05.05.2023.FINAL ANNUAL REPORT

AUDIT Eric Wolf, Chairperson Jill Kremer, Board Liaison

Niles Citrin Shelley Parker Robert Smolens Art Weinbach

The Audit Committee is broadly responsible for reviewing the integrity and objectivity of the Club ’ s Finan cial Statements and Accounting operations. Specific activities include recommendation to the Board for the appointment of the independent public accountants for both the Association ’ s Financial Statements and the Club ’ s Qualified Retirement Plan (the Auditors); review with the Auditors the adequacy of the system of in ternal controls and the sufficiency of financial statement disclosures; review of the scope and planning of the audits; review of Auditor communications to management; and recommendation to the Board for the approv al of the annual financial statements.

The Committee has reported to the Board that the audits resulted in “ clean ” unmodified opinions, and the Board has approved the financial statements.

In regard to the Committee ’ s goals for FY2023, the engagement letter process with the Auditors has been streamlined. The Committee has accelerated the timing of the administration of the annual Conflict of Inter est policy, and participated in the implementation of the newly adopted Whistleblower policy. The Commit tee has expanded its activities related to review of additional “ out of scope ” work by our Auditors related to internal controls, operating processes, benchmarking, and financial management of construction activities. We have also improved communication to the Board and Membership through frequent presentations at Board meetings.

The Committee would like to thank our Board Liaison and the Finance staff for their support and assistance.

Eric Wolf, Chairperson Audit Committee

2022/2023 Annual Report Page 24