standards Thursday, Dec. 11, 2025 – Long-Range Planning Tuesday, Dec. 16, 2025 – Covenants Thursday, Dec. 18, 2025 – Finance To get meeting details, including Zoom meeting registration information and time, please send an email to executiveassistant@tahoedonner.com.

ASSOCIATION COMMITTEE CHAIRS Architectural Standards | Rod Whitten cso@tahoedonner.com Covenants | Jim McNamara compliance@tahoedonner.com Elections | Steve Meyers electionscommittee@tahoedonner.com Finance | Joe Niedringhaus financecommittee@tahoedonner.com Long-Range Planning | Jerry Meek lrpc@tahoedonner.com Tahoe Donner Giving Fund | Toni Moore tdgf@tahoedonner.com Trails + Open Space | Peter Sawyer tos@tahoedonner.com

Homes on the Rise The Architectural Standards Committee reviewed and approved the following plans in Oct. 2025.

UNIT/LOT

ADDRESS

SQ. FT.

PROJECT

05/230

13823 2,926 Copenhagen Drive

House/ Garage

Upcoming Board Meetings Friday, Dec. 19, 2025 – Regular Board Meeting Friday, Jan. 23, 2026 – Regular Board Meeting Friday, Feb. 27, 2026 – Regular Board Meeting Board meeting dates subject to change.

Visit tahoedonner.com for dates.

Covenants Violation Hearings The Covenants Committee levied the following fines in Oct. 2025.

STREET

VIOLATION

Copenhagen Fire Prevention + Drive Safety Violation

FINE

$1,500

Go to tahoedonner.com/covenants to view covenants rules and how to make a covenants complaint.

A Sincere You to Our Donner for LetThank It Snow!

Let It Clients Snow!and LetTahoe It Snow!

Your Confidence In Our Elder Group Team Services!

We Wish Your Family a Memorable and Joyful Holiday Season!

Top 10 Reasons to List with Alison: Supporting Your Community 1. Distinguished Expertise and Consistent Concierge-Level Care Delivered by Alison and Our Elder Group Team

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Leading the Tahoe Donner Market

4. Tahoe Donner Sales Volume Leader, Year-Over-Year 5. Highest Median and Average Tahoe Donner Sales Prices

Realtor #5 132 Units $109,520,000

6. Highest Concentration of Tahoe Donner Luxury Sales

Realtor #4 150 Units $115,010,000

7. Experienced Contract Negotiator, Yielding Closed Escrows

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Information gathered from TSMLS 1/1/20179/30/2025. Volume has been rounded up to the nearest $10,000 for ease of reader review.

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TAHOE DONNER ASSOCIATION 11509 NORTHWOODS BLVD. TRUCKEE, CA 96161

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You a Warm & Toasty Holiday Season

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