2022 MASTER ANNUAL REPORT

Audit Committee and Consolidated Financial Report April 20, 2021

(Report on Pages 26 - 48)

AUDIT COMMITTEE Eric Wolf, Chairperson Michael Azeez, Board Liaison

Shelley Parker Robert Smolens Art Weinbach

Under its charter, the Audit Committee is broadly responsible for reviewing the integrity and objectivity of the Club ’ s Financial reports and accounting. Specific activities of the Committee include: recommendation to the Board for the appointment of the independent public accountants (the Auditors); review with the Auditors the adequacy of the system of internal controls and the sufficiency of financial statement disclosures; review of the scope and planning of the audit; review of the annual management letter from the Auditor; and recommend to the Board the approval of the annual audited financial statements.

The Charter also includes similar responsibilities in connection with the audited reports of the Club ’ s qualified retirement plan.

In September 2021, the Committee reported to the Board that the audit(s) resulted in a “ clean ” unmodified opinion. The Auditors ’ found no uncorrected misstatements, no disagreements with management, no unusual transactions, no difficulties performing the audit, no management letter comments noting internal issues, and no significant deficiencies or material weaknesses in internal control. The Charter further requires the Audit Committee to oversee the administration of the Club ’ s conflict of interest policy and questionnaire. In October 2021, the Committee reported to the Board that all required responses were received and provided the Board with a summary of responses that addressed either a conflict or perceived conflict under the Club ’ s policy.

The Committee would like to thank our Board Liaison and the Club ’ s Finance organization for their support and assistance.

Eric Wolf, Chairperson Audit Committee

2021/2022 Annual Report Page 25