GO Forward 2026 Brochure

Strategic Financial & Capital Plan GO Forward 2026

Section I: Letter from the Board Chair Dear Fellow Members, It has been nearly five years since the completion of our Member-approved transformative Master Club Improvement Plan. This Plan dramatically enhanced our Member experience by adding the Pool Café and resort style pool, replacing our fitness center with a world-class Wellness Center, renovating the Estuary dining room, adding a Golf Performance Center, and expanding and upgrading our Club’s racquet facilities. This game changing initiative took our membership experience to new heights and placed us among the preeminent golf and country club communities in Southwest Florida.

As we look forward, your Board of Directors wishes to preserve and enhance our Club’s premier status while maintaining a sound financial position. Our recently released Strategic Plan addressed our commitment to maintain and improve our facilities, optimize operations, and protect our finances. With these ambitious goals in mind, the Board conducted a strategic review of our capital requirements for the next five years. A guiding principle of this review was ensuring we protect our identity as a golf community that offers a broad range of amenities responding to Member interests, demographics, and preferences. Grey Oaks must make continuous improvements to ensure we deliver a compelling Member experience.

The Board recognizes that the basis of a great club is a well-conceived financial plan, which enables the Club to operate in a manner consistent with the desires of its Members. At the core of such a financial plan is ensuring that the Club appropriately funds its annual recurring capital needs, reduces its outstanding debt, and fosters the building of a capital reserve for future capital improvements.

As a component of these strategic and financial planning efforts, we are excited to introduce the next installment of upgrades called GO Forward 2026, a $17.4 million capital improvement initiative. As you will see later in this brochure, many of the improvements are enhancements to existing amenities while others offer additive elements.

The balance of this brochure presents details of our strategic, financial, and capital plans. However, three key points that merit special attention are highlighted in this letter: Annual Capital Dues Changes: Management has completed a detailed analysis of the Club’s recurring capital requirements for the next five years. This analysis concludes that a step-up in capital dues of $1,850 for Golf Members and $250 for Sports Members will be required in 2022 and incorporated in each subsequent year’s capital dues billing. This increase will bring the Club’s capital dues in line with the actual recurring cost of older assets that are becoming more expensive to upgrade and newer facilities that will be requiring maintenance over the next five years.

Expiration of Special Assessment: The current April Capital Project Dues of $3,000 for Golf Members and $1,350 for Sports Members instituted in 2015 for the Master Club Improvement Plan will expire in 2024. The expiration of this assessment will provide each Member a reduction in their overall annual capital payments to the Club subsequent to FY’24. Refer to the Projected Member Contributions to Capital Plan table located on the back cover of this brochure for complete details.

Major Capital Improvement Projects: The five projects, along with their estimated costs, that span the G O FForward orward 2026 ades called GO 20226 6 initiative are as follows: ward 2026, a of the improvements ar ements ar • Renovate the Pine Course.................................................................................. $15 million • Expand Racquets .................................................................................................. $950,000 • Enhance the Short Game Practice Area................................................................. $241,000 • Redesign the Estuary Kitchen ............................................................................... $450,000 • New Parking Lot ................................................................................................... $750,000

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Standing still is not an option. The three key points presented, along with other elements of the Strategic Financial & Capital Plan, will enable us to realize our vision of being the preeminent club in Southwest Florida. And, based on our current Plan, the Board does not believe Member special assessments will be necessary for these major capital improvements at this time.

For Member convenience, a microsite has been developed specifically for this Plan, which is accessible on our Grey Oaks website in the Member section. This microsite has extensive content about the projects, videos of interviews with key project stakeholders (including Andrew Green, a leading golf course architect), our financial and capital plans, and a set of Frequently Asked Questions. We encourage Members to access the microsite and learn more about our five-year Strategic Financial & Capital Plan.

A vote by all Members is required to increase the capital dues as previously mentioned since the increase exceeds the 15% limit allowed by our Bylaws. In addition, a vote by Golf Members is required for the Pine renovation as the cost of this project is over $4 million. The other four projects do not require Member approval but are presented to provide an overview of the scope of the improvement projects. All projects are presented in more detail in Section III of this brochure.

Enclosed with this brochure is a Notice of Special Meeting of the Members of Grey Oaks Country Club, Inc. (“Meeting Notice”) to be held Tuesday, February 15, 2022, at 3:00PM to announce the results of the Member vote. In addition, ballots are provided along with instructions for submitting your vote.

Thank you for your support of Grey Oaks.

Respectfully, on behalf of your Board of Directors,

There are several ZOOM calls scheduled to discuss GO Forward 2026 and answer Member questions, as well as to review the Strategic Financial & Capital Plan. The dates, times, and subject matter of these calls are as follows:

Golf Course Improvement Monday, January 17 @ 9:00AM EST Monday, January 24 @ 3:00PM EST Friday, February 4 @ 9:00AM EST Financial and Capital Plan Tuesday, January 18 @ 9:00AM EST Thursday, February 3 @ 3:00PM EST Racquets Expansion, Estuary Kitchen, and Parking Lot Monday, January 17 @ 3:00PM EST

Brad Schreier Board Chair

Thursday, February 3 @ 9:00AM EST

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Section II: Five-Year Strategic Financial & Capital Plan

Mission, Vision, Values Mission: To enrich the lives of our Members by providing outstanding facilities, amenities and experiences in a welcoming, beautiful community that provides a rich culture of friendship and service.

Vision: To be the preeminent Country Club and Golf Community in Southwest Florida for active, healthy living.

1.

Protect and Enhance the Culture

2.

Maintain and Improve Facilities

3.

Optimize Operations

4.

Ensure a Pipeline of New Members

5.

Enhance Governance

6.

Protect Finances

Values: Community, Integrity, Respect, Excellence, Transparency, Stewardship, Service

GUIDING PRINCIPLES A key goal of the Board is to assist management in developing a pathway to long-term financial stability for Grey Oaks. To accomplish this goal, the Board has set three guiding principles: (1) Club annual capital dues shall pay for the recurring capital required to maintain and preserve our expansive plant and related assets; (2) major projects shall be paid for from a combination of capital reserves and the net of new Member sales less refunds made to resigned Members, or if needed by Member special assessment/debt; and (3) the Club shall operate with a Capital Reserve to help fund major capital projects, debt repayment, and be available for emergencies or unanticipated capital needs. These guiding principles form the basis for overall decision making which ensures connectivity between the Club’s operating, capital, and strategic plans.

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KEY CONSIDERATIONS As Members review the details of the Strategic Financial & Capital Plan, the Board wishes to highlight key points that provide context and transparency to our plans and decision-making.

Point #1: Operating Plan/Budget Don Emery, in his capacity as the General Manager of Grey Oaks Country Club, is responsible for the day-to-day activities of the Club. Achieving the Operating Budget is a key accountability metric for Mr. Emery. Meeting budget in a Club such as Grey Oaks can be a challenge, which is why for FY’21 we were delighted to report a favorable variance to our annual budget. We are hopeful that this encouraging direction continues through FY’22 as a surplus of $504,000 is budgeted, about 1.5% of the total operating budget. Our strategy is to build an Operating Reserve Fund with a cap of 2% of the Operating Budget, and contribute all funds in excess of 2% to the Capital Reserve Account.

Point #2: Recurring Capital Requirements A significant use of Club annual capital dues is for expenditures that pertain to the maintenance and preservation of the underlying infrastructure of our expansive plant. Typical examples of these expenditures are for replacement of furniture and equipment, HVAC systems, roofs, and, on a larger scale, golf course maintenance (including irrigation systems). Since 2015, the Club has spent over $57 million on capital additions such as the Pool Café, the Tennis Pavilion, the Golf Instructional Center, and Wellness Center. As equipment and facilities age and transition into obsolescence, the recurring costs to maintain these facilities get steeper every year. We are at a point where many of our existing assets will need to be replaced over the next few years, including those acquired upon Club Turnover to the Members and those from the Master Club Improvement Plan.

The primary source for funding these expenditures is our Annual October Capital Dues billing. Our reviews shows that maintaining the October Capital Dues billing at its current level will be inadequate to maintain our fixed asset base of $75 million. For example, the recent October Capital Dues billing generated $2.1 million, which is approximately $3 million less than our budgeted depreciation expense (which is a proxy for the long-term cost to replace our existing assets).

Key recurring capital projects that are part of the five-year capital model forecast are as follows (refer to the microsite on the Grey Oaks website for the capital model reflecting these estimated expenditures): • • • • •

Palm Course Irrigation System Cart Path, Bridge and Bulkhead Repairs Main Parking Lot Driving Range Enhancements Starter Shack (continued next page)

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Section II: Five-Year Strategic Financial & Capital Plan To adequately fund our annual recurring capital needs, the Board recommends a step-up adjustment to the Annual Capital Dues billing as the remedy to this issue. The proposed Annual Capital Dues adjustment is $1,850 for a Golf Member, and $250 for a Sports Member. We recommend this adjustment be separately billed for FY’22 in June 2022, as it will provide valuable cash flow to fund project costs to be incurred this summer. The proposed adjustment, along with projected future Annual Capital Dues increases within the 15% allowable by our Bylaws, will fund our expected recurring capital expenditure needs over the next five years.

The $1,850 adjustment for a Golf Member and the $250 adjustment for a Sports Member requires Member approval, as the adjustments exceed the 15% maximum increase in Annual Capital Dues allowed by our Bylaws.

Point #3: Debt Capital Requirements The Club borrowed funds for the 2015 Master Club Improvement Plan and for the 2017 Estuary Golf Course projects. The primary funding source for this debt repayment is our current April Project Dues billing. This is a billing that was established in 2015 with a 10-year term and an annual assessment of $3,000 per Golf Member and $1,350 per Sports Member. The Club’s debt peaked in FY’17 at $33 million. Since September 2017, we have had no bank borrowings, other than the now forgiven $2.8 million COVID-related Paycheck Protection Program loan.

Our current debt profile runs through FY’27 and will be paid for by a combination of the 2015 assessment payments, which expire in FY’24, and capital reserves. According to current projections, Grey Oaks should be debt-free by FY’27, provided there are no additional requirements for debt financing.

Point #4: Capital Reserve Account As the Board reviewed the key variables of the Club’s financial position, a five-year financial planning model was developed, which enabled different funding scenarios for proposed dues increases and projects to be viewed and evaluated. The Board believes that a key aspect of the financial strategy for a Club the size of Grey Oaks is to maintain a Capital Reserve Account with a goal of developing a target of $10 million for potential emergencies, future growth initiatives, or unanticipated capital needs. The balance in this Account as of October 1, 2021 was $7 million. Our five-year Capital Plan projects the balance in the Capital Reserve Account at the end of the period will be $9 million.

And, this is after fully repaying our bank debt and funding all our planned capital improvements. A major contributor of funds to this Account is net new Member sales, which is discussed in the next point. Another funding source for this Account could be Member special assessments which the Board, at this time, does not believe will be necessary for the GO Forward 2026 initiative.

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Point #5: Net New Member Sales A major part of the Capital Plan is the funding provided by new Member sales less the refunds made to resigned Members. This funding is projection-based and, as a result, requires many assumptions.

The Membership Committee, Finance Committee, and Board have used management’s forecasts and historical data to develop the projections. These assumptions are considered conservative and will be regularly reviewed for reasonableness with updates made to the model, as necessary. Note that the Club has increased the Golf Member joining fee (none of it refundable) to $200,000 ($150,000 membership fee and $50,000 non-refundable capital contribution fee). This increase reflects the strong demand for Golf Membership and our significant investments in the golf courses. We plan to review the Sports Member joining fee early next year, as we expect to see increasing support for the racquets program consistent with our expansion projects in this area. Refer to the microsite for more detail.

Point #6: Refund Obligation The Club has paid over $50 million in refunds to exiting Members over the past 10 years. The Club recognizes this refund as a contractual obligation to impacted Members that has been honored for the past 28 years. This obligation is solely predicated on sales of new memberships. The Capital Plan contemplates continuing to make refund payments to exiting Members in accordance with the Bylaws (in the “three for two” manner) and Membership Agreements signed by each Member.

GO Forward 2026 Major Capital Improvement Projects

The aforementioned six points provide context and transparency to the Club’s financial profile, highlighting key capital requirements and funding sources. The proposed GO Forward 2026 initiative includes five discrete capital improvement projects. These projects encompass a combination of requisite upgrades to existing amenities and the installation of new elements over the next three years.

• Renovate the Pine Course .................................................................................. $15 million • Expand Racquets .................................................................................................. $950,000 • Enhance the Short Game Practice Area ................................................................. $241,000 • Redesign the Estuary Kitchen ............................................................................... $450,000 • New Parking Lot ................................................................................................... $750,000

The primary funding source for these projects is the Capital Reserve Account and net new Member sales. The cost estimate for these projects is $17.4 million and our forecasts allow for anticipated fluctuations due to higher demand, supply chain shortages, and labor cost inflation. Refer to the microsite to view the five-year projections.

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Section II: Five-Year Strategic Financial & Capital Plan Member Impact

The eight big takeaways for Members that merit special attention are as follows:

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Based on this plan, the GO Forward 2026 initiative will not require any Member special assessment nor the assumption of any new debt.

The April Capital Project Dues billing of $3,000 for a Golf Member and $1,350 for a Sports Member ends in 2024 and is not expected to be extended beyond the original expiration date.

The October Capital Dues billing, starting in FY’22, will introduce a step-up increase to better align these dues with the actual cost to effectively maintain our plant and asset base. The Golf Member increase will be $1,850 and the Sports Member increase will be $250.

The October Capital Dues billing is projected to increase by 15% for each of the next four years but could be set to a lower percentage if circumstances allow.

All debt will be fully paid off in FY’26, except for $875,000, which will be paid off in FY’27.

The Capital Reserve Account, reflecting a balance of $7 million as of October 1, 2021, will be utilized throughout the next five years to pay off debt and fund projects.

At this time, a balance of approximately $9 million is projected at the end of FY’26.

The Refund Obligation will continue to be paid over the projection period in accordance with our Bylaws.

The financial position of the Club, after the GO Forward 2026 initiative, is projected to be stronger than ever.

Late 1980s

Club Conceived

1993

Clubhouse Built

1993

Pine Course Built

1997

Palm Course Front Nine Built

1999

Palm Course Back Nine Built

2002

Estuary Clubhouse Built

2003

Estuary Course Built

2015

Turnover of Club to Members Finalized

2016

Pool Café & Racquets Built

2017

Wellness Center Built

2022-2026

PROPOSED GO FORWARD PROJECTS

We encourage Members to access the microsite for detailed content about the Strategic Financial & Capital Plan and project information, including: • Renderings • Videos of interviews with key project stakeholders • Financial plans • Capital plans • Frequently Asked Questions Go to greyoakscc.com, log into the Member area, and proceed to click on Go Forward 2026 to access the microsite.

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Section III: Major Capital Improvement Projects GO Forward 2026 The GO Forward 2026 initiative includes five major capital additions and improvement projects, all of which are incorporated in the five-year Strategic Financial & Capital Plan: • • • • •

Pine Course Renovation Racquets Expansion Enhanced Short Game Practice Area Estuary Kitchen Redesign New Parking Lot

Development Process The Strategic Planning Committee and a Planned Capital Improvement Committee, over the span of the past two years, conducted strategic reviews that ultimately led to a slate of recommended capital improvement projects for the Board to consider for approval. This process included analysis of member survey information, competitive profiles of platinum and Southwest Florida clubs, member demographics, and industry trends. Potential projects were evaluated for strategic fit, and preliminary designs and cost estimates were developed for initial review. A campus landuse study was also conducted with the assistance of GradyMinor, a civil engineering and land planning firm, as an input to planning considerations. Recommendations were presented to the Board in July 2021 at which time the Board approved a subset of projects for advancement to formal RFPs, while management continued to fine-tune project details and cost estimates. An updated plan was approved by the Board to advance the five major capital improvement projects now labeled GO Forward 2026.

Highlights of the Capital Improvement Projects A profile of each project is summarized below. Please visit the microsite for more detailed information.

Pine Course Renovation (2023/2024) The renovation of the Pine Course provides a unique opportunity to enhance the foundational golf experience at Grey Oaks. With this capital improvement project, the infrastructure will be restored and the course renovated — embracing the existing charm, natural features, and current topography. Renovation will add several new features with fresh and thoughtful options for enhancing strategic play, course character and an exceptional Member experience.

A few highlights of the renovation are as follows: • The hole sequence and layout will remain the same. Additional tees, improved bunkers (with less overall area), wider fairways, and larger greens will help improve the aesthetics of the course, assist course maintenance, and elevate the overall golf experience.

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A great deal of new drainage will be installed to help the course better recover from storms and other inclement weather, allowing for quicker return to play. The entire irrigation system will be replaced with modern controls for a more efficient and costeffective operation. The system can be controlled remotely, which may help to reduce labor costs.

• The renovated Pine Course will still feel like it does today. Majestic trees, holes that turn nicely, challenging greens, and shallow bunkers will all be part of its future.

Adjustments will be made to bunker positions, alignments to some fairways, the expansion of approaches, and short-cut turf around greens. The greens will stay low profile to the ground, taking advantage of inherent topography and creating a variety of sizes and shapes. The contours of the putting surface will be modest and allow for approach shots to be played in the air and along the ground. The setup options for the Pine Course will expand with a range of new teeing areas and widened golf property, where possible, to provide enhanced golf strategy in that defined space.

• Andrew Green has been selected as the course architect. His resume can be found on the microsite. Andrew is considered one of the leading golf architects of his generation and is President of A.H. Green Design/Green Golf & Turf, Inc. To learn more about the exciting plans for the Pine Course renovation, please view the microsite for additional information.

Rationale for Decision The Pine Course has been a premium, foundational feature of our Grey Oaks golf experience.

The course has served our Members well for over 25 years and for many, the Pine is their favorite course. However, every golf course has a life span — as do all components of a course, including greens, tees, bunkers and irrigation. The Pine Course is approaching key milestones in aging and is due for renovation. For example: • Due to its age, the root structure is very weak, and we are at risk of losing it. Greens are getting smaller and are not the original design. The surface is becoming inverted, drainage is failing, and there is inconsistency between greens.

• The manual irrigation system is very antiquated and experiencing functional deterioration consistent with age and dated technology.

• Fairways have several types of grasses and serious drainage issues.

When the infrastructure needs of a golf course come due, that is an ideal time to also think about the opportunities to improve the play and quality of the course while replacing aging components.

A Master Plan then becomes the platform for the journey forward, as it has for the Pine Course.

As part of our long-range golf course master planning efforts, we must invest in a Pine Course Renovation to assure renewed infrastructure and an exceptional Member experience for the future. Refer to the microsite for a detailed breakdown of the overall cost of the renovation.

Estimated Cost: $15 million

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Section III: Major Capital Improvement Projects Racquets Expansion (2022) The Racquets Expansion provides added capacity for both tennis and pickleball to respond to emerging trends in racquet sports, increased Member demand, and additional opportunity for connection with the community. The four components of the project are as follows: •

Pickleball Courts – The project will create a new pickleball complex to include eight lighted pickleball courts and respond to the dramatic surge in demand and interest from current and prospective Members. Pickleball is the #1 fastest-growing sport across the United States. Many clubs in Southwest Florida have launched similar expansion initiatives or already completed the installation of more courts for their Members.

Added court capacity will expand our range of sports amenities and programming for active, healthy living.

•

Tennis Courts – Two additional courts will be added for a total of ten tennis courts.

This expansion will accommodate the increased demand in play since 2015, provide our Members both clinic and private lesson instruction when it is desired concurrently with morning recreation play, and more effectively support league play.

•

Sports Court – One redesigned and relocated sports court will be built and will be exclusively dedicated to basketball and other sports-related interests.

•

Children’s Playground – The Children’s Playground will remain in the same location as an important part of the family amenities offered by the Club.

Estimated Cost: $950,000

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Enhanced Short Game Practice Area (2022) Designed for an inviting Member experience, with more expansive and usable space, this improved short game practice area provides more practical simulation for short game shot making, instruction and simultaneous practice use. A renewed, first-class short game practice area, in the current position near the Performance Center, offers expanded capacity, as well as opportunity for added social engagement, friendly competition and a profile more fitting of the Grey Oaks identity as a premier golf community.

The presented rendering of the new short game practice area has been created by architect Andrew Green, inclusive of Member and staff input. It involves repositioning the green to create even more space.

This enhancement, along with leveling non-functional areas and adding a variety of target greens in the future driving range enhancement proposal, should create a much better practice/ instructional area.

Given our increasingly active golf Membership and continued interest in top quality golf amenities, instruction, and activities, the enhanced short game practice area is strategically aligned with the Grey Oaks brand.

Estimated Cost: $241,000

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Section III: Major Capital Improvement Projects Estuary Kitchen Redesign (2024) The Estuary will receive a total redesign of its kitchen space with new equipment and more effective use of the space. The redesign includes a state-of-the-art Hestan Cooking Suite, which is the layout used by top fine dining kitchens throughout the world. Our preliminary plans have been developed by world-renowned culinary designers Cini-Little.

Estimated Cost: $450,000

TERRACE DINING

14'-115 8"

83'-61 4"

7'-117 8"

MAIN DINING

5'-35 8"

5'-21 8" 9'-63 8"

COOKING SUITE W/ REFRIGERATED BASE

ICE

BEVERAGES

ELIMINATE WALL

OPEN BURNERS

KITCHEN

15'-10"

69'-63 8"

7 8"

2'-115 8"

5'-81 4"

0" 11'-111 4"

5'-81 4" PLATE DROP-OFF

PLATE PICK-UP

CHARGRILL

GRIDDLE

FRYER

5'-25 8"

FRYER

11'-4"

9'-01 2"

7'-73 4"

ELEV.

14'-75 8"

6'-33 4"

BAR AREA

OPEN BURNERS

7'-8

7'-1

4'-75 8"

POT wASH

JAN.

16'-97 8"

3'-0"

6'-37 8"

PREP

2'-25 8"

SLICER

2'-73 4"

6'-6"

MEN'S

6'-57 8"

COMB OVEN VENTLESS

DISH WASH

13'-61 2" 5'-85 8" 5'-63 8"

7'-101 8"

028 COOLER

030

WALL DESK

5'-113 4"

9'-113 4"

7'-53 8"

030

028

3'-23 8"

LOBBY

9'-93 4"

5'-81 8"

5'-87 8"

10'-41 8"

4'-11"

11

8"

3

PREP

5'-73 4" 3'-01 8"

7'-115 8"

42'-71 8"

16'-21 2"

MIXER

CLEAN

3'-87 8"

GRILLE ROOM

ELIMINATE WALL

DRY STORAGE

6'-53 4"

ELECT.

9'-73 4"

9'-73 4"

10'-53 4"

10'-27 8"

SERVICE

WOMEN'S

6'-33 8"

DINING

FREEZER

10'-13 4" 5'-33 4"

27'-113 8" 1'-5

SERV. ELEV.

1

3'-101 4"

9'-115 8"

1'-97 8"

11'-113 4"

4'-97 8"

9'-113 4"

11'-01 2"

8"

FOODSERVICE EQUIPMENT CONCEPT LAYOUT

1'-71 2"

13'-73 4"

13'-73 4"

SCALE: 1/8" = 1'-0" DATE: 12/02/2021

ESTUARY CLUBHOUSE MAIN FLOOR ESTUARY CLUBHOUSE MAIN FLOOR- 6,873 SQ FT

SCALE: 1/8"=1'0"

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New Parking Lot (2022) The Club will be adding a new parking lot for employees and Members, which will be located on property owned by Grey Oaks at the entrance of the Estuary, using part of what is now a retention pond. Since the design of the new pickleball and tennis facilities requires use of a part of the main parking lot near the Tennis Pavilion, there will be less overall parking capacity available on the East campus. Due to the loss in parking spaces, it will no longer be feasible to have employees use the main parking lot. Employee parking in the main parking lot was always considered a temporary solution after the Club discontinued utilizing the leased space adjacent to campus near the Livingston gate over concerns about its permitted use. As an interim measure, employees were granted authorization to use the main parking lot as spaces became available due to the shutdown of large Member events at the Main Clubhouse because of COVID. As we reopen the Main Clubhouse and consider the reduced capacity of future parking on the East campus, due to Racquets Expansion, we wish to ensure the Club has sufficient parking capacity while providing our employees with an alternative solution on property. The new parking lot on the West campus provides such a solution, and also provides the added benefit of overflow parking capacity for Members in the event of large functions at the Estuary. The repurposed space will include the appropriate aesthetics and lighting.

Estimated Cost: $750,000

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Projected Member Contributions to Capital Plan

Golf Member

FY’22

FY’23

FY’24

FY’25

FY’26

Special Assessment (1)

$3,000

$3,000

$3,000

---

---

---

$4,575

$5,261

$6,050

$6,958

Estimated Contributions

$6,978

$7,575

$8,261

$6,050

$6,958

Sports Member

FY’22

FY’23

FY’24

FY’25

FY’26

Special Assessment (1)

$1,350

$1,350

$1,350

---

---

ANNUAL CAPITAL DUES Pre Step-up (2)

$2,128

Step-up (3)

$1,850

Post Step-up (4)

ANNUAL CAPITAL DUES Pre Step-up (2)

$978

Step-up (3)

$250

Post Step-up (4)

---

$1,412

$1,624

$1,868

$2,148

$2,578

$2,762

$2,974

$1,868

$2,148

Estimated Contributions (1) Expires in FY’24

(2) Includes a 15% increase from prior year and billed in October 2021 (3) If approved, will be billed in June 2022 (4) Annual Capital Dues will be billed in normal October billing cycle in FY’23 and beyond.

Each FY incorporates a maximum 15% increase for presentation purposes.

Grey Oaks’ focus on excellence continues with the

Strategic Financial & Capital Plan

GO Forward 2026

We are excited to continue our journey together!

For more information, plans and financial documents, please visit greyoakscc.com, log into the Member area, and proceed to click on GO Forward 2026 to access the microsite.