Tahoe Donner News May 2025

Tahoe Donner NEWS + LIFE

Annual Report A Potential Game Changer

A First-Of-Its-Kind Wildfire Insurance Policy in Tahoe Donner

Business Directory The Buzz M A Y

2 0 2 5

Local Activities, Dining + Updates

Contents

Welcome 2 Letter from the General Manager

The Buzz 6 Activities, Dining, Programs + Events 8 Clubs Updates

The Report 14 Tahoe Donner Giving Fund Awards $10,000 Grant to Friends of the Truckee Library 18 2025 Board of Directors Election: Roadmap to the Election 20 Business Directory 22 Briefs 24 Board Meeting Recaps

12 2024 Annual Brandon Huttenlocher (Main); Tahoe Donner Forestry Staff (Inset); Nikki Ritcher (Cover)

Report

Graphical Overview of Tahoe Donner’s 2024 Audited Results and Accomplishments

04 New Insurance

Policy Could Be A Game Changer A Groundbreaking Insurance Policy in Tahoe Donner Could Help Change the Industry

16 The Hormonal Shift

Tips and Context for Understanding Your Body’s Changes and Weight Gain After 40

LEARN MORE AT TAHOEDONNER.COM

1

General Manager’s Welcome

VOLUME 26 | NO. 05

May 2025 EDITORIAL + PRODUCTION TEAM Lindsay Hogan Carlynne Fajkos Jesus Antonio Vazquez

Drew Deurlington Cynthia Cendreda Will Apotheker

SENIOR MANAGEMENT Annie Rosenfeld | General Manager arosenfeld@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 Director | Jim Roth jroth@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.

2

B

uilding Community

We strive to take positive steps forward, strengthening the sense of belonging in this community and protecting, maintaining and enhancing Tahoe Donner's precious resources and assets. This includes people (you and our staff), places (open space and the neighborhood) and things (facilities, programs, etc.).

One way to build community is by engaging in social events and clubs. Tahoe Donner chartered clubs are very much on my mind for several reasons. First, the board recently accepted the application to establish a Tahoe Donner Gardening Club. Kate Fanter holds a Master Gardener certification and has worked professionally in garden design and landscaping. The new club’s primary goal is to help members learn more about gardening and improve their enjoyment of their own gardens and surrounding ones as well. Its mission is centered around fun and knowledge, offering a welcoming space for all residents to engage in gardening. Look for their first club kickoff meeting in early May in the weekly e-blast.

The second is defining a general policy for establishing and operating chartered clubs. We have had several new chartered clubs begin over the last couple of years, including the running, mountain bike and mah jongg clubs, to name a few. Given this level of interest and enthusiasm, providing members with a clear understanding of how to establish and operate a Tahoe Donner club is best done through policy. I am collaborating with current and past club leadership to complete this project, which will help us achieve our Annual Strategic Goal of Good Governance D.2. This project undoubtedly benefits all current and future committees and the organization.

Finally, at the March board meeting, a member commented on the need to emphasize that Tahoe Donner offers numerous social clubs, which provide

opportunities for members to get to know their neighbors while learning something new or engaging in activities they enjoy.

What better way to highlight the diverse chartered clubs than through the welcome letter? Social clubs can also promote their activities in The Buzz section of Tahoe Donner News + Life. Discover all of Tahoe Donner’s current clubs on our website at tahoedonner.com/clubs or turn to page 8.

Other ways to meet your neighbors and get involved include quarterly member happy hour events, new member welcome and stewardship events, all planned for the summer.

Member Happy Hour Events • Wildfire Preparedness + Member Happy Hour – Friday, May 23 • Annual Membership Meeting, Expo and BBQ – Sunday, June 29 • New Member Welcome + Member Happy Hour – Saturday, August 16 • Fall Member Happy Hour – October TBD

Stewardship Events Sampling • Wildfire Preparedness Panel Discussion (Hosted by Tahoe Donner, including Nevada County OES, CalFire, USFS and TD’s Forestry Department) – May 21 • Guided Wildflower Tour - June • Guided Birding Tour – July • Forestry Project Tours – one per month in the summer What a memorable winter this has been.

Though it’s always a little bittersweet to say farewell to all the snowy fun, I’m excited about what’s ahead in the spring and summer months. I enjoy seeing the community reawaken to a flurry of outdoor activities in our beautiful, warm-weather months and celebrating all that makes Tahoe Donner so special.

Annie Rosenfeld General Manager gm@tahoedonner.com

Allan Crawford (Header/2023 Trail Stewardship Day)

Miah Cottrell | Director of Information Technology mcottrell@tahoedonner.com

One partner for all your vacation home needs

50th W ii nn ee & & RR ee ss tt aa uu rr aa nn tt W FF aa ii rr ee FF uu nn dd rr aa ii ss ee rr Sat. June 7th

CLEANING & HOT TUB CARE HOME CHECKS & SNOW SHOVELING MAINTENANCE & DEFENSIBLE SPACE GUEST SERVICES & MORE YOUR LOCAL 24/7 CONTACT

5:00p-7:30p

Wine+Beer Tasting Local Culinary Tasting

COYOTE MOON CLUBHOUSE

A uu cc tt ii oo nn aa nn dd RR aa ff ff ll ee SS ii ll ee nn tt A Serving Tahoe Donner for 25 years

Tickets: $60.00 $50 early bird until 5/24.

Email or call: SHC@secondhomecare.com 530-582-0220 www.secondhomecare.com Offices at 17400 Northwoods Blvd in TD

ROOF PROBLEMS? WE HAVE YOU COVERED! Roof Replacements | Re-Roof | Roof Repairs Your home deserves the best protection, and it starts with a solid roof. Our Top-Quality Roofing Services ensure your home remains safe, secure, and stylish.

Expert Craftsmanship

Customer Satisfaction

Premium Materials

Financing Available

CALL TODAY

530-230-0770

EastForkRoofing.com

SCAN FOR A FREE DIGITAL ESTIMATE! NV Lic No 81744 | CSLB 1057756

LEARN MORE AT TAHOEDONNER.COM

3

FEATURE

GROUNDBREAKING NEW WILDFIRE INSURANCE POLICY COULD BE A GAME CHANGER

BY WILL APOTHEKER

Tahoe Donner has acquired a first-ofits-kind insurance policy that could help change the insurance industry and ultimately make it easier for homeowners to get insurance.

Tahoe Donner’s Forestry Management Program

By The Numbers

This innovative policy was developed in collaboration with the Nature Conservancy, the University of California, Berkeley, and Willis Towers Watson, a global insurance and risk management company. It is the first time in the U.S. that an insurance policy has acknowledged, in writing, that forest management work reduces the risk of fire and, therefore, lower insurance premiums.

1,286 BEFORE

1,265

Acres Treated Between 2014-2020

“Tahoe Donner has been tested with fires that have reached the borders of the community, and the forestry work did its job,” said Annie Rosenfeld, Tahoe Donner General Manager.

“It slowed the spread of the fire to give firefighters enough time to prevent it from impacting our community. We are proud to be a leader in this field.”

Tahoe Donner was specifically selected as a partner for this policy due to its cutting-edge Forest Health Management Program, which began in 1992 and evolved from trying to create a healthy forest to mitigating climate and wildfire impacts. Tahoe Donner’s work to reduce hazardous wildfire fuels includes mechanical and hand thinning, prescribed burns and fuel break establishment. In total, more than 1,500 acres have been treated in just the past decade.

“The forest management work completed by Tahoe Donner, by removing fuel that could burn and leading to a lower fire risk, has considerably reduced the premium and deductible in this insurance policy,” said David Williams, Associate Director, Alternative Risk Transfer Solutions, Willis Towers Watson.

Total

2,551 AFTER

4

875

Acres of Fuel Breaks A fuel break is a strategic strip or block of land where vegetation is modified to slow or stop the spread of wildfire

984

Homes in the 2025 Defensible Zone

2017 BEFORE

This new policy, covering 1,345 acres of Tahoe Donner’s forested and recreation land, has a 39% lower premium and 89% lower deductible than would have been the case without nature-based forest management. The new policy does not replace an old one; it is in addition to current insurance policies, expanding the overall coverage for the Tahoe Donner community.

With wildfire risk on the rise, many insurers are scaling back or refusing coverage in high-risk areas like California. Tahoe Donner’s new Wildfire Resilience Insurance offers a muchneeded, innovative approach to protecting the community and managing future risk.

Acres Treated Between 2021-2024

Year That Tahoe Donner Association Was Named “Firewise Community of the Year”

2

Retired Fire Chiefs on Tahoe Donner Staff

AFTER

“By placing this innovative insurance product, we hope to inspire other insurance underwriters to account for the benefit of thinning and prescribed fire and increase the implementation of this type of work more broadly,” said Kristen Wilson, Lead Forest Scientist, The Nature Conservancy in California. The non-profit organization played a key role in securing the policy and is covering the cost of Tahoe Donner’s premium for the first year.

Another key collaborator was Dave Jones, Director of the Climate Risk Initiative, CLEE, UC Berkeley School of Law, former California Insurance Commissioner, and Tahoe Donner homeowner. “Federal, state and local governments, homeowners, homeowners’ associations and businesses are doing the right thing to reduce wildfire risk and invest in nature-based forest management. The improved price and availability of this pioneering insurance policy demonstrate that home and business insurers can and should renew and write property insurance in California and elsewhere in the United States where forest treatment is undertaken.” In fact, Jones says one of the reasons he chose to purchase his home in Tahoe Donner was specifically because of the industry-leading forestry management program.

Another key element of that program is the Homeowner Defensible Space Program. Created in 2008 after a 2007 fire nearly entered the community, the program cycles through the neighborhood in blocks of about 1,000 properties per year, supporting homeowners with guidelines, inspections and support in making their private property less susceptible to fire. The program has evolved since its inception, including increasing the number of properties inspected a year, providing home-hardening recommendations and increasing staff available to consult with homeowners.

Currently, Tahoe Donner has a staff with impressive depth in Forest Health and Fire Mitigation, including two retired fire chiefs, a forest service leader and past wildland fire fighter and a certified arborist who has been on the Tahoe Donner team for 20 years. Special recognition goes to Tahoe Donner’s long-time Registered Forester, Bill Houdyshell, who retired recently after 30 years as the visionary of the Forestry program.

“Fire defensibility is a collaborative effort between Tahoe Donner and the individual homeowners,” said Jason Hajduk-Dorworth Tahoe Donner Director of Admin Services and former fire chief. “The efforts done by members are invaluable in reducing the risk of wildfires. However, this work is not a one-time task. Annual maintenance of your property and around your home is a requirement of living where we do. Remove dead debris from your lot, keep flammable materials away from your home and work with forestry to remove dead trees."

The next logical question a homeowner might ask is, “How do I get a reduction on my insurance now?” Unfortunately, those impacts haven’t happened yet, but this policy opens the door for that in the future. “This is only the first step, but it’s a giant one to get the insurance industry to say in writing that the forest management work being done is impactful and should decrease premiums,” said Hajduk-Dorwoth.

About The Nature Conservancy

About WTW

About CLEE

The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, onthe-ground solutions to our world's toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable.

Working in 72 countries, we use a collaborative approach that engages local communities, governments, the private sector and other partners.

Learn more at nature.org.

Willis Towers Watson (WTW) provides data-driven, insightled solutions in the areas of people, risk and capital.

Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, they help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with clients, WTW uncovers opportunities for sustainable success and provide perspective. Learn more at wtwco.com.

The Center for Law, Energy and the Environment (CLEE) at the University of California, Berkeley tackles climate change and other environmental challenges at the local to global scale through the development and implementation of equitable and effective legal and policy solutions. Our expert staff leverages the world’s leading public research university to engage community leaders, government, business, and other stakeholders; to lead timely and practical research initiatives; and to train leaders to take action on our most pressing environmental problems. Learn more at law.berkeley.edu/research/clee.

LEARN MORE AT TAHOEDONNER.COM

5

Buzz The

LOCAL ACTIVITIES, CLUBS, DINING + MORE

Spring has Sprung!

April showers have given way to May’s “flowers,” a bouquet of springtime activities to entice us to emerge from our winter sanctuaries. This month, there is much to look forward to. From festive celebrations at Tahoe Donner’s dining amenities to the opening of many of the summer amenities, May kicks off the season with various activities to welcome in the sunshine and warmer weather.

Don’t miss Cinco de Mayo Weekend in Tahoe Donner, with fun and inspired food and drink specials at Pizza on the Hill and The Lodge Restaurant & Pub. See the web for details. Celebrate springtime with a

great meal, great friends and family!

Calling all gardeners!

Tahoe Donner’s new Gardening Club will host its first meeting on May 4 at 4PM in the Gathering Room inside the Northwoods Clubhouse. Meet founder Kate Fanter, join its leadership committee and get to know other avid gardeners in your community. See page 8 for more information.

Members, mark your calendars for a member happy hour with Tahoe Donner's Land Management and Forestry teams on Friday, May 23, from 4-6PM at Pizza on the Hill. Enjoy complimentary appetizers, happy hour drink pricing and a brief discussion on wildfire preparedness.

BOGO deals for members with active Member ID Cards continue at Pizza on the

Hill (50% off your second pizza through May 19) and The Lodge Restaurant & Pub (50% off a second entrée through May 22).

Restrictions may apply. Visit the website at tahoedonner.com for more information.

Tennis and Pickleball fans won't want to miss the annual season-opening potluck BBQ at the Tennis + Pickleball center on May 24, featuring food, fun and round robin play!

Information on all special events can be found online at tahoedonner.com/events.

Open Season Upcoming opening dates for Tahoe Donner’s summer amenities are as follows: • Tennis + Pickleball Center – May 9 • Campground – May 16 • Driving Range – May 16 • Beach Club Marina – May 23 • Golf Course – May 23 • Bikeworks – May 23 • Trout Creek Rec Pool – May 24 • Northwoods Pool – June 21 See the individual amenity pages online for the most up-to-date information at tahoedonner.com.

On May 18, the Member Services office will return to regular seven-day-a-week operations. After-hours inquiries can be sent to info@tahoedonner.com.

GET EXCITED FOR GOLF SEASON SEASON PASSES + MULTI-PLAY PACKS ON SALE NOW! Play Tahoe Donner Golf Course for the best rates with a season pass or multi-play packs available now on ShopTD. Explore options for preferred playtimes and amount of play online at tahoedonner.com/golf.

The Driving Range opens May 16 and Golf Course opens May 23, conditions permitting. See you on the course!

6

See Tahoe Donner amenities information, including hours and websites on page 7. View complete amenity event details online.

May

2

TAHOE DONNER CONTACTS + HOURS Beach Club Marina

23

Cinco de Mayo Weekend at Pizza on the Hill

Opening Day at Beach Club Marina

tahoedonner.com/pizza-specials

tahoedonner.com/marina

Through May 5

3

Summer Hiring Fair at Pizza on the Hill tahoedonner.com/ summer-hiring-fair

Cinco de Mayo Specials at The Lodge Restaurant & Pub tahoedonner.com/the-lodge/specials

4

Gardening Club First Meeting at Northwoods Clubhouse See page 8

7

Quilt Club Meeting at Pizza on the Hill See page 9

9

Opening Day at Tennis + Pickleball Center tahoedonner.com/tennis

Opening Day at Bikeworks tahoedonner.com/bikeworks

Opening Day at Golf Course tahoedonner.com/golf

Alder Creek Cafe Re-Opens With Grab + Go for Season tahoedonner.com/aldercreekcafe

Regular Board Meeting at Northwoods Clubhouse

Opening Day at Tahoe Donner Campground tahoedonner.com/campground

(530) 587-9462 tahoedonner.com/campground campground@tahoedonner.com Scheduled to open May 16

(530) 587-9437 tahoedonner.com/aquatics tahoedonner.com/fitness troutcreek@tahoedonner.com Gym Open Daily | 6AM-10PM Lap Pool Open Daily | 6AM-8:45PM Rec Pool Scheduled to open May 24 Open Daily | 10AM-7PM Hot Tubs, Sauna + Steam Room Open Daily | 6AM-9:45PM

Dining Alder Creek Cafe

Member Happy Hour With Tahoe Donner Land Management + Forestry Teams at Pizza on the Hill

(530) 582-9686 tahoedonner.com/aldercreekcafe Scheduled to re-open May 23 Grab + Go Daily | 11AM-5PM

Golf Course

The Lodge Restaurant & Pub

See page 22

24

Rec Pool Opens at Trout Creek Rec Center tahoedonner.com/aquatics

Season-Opening Potluck BBQ at Tennis + Pickleball Center tahoedonner.com/tennis

29

tahoedonner.com/ lifeguard-certification Through June 1

(530) 587-9443 tahoedonner.com/golf golf@tahoedonner.com Pro Shop Open Daily | 8AM-5PM Course Scheduled to open May 23 Open Daily | 7AM-7PM Driving Range Scheduled to open May 16 Open Daily | 7AM-7PM

Thursdays 1, 8, 15, 22, 29 See page 8

21

Fridays

(530) 587-9455 tahoedonner.com/the-lodge lodge@tahoedonner.com Pavilion Scheduled to open May 23 Breakfast Daily | Until 10AM Lunch Daily | 10AM-5PM Dinner Open Wednesday-Sunday | 5-8:30PM

Pizza on the Hill

Northwoods Pool

(530) 587-9413 tahoedonner.com/ summer-activities aquatics@tahoedonner.com Scheduled to open June 21

Recreation Hut

(530) 587-9413 tahoedonner.com/recreation-hut recreation@tahoedonner.com Scheduled to open June 14

Tennis + Pickleball Center

tahoedonner.com/driving-range

Town of Truckee Community Wildfire Forum at Northwoods Clubhouse or Online

Campground

Trout Creek Rec Center

(530) 587-9470 tahoedonner.com/equestrian equestrian@tahoedonner.com Scheduled to open June 16

Driving Range Opens

See page 9

(530) 582-9694 tahoedonner.com/bikeworks bikeworks@tahoedonner.com Scheduled to open May 23 Open Daily | 9AM-6PM

(530) 582-9672 tahoedonner.com/trails trails@tahoedonner.com Please avoid wet or muddy trails

Equestrian Center

American Mah Jongg Club at Pizza on the Hill

Quilt Club Meeting at Pizza on the Hill

Bikeworks

Trails

tahoedonner.com/board-meetings

Lifeguard Training Courses

16

(530) 587-9460 tahoedonner.com/marina marina@tahoedonner.com Scheduled to open May 23 Open Daily | 7AM-9PM Marina Grill Scheduled to open May 23 Open Daily | 11AM-6PM Grab + Go Only Through June 18

(530) 587-9474 tahoedonner.com/tennis tennis@tahoedonner.com Scheduled to open May 9 Open Daily May 9-22 | 7:30AM-8PM Open Daily May 23-31 | 7AM-8:30PM

(530) 587-9669 tahoedonner.com/pizza pizza@tahoedonner.com Open Friday-Monday | 4-8PM Ask about our First Responders Discount!

Member Services

(530) 587-9400 tahoedonner.com/welcome info@tahoedonner.com Open Monday-Saturday April 14-May 17 | 8AM-5PM Open Daily Starting May 18 | 8AM-5PM All amenities are weather and conditions permitting. Check the website or call for most upto-date information.

2, 9, 16, 23, 30 Family-Friendly Free Movie Night at Northwoods Clubhouse tahoedonner.com/ family-movie-night

See page 22 All events are weather permitting. See full event list at tahoedonner.com/events.

LEARN MORE AT TAHOEDONNER.COM

7

The Buzz:

Clubs Gardening Club

NEW! Gardening Club in Tahoe Donner!

Interested in learning more and sharing your experience as a Truckee gardener?

Tahoe Donner will host us as we compare techniques, listen to local experts and visit active gardens for inspiration and education. This will be a FUN and casual way for gardeners of all levels to collaborate, celebrate or commiserate as Mother Nature intends!

Please join this NEW CLUB at the ground level to help shape its direction.

The first meeting will be held on Sunday, May 4, at 4PM in the Gathering Room in the Northwoods Clubhouse. One of our first orders of business will be to determine our future meeting schedule and timing.

We envision meeting once a month from April through October and occasionally and/or virtually during the winter.

Please also consider becoming active on its leadership committee. We will be recruiting for these positions at the first meeting.

1) Vice President – Serves as a backup to the President and help with membership and meetings.

2) Communications Officer – Posts updates and meeting details on this website, record minutes and help promote the club via various communication channels.

3) Treasurer – Collects dues if the club elects to charge them.

Kate Fanter, a TD resident and the club’s founder will serve as President for the first 2-year term. For more information and to sign up for the club, visit the website at tdgardeningclub.com.

4-Wheelers Club May 2-4 is our trip to Lovelock, Nevada, to explore old mining sites in the Seven Troughs Range, including Mazuma and Tunnel Camp. A flash flood wiped out Mazuma in July 1912. There was considerable gold mining in the area and evidence of 8

their fruitless efforts to drain the water from the deep mines by building a 2.5-mile drainage tunnel similar to the Sutro Tunnel serving Virginia City. Unfortunately, they missed the mine shafts and gave up in 1934.

We’ll also explore the Lovelock Caves to the southeast. There’s a lot of history in those hills!

We also had a great clinic with Head Golf Pro Jeff Hwang where we explored The Mental Game of Golf. We learned about all the things you should know about golf that have nothing to do with how you swing the club. Clinics like this are fun and immensely informative!

American Mah Jongg Club Welcome back, Snowbirds!

At about this time each year, our membership seems to swell as we welcome back the players who have flown to warmer climes, like Arizona, California and Texas, to name a few, during the winter months. We are delighted to see them back, bringing with them tales of out-of-state players’ hijinks and maybe some new table rules we may want to adopt.

This time of year is an excellent time to join our club. The influx of returning players means more warm smiles and welcoming invitations! Please come down to Pizza on the Hill on any Thursday at 1PM to get in on the fun. More opportunities to spend time with the new 2025 NMJL card!!

On May 17, we’ll do an easy run to look for wild horses from the aptly named Wild Horse Trail near Dayton, Nevada.

This is a good first run for those new to four-wheeling. Check out the 2025 trail run schedule at td4wheelers.org. Members can sign up for runs there.

9-Holers Women’s Golf Club Following our successful meet-andgreet event in March, membership for the 2025 season is now open. The TD Women's 9-Holers Golf Club is open to all female members ages 18 and older. We are a diverse group of women who enjoy mixing golf with social activities. We play a 9-hole shotgun start on Thursday mornings at 8AM at Tahoe Donner Golf Course. A handicap is not necessary to play. Dues for the 2025 season are $75. There is no commitment to play every week; just come out when you can!

Whether you were a member in 2024 or are a new member, you can sign up on the website. New members are always welcome and encouraged. If you have thought about playing, come check us out.

Learn more and join us at td9holers.com.

Our club meets every Thursday at Pizza on the Hill from 1-4PM. We play American Mah Jongg using the current year’s National Mah Jongg League card and rules. No RSVP needed! For more information about the Mah Jongg Club, contact Linda Slattery at lbslattery@yahoo.com or Dori Schick at doridans@hotmail.com.

Equestrian Club The Equestrian Club would like to express their gratitude to Krystal-Rae Mecham for her many years of service to Tahoe Donner as the Equestrian Center Manager. Her expertise and care for the Tahoe Donner herd and member horses was exceptional. She brought us new horsemanship programs, ideas and activities that expanded the enjoyment

of the Equestrian Center and the joy of horses to the broader TD membership. She will truly be missed.

We wish Krystal-Rae well in her future endeavors.

www.MS-AC.com

• Locally owned HVAC Company • 30 years experience • Specialize in repair, maintenance & replacement • Service all makes & models • We understand the challenges of second home owners

Mountain Bike Club The Trails Are Calling!

Spring is here, and the snow is melting fast! As the trails begin to clear, we’re gearing up for another incredible riding season with the Tahoe Donner Mountain Bike Club (TDMTB). Whether you’re a seasoned rider or new to the sport, now is the perfect time to dust off your bike and get ready to hit the dirt.

We’re excited to reconnect with our amazing community and explore the breathtaking trails around Truckee. Stay tuned – our summer ride schedule will be posted soon! Expect a mix of social rides, skill-building sessions and epic adventures to keep you stoked all season long.

If you haven’t joined TDMTB yet, now is the time! Visit tdmtb.club to become a member and stay updated on all club events, trail status and group rides.

We can’t wait to see everyone back on the trails!

FREE Filter!

Must mention ad at time of service.

NV LICENSE #82386 | CA LICENSE #488050

775.843.7930 debbiec@ms-ac.com

ELEVATE YOUR CULINARY CAREER APPLY NOW AT TAHOEDONNER.COM/JOBS

Continued on Page 10 LEARN MORE AT TAHOEDONNER.COM

9

The Buzz: Clubs, Continued Men’s Golf Club Are you an avid golfer looking to test your game against others? Are you a recreational golfer looking to socialize and enjoy friendly competition? Maybe you are new to golf and looking to improve your game in a welcoming and fun atmosphere.

Whatever your situation, the TD Men’s Golf Club, with over 150 members, is right for you! We offer a variety of golf and social events throughout the season with something for everyone. To join and view our 2025 Calendar of Events, visit the Club’s website at tdgolfclub.com.

For more information about the Men’s Golf Club and any membership inquiries, visit tdgolfclub.com or contact Membership Chair Dave Janiszewski at janiszewski.tdgolf@gmail.com.

CLUB CONTACTS 1-3PM. Starting in June, we will change to the summer hours of 3-5PM.

4-Wheelers

Senior Alpine Ski Club

9-Holers Women’s Golf

We have had a fabulous Miracle March and an awesome April to close our ski season with wonderful powder days! Our Tahoe region has achieved over 100% of the average snowpack, which is so needed for our summer water and fire abatement.

If you want to know more about what we do, feel free to contact me at odette.turmel@gmail.com. The Tahoe Donner Quilt group meets on the first and third Wednesdays of the month in the Meadow Room of the Northwoods Clubhouse from 10

Debi Lorraine debi.lorraine@gmail.com

American Mah Jongg Dori Schick doridans@hotmail.com

Equestrian

Susan Terrell terrellsf@earthlink.net

Gardening

Kate Fanter tdgardeningclub@gmail.com

Hiking

Robin Reese rbtahoe@sbcglobal.net

Junior Golf

Molly Springmann mspringmann@tahoedonner.com

Quilt Club I always welcome May with a smile.

Warmer weather and long daylight, what’s not to like? The flowers are starting to brighten the landscapes, and various shades of green appear here and there. My mom always said that green was the color of hope. To me, it is the color of nature awakening. It’s always so breathtaking to see the California hills when they are bright green!

But around here, the landscape changes while keeping a snow cover at the high elevations. So, we have it all: flowers, green, snow, blue sky and beautiful sunshine.

Lisa Furr’s beautiful mountain scene is such a great representation of this!

Tim West club@td4wheelers.org

Limited Abilities Persons’ Golf Our members enjoyed a pizza party on the hill at Alpine Meadows with a dog party in April. We hosted our end-of-theseason potluck banquet at the Alder Creek Adventure Center and elected new board members for the upcoming 2025/26 season!

Please visit our website at tdski.com for more information and to join.

Mike Srago msrago@comcast.net

Women’s Golf Club

Odette Turmel odette.turmel@gmail.com

Spring is just around the corner (we hope!), and before long, we’ll be back out on the course enjoying some golf. If you’re looking to get a little pre-season practice in, the golf simulator at the Tahoe Donner Pro Shop is open and accepting reservations through April. If you're eager to hit the course before our first official play day on Tuesday, May 27, consider signing up for an NCGA event. Our first Sac Play Day is on April 14, followed by another on Monday, May 12.

The Tahoe Women’s Golf Club is ready to tee off for the season with Tuesday morning play from late May through midOctober. Each session features a shotgun start and a variety of games, including monthly “just play golf” days, a memberguest invitational and optional tournament play. We hope you’ll join us for our season kick-off event on Sunday, May 25, at 4PM (significant others are welcome!) and also on our first official play day on May 27.

Come have fun and meet other likeminded women who enjoy the game! For more information on membership and the event calendar, visit tdwomengolf.org.

Men’s Golf

Michael O'Connell tdmensgolf@gmail.com

Mountain Bike

Dustin Young dustinyoung75@gmail.com

Quilt

Rowing

Val Brinker vbrinker@dicksonrealty.com

Running

Scott Bauhs info@tdrunclub.com

Senior Alpine Ski

Stephen O’Brien stephob@comcast.net

Women’s Golf

Mary Liz Wardlaw tdwgclub@gmail.com

Form a Club!

Whiskey? Dance? Cribbage?

We want to support you in developing and promoting your club. Learn more and get an application at tahoedonner.com/clubs.

COMMUNITY CONNECTIONS Enjoy VIP seats at Truckee's beloved 4th of July Parade!

Register now on Truckee.com before they’re gone.

A FREE, ONDEMAND, SHARED SHUTTLE SERVICE IN TRUCKEE + NORTH LAKE TAHOE 6:30AM-10PM DAILY TAHOEDONNER.COM/TART

LEARN MORE AT TAHOEDONNER.COM

11

2024

Annual Report Dear Members,

Gretchen Sproehnle

On behalf of the Tahoe Donner Association Board of Directors and management team, we are pleased to present the 2024 Annual Report. This includes the association’s audited financial statements for 2024 and additional information about your homeowners’ association. Please review the report for insights into our operating performance and financial health. Tahoe Donner remains in a strong financial position, with a total Members’ Equity of $90.1 million, or approximately $13,922 per property. This marks an 8.1% increase from 2023.

Tahoe Donner’s operational financial performance is significantly tied to our Sierra weather. Winter snow operations – Downhill Ski Resort, Cross Country Ski Center (TDXC) and Snowplay – were challenged with poor snow conditions. Our investment in snowmaking equipment over the past several years benefitted both financial performance and member enjoyment in 2024. While the Downhill Ski Resort and TDXC performed below budget partly due to the poor snow conditions and a one-season shift in construction of the new ski lodge, all three winter snow operations produced positive net operating results. These positive results cover other association expenses that would otherwise be paid by the Annual Assessment.

For fiscal year 2024, Tahoe Donner’s operating revenue, including the Operating Fund portion of the Annual Assessment, totaled $25.19 million. Operating expenses, including taxes, amounted to $25.75 million, resulting in a deficit of $555,977.

As discussed above, contributing factors included winter snow operations and aggressive revenue expectations for the winter operations and Food & Beverage outlets. The association’s Contingency Fund,

12

which covers such shortfalls, remains at approximately $1.4 million after addressing the 2024 deficit.

Many of our facilities built in the early 1970s require upgrades or replacements while our membership continues to grow and evolve. To meet these needs, the board and management team are focused on continually improving our amenities and services. Key projects started in 2024 and continue into 2025, including the Marina Deck Expansion, Downhill Ski Lodge construction, Glacier Way Parking Lot Expansion and Golf Cart Path re-paving.

At year-end 2024, the association’s cash and investments totaled $45.4 million, up 1.7% from 2023. This is the highest in Tahoe Donner’s history. These reserves will fund the completion of capital projects underway and support future improvements to meet increased member demand, evolving recreational trends, building code changes and the safety of our members, guests and staff. Ongoing investment in the association strengthens its financial position, enhances member experiences and supports home values. No special assessments are planned.

We are grateful for our talented staff and dedicated member volunteers who continue to shape the association. Whether Tahoe Donner is your primary home, vacation retreat or something in between, we appreciate your membership.

Justin Malley Director of Finance and Accounting jmalley@tahoedonner.com Don Koenes Treasurer, Board of Directors dkoenes@tahoedonner.com tahoedonner.com/financials

2024

ANNUAL REPORT

$13,922.16

PER OWNER MEMBER EQUITY

A 8.1% INCREASE FROM 2023

$15.6 MILLION

IN CAPITAL EXPENDITURES

REINVESTING IN YOUR ASSOCIATION, PROTECTING YOUR INVESTMENT CAPITAL DISCUSSION STARTS ON PAGE 10

$2.0 MILLION

IN OPERATING FUND RESERVES

A PROVEN NECESSARY CONTINGENCY FUND BALANCE

-$555,997

NET OPERATING DEFICIT TO BUDGET

AFTER VERY DRY JANUARY, NOVEMBER + DECEMBER DETAILS ON PAGE 2

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.

LEARN MORE AT TAHOEDONNER.COM

1

OPERATING FUND RESULT: -$555,977 DEFICIT TO BUDGET

Dear Members, The purpose of this Annual Report is to provide a comprehensive report on Tahoe Donner Association’s 2024 financial results.

Net Operating Result Loss of $8.2 million (excluding revenue from the Annual Assessment). The period of November-December 2024 – like the prior year – was exceptionally dry, which deterred visitation to the Tahoe region and ski areas.

The consolidated Operating Fund generated a deficit to Budget of -$555,977. While early season deficits caused by limited snowfall during our peak operating window were mitigated through proactive cost management strategies – allowing the Association to break even by the end of November – a notably dry December had a significant impact on visitation to our winter operations.

$17.5 MILLION OPERATING REVENUES -14.0% unfavorable to Budget, but -0.5% (flat) year over year to 2023

Revenue finished more than $1 million below Budget, primarily due to reduced visitor counts during the winter season. Food + Beverage and retail also fell short of expectations, resulting in a $381,000 unfavorable variance to budgeted revenue.

However, the lower revenue was partially offset by cost savings in payroll ($310,000), utilities ($221,000) and employee benefits ($113,000) compared to budgeted expenses.

$25.7 MILLION OPERATING COSTS

The board of directors, Finance Committee and management continuously monitor both operational and financial performance and are committed to proactive and responsive management, ensuring that our service levels align with volume and financial goals.

Annual Assessment Contribution to Operating Fund in 2024, up $121 per owner from 2023

1.7% favorable to Budget and -3.7% unfavorable to 2023

$15.6 MILLION CAPITAL FUNDS EXPENDITURES Up $8.7 million, or 125.0% from 2023

$7.7 MILLION | $1,186 PER OWNER $11.1 MILLION | $1,721 PER OWNER Annual Assessment Contribution to Capital Funds in 2024, up $162 per owner from 2023

Please contact me anytime to discuss this report or any other financial aspects of your Association.

$105.0 MILLION TOTAL ASSETS Up $10.4 million, or 11.0% to 2024

JUSTIN MALLEY, Director of Finance, Accounting + Business Support jmalley@tahoedonner.com | (530) 587-9418

$90.1 MILLION | $13,922 PER OWNER Members’ Equity as of Dec. 31, 2024, up 8.1% from 2023

Operating Fund Net Operating Results – 2024 Variances to Budget NOR UNFAVORABLE TO BUDGET -$555,977 | -7.24% | -$85.89 PER OWNER JANUARY-APRIL Poor snowfall levels led to low visitation at winter operations, although some late season spring snow slightly mitigated the “damage.” This period saw 32,786 downhill skier visits (21% lower, year-over-year) and 38,664 cross country skier visits (2% lower, year-over-year).

MAY-SEPTEMBER The Golf Course had a modified opening due to cart path reconstruction projects.

Food + Beverage revenue targets were set very aggressively. Management continued to manage spend (e.g. some delayed hiring of leadership roles).

Weather was generally great and amenity visitation reflected that.

OCTOBER-DECEMBER

• Revenues unfavorable -$437,174, or -5.4%, to Budget.

• Total Operating Expenses (COGS, Payroll and Other Operating Expenses) were favorable $371,969, or 4.2%, to Budget.

• Net Operating Result unfavorable -$65,206, or -7.8%, to Budget.

• Revenues unfavorable -$164,348, or -2.2%, to Budget.

• Total Operating Expenses (COGS, Payroll and Other Operating Expenses) were favorable $241,197, or 2.1%, to Budget.

• Net Operating Result favorable $76,849, or 1.9%, to Budget.

• Revenues were unfavorable -$411,275, or -$14.0, to Budget.

Very limited snowfall challenged winter operations, but prior snowmaking investments continued to benefit downhill and cross country amenities.

However, very aggressive revenue targets exacerbated the situation, particularly with the downhill ski lodge construction underway.

• Total Operating Expenses (COGS, Payroll and Other Operating Expenses) were unfavorable -$156,345, or -2.8%, to Budget.

• Net Operating Result was unfavorable -$567,620, or -11.5%, to Budget.

Revenue and Payroll 2020

2021

2022

2023

2024

Operating Revenues

$ 9,456,935

$ 13,248,144

$ 17,571,487

$ 17,605,695

$ 17,518,136

Employee W-2s Issued

695

710

844

867

889

W-2s Per $1,000 Revenue Ratio

7%

5%

Average Wages Per W-2 Issued

$

10,260

$

California Minimum Wage (1)

$

13.00

$

Seasonal/Part-Time FTE (3)

79.0

5%

5%

13,737

$

14,058

$

14.00

$

15.00

$

109.0

125.9

5%

14,106

$

13,757

15.50

$

16.50

136.0

Chart dollars in thousands

$20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000

105.0

$6,000

Full-Time Regular (2) FTE (3)

62.0

46.0

46.0

57.0

91.0

$4,000

FTE (3) Total

141.0

155.0

171.9

193.0

196.0

$2,000

Operating Revenue Per FTE

$

67,070

$

85,472

$

102,218

$

91,221

$

89,378

$0 2023 ACTUAL

2024 BUDGET

4.5

OPERATING REVENUE

The Association employs a high percentage of entry-level seasonal customer service positions to operate the various amenities of the Association.

Late 2021 and early 2022 saw the Association still restricted as to the number of international employees able to be recruited; however, late-2022 and into 2023 saw recruitment return to pre-COVID levels and thus the increase in W-2s issued compared to 2020 and 2021.

(1) California Minimum Wage; increased to $14.00 per hour in 2021, $15.00 per hour in 2022, $15.50 per hour in 2023 and $16.50 per hour in 2024.

(2) The Federal Affordable Care Act of 2010, which impacted the Association starting in 2016, created a federally regulated determination of those employees categorized as 'Full Time' and mandated to be offered health insurance. Prior to this Act, the Association had discretion as to which employees were offered health insurance and categorized full time and which were classified as seasonal employees.

(3) Full-Time Equivalents (FTE) as calculated based on a standard of 2,080 work hours per year.

OPERATING PAYROLL

W-2 to FTE Ratio

4.9

4.6

4.9

4.5

2024 ACTUAL

2024 ACTUAL VERSUS BUDGET REVENUE DOWN -5.9%, PAYROLL COSTS DOWN -2.0% 2024 ACTUAL VERSUS PRIOR YEAR REVENUE DOWN -0.7%, PAYROLL COSTS DOWN -7.0%

CALIFORNIA MINIMUM WAGE UP $1.00, OR 6.5%, IN 2024 VERSUS 2023

ANNUAL ASSESSMENT

Distribution of 2024 Annual Assessment $2,907 Per Owner DISTRIBUTION OF 2024 ANNUAL ASSESSMENT ($2,907 PER OWNER) $2,000

2024 ANNUAL ASSESSMENT BUDGET ($2,907 IN TOTAL)

56% / $1,727

2025 ANNUAL ASSESSMENT BUDGET ($3,300 IN TOTAL)

$1,800 $1,600 $1,400

32% / $1,206

$1,862

$1,200 $1,000

$1,049

$800 $600 $400

6% / $206

$200

7% / -$184

$0 -$200

$239

-2% / -$49

$200

-$50

HOA SERVICES FOR MEMBERS

HOA FORESTRY + FIRE PREVENTION

PRIVATE AMENITIES

PUBLIC AMENITIES

ANNUAL ASSESSMENT PER OWNER BY FUND

RESERVE CAPITAL FUNDS

Annual Assessment Per Owner by Fund $1,438

2025

$940

$1,186

2024

2021 2019

$720

$940

$620

$975

2017 $

$200

$400

$30 $30 $30

$595

$1,074

2016

$444

$770

$880

2018

$555

$801

$910

2020

$694

$848

$996

$600

$800

$1,000

OPERATING

$1,200

$1,400

$355 $335

$310

$30 $546

$902 $867

$865

$946

2022

$20

$854

$1,065

2023

Capital portion 56% in 2025

$30

$1,600

REPLACEMENT RESERVE

$300 $250

$3,300 $2,907

$2,624 $2,349

$2,241 $2,065

$1,965 $1,900 $1,900

Capital portion 43% in 2016

$1,900

$1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 $3,200 $3,400 $3,600 NEW EQUIPMENT

DEVELOPMENT

KEY NOTES

COMPOUND ANNUAL GROWTH RATE (CAGR) METRICS 2015-2024

2014-2024

10 YEAR

11 YEAR

CAPITAL FUNDS

8.8%

8.5%

OPERATING FUND

2.0%

3.5%

TOTAL ASSESSMENT 5.5%

6.2%

Accumulating funds over time to address the aging infrastructure needs of your association while striving to minimize the Operating Fund portion of your Assessment.

Capital Funds Portion of Annual Assessment

Operating Fund Portion of Annual Assessment

• The Replacement Reserve Fund portion has been deliberately increased over time to improve the reserve funding level of our 50-plus year-old association. Underfunding reserves is considered the bane of many associations across the country.

• For 2021, the Operating Fund portion was increased by $86 per owner to offset minimum wage increases and a 23% increase in liability insurance; there was no Assessment increase to the New Equipment Fund.

Tahoe Donner adopted a reserves funding policy and recent boards have adhered to this policy. The association’s reserves are now in a much stronger financial position to handle the replacement and major maintenance needs of the association’s assets.

• The Development Fund portion was held at $250 for six years (2011-2016) and has increased steadily in subsequent years in recognition of known future funding requirements. This funding is for eventual building replacements, such as the Downhill Ski Lodge, due to functional obsolescence, and for new facilities or other new major projects due to the changing needs of the membership.

More Capital Funds historical information on pages 10-11

• For 2022, the Operating Fund portion decreased $50 per owner due to projected strong revenue at the Golf Course, Downhill Ski Resort and Cross Country Ski Center operations, while the association absorbed further insurance and payroll costs.

• For 2023, the Operating Fund portion increased $119 per owner with presumed construction on the Downhill Ski Lodge impacting winter operations, as well as increased utility and insurance costs.

• For 2024, the Operating Fund portion increased $121 per owner primarily due to projected cost increases for labor (California minimum wage) and insurance (health, worker’s comp and general liability).

More Operating Fund historical information on page 4

LEARN MORE AT TAHOEDONNER.COM

3

CAGR = COMPOUND ANNUAL GROWTH RATE

OPERATING FUND

OPERATING FUND

Actual Results ACTUAL RESULTS $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 ($5,000,000) ($10,000,000) ($15,000,000) ($20,000,000) ($25,000,000) ($30,000,000)

2015

2016

2017

2019

2018

OPERATING REVENUES

2020

OPERATING COSTS

2021

2022

2023

2024

NET OPERATING RESULTS

Revenue finished the year $1,006,000 unfavorable to Budget, while Utilities, Supplies + Maintenance and Staff Retention + Incentives saw total expenses favorable to Budget by $476,000.

NOTE: Each year is subject to volatility due to weather and other variables. See page 28 for budget growth information.

OperatingFUND Fund Members’ Equity OPERATING

Accumulated NetACCUMULATED Results OPERATING FUND NET RESULTS, CONTINGENCY $5,000,000

+ $850,213 favorable results in 2021 - $

0 transfers

+ $850,213 (A) 2021 change in Operating Fund equity

$4,000,000

(In 2024, $400,000 of surplus transfered to Replacement Reserve Fund and $100,000 transfered to New Machinery Fund.)

(A)

$3,000,000

- $233,842 unfavorable results in 2022

(B)

- $

(C)

0 transfers

- $233,842 (B) 2022 change in Operating Fund equity

$2,000,000 (D)

- $342,963 unfavorable results in 2023 - $

0 transfers

- $342,963 (C) 2023 change in Operating Fund equity

$1,000,000

- $555,977 unfavorable results in 2024 - $500,000 transfers

$0 2015

2016

2017

2018

FROM THE 2015 BUDGET TO THE 2024 BUDGET 10-YEAR CAGR 7.3% Operating Revenue growth 6.1% Operating Costs growth 3.9% Net Operating Result Loss (THIS LOSS EQUATES TO THE PORTION FUNDED BY THE ANNUAL ASSESSMENT) See page 28 for more budget growth information

4

TAHOE DONNER 2024 ANNUAL REPORT

2019

2020

2021

2022

2023

2024

Costs are greater than Operating Revenues (every year), though costs have increased at a lower growth rate. Therefore, the resulting NOR loss growth rate is lower than both revenue and cost growth rates.

-$1,055,977 (D) 2024 change in Operating Fund equity

FOR 2025 BUDGET The 2025 Budget was prepared with the assumption of continued labor cost pressure, along with normalizing inflation and the impact of operating temporary winter facilities at Downhill Ski Resort due to the ski lodge construction.

Net Results After Replacement Reserve Capital Charge

By Department Net Operating Result (NOR) is defined as operating revenues less cost of goods sold and operating payroll and expenses.

Net Results after Replacement Reserve Capital Charge, which is effectively a depreciation-like charge, is presented to the right.

Refer to pages 6 and 7 for additional details.

TENNIS CENTER

BEACH CLUB MARINA

50,479 43,758

-4,721

217,102 227,453 177,817

103,188 42,502

-449,934

TROUT CREEK RECREATION CENTER / AQUATICS / DAY CAMPS / RECREATION PROGRAMS

-150,122 -81,470 -114,870

ALDER CREEK CAFE

-188,716 -167,070 -134,766

PIZZA ON THE HILL

-881,065 -536,809 -1,594,187

THE LODGE, DINING + BANQUETS, SUMMER F+B

-29,464 -26,430 -78,434

BIKEWORKS

2024 ACTUAL -$7,847,978

-264,023 -299,395 -541,442

TRAILS

2024 BUDGET -$7,527,973

-217,171 -200,165 -208,767

EQUESTRIAN CENTER

2023 ACTUAL -$12,835,594 21,900

SNOWPLAY

118,140 109,001 69,699

CROSS COUNTRY SKI CENTER

671,035 747,009 370,966

DOWNHILL SKI RESORT

AMENITIES

-$1,500,000

-$1,000,000

CAMPGROUND

-431,477 -298,158 -981,922

GOLF COURSE

-378,790 -348,347 -351,950

ARCHITECTURAL + MEMBER SERVICES

1,692,278 2,023,711 1,451,540

HOA + ADMINISTRATION

-$2,000,000

-2,544 -9,432

-$500,000 NEGATIVE

-1,119,279 -1,303,846 -1,835,434

FORESTRY, DEFENSIBLE + OPEN SPACE

-922,781 -972,567 -1,150,987

GENERAL HOMEOWNERS ASSOCIATION

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

POSITIVE

LEARN MORE AT TAHOEDONNER.COM

5

Operating Fund Results 2024 Departmental Summary 2024 OPERATING FUND

2024 NOR VERSUS BUDGET

GROSS REVENUE

OPERATING COSTS TOTAL

NET OPERATING RESULT

$ 1,626,667

$ -1,608,514

Beach Club Marina

925,172

-666,479

Tennis Center

611,043

-560,562

50,481

43,759

6,722

Recreation Programs

227,467

-258,711

-31,244

-19,937

-11,307

Day Camps

293,920

-177,641

116,279

71,909

44,370

3,684,269

-3,271,907

412,362

312,636

99,726

2024 BUDGET

2024 VS BUDGET

PRIVATE AMENITIES Trout Creek Recreation Center + Aquatics

TOTAL PRIVATE AMENITIES

$

18,153

$

258,693

-9,471 226,376

$

27,624 32,317

PUBLIC AMENITIES Golf Course

1,549,980

-1,981,456

-431,476

-298,154

-133,322

Downhill Ski Resort

5,092,952

-3,400,677

1,692,275

2,023,653

-331,378

Cross Country Ski Center

1,941,853

-1,278,548

663,305

747,003

-83,698

Snowplay

300,094

-181,952

118,142

109,002

9,140

Campground

126,378

-128,919

-2,541

-9,434

6,893

Equestrian Center

170,120

-387,291

-217,171

-199,885

-17,286

290

-264,315

-264,025

-299,408

35,383

Bikeworks

222,366

-251,830

-29,464

-26,433

-3,031

The Lodge, Dining + Banquets

1,909,175

-2,920,242

-1,011,067

-513,574

-497,493

The Lodge, Summer Lunch + Golf Food Service

322,190

-192,188

130,003

-23,232

153,235

Pizza on the Hill

591,767

-780,482

-188,715

-167,062

-21,653

Alder Creek Cafe

437,867

-587,990

-150,123

-81,327

-68,796

TOTAL PUBLIC AMENITIES

12,665,032

-12,355,890

309,142

1,261,151

-952,009

TOTAL AMENITIES

16,349,300

-15,627,797

721,504

1,573,786

-852,283

General HOA

236,339

-1,577,884

-1,341,545

-972,567

-368,978

Community Standards Office

193,398

-572,192

-378,794

-348,360

-30,434

Trails

HOMEOWNERS ASSOCIATION

Forestry, Defensible + Open Space

90,643

-1,209,922

-1,119,279

-1,303,845

184,567

TOTAL HOMEOWNERS ASSOCIATION

520,381

-3,359,998

-2,839,618

-2,624,773

-214,845

266,647

-932,764

-666,117

-711,378

45,261

0

-514,092

-514,092

-608,011

93,919

349,486

-1,201,523

-852,037

-1,139,224

287,187

0

-813,546

-813,546

-872,138

58,592

AMENITY + HOA SUPPORT SERVICES Communications Facility Administration + Risk Management Administration Information Technology

2,680

-1,071,497

-1,068,817

-1,090,651

21,833

Human Resources

0

-685,974

-685,974

-647,494

-38,481

Member Services

29,642

-420,538

-390,896

-402,798

11,902

0

-1,123,362

-1,123,362

-1,006,383

-116,979

Accounting + Finance

Maintenance Workforce Housing

236,272

-563,749

-327,477

-147,916

-179,561

TOTAL SUPPORT SERVICES

648,455

-6,763,296

-6,114,841

-6,625,992

511,151

TOTAL OPERATING RESULTS

17,518,136

-25,751,091

-8,232,955

-7,676,978

-555,977

Assessment Revenues

7,676,978

0

7,676,978

7,676,978

0

$ 25,195,114

$ -25,751,091

$ -555,977

0

$ -555,977

TOTAL OPERATING FUND 6

TAHOE DONNER 2024 ANNUAL REPORT

$

YEAR ENDING DECEMBER 31, 2024 2024 NOR VERSUS PRIOR YEAR 2023 ACTUAL

80,324 238,804

$

$

-62,171 19,889

47,175

3,306

7,844

-39,088

164,469

-48,190

538,617

-126,255

-317,661

-113,815

1,718,417

-26,142

594,014

69,291

69,699

48,443

24,424

-26,965

-193,297

-23,874

-271,002

6,977

-29,417

-47

-628,825

-382,242

-139,292

269,295

-129,301

-59,414

-109,873

-40,251

587,886

-278,744

1,126,503

-404,999

-922,781

-418,765

-351,950

-26,844

-1,365,290

246,012

-2,640,022

-199,596

-616,124

-49,993

-477,553

-36,538

-821,785

-30,252

-764,453

-49,093

-1,074,953

6,135

-565,049

-120,925

-322,333

-68,563

-1,080,939

-42,423

0

-327,477

-5,723,189

-391,652

-7,236,708

-996,247

6,893,745

783,233

-342,963

$ -213,014

See pages 8-9 for results by department highlights

Laura Chiorello (2024 Photo Contest entry)

$

2024 VS 2023

LEARN MORE AT TAHOEDONNER.COM

7

Operating Fund Results 2024 Highlights Versus Budget FAVORABLE VARIANCE TO BUDGET

UNFAVORABLE VARIANCE TO BUDGET

NOR = Net Operating Results. NOR is defined as the net result of operating revenues less cost of goods sold, operating payroll and expenses and any overhead allocation.

PUBLIC AMENITIES BIKEWORKS

TRAILS

ALDER CREEK CAFE

NOR LOSS ($29,464)

NOR LOSS ($264,025)

NOR LOSS ($150,123)

UNFAVORABLE ($3,031) / -11% TO BUDGET

FAVORABLE $35,373 / 12% TO BUDGET

UNFAVORABLE ($68,796) / -85% TO BUDGET

Revenue was 22% above budget, driven by retail special orders (e-bikes), though the high COGs resulted in a minimal impact on the bottom line. The combination of higher COGs and labor costs brought NOR close to budget.

Staffing and scheduling were effectively managed, ensuring a balanced approach to both Capital Projects (reserve work) and standard operating expenses. NOR exceeded budget by 12% and showed a 2.6% increase year-over-year.

Revenue exceeded budget by 2% and increased by 4% year-over-year, while expenses were below budget by 15% and down 37% compared to the previous year.

CAMPGROUND NOR ($2,541) FAVORABLE $6,893 / 73% TO BUDGET A smoke-free summer helped drive campers and revenue to come in $14k favorable to budget. Disposal, sewer and electric costs were increased due to higher visitation ending $7,000 favorable to budget.

EQUESTRIAN CENTER NOR LOSS ($217,171) UNFAVORABLE ($17,286) / -9% TO BUDGET Revenue was 8% above budget, despite a decrease in camp participation, with the shortfall offset by special events, lessons and boarding. However, high labor costs led to operating expenses exceeding the budget by $27,000, or 7%.

GOLF COURSE NOR ($431,476) UNFAVORABLE ($133,322) / -45% TO BUDGET Late spring snowfall delayed the season's opening, and the cart path project restricted play to 9 holes in both June and October.

However, strong retail sales ($39,000 above budget) helped offset the loss in green fees and ongoing wage pressures for Golf Maintenance staff in the region.

CROSS COUNTRY SKI CENTER NOR $663,305 UNFAVORABLE ($83,698) / -11% TO BUDGET January conditions were poor, but a lateseason rally helped, though November and December still saw unfavorable conditions. Season pass sales rebounded in December 2023, but remained below budget, contributing to a $103,000 revenue shortfall and a -10% NOR.

DOWNHILL SKI RESORT NOR $ 1,692,275 UNFAVORABLE ($320,999) / -16% TO BUDGET January’s poor snow conditions led to operations being 50% below budget to start the year. Additionally, due to unconfirmed ski lodge demolition, December budgeted numbers were reduced, but imperfect considering there was no ski lodge, further compounded by unfavorable snow conditions.

Despite this, NOR was only down only 1.5% year-over-year. In 2024, revenue dropped 12%, while expenses were 10% lower.

SNOWPLAY NOR $118,142 FAVORABLE $9,140 / 8% TO BUDGET Snowplay was less affected by January’s poor conditions, thanks to cold temps for snowmaking. Strong visitation from January to March offset December’s revenue shortfall, when only one lane was open due to limited snow and snowmaking temps.

8

TAHOE DONNER 2024 ANNUAL REPORT

PIZZA ON THE HILL NOR LOSS ($188,715) UNFAVORABLE ($21,653) / -13% TO BUDGET Bingo Night, Music by the Meadow and Trivia Night consistently attracted strong attendance. While the BOGO promotions were well-received by guests, they resulted in significantly higher COGs than budgeted.

Staff scheduling challenges in the first half of the year were resolved, leading to a more efficient workflow moving forward.

THE LODGE NOR LOSS ($1,011,067 ) UNFAVORABLE ($497,493) / -97% TO BUDGET Revenue (-16%) and expenses (-5%) were both below budget, partly due to aggressively set targets, staff scheduling challenges in the first half of the year, and mixed coding between the Lodge and Summer F+B, which caused the Lodge NOR to look worse, and the Summer F+B to look better.

SUMMER F+B NOR LOSS $130,003 FAVORABLE $153,237 / 660% TO BUDGET Revenue (1%) and expenses (44%) were both favorable to budget. However, the results for COGs and NOR are skewed due to mixed coding between The Lodge and Summer F+B, which impacted the outcomes at both operations (see above).

PRIVATE AMENITIES

SUPPORT SERVICES

BEACH CLUB MARINA

COMMUNICATIONS

NOR $258,693

NOR LOSS ($666,117 )

FAVORABLE $32,317 / 14% TO BUDGET

FAVORABLE $45,261 / 6% TO BUDGET

Exceptional summer weather drove significant increases in visitation, resulting in a 19% year-over-year revenue growth.

Advertising revenue was down $15,000 (-5%) compared to budget.

In recognition of early revenue trends, staff reduced admin expenses ($30,000) and held a position vacant ($25,000), coming in favorable to budget.

DAY CAMPS NOR $116,279 FAVORABLE $44,370 / 62% TO BUDGET Revenue was close to budget, though slightly below expectations.

Salaries and wages were $46,000 (31%), under budget.

RECREATION PROGRAMS NOR LOSS ($31,244) UNFAVORABLE ($11,307) / -57% TO BUDGET Revenue was nearly flat, slightly exceeding budget. However, group insurance costs were $19,000 over budget, reflecting a 393% unfavorable variance.

TENNIS + PICKLEBALL CENTER NOR $50,481 FAVORABLE $6,722 / 15% TO BUDGET

COMMUNITY STANDARDS OFFICE NOR LOSS ($378,794) UNFAVORABLE ($30,434) / -9% TO BUDGET Amid staff turnover and changes, both total revenue and expenses fell short of budget.

FORESTRY NOR LOSS ($1,119,279) FAVORABLE $184,567 / 14% TO BUDGET Revenue was significantly unfavorable (-69%) with no grant revenue.

Significant labor was allocated to capital projects, which helped expenses come in $386,000 (24%) favorable.

MAINTENANCE NOR LOSS ($1,123,362)

Operations opened earlier than budgeted, contributing to a 24% increase in revenue compared to budget and a 26% increase year-over-year.

UNFAVORABLE ($116,979) / -12% TO BUDGET

TROUT CREEK REC CENTER + AQUATICS

Increased health insurance costs and higher enrollment due to life changes accounted for 56% of the variance; the remainder was from general property maintenance not tied to a specific amenity.

NOR $18,153 FAVORABLE $27,624 / 292% TO BUDGET

I.T., FINANCE + HUMAN RESOURCES

Both Trout Creek’s and Aquatics’ NOR were favorable to budget, though labor and expense pressures impacted year-over-year NOR results.

NOR LOSS ($2,568,338) FAVORABLE $41,944 / 0% TO BUDGET

Brandon Huttenlocher

Salaries and wages were under budget due to vacant positions throughout the year, but rising expenses increased overall spend and negatively impacted year-over-year NOR.

LEARN MORE AT TAHOEDONNER.COM

9

CAPITAL RESERVES

Replacement Reserve Fund REPLACEMENT RESERVE FUND $20,000,000

50%

$18,000,000

45%

$16,000,000

38%

38%

39%

40%

40%

36%

$14,000,000 $12,000,000

33%

35%

32% 29%

28%

30%

26%

$10,000,000

25%

$8,000,000

20%

$6,000,000

15%

$4,000,000

10%

$2,000,000

5%

$0

0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • The Replacement Reserve Fund is the capital reserve fund for existing asset • The funding level from the Annual Assessment generally needs to components of the Association. This savings fund is utilized to replace and increase each year to keep pace with, or exceed, the inflation rate. preserve assets of the Association as they depreciate over time. There are • The Association has a fiduciary duty to adequately reserve for the over 2,300 components in the reserve study, which is updated every year by preservation of assets, which ultimately protects property values. staff. A complete physical inspection of all components is performed every • The 2024 assessment funding level was $854 per owner, or $5,527,942, a three years and last occurred in 2022. decrease of 1% over 2023. An additional $400,000 was funded from the • The Association has a Replacement Reserve Fund policy that provides for a 2021 surplus. target minimum of 25% funded.* • The 2025 assessment funding level was $940 per owner, or $6,084,620, • The reserve study does not include the replacement of existing buildings. an increase of 10% over 2024.

Funding for the replacement of existing buildings comes from the *Percent (%) Funded is the measure of the current fund balance to the current value of all Development Fund, seen below. future replacement costs from the Reserve Study (refer to the 2025 Budget Report for more information on the Reserve Schedule).

DEVELOPMENT FUND Development Fund BALANCE) MEMBERS EQUITY (FUND

Members’ Equity YEAR-END FUND BALANCE $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0

2015

2016

2017

2018

2019

• The Development Fund was established as authorized in the governing documents of the association to accumulate funds for large-scale projects identified as necessary due to the new capacity requirements or changing needs of the association.

• The board, Long-Range Planning Committee and management guide the prioritization of the numerous projects identified for Development Fund expenditure. The list of projects is actively updated through input from open

10

TAHOE DONNER 2024 ANNUAL REPORT

2020

2021

2022

2023

2024

member meetings and articles shared online at tahoedonner.com and in the Tahoe Donner News + Life magazine.

• The 2024 assessment funding level was $867 per owner, or $5,612,091, an increase of 25% over 2023.

• The 2025 assessment funding level was $902 per owner, or $5,838,646, an increase of 4% over 2024.

PERCENT FUNDED*

YEAR-END MEMBERS’ EQUITY BALANCE

Members’ FUND BALANCE + Percent MEMBERS Equity EQUITY YEAR-END (FUND BALANCE) AND PERCENTFunded FUNDED

CAPITAL EXPENDITURES

CAPITAL FUNDS

EXPENDITURES

BY YEAR Capital Funds

10 YEAR TOTAL = $62.0 MILLION

Expenditures by Year

10-YEAR TOTAL = $62.0 MILLION

$16,000,000

15.6M

$14,000,000 $12,000,000 $10,000,000 $8,000,000

6.9M

6.6M $6,000,000

5.4M

$4,000,000

5.3M

5.3M 4.1M

3.9M

2016

2017

4.2M

4.7M

$2,000,000 $0

2015

2018

REPLACEMENT RESERVE FUND

Ten-year total spend of $62.0 million equates to an average of $6.2 million in Capital Fund expenditures per year. The 10-year average depreciation expense is $3.1 million per year for a total of $31.0 million. Note that many older assets are fully depreciated and have no annual depreciation expense.

The net effect is a growth in net fixed assets.

Over the 10 years, the CAGR was 3.6% for net fixed assets.

Net fixed assets grew from $40.0 million at the end of 2015 to $57.0 million at the end of 2024, a 3.6% growth rate. Your association has invested in fixed assets to improve member enjoyment and protect home values.

THE BOARD HAS A FIDUCIARY RESPONSIBILITY (BY LAW) TO DO WHAT IS BEST FOR THE ASSOCIATION, BOTH NOW AND FOR THE FUTURE. CURRENT

2019

2020

2021

2022

DEVELOPMENT FUND

2023

NEW EQUIPMENT FUND

CAPITAL INVESTMENT OVER THE 10 YEARS INCLUDES:

$39.6 million in replacement and major repairs of existing assets (per reserve study plan) $4.0 million per year with 10-year average, maintaining existing asset components (depreciation average is $3.1 million)

$3.3 million per year for first 5 years average, maintaining existing asset components $4.6 million per year for second 5 years average, maintaining existing asset components The increase from 2015-2019 average to the 2010-2024 average is due to the overall aging of assets, the impact of Development Fund projects on related reserve components, construction of the lodge at Downhill Ski Resort, improvements to the Beach Club Marina, Glacier Way and Golf Course cart paths, as well as investments in updated maintenance equipment.

$20.9 million in Development Fund capital investments, including: Downhill Ski Resort snowmaking investment (2015) Solar projects at three locations (2015-2016) Equestrian campus relocation and upgrades (2015-2017) Crabtree Canyon land – 640 acres (2016) Alder Creek Adventure Center exterior storage building (2017) Equestrian campus improvements, Eagle Rock Chairlift building improvements (2018)

OWNERS HAVE THE RESPONSIBILITY TO PAY

Trout Creek Recreation Center building expansion (2019-2020)

FOR THE DEPRECIATION OF ASSOCIATION

Bermgarten Trailhead paving (2020)

ASSETS, NOT TO DEFER THE BURDEN TO FUTURE OWNERS. PROPERLY

Downhill Ski Lodge professional services, Cross Country Ski Center snowmaking investment (2021-2023)

MAINTAINING OUR ASSETS PROTECTS

Beach Club Marina Deck Expansion (2023-2024)

OWNERS’ PROPERTY VALUES.

2024

Glacier Way Parking Lot + Trailhead improvements, Downhill Ski Resort lodge replacement, Golf Course cart path repair + replacement (2024)

$1.5 million in New Equipment Fund capital investments $149,000 per-year average Forestry Tree Masticator (2023) New Vehicles (2024) LEARN MORE AT TAHOEDONNER.COM

11

CAPITAL FUNDS Replacement Reserve Fund

Development Fund

New Equipment Fund

32.6% FUNDED

$10.3 MILLION | 2024 Expenditures

$99,852 | 2024 Expenditures

• $8,942,000 DOWNHILL SKI RESORT Ski Lodge Replacement Project

• $35,000 FORESTRY 2024 Toyota RAV4 Crew Vehicle

• $448,000 TRAILS Parking Lot and Bathroom at Glacier Way

• $13,000 MAINTENANCE Dump Trailer

The ratio of the Replacement Reserve Fund balance as of December 31, 2024 and the Replacement Reserve Components current replacement cost estimate (100% Funded Allocation Method) for December 31, 2024.

See page 10 for by-year trends.

$5.3 MILLION | 2024 Expenditures • $1,569,000 GOLF Cart Paths, Irrigation, Bridge on Hole 18 and Bunkers • $798,000 DOWNHILL SKI RESORT Components for Ski Lodge Replacement Project Construction • $496,000 INFORMATION TECHNOLOGY Fiber, Infrastructure and Software Licensing • $430,000 FORESTRY Mastication and Fuel Reduction The Replacement Reserve Fund (RRF) is used to account for financial resources designated for the repair, restoration, replacement or maintenance of, or litigation involving the repair, restoration, replacement or maintenance of major components that the association is obligated by state law and sound business practices to repair, restore, replace or maintain. A 30-year reserve funding and expenditure plan is produced every three years, and updated annually, to schedule and analyze the funding and expenditure needs. Over 2,300 individual items are tracked in this plan, with a current replacement value of $74 million.

2024 saw a variance in expense to budget of $4.9 million, mostly due to pushing out the purchase of RRF components of the Downhill Ski Lodge replacement project into 2025.

The year-end fund balance increased by $1.6 million, or 9.0%, from 2023. The balance fluctuates each year due to the funding level from assessment and transfers, if any, as well as expenditures each year, in accordance with the 30-year reserve study.

12

TAHOE DONNER 2024 ANNUAL REPORT

• $438,000 GOLF Carts and Cart Paths

• $13,000 ACCOUNTING Tradogram (Accounts Payable Software)

• $421,000 BEACH CLUB MARINA Deck Expansion Project

• $38,000 TRAILS Glacier Way Parking Lot Expansion

The Development Fund was established and authorized in the governing documents of the association to accumulate funds for use in the development of – and additions to – facilities identified by the board as necessary due to new capacity requirements of the association or changing needs of the community.

The New Equipment Fund is used to account for financial resources designated for the acquisition of new assets identified as necessary for the association to operate more efficiently or provide new services to members.

The Development Fund includes funds accumulated for the specific purpose of replacing existing buildings, as only certain components of buildings are in the Replacement Reserve study.

The assessment contribution for 2024 was $5,612,091, or $867 per owner, reflecting a 25% increase from 2023. The year-end fund balance decreased by $3,900,000, or 24.0%. This decrease was primarily driven by the start of the Downhill Ski Resort lodge replacement project.

There was no assessment contribution for 2024. The $118,000 reimbursement grant from the Truckee Fire Protection District was received, and an additional $100,000 from prior year returns was contributed to the New Equipment Fund in 2024. The year-end fund balance of $8,673 increased by $121,000, compared to 2023.

Property Fund The Property Fund is used to account for the association’s investment in its fixed assets.

Capital additions to fixed assets totaled $13.6 million ($5.2 million in 2023).

Depreciation expense for the year totaled $3.1 million ($3.2 million in 2023).

Total gross fixed asset value of $105.0 million equates to $16,836 per owner and net book value of fixed assets and construction in progress of $57.2 million equates to $8,829 per owner (an increase of $1,546 from 2023).

Capital Funds Summary YEAR ENDING DECEMBER 31, 2024

2024 ACTUAL

2024 BUDGET

2024 ACTUAL VS 2024 BUDGET

2023 ACTUAL

2024 ACTUAL VS 2023 ACTUAL

REPLACEMENT RESERVE FUND Beginning Fund Balance

$

17,528,483

$

16,176,787

$

1,351,696

$

16,075,485

$

1,452,998

Assessment Contribution

5,527,942

5,825,700

(297,758)

5,599,145

(71,203)

Interest Revenue

944,583

253,094

691,489

857,417

87,166

Operating Fund Transfer In

400,000

-

400,000

-

400,000

Other Revenue + Expense, Net

(39,064)

(34,000)

(5,064)

(78,591)

39,528

Major Maintenance + Fund Expenses

(1,662,789)

(281,000)

(1,381,789)

(1,443,666)

(219,123)

Expenditures for Capital Additions

(3,604,104)

(10,385,413)

6,781,309

(3,481,307)

(122,797)

Change in Fund Balance

1,566,569

(4,621,619)

6,188,188

1,452,998

113,571

ENDING FUND BALANCE

19,095,051

11,555,168

7,539,883

17,528,483

1,566,569

(113,972)

39,377

(153,349)

259,504

(373,476)

-

-

-

-

-

3,864

5,891

(2,027)

6,827

(2,963)

Operating Fund transfer in

100,000

200,000

(100,000)

-

100,000

Other Revenue & Expense, Net

118,633

-

118,633

(618)

119,251

-

-

-

-

-

Expenditures for Capital Additions

(99,852)

(200,000)

100,148

(379,685)

279,834

Change in Fund Balance

122,645

5,891

116,754

(373,476)

496,121

8,673

45,268

(36,595)

(113,972)

122,645

Beginning Fund Balance

16,259,307

15,394,855

864,452

12,725,518

3,533,789

Assessment Contribution

5,612,091

5,612,091

-

4,492,262

1,119,829

Interest Revenue

893,709

529,000

364,709

737,511

156,198

Operating Surplus Transfer In

-

-

-

-

-

Other Revenue + Expense, Net

(118,147)

(49,000)

(69,147)

(81,374)

(36,773)

Fund Expenses

(305,272)

(226,000)

(79,272)

(310,604)

5,333

Expenditures for Capital Additions

(9,944,329)

(18,808,080)

8,863,751

(1,304,005)

(8,640,324)

Change in Fund Balance

(3,861,948)

(12,941,989)

9,080,041

3,533,789

(7,395,737)

ENDING FUND BALANCE

12,397,360

2,452,866

9,944,494

16,259,307

(3,861,948)

NEW EQUIPMENT FUND Beginning Fund Balance Assessment Contribution Interest Revenue

Major Maintenance & Fund Expenses

ENDING FUND BALANCE

DEVELOPMENT FUND

CAPITAL FUND TOTALS SEE PAGE 26 FOR SCHEDULE OF SPEND BY DEPARTMENT Major Maintenance + Fund Expenses

(1,968,061)

(507,000)

(1,461,061)

(1,754,271)

(213,790)

Expenditures for Capital Additions

(13,648,285)

(29,393,493)

15,745,208

(5,164,997)

(8,483,287)

$ (15,616,346)

$ (29,900,493)

TOTAL

$

14,284,147

$

(6,919,268)

$

(8,697,077)

The variance between Actual and Budget capital expenditures is primarily driven by the timing of projects between years, weather delays and contractor availability.

The Board has a fiduciary responsibility (by law) to do what is best for the Association both now and for the future. Current owners have the responsibility to pay for the depreciation of Association assets, not defer the burden to future owners. Properly maintaining our assets protects owners’ property values.

LEARN MORE AT TAHOEDONNER.COM

13

INDEPENDENT AUDITORS’ REPORT To the Board of Directors Tahoe Donner Association OPINION We have audited the accompanying financial statements of Tahoe Donner Association, which comprise the balance sheet as of December 31, 2024, and the related statements of revenues and expenses and changes in fund balances and cash flows for the year then ended, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tahoe Donner Association as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

BASIS FOR OPINION We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Tahoe Donner Association and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

RESPONSIBILITIES OF MANAGEMENT FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Tahoe Donner Association’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 14

TAHOE DONNER 2024 ANNUAL REPORT

material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Tahoe Donner Association’s internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Tahoe Donner Association’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

DISCLAIMER OF OPINION ON REQUIRED SUPPLEMENTARY INFORMATION Accounting principles generally accepted in the United States of America require that Required Supplementary Information on Future Major Repairs and Replacements on pages 19 and 20 be presented to supplement the basic financial statements.

Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, which considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context.

We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

OTHER INFORMATION The information included on pages 17 and 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

SUMMARIZED COMPARATIVE INFORMATION Information for the year ended December 31, 2023 is presented for comparative purposes only and was extracted from the financial statements presented for that year, on which we expressed an unmodified opinion on our report dated March 15, 2024.

McCLINTOCK ACCOUNTANCY CORPORATION Tahoe City, California March 20, 2025

EXHIBIT A

Tahoe Donner Association Balance Sheet FOR THE YEAR ENDED DECEMBER 31, 2024 (WITH COMPARATIVE TOTALS FOR 2023) OPERATING FUND

REPLACEMENT RESERVE FUND

NEW DEVELOPMENT EQUIPMENT FUND FUND

PROPERTY FUND

TOTAL 2024

TOTAL 2023

-0- $ 12,024,611

$ 6,694,597

ASSETS Cash and cash equivalents, unrestricted (Note 3)

$ 12,024,611 $

Cash and cash equivalents, designated and restricted (Note 3)

-0- $

-0- $

-0- $

113,746

1,075,424

8,773

1,050,365

-0-

2,248,308

1,555,248

Investments, unrestricted (Note 3)

-0-

-0-

-0-

-0-

-0-

-0-

1,481,375

Investments, designated and restricted (Note 3)

-0-

18,099,754

-0-

13,044,137

-0-

31,143,891

34,931,987

12,138,357

19,175,178

8,773

14,094,502

-0-

45,416,810

44,663,207

Assessments and other member receivables, less allowance for credit losses of $178,621 in 2024 and $88,393 in 2023

112,070

-0-

-0-

-0-

-0-

112,070

225,721

Other receivables

30,869

144,263

-0-

49,106

-0-

224,238

266,433

Inventory

446,901

-0-

-0-

-0-

-0-

446,901

510,431

Prepaid expenses and other assets

1,587,792

36,818

-0-

-0-

-0-

1,624,610

1,804,587

Due from (to) other funds

2,007,557

(261,208)

(100)

(1,746,249)

-0-

-0-

-0-

-0-

-0-

-0-

-0-

57,157,194

57,157,194

47,145,272

Property and equipment, net (Note 4)

Total Assets

$ 16,323,546 $ 19,095,051 $

8,673 $ 12,397,359 $

57,157,194 $ 104,981,823 $ 94,615,651

LIABILITIES AND FUND BALANCES Liabilities Accounts payable

$

687,386 $

-0- $

-0- $

-0- $

-0- $

687,386 $

466,596

Accrued liabilities

3,090,339

-0-

-0-

-0-

-0-

3,090,339

1,955,961

Deferred revenue

10,769,038

-0-

-0-

-0-

-0-

10,769,038

8,468,043

316,900

-0-

-0-

-0-

-0-

316,900

390,100

14,863,663

-0-

-0-

-0-

-0-

14,863,663

11,280,700

1,459,883

19,095,051

8,673

12,397,359

57,157,194

90,118,160

83,334,951

Deposits from members

Total Liabilities Fund Balances - Exhibit B

Total Liabilities and Fund Balances

$ 16,323,546 $ 19,095,051 $

The accompanying notes are an integral part of these statements.

8,673 $ 12,397,359 $

57,157,194 $ 104,981,823 $ 94,615,651

LEARN MORE AT TAHOEDONNER.COM

15

EXHIBIT B

Tahoe Donner Association Statements of Revenue and Expenses and Changes in Fund Balances FOR THE YEAR ENDED DECEMBER 31, 2024 (WITH COMPARATIVE TOTALS FOR 2023) OPERATING FUND

REPLACEMENT RESERVE FUND

NEW DEVELOPMENT EQUIPMENT FUND FUND

PROPERTY FUND

TOTAL 2024

TOTAL 2023

18,817,011 $ 5,092,952 300,094 2,231,365 1,941,853 1,626,667 925,172 1,549,980 437,867 591,767 611,043 293,920 170,120 227,467 126,378 222,366 290 266,647 193,398 90,643 236,272 2,014,289 142,565 186,165 38,296,291

16,985,152 5,756,212 253,791 2,351,902 1,775,096 1,645,652 776,645 1,327,569 422,498 540,182 485,055 378,388 169,895 229,777 135,453 223,398 95 292,828 157,538 297,891 -01,806,200 118,807 62,758 36,192,782

Revenue Members' assessments Downhill ski Snowplay The Lodge and Summer F&B Cross country center Trout Creek recreation center and aquatics Marina Golf course Alder Creek Cafe Pizza on the Hill Tennis Day Camps Equestrian Recreation Campground Bikeworks Trails Communications Community standards Forestry Workforce housing Interest income Late charges, handling, transfer fees, and other fees Miscellaneous income Total Revenue

$

7,676,978 5,092,952 300,094 2,231,365 1,941,853 1,626,667 925,172 1,549,980 437,867 591,767 611,043 293,920 170,120 227,467 126,378 222,366 290 266,647 193,398 90,643 236,272 172,133 142,565 67,177 25,195,114

$

5,527,942 -0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0944,583 -0-06,472,525

$

-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-03,864 -0118,988 122,852

$

5,612,091 -0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0893,709 -0-06,505,800

$

-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-

$

Operating Expenses Downhill ski (cost of sales of $156,291 in 2024 and $211,348 in 2023) Snowplay (cost of sales of $4,465 in 2024 and $4,979 in 2023) The Lodge and Summer F&B (cost of sales of $748,640 in 2024 and $725,248 in 2023) Cross country center (cost of sales of $151,219 in 2024 and $106,563 in 2023) Trout Creek recreation center and aquatics (cost of sales of $27,079 in 2024 and $24,482 in 2023) Marina (cost of sales of $1,857 in 2024 and $64,245 in 2023) Golf course (cost of sales of $107,511 in 2024 and $91,881 in 2023) Alder Creek Café (cost of sales of $132,853 in 2024 and $143,353 in 2023) Pizza on the Hill (cost of sales of $196,497 in 2024 and $147,802 in 2023) Tennis (cost of sales of $49,312 in 2024 and $26,721 in 2023) Day Camps Equestrian (cost of sales of $3,329 in 2024 and $4,117 in 2023) Recreation (cost of sales of $2,956 in 2024 and $2,451 in 2023) Campground Bikeworks (cost of sales of $63,346 in 2024 and $80,817 in 2023) Trails Communications Architectural standards Forestry Workforce housing Homeowners' association operating expenses and G&A Total Operating Expenses

3,400,677 181,952

69,764 -0-

-0-0-

-0-0-

-0-0-

3,470,441 181,952

4,065,212 184,091

3,112,430

14,800

-0-

-0-

-0-

3,127,230

3,187,392

1,278,548

48,740

-0-

-0-

-0-

1,327,288

1,234,780

1,608,514 666,479 1,981,456

59,006 60,384 74,275

-0-0-0-

-0-0-0-

-0-0-0-

1,667,520 726,863 2,055,731

1,713,971 558,240 1,714,628

587,990

-0-

-0-

-0-

-0-

587,990

532,366

780,482 560,562 177,641 387,291 258,711 128,919 251,830 264,315 932,764 572,192 1,209,922 563,749 6,818,283 25,724,707

-027,968 -014,699 -04,885 -096,132 -0-0417,360 -0849,683 1,737,696

-0-0-0-0-0-0-0-0-0-0-0-0-0-0-

-0-0-0-0-0-0-0-0-0-0-0-0341,272 341,272

-0-0-0-0-0-0-0-0-0-0-0-0-0-0-

780,482 588,530 177,641 401,990 258,711 133,804 251,830 360,447 932,764 572,192 1,627,282 563,749 8,009,238 27,803,675

669,484 460,734 249,357 368,432 221,933 113,246 252,815 337,208 909,472 509,487 1,882,769 -07,452,880 26,618,497

(Gain) Loss on disposal of assets Depreciation Income tax provision (Note 5) Total Expenses

-0-026,384 25,751,091

(127,853) -092,011 1,701,854

-0-0355 355

-0-082,147 82,147

524,199 3,112,164 -03,636,363

396,346 3,112,164 200,897 31,513,082

(32,910) 3,212,178 178,652 29,976,327

Revenue Over (Under) Expenses

(555,977)

4,770,671

122,497

6,082,381

(3,636,363)

6,783,209

6,216,455

-0-

(3,604,104)

(99,852)

(9,944,329)

13,648,285

-0-

-0-

Transfer Between Funds

(500,000)

400,000

100,000

-0-

-0-

-0-

-0-

Fund Balances (Deficit), Beginning of Year

2,515,860

17,528,484

(113,972)

16,259,307

47,145,272

83,334,951

77,118,496

90,118,160 $

83,334,951

Fund Expenses

Property Fund Additions, Net (Schedule 2)

Fund Balances, End of Year

16

TAHOE DONNER 2024 ANNUAL REPORT

$

1,459,883

$

19,095,051

$

8,673

$

12,397,359

$

57,157,194

$

EXHIBIT C

Tahoe Donner Association Statements of Cash Flows FOR THE YEAR ENDED DECEMBER 31, 2024 (WITH COMPARATIVE TOTALS FOR 2023) OPERATING FUND

REPLACEMENT RESERVE FUND

NEW DEVELOPMENT EQUIPMENT FUND FUND

PROPERTY FUND

TOTAL 2024

TOTAL 2023

Cash Flows from Operating Activities Operating Revenue Under Expenses $ Replacement Revenue Over Expenses Non-Operating Funds Revenue Over (Under) Expenses Revenue Over (Under) Expenses Transfers between funds Adjustments to Reconcile Operating/Replacement Revenue Over (Under) Expenses to Net Cash Provided (Used) by Operating Activities: Property fund additions, net Bad debt expense Depreciation expense (Gain)/Loss on disposal of assets Investment amortization Changes in: Assessments receivable Other receivables Inventory Prepaid expenses and other assets Due to/from other funds Accounts payable Accrued liabilities Deferred revenue Deposits Net Cash Provided (Used) by Operating Activities

(555,977) -0-0(555,977) (500,000)

$

-04,770,671 -04,770,671 400,000

$

-0-0122,497 122,497 100,000

$

-0-06,082,381 6,082,381 -0-

$

-0- $ -0(3,636,363) (3,636,363) -0-

(555,977) 4,770,671 2,568,515 6,783,209 -0-

$

(342,963) 4,934,308 1,625,109 6,216,454 -0-

13,648,285 18,661 -0-0(144,897)

(3,604,104) 60,000 -0(127,853) (369,025)

(99,852) -0-0-0-0-

(9,944,329) 36,000 -0-0(473,949)

-0-03,112,164 524,199 -0-

-0114,661 3,112,164 396,346 (987,871)

-053,015 3,212,178 (32,910) (1,150,695)

94,990 645 63,530 179,977 867,318 (1,038,908) 1,134,378 2,300,995 (73,200) 15,995,797

(60,000) (29,053) -0-0(2,043,395) -0-0-0-0(1,002,759)

-0-0-0-0(139,352) -0-0-0-0(16,707)

(36,000) 70,604 -0-01,315,429 -0-0-0-0(2,949,864)

-0-0-0-0-0-0-0-0-0-0-

(1,010) 42,196 63,530 179,977 -0(1,038,908) 1,134,378 2,300,995 (73,200) 12,026,467

(43,513) 215,049 (87,872) (172,130) -0(650,804) (17,411) (15,236) (4,500) 7,521,625

(12,388,586) -0(7,918,728) 9,545,000 (10,762,314)

-0127,853 (20,607,914) 21,244,256 764,195

-0-0-0-0-0-

-0-0(23,760,274) 27,755,000 3,994,726

-0-0-0-0-0-

(12,388,586) 127,853 (52,286,916) 58,544,256 (6,003,393)

(4,934,285) 39,627 (56,758,442) 52,570,870 (9,082,230)

5,233,483 6,904,874 12,138,357

(238,564) 1,313,988 1,075,424

(16,707) 25,480 8,773

1,044,862 5,503 1,050,365

-0-0-0- $

6,023,074 8,249,845 14,272,919

(1,560,605) 9,810,450 8,249,845

12,024,611 2,248,308 14,272,919

$ $

6,694,597 1,555,248 8,249,845

$ $

269,000 1,490,411

$ $

76,357 230,712

Cash Flows from Investing Activities Acquisition of property and equipment Proceeds from sale of property and equipment Purchase of investments Maturity or redemption of investments Net Cash Provided (Used) by Investing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and cash equivalents, Beginning of Year Cash and cash equivalents, End of Year (Note 3)

$

$

$

$

$

$

Analysis of Cash and Cash Equivalents Cash and cash equivalents, unrestricted Cash and cash equivalents, designated and restricted Cash and cash equivalents, End of Year (Note 3)

$

$

$

12,024,611 113,746 12,138,357

$ $

269,000 1,490,411

$ $

-01,075,424 1,075,424

$

$

$

-08,773 8,773

-0-0-

$ $

-0-0-

$

$

-01,050,365 1,050,365

$

-0- $ -0-0- $

$ $

-0-0-

$ $

-0-0-

Supplemental Disclosure Income taxes paid Acquisition of equipment financed by trade payables

The accompanying notes are an integral part of these statements.

LEARN MORE AT TAHOEDONNER.COM

17

Notes to the Financial Statements 1 OPERATIONS Tahoe Donner Association (Association) is a California nonprofit mutual benefit corporation. The Association’s members own the 6,473 membership properties within the Tahoe Donner subdivision in Truckee, California. The Association was organized to provide management services and maintenance of certain common areas owned by the Association. A significant portion of revenue is derived from the assessment of member dues.

The Association operates and maintains facilities, which include a golf course and pro shop, restaurants, downhill ski area, clubhouse, Nordic ski area, beach and marina area, equestrian center, campground, tennis facilities, recreation complex, pools, and parks.

Revenues are derived from member and non-member usage of these facilities.

The Association’s Board of Directors is comprised of five members elected to serve three-year terms by a vote of the members. The Board of Directors governs in accordance with the Association’s bylaws and declaration of covenants and restrictions. The Board of Directors establishes members’ dues and user fees, and has the ability to enter into long-term contracts. Along with other actions, closing an Association amenity (as defined by the governing documents) requires a vote of the members.

2 SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION – The Association’s governing documents provide certain guidelines for governing its financial activities. To ensure observance of limitations and restrictions on the use of financial resources, the Association maintains its accounts using fund accounting. Financial resources are classified for accounting and reporting purposes in the following funds established according to their nature and purpose: OPERATING FUND – Used to account for financial resources available for the general operations of the Association.

REPLACEMENT RESERVE FUND – Used to account for financial resources designated for the repair, restoration, replacement, or maintenance of, or litigation involving repair, restoration, replacement, or maintenance of, major components which the Association is obligated to repair, restore, replace, or maintain and for which the replacement reserve fund was established.

NEW EQUIPMENT FUND – Used to account for financial resources designated for the purchase of new machinery, equipment, furnishings, and fixtures.

DEVELOPMENT FUND – Used to account for financial resources designated for use in the acquisition and enhancement of facilities, equipment, and other resources.

PROPERTY FUND – Used to account for the Association’s investment in its common property and equipment, and other Association real property.

MEMBER ASSESSMENTS AND ALLOWANCE FOR CREDIT LOSSES – Association members are subject to annual assessments to provide funds for the Association’s operating expenses, major repairs and 18

TAHOE DONNER 2024 ANNUAL REPORT

replacements, development, and purchase of new equipment.

Accounts receivable at the balance sheet date primarily represents amounts due from unit owners. The Association’s collection policy includes, among other things, assessing a late charge and interest, filing a lien, and assessing a lien fee on payments not received within the allowable time periods. In certain instances, foreclosure may be necessary.

The Association treats uncollectible assessments as credit losses. Methods, inputs, and assumptions used to evaluate when assessments are considered uncollectible include close monitoring of outstanding assessment balances by management, member payment history of outstanding assessment balances, and susceptibility to factors outside the Association's control. An allowance for credit losses is created when an account’s collectability is uncertain. Accounts are written off when the Association’s management determines that an account is uncollectible due to an event such as bankruptcy or foreclosure proceedings.

Allowance for credit losses as of December 31 was as follows: 2024 Beginning balance

$

Provision for expected credit loss

$

(110,279)

(37,534) $

178,621

158,049 40,623

127,762

Less: write offs Ending allowance for credit losses

88,323

2023

$

88,393

REVENUE RECOGNITION – The Association’s accounting policies with regards to revenue from contracts with customers are discussed in Note 3.

CASH consists of cash on hand, demand deposits at banks and money market funds.

The Association minimizes credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. As of December 31, 2024 and 2023, cash balances exceeded federally insured limits by approximately $10,910,000 and $4,795,000, respectively. The Association has not experienced any losses in such accounts and management believes the Association is not exposed to any significant credit risk related to cash.

INVESTMENTS consist of debt securities and certificates of deposits, which are carried at amortized cost as the Association has the positive intent and ability to hold all debt securities and certificates of deposit until maturity.

INVENTORIES consist of food, beverage and retail goods and are stated at the lower of average cost or market.

PROPERTY AND EQUIPMENT of the Association includes certain facilities and land contributed by the developer in prior years.

These assets are reflected in the accounts at the developers’ cost basis. Purchases are stated at cost. The Association capitalizes all expenditures for property and equipment in excess of $2,000.

Depreciation is computed using the straight-line method over estimated useful lives of individual assets ranging from 3 to 60 years.

These assets are recorded directly in the property fund.

Notes to the Financial Statements Approximately 3,000 acres of undeveloped non-common area real property owned by the Association is controlled by the Association’s declaration of covenants and restrictions and bylaws.

INTEREST INCOME and the related income tax expense is allocated to the operating, replacement reserve, new machinery and equipment and development funds in proportion to the interest-bearing assets of each fund.

ASSESSMENTS PAID IN ADVANCE AND DEFERRED REVENUE primarily represents funds received for assessments, amenity and newsletter fees received in the current fiscal year, which apply to the subsequent fiscal year.

DEPOSITS FROM MEMBERS held by the Association are primarily security deposits from members for the construction of residential real property. The deposits are used to ensure that construction is completed in accordance with the guidelines established by the Community Standards Office. The funds are deposited in a separate trust account and are refundable upon satisfactory completion of construction.

ADVERTISING COSTS are expensed as incurred. For the year ended December 31, 2024 and 2023 advertising costs total $43,834 and $37,102, respectively.

INCOME TAXES – For California purposes, the Association is taxed as a membership organization. As such, the Association is generally taxed only on non-member income, such as investment earnings, advertising revenue and gains on sales of assets at regular state corporate tax rates. For federal tax purposes, the Association has tax-exempt status as a non-profit organization under Internal Revenue Code 501(c)(4). Unrelated business income earned by the Association, such as advertising revenue, is taxed net of related expenses at regular federal corporate tax rates.

The Association has applied the accounting principles related to the accounting for uncertainty in income taxes and has determined there is no material impact on the financial statements. With some exceptions, the Association is no longer subject to U.S. federal and state income tax examinations by tax authorities for years prior to 2018.

CARRYING AMOUNTS OF FINANCIAL INSTRUMENTS, including cash and cash equivalent, accounts receivable and accounts payable approximate their fair value due to the short-term maturities of these instruments.

USE OF ESTIMATES – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures.

Accordingly, actual results could differ from those estimates.

RECLASSIFICATIONS – Certain reclassifications have been made in the 2023 financial statements to conform to the classifications used in 2024. The reclassifications had no impact on the financial position or results of operations for 2023.

REVENUE RECOGNITION – The Association adopted the provisions of Accounting Standards Codification Topic 606, Revenue from

Contracts with Customers, (“Topic 606” in the Accounting Standards Codification (ASC). Topic 606 superseded the revenue recognition requirements in FASB ASC 972- 605, Real Estate—Common Interest Realty Associations, Revenue Recognition. Under Topic 606, the Association must identify a contract with a customer, among other things, and recognize revenue as the Association satisfies a performance obligation.

As described above, Association members are subject to annual assessments that provide funds for the Association’s operating expenses and major repairs and replacements. Association management has considered Topic 606 and concluded that Association members are not customers as defined in the ASC. As such, all assessment revenue, including amounts allocated to the replacement fund, is recognized in the period in which it is assessed, regardless of when it is collected or expended.

NEW ACCOUNTING PRONOUNCEMENT – In 2023, the Association implemented ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC 326). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including heldto-maturity debt securities, and accounts receivable. Financial assets measured at amortized cost will be presented at the amount expected to be collected, net of an allowance for credit losses. There were no transition adjustments required to be made as a result of implementing the new standard.

REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE RECOGNITION The following provides information about the Association’s composition of revenue recognized from contracts with customers, the performance obligations under those contracts, and the significant judgments made in accounting for those contracts: Downhill Ski, Cross Country and Golf revenue is derived from a wide variety of sources, including, among other things: lift, trail, and course access revenue, which includes sales of lift tickets, trail access, golf course access and pass products; ski school and lesson revenue, which includes the revenue derived from ski school and lesson operations; food and beverage sales; retail sales and equipment rental revenue. Revenue is recognized over time as performance obligations are satisfied as control of the goods or services (e.g. access to ski areas, trails and golf course, provision of ski school and lesson services, etc.) is transferred to the customer, except for the retail sales, rentals and food and beverage operations revenue which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Association records deferred revenue primarily related to the sales of the pass products. Deferred revenue is Continued on next page LEARN MORE AT TAHOEDONNER.COM

19

Notes to the Financial Statements recognized throughout the ski and golf seasons as the Association’s performance obligations are satisfied as control of the service (e.g. access to the ski areas throughout the ski season) is transferred to the customer. The transfer of control is based on the number of days that have passed in the season relative to total expected season days.

Total expected season days are based on historical data, and the Association believes this estimate provide a faithful depiction of its customers pass product usage.

Trout Creek recreation center and aquatics, Snowplay, Marina and Tennis are accessible via an annual recreation pass or daily access fees. Revenue is derived from recreation pass usage, daily access fees, lessons, classes and trainings, retail sales, equipment rentals and food and beverage sales. Revenue is recognized over time as performance obligations are satisfied as control of the goods or services (e.g. access amenities, provision of lessons, classes, and training services, etc.) is transferred to the customer, except for the retail sales, rentals and food and beverage operations revenue which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer. The Association records deferred revenue primarily related to the sales of the recreation pass. Deferred revenue is recognized throughout recreation pass period as the Association’s performance obligations are satisfied as control of the service (e.g. access to amenities throughout the pass period) is transferred to the customer.

The transfer of control is based on an estimated number of pass holder visits relative to total expected visits. The total expected visits are estimated based on historical data, and the Association believes this estimate provides a faithful depiction of its customers’ pass product usage.

Food and beverage revenue (The Lodge and Summer F&B, Alder Creek Café, and Pizza on the Hill) is derived from restaurants and cafes, room rentals and banquets. Revenue is recognized at a point in time when performance obligations are satisfied by transferring controls of the underlying goods to the customer.

Communications revenue is derived primarily from newsletter ad sales. Revenue is recognized over time as performance obligations are satisfied as control of the good (e.g. inclusion of ad in the monthly newsletter) is transferred to the customer. Deferred revenue relates sales of newsletter ad space for multiple monthly publications in advance.

Other revenue sources not previously mentioned provide revenue from a variety of means including other amenity access fees, lessons and camps, retail sales, equipment rentals, special events and concerts, food and beverage sales, architectural fees, and forestry grants revenues. Revenue is recognized over time as performance obligations are satisfied as control of the (e.g. completions of lessons or camps) is transferred to the customer, except for retail sales, equipment rentals and food and beverage sales which are recognized at a point in time when performance obligations are satisfied by transferring control of the underlying goods to the customer.

ARRANGEMENTS WITH MULTIPLE PERFORMANCE OBLIGATIONS Some of the Association’s contracts with customers include multiple performance obligations, primarily related to bundled services

20

TAHOE DONNER 2024 ANNUAL REPORT

such as multiple events, camps, class and lesson packages. For such contracts, revenue is allocated to each distinct and separate performance obligation based on its relative standalone selling price.

The standalone selling prices are generally based on observable prices charged to customers or estimated based on historical experience and information.

CONTRACT BALANCES Contract liabilities are recorded primarily as deferred revenues when payments are received or due in advance of the Association’s performance, including amounts which may be refundable. The deferred revenue balance is primarily related to accounts receivable or cash payments recorded in advance of satisfying the Association’s performance obligations related to advance purchase products consisting primarily of recreation passes, ski and golf passes, amenity related lessons and programs. Deferred revenue balances related to contracts was approximately $2,047,000 and $2,288,000 as of December 31, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, the Association recognized approximately $2,288,000 and $2,445,000 of contract revenue that was included in the deferred revenue balance as of the previous fiscal year, respectively.

Contract assets are recorded as trade receivables when the right to consideration is unconditional. Trade receivable balances were approximately $-0- as of December 31, 2024 and 2023, respectively.

Payments from customers are based on billing terms established in the contracts with customers, which vary by the type of customer, the location and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, contracts require payment before the products are delivered or services are provided to the customer. Impairment losses related to contract assets are recognized through the Association’s allowance for doubtful accounts analysis. Contract asset write-offs are evaluated on an individual basis.

COSTS TO OBTAIN CONTRACTS WITH CUSTOMERS The Association expects that credit card fees paid in order to obtain season pass products contracts are recoverable. Accordingly, the Association recognizes these amounts as assets when they are paid prior to the start of the pass season. As of December 31, 2024 and 2023, approximately $-0- of costs to obtain contracts with customers were recorded within prepaid expenses and other current assets, respectively.

Utilizing the practical expedient provided for under Topic 606, the Association has elected to expense credit card fees related to nonpass products and services as incurred, as the amortization period is generally one year or less for the time between customer purchase and utilization. These fees are recorded within departmental expenses on the Association’s Statement of Revenue and Expenses and Changes in Fund Balances.

Notes to the Financial Statements 3 CASH AND INVESTMENTS At December 31, the Association’s cash and investments consisted of undesignated, designated, and restricted accounts as follows:

2024 Replacement Reserve Fund - designated

CASH $

1,075,424

INVESTMENTS $

TOTAL

18,099,754

$

19,175,178

1,050,365

13,044,137

14,094,502

8,773

-0-

8,773

12,024,611

-0-

12,024,611

Operating Fund - Trust - restricted 457 (b)

27,950

-0-

27,950

Operating Fund - Architectural standards deposits - restricted

85,796

-0-

85,796

TOTAL

$ 14,272,919

$ 31,143,891

$ 45,416,810

2023

CASH

INVESTMENTS

TOTAL

Development Fund - designated New Equipment Fund - designated Operating Fund - undesignated and unrestricted

Replacement Reserve Fund - designated

$

1,313,988

$

18,367,072

$

19,681,060

Development Fund - designated

5,503

16,564,915

16,570,418

New Equipment Fund - designated

25,480

-0-

25,480

6,694,597

1,481,375

8,175,972

Operating Fund - Trust - restricted 457 (b)

24,500

-0-

24,500

Operating Fund - Architectural standards deposits - restricted

185,777

-0-

185,777

$ 8,249,845

$ 36,413,362

$ 44,663,207

Operating Fund - undesignated and unrestricted

TOTAL

Board designated funds in the replacement reserve fund cannot be expended for any purpose other than the repair, restoration, replacement, or maintenance of, or litigation involving repair, restoration, replacement, or maintenance of, major components which the Association is obligated to repair, restore, replace, or maintain and for which the replacement reserve fund was established as mandated by state law.

Designated funds in the development fund are controlled by board-adopted policy that affords the board discretion in expenditure, except where member approval is required in connection with the intended project.

Cash consists of cash on hand, demand deposits at banks and highly liquid money market funds.

Association investments consist of municipal and corporate securities, and governmental securities. Varying types and levels of safety protection cover the various Association investments, including FDIC insurance, SIPC insurance, privately funded bank insurance, and the backing of the US Treasury and its agencies.

Municipal and corporate securities, governmental securities and certificates of deposit are carried at amortized cost as they are classified as held to maturity investments since the Association has the positive intent and ability to hold all securities until maturity.

Continued on next page LEARN MORE AT TAHOEDONNER.COM

21

Notes to the Financial Statements The amortized cost of held-to-maturity investment at December 31, 2024 and 2023 are securities as follows: 2024 AMORTIZED COST/NET CARRYING VALUE

2023 AMORTIZED COST/NET CARRYING VALUE

Held to maturity: Corporate Notes

$ 12,495,808

Corporate Bonds

2,565,891

2,155,867

Municipal Bonds

1,585,010

1,555,053

US Treasury

14,497,182

21,220,268

$ 31,143,891

$ 36,413,362

TOTAL HELD TO MATURITY

$

11,482,174

The maturities of the held to maturity securities at December 31, 2024 and 2023 are all within one to five years.

4 PROPERTY AND EQUIPMENT

6 REPLACEMENT RESERVE FUND

Property and equipment consist of the following:

The Association’s policy is to maintain replacement funding levels sufficient to pay for capital replacements, refurbishments, and repairs. Funds for replacement of common area property and equipment is accounted for through a replacement reserve fund.

The funds are designated for major repairs and replacement. When major repairs or replacement occur, the expenditures are charged against the fund balance or, if certain conditions are met, a transfer is made for property and equipment to the property fund and the expenditures are capitalized.

Buildings

2024

2023

$ 32,526,990

$ 35,290,229

Fixtures and facility improvements

21,532,807

21,425,517

Equipment

28,121,237

27,195,669

Land and land improvements

13,040,542

12,941,316

1,322,129

1,551,645

TOTAL

96,543,705

98,404,376

Less accumulated depreciation

(53,093,129)

(53,417,153)

Furnishings

43,450,576

44,987,223

Construction in progress

13,706,618

2,158,049

TOTAL

$ 57,157,194

$ 47,145,272

5 INCOME TAXES The provision for income taxes for the year ended December 31 is as follows: 2024

2023

$ 190,793

$ 178,562

Federal

10,104

-0-

TOTAL

$ 200,897

$ 178,562

State

22

TAHOE DONNER 2024 ANNUAL REPORT

Replacement funding levels, as determined by a study updated in 2024, are forecast on a 30-year basis with annual updates to replacement schedules, as they become known. The percent funded level is to exceed 25% and the replacement reserve fund balance is to equal or exceed 10% of net replacement reserve assets (total property and equipment less land and land improvements). The annual assessment allocation to the replacement reserve fund is determined by the Board of Directors with input from management.

Actual expenditures, however, may vary from the estimated amounts and the variations may be material. If additional funds are needed, the Association has the right, subject to any necessary member approval, to increase regular dues, to levy special assessments, or modify and adjust the scheduled major repairs and replacements as necessary.

7 INTERFUND ACTIVITY The Association maintains five funds. Portions of the overall assessment are deposited first to the operating fund and then transferred to the respective reserve funds. All fund expenses are paid first by the operating fund and subsequently paid back by cash transfer. At various times during the year there is a receivable/payable (due to/from) among the funds.

8 RETIREMENT PLANS The Association sponsors a 401(k)-retirement plan for the benefit of Association employees who meet plan eligibility requirements.

Under this plan, the Association will contribute a Safe Harbor match of up to 4% to all employees enrolled in the plan. Matching contributions expense was $257,794 and $219,238 for December 31, 2024 and 2023, respectively.

The Association maintains two defined contribution plans which qualify under Section 457(b) and Section 457(f) of the Internal Revenue Code, respectively (the 457 Plans). The 457 Plans allow for additional Association contributions and salary deferrals subject to limitations for eligible executive employees. Contributions to the 457 Plans funds are considered deferred compensation until certain future date conditions are met. The Association’s contribution to the 457 Plans was $-0- and $25,000 for the years ended December 31 2024 and 2023, respectively.

9 COMMITMENTS During 2024, the Association entered into contracts for architectural services and construction of The Lodge at Downhill Ski. Total commitments, including change orders were approximately $31,579,000 as of December 31, 2024, of which approximately $21,715,000 remains to be spent on the contracts.

Chris Rochefort (2023 Photo Contest entry; not part of Independent Auditors’ Report)

During 2024, the Association entered into a contract for expansion of the marina deck for approximately $846,000, including change orders.

As of December 31, 2024, approximately $161,000 remains to be spent on the contract.

During 2024, the Association entered into a contract for the Glacier Way trailhead parking lot for approximately $445,000, including change orders. As of December 31, 2024, approximately $37,000 remains to be spent on the contract.

10 SUBSEQUENT EVENTS Subsequent events have been evaluated through March 20, 2025, the date the financial statements were issued.

Continued on next page LEARN MORE AT TAHOEDONNER.COM

23

Tahoe Donner Association Balance Sheet FOR THE YEAR ENDED DECEMBER 31, 2024 (WITH COMPARATIVE TOTALS FOR 2023)

OPERATIONS TOTAL OPERATING FUND

HOMEOWNERS’ ASSOCIATION

AMENITIES

REVENUE Assessments

$

-0-

$

7,676,978

$

7,676,978

Access and use fees

7,960,583

-0-

7,960,583

Retail sales

4,710,827

-0-

4,710,827

Lessons and rental revenue

3,259,062

19,090

3,278,152

Late charges, fines and fees

-0-

357,835

357,835

Other revenues

654,995

383,611

1,038,606

Interest income

-0-

172,133

172,133

16,585,467

8,609,647

25,195,114

Salaries and wages

7,631,687

5,100,318

12,732,005

Cost of good sold

1,724,212

-0-

1,724,212

Payroll taxes and employee benefits

2,123,797

1,484,134

3,607,931

Supplies and maintenance

1,347,563

755,162

2,102,725

Utilities

886,742

159,311

1,046,054

Other employee expenses

114,728

745,439

860,167

Insurance

990,913

788,697

1,779,610

Income tax

-0-

26,384

26,384

834,138

1,037,865

1,872,003

15,653,781

10,097,310

25,751,091

(Gain) Loss on disposal of assets

-0-

-0-

-0-

Depreciation

-0-

-0-

-0-

Fund expenses

-0-

-0-

-0-

15,653,781

10,097,310

25,751,091

931,686

$ (1,487,663)

PROPERTY FUND ADDITIONS, NET

-0-

-0-

-0-

TRANSFER BETWEEN FUNDS

-0-

-0-

(500,000)

FUND BALANCES (DEFICIT), BEGINNING OF YEAR

-0-

-0-

2,515,860

Total Revenue

OPERATING EXPENSES

Other expenses

Total Operating Expenses

FUND EXPENSES

Total Expenses

REVENUE OVER (UNDER) EXPENSES

FUND BALANCES, END OF YEAR

24

TAHOE DONNER 2024 ANNUAL REPORT

$

$

-0-

$

-0-

$

$

(555,977)

1,459,883

SCHEDULE 1

CAPITAL REPLACEMENT RESERVE FUND

$

$

5,527,942

NEW EQUIPMENT FUND

$

-0-

TOTALS DEVELOPMENT FUND

$

5,612,091

PROPERTY FUND

$

-0-

TOTAL 2024

$

18,817,011

TOTAL 2023

$

16,985,152

-0-

-0-

-0-

-0-

7,960,583

7,767,814

-0-

-0-

-0-

-0-

4,710,827

4,684,461

-0-

-0-

-0-

-0-

3,278,152

3,293,385

-0-

-0-

-0-

-0-

357,835

306,639

-0-

118,988

-0-

-0-

1,157,594

1,349,131

944,583

3,864

893,709

-0-

2,014,289

1,806,200

6,472,525

122,852

6,505,800

-0-

38,296,291

36,192,782

-0-

-0-

-0-

-0-

12,732,005

12,229,911

-0-

-0-

-0-

-0-

1,724,212

1,630,007

-0-

-0-

-0-

-0-

3,607,931

3,255,845

-0-

-0-

-0-

-0-

2,102,725

2,374,404

-0-

-0-

-0-

-0-

1,046,054

1,139,205

-0-

-0-

-0-

-0-

860,167

810,685

-0-

-0-

-0-

-0-

1,779,610

1,598,809

92,011

355

82,147

-0-

200,897

178,562

60,000

-0-

36,000

-0-

1,968,003

1,810,859

152,011

355

118,147

-0-

26,021,604

25,028,288

(127,853)

-0-

-0-

524,199

396,346

(32,910)

-0-

-0-

-0-

3,112,164

3,112,164

3,212,178

1,677,696

-0-

305,272

-0-

1,982,968

1,768,771

1,701,854

355

423,419

3,636,363

31,513,082

29,976,327

6,082,381

$ (3,636,363)

4,770,671

$

122,497

$

$

6,783,209

$

6,216,455

(3,604,104)

(99,852)

(9,944,329)

13,648,285

-0-

-0-

400,000

100,000

-0-

-0-

-0-

-0-

17,528,484

(113,972)

16,259,307

47,145,272

83,334,951

77,118,496

8,673

$ 12,397,359

90,118,160

$ 83,334,951

$ 19,095,051

$

The accompanying notes are an integral part of these statements.

$

57,157,194

$

LEARN MORE AT TAHOEDONNER.COM

25

SCHEDULE 2

Tahoe Donner Association Schedule of Capital Funds’ Expenditures by Department FOR THE YEAR ENDED DECEMBER 31, 2024 (WITH COMPARATIVE TOTALS FOR 2023) REPLACEMENT RESERVE FUND

NEW EQUIPMENT FUND

DEVELOPMENT FUND

CAPITAL FUNDS TOTAL

CAPITAL MAJOR CAPITAL MAJOR CAPITAL MAJOR CAPITAL MAJOR ADDITIONS MAINTENANCE ADDITIONS MAINTENANCE ADDITIONS MAINTENANCE ADDITIONS MAINTENANCE

PRIVATE AMENITIES $

Trout Creek Recreation Center

82,174

$

59,006 $

-0-

$

-0- $

-0-

$

-0- $

82,174

$

59,006

Beach Club Marina

247,642

60,384

-0-

-0-

453,947

-0-

701,589

60,384

Tennis + Pickleball Center

17,664

27,968

-0-

-0-

-0-

-0-

17,664

27,968

Northwoods Pool / Aquatics

18,852

-0-

-0-

-0-

-0-

-0-

18,852

-0-

Camps + Recreation Programs

28,432

-0-

-0-

-0-

-0-

-0-

28,432

-0-

TOTAL PRIVATE AMENITIES

394,764

147,358

-0-

-0-

453,947

-0-

848,711

147,358

Golf

1,516,470

74,275

-0-

-0-

-0-

-0-

1,516,470

74,275

Downhill Ski

746,945

69,764

-0-

-0-

9,009,924

-0-

9,756,869

69,764

Cross Country Ski

127,681

48,740

-0-

-0-

13,808

-0-

141,489

48,740

Campground

6,232

4,885

-0-

-0-

-0-

-0-

6,232

4,885

Equestrian

9,572

14,699

32,014

-0-

-0-

-0-

41,586

14,699

Trails

153,291

96,132

38,446

-0-

448,129

-0-

639,866

96,132

Bikeworks

99,328

-0-

-0-

-0-

-0-

-0-

99,328

-0-

The Lodge

48,374

14,800

-0-

-0-

-0-

-0-

48,374

14,800

Pizza on the Hill

2,657

-0-

-0-

-0-

-0-

-0-

2,657

-0-

Alder Creek Cafe

8,994

-0-

-0-

-0-

-0-

-0-

8,994

-0-

TOTAL PUBLIC AMENITIES

2,719,544

323,294

70,460

-0-

9,471,861

-0- 12,261,865

323,294

TOTAL AMENITIES

3,114,308

470,652

70,460

-0-

9,925,808

-0-

13,110,576

470,652

PUBLIC AMENITIES

HOMEOWNERS ASSOCIATION AND GENERAL + ADMINISTRATIVE 206,696

34,391

-0-

-0-

-0-

-0-

206,696

34,391

-0-

414,284

-0-

-0-

-0-

305,272

-0-

719,556

Administration

46,069

34,798

-0-

-0-

14,349

-0-

60,418

34,798

Information Technology

199,792

302,542

-0-

-0-

4,172

-0-

203,964

302,542

-0-

-0-

12,650

-0-

-0-

-0-

12,650

-0-

Forestry

2,433

417,360

3,247

-0-

-0-

-0-

5,680

417,360

Maintenance

34,806

3,669

13,495

-0-

-0-

-0-

48,301

3,669

TOTAL HOA AND G+A

489,796

1,207,044

29,392

-0-

18,521

305,272

537,709

1,512,316

$3,604,104

$ 1,677,696 $

99,852

$ 305,272 $13,648,285

$ 1,982,968

General HOA Facility Administration

Accounting

TOTAL

26

TAHOE DONNER 2024 ANNUAL REPORT

$

-0- $9,944,329

The accompanying notes are an integral part of these statements.

SCHEDULE 3

Required Supplementary Information on Future Major Repairs and Replacements DECEMBER 31, 2024 (UNAUDITED) It is the policy of the Association to fund a reserve program that will adequately provide for repair and replacement of existing Associationowned assets. A 30-year reserve funding and expenditure plan is produced every three years, and updated annually, to schedule and analyze the funding needs. The Association and a consultant updated the study in 2024 to estimate the remaining useful lives, the lives after replacement, and the replacement costs of the components of common property. The estimates were based on estimates from management, contractors, and historical costs. Estimated current replacement costs have been adjusted to reflect a 3% inflation factor, 3% investment interest rate, and an 8% tax provision on investment income.

The Association does not designate the balance of the replacement fund by component. The total available for major repairs and replacements as of December 31, 2024 is $19,095,050. The 2025 budget includes $6,084,606 of dues allocated to the replacement fund.

The Association has not included the replacement of building structures as a component of the replacement study. These structures generally have an original useful life greater than 30 years.

The following table is based on the study and presents significant information about the components of common property.

RESERVE COMPONENT

RANGE OF SERVICE CURRENT LIFE REMAINING REPLACEMENT (YEARS) COSTS

$

988,039

Administration

0-45

Alder Creek Cafe

0-30

172,768

Bikeworks

0-3

275,221

Campground

0-36

624,362

Capital Projects

0-1

442,650

Chalet House

0-20

349,519

Cross Country Ski Center

0-31

4,586,994

Cross Country Ski Center – Snowmaking

2-29

1,108,604

Equestrian Center

0-24

1,079,785

Food Trailer

3-6

65,500

Forestry

0-28

4,206,472

General Maintenance

0-10

663,445

Golf Complex

0-14

1,021,592

Golf Complex – Cart Storage

6-7

512,705

Golf Course

0-28

10,776,493

Golf Course – Lodge Golf

5

18,000

Information Technology

0-37

Maintenance

RANGE OF SERVICE CURRENT LIFE REMAINING REPLACEMENT (YEARS) COSTS

RESERVE COMPONENT Downhill Ski Resort – Mountain Operations – Lift Maintenance

0-28

4,137,712

Downhill Ski Resort – Mountain Operations – Rental + Retail

0-15

1,125,97

Downhill Ski Resort – Mountain Operations – Snowmaking

2-16

1,058,542

Downhill Ski Resort – Mountain Operations – Top Shop

0-14

270,874

Downhill Ski Resort – Mountain Operations – Winter Food + Beverage

0-1

702,601

Downhill Ski Resort – Mountain Operations – Parking

0-1

45,000

Snowplay

0-8

145,270

Tennis Complex

0-23

2,436,053

2,534,097

Tennis Complex – Access Road

0-14

67,250

0-48

3,773,494

The Lodge Restaurant & Pub

0-48

4,642,428

Marina

0-24

1,817,884

Trails

0-30

4,626,661

Northwoods Pool Building

0-18

419,359

Northwoods Clubhouse

0-39

3,554,301

Trout Creek Recreation Center – Building

0-34

2,662,725

Pizza on the Hill

0-41

538,809

Recreation

0-19

500,414

Trout Creek Recreation Center – Building – Basketball Area

1-4

10,000

Downhill Ski Resort – Mountain Operations

0-29

9,823,634

Trout Creek Recreation Center – Parking

0-16

146,780

Trout Creek Recreation Center – Pool and Spa

0-22

1,941,575

Downhill Ski Resort – Mountain Operations – All Areas

(See Independent Auditor’s Report)

0-1

165,000

TOTAL

$

74,100,410

LEARN MORE AT TAHOEDONNER.COM

27

CAGR = COMPOUND ANNUAL GROWTH RATE

ANNUALBudget BUDGET –– SOURCE Annual SourceOF of FUNDS Funds DOLLARS IN THOUSANDS

Dollars in Thousands $40,000

$35,000

$30,000

Annual Assessment, Capital Annual Assessment, Operating Annual Assessment, Combined Total Operating Revenue Revenue Sources Total

10-YEAR CAGR 2015-2024 2016-2025 8.8% 9.5% 2.0% 3.3% 5.5% 6.3% 8.1% 7.0% 6.7% 6.6% $26,934 $24,759

$25,000

$23,299 $20,860

$20,000 31% 6,433

$21,497 27% 6,311

26% 5,988

$5,000

$0

2015

2016

$27,507

$27,789

21% 5,890

23% 6,447

21% 5,696

27% 7,477

47% 11,000

2017

OPERATING REVENUES

50% 12,460

2018

53% 14,215

51% 14,140

2019

2020

ANNUAL ASSESSMENT, CAPITAL

21% 7,677

$38,289

24% 9,308

20% 6,894

20% 6,123 30% 11,140 30% 9,082

25% 6,214

$10,000 43% 9,200

$30,779

26% 7,023

25% 5,346

44% 9,210

$34,158

25% 6,085

32% 6,951

$15,000 25% 5,217

$37,341

30% 10,091

31% 12,053

29% 8,059

48% 13,283

2021

51% 15,574

50% 17,173

2022

2023

50% 18,524

2024

44% 16,928

2025

ANNUAL ASSESSMENT, OPERATING

ALL MEMBERS PAY

USERS PAY

(MEMBERS/GUESTS/PUBLIC)

ANNUALBudget BUDGET –– USE Annual UseOF ofFUNDS Funds DOLLARS IN THOUSANDS Dollars in Thousands $40,000

$35,000

$30,000

Capital Funding Amenities Operating Costs HOA Services Costs Outflow Uses Total

10-YEAR CAGR 2015-2024 2016-2025 8.8% 9.5% 5.7% 5.3% 6.2% 5.9% 6.7% 6.6%

$37,341 $34,158

$26,934

$23,299 $20,860

$20,000 29% 6,125

$21,497

30% 6,347

27% 6,352

28% 6,840

$5,000

$0

46% 9,518

46% 9,804

47% 10,959

47% 11,705

25% 5,217

25% 5,346

26% 5,988

25% 6,214

2015

2016

2017

2018

CAPITAL FUNDING

29% 7,905

27% 7,350

$15,000

$10,000

$27,507

26% 7,023

27% 7,477

30% 8,059

2019

2020

2021

AMENITIES OPERATING COSTS

TAHOE DONNER 2024 ANNUAL REPORT

28% 8,610

29% 7,830

41% 11,015

BEFORE OVERHEAD FOR COMPARABILITY FOR ALL YEARS

28

$26,904

44% 12,125

47% 12,561

28% 10,589

27% 9,322

$24,759

$25,000

28% 10,528

$30,778

$38,290

43% 13,086

30% 9,082

2022

43% 14,745

42% 15,673

30% 10,091

30% 11,140

2023

2024

HOA SERVICES COSTS

41% 15,648

31% 12,053

2025

Serving Truckee/Lake Tahoe Residential • Commercial

QUALITY WORKMANSHIP, CLEANLINESS & CUSTOMER SATISFACTION Interior and Exterior Specializing in Staining Wood Restoration Superior Finish Painting Remodels and New Construction

dr. damien fertitta esq

LAW SERVICES

PERSONAL INJURY LAW BUSINESS LAW REAL ESTATE LAW ESTATE PLANNING REAL ESTATE BROKER DRE #02174021

530.550.7938

PO Box 11107, Truckee, CA 96162 BONDED & INSURED • CA LIC #764916

LAW-DOC.COM | FERTITTA@LAW-DOC.COM | 530.510.8112

LEARN MORE AT TAHOEDONNER.COM

13

THE REPORT

TAHOE DONNER GIVING FUND AWARDS

$10,000 GRANT TO FRIENDS OF THE TRUCKEE LIBRARY

BY BETSY NOONEN, TAHOE DONNER GIVING FUND COMMITTEE VOLUNTEER “A Friend in Need is a Friend Indeed” is a well-known English proverb that emphasizes the value of true friendship. Widely used since at least the 11th century, this sentiment remains true today.

A recent example is the announcement of Tahoe Donner Giving Fund’s $10,000 grant to support Friends of the Truckee Library (FOTL). The grant was funded through donations to the Giving Fund’s 2024 fundraising campaigns. It will contribute significantly to the development of the new Truckee Regional Library.

April Cole, Executive Director of the FOTL, states, “We appreciate Tahoe Donner not only for the generous grant but also because many of our FOTL volunteers are Tahoe Donner residents. I find that so many Tahoe Donner members show up for the community. It’s both refreshing and impactful.”

The existing library was built in 1975 to meet the needs of a community of just 2,000. Truckee’s population has grown to 20,000, with more than 15,000 residents holding library cards. The town needs a larger, more versatile space to offer an array of programs and a building that provides increased functionality.

The new Truckee Regional Library is designed to cover a sprawling 20,000 square feet and promises to be a knowledge and community engagement hub. Located in the Truckee Regional Park, near the

popular farmers market site, the library’s design is both modern and inviting. It will feature dedicated areas for children, teens and adults and will be equipped with the latest technology and resources to support learning and creativity. A new-to-the-community Emergency Response Center will provide a physical space for real-time information and backup power supplies during emergencies such as wildfires.

The groundbreaking is targeted for 2027 and is dependent on meeting fundraising goals. A multi-stream approach to raising the necessary funds includes the FOTL, the Town of Truckee, Nevada and Placer counties, grants, bonds and in-kind support so that the full financial responsibility is not on just one source.

Community engagement has been the cornerstone of the Friends of the Truckee Library’s efforts to raise funds and create an inviting space. The commitment to inclusivity and accessibility is reflected in the meticulous planning and thoughtful design of the new library. This facility will not only serve as a traditional library but also as a community center that caters to the diverse interests of Truckee residents.

According to Cole, a main obstacle in rallying support and raising money is the perception that libraries are antiquated and possibly obsolete. “This couldn’t be further from the truth,” she states.

“Libraries are gathering spaces for people to connect, communicate and offer so much more than the important function of lending books.

Our library tailors to the personality of Truckee by lending snowshoes, bird-watching backpacks, board games, music and movies.”

As the Truckee Regional Library project moves forward, the Friends of the Truckee Library will continue to engage with the community, ensuring the new facility meets the highest standards of functionality and design.

For more information about Friends of the Truckee Library, visit truckeefol.org. For more information about the Tahoe Donner Giving Fund, visit tahoedonner.com/giving-fund.

The Tahoe Donner Giving Fund is administered as an affiliate fund of the Tahoe Truckee Community Foundation, a 501(c)(3) nonprofit 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 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 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.

FOUNDING PARTNER

14

peregrine defensible space

©VanceFox.com

Defensible Space Tree Service for Residential & Commercial Properties

Serving the Tahoe-Truckee area since 1979, carrying high-quality hardwood flooring and carpet ideal for your mountain home. Visit us and explore our amazing selection

530 582.7428

10800 Pioneer Trail, Unit 3,

CA#1091772

Yard Cleanups • Tree Pruning/Removal • Brush Clearing

Truckee 96161 office@bassettflooring.com CA LIC #345494

at the Pioneer Commerce Center in Truckee.

949.973.0052 peregrinedefensiblespace.com

LOWEST PRICES OF THE YEAR END MAY 14 FOR 2025/26 SKI SEASON PASSES

LEARN MORE AT TAHOEDONNER.COM/SKISEASONPASSES

LEARN MORE AT TAHOEDONNER.COM

15

FEATURE

The Hormonal Shift:

Understanding Weight Gain After 40

BY DR. MICHELLE SORAYA POURTABIB, M.D.

Once you hit your 40s, something seems to shift. The jeans that used to fit perfectly are suddenly tight. Your workouts don’t seem to burn fat like they used to. And that belly? It seems to appear out of nowhere. If this sounds familiar, you’re not alone. For both men and women, the years after 40 bring real changes to the body—and much of it has to do with hormones.

Let’s explore what’s happening beneath the surface and why your metabolism, muscle mass and waistline may not be following the same rules anymore.

The Hormonal Domino Effect

Hormones are your body’s internal communication system. They regulate metabolism, appetite, fat storage and muscle growth. After age 40, this system shifts, affecting men and women differently.

For women, perimenopause and menopause mark a significant drop in estrogen levels. This hormonal change alters how the body stores fat, shifting from fat storage in the hips and thighs to the belly.

This isn’t just about how your clothes fit. Belly fat is linked to insulin resistance, cardiovascular disease and unhealthy cholesterol levels. In short, hormonal shifts make it easier to gain weight and more harmful when you do.

Estrogen also influences how many calories you burn. When levels decline, your basal metabolic rate, the calories you burn at rest, decreases. So, even if your diet and exercise levels stay the same, weight gain becomes more likely unless you adapt your lifestyle.

In addition, women often experience a relative rise in androgens, like testosterone, which further promotes abdominal fat. It’s a frustrating combination: slower metabolism, shifting fat storage and an increased risk of metabolic disease.

Men Aren’t Off the Hook

While men don’t go through menopause, they do experience andropause, a gradual decline in testosterone. This hormone is key in maintaining muscle mass, bone density and metabolic health. As levels decrease, men may notice more body fat, reduced muscle and lower energy levels.

Just like in women, less muscle means a slower metabolism, which can lead to weight gain. Men, too, are more likely to accumulate visceral fat, the type that surrounds internal organs and increases the risk of insulin resistance and heart disease.

16

The Role of Hormone Therapy

For women, hormone therapy has been shown to help mitigate body composition changes linked to estrogen loss, helping to reduce the shift toward abdominal fat.

However, hormone therapy is not recommended solely to treat weight gain or central obesity. It can be beneficial when prescribed as part of a broader health strategy for other hormone imbalancerelated symptoms.

For men, testosterone replacement therapy may be used in cases of clinically low testosterone, but it’s not a go-to weight-loss solution. It carries its own risks and should always be supervised by a healthcare professional.

What You Can Do About It

Here’s the good news: you’re not powerless against the hormonal tide. With the right lifestyle shifts, you can feel stronger, healthier and energized even as you age.

1. Strength Training is Non-Negotiable Muscle loss with age slows your metabolism. Resistance training helps preserve muscle, burn fat and improve insulin sensitivity. Aim for three sessions per week. Do three sets per exercise and lift enough weight to fatigue your muscles by the end of each set.

2. Prioritize Fiber Aim for 25-30 grams of fiber intake per day. Fiber supports healthy digestion, blood sugar balance and body composition. It also helps you feel full longer, aiding in weight control.

3. Consume Protein – But Don’t Overdo It Focus on fiber-rich protein sources such as legumes, soy, nuts, seeds, whole grains and vegetables. Certain vegetables like peas and broccoli are good sources of both protein and fiber. Avoid protein powders to prevent excessive protein intake, which can stress the kidneys. Instead, choose whole foods that offer a better nutrient profile to support muscle health. The recommended protein intake ranges based on age and activity level.

4. Sleep Smarter Lack of sleep disrupts hormone balance. Poor sleep raises cortisol, increases appetite and makes fat loss more difficult. Aim for 7-9 hours per night.

5. Balance Cardio with Strength Cardio supports heart health and burns calories, but too much can lead to muscle breakdown. Combine cardio with strength training for the best results.

6. Manage Stress Chronic stress raises cortisol, which promotes belly fat. Try meditation, yoga, and regular walks in nature to help manage your stress levels and support overall health.

7. Follow up with a Health Care Provider If you’re over 40 and struggling with unexplained weight gain, fatigue or mood changes, consult a healthcare provider who takes a holistic view of hormonal health. They can help identify imbalances and guide your treatment plan.

Final Thoughts: Redefining Health After 40

Yes, your body changes after 40—but that doesn’t mean you’re stuck with weight gain or low energy. Understanding how hormones influence metabolism gives you the power to take control.

A smart, personalized plan that includes movement, nutrition, sleep, stress management and medical evaluation can help you stay lean, strong and vibrant in your 40s and beyond.

After all, midlife isn't the end—it's a new, fresh chapter. And with the right tools, it could be your healthiest one yet.

Trout Creek Hormone Balance Class Offering

Interested in learning more? Dr. Soraya Pourtabib is offering a free class on hormone balance for Tahoe Donner members at Trout Creek Rec Center on May 29 from 5:30-6:30PM. This one-hour class will explore the key hormones that impact energy, mood, metabolism and weight.

Learn more at tahoedonner.com/events.

LET US CARE FOR YOUR HOME SO YOU CAN ENJOY SUMMER! Reliable local contact for your short term rental Available 24/7, 365 days, Avoid fines Professional full service caretaking for your home Project Management ▪ Contractors ▪ House Cleaners FREE ESTIMATE

SIMPLE. LOCAL. RELIABLE. READY www.managehome.net 530.500.2777

Proudly Serving Truckee & Tahoe-Donner For Over 25 Years

About the Author

Full Service Painting Contractor dedenpainting.com LEARN MORE AT TAHOEDONNER.COM

CA Lic #1075237

Dr. Michelle Soraya Pourtabib, M.D., has been a Tahoe Donner member since 2022, and you'll often find her at Trout Creek Rec Center, the Beach Club Marina or out enjoying the trails. She is a double board-certified family and obesity medicine physician and IFM-certified functional medicine practitioner in private practice serving children and adults in California and Nevada.

More information is available at sorayamd.com.

17

THE REPORT

Roadmap to the Election TWO POSITIONS OPEN

There are two positions open for the 2025 Board of Directors Elections. Being involved in your homeowner’s association election means you have a proactive role in who makes up your board of directors, and thus the decisions made on your behalf by the board. Remember, your vote is your choice!

May 1

May 7 May 22 5PM

Director Election Statements and links to election-related personal websites for candidates and verified Member Advocates will be available at tahoedonner.com/boardelections.

Deadline for members to update their contact information at tahoedonner. com/member-portal.

Submit your topics for the candidates to address at the June 3 Director Election Forum by 5PM. What topics would you like to see addressed this year? Submit all topics to tahoedonner.com/submit-topics.

May 27

Voting packets mailed to all members – one ballot per property. Please work with your co-owners to cast your ballot. Ballots are sent to the same address that the Annual Assessment goes to. Visit tahoedonner.com/boardelections to find FAQs on receiving, completing and returning ballots.

June 3

DIRECTOR ELECTION FORUM

6-8PM

June 24

Tahoe Donner campaign guidelines encourage candidates to conduct an economical campaign that employs cost-effective outreach techniques. To support this objective, the association provides Directors Elections Statements and links to personal websites and email addresses if provided by the candidates.

A locked ballot box will be placed in Member Services at Northwoods Clubhouse on June 24 until 10AM on June 29.

California Senate Bill 323 (SB 323) allows any Tahoe Donner member to request the official Tahoe Donner membership list, including email addresses. If you would like to opt out of sharing your contact information with members, please visit tahoedonner.com/sb323.

On-site voting and replacement ballots are available until 5PM. The Inspector of Elections will oversee ballot counting by the Accountancy firm if a quorum has been met. The deadline for receipt of mailed or hand delivered ballots to the Accountancy firm in Reno, Nevada is 5PM.

18

Campaign Spending

Opt Out of Email Sharing

Northwoods Clubhouse and Online via Zoom

Voting 10-11:30AM

Be sure to sign the return envelope before mailing your ballot. To learn more, explore the frequently asked questions at tahoedonner.com/boardelections.

The candidates will speak on topics sent in by members and the forum will be moderated by the Inspector of Elections.

ELECTION BALLOT MEETING + 9AM-5PM REGULAR BOARD MEETING

Meeting 10AM-12PM

All ballot return envelopes are pre-addressed and delivered directly to the third-party accountancy firm in Reno, Nevada via the United States Postal Service.

Online via Zoom

June 27

June 29

Ballot Mailing via USPS

CONCLUSION OF ELECTION AT ANNUAL MEETING OF MEMBERS Northwoods Clubhouse and Online via Zoom Personally delivered ballots will be accepted on-site until 11:30AM. Election results are announced by the Inspector of Election prior to the conclusion of the meeting if the 25% quorum has been met. If not, the meeting is adjourned to the following day to conclude the election with a 15% quorum.

Please note: Some members may have received your email address prior to when you opted out. You can remove yourself from those members’ lists by clicking the unsubscribe link contained in their emails.

THOSE OPTING OUT WILL STILL RECEIVE REGULAR INFORMATIONAL CONTACT FROM THE TAHOE DONNER ASSOCIATION.

FOR ELECTION INFORMATION, VISIT TAHOEDONNER.COM/BOARDELECTIONS OR CONTACT THE ELECTIONS COMMITTEE AT ELECTIONSCOMMITTEE@TAHOEDONNER.COM.

TAHOE

ER P DONN

R ES E N

TS

JULY 4

TAINTED LOVE

LEGENDARY ‘80s TRIBUTE BAND

12710 Northwoods Blvd Suite 1. Truckee, California Troy Deibert (530) 386-6635 donnertahoeflooring.com Call for an appointment.

JULY 5

THE ILLEAGLES EAGLES TRIBUTE BAND

FAST TIMES DOWN THE RABBIT HOLE

HIGH-ENERGY COVER BAND

ECLECTIC ROCK BAND

CCL CA #845690

PRESENTED BY

LEARN MORE AND BUY TICKETS AT

TAHOEDONNER.COM/SUMMERCONCERT

CA Lic #775721 NV Lic #075038

SOAK. SWEAT. CHILL. We offer a portfolio of options for elevating your well being. Experience faster recovery, better sleep and improved circulation after soaking in a hot tub, sauna or cold plunge.

Experience these products in our showroom.

530.587.6681 | MountainHomeCenter.com | 11403 Brockway Road, Truckee, CA

LEARN MORE AT TAHOEDONNER.COM

19

THE REPORT

Business Directory Architecture Eisenmann Architecture 930 Tahoe Blvd., Suite 802 #822, Incline Village, NV 89451 (775) 525-3466 stacy@eisenmannarchitecture.com eisenmannarchitecture.com

Defensible Space / Landscaping / Tree Service Alpen Tree Experts 10221 Schaffer Drive, Truckee, CA 96161 (530) 448-1194 alpentree@gmail.com alpentree.com

Elements Mountain Co. 17356 Northwoods Blvd., Truckee, CA 96161 (530) 582-0300 info@elementsmtn.co elementsmtn.co

Estate Landscape & Tree Services (Formerly Timberwolfe) (530) 386-3340 sales@estatetreeservices.com timberwolfetreeservice.com estatelandscape.com

Hall Tree PO Box 3374, Truckee, CA 96160 (530) 320-8061 halltree@gmail.com halltreecompany.com

Lockwood Lightscapes PO Box 1773, Truckee, CA 96160 (530) 559-8005 lockwoodlightscapes@gmail.com lockwoodlightscapes.com

Northwoods Tree & Land PO Box 8153, Truckee, CA 96162 (530) 401-2619 northwoodstreeandland@gmail.com northwoodstreeandland.com

Peak Landscape Inc. PO Box 575, Truckee, CA 96160 (530) 587-4269 info@peaklandscapeinc.com peaklandscapeinc.com

20

Peregrine Defensible Space PO Box 734, Tahoe City, CA 96145 (949) 973-0052 peregrinedefensiblespace@gmail.com peregrinedefensiblespace.com

Sherwood Tree Service (530) 214-0624 sherwoodtreeinc@gmail.com sherwoodtreeinc.com

Driveway Sealing Elements Mountain Co. 17356 Northwoods Blvd., Truckee, CA 96161 (530) 582-0300 info@elementsmtn.co elementsmtn.co

Fireplaces / Wood Stoves Mountain Home Center 11403 Brockway Road, Truckee, CA 96161 (530) 587-6681, (800) 517-6262 info@mountainhomecenter.com mountainhomecenter.com

Flooring Bassett Flooring 10800 Pioneer Trail #3, Truckee, CA 96161 (530) 582-7428 truckee.abbeycarpet.com

Donner Tahoe Flooring 12710 Northwoods Blvd., Ste. 1, Truckee, CA 96161 (530) 386-6635 donnertahoeflooring@gmail.com donnertahoeflooring.com

Health Care Tahoe Forest Hospital 10121 Pine Avenue, Truckee, CA 96161 (530) 587-6011 tfhd.com

Home + Outdoor Furnishings Mountain Home Center 11403 Brockway Road, Truckee, CA 96161 (530) 587-6681, (800) 517-6262 info@mountainhomecenter.com mountainhomecenter.com

Home Improvement + Services BHB Remodeling, Inc. 10050 Bridge Street #1325, Truckee, CA 96160 (530) 386-1807 bhbremodeling@gmail.com bhbremodelinginc.com

Big Mountain Heating & Air (530) 206-3270 info@bigmountainair.com bigmountainair.com

East Fork Roofing 1513 Greg Street, Sparks, NV 89431 (775) 800-7663 (ROOF) office@eastforkroofing.com eastforkroofing.com

Mr. Honey-Do PO Box 5247, Tahoe City, CA 96145 (530) 581-4031, (775) 548-4031 info@mrhoneydo.biz mrhoneydo.biz

Tahoe Mold and Water 8414 Speckled Avenue, Kings Beach, CA 96143 (530) 583-6653 info@tahoemoldandwater.com tahoemoldandwater.com

True Green Roofing Solutions 316 California Avenue #705, Reno, NV 89509 (775) 225-1590 info@truegreenroofing.com truegreenroofing.com

House Cleaning Services West Lake Tahoe Cleaning (530) 240-6004 josh@westlaketahoecleaning.com westlaketahoecleaning.com

HVAC Big Mountain Heating & Air (530) 206-3270 info@bigmountainair.com bigmountainair.com

M+S Heating + Air (775) 843-7930 kentj@ms-ac.com debbiec@ms-ac.com ms-ac.com

Legal Law Doc 40165 Truckee Airport Road, Ste. 301-C, Truckee, CA 96161 (530) 510-8112 fertitta@law-doc.com law-doc.com

Painting Services Deden Painting 11392 Oslo Drive, Truckee, CA 96161 (530) 587-7525, (678) 665-5497 elliot@dedenpainting.com dedenpainting.com

Elements Mountain Co. 17356 Northwoods Blvd., Truckee, CA 96161 (530) 582-0300 info@elementsmtn.co elementsmtn.co

Sierra Precision Painting PO Box 11107, Truckee, CA 96162 (530) 550-7938 sierraprecisionpainting@gmail.com sierraprecisionpainting.com

Property Management ManageHome 12177 Business Park Drive, Ste. 2-125, Truckee, CA 96161 (844) 431-4663 (HOME), (530) 500-2777 meghan@managehome.net managehome.net

Second Home Care Inc. 17400 Northwoods Blvd., Ste. 3, Truckee, CA 96161 (530) 582-0220 shc@secondhomecare.com secondhomecare.com

Real Estate Alison Elder – Elder Group Tahoe Real Estate – Chase International Real Estate 10770 Donner Pass Road, Ste. 205, Truckee, CA 96161 (530) 582-8103 info@eldergrouptahoe.com eldergrouptahoerealestate.com

Dickson Realty, Truckee 11836 Donner Pass Road, Truckee, CA 96161 (530) 587-7444 info@dicksonrealty.com dicksonrealty.com

The Sharp Team/Compass 11425 Donner Pass Road #12B, Truckee, CA 96161 (530) 587-8574 info@janiesharp.com thesharpteam.com

Truckee & Lake Tahoe Real Estate – Coldwell Banker Residential Brokerage 17400 Northwoods Blvd., Truckee, CA 96161 (530) 446-2256 team@truckee-tahoe.com tahoe-truckeerealestate.com

Snow Removal

Looking for expert help?

Check out the Tahoe Donner Business Directory From real estate or home improvement to snow removal and more, conveniently find the services you need from this comprehensive list of local businesses.

East Fork Roofing 1513 Greg Street, Sparks, NV 89431 (775) 800-7663 (ROOF) office@eastforkroofing.com eastforkroofing.com

Elements Mountain Co. 17356 Northwoods Blvd., Truckee, CA 96161 (530) 582-0300 info@elementsmtn.co elementsmtn.co

Spas / Patio Furniture Mountain Home Center 11403 Brockway Road, Truckee, CA 96161 (530) 587-6681, (800) 517-6262 info@mountainhomecenter.com mountainhomecenter.com

Tahoe Boat Services Homewood High & Dry Marina 5190 West Lake Blvd., Homewood, CA 96141 (530) 525-5966 office@homewoodmarina.net homewoodmarina.net

tahoedonner.com/ business-directory These services are provided for Tahoe Donner homeowners. The businesses included in the directory are advertisers with Tahoe Donner. Tahoe Donner Association makes no claims regarding the quality of goods or services provided by these companies. Potential customers are advised to use their own best judgment.

Get Your Business + Services in Front of Tahoe Donner Homeowners Learn more about advertising with Tahoe Donner at tahoedonner.com/advertise.

LEARN MORE AT TAHOEDONNER.COM

21

THE REPORT

Briefs DEFENSIBLE SPACE

Protecting Our Evacuation Routes: Fuel Reduction Efforts in Progress Wildfire preparedness remains a top priority in Tahoe Donner. You may have noticed recently trees marked with blue along roadways. These markings indicate planned fuel reduction work designed to enhance safety along designated evacuation routes.

Vegetation within 10 feet of the road edge (within the Town of Truckee’s right of way) will be cleared. In Tahoe Donner’s Common Areas, along these routes, vegetation will be selectively reduced up to 23 feet from the pavement.

This work includes thinning closely spaced trees and limbing to prevent ground fires from reaching tree canopies. The project, funded by Town of Truckee homeowner tax assessments (TSSA-1 funds), is a proactive step in reducing wildfire risk and improving emergency access for the community. To view the execution route map and learn more, visit tahoedonner.com/land-forestry.

EMPLOYMENT

Join the Team! Stop by the Tahoe Donner Summer Hiring Fair on May 3 Discover rewarding job opportunities and join a team of like-minded outdoor enthusiasts, with additional perks and benefits like food and retail discounts, golf discounts and free access to private amenities like Trout Creek Rec Center, Beach Club Marina and more.

Visit Pizza on the Hill on Saturday, May 3, from 10AM to 2PM to meet hiring managers, learn more about open positions and meet other Tahoe Donner team members. For more information, visit tahoedonner.com/jobs.

residents. It will feature expert panel presentations and discussions, followed by a Q+A. The panel will include representatives from the fire service, law enforcement, office of emergency services, public utilities and private forestry. To learn more, visit TownofTruckee.com/ready.

SPECIAL EVENTS

Wildfire Preparedness Member Happy Hour Friday, May 23 | 4-6PM at Pizza on the Hill Wildfire preparedness starts with awareness – and we’re here to help. Join Tahoe Donner’s Land Management, Forestry and Defensible Space teams for a relaxed happy hour at Pizza on the Hill, where members can enjoy complimentary appetizers, happy hour pricing and a brief discussion on wildfire preparedness in Tahoe Donner.

Staff will be available throughout the evening to answer your individual questions, share resources and provide helpful handouts on defensible space requirements and evacuation planning. This is a great opportunity to learn what steps you can take to protect your home and community. Visit tahoedonner.com/events to learn more.

ASSOCIATION UPDATE

Reminder: Trespassing on Tahoe Donner Golf Course is Strictly Prohibited Access to Tahoe Donner Golf Course is only permitted by paid golfers with a reservation during the golf season. For safety purposes, please report any unlawful trespassing immediately to local law enforcement and Tahoe Donner. For more information, please visit tahoedonner.com/golf.

AMENITY ACCESS UPDATE

Make Sure Your Member Town of Truckee Account is Up to Date Community Wildfire Forum Ahead of Summer Wednesday, May 21 | 5:30-7:30PM at Amenities’ Openings SPECIAL EVENTS

Northwoods Clubhouse or via Zoom Join this informative community forum on wildfire preparedness for all Truckee

22

Recent updates to the Amenity Access Rule adopted on Oct. 10, 2024, may impact your access to private amenities and other

member-exclusive benefits this summer season. Take steps now to ensure a seamless and enjoyable experience.

1. Log in to your ShopTD account and review “My Group” for member and personal guest details.

2. Check that all Member ID Cards for your family or qualifying household members are active. Changes to member accounts, including adding new members or activating additional Member ID Cards, can be made at any time online at tahoedonner.com/amenity-access.

Documentation verifying a qualifying familial or household relationship is required.

3. Add personal guests to your ShopTD account to grant them private amenity access ahead of time and/or without accompaniment by a member.

Visit tahoedonner.com/amenity-access to learn more about Tahoe Donner’s Amenity Access Rule.

LOCAL NEWS

Truckee Certified Farmer’s Market Returns May 14-Oct. 15 The Truckee Farmer’s Market returns to Truckee Regional Park every Tuesday morning from 8AM-1PM. Featuring fresh and locally grown or sourced produce, meat and more, enjoy this seasonal community favorite every week with friends and family.

When: Tuesdays beginning May 14 | 8AM-1PM Location: Truckee Regional Park 10500 Brockway Road, Truckee, CA 96161 LOCAL NEWS

Solid Ground Pro Athlete Conference May 1-4 at Sugar Bowl Resort Solid Ground Pro at Sugar Bowl is an exciting new event created to inspire and empower the next generation of ski and snowboard athletes. Set against the stunning backdrop of Donner Summit, this multi-day gathering combines networking, personal growth, and a celebration of athletic achievement. Visit sugarbowl.com/events for more information.

18 Years in Truckee, 28 Years Cabinetry Experience

General Contractor • Kitchen and Bath Remodels Roofing - Repair, Replace, Heat Tape Decks - Building, Repair, Refinishing Window Installation • Painting and Staining Electrical • Plumbing • Drywall

Tahoe Donner News copy.pdf CLSB #974246 | NVCB #0086260

1

Roofing & Remodels. One call does it all!

530.581.4031 • 775.548.4031 www.mrhoneydo.biz 3/18/25

6:06 AM

Our expertise doesn’t grow on trees.

CALL US BEFORE YOU TEAR OUT THAT WOOD FLOOR! C

OUR FLOOR DRYING SYSTEM REMOVES CUPPING.

M

Y

CM

MY

WATER MITIGATION AND DRYING

CY

MOLD REMEDIATION

CMY

K

Our expert tree service is one click away.

CRAWLSPACE ENCAPSULATION RADON MITIGATION CALL US TODAY! 530-583-6653 (MOLD)

[P] 530-386-3340 [E] sales@estatetreeservices.com estatetreeservices.com

WWW.TAHOEMOLDANDWATER.COM KINGS BEACH, CA

License Numbers: CA 960994, NV 0079127

CA 513623 | NV 33717B

LEARN MORE AT TAHOEDONNER.COM

23

THE REPORT

Board Meeting Recaps Special Board of Directors Meeting: Election and Voting Rules Update March 13, 2025

Electronic Voting – Elections Committee Report The board accepted the 2025 Electronic Voting Report as presented. The board also added the following task to the Elections Committee’s 2025 task list: Periodically monitor applicable electronic voting law and electronic voting systems and report to the board any developments materially altering the substance and conclusions of the Election Committee’s 2025 Electronic Voting Report and/or the Electronic Voting Staff Report dated March 3, 2025.

Both motions passed 5-0.

Proposed Election and Voting Rule Change The board approved the proposed Election and Voting Rules as presented. Motion passed 5-0.

Special Board of Directors Meeting: 2024 Audit Report March 24, 2025

2024 Audit Report The board received a presentation on the draft 2024 Auditor’s Report.

Regular Board of Directors Meeting March 28, 2025

Consent Calendar The board approved the consent calendar items as presented. Motion passed 5-0.

messaging for the Town Council regarding the use of these funds.

USFS/TDA Master Shared Stewardship Agreement: Federal Funding and Staffing Affects The board received a presentation on the Master Shared Stewardship Agreement.

2024 Audit Report The board accepted the 2024 Audit Report as presented. Motion passed 4-0 (Director Roth absent).

Treasurer Report Q4 2024 The board received an update from the Treasurer on the 2024 Q4 finances.

General Policy for Chartered Clubs Establishment and Operational Procedures The board received a presentation on the proposed framework and process to develop a general policy for Tahoe Donner chartered clubs.

Management Update The board received a presentation on the 2024 Land Management Division accomplishments.

Board of Director Reports and Future Business Director Koenes reported that he joined staff at the Northern California Chapter of Community Associations Institute (CAI) monthly meeting. The topic of the discussion was aging infrastructure. Director Koenes updated the board on several HOA-related proposed legislative changes.

Director Gauny reported that she toured the new Downhill Ski Lodge construction site.

Go to tahoedonner.com/boardmeetingdocs 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.

Tuesday, May 6, 2025 – Elections Wednesday, May 7, 2025 – Trails + Open Space Thursday, May 8, 2025 – Long-Range Planning Tuesday, May 13, 2025 – Giving Fund Wednesday, May 14, 2025 – Architectural Standards Thursday, May 15, 2025 – Finance Thursday, May 22, 2025 – Covenants Wednesday, May 28, 2025 – Architectural Standards Tuesday, June 3, 2025 – Elections Wednesday, June 4, 2025 – Trails + Open Space 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 Giving Fund | Toni Moore tdgf@tahoedonner.com Long-Range Planning | Jerry Meek lrpc@tahoedonner.com Trails + Open Space | Peter Sawyer tos@tahoedonner.com

Homes on the Rise The Architectural Standards Committee reviewed the following plan in March 2025.

UNIT/LOT

ADDRESS

SQ. FT.

PROJECT

11/075

13345 2,761 Skiview Loop

House/ Garage

Upcoming Board Meetings

Committee Reports The board received these items as information.

Tuesday, May 13, 2025 – Special Board Meeting

Truckee Special Service Area-1 Funds (TSSA-1) The board received a presentation from Town of Truckee staff on the TSSA-1 funds and planned 2024/25 capital improvement projects. They provided feedback to staff on

Friday, May 23, 2025 – Regular Meeting

24

Upcoming Committee Meetings

Friday, June 27, 2025 – Regular Meeting + Election Ballot Meeting Sunday, June 29, 2025 – Annual Meeting of Members + Member Picnic Board meeting dates subject to change. Visit tahoedonner.com/board-meetings for details.

Covenants Violation Hearings The Covenants Committee did not hold any violation hearings in March 2025.

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

Spring’s Considering Selling?

Alison!

LetHere.

It Snow!

Let It Snow!

LetContact It Snow!

SOLD!

JUST LISTED!

11749BADENROAD.COM 3 BEDS | 3 BATHS | 2,429 SF LISTED FOR $1,545,000 | SOLD FOR $1,507,000 CLOSE OF ESCROW: APRIL 17, 2025 SOLD!

14048HERRINGBONEWAY.COM 3 BEDS | 2 BATHS | 1,502 SF LISTED FOR $1,260,000

First Quarter Market Report

13224ANDERMAT TL ANE.COM 3 BEDS | 2 BATHS | 2,249 SF LISTED FOR $1,020,000 | SOLD FOR $1,013,250 CLOSE OF ESCROW: APRIL 3, 2025

Single Family Homes

2025

Median Sales Price

$1,439,000

Average List Price

$1,552,816

Average Sold Price

$1,508,194

Average Days on Market

42

Highest Sold Price

$2,725,000

Lowest Sold Price

$675,000

Properties Sold

33

Average Sold Price to Last List Price

97.36%

Average Cost Per Sq Ft

$586.71 Information gathered from TSMLS 3/31/2025

Experience Exceptional Results with Elder Group Tahoe Real Estate!

C O M P A N Y

RealTrends Rankings: Top .5% in the USA 74th - CA Transactions 99th - CA Volume

*Verified by RealTrends + Tom Ferry America’s Best Real Estate Professionals

Alison Elder

530.582.8103 alison@eldergrouptahoe.com eldergrouptahoe.com

© 2025 Elder Group Tahoe. All rights are reserved by Elder Group Tahoe, and content may not be reproduced, downloaded, disseminated, published, or transferred in any form or by any means, except with the prior written permission of Elder Group Tahoe. All information is deemed reliable but is not guaranteed accurate. CA DRE License #01399851

TAHOE DONNER ASSOCIATION 11509 NORTHWOODS BLVD. TRUCKEE, CA 96161

80

$1,230,094

70

Market Statistics

60

50 40

$1,660,000 $1,554,500

tahoe donner $1,047,500 $1,297,500

california

$984,900

30

0

500000

1000000

1500000

2000000

ACT I V E & S O L D L I S T I N G S 50

1st Quarter in Review

2025

40 30 20

$1,439,000

10 0

Median Sale Price

80

33

Total Properties Sold 70

Oct

Nov

Dec

Jan

Active

Sold

M ED I A N S A L ES P R I C E

Mar

DAYS O N M A R K E T 80

$1,230,094

Mar

Feb

$1,230,0

70

$1,660,0

Feb

$1,660,000

60

Jan

$1,554,500

60

$1,554,5

50

Dec

$1,047,500

50

$1,047,5

Nov

$1,297,500

$598

Median Price Per SQFT 40 30

43

$984,900

Oct 0

500000

$1,297,5

40 1000000

1500000

2000000

30

$984,90 Oct

Nov

Dec

Jan

Feb

Mar

Average Days On Market Source: Single Family Residences. Tahoe Sierra MLS, Residential listings/sales, area 9TD. 1/1/2025 - 3/31/2025. Copyright 2025 Dickson Realty.

50All Rights

50

40

40 30 20

Downtown Reno 775-324-7000

Caughlin Ranch 775-746-7000

10

Carson City 775-882-6300

Gardnerville 775-882-6300

0

Damonte Ranch 775-850-7000 Incline Village 775-831-6600

Somersett 775-746-7222 Truckee 530-587-7444

30

DicksonRealty.com Montrêux

Sparks 775-685-8800

20775-849-9444

Portola 10 530-832-1700

Northstar 530-562-1140

0

Like us on Facebook | Follow us on Instagram | Follow us on LinkedIn

info@dicksonrealty.com | CA DRE#01417710

0

5000