2024 Shareholder Presentation

79th Annual Stockholders’ Meeting March 23, 2024 Welcome Stockholders 1

ORDER OF BUSINESS • Introduction of Board of Directors • Roll Call of Directors by Secretary • Proof of Notice of Meeting • Minutes of 2023 Shareholders’ Meeting • B.O.Ds’ Annual Review • Results of Election • Q&A • Adjournment 2

ROLL CALL OF DIRECTORS • • • • • • • • •

Dan Burke– Treasurer (2022-2023) President (2023-2025) Joel Goldberg – Vice President (2022-2025) Bill Hoffman– Secretary (2023-2026) Cheryl Mullane- Treasurer (2023-2026) Andy Klein – Vice President (2021-2022) House (2022-2024) Mike Lanni– Social (2023-2026) Ryan Hollender – Golf (2022-2025) Victor Ortiz – Pool & Paddle (2021-2024) Nate Goldman – Buildings & Grounds (2021-2024)

3

PRESIDENTS’ REPORT

4

OVERVIEW • RGCC 101 • Business Overview • Financial Review

5

RGCC 101 RGCC’s Reason for Existing….Why are we here?

The Ramsey Golf and Country Club, Inc., (the “Club”) shall be dedicated to the furtherance of social, recreational and athletic activities of the Stockholders of the Corporation. The various social, recreational and athletic activities shall operate and function under the guidance and supervision of committees appointed by the Board of Directors for that purpose.

6

RGCC 101 FEES Activities – a la Carte

Capital Assessments • Clubhouse renovation • Golf equipment • Paddle courts

• Golf • Paddle /Pool/Pickle • Social

Dues - turn on the lights

Restaurant Minimums

• • • •

Taxes/Insurance Utilities Admin and Management Maintenance

Real Estate Transfer Fees

Why not pay one price?

Not fair to those who don’t want to participate

Nothing is free at RGCC, and it cant be. Due to a court order…since 1981.

7

RGCC 101 BUSINESSES Cyclical Businesses - have ups and downs with economic cycles and or inflation Golf…bad weather also influences golf Catering Food Real Estate Transfer Fees

Services - are intended to “pay for themselves” Pool Paddle Pickle Social

8

RGCC 101 - GOLF PROFITS 20 YEARS AVG BEST WORST STDDEV Total Since 2011

199,133 671,817 (3,000) 167,533 4,181,788 3,419,798

20 years 2022 2011

9

RGCC 101 BUSINESSES Non Cyclical Business = Recession Proof Reliable sources of revenue no matter the current economic condition.

Booze

Dues Our auditors and our lenders closely monitor our dues income.

10

RGCC 101 - DUES VS ADMIN EXPENSES

20 Year Dues Gap

$

Stockholders

550

Gap per Member

5,158

Years

20

Annual dues Gap Monthly dues Gap

2,836,645

258 $

21.5

An additional $21.5 per member per month beginning in 2004 provides $2.8 in additional revenue and covers fixed admin costs.

Over the same period there were $3M in real estate transfer fees

We have been relying of cyclical revenues to cover fixed expenses

11

RGCC 101 – MASTER PLAN Why did we need the Master Plan?

Short term view and lack of long term planning. Over many years, annual plans didn’t provide enough funding for reinvestment or maintenance on the clubhouse and facilities.

Low Dues offset by profits and the assumption that profits would always provide for the needs for the future Last Major renovation was in the 1980’s

In 2004 the club took out a loan to replace the roof and upgrade greens and irrigation.

In 2009 the club renovated the restaurant with operating funds and reserves.

But in 2019 we had…

Decaying facility, in need of a renovation Inadequate ancient golf irrigation, didn’t cover the entire course, Tee to green.

Tired and unprofitable restaurant, aging ballroom An estimated 3.2 in maintenance that need to be completed if the master plan wasn't passed.

The master plan was passed by 74% affirmative vs 26% negative.

Members will pay $87 a month plus 75% of CAPEX to a MP account until 2040 Master Plan Brochure - Ramsey Golf and Country Club (ramseycountryclub.com)

12

RGCC 101 RISKS Everything is Great…. what could go wrong?

• •

• • • • • •

We over rely on profits to offset dues We flood the golf course with associates Under fund annual golf maintenance Don’t invest in our Staff We don't reserve for maintenance or future investments We don’t break even on services Member delinquency Home sales are our only hope

RGCC Risks • • • • • • • • • •

Inflation Tax Reassement Key person risk Legal and regulatory complexity Small footprint Knowledge gaps in FB Short term view Over reliance on golf associates Other people stop showing up Board goes “rogue”

13

MASTER PLAN LOAN PROCESS We met with 6 banks over 18 months, decision came down to two banks We decided that the lower interest rate and the simple closing process was a better fit for us. We went with TD. Criteria

TD Bank

Webster

Interest rate

4.75% est blended

7%

Structure

Floating

Fixed

Loan to Project Value

70%

70%

Cash Contribution

RGCC first $3M

Pari Passu

Swap

To fixed

Un Swapped

Closing Costs

Lower

Very High

Closing Process

Simple

Complicated

Loan Consolidation

None

Yes

Prepayment Option

None

900k annual

10 bullet

10 year roll

Term

14

RGCC 101 However, we have an emerging new risk stemming from the loan If we don’t change our approach this could happen….

In 6 years our financials are in bad shape The Bank doesn’t renew our loans $2M in bullet payments are due in 2030 $8M in bullet payments are due in 2034

The Bank forecloses on RGCC What are we doing to mitigate this risk?

15

RGCC 101 FINANCIAL PRINCIPALS How do we mitigate this new risk?

We adopt sound financial principals and have the operational discipline and sound governance in place to stick to them.

Don’t rely on profits to offset dues We consider our businesses long term investments.

Defend golf revenue We budget, but with an eye on the future Break even on services.. Social pool and paddle Don’t micro manage or window dress our businesses Expect bad things to happen…they will in our businesses and we plan for it Don’t expect a good year is the new normal Cover fixed costs with fixed revenue streams and stay ahead of inflation

Pay attention to pricing and close rates in Golf and Catering Don’t borrow to fund maintenance Plan for maintenance costs Don’t hope for home sales to save us Profits deployed to pay down debt at roll date.

FIX the Restaurant…

Stupid

16

RGCC 101 PLANNING FOR THE FUTURE Financial Goal: Pay off outstanding principal in 10 years, 10 In 10 Eliminates $87 in loan payments from shareholders How will we do that?

Fix the Restaurant Cover fixed costs Profits and Real Estate Transfer Fees are reserved for the future pay off dates.

17

BUSINESS REVIEW

18

RGCC 101 – BUSINESS ENVIRONMENT

19

RGCC 101 – BUSINESS ENVIRONMENT

20

RGCC 101 – BUSINESS ENVIRONMENT

21

RGCC 101 GOLF Golf is a long term investment • • • •

12 year transformation of the course and the financials Got the right team Had a vision Made investments in People and Infrastructure

• • • •

Greater economy drives golf Weather Dependent on associates Associate fees too low vs members

• • • •

Better Carts = More revenue Drive member participation = simulators Proactive maintenance = better product Get the Price right for associates and members 22

RGCC 101 CATERING Long History of success in Catering • $2.3M In Profits over 10 years 22% margin over the same period •

$1.65M was an all-time record in sales and a 24% margin.

•

Weddings are $788K of our sales and $188K of profits

•

2025 weddings are selling 30% above where weddings were priced in 2023

23

RGCC 101 POOL New facility is amazing, best thing RGCC has done in years • Working out the kinks with hours and pricing • Need to rebuild the Swim Team • 250K in F&B sales…70% B, 30% 2024 • New Pool Manager • Towel Program

24

RGCC 101 ADMIN & B&G The team is thriving after a leadership change Our new GM saved the day with the closing pre reno!

• Inventory EVERYTHING • Keep and Store vs Chuck out • Trailer and paddle hut reno vs giant trailer • Upgrade WIFI Need More efficiency and Improve in some areas • Going paperless, less data entry •

Transition from transaction processing and controls to reporting and analysis

•

Training and education

•

Going to be more open to member suggestions…Social, Pool and Paddle

•

Getting to YES!

•

Communicate in a more business like manner

•

Do we need better software?

•

Hire experts…watch and learn, do it your self next time

FYI… •

Staff spends most of their time with the same 15-20 members

25

WHERE DO MY DUES GO? 2023 Dues of $243 Cover Administrative & Building/Grounds Costs.

For 2023: Dues Covered 83% of these Expenses.

2022 Cost Per Shareholder

2022 Covered By Dues

2023 Cost Per Shareholder

2023 Covered By Dues

2024 Cost Per Shareholder

2024 Covered By Dues

Payroll

$162

$139

$172

$143

$150

$143

Ins. & Real Estate Tax

$29

$25

$35

$29

$42

$39

Utilities, Cable & Phone

$7

$6

$10

$9

$10

$10

Supplies & Office

$19

$16

$17

$14

$16

$15

Computer & Professional

$28

$24

$40

$33

$37

$36

Misc. & Social

$22

$19

$19

$16

$11

$10

Total

$267

$229 86%

$292

$243 83%

$267

$253 95% 26

RGCC 101 – BUSINESS REVIEW can’t drive a car with a flat tire…but we have been

27

COMBINED CATERING & RESTAURANT PROFITABILITY CHART

28

RGCC 101 F&B The lakeside grille has not been successful • Massive drag on the financials • Club industry views F&B as a loss leader for golf • F&B COGS are higher due to food inflation in the last 2 years • Trying to please everyone • Huge menu is difficult to consistently execute • No bench in kitchen • Service is friendly and personable but not efficient • Small staff = big overtime $ • End of quarter to go orders create havoc for in person dining logistics • Don’t advertise specials • Open to the public , but little outside business • Key person risk in food ordering

What are we going to do?

29

RGCC 2024 F&B All in on the Pool Café!

April: Weather dependent…limited offerings…limited days and hours working on more heaters May: New F&B Management arrives!

Expanded new Menu and Drink offering

To Go menu Enhanced golf BEV Cart Mobile ordering at pool and golf cart Working on extending hours Exploring delivery and member shuttle 30

RGCC 2025 F&B PLANS What do we need to be successful in the Restaurant?

The Right Space Correct utilization of the space Design, Furniture and Finishes Kitchen Infrastructure Customer base Menu Concept Food ordering scale Menu Execution Experienced Management Trained Staff Advertising/Marketing strategy KPI’s metrics/PL analysis Course correct as needed All of these elements have to be in synch/cohesive

31

RGCC 2025 F&B PLANS Balancing Risks and Rewards and Control

Options: Keep doing the same thing…

Hire a manager and run it ourselves Up to us…but we have to start over from scratch Lease to a third party Nice to be rid of the headache and have a fixed cash flow Great if we can find someone, may leave us with less control Hire a Management Company Expensive…costs may offset the financial benefit But the product may be improved Partner with a 3rd party Share Risks and Rewards and Control Our partner is successful but juggles many balls New F&B due diligence team has been formed to evaluate options

32

2023 ACCOMPLISHMENTS An extremely complex and complicated year Master Plan Progress Building Permit Approved Obtained a Loan Commitment Management Turnover Club Closure Staff Release Staff Relocation Litigation Free Settled the largest and oldest delinquent account…2024 subsequent event Started F&B planning for the future

33

2024 GOALS Finish the Club House renovation on Time and on Budget FIX THE RESTURANT Break even outside of Golf Codify Financial Principals The new Board will convene next month to set goals for 2024 aligned with our long term vision.

34

RGCC 101 Homework Take advantage of our Beautiful Community

Behave yourselves

Join an Activity if you haven’t

Compliments in person, complaints in email

Go to a social event

Feed back to Club management, then to the respective Board member, then to the President

Relax. Things aren’t so bad

Try the new food offerings at the pool

Or just call or email me..I'd prefer to talk though

Volunteer for a committee

president@ramseycountryclub.com

Bring friends

I can be reached at:

dan.burke44@Gmail.com 201-887-6623, ask for Jenn

35

PROFIT & LOSS - SUMMARY

36

COMPREHENSIVE RESULTS Total Revenue Cost of Sales Payroll & Benefits Other Expenses Fixed Charges/Taxes Net Operating Income Depreciation & Other Capital Assessments Net Income

2023

2022

$ 7,748,162 (1,278,864) (4,023,923) (1,936,903) (600,838) (92,366) (690,543) 1,023,122 $240,213

$ 7,536,302 (1,195,793) (3,827,292) (1,702,394) (507,562) 303,261 1,684,508 976,573 $2,964,342 37

COMPARISON OF FINANCIAL OPERATIONS Revenue

2023

2022

2021

2020

2019

Resident Dues

$1,635,877

$1,543,958

$1,480,791

$1,438,866

$1,422,655

Golf Dues

2,017,839

1,881,391

1,706,714

1,239,489

1,294,758

Initiation Fees

230,850

723,750

520,205

470,125

266,200

F&B Revenue

3,297,202

3,001,327

2,531,101

1,363,822

3,045,050

Golf, Pool, Paddle, Admin

566,394

385,876

437,538

354,932

458,217

Total Revenue

$7,748,162

7,536,302

6,676,349

4,867,234

6,486,880

3%

13%

37%

-25%

1%

Expenses

2023

2022

2021

2020

2019

Cost Of Sales- F&B

1,278,864

1,195,793

1,021,249

609,567

1,077,426

Total Payroll

4,023,923

3,827,292

3,265,963

2,752,049

3,095,487

Department Expenses

1,936,903

1,702,394

1,686,988

1,574,015

1,742,474

Property Taxes

321,787

292,504

290,277

289,936

278,582

Fixed Charges

279,051

215,058

176,637

145,683

135,114

Total Expenses

$7,840,528

7,233,041

6,441,114

5,371,250

6,329,083

Variance from prior year

8%

13%

16%

(13%)

1%

Operating Income

(92,366)

303,261

235,235

(504,016)

157,797

Variance from prior year

38

COMPARISON OF OTHER INCOME & DEDUCTIONS Other Additions & (Deductions)

2023

2022

2021

2020

2019

Depreciation

(626,186)

(575,139)

(454,999)

(398,052)

(381,597)

Government Grant

-

1,252,345

-

-

-

Employee Retention Credits

-

610,608

-

-

-

Loss on Disposal of Assets

-

(1,681)

(39,511)

-

-

Interest Rate Swap Adj

(64,357)

398,375

124,074

(92,709)

(10,449)

Capital Assessment Imp Fee

1,023,122

976,573

960,362

943,994

362,232

Total OtherIncome Items Net

$240,213

2,661,081 $2,964,342

589,926 $825,161

453,233 (50,783)

(29,814) (127,983)

39

COMPARATIVE COMPREHENSIVE RESULTS Revenue

2023

2022

2021

2020

2019

Resident Dues

$1,635,877

$ 1,543,958

$ 1,480,791

$ 1,438,866

$ 1,422,655

Golf Dues

2,017,839

1,881,391

1,706,714

1,239,489

1,294,758

Initiation Fees

230,850

723,750

520,205

470,125

266,200

Restaurant Revenue

3,297,202

3,001,327

2,531,101

1,363,822

3,045,050

Golf, Pool, Paddle, Admin

566,394

385,876

437,538

354,932

458,217

$7,748,162

$7,536,302

$6,676,349

$4,867,234

$6,486,880

3%

13%

37%

-25%

1%

Expenses

2023

2022

2021

2020

2019

Cost of Sales F&B

1,278,864

1,195,793

1,021,249

609,567

1,077,426

Total Payroll

4,023,923

3,827,292

3,265,963

2,752,049

3,095,487

Department Expenses

1,936,903

1,702,394

1,686,988

1,574,015

1,742,474

Property Taxes

321,787

292,504

290,277

289,936

278,582

Total Revenue Variance from prior year

Fixed Charges

279,051

215,058

176,637

145,683

135,114

Total Expenses

$7,840,528

$7,233,041

$6,441,114

$5,371,250

$6,329,083

8%

13%

19%

(16%)

1%

Operating income

$ (92,366)

$ 303,261

$ 235,235

$ (504,016)

$ 157,797

Other

2023

2022

2021

2020

2019

Depreciation

(626,186)

(575,139)

(454,999)

(398,052)

(381,597)

Government Grant

-

1,252,345

-

-

-

Employee Retention Credits

-

610,608

-

-

-

Loss on disposal of assets

-

(1,681)

(39,511)

-

-

Interest Rate Swap Adj

(64,357)

398,375

124,074

(92,709)

(10,449)

Capital Assessment

1,023,122

976,573

960,362

943,994

362,232

Net income

$240,213

$2,964,342

$ 825,161

Variance from prior year

$

(50,783)

$ 127,983

40

BUSINESS SEGMENTS* Totals

Grille Room

Catering

Golf

Paddle

Pool

Dues & Other

Revenue

$7,748,162

$1,664,252

$1,655,987

$2,348,123

$61,355

$187,776

$1,830,669

Cost of Sales

(1,278,863)

($675,693)

(584,884)

--

--

(18,286)

--

Gross Profit

6,469,299

988,559

1,071,103

2,348,123

61,355

169,490

1,830,669

Payroll Expenses

(4,023,923)

(1,166,476)

(514,366)

(1,191,533)

--

(21,672)

(1,129,876)

Other Dept Expenses

(2,537,741)

(375,013)

(158,631)

(927,787)

(25,824)

(231,126)

(819,360)

Contribution Margin

($92,366)

($552,930)

$398,106

$228,803

$35,531

($83,308)

($118,567)

*Excludes Depreciation & Capital Assessments 41

BALANCE SHEET BALANCE SHEET

42

ASSETS Current Assets

2023

2022

2021

2020

Cash Construction Loan Escrow

$1,763,986

$1,353,306 81,010

$2,100,657 1,620,054

$1,842,908 -

Accounts Receivable (Net)

931,342

638,800

525,969

394,752

Employee Retention Receivable

610,608

-

-

F&B Inventory

32,574

56,745

50,204

59,665

Prepaid Expenses

93,324

88,010

73.520

57,864

ROU Assets & SWAP Valuation

827,952

683,113

24,003

$3,648,178

$3,511,592

$4,394,407

$2,355,189

Land & Lease Improvement

6,653,351

6,598,778

6,426,612

5,531,739

Building & Improvements

9,241,275

9,196,938

5,245,538

5,231,730

Furniture, Fixtures, & Equip.

3,502,669

3,411,372

3,183,098

3,064,561

883,810

332,979

1,526,543

1,129,554

Total Property & Equipment

$20,281,105

$19,540,067

$16,381,791

$14,957,584

Less Accum. Depreciation

10,870,627

10,244,442

9,699,353

9,858,046

Net Property & Equipment

9,410,468

9,295,625

6,682,438

5,099,538

$13,058,646

$12,807,217

$11,076,845

$7,454,727

Total Current Assets

-

Property & Equipment

Construction in progress

Total Assets

43

LIABILTIES & STOCKHOLDERS’ EQUITY Current Liabilities

2023

2022

2021

2020

Line of Credit Accounts Payable Accrued Liabilities & Taxes Payable Unearned Dues Deposits For Functions Paycheck Protection Program Note Current Maturities of Long-term Debt

$250,000 104,926 138,890 1,120,098 310,813

$200,000 194,615 185,888 918,144 415,540

$193,804 515,077 726,573 90,963 1,160,617 302,951

$500,000 148,160 115,389 612,782 87,763 606,445 194,128

Total Current Liabilities

$1,924,727

$1,914,187

$2,989,985

$2,264,667

Long-Term Liabilities Disaster Loan, Net of Current Maturities Long-term Debt, Net of Current Maturities Operating Lease Obligations

123,401

132,277

141,150

148,169

3,037,203

3,027,651

3,176,950

1,098,292

336,668

--

--

--

Total Liabilities

$5,085,331

$5,074,115

$6,308,085

$3,511,128

Stockholders’ Equity

7,973,315

7,733,102

4,768,760

3,943,599

$13,058,646

$12,807,217

$11,076,845

$7,454,727

Total Liabilities & S.E

44

LIABILITY PROFILE

Mortgage

Economic Injury

Construction NoteEconomic Disaster Loan

Construction Mortgage Note Principal Principal

1,600,000 $1,600,000

2022 Balance 2023 Balance Principal Term 2022 Balance Swap Term Term Rate Swap Swap Rate Maturity Maturity Monthly Payment Rate Monthly Payment Annual Annual Payment Payment

129,062 020 year 1,600,000 129,062 Float to Fixed 20 year 20 year Float to4.5% Fixed Float to Fixed 4.5% 11/1/2023

Maturity

11/1/2023 4.5%12,003 144,036 11/1/2023

3,000,000 $3,000,000 2,918,990 $2,799,706 3,000,000 10 year Bullet 2,918,990 Float to Fixed 10 Year 10 YearBullet Bullet 3.7% Float to Fixed

Injury Disaster Loan

Line of Credit

Line of Credit

$150,000 750,000 $750,000

Float to Fixed 3.7%

136,011 200,000 $127,239 $250,000 $150,000 750,000 30 Years Revolving 136,011 200,000 Fixed Fixed 30 Years Revolving 30 Years Revolving 2.8% Fixed Fixed Fixed Fixed 2.8% Prime Open

1/1/2031 3.7% 17,744 212,928 1/1/2031

7/1/2050 2.8% 731 8,772 7/1/2050

Monthly Payment

$17,744

$731

Annual Payment

$212,928

$8,772

Open Prime N/A Open N/A

45

CAP-EX

46

2023 CAP-EX

Capital Projects Completed in 2023

❑

❑

$33K

Golf Improvements & Equipment ❖

Equipment Trailer

❖

Golf Maintenance Building Improvements

❖

Irrigation System Pump

❖

Golf Netting

Other ❖ Cloud Based POS Conversion ❖ Fountains ❖ Pool Furniture/Umbrellas

$50K

Total

$83K

47

MASTER PLAN

48

2023 MASTER PLAN EXPENDITURES ❑

POOL ❖ Kidde Pool Enhancements

$134K

❖ Playground & Fencing

❖ Construction Contractor ❖ Landscaping, Kitchen Equipment

❑

CLUBHOUSE

$551K

❖ Engineering, Architecture & Design Fees ❖ Legal, Bank, Appraisal & Commitment Fees ❖ Site & Zoning Board Fees

49

MASTER PLAN OVERVIEW

Project Through 12/31/2023 Master Plan Assessment

$3,430,751

Loan Proceeds

$3,000,000

Total Funding Drawn

$6,430,751

Main Building

$883,870

Pool Area

$4,237,339

Golf Course Irrigation

$1,102,632

Golf Course Restrooms

$212,585

Total Improvements

$6,436,426

50

MASTER PLAN •

Paddle Hut and Proshop • •

•

Cart Barn Organization for Push Cart and Bag Storage Golf Pro Office Renovation

Pool Enhancements • •

• •

•

Playground Installation - Done Kiddie Pool Water Features - Done More Seating – Done Evaluating further this season with updated umbrella layout and pool cap ex budget for the installation of more permanent shade structures PARKING, PARKING, PARKING •

New parking area surface and space designating curbs project scheduled for completion prior to pool season

51

MASTER PLAN •

Clubhouse Budget Allocation •

•

Construction Progress • •

•

•

$8,000,000 in Remaining Loan Funding • Envelope & Code Compliance – 31.5% • Lakeside Grill – 29.2% • Catering Facility – 31.5% • The Abbey – 7.8% Interior Demolition – 90% Complete Window Templating and Ordering – 90% Complete Roof Repairs and Repointing – 10% complete

Construction Schedule • • • • • • • •

Structural and Interior Framing – April Greenhouse Demolition –May Foundations – June New Building Construction – July MEPS Roughing – July Kitchen Equipment & Interior Fitouts – October Punchlist and FFE installations – January Currently on Schedule for Standard 2025 Opening!

52

MASTER PLAN

Top Left – Looking from bar toward Lakeside Grille entrance Bottom Left – Looking from Abbey into kitchen Top Right – Looking through the bar from old band area 53

MASTER PLAN

Top Left – Looking out on the ballroom from the old stage Bottom Left – Looking through the ballroom towards the staircase Top Right – Looking towards old bar area and through to kitchen 54

MASTER PLAN Looking from parking lot

Looking from practice green

55

MASTER PLAN

56

MASTER PLAN

57

MASTER PLAN

58

B&G UPDATES Lake Program • 5-year plan • Includes cleanups, repair/replacement of fountains, adding new fountains Piers, Islands and Roadsides • New contract to include defined maintenance plans and staged enhancements

•

•

• • •

• •

10% Savings Includes Belgium block repair to scope Includes Club Entrance area and Franklin Tpke

See Golf Section for Trees and Streams Other needs? Please give us ideas of areas to improve our Buildings and Grounds.

59

HOUSE

60

2023 F&B OBSERVATIONS Pool Bar

Successful First Full Year • $225K Revenue from Pool Bar & Kitchen •

Grille, Bar & Catering Thriving

Made Many Improvements • Introduced More Varied Dinner Specials • Better Consistency • New Upscale Presentation • Thursday Night Live Music Continued To Be Popular • Sunday Brunch Remained Popular • Adjusted Operational Execution Which Resulted in a $100K Savings vs. 2022 •

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CATERING •

•

•

•

•

•

Catering Thrived in 2023 to an all-time revenue high of $1,655,987.

Weddings drive Catering at RGCC. Of the 43 weddings booked in 2023, we brought in $787,945 in revenue. Of the other 211 catered events in 2023, we brought in $868,042.

If the 254 total catered events, only 48 of them were events booked by members of the Club. The rest of the events were booked by non-members.

The Club received 2 awards in 2023 for “Best of Weddings” for the Knot Magazine and the “Love it” award from New Jersey Bride Magazine.

Catering Pricing will increase significantly in 2025 due to the renovation of the Clubhouse, rising food costs and inflation.

There will be multiple member events in 2024, all to be held outdoors.

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MEMBER SURVEY FEEDBACK Out of 16 Questions 4 Stood Out That I Want To Discuss Question 3 • Addressed Service at the Lakeside Grille & Bar. • 88% of the members that responded were categorized as very satisfied and/or satisfied with the service.

• These categories are described as “love the servers and bartenders” or “most of them are good.”

• We are really looking forward to bringing back our most valuable staff members.

Question 4 • Addressed the Lakeside Bar Wine Selection and Cocktails • 82% of the members indicated that they were again very satisfied and/or satisfied.

• Of the 82%, many comments stated that the wine and cocktail selection are “fantastic”.

• With that knowledge, we absolutely plan to hold this standard and improve on it.

Question 13 • So that we can better understand your needs and wants, why are you choosing to go to other local restaurants?

• Responses indicate that 64% of our Community go out to other restaurants because of food quality. The others indicated that they were just looking to change things up.

Question 14 • Addresses the type of atmosphere and ambiance for post renovation.

• 45% want more upscale and modern dining • Yet, 55% would prefer a more casual and family friendly atmosphere.

• VERY split in the middle.

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GOLF

64

GOLF PARTICIPATION 250

232

242

226

199

200

160

144

150

150

136

100 50 0 2023

2022

2021

Resident

Associate

2020

65

GOLF Membership •

Resident/Associate mix remains healthy: • 139 Associate members to start the 2024 Season • We have a referral program for Members who refer a new Associate Member

Golf Course •

Tree Work: • Continues throughout the golf course/season to prune and remove dangerous and/or damaged trees. Jason works in partnership with the Ramsey Shade Tree Commission on all tree related projects • With our limited amount of land, we are looking to take back more property and utilize (new tee boxes)

Drainage •

The golf course has never been healthier, and the conditions are only improving.

Drainage around the course was a major focus point this past winter (historically wet areas) 66

GOLF Projects •

Restoring Stream Banks

•

Bunkers

•

Par 69 to Par 70 (Hole 9 to a par 5)

•

With bigger projects around the course, Jason and his team continue to focus on the fine tuning/beautification

•

The replacement of safety netting around the course (greens & tees) has started and will continue during the Season.

67

GOLF Pro Shop •

We are happy to announce the professional staff will be returning for 2024

•

Men's and Women’s leagues are at an all time high with regards to participation

•

New Committees have been a big success

•

Office renovation/bag storage

•

Carts

•

Pace of Play

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POOL & PADDLE/PICKLE

69

POOL • NEW Complex officially opened with 212 memberships!

• Kiddie Pool geysers with mushroom water features installed.

• NEW Playground opened.

• NEW role of Pool Manager created/hired for ‘24 season.

• Full Swim Team return for ‘24 (50 club members last participated in 2021).

• Many THANKS to our Pool Committee of: Grace Cedeno, Eva Farrar, Bob Feeney, Kathleen Gamble, Chuck Graziano, Brian Nitzberg, Denise O’Dea (in memoriam), Barbara O'Donnell & Ben Roesemann + recent Swim Team Subcommittee (Katie Auty, Jasmine Cacace, Kathleen Gamble, Jennell Piccolo & Erin Schroeder).

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POOL PARTICIPATION 200

185

180 160 140 120 100

76

80 60 40

54 38

27

7

20

0 2023

2022 Resident/Associate

2021

2020

House 71

PADDLE TENNIS •

•

• •

•

Fielded 6 league teams (5 Men's & 1 Women's); with our top 4 Men’s teams once again making the league playoffs (per a top 4 divisional finish) with our #2 & #4 teams winning MIPL championship banners. Our Women’s team competed in WIPL league play with an expanding team roster!

Our Club Pro (Krisi Behrens) held 4 complimentary beginner clinics and worked diligently with our league teams (Paddle Camps) + conducted numerous private & group lessons.

Krisi formalized our Juniors Program (36 total kids enrolled).

Awaiting hut expansion (per formal Master Plan approval) upon Clubhouse renovation completion-potentially 2 phases (bathrooms upgrade first followed by interior modernization).

Opened the Courvoisier Café on Sundays in repurposed hut annex to the “delight” of both our Men’s league players & opponents.

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PADDLE TENNIS •Held weekly Social nights play for Men, Women & Mixed Doubles where every level of player is fully welcomed!

•all per the continued dedicated efforts of Jay Bradley, Joyce Chookazian & Julie Cornacchia •Ran 3rd straight Men's Club Member/Member tournament (3/9) & two exciting Mixed Social events.

•Many THANKS to our Paddle Committee of: Mike Blasius, Jay Bradley, Bonnie Caliento, Joyce Chookazian, Kristin Graves, Pat Murphy, Kathleen Shevlin, Kevin Wurst & Ari Zweig.

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PADDLE PARTICIPATION 56

60

42

50 40 30

50

39 22

29 23

17

20

18

15

6 2

10 0 2023

2022 Resident

2021 Associate

2020 House 74

PICKLEBALL •

Held weekly Social play nights for Men, Women & Mixed Doubles where every level of player is fully welcomed!

all per the continued dedicated efforts of Joyce Chookazian & Tabitha Lee Damsell • Our Club Pro (George Cheah) held 4 complimentary beginner clinics + private lesson offerings.

• Provided loaner equipment (paddles & balls).

• 63 members enrolled in 2023, near 60% increase from 37 members in 2022.

•

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PICKLE PARTICIPATION 50 45 40 35 30 25 20 15 10 5 0

48

19 11

16

4

2

2023 Resident

2022 Associate

House 76

SOCIAL

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SOCIAL • Thank you to my Social Committee: Sami Abbondondolo, Chrissy Lanni, Lindsay Rubin, Michelle DiLello and Samantha Talbot • Started the year with our Popular Broadway Night.

• Added a new event which sold out and received rave reviews, our Charcuterie Making Class.

• We offered another Family Portrait Day for our members who now have lasting family photos.

• To start of the Summer, over 150 members came to our Pool Ribbon Cutting ceremony and got to enjoy complimentary High Noons and raffle prizes!

• The Summer kept on rolling with a fun Sushi & Sake Night, Ladies Margarita Night, Family Movie Nights, Rose ALL Day, Sounds of Summer and more!

• We finished the year with our Annual Sip & Shop, a visit from Santa at the Tree Lighting Event and the final event to say 78 goodbye to the old Clubhouse, our Last Call Event!

UPCOMING 2024 SOCIAL EVENTS • Starting off the year with the Children’s Spring Party which is just a week away, if you haven’t already be sure to sign up!

• Spring Fling, Disco Down in April!

• Memorial Day BBQ in May. • We will be having 2 Sounds of Summers this year!

• Summer is going to be action packed with our favorite Wine Tasting Night returning for another fun filled evening along with a Summer Clambake and a Luau with a Pig Roast.

• We are excited to be offering a variety of NEW events this year including a College Day Event and a Food Truck/Craft Beer Day! Keep an eye our for our Save the Dates and Event Flyers and we look forward to seeing you all at these amazing events!

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SOCIAL - CANCELLATION POLICY • In 2023 we had to cancel a few events due to low attendance.

• All of these events had high attendance until about 3/4 days prior to the event.

• We understand that illness and last minute things come up and plans change but we really need to be better about either keeping your reservation or cancelling with further notice.

• Our cancellation policy for all 2024 events will be strictly enforced.

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REAL ESTATE

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RGCC 2023 SUMMARY

• Fewest number of RGCC homes sold since 2009 – 13 sales in 2023 • Inventory shortage caused by high interest rates • Average Sale price for home in the Club- $792,587 • Slightly down from historic high of $806,507 in 2022 • Average Sales Price in homes outside of RGCC - $840,232 • Low number of available $1M+ homes in Club for sale in 2023.

• RGCC homes sold FAST - 21 days • Ramsey homes outside the club averaged 19 days

• For the 3rd year in a row, RGCC homes sold 101% of list price • Ramsey homes outside the club averaged 106% of list price Kristin Graves, Broker/Owner, RE/MAX Properties

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RGCC HOME SALES – 2013-2023

RGCC Sales

40

Volume/$mm

35 30 25

• 13 sales in the Club in 2023 • Down 60% vs.

2022 • Total Volume: $10,299,99

20 15 10 5 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Kristin Graves, Broker/Owner, RE/MAX Properties 83

RGCC AVERAGE SALES PRICE VS. RAMSEY HOMES

900000

Outside Club

800000

RGCC

700000 600000

Average sale price in RGCC: $792,307

500000 400000 300000

Average sale price for outside Club: $840,325

200000 100000 0 2020

2021

2022

2023 * Source: NJMLS 1/1/20-12/31/23

Kristin Graves, Broker/Owner, RE/MAX Properties 84

RGCC AVERAGE LIST PRICE TO SOLD PRICE – 2013-2023

$900,000 Avg List Price $800,000

Avg Sold

$700,000

2023

$600,000

• Average sale price: $792,587 • Average List Price: $782,761

$500,000 $400,000 $300,000 $200,000 $100,000 $2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Kristin Graves, Broker/Owner, RE/MAX Properties

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RGCC 101 Value If you buy a house in RGCC…you will pay $100k in fees (NPV)…Net present value vs the exact same house outside the club over 30 years.

Based on that, houses in the Club SHOULD be selling for 100k less than houses outside the club…but they aren’t.

Why not?

Buyers have a perceived value of the Club that is priced in when they buy.

NPV @ 5.6% $ 64,166 12,476 12,383 10,000 $ 99,025

Monthly Fees Years Growth Rate 253 30 3% 87 20 71 30 3% Today 86

Board of Director Nominating Process The By Laws Committee started work last year and recommended a few areas for the Board to consider. While suggested, revisions to the By Laws are not yet complete, the Board has acted in a fashion to help foster transparency and improve our processes.

One area identified is the process of nominating Board Members.

During this year's Board selection process, we made changes to get closer to areas addressed in the committee’s recommendations all while operating within the boundaries of the existing By Laws.

•

The nominating committee was open to any shareholder in good standing.

•

Four shareholders applied to the nominating committee.

•

One of the four decided to apply to be on the board.

•

The committee was filled with all of the others who applied.

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Board of Director Nominating Process • Five candidates were interested in being on the Board.

• The nominating committee interviewed the five candidates.

• The nominating committee recommended three candidates which are presented before you, to fill the three vacancies opened as a result of three current board members coming off.

• The two other individuals, not recommended by the nominating committee elected not to be placed on the ballot.

Communications to shareholders were done in accordance with the RGCC By Laws We are looking at improving the process for next year.

88

RESULTS OF ELECTION

89

Q&A 90

ADJOURNMENT Thank you!

91