QuarterlyClubhouseREPORT

status of the unused contingencies. There are two components of contingency, a “contractor” contingency (approximately $2 million) and an “owner” contingency of approximately $4.7 million. The aggregate of these two contingencies remaining available is more than $5.3 million reflecting $1.3 million utilized through September 30 to fund the net additional costs from change orders. We should be aware that the remaining contingencies will not necessarily still be intact at completion but, we believe, will be adequate to absorb future change orders. We have also paid careful attention to the construction schedule and continue to expect the completion of the building to be during the summer of 2025 with occupancy in time for the 2025-2026 season. Some of the construction milestones referred to above are the removal of the dirt “pyramid” as the porte-cochere is backfilled, the west parking lot is restored, commencement of utilities and sitework on the east side of the site, initiating the building of the racquet sport facilities, and, of course, the opening of the clubhouse in 2025 to allow management to train personnel to operate the building. Ownership has also established milestones, such as low voltage installation, interior furniture, fixture and equipment design, landscaping, kitchen equipment and site lighting. Obviously, all hands are on deck and busy processing changes to the drawings to reflect more than twenty-five revisions resulting from value engineering and other change orders. This report is as of September 30, and we already know that more than $1 million additional change orders will be processed in October, still leaving more than $4 million of contingency available with most of the drawings, timetable alterations and pricing changes already identified. We sincerely hope that this report will answer most, if not all, of the questions the community may have but we are happy to provide additional information that will answer any other issues that are raised. Thank you, Construction Committee