CBP_11_09_21_v15

LONG TERM PROJECT PLAN

THE MAJOR CAPITAL ITEMS IDENTIFIED IN THE PLANS ARE ESTIMATED TO COST $40.1 MILLION. THESE ITEMS WILL BE FUNDED FROM THE FOLLOWING SOURCES:

CAPITAL IMPROVEMENT FUND UNDER THE FOLLOWING ASSUMPTIONS:

NOTE: As of November 1, 2021, the Club has total cash balances in our Truist accounts of $20,856,612. It is estimated that at fiscal year end April 30, 2022, free cash, available for future capital expenditures, will be approximately $8 million. This would cover the estimated costs of the renovation of golf and landscape maintenance building and estimated costs of the Beach Club Renovation, with approximately $1.5 million remaining for future capital needs.

• Current free cash balances. (see Note) • Members will continue to pay $200 per month into the Capital Fund. • The new member equity is $200,000; with a refundable portion of $60,000. • The non-refundable portion on eight (8) home sales will be reserved to repay the • clubhouse debt. • New home sales will average eighteen (18) per year. • The annual capital budget previously averaged approximately $1.5 million a year. The capital budget will be reduced during the clubhouse project’s planning and construction period and first five years of operations. It may or may not revert to the annual average, which cannot be predicted at this time. • A minimum of $1 million will remain at all times in the Capital Improvement Fund. • The POA Reserve will be used to fund the POA projects. The POA Reserve is funded through borrowing from the Club Capital Fund and POA maintenance fees.

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