Pre-Development

The 360 acres of the land, which now comprises most of Crown Colony Golf & Country Club (CCG&CC) and the Crown Colony community, at one time was acquired by a group of investors headed up by a Fort Myers realtor and land investor. He along with the other investors accumulated the parcels and set up a land trust with the idea of holding the property for a few years and then selling at a profit.

After retaining the undeveloped property for several years, the investor group was ready to sell the property and offered the opportunity to purchase the property to another group headed up by another local realtor who was a fishing buddy of the first realtor. Along with a partner, he formed the Winkler 360 group whose major investors were from Argentina. The Argentinean investors purchased the property sight unseen with the intent to hold it for 4-5 years and then resell for a profit.

As is typical in these types of real estate investments, the land was held in trust with the realtor and his partner as cotrustees. A relative of the realtors provided the above information concerning the ownership of the property as well as the use of the land prior to the development of Crown Colony.

The north frontage on Winkler Road started at the drainage ditch south of the fire station and ended at the Synagogue. The fire station, the Synagogue, and the Stoneybrook subdivision, south of the Synagogue, were in existence at the time the property was acquired by the Winkler 360 group of investors. The eastern property line adjacent to the preserve property is a mile in length. Holes 14, 15, and 16 are located west of this boundary line. The south property line ran along the north side of a drainage ditch from the preserve back to Winkler Road. The land for the most part was naturally high and dry except on the east property line which held water in the rainy season. Palmetto trees were quite abundant and the berries were harvested for use in prostate treatment.

In addition to the many pine and oak trees, there were melaleuca trees on the east side of the property and Australian pines on the south side of the property. Melaleuca trees were imported from Australia over 50 years ago and are now required to be removed as property is developed. One of the investors in Winkler 360 from Argentina did come to Fort Myers to look at the property. Not realizing that the value of the palmetto pines was very limited, he suggested that the numerous palmetto pines could be dug up and sold for a good profit. Twenty to twenty-five cows and a bull were kept on the property for breeding purposes which in turn retained the property’s agricultural tax base. Each year the calves would be sold. The grass that the cattle ate was not the best so supplemental nutrients were provided. In order to keep the cattle on the property, the entire property was fenced with barb wire fencing. Remnants of the fence still exist. One of the cows seemed to always find a way to get through the fence and on one occasion was found eating the vegetables in a garden planted by the school children at the synagogue. They didn’t mind as it provided them with the opportunity to see a real live cow up close. On another occasion the south gate was damaged by a car and the cattle ended up off the property and cowboys on horseback were brought in to lasso them so they could be returned to the property. There were two lakes on the property. The lake which is located south of the homes on Dartmoor was the source of water for the cattle. To the west of the lake, a beekeeper had several very productive hives with the bees feeding on the mangrove blossoms. A second lake located in the area of the 14th hole, although quite shallow, provided good catch and release bass fishing.

Access to Hendry Creek east of the property provided good fishing for snook. Hogs provided the opportunity for some hunting. No deer hunting was allowed as special deer feeding stations were hung from some of the trees. Another area of the property was used as a shooting range. Before Centex purchased the property, twice the property was under contract for sale by the Winkler 360 trust. One group looking to buy was composed of Japanese investors who spent approximately $500,000 in planning for a development including contracting with Pete Dye to design a golf course. Based on the economy, eventually they chose to walk away from the deal. Early History 2001-2006 The early history of Crown Colony Golf & Country Club, a Ron Garl designed course, is directly associated with the residential development of Crown Colony. Both the Club and the residential community were developed at the same time by Centex Homes. Crown Colony was the first Centex golf community development where they also built all of the homes.

The final Crown Colony Community Development Plan was recorded with Lee County on March 12, 2001; however, with Lee County approval, construction of the golf course, clubhouse, and the community infrastructure for the initial phase of the community began prior to that time. The general contractor for the golf course was Highland Golf, Inc. Centex Homes owned all of the property within Crown Colony and only sold off the individual parcels as homes were built. There were three founding members of the Club, all employees of Centex Homes a Nevada General Partnership. Their names are listed in the Appendix. Marketing of both homes and non-equity memberships in the Club began in early 2001. The initial Golf memberships were sold for $25,000. Over time the price escalated in steps to a high of $45,000. Sports memberships initially were $15,000. Both golf and sports memberships sold to non-Crown Colony residents were callable by Centex Homes in the event that the maximum number of golf members (at that time 400) was reached. All golfing memberships were Non-Equity and totally refundable under certain defined circumstances. Initially anyone purchasing a home in the community had an option to become a non-dues paying social member of the Club by paying a $100 one time non-refundable administrative fee. These non-transferable memberships automatically terminate if the member no longer owns property in Crown Colony. No one living outside the community was eligible for these social memberships and no other form of social membership was available to non-residents. Construction of the clubhouse and golf course facilities was completed late in 2001. Photos of the course during construction are on the CCG&CC Website. The course was officially opened for play on November 9, 2001. The Tern and comfort stations were opened later as sewer, water, and electrical connections were completed. Prior to opening, Centex contracted with Crown Colony Management, Inc., a company not affiliated with Centex, to operate the Club.

A change in management was made in the fall of 2002 when Coral Hospitality was retained by Centex to manage the Club. Coral continued to manage the Club until purchased by the members effective July 1, 2010. In addition to selling new memberships as well as annual memberships, outside play both out of and in season was welcomed and continued until January 1, 2006. At that time, Coral initiated several changes including the 20 percent service gratuity, cell phone policy, elimination of cash transactions, and better enforcement of the dress code policy. During the early “formative” years, the Club implemented many golfing events. Tuesday Men’s and Thursday Ladies’ golf events, and Club Championships for both the Ladies and Men were established in early 2002. Men’s and Ladies’ Invitational tournaments began in 2002. Additionally, individual members started individual games with sign-up sheets that enabled both new and existing members to easily “find a game”. In 2006, the Men’s East/West Tournament was initially started by two members. The Ladies East/West Tournament followed in 2010. The Ladies 9 Hole Championship Tournament was first played in 2007 as was the Couples Invitational. The first annual Shootout Championship was also played that year. See the Appendix for listings of the winners of the Club Championships, East/West Tournament, Couples Invitational Shootout, and the Shootout Championship. After the course opened, Centex acquired additional property west of the initial development and built a new #2 hole also designed by Ron Garl and built by Big Tree, Inc.

The original #2 hole was located directly south of #1 and west of the pond adjacent to #8 hole. The new #2 hole was finished in 2004 which changed the original layout of the course. See the photos of the construction. After opening the new #2 hole, new homes were built on the original second hole property and also built adjacent to the first green. Additional residences were also built adjacent to the new #2 hole. These additions increased the total number of residences in the community to 552. A Shared Facilities Agreement was entered into by Centex and the Community Association in March of 2002. This agreement provided for the joint use of the pool, tennis court, amenity center, and parking lots by the residents of the community and the Club members. This Agreement was later amended on June 1, 2005 eliminating any rights of the non-resident Club members to use the amenity center, swimming pool, and tennis courts. Only the parking lots continued to be included in the Shared Facilities Agreement. In early 2004, several changes were made to the Membership documents. The maximum number of Golf Members was reduced from 400 to 375 and a maximum of 100 was established for Sports Members. No maximum was established for social memberships. Non-resident memberships were no longer callable and Non-dues paying social memberships were no longer issued. New social memberships required a $3,000 membership deposit and the payment of annual dues. The first dues paying social membership was sold in April 2004 and in November 2004 the deposit required was increased to $4,000. These new social memberships also were Non-Equity and refundable. Existing non-dues paying social memberships were grandfathered subject to the requirement to continue to own a residence in the community. Associate golf memberships were also introduced. Associate members were required to pay an initial payment of $20,000 ($10,000 at signing and $10,000 in six months) and annual dues. Associate members in turn agreed to remain Club members for a minimum of two years. After the two year period, an Associate Member could resign and receive a refund of the initial deposit.

These Non-Equity memberships were callable and, upon proper notice, could be terminated by Centex any time after December 31, 2008 unless the Associate Member opted to convert to a Golf Member. Transition Period 2006-2010 Based on the number of homes sold and, as required by state law, control of the Community Association passed from Centex to the residents of Crown Colony in 2006. As part of this change in control, over the next several months, ownership of the common areas in the community were deeded to the Community Association. This included the amenity center, swimming pool, and tennis courts. Centex continued to own the parking lots and the golf course facilities. Since Centex was not interested in the long term ownership of the Club and all available lots within Crown Colony were sold, Centex directed Coral Hospitality in November 2006 to send a letter to all the Members stating that Centex had no desire to operate the Golf Club on a long term basis and preferred to sell the Club to the members or alternatively to sell the Club to a third party. In the letter, volunteers interested in serving on a Transition Committee were asked to complete an application. The Transition Committee charge was to serve as a liaison between Centex and the Membership of the Club with the responsibility of conducting due diligence, gathering information, exploring the feasibility of acquisition of the Club, conveying information to the Members, and outlining options to assist the Members in arriving at a decision as to what the Members desired as a group, if anything, regarding the acquisition. In total, there were 17 Members who volunteered to serve. Coral and Centex established the Transition Committee on February 12, 2007 choosing seven members from those who volunteered. Although the seven members had strong business and/or legal expertise, none had any strong accounting background nor were any of them full time residents of the community. At the urging of the initial seven members, a full time resident member, who was a CPA, was added as the eighth member. A list of the Committee Members is included in the Appendix. Before any documents were provided to the Committee, each member of the Committee was required by Centex to sign a Non-Disclosure Agreement. The original draft provided by Coral was unacceptable to the Committee members and was not finalized until June of 2007. By the end of March 2007, the Transition Committee had met as a committee twice and also had two meetings with Coral Hospitality representing Centex. Although some general financial and membership information was provided prior to these meetings, evaluation of the opportunity to purchase was very limited until the Non- Disclosure Agreements were signed. At the second meeting, Coral estimated it would take 10 to 18 months to finalize and close the acquisition.

Coral not only managed other golf courses, but also owned one course so the Committee obtained a commitment from Coral that they would not attempt to purchase the Club as long as negotiations on behalf of the Members were in play. The Committee continued the process of evaluating the feasibility of the Members purchasing the Club and completing the initial due diligence research. As the Membership documents did not contain any language regarding conducting a vote by the Members, the Committee requested a change in the documents to provide for a vote. Centex was reluctant to make any changes as no negotiations had occurred. Centex did agree that a “show of hands” vote would be acceptable to them. A meeting of the Membership was held on February 1, 2008 to discuss the Committee’s findings and recommendations. Approximately 140 members were present at this meeting. Coral Hospitality, on behalf of Centex, presented the goals of Centex and Coral as well as historical data and their projected financial information into the future. The goal of selling the Club to the members, if possible, and, if not, to a third party was again restated. Following their presentation, the meeting was closed to anyone except Club members. The Transition Committee reported on the discussions with Coral/Centex, the Committee’s view on Coral’s financial projections considering additional costs of operating the Club, the overall economic conditions in southwest Florida, and how a third party purchaser would evaluate the Club and operate it in the future. The Committee recommended that the purchase of the Club should be pursued. Additionally, the Committee presented the following goals for any acquisition made by the Members: • Protect the Member Investment in the golf course and in the community • Continue to deliver the advantages of a private golf club • Professionally manage with reasonable and competitive dues • Minimize any additional capital investment or operating assessments At this point the Committee’s initial responsibilities were complete.

After a review of the projected time line and further questions from the Members present, the Members, almost unanimously, voted to not only proceed with negotiations to acquire the Club, but also to have the Transition Committee handle the negotiations with Coral and Centex. Although all eight of the members agreed to remain on the Committee during the negotiations, three of the eight members of the Committee handled the direct negotiations with the other five involved with due diligence efforts. As with any acquisition of a business, extensive additional due diligence was required. Much of this work was done by the Committee members and also by other Club members who volunteered to help. See the Appendix for a list of Club members who provided valuable assistance to the Transition Committee.

The following list includes but is in no way a total listing of the due diligence which was accomplished prior to closing:

  •  Review of the various membership documents
  •  Review of the deeds to the various parcels of land included in the purchase
  •  Review of all contracts, leases, insurance, personnel, licenses, permits, etc.
  •  Determine deferred maintenance on course and clubhouse
  •  Review existing equipment for course and clubhouse
  •  Determine appropriate future membership pricing
  •  Reviews P&L statements and accounting records
  •  Project future P&L statements for the following five years
  •  Evaluate existing personnel and need for a management company
  •  Establish a banking arrangement to insure a line of credit
  •  Determine the ability to procure property and liability insurance

Centex’s employee responsible for the sale changed several times as they continued to scale back their operations in light of the economy. As a result, the negotiations dragged out over an extended period. While negotiations were slowly proceeding, in order to reduce the costs involved in the future sale of the Club, Centex formed a new corporation, wholly owned by Centex Homes, and transferred all of the assets and liabilities of the Club into the new corporation (Crown Colony Golf & Country Club, LLC, a Delaware Limited Liability Company). A verbal agreement with Centex outlining the terms of the acquisition was reached in early 2009. A meeting was held with the members on April 13, 2009 to discuss the terms of the verbal agreement. For those members who were not able to attend this meeting in person, the meeting was also available on the internet through U-Stream. At the meeting, the membership voted to approve the acquisition based on the terms that had been negotiated. About the same time, Centex and Pulte Homes announced that Centex would be merged into Pulte This merger was completed in August 2009. This further delayed the purchase of the Club and the twelve page Letter of Intent was not signed until August 2009. After the merger was completed, Pulte opted to have their employees handle the negotiations directly with the three Transition Committee representatives. At the April meeting, the need to fund costs for legal and other expenses along with the expected cost per member was discussed. Since the Committee had no authority to invoice any Club Members, voluntary donations were requested from the Members with no guaranty that the purchase would be completed. Following the meeting, the Committee finalized an arrangement with a law firm that had experience in handling acquisitions of Clubs from developers. Additionally, a request for donations was sent to the members. Suggested donations were Golf members $500, Sports $250, and Socials $100 with the understanding that after closing, additional funding would be required and each Golf member would need to pay a total of $1,500, Sports $750, and Dues Paying Socials $200. Before closing, a second request for donations was made and additional funds were donated. Even though there was no guarantee that the Club members would purchase the Club, the Membership was very supportive of the efforts and, in total, $286,050 in voluntary donations were received. In order to receive and disburse the funds, the Transition Committee formed CC Transition, Inc., a not for profit corporation which was dissolved shortly after closing. After closing on the purchase and paying expenses, $56,803.35 was transferred to the Club from CC Transition, Inc. The officers of this corporation were all Committee members and are listed in the Appendix.

No Member of the Club received any compensation and all work done by the Club members was voluntary. In September of 2010, a special dues invoice was sent to all dues paying members for the above amounts less a full credit against this billing equal to the amount of their prior voluntary contributions. No further payments from the Members were necessary in conjunction with the acquisition. An Agreement for Purchase and Sale of Property was entered into by the parties on March 8, 2010. The parties included were Centex Homes, a Nevada general partnership, Crown Colony Golf & Country Club, Inc., a Florida not-for-profit corporation, Crown Colony Golf & Country Club, LLC, a Delaware limited liability company, and CC Transition, Inc. The Agreement, a 52 page document, included another 111 pages of exhibits. Two amendments to the Purchase Agreement were executed prior to closing. The Purchase and Sale Agreement required that several contingencies needed to be met before closing. Included in these were: • A vote by the Non-Equity dues paying members to approve changing the Non-Equity Membership Plan to provide for a method to conduct a formal vote of the members to approve the acquisition and another change to provide for the assessment of future operating losses. These changes were necessary as the Membership Plan did not contain any specific language on voting and prohibited any operating assessments • Approval of the Agreement by Pule Asset Management Committee. • Seller obtaining the necessary easements, subject to closing, from the Community Association providing for the Club to have rights of access, maintenance, and repair with respect to the bridge and the island green for hole #11, the bridge across preserve areas on hole #14, and the cart path leading from the clubhouse to the tees for holes #1 and #10 as these properties had been previously deeded to the Association. • Obligation for Seller to agree with the Association on the amount due the Association for 2009 and all other periods prior to closing for all Lake Maintenance charges due the Association and to pay the Association the agreed amount.

Prior to closing the Equity Membership Plan, Bylaws of the Equity Club, and new Rules & Regulations, consistent with a member owned club, were drafted. In order to obtain a commitment for insurance to be in place upon closing, it was necessary to have a valuation of the club facilities by an independent appraiser. Based on the replacement cost less depreciation, the appraiser placed a value on the property being acquired of $5,663,427. A firm commitment for a line of credit with the bank was obtained to insure that funds could be borrowed in the future if necessary. In March 2011, the final documents for the line of credit, secured by a mortgage on the property, were executed. McGladrey and Pullen, an accounting firm that serves many private clubs throughout Florida, was retained by the Transition Committee and became the Club’s accounting firm upon closing. At a meeting of the Members on April 15, 2010, the Members voted to approve the formation of the new Equity Club, the acquisition of the Club facilities as provided in the Purchase and Sale Agreement, the Proposed Bylaws, and the offering of Equity Memberships as provided in the Equity Plan Summary.

Additionally, the Committee explained that it was essential that in order to close, most, if not all, Non-Equity Members needed to convert to Equity upon closing. This was necessary in order to have a Balance Sheet that would be acceptable to any bank. The Non-Equity Deposits became Equity Contributions and on the Balance Sheet moved from the Liability side to the Equity side. Subject to closing, several Members elected to convert that evening and most others did before closing. The Club was being managed by Coral Hospitality with an interim general manager in place. Subject to closing, the contract with Coral was terminated by Centex. Interviews for a new General Manager were conducted. Prior to and subject to closing, an employment agreement was reached with a very qualified applicant to be the General Manager. Although the Club had no obligation to employ any of the existing employees upon closing almost all of the existing staff was retained. Closing took place at Pulse’s offices in Estero on June 30, 2010 with an effective date of July 1, 2010. At closing, Crown Colony Golf & Country Club, Inc. acquired Crown Colony Golf & Country Club, LLC. Upon closing the LLC corporation was merged into Crown Colony Golf & Country Club, Inc. The Club assumed several contracts for the operation of the club including the lease on the golf carts. The largest obligation assumed was the requirement to repay the membership deposits which totaled $6,928,000. A third amendment to the Purchase and Sale Agreement concerning the settlement of a post-closing disagreement regarding pro-rations was entered into on May 25, 2011. There were no further post-closing issues between the Club and Centex/Pulte Post Acquisition 2010 On the evening of July 1, 2010, a celebration party for all Members was held at the Club. As many of the Members were not in residence, the number of Members who were in attendance at the party was limited.

A joint press release was sent out by Pulte and the following day an article concerning the transaction appeared in the News-Press. See Appendix. In accordance with the Equity Membership Plan, the first Board of Governors was comprised of seven of the Transition Committee Members. At the first Board meeting held on July 1, 2010, the officers were elected A list of the initial Board members is included in the Appendix. The Board confirmed the employment of the General Manager as well as acceptance of the Equity Membership Plan Agreements from those Members who, subject to the acquisition of the Club by the members, had previously elected to convert to Equity.

The Board also approved a Trial Membership program and changes in the transfer fees charged when a Member leases out the membership to a tenant renting the member’s home. Although the Board determined that it was essential to operate in a very fiscally conservative manner, recognizing the issue of deferred maintenance that existed and needed upgrades for the balance of the year, the Board budgeted $100,000 for this purpose. The very first change to the Clubhouse was to remove the fireplace in order to open up the bar area. Other changes included new high tables, bar stools, flat screen TVs, a portable dance floor, carpeting in the grill room, and new grill room chairs. A computer for the pro shop and a washing machine to clean the range balls were purchased, and an invasive grass removal program also was implemented. Other early projects included the cleaning of the Clubhouse roof and the trimming of the vegetation in the preserve on the 14th hole. In conducting the due diligence, an Agreement between Centex and the South Florida Water Management District was found. This agreement provided the right to trim this vegetation. A new drop area on hole #11 was added and was later expanded. As the equipment used on the course was in dire need of replacement, in October 2010 virtually all new equipment was obtained by leasing with a term of 48 months.

2011

In early 2011, lighting for the walkways from the parking lots to the front entryway of the Clubhouse was installed. The Club and the Community Association cooperated in the purchase of automated external defibrillators. As the Bylaws required an annual meeting of the members in February, March, or April of each year, the first annual members’ meeting was held on April 7, 2011. In accordance with the Bylaws, at that meeting three new Board members were elected to three year terms, raising the total to nine Board members, as one of the initial Board members was replaced. At the meeting, the members voted to approve two amendments to the Bylaws. The first, covering the exemption of leases from the borrowing limitation, was necessary due to a requirement by the Financial Accounting Standards Board to require all leases be classified as debt on the balance sheet. The second provided Sports and Golf members, whose memberships are resold, the ability to immediately rejoin as Social Members. Although the upland preserves adjacent to the course are owned by the Club, the Community Association, in the summer of 2011, agreed to reimburse the Club for the cost of conducting a “fire cut” on upland preserves adjacent to residences within Crown Colony. The County had to grant approval for the fire cut and also required that a third party monitor the work being done. As the Community was not satisfied with their current contractor, the Club entered into an agreement with the Community to perform some daily maintenance on the tennis courts. The Club also agreed to provide temporary desk space at no charge for the community manager. Other changes in 2011included a re-rating of the course, a donation of the flag pole adjacent to the putting green by a member, a change in auditing firm to Myers Brettholtz & Co., and the early renewal of the cart lease program. The early renewal eliminated the risk to the Club for all maintenance costs associated with the 4th year of the previous lease, reduced the number of carts from 80 to 75, and included maintenance costs for all 4 years of the new lease. The Board approved the implementation of a food minimum for the first time in the history of the Club. The minimum applied to all members both dues paying and non-dues paying members.

2012

In early 2012, a meeting was held with the Equity Members and Non-Equity dues paying Members to discuss changing the membership documents. Subsequently a special meeting of both the Equity Members and the Non-Equity Members was conducted on February 9, 2012. The purpose of the meeting was to conduct a vote on amending both the Equity Membership Plan and the Non-Equity Membership Plan. Separate votes were necessary with each group comprised of the members subject to the Plan being voted on. The Equity Members approved the changes, the Non-Equity Members did not. As a result, only the Equity Plan changed as follows: • A new method (the “Priority List”) by which members could resign from the Club. With limitations on the number of members who can resign under this amendment, it allowed members to pay dues two years in advance and leave or downgrade after the two year period by donating their Equity Membership Contributions to the Club. • The ability to temporarily transfer the membership to a spouse or permanently transfer the membership to a spouse, child, etc. These allowed for the spouse of a member to serve on the Board of Governors and also provided a legacy option to pass the membership on to future generations. • The restructuring of the method for determining the calculation of the amount paid upon the sale of an existing membership. This change applied to the resale of a membership via the Resignation List and solved a problem in that memberships being resold were entitled to a full refund of their original Equity Contribution which greatly exceeded the amount for which the membership was resold. As a result of this change, the amount of Capital dollars going into the Capital account was sufficient to provide for anticipated capital expenses. Changing the refund amount to the market value of the membership when resold allowed the Club to keep Equity membership dues increases reasonable. The second annual meeting of the Membership was held in April 2012. At that time, three new Board members were elected replacing three of the original Board members. Additionally, since the Non-Equity Members had failed to approve the changes to their Membership Plan, projected increases in dues for these members based on estimated increased costs to administer their Plan were presented. With appropriate adjustments to be effective January 1, 2013, the Non- Equity Members were individually offered the opportunity for a period of 45 days to convert to Equity, with many of them converting. The Board presented to the membership the plans to rebuild and expand the practice area. The project, contracted to American Landscaping and Labor, Inc., commenced on July 5th and was completed on October 13th. In addition, repairs were made to the parking lots which were then were resealed. Due to heavy rains and drainage issues, the bulkhead on hole #5 collapsed and was rebuilt using a relatively new method of repair (Dynamic Seawall Maintenance System). This method utilized helical anchors installed horizontally to a depth of 14 feet rather than dead men anchors as originally installed when the course was built. After the Board established a special committee to develop and implement a membership survey, the first Membership survey was conducted in July 2012. The survey provided an opportunity to evaluate membership satisfaction, provide membership input to the Board, and establish a baseline to compare the results of additional surveys in the future. In November of 2012, after the resignation of the Head Golf Professional, a special committee was established to find a replacement. The PGA of America Career Links Hiring Solution system was utilized as well as word of mouth. More than 110 resumes were received. After all the resumes were reviewed, the committee narrowed the list to ten. Each of the most qualified candidates was then interviewed by telephone using a common set of questions. Each interview included two to four of the committee members. Additionally, the existing 1st Assistant was interviewed in person using the same set of questions. The list was then narrowed to the top four. The committee then decided that their recommendation to the Board should be the existing 1st Assistant who was promoted. In turn, another existing employee was promoted to the 1st Assistant position. Late in the year, a group of Club members funded the total cost for the pedestal clock which was installed adjacent to the putting green. The first annual Winkler Road golf outing was held in mid-December. The year ended with the Club having a $49,000 profit before depreciation, the first since the Club opened.

2013

In February 2013, the Dress Code was updated. In April at the annual meeting, three new Board members were elected, replacing the last three from the original board. In May, the Club became the home course for the Canterbury High School Varsity Golf Team and the Long Range Plan Committee was formed. Effective June 15th, Membership contributions for Golf increased from $16,000 to $18,000, Sports from $8,000 to $9,000, and Social from $1,000 to $2,000.

These were the first increases since the Members acquired the Club. During the summer and fall, the dining room was updated with new paint, carpeting, drapes, and chairs. Major repairs were made to the precast concrete exterior walls of the Clubhouse. The exterior walls were then repainted as were the exterior walls of the cart building, the Tern, and the comfort stations.

A Member donated a new glass washer for the bar as well as the installation costs. As a result of input from the members on the survey, the first annual fall Town Hall meeting was held in November to provide the members an opportunity to receive an update from each of the committees as well as ask questions of the Board. At this meeting, the membership was advised that the club would be closed for two months during the following summer for the bunker renovation project.

2014

At the Annual meeting held in April, three new Board members were elected. The Board announced again the closing of both the Clubhouse and Golf Course for the bunker project. During the summer shut down, Glase Golf Construction completed the bunker renovation project on time and on budget. This was the largest and most costly renovation project in the 13 years the Club had been open. Ron Garl, the original course architect, was consulted to make certain that the changes were in keeping with the original design of the course. Repairs were made to the cart paths which were then seal coated.

New concrete approaches and exits were installed for the bridges. As membership continued to grow, the Board determined to again increase the Membership contribution for new members to $20,000 for Golf, $10,000 for Sports, and $2,500 for Social effective June 1. The second membership survey was completed with very favorable results. During the summer while the work was going on the course, improvements were also happening inside the Clubhouse. New marble floor tiles were installed to replace damaged tiles and the entire tile flooring was sanded and sealed. The pro shop was updated with new carpeting, paint, some new displays, and cabinets in the storage area. The men’s and ladies’ card rooms were redecorated as well as the ladies locker room. Three new point-of-sale computers and a new telephone system were installed. The fall “Town Hall” meeting for members was held. At the meeting, the annual dues schedule for 2015 was presented with two basic changes made to insure the continued strong financial position of the Club. First was adding in an additional amount to create an operating reserve fund and the second was adding in an amount specifically to help fund capital reserves out of dues.

2015

The Nominating Committee recommended three members for election to the Board of Governors to replace the three outgoing Board members. Since no other nominations were made by the membership and in accordance with the Bylaws, at the annual meeting no vote was required, and the new Board members, each serving for three years, were introduced. The Board voted to increase Equity Contributions to $22,000 for Golf and $11,000 for Sports memberships. Additionally Social memberships will require a $3,000 Equity Contribution which will not be refundable.