Title: UPRD Finance Committee Meeting Agenda_08.19.2026_V1
Author: Paul Fay

3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817
Phone: 407-723-5900	Fax: 407-723-5901
https://universityparkrd.com/

The meeting of the Finance Committee of the University Park Recreation District will be held on Wednesday, August 19 at 3:00 pm at the Business Offices located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.
Meeting ID: 873 3546 9545 Passcode: 899142
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Finance Committee Meeting Agenda

Organizational Matters
Call to Order
Roll Call to Conﬁrm Quorum
Public Comment Period
Administrative Matters
Approval of Meeting Minutes
July 15, 2026 Meeting Minutes
Introduction of New Committee Members, Establishment of Roles
Presenter: District Management, District Counsel

Staff Matters
Review of July Financial Summaries and Membership Report
Capital Projection of Sources and Uses
Status of Reserve Schedule as a result of Departmental Meetings
Business Matters
Review of Bank Proposals, Discuss Recommendation regarding Line of Credit and Banking Relationship
Presenter: Craig Dwight
Discuss & Recommend Proposed Operating Budget (Enterprise Fund) FY 2027

Discuss & Recommend Proposed Capital Budget (Enterprise Fund) FY 2027

Discuss & Recommend Proposed General Fund Budget FY 2027

Discuss & Recommend Proposed Debt Service Fund Budget FY 2027

Discuss & Recommend Proposed Capital Irrigation Fund Budget FY 2027

Current Status of Irrigation Project and Regions Note

Status of Capital Approval Process
Presenter: Dick Crouch
Review of Progress on Cost of Ownership Project
Presenter: Tony Crisafio
Capital Raising Activities
Presenter: Alan Port
Review and discussion of capital income scenarios
Next Meeting Scheduled
Date | Meeting Type | Time | Location | Note
September 16, 2026 | Finance Committee Meeting | 3:00 pm | Business Offices | In person or by Zoom

Finance Committee Member Requests & Comments

Public Comments

Adjournment

Approval of Meeting Minutes
July 15, 2026

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Wednesday, July 15, 2026
3:00 PM
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members Present:
Richard Crouch	Chair (in person) Alan Port	Secretary (via Zoom)
Tony Crisaﬁo	Member (in person)
Craig Dwight	Member (in person)
John Baran	Member (in person) Also Present (in person and via Zoom):
Steve Swanson	Treasurer, UPRD Board of Supervisors
Paul Fay	Controller, University Park Country Club
Curtis Nickerson	Director of Property and Facilities, University Park Country Club Sydney Johnson	Communications Director, University Park Country Club Members of the Public

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The meeting was called to order at approximately 3:00 PM by Mr. Crouch. Roll call was conducted,
and a quorum was conﬁrmed with all ﬁve Committee members present in person or via Zoom.
Introduction of New Committee Member
Mr. Crouch welcomed John Baran to the Finance Committee. Mr. Baran summarized his professional background as a retired certiﬁed public accountant and PricewaterhouseCoopers partner with experience serving not-for-proﬁt hospitals and higher-education institutions, as well as prior service as a hospital chief ﬁnancial officer.
Public Comment
Public comments relevant to individual agenda items were received during the related discussions.

SECOND ORDER OF BUSINESS	Administrative Matters Review of Committee Terms
Mr. Crouch reviewed the Board-assigned Committee seats and staggered terms. Tony Crisaﬁo,
Craig Dwight, and Alan Port were assigned two-year terms. Richard Crouch and John Baran were

assigned initial one-year terms. Mr. Crouch and Mr. Baran conﬁrmed their intention to seek
appointment to two-year terms beginning August 1, 2026.
Approval of Minutes – May 20, 2026 Meeting and June 17, 2026 Workshop
The Committee reviewed the May 20, 2026 Finance Committee Meeting Minutes and the June 17, 2026 Finance Committee Workshop Minutes. Mr. Dwight requested that the June 17 minutes be corrected to reﬂect that he participated via Zoom rather than in person.

On MOTION Mr. Dwight, duly seconded Mr. Baran, with all in favor, the May 20, 2026 Meeting Minutes and June 17, 2026 Workshop Minutes were approved unanimously, as amended (5-0).

THIRD ORDER OF BUSINESS	Staff Matters
Review of June Financial Summaries and Membership Report
Mr. Fay reviewed ﬁnancial results for the nine months ended June 30, 2026. The net operating result was approximately $1.2 million, or approximately $322,000 favorable to budget. Overall revenue was approximately $266,000 favorable to budget, driven primarily by golf operations, including outside rounds and merchandise sales.
Golf operations expenses were approximately $29,000 unfavorable, largely due to merchandise cost of goods sold, and golf course maintenance was approximately $50,000 unfavorable, reﬂecting projects being completed earlier than budgeted. Dining, and general and administrative expenses remained favorable to budget, while racquets and ﬁtness expenses were unfavorable to budget with the over budget epenses supporting over budget revenue. The decline in cash of approximately $352,000 was described as typical for the period.
Key performance indicators included a year-to-date net operating margin of approximately 13.1 percent compared with a club benchmark median of 0.7 percent; labor at approximately 50 percent of operating revenue compared with a 57 percent benchmark; and a food-and-beverage net loss of approximately 19.94 [I think this should be 19% or 20% because the minnutes say “approximately” ] percent of revenue compared with a benchmark loss of 33 percent.
Mr. Dwight recommended adding liquidity measures, such as cash on hand relative to ﬁxed costs. Mr. Fay and Mr. Dwight will develop and test liquidity ratios during the next quarter. Club net assets will also be considered as a potential benchmark.
For June the membership report reﬂected a net increase of two golf memberships, a net decrease of one racquets/ﬁtness membership, and a net decrease of two social memberships, for an overall net decrease of one membership. Passes increased by thirteen. Non-resident memberships remained unchanged at 292, and the waitlist consisted of three non-resident applicants who joined before the recent initiation-fee increase.
Mr. Fay will conﬁrm the Board-approved language governing the General Manager’s discretion to admit members above the established golf-membership cap.

General Fund Review
Mr. Fay reported that General Fund expenditures were generally consistent with budget, with District counsel expense being over budget and remaining the principal area of uncertainty. Budgeted transfers from the debt-service fund and Country Club totaled $237,412. Approximately
$35,000 in anticipated additional expenses may require a transfer from the Enterprise Fund.
A question regarding possible recovery of litigation-related legal fees was identiﬁed as a matter for
Board and counsel consideration.

Status Update on Departmental Costs and Reserve Review Efforts
Mr. Fay reported that templates for classifying ﬁxed and variable costs in the FY2027 budget had been prepared and would be distributed to department directors for review by the end of August. Meetings with department heads regarding the capital reserve study had been completed, and staff was compiling the information and obtaining outstanding proposals and quotes.

Capital Projection of Sources and
Uses
Mr. Crouch discussed the projected capital account and the need for a more granular FY2027 capital plan. If approximately $1.8 million advanced to the irrigation project is returned to Club capital reserves, the projected capital-account balance at the end of FY2027 would be approximately $2.6 million. Mr. Crouch and Mr. Fay will further reﬁne the capital projection.
FOURTH ORDER OF BUSINESS	Business Matters
Status of Capital Plan Approval Process
Mr. Crouch reported that the Florida Supreme Court had affirmed the District’s bond issuance authority. The contemplated issuance is approximately $21 million, with estimated net proceeds of approximately $18.5 million after issuance costs. A working group was established to advance the ﬁnancing on an expedited timeline, with Steve Swanson serving as the Board liaison.
Given Mr. Dwight’s bond-ﬁnancing experience, the Committee supported including him as a reviewer of working-group materials through the Board liaison. A formal sources-and-uses schedule will be included in the ﬁrst draft of the official statement, subject to Board review and approval.
Discussion addressed anticipated uses of proceeds, including the kitchen project, repayment of the Bond Anticipation Note, and repayment of approximately $1.8 million advanced from Club capital reserves. Members emphasized the need for the Board to establish capital priorities because available proceeds may not fund every project initially contemplated.

Boardwalk Repair
Mr. Nickerson explained that the cost for a full destination-style boardwalk replacement was estimated at approximately $1.1 million to $1.2 million and a reduced structural replacement at approximately $450,000. He recommended an interim repair consisting of replacement of deteriorated material, pressure washing, preparation, and painting or staining, at an estimated cost of $15,000 to $17,000. The repair is expected to extend the boardwalk’s useful life by several years and prerhaps up to ﬁve years.

On MOTION by Mr. Port, seconded by Mr. Crisaﬁo, with all in favor, the Committee recommended
approval of the boardwalk repair project at a cost not to exceed $20,000.

Front Nine Regrassing and FY2027
Golf Course Capital Projects
[Sydney: With the “all in favor” language, I don’t think we need the “(5-0).” Nonetheless feel free to do whatever works best for you – 5-0, or all in favor, or both.]
Mr. Crouch and Mr. Nickerson reviewed the approximately $1.1 million preliminary scope for Front Nine improvements, including bunker reconstruction, drainage, tee resurfacing, fairway regrassing, cart-path work, and bridge repairs. The Committee discussed separating the bunker and regrassing components, each preliminarily estimated at approximately $550,000.
Mr. Nickerson advised that a grass deposit would be required by mid-to-late August to secure material and contractor availability. Full project approval is anticipated by October 1, with construction expected the following spring or summer.

On MOTION Mr. Dwight, seconded by Mr. Crisaﬁo, with all in favor, the Committee recommended that the Board approve a deposit not to exceed $50,000 to secure grass for the Front Nine regrassing project.

Fitness Center Improvements
Mr. Nickerson reviewed potential near-term improvements to the existing Fitness Center, including
necessary roof repairs, repainting, and ﬂooring, preliminarily estimated at approximately $50,000 to
$70,000. Committee members questioned the value of substantial cosmetic investment if a larger Fitness Center project is anticipated. The Committee deferred a recommendation pending Board direction and more deﬁnitive scope and cost information.
Review of Progress on Cost of Ownership Project
Mr. Crisaﬁo presented a comparative cost-of-ownership analysis using available public and non-public information for seven communities. The preliminary analysis indicated that University Park falls within the competitive range of comparable communities.
The Committee requested revisions to improve comparability, including removing a one-time hurricane assessment from University Park’s HOA total; presenting the Xﬁnity contract separately with an explanatory footnote; adding a cost-per-square-foot metric; and reﬂecting University Park’s wells, irrigation infrastructure, park-like environment, and proximity to healthcare resources. The

revised material will be presented to the Board and coordinated, as appropriate, with the Strategic Planning Committee before external distribution.

Loss of Quorum
Mr. Crisaﬁo departed at approximately 4:15 PM. The Committee determined that it no longer had the quorum required under its governing requirements. The remaining agenda items proceeded as informational discussion only, and no further formal Committee action was taken.
Review Status of Line of Credit
Proposal
The Committee discussed the status of the line-of-credit request for proposals issued July 1. Mr. Dwight advised that PFM’s bond-ﬁnancing and line-of-credit functions are being handled separately and that the bond work should not delay the line-of-credit process. The RFP process will continue on the current schedule.
Capital Raising Activities
Mr. Crouch recommended deferring formal capital-raising recommendations until the bond-ﬁnancing process is further advanced. Mr. Port agreed to lead the capital-raising workstream and will coordinate with Mr. Fay to obtain supporting spreadsheets and develop recommendations addressing resident and non-resident capital contributions. Transfer fees will remain a secondary priority.

TRIM Notice and Bond Assessment
Mr. Crouch explained that the TRIM notice would reﬂect the irrigation-note assessment at the maximum amount necessary to preserve the District’s ability to repay the note. If the bond closes in time, the amount ultimately certiﬁed would be adjusted to reﬂect the bond’s principal-and-interest requirements.

Committee Role Assignments
Mr. Crouch assigned Mr. Baran to serve as the principal reviewer of monthly ﬁnancial summaries before they are submitted to the Chair. Mr. Port agreed to lead the capital-raising and related capital-project workstream. Mr. Fay will coordinate the necessary materials with both members.

Next Meeting Scheduled

Date | Meeting Type | Time | Location | Note

August 19, 2026

Finance Committee
Meeting

3:00 PM

Business
Offices

In person or by Zoom

Committee Member Requests/Comments
No additional Committee member requests or comments were made.

Public Comment
No additional public comments were made at this time.

Adjournment

The meeting was adjourned at approximately 4:59 PM.

STAFF REPORT:
June Financial Summaries & Membership Report
Capital Projection of Sources and Uses
Status Update on Departmental Reserve Review

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF JULY 31, 2026 AND 2025

YTD OPERATING RESULTS, 10 MONTHS THROUGH 7/31/26 | Actual Results of UPCC Operations | Budget | $ Variance | % Change | COMMENTS
Total Revenues | $12,569 | $12,264 | $305 | 2.5% |
Less: Outside Golf Capital Allocation | (258) | (232) | (25) | 10.9% | 10% of Outside Golf Allocated to Capital
Total Revenues, Less Capital Allocation | 12,311 | 12,032 | 279 | 2.3% |
Total Expenses | 11,290 | 11,388 | 98 | 0.9% |
Net Operating Surplus (Deficit) | 1,022 | 644 | 378 | 58.6% | Net Operating impact
Revenues and Expenses, Details | Actual | Budget | $ Variance | % Change |
Dues revenue | $5,477 | $5,551 | ($ 74) | (1.3%) |
Golf operations revenue | 3,672 | 3,411 | 260 | 7.6% | Outside rounds exceeded the budget by 1,888 rounds. Merchandise sales $56K favorable to budget.
Dining operations revenue | 2,894 | 2,866 | 28 | 1.0% |
Racquets/Fitness/Other operations revenue | 269 | 204 | 65 | 31.9% |
Subtotal, Revenues | 12,311 | 12,032 | 279 | 2.3% |
Golf operations | 1,621 | 1,595 | (26) | (1.6%) |
Golf maintenance | 3,036 | 3,042 | 6 | 0.2% |

Dining operations

3,862

3,933

72

1.8%

Food COGS 57k, Linens 27k, waste and
supplies

Racquets & Fitness operations | 612 | 570 | (42) | (7.3%) |
General & Adm | 2,159 | 2,248 | 88 | 3.9% | Payroll 72k & Insurance 16k
Subtotal, Expenses | 11,290 | 11,388 | 98 | 0.9% |

Net Operating Surplus (Deficit), net of $258k
outside golf capital allocation

$1,022

$ 644

$ 378

58.6%

Variance is $378k, 58.6% from budget

Strategic Club Solutions | $39 | - | (39) | 0.0% | Strategic Plan
Osprey Consulting | 50 | - | (50) | 0.0% | Project Manager
General Fund - Transfers | 237 | 237 | - | 0.0% |
Subtotal, Non-Operating Expenses | 327 | 237 | (89) | (37.6%) |
SURPLUS FOR OTHER RD NEEDS | $695 | $407 | $288 | 70.9% |

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF JULY 31, 2026 AND 2025

| | UPCC Operating Fund | | Capital Irrigation Fund | |
| Assets | Unaudited 7/31/26 | | Unaudited 7/31/25 | | Unaudited 7/31/26 | | Unaudited 7/31/25 | | Comments & Assumptions
| Operating Cash & Short-Term Investments | $2,820 | | $2,111 | | | | | |
| Accounts Receivable | 441 | | 377 | | | | | |
| Inventory | 305 | | 299 | | | | | |
| Deposits & Prepaids | 408 | | 284 | | | | | | FY26 - Prepaid Insurance & Prepaid Cart Lease, software, sales tax etc.
| Future Assessments based on BAN or Long-Term Bonds | | | | | 6,051 | | 5,894 | | Amounts drawn from BAN, $4,216 + Amounts borrowed from UPCC Capital Reserves, $1,835
| Subtotal, operating assets | 3,974 | | 3,071 | | 6,051 | | 5,894 | |
| Board Designated Cash & Investments & Receivable from Irrigation Fund: | | | | | | | | |
| Operating Reserves | 400 | | 400 | | | | | | BOS designated for future use.
| Capital Reserves & Short-Term Investments | 1,407 | | 632 | | | | | |
| Capital Reserves Used for Irrigation Project--Due from Capital Irrigation Fund | 1,835 | | 1,835 | | | | | | Portion of irrigation project paid out of UPCC reserve funds
| Sub total, Board Designated Cash, Capital Reserves & Capital Irrigation Fund Receivable | 3,642 | | 2,867 | | - | | - | |
| Property and Equipment - Net | 26,225 | | 24,936 | | | | | |
| Property and Equipment - CIP | 514 | | 790 | | - | | - | |
| TotaI Assets | $34,355 | | $31,664 | | $6,051 | | $5,894 | |
| Liabilities & Net Position: | | | | | | | | |
| Accounts Payable | | | | | | | | |
| Operations Related | $286 | | $304 | | | | | |
| Accrued Liabilities & Other Payables | 284 | | 250 | | | | - | |
| Gift Cards & Store Credits | 135 | | 121 | | | | | |
| Subtotal, operating liabilities | 705 | | 675 | | - | | - | |
| Deferred Revenue | 2,670 | | 2,473 | | | | | |
| Capital Lease Obligations | 2,009 | | 418 | | | | | | New cart lease and GCM Equipment
| Capital Projects Payable | 11 | | 23 | | | | | |
| Due to UPCC Operating Fund | | | | | $1,835 | | $1,835 | |
| BAN Payable to Bank | | | | | 4,216 | | 4,059 | |
| Total Liabilities | 5,396 | | 3,590 | | 6,051 | | 5,894 | |
| Beginning Balance, Purchase of UPCC assets in 2019 | 16,750 | | 16,750 | | - | | - | |
| Due From Capital Irrigation Fund | 1,835 | | 1,835 | | | | | |
| Prior Years' Operating Surplus | 9,868 | | 7,281 | | | | | |
| Current Period Non-Operating Surplus (Deficit) | (516) | | 1,543 | | | | | |
| Current Period Operating Surplus (Deficit) | 1,022 | | 666 | | | | | |
| Net Position | 28,959 | | 28,074 | | - | | - | |
| Total Liabilities & Net Position | $34,355 | | $31,664 | | $6,051 | | $5,894 | |

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF JULY 31, 2026 AND 2025

Sources | | Notes
2019, Construction Fund after UPCC club purchase | $4,157 |
2021, Loan Forgiveness | 856 |

2024-5, Bond Anticipation Note for Irrigation Project

3,757

$1,835 was paid out of Operating Cash and needs to be repaid from either BAN assessment or 2024 Bond funds when
available.

Sub total, Bond Proceeds and Loan Forgiveness | 8,769 | Bonds & Loan Forgiveness
FY 2021 -2025 Initiation Fees | 3,554 |
FY 2021-2025 10% Outside Golf | 1,530 |
FY 2023-2025 Capital Dues | 872 |
FY 2026 Interest on Investments | 13 |
FY 2026 Initiation Fees | 933 |
FY 2026 10% Outside Golf | 258 |
FY 2026 Capital Dues | 424 |
Sub total, Init Fees, Capital Dues & 10% Outside Golf | 7,585 | Capital raised through Operations
Total Sources of Capital | 16,354 |
Uses | |
2022, Parking Lot - Asphalt | 136 |
2021-2025, Golf Course Improvement & Irrigation | 7,412 |
2023, Tennis/Pickleball Courts | 810 |
2022-2023, Buildings - Renovations, A/C and Upgrades | 291 |
2023-2025, Range Picker, Bag Drop/Pro Shop FF&E | 123 |
2022-2024, Grille - Kitchen Equipment | 289 |
2023, Golf Course Maintenance Equipment | 459 |
2023, IT Equipment - Computers, Server etc | 91 |
2023-2024, Racquets And Fitness Equipmet | 89 |
2021-2023, Indoor Dining Renovation | 1,066 |
2023-2024, Outdoor Dining (Cafe) Renovation | 2,326 |
Subtotal, Uses | 13,092 |
FY2026 Uses | |
2026, Golf Course Maintenance Equipment | 36 |
2026, Back 9 Renovation | 1,164 |

2026, Buildings, Varsity Club, Admin & Locker Room
Renovation, Cart Barn Garage Doors

87

2026, Golf Club Rentals | 12 |
2026, Grille - Kitchen Equipment | 26 |
2026, Admin Furniture | 3 |
2026, Security Cameras | 23 |
Subtotal, FY2026 Uses | 1,351 |
Construction In Progress | |
2020, Master Plan Project | 182 |
Front 9 Project | 328 |
Boardwalk Project | 4 |
Subtotal, CIP | 514 |
Total Uses | 14,958 |
Remaining Capital Reserves | 1,396 | Capital Account Balance at 7/31/2026
Due to operating capital from BAN or Bond | 1,835 |
Total Capital Reserves | 3,231 | Balance with Irrigation Project repayment

8/18/2026	3/5

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF JULY 31, 2026 AND 2025
MTD & YTD STATEMENT OF CASH FLOWS, 10 MONTHS THROUGH 7/31/26 | | |
| July
| MTD | | YTD
Cash Flows From Operating Activities: | | |
Cash Receipts From Members & Guests | $ 632 | | $ 13,518
Cash Payments To Vendors & Suppliers | (382) | | (5,425)
Cash Payments To PBM Staff Serving UPCC & UPRD | (794) | | (6,295)
Net Cash Provided (Used) By Operating Activities | (544) | | 1,798

Cash Flows From Capital, Financing, And Other Non-
Operating Activities:

Initiation Fees | $ 44 | | $ 943
Capital Dues | 11 | | 424
Purchase Of Equipment & Capital Projects | (126) | | (746)
FEMA Proceeds | - | | 8
Transfer to General Fund | - | | (237)
Interest From Investments | 38 | | 61
Net Cash Provided (Used) By Capital And Other Non- Operating Activities | (33) | | 452
Net Increase (Decrease) In Cash | (578) | | 2,250
Cash At Beginning Of Period | 5,204 | | 2,377
Cash At End Of Period | $ 4,627 | | $ 4,627

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF JULY 31, 2026 AND 2025

MEMBERSHIP COUNTS | | | | | | | | | | | |
| | CYTD Change | | Beg. Jul | | Additions | | Resignations | | Conversions | | Total
Golf | | | | | | | | | | | |
Family - Resident | | 2 | | 179 | | 1 | | - | | - | | 180
Family - Non Resident | | - | | 75 | | - | | - | | - | | 75
Single - Resident | | 7 | | 130 | | - | | - | | - | | 130
Single - Non Resident | | 1 | | 72 | | - | | - | | - | | 72
| | 10 | | 456 | | 1 | | - | | - | | 457
Racquets & Fitness | | | | | | | | | | | |
Family - Resident | | 3 | | 30 | | 1 | | - | | - | | 31
Family - Non Resident | | (1) | | 14 | | - | | - | | - | | 14
Single - Resident | | (1) | | 36 | | - | | - | | - | | 36
Single - Non Resident | | 1 | | 26 | | - | | - | | - | | 26
| | 2 | | 106 | | 1 | | - | | - | | 107
Social | | | | | | | | | | | |
Family - Resident | | (3) | | 453 | | 3 | | (1) | | - | | 455
Family - Non Resident | | - | | 52 | | - | | - | | - | | 52
Single - Resident | | 4 | | 211 | | 1 | | - | | - | | 212
Single - Non Resident | | (6) | | 52 | | - | | - | | - | | 52
| | (5) | | 768 | | 4 | | (1) | | - | | 771
Total Memberships | | 7 | | 1,330 | | 6 | | (1) | | - | | 1,335
Passes | | CYTD Change | | Beg. Jul | | Net Change | | Total | | | |
Fitness | | 6 | | 149 | | 2 | | 151 | | | |
Range | | 5 | | 60 | | - | | 60 | | | |
Pickleball | | 4 | | 54 | | - | | 54 | | | |
Twilight Tennis | | (2) | | 18 | | (1) | | 17 | | | |
SAP | | 8 | | 138 | | - | | 138 | | | |
| | 21 | | 419 | | 1 | | 420 | | | |
Grandfathered | | CYTD Change | | Beg. Jul | | Added | | Resigned | | Sold | | Total
Members | | (8) | | 180 | | - | | - | | - | | 180
Non-Members | | (10) | | 135 | | - | | - | | (6) | | 129
| | (18) | | 315 | | - | | - | | (6) | | 309

University Park Country Club
Capital Account Forecast 2026 - 2028

| 2026 | | 2027 | | 2028
Beginning Balance | 1,396 | | 1,351 | | 1,549
Projected Sources Initiation Fees | - | | 680 | | 701
Capital Dues | 21 | | 441 | | 454
Outside Golf Allocation | 22 | | 285 | | 293
| 1,439 | | 2,757 | | 2,998
Uses of Funds | | | | |

Approved Projects - Remaining Expected Spend
Remaining Front 9 Project - $400,000

(72)

Remaining Boardwalk Project - $20,000 | (16) | | | |
Expected Obliglitory Capital Needs Dining - Café | | | (32) | | (180)
Racquets & Fitness | | | (14) | | (32)
Golf Operations | | | (188) | | (74)
Golf Maintenance - Facility & Equipment | | | (149) | | (290)
Pickleball Courts | | | (325) | | -
Golf Course Improvements | | | (500) | | (1,000)
| (88) | | (1,208) | | (1,576)
Remaining Capital at Fiscal Year-End | 1,351 | | 1,549 | | 1,422

Proposed Operating Budget (Enterprise Fund) FY 2027

University Park Country Club 2027 Budget

SUMMARY INCOME STATEMENT | 2025 | 2026 | | 2026 | Rolling | 2027 | 2027 Budget
FISCAL YEARS ENDING SEPTEMBER 30 | Actual | Budget | | Forecast | 12 Months | Budget | vs. 2026 FC
COUNTRY CLUB OPERATIONS: | | | | | | |
REVENUE: | | | | | | |
MEMBERSHIP DUES | 6,131,043 | 6,724,088 | | 6,633,118 | 6,554,386 | 7,055,981 | 422,864
GOLF OPERATIONS | 3,451,413 | 3,759,858 | | 4,020,697 | 4,025,379 | 4,132,755 | 112,058
RACQUETS & FITNESS CENTRE | 58,549 | 77,324 | | 96,569 | 90,601 | 86,217 | (10,352)
DINING INCOME | 3,010,876 | 3,135,420 | | 3,163,704 | 3,170,110 | 3,214,730 | 51,026
OTHER INCOME | 13,499 | 5,480 | | 11,457 | 12,048 | 5,480 | (5,977)
TOTAL REVENUE | 12,665,380 | 13,702,170 | | 13,925,544 | 13,852,524 | 14,495,164 | 569,619
EXPENSES: | | | | | | |
PAYROLL & RELATED: | | | | | | |
GOLF OPERATIONS | 719,677 | 856,026 | | 806,450 | 798,474 | 885,464 | 79,014
RACQUETS & FITNESS CENTRE | 359,929 | 386,008 | | 382,943 | 391,025 | 405,457 | 22,514
DINING | 2,308,561 | 2,435,666 | | 2,463,952 | 2,465,233 | 2,584,038 | 120,085
GOLF COURSE MAINTENANCE | 1,833,506 | 2,068,992 | | 1,963,774 | 1,992,662 | 2,040,886 | 77,112
GENERAL & ADMINISTRATIVE | 1,675,776 | 1,834,071 | | 1,762,036 | 1,808,420 | 1,866,560 | 104,524
TOT PAYROLL & RELATED | 6,897,450 | 7,580,764 | | 7,379,156 | 7,455,814 | 7,782,405 | 403,249
DIRECT EXPENSES: | | | | | | |
GOLF OPERATIONS | 1,016,726 | 1,018,068 | | 1,099,475 | 1,089,307 | 1,027,198 | (72,276)
RACQUETS & FITNESS CENTRE | 131,816 | 161,459 | | 162,929 | 151,909 | 186,837 | 23,908
DINING CGS | 1,249,831 | 1,306,757 | | 1,273,310 | 1,292,597 | 1,336,151 | 62,841
DINING OPER EXP | 755,303 | 782,785 | | 747,696 | 743,854 | 805,415 | 57,719
GOLF COURSE MAINTENANCE | 1,611,411 | 1,566,167 | | 1,627,680 | 1,641,310 | 1,789,315 | 161,635
GENERAL & ADMIN | 446,790 | 493,443 | | 495,532 | 484,008 | 506,890 | 11,358
PROPERTY INSURANCE | 335,919 | 390,000 | | 371,063 | 365,712 | 406,436 | 35,372
TOTAL DIRECT EXPENSES | 5,547,796 | 5,718,679 | | 5,777,684 | 5,768,696 | 6,058,242 | 280,558
OPERATING SURPLUS (DEFICIT) | 220,133 | 402,726 | | 768,704 | 628,014 | 654,516 | (114,188)
NON-OPERATING EXPENSES | | | | | | |
STRATEGIC CLUB SOLUTIONS | - | - | | 48,244 | 39,244 | 23,756 | (24,488)
OSPREY CONSULTING | 50,015 | - | | 60,000 | 60,000 | 60,000 | -
GENERAL FUND - TRANSFER | 241,942 | 237,412 | | 288,656 | 256,156 | 269,822 | (18,834)
HURRICANE - EXPENSE/INS. & FEMA PROCEEDS | (135,053) | | | | | |
TOTAL NON-OPERATING EXPENSES | 156,904 | 237,412 | | 396,900 | 355,400 | 353,578 | (43,322)
SURPLUS FOR OTHER RD NEEDS | 63,229 | 165,314 | | 371,804 | 272,614 | 300,938 | (70,867)
CAPITAL ALLOCATION: | | | | | | |
INITIATION FEES | 853,150 | 510,800 | | 942,600 | 1,190,100 | 680,400 | (262,200)
CAPITAL ALLOCATION- GOLF OPS | 252,656 | 248,670 | | 274,072 | 257,158 | 284,679 | 10,608
CAPITAL DUES | 380,552 | 414,769 | | 415,618 | 410,092 | 440,948 | 25,331
TOTAL CAPITAL ALLOCATION | 1,486,358 | 1,174,239 | | 1,632,289 | 1,857,351 | 1,406,028 | (226,262)

University Park Recreation District
FY2027 Enterprise Fund Budget — Key Assumptions Summary
Fiscal Year: October 2026 – September 2027

Total Revenue: $14,495 (000s)
Membership Dues: $7,056
Golf Operations: $4,133
Dining: $3,215
Racquets & Fitness: $86 (club's portion of lessons, classes, clinics, personal training)

Membership Dues Assumptions
~6% annual dues increase (Resident / Non-Resident):
Full: $710 / $540
Racquets: $305 / $230
Social: $100 / $75
Full Membership capped at 450
Minimal pass increases (+$50 each): Pickleball $800, Twilight $800, Social Access
$550, Social Driving Range $500 – No increase to Fitness $500

Initiation Fees, Capital Funding & Capital Dues
Continued Outside Golf Allocation at 10%
Capital Dues percentages held ﬂat from 2023–2026:
Resident: 5% of dues
Non-Resident: 10% of dues

Golf Operations
Continue prioritizing member rounds and experience (More Full Members) capacity available
Trail Fee increase

Dining Operations
No disruption assumed from kitchen renovation
Revenue reﬂects modest increase aligned with menu price adjustments
Wage expenses up for minimum wage and cost-of-living adjustments
Food costs reduced due to reﬁned kitchen processes & procedures, and optimized menu design
COGS aligned with forecast and rolling 12-month period

Labor
No salaried headcount increases or decreases
Salaried: blended 3-4% increase
Hourly (FL minimum wage): tipped $10.98 → $11.98; non-tipped $14.00 → $15.00
Discretionary increases ~3–4%
Total payroll = 54% of total revenue (industry standard)

Proposed Capital Budget (Enterprise Fund) FY 2027

University Park Country Club Fiscal Year 2027
Capital Budget Detail - Replacements Needed

Department | Asset Name | Year Installed | Estimated Cost
Grille-Cafe | Kegerator, Beverage Air 6 Tap DD58 | 2004 | 4,223
Grille-Cafe | Merchandiser, True Single Glass Door GDM 23 | 1999 | 3,605
Grille-Cafe | Refrigerator, Perlick 2 Door PS2DP | 2004 | 4,996
Grille-Cafe | Refrigerator, True Under Counter Cooler TBB-2 | 2004 | 5,150
Grille-Cafe | Ice Maker, Hoshizaki Water and Ice Dispenser | 2016 | 4,841
Varsity Club | Refrigerator, True Varsity Club 3 Tap Kegerator | 1999 | 3,914
Kitchen | Walk-In, Kolpak Freezer Capital Refurbishment | 2019 | 5,000
Fitness | Aerobic, True Recumbent Bike | 2017 | 3,811
Fitness | Aerobic, True Recumbent Bike | 2017 | 3,811
Racquets | Court, Ball Machine | 2006 | 6,695
Golf Operations | Door, Pro Shop Double Glass and Wood | 1999 | 18,540
Golf Operations | Roof Assembly, Cart Barn Flat Roof Membrane | 1999 | 53,354
Golf Operations | Wall, Cart Barn Metal | 1999 | 77,250
Golf Operations | Rolling Rack System, Renovation | 1999 | 7,725
Golf Operations | Ice & Water Machine, Hoshizaki | 2022 | 9,270
Golf Operations | Water & Ice Machine, Hoshizaki Holes 10-18 | 2022 | 4,841
Golf Operations | Water & Ice Machine, Hoshizaki Holes 1-9 | 2019 | 4,841
Golf Operations | Water & Ice Machine, Hoshizaki Holes 19-27 | 2022 | 4,841
Golf Operations | Awning, Bag Drop | 2015 | 7,210
GCM | Golf Course Improvements | | 1,200,000
GCM | Artificial Turf, Fiberbuilt Mat | 2022 | 10,609
GCM | Furniture, Bag Stand | 2019 | 9,013
GCM | Starter Structure, Refurbishment | 2019 | 3,605
GCM | Vehicle, Club Car Carryall 2 | 2014 | 13,792
GCM | Vehicle, Club Car Carryall 2 | 2014 | 13,792
GCM | Vehicle, Club Car Carryall 2 | 2014 | 13,792
GCM | Vehicle, Club Car Carryall 2 | 2014 | 13,792
GCM | Vehicle, Club Car Carryall 300 | 2015 | 13,792
GCM | Grinder, Bernhard Express Dual Reel 5500 | 2020 | 56,940
| | Total | 1,583,045

4/10/2026	1/2

Proposed General Fund Budget FY 2027

University Park Recreation District FY2027 Proposed General Fund Budget

| FY 2026 | FY 2027 | FY 2027 | Changes
Adopted | Prelim | Final |
| | Proposed |
Revenues | | | |
PrYr Surplus | 9,088 | 2,878 | 6,330 | 3,452
Inter-Fund Transfers - Debt Service to O&M | 70,000 | 70,000 | 70,000 | -
Inter-Fund Transfers - Country Club to O&M | 220,912 | 269,822 | 276,370 | 6,548
| $300,000 | $342,700 | $352,700 | $10,000

General & Administrative Expenses
Assessment Administration

10,000

10,000

15,000

5,000

Audit | 35,000 | 35,000 | 35,000 | -
Bank Fees | 500 | 500 | 500 | -
Bond Admistration Fee | 7,500 | 7,500 | 7,500 | -
Contingency | 15,000 | 15,000 | 15,000 | -
Dissemination Agent | 5,000 | 5,000 | 10,000 | 5,000
District Counsel | 110,000 | 150,000 | 150,000 | -
Dues, Licenses, and Fees | 2,500 | 2,500 | 2,500 | -
Election Costs | 10,000 | - | - | -
Insurance | 17,500 | 24,200 | 24,200 | -
Legal Advertising | 5,000 | 5,000 | 5,000 | -
Management | 70,000 | 75,000 | 75,000 | -
Meeting Set Up | 5,000 | 5,000 | 5,000 | -
Office Supplies | 1,000 | 1,000 | 1,000 | -
Postage & Shipping | 1,000 | 1,000 | 1,000 | -
Web Site Maintenance | 5,000 | 6,000 | 6,000 | -
Total General & Administrative Expenses | $300,000 | | $342,700 | | $352,700 | | $10,000

Proposed Debt Service Fund Budget FY 2027

University Park Recreation District FY 2027 Proposed Debt Service Budget

FY 2027 Proposed Budget

REVENUES:
Series 2019 Bonds Special Assessments

$	1,594,068.75

TOTAL REVENUES | $	1,594,068.75

EXPENDITURES:
Interest 11/01/2026 Interest 5/1/2027 Principal 5/1/2027

333,856.25
333,856.25
600,000.00

TOTAL EXPENDITURES | $	1,267,712.50
Funds Available for 11/1 Payment | 326,356.25
Interest 11/01/2027 | 326,356.25

Proposed Capital Irrigation Fund Budget FY 2027

University Park Recreation District
FY 2027 Proposed Capital Irrigation Budget

FY 2027 Proposed
REVENUES: | Budget
Series 2024 Note Special Assessments | $	5,000,000.00

TOTAL REVENUES | $	5,000,000.00

EXPENDITURES:
Series 2024 Note due 8/11/2027

$	5,000,000.00

TOTAL EXPENDITURES | $	5,000,000.00

Irrigation Project and Regions Note

University Park Country Club - Golf Course Irrigaton Project
Schedule of Project Costs and Financing

Country Club - Invoices & Draws | |
Golf Course Irrigaton Project Costs | $ | 5,592,048.01
Draws From Note for Project invoices | | 3,756,500.00
Amount Due to the Country Club | $ | 1,835,548.01

Regions Bank Note - Project Costs & Financing Charges | |
Regions - Closing Costs | | 166,500.00
Project Costs paid to the Country Club | | 3,756,500.00
Interest Paid through Draws | | 293,350.87
Estmated Accrued Interest through maturity | | 160,000.00
Total Due to Regions Bank | $ | 4,376,350.87

Summary of Amounts Due from Bond Proceeds | |
Due to the Country Club | | 1,835,548.01
Due to Regions Bank | | 4,376,350.87
Total Due from Bond Proceeds | $ | 6,211,898.88

Schedule of Regions Draws as of July 2026

| Date | Draw # | Interest/Closing | Irrigaton | Total | Note Outstanding
07/22/2024 | 1 | 101,000.00 | 4,000.00 | 105,000.00 | 105,000.00
08/20/2024 | 2 | | 500,000.00 | 500,000.00 | 605,000.00
09/10/2024 | 3 | | 900,000.00 | 900,000.00 | 1,505,000.00
10/14/2024 | 4 | | 1,100,000.00 | 1,100,000.00 | 2,605,000.00
11/08/2024 | 5 | | 1,250,000.00 | 1,250,000.00 | 3,855,000.00
03/24/2025 | 6 | 54,236.05 | | 54,236.05 | 3,909,236.05
08/27/2025 | 7 | 82,037.77 | | 82,037.77 | 3,991,273.82
09/15/2025 | 8 | 65,500.00 | 2,500.00 | 68,000.00 | 4,059,273.82
01/22/2026 | 9 | 80,715.51 | | 80,715.51 | 4,139,989.33
07/21/2026 | 10 | 76,361.54 | | 76,361.54 | 4,216,350.87
Total Draws | | | $	459,850.87 | $	3,756,500.00 | $	4,216,350.87 |

Status of Capital Approval Process

Capital Expenditure Approval Process
University Park Country Club
A capital expenditure is any purchase or project that: Has a useful life greater than one year, and exceeds the Club’s capitalization threshold of $2,500, and results in the acquisition, improvement, or replacement of a ﬁxed asset.
Roles and Responsibilities Management
Review and update capital budget
Identify capital needs and prepare capital request form(s)
Provide operation justiﬁcation for each request
Obtain quote and attach to form
Manage approved projects within budget and scope
General Manager
Review and approve capital expenditures within authorized limits
Make recommendations to the Board
Finance Committee & Treasurer
Review of the annual capital plan and proposed capital budget
Provide recommendations to the Board of Supervisors
Review Capital Expenditure Requests for alignment with the approved budget
Evaluate ﬁnancial impact, including reserve balances and cash ﬂow
Monitor progress of approved capital projects and receive periodic updates from Management
Controller
Ensures expenditures are properly recorded and tracked by project
Evaluate impact on reserves, debt, and operating budgets
Board of Supervisors
Review and approve capital expenditures
Ensure alignment with the Club’s strategic and master plans
Approve funding methods (reserves, assessments, ﬁnancing)

Capital Planning/Budgeting Process
The Controller annually updates the Capital Reserve Study and prepares a proposed capital budget. The budget includes all existing capital assets, identifies assets currently due for replacement, and outlines assets scheduled for replacement in the upcoming fiscal year.

Department Managers meet with the controller and a member of the Finance Committee to review and revise the asset listings relevant to their areas, including remaining useful life, lifecycle assumptions, and estimated replacement costs. Managers will then categorize each asset as:

	Need to Have
	Like to Have
	Deferrable
The Finance Committee and Treasurer will review the capital plan and proposed capital budget on an annual basis and provide recommendations as necessary.
The Board of Supervisors approves the annual capital budget as part of the overall Club budgeting process.

Capital Expenditure Request Process

Management submits a completed Capital Expenditure Request form that includes the project description, purpose, estimated cost, and supporting vendor quotes.
The Controller, Finance Committee and Treasurer review the request to conﬁrm alignment with the approved capital budget and assess the impact on reserve balances and cash ﬂow. If a capital expenditure that was included in the original approved budget exceeds the authorized amount by the lesser of $50,000 or 20%, it must receive additional approval from the Board of Supervisors.
Management is responsible for project execution and vendor oversight. Projects are expected to be completed within the approved scope, timeline, and budget. Management will provide periodic progress updates to the Finance Committee and the Board.
Upon completion, actual project costs are compared to the approved budget and reported to the Board of Supervisors. Capital assets are recorded in the Club’s ﬁxed asset register, and reserve schedules are updated as necessary.

Approval authority for unplanned capital expenditures necessary to protect assets, ensure safety and maintain operational continuity is as follows:
	Management: Limited to $50,000 per project or expenditure and no more than $100,000 per year.
	Board of Supervisors: Approval for expenditures exceeding Management authority

Cost of Ownership Project

Cost of Ownership of Home in University Park in Comparision to Other Communities
| University Park | Laurel Oaks | Waterlefe | Country Club East | LWR Country Club | University Place | Waterside
Number of Transactions within Range | 51 | 22 | 20 | 68 | 65 | 13 | 65
Average Square Footage | 2,570 | 3,368 | 2,713 | 2,668 | 2,764 | 2,267 | 2,536
Smallest Sq footage | 1,735 | 2,110 | 1,481 | 1,603 | 1,730 | 1,459 | 1,764
Largest Square Footage | 4,227 | 5,460 | 3,478 | 3,883 | 4,701 | 2,639 | 4,413
Average Sales Price | $  938,000 | $	1,351,000 | $  848,000 | $ 1,115,000 | $ 1,008,000 | $  592,000 | $ 1,156,000
Lowest Sales Price | $  489,000 | $	800,000 | $  400,000 | $  515,000 | $  520,000 | $  415,000 | $  560,000
Highest Sales Price | $ 1,900,000 | $	2,075,000 | $ 1,250,000 | $ 1,890,000 | $ 1,906,000 | $ 1,800,000 | $ 2,083,000
Average Sales Price Per Square Foot | $	360 | $	402 | $	304 | $	411 | $	354 | $	265 | $	442
Lowest sales price per sq foot | $	236 | $	262 | $	170 | $	259 | $	226 | $	183 | $	311
Highest sales price per sq foot | $	614 | $	571 | $	365 | $	628 | $	576 | $	316 | $	610
Calculated taxes based upon sales price | $	13,615 | $	15,497 | $	12,013 | $	15,794 | $	14,277 | $	8,928 | $	12,893
Calculated CDD and Non Advalorum | $	1,595 | $	995 | $	4,586 | $	3,194 | $	4,210 | $	3,273 | $	2,652
Calculated Average HOA based | | | | | | |
upon Public information available | $	8,525   $	5,466   $	5,256   $	5,410   $	3,023   $	1,571   $	4,702
Total Estimated and Calculated Costs |
exclusive of memberships | $	23,735   $	21,958   $	21,855   $	24,398   $	21,510   $	13,772   $	20,247

Total CDD and Non Advalorum Assessments
and HOA Costs	$	10,120	$	6,461	$	9,842	$	8,604	$	7,233	$	4,844	$	7,354
UPCAI Comcast Costs	$	1,284	Unknown what the costs of Xfinity charges
UPCAI Hurricane Milton Special Assessments	 $	1,463  	 	Unknown if any hurrican related assessments	 	
Net costs of CDD, Non Advaloum and HOA | $	7,373 | $	6,461 | $	9,842 | $	8,604 | $	7,233 | $	4,844 | $	7,354
Cost per average square foot of home sold | $	2.87 | $	1.92 | $	3.63 | $	3.22 | $	2.62 | $	2.14 | $	2.90

HOA Inclusions - obtained from public available information and the most difficult to provide comparable information

Landscaping
Irrigation - Reclaimed Water Xfinity - variety of levels of service Pool
Trash

yes yes yes yes

yes yes

yes

yes

yes yes

yes yes yes yes

yes

yes

Memberships Type of Club | Semi | Private | Equity | | Semi Private | | Private | | |
Golf Holes | | 27 | | 36 | 18 | available | | 72 | |
Tennis Courts | | 11 | | 12 | no | | | 20 | yes |
Pickleball Courts Dog Park | yes | | yes | 10 | no | yes | | 12 | | yes
Fitness Center | yes | | Has access to | one | yes | yes | yes | | yes | yes
Club House | yes | | yes | | yes | yes | yes | | yes | yes
Playground Pool Social Membership Costs | | | yes yes | | yes yes | yes | yes | | yes yes | yes yes
Annual | $	1,550 | | | |

Initiation
Gated Community Gated

$	2,500

yes

$	7,500

yes

yes

yes

$	6,000

yes	yes

Guard | yes | yes | yes | yes |
Size
Homes | 1,200 | 400 | 600 | 2,100 | 400
Members | 1,300 | 950 | 300 | 5,300 |

The memo emntitled "Cost of Home Ownership in University Park" should be read inconjunction with this schedule. The information used to compile this summary was obtained from publicly available information included in various real estate sites, such as MLS, Zillow, Realtor.com and the Manatee and Sarasota County Web sites. There was no independent verification conducted of the information for accuracy and/or completeness. In addition, assumptions were made to make the information comparable in some cases, that may or may be accurate, if additional information were obtained. Also, certain assumptions were made to facilitate various calculations, as identified below, that may or may not be reflective of the actual amounts – such as real estate tax estimates and Ad Valorum Assessments. As a result, the information included on this schedule should not be relied upon for any financial decisions or other reasons and is presented for information only.

Infromation prepared during the second quarter of 2026

Capital Raising Activities

TO:	 UPRD Finance Committee FROM:	 Alan Port and Paul Fay RE:	Capital Dues Increase
DATE:	August 5, 2026

The goal is to commence the process of increasing capital revenue to a level that meets annual capital needs, and eventually to develop a capital reserve that adequately supports UPRD’s capital assets. The widely held understanding is that current annual capital revenue is in the range of $1.5 million and the current annual capital need is in the range of $2 million, leaving an annual deficit of about $500,000. We believe that a general capital reserve that adequately supports UPRD’s capital assets would amount to an additional standing reserve in seven or eight figures.

To further this effort we expanded on the original capital dues increase spreadsheet, which showed increases in capital revenue for the following scenarios: (a) incremental increases in nonresident capital dues from the current 5% to 20%, and (b) implementing minimum capital dues at levels ranging from
$200 to $500 at the 20% nonresident capital dues rate. We asked a number of PBM officials, current UPRD officials, former UPRD officials, and residents to comment on the spreadsheet and on the issue in general. A summary of their comments follows as an appendix to this memo.

Below is a summary of our joint conclusions and concerns;

We believe that acting soon is beneficial. That is, it is preferable to begin to address the annual capital revenue shortfall with the capital dues for calendar year 2027.
We need to have an understanding from the district manager as to any timing and procedural limitations that affect the implementation of capital dues changes for calendar year 2027. The initial indication from the district manager was that an increase in capital dues could not be made after the board’s anticipated September 1 approval of the budget. The district manager is in the process of confirming that understanding with legal counsel.
A change in the capital allocation from outside golf will not be helpful. The greens fees rates for outside golf are determined solely by market factors. The amount of capital revenue from outside golf is strictly a matter of internally allocating total outside golf revenue between operating revenue and capital revenue. An increase to outside golf capital revenue would merely decrease operating revenue, and not increase total revenue.
An increase in capital revenue from nonresident members should be one important focus of any change, while recognizing that golf membership and revenue are important drivers of UPRD revenue. Therefore, no change should materially discourage golf membership by nonresidents or residents (and particularly grandfathered residents).
The overall dues structure for social (and perhaps racquets) memberships are below market rates, in large part for historical reasons, and should be raised over time. Factors to be considered on this issue are:
Social members are the most price conscious segment of membership.
Resident social members pay equally with other classes of membership in connection with assessments and repayment of bond issues.
Social members constitute a majority of members, and alienation of social members in general should be avoided.
Mitigating factors apply much less to nonresident social members.
The enhanced spreadsheet that was developed for this presentation explores a number of more specific scenarios to increase capital revenue through the dues structure. Capital dues minimums are meant

primarily to address the question of whether the capital dues paid by racquets and social members are adequate. Increases in percentages for capital dues payments affect all members, but their primary effect is on members already paying higher base dues.
We urge you to confine your attention to the first sheet of the spreadsheet. Paul will have the interactive version of the spreadsheet at the Finance Committee meeting so that suggested changes can be explored in real time. The second sheet provides data for computations in the first sheet. The third sheet contains the initial gross scenarios that the Committee has seen several times.

We offer the following regarding the spreadsheet:
The scenarios in rows 36 through 46 show changes in capital dues percentage and
minimums that have been considered. Rows 48 and 49 show the increase in capital dues caused by each scenario and how that compares to the most aggressive case initially considered (20% dues for non-residents and $500 minimum capital dues for all categories).
The blue rows 59-81 show total capital dues for each scenario by category and in total.
The beige rows 83-102 show per member capital dues for the scenarios by category. This section allows one to more easily identify the categories affected by capital dues minimums in each category.
The green rows 104 -123 show the total percentage increase in dues (base dues plus capital dues) from 2026 to 2027 for each category of membership in each scenario. About 6 percentage points of the percentage increase in dues is caused solely by the increase in base dues in the 2027 preliminary budget.
We know that UP has stopped taking on nonresident social members. With the exception of scenario 2, none of the scenarios is intended to disincentivize current non-resident social members from maintaining membership.

Below are our joint recommendations as to actions on this matter:

We should act with respect to capital dues for calendar year 2027, if at all possible.
We should act slowly with respect to increases to capital dues to avoid unanticipated consequences. That is, we should not try to fill the full annual capital revenue gap with capital dues changes in calendar 2027. In 2027 residents are facing a modest increase in base dues, as well as a potential assessment and/or additional bond payment (depending on the status of the 2026 bond).
For the foregoing reasons, we favor recommending to the board scenario 3 or 5, with such modifications as the committee may make. If the Committee disagrees and wants to be more aggressive in closing the capital revenue gap, we favor scenario 6 because it treats all classes more or less the same, while being somewhat cautious with golf membership as a primary driver of revenue.
If capital dues increases are implemented, management must clearly and often explain the rationale for the capital dues structure changes to all members, including the rationale for differences between classes of membership.
We recommend that a transfer fee for the generation of capital revenue be explored with legal counsel as soon as reasonably possible (given the attention needed by counsel in connection with the bond issuance), and that a transfer fee be implemented mid 2027 and not later than January 2028.

APPENDIX: Comments from Reviewers of the Capital Increase Spreadsheet August 2026

Comments in no particular order from former UPRD officials (and paraphrased in some instances) are:
Official 1:
A top down approach is recommended – that is, figure out how much is needed and use various sources to fill the gap. The official uses $500,000 as a target figure having understood John Fetsick to use that figure to define the annual capital gap.
The sources recommended to fill the gap are:
A capital dues increase to 7.5% for residents and to 15% for nonresidents, with a minimum of $200 for residents and $300 for nonresidents (A $400 minimum for nonresidents can be considered if the total is not adequate.), [ Note: We put these parameters into the spreadsheet and the comparable increase in capital revenue was
~$278,000, and ~$289,000 with a $400 nonresident minimum.]
An increase in capital cost on outside golf from 10% to 15%, and
A fixed transfer fee ($2,000) per home sale.
Other observations and points made included:
Golf accounts for a large percentage of capital costs (perhaps 80%).
The approach to raise capital (initiation fees, golf course allocation, capital dues, transfer fee, etc.) all impact different groups of people differently. Depending upon the total increase needed, this allocation can become very relevant to its acceptance.
Social members, in particular, aren't paying sufficient capital dues to support the buildings and facilities that are offered. This is a historical problem dating from the developer. Any significant change may need to be done in steps as this is a large portion of our community.
The focus on nonresidents and social members is understandable. Nonetheless, it is important to note that full members will now pay $50,000 in initiation fees, which is more than residents will pay for the 2019 Bond and the contemplated 2026 Bond combined.
Official 2:
General comment: “ Our membership structure is upside down with far too many social members with a history of very low dues. Not sure that can be corrected until we get a new fitness center and the ability to offer a Lifestyle or similar upgraded membership.”
Advocates for a $500 minimum, with perhaps $350 for single memberships.
A substantially increased dues and capital dues for nonresident social members to discourage membership, with economic effects of attrition offset by higher dues
Use caution in increases to full members to avoid membership downgrades and cancellations.
Believes that there may be some room to increase dues and capital dues in racquets memberships.
Favors the use of minimums for capital dues and avenues of generating capital revenue other than capital dues.
Comments in no particular order from a current UPRD official (and paraphrased in some instances) are:
Nonresident annual capital dues should be increased by $1,200 for all categories of membership.

There should be an increase in capital cost on outside golf from 10% to 20%
Comments in no particular order from a resident without a UPRD official capacity (and paraphrased in some instances) are:
The annual minimums are too low. The minimums for the resident and nonresident categories should be increase as follows: golf - $700 and $750; racquets - $500 and $550; social - $300 and $350.
Comments in no particular order from PBM officials (and paraphrased in some instances) are:
One consideration that stands out from a membership perspective is the fact that resident members also contribute to the Club’s capital assets through existing bond payments, potential 2026 bond payments and potentially assessments, while nonresidents do not.
There is a rationale for evaluating non-resident capital contributions, as non-resident members benefit from many of the Club’s capital assets while not participating in the same resident obligations. Also the historical structure of social membership capital contributions is another factor when evaluating whether capital contributions align with the benefits provided.
Capital dues increases may best be focused on nonresidents because of the bond and assessment obligations of residents.
Negative feedback about dues and capital dues increases has come predominantly from social members and substantially less so from golf members.
The Club does not yet have a sense of how the new $50,000 nonresident initiation fee will affect future full membership sales. Capital dues increases would likely increase the uncertainty with regard to nonresident full membership sales, which represents an important source of revenue.
It may be wise to take only an incremental step toward closing the capital gap initially, so as to benefit from real world experience of the effects of a capital dues increase on membership continuity, sales and categories.
Of the scenarios presented, scenario 6 appears the most appropriate because of the relatively equal treatment of all categories in terms of percentage increase, perhaps with some reduction of the burden on social members.

University Park Country Club Proposed Capital Dues for 2027

Capital Dues | | | | | | | | | | | | | | |
| 2027 Preliminary Budget | | Proposed Scenario | | |
Memberships | Membership Dues | % of Dues | Count | Rate | Total | | Proposed Minimum Rate | | % of Dues | Count | Rate | Total | | | % Increase Capital Dues
Full Family - Resident | 12,425 | 5% | 177 | 621 | 109,961 | | $	500 | | 5% 5% 20% 20% 5% 5% 20% 20% 5% 5% 20% 20% | 177 | 621 | 109,961 | | | 0%
Full Single - Resident | 9,450 | 5% | 130 | 473 | 61,425 | | $	500 | | | 130 | 500 | 65,000 | | | 6%
Full Family - Nonresident | 12,425 | 10% | 73 | 1,243 | 90,703 | | $	500 | | | 73 | 2,485 | 181,405 | | | 100%
Full Single - Nonresident | 9,450 | 10% | 70 | 945 | 66,150 | | $	500 | | | 70 | 1,890 | 132,300 | | | 100%
Full Total | | | | | 328,239 | | | | | | | 488,666 | | |
Racquets Family - Resident | 5,355 | 5% | 21 | 268 | 5,623 | | $	400 | | | 21 | 400 | 8,400 | | | 49%
Racquets Single - Resident | 4,015 | 5% | 36 | 201 | 7,227 | | $	400 | | | 36 | 400 | 14,400 | | | 99%
Racquets Family - Nonresident | 5,355 | 10% | 15 | 536 | 8,033 | | $	500 | | | 15 | 1,071 | 16,065 | | | 100%
Racquets Single - Nonresident | 4,015 | 10% | 23 | 402 | 9,235 | | $	500 | | | 23 | 803 | 18,469 | | | 100%
Racquets Total | | | | | 30,117 | | | | | | | 57,334 | | |
Social Family - Resident | 1,650 | 5% | 459 | 83 | 37,868 | | $	250 | | | 459 | 250 | 114,750 | | | 203%
Social Single - Resident | 1,275 | 5% | 205 | 64 | 13,069 | | $	250 | | | 205 | 250 | 51,250 | | | 292%
Social Family - Nonresident | 1,650 | 10% | 51 | 165 | 8,415 | | $	350 | | | 51 | 350 | 17,850 | | | 112%
Social Single - Nonresident | 1,275 | 10% | 58 | 128 | 7,395 | | $	350 | | | 58 | 350 | 20,300 | | | 175%
Social Total | | | | | 66,746.25 | | | | | | | 204,150 | | |
| | | | Total | 425,102 | | | | | | Total | 750,150 | | |
| | | | | | Increase from Preliminary Budget	325,049 | | |
Scenario Number = | 1	2	3	4	5	6	7 | | | | | | | |
Resident capital dues rate = | 5% | 5% | 6% | 5% | 5% | 9%	10% | | | | | | | |
Nonresident capital dues rate = | 20% | 10%	15%	15%	15%	16%	15% | | | | | | | |

Resident Golf Min Cap Dues =

$500

$0	$700	$700
$0	$750	$750

$500	
$500

$600	$650
$600	$650

Nonresident Golf Min Cap Dues = | $500 | | | | | | | | | | |
Resident Racquets Min Cap Dues = | $400 | $0 | $400 | $500	$350	$450	$475 | | | | | | | |

Nonresident Racquets Min Cap Dues =

$500

$0	$450	$550	$450

$500

$525
$275

Resident Social Min Cap Dues = | $250 | $0	$150	$300 | $250 | $250 | | | | | | | | |
Nonresident Social Min Cap Dues = | $350 | $0	$200 | $350 | $350 | $325	$325 | | | | | | | |
Resident Additional Increase = | $0 | $0 | $0 | $0 | $0 | $0 | $0 | | | | | | | |
Nonresident Additional Increase = | $0 | $1,200 | $0 | $0 | $0 | $0 | $0 | | | | | | | |
Tota Increase to Capital Dues = | $325,049	$348,000	$205,654	$316,828	$235,139	$389,731	$425,221 | | | | |
Increase as % of maximum scenario #8 = | 63% | 68% | 40% | 62% | 46% | 76% | 83% | | | | | | | |

University Park Country Club Proposed Capital Dues for 2027

Notes: | | | | | | |
Yellow highlight shows difference from scenario 1. | | | | | |
All scenarios use the 2026 base membership dues and do not account for any increase in base membership dues for 2027. |
Scenarios 2 and 4 were suggested by two of those who served as reviewers of our initial effort. | | |
Scenarios 6 and 7 narrow the resident / nonresident rate gap. | | | | |
The more detailed effects of the scenarios are highlighted in the blue, beige and green sections below. | |
Scenario Calculation Detail — capital dues by category = MAX(2026 dues × rate, category minimum) × count
Scenario Number = | 1 | 2 | 3 | 4 | 5 | 6 | 7
Full Family - Resident | $109,961 | $109,961 | $131,954 | $123,900 | $109,961 | $197,930 | $219,923
Full Single - Resident | $65,000 | $61,425 | $91,000 | $91,000 | $65,000 | $110,565 | $122,850
Full Family - Nonresident | $181,405 | $178,303 | $136,054 | $136,054 | $136,054 | $145,124 | $136,054
Full Single - Nonresident | $132,300 | $150,150 | $99,225 | $99,225 | $99,225 | $105,840 | $99,225
Racquets Family - Resident | $8,400 | $5,623 | $8,400 | $10,500 | $7,350 | $10,121 | $11,246
Racquets Single - Resident | $14,400 | $7,227 | $14,400 | $18,000 | $12,600 | $16,200 | $17,100
Racquets Family - Nonresident | $16,065 | $26,033 | $12,049 | $12,049 | $12,049 | $12,852 | $12,049
Racquets Single - Nonresident | $18,469 | $36,835 | $13,852 | $13,852 | $13,852 | $14,775 | $13,852
Social Family - Resident | $114,750 | $37,868 | $68,850 | $137,700 | $114,750 | $114,750 | $126,225
Social Single - Resident | $51,250 | $13,069 | $30,750 | $61,500 | $51,250 | $51,250 | $56,375
Social Family - Nonresident | $17,850 | $69,615 | $12,623 | $17,850 | $17,850 | $16,575 | $16,575
Social Single - Nonresident | $20,300 | $76,995 | $11,600 | $20,300 | $20,300 | $18,850 | $18,850
Total Proposed Capital Dues | $750,150 | $773,102 | $630,755 | $741,929 | $660,241 | $814,832 | $850,322
Less: 2027 Preliminary Budget Capital Due | $425,102 | $425,102 | $425,102 | $425,102 | $425,102 | $425,102 | $425,102
Increase to Capital Dues | $325,049 | $348,000 | $205,654 | $316,828 | $235,139 | $389,731 | $425,221

University Park Country Club Proposed Capital Dues for 2027

Rates in each Scenario | | | | | | |
Scenario Number = | 1 | 2 | 3 | 4 | 5 | 6 | 7
Full Family - Resident | $621 | $621 | $746 | $700 | $621 | $1,118 | $1,243
Full Single - Resident | $500 | $473 | $700 | $700 | $500 | $851 | $945
Full Family - Nonresident | $2,485 | $2,443 | $1,864 | $1,864 | $1,864 | $1,988 | $1,864
Full Single - Nonresident | $1,890 | $2,145 | $1,418 | $1,418 | $1,418 | $1,512 | $1,418
Racquets Family - Resident | $400 | $268 | $400 | $500 | $350 | $482 | $536
Racquets Single - Resident | $400 | $201 | $400 | $500 | $350 | $450 | $475
Racquets Family - Nonresident | $1,071 | $1,736 | $803 | $803 | $803 | $857 | $803
Racquets Single - Nonresident | $803 | $1,602 | $602 | $602 | $602 | $642 | $602
Social Family - Resident | $250 | $83 | $150 | $300 | $250 | $250 | $275
Social Single - Resident | $250 | $64 | $150 | $300 | $250 | $250 | $275
Social Family - Nonresident | $350 | $1,365 | $248 | $350 | $350 | $325 | $325
Social Single - Nonresident | $350 | $1,328 | $200 | $350 | $350 | $325 | $325

University Park Country Club Proposed Capital Dues for 2027

| | | | | | | | Membershi | Preliminary
Total % increase in both memberrship dues and capital dues | | | | | | p Dues | Budget %
Scenario Number = | 1 | 2 | 3 | 4 | 5 | 6 | 7 | Increase | Increase
Full Family - Resident | 6.1% | 6.1% | 7.1% | 6.7% | 6.1% | 10.1% | 11.1% | 710 | 6.1%
Full Single - Resident | 6.4% | 6.1% | 8.5% | 8.5% | 6.4% | 10.1% | 11.1% | 540 | 6.1%
Full Family - Nonresident | 15.7% | 15.4% | 10.9% | 10.9% | 10.9% | 11.8% | 10.9% | 710 | 6.1%
Full Single - Nonresident | 15.7% | 18.3% | 10.9% | 10.9% | 10.9% | 11.8% | 10.9% | 540 | 6.1%
Racquets Family - Resident | 8.5% | 6.0% | 8.5% | 10.4% | 7.6% | 10.1% | 11.1% | 305 | 6.0%
Racquets Single - Resident | 11.1% | 6.1% | 11.1% | 13.6% | 9.8% | 12.3% | 13.0% | 230 | 6.1%
Racquets Family - Nonresident | 15.7% | 27.6% | 10.9% | 10.9% | 10.9% | 11.8% | 10.9% | 305 | 6.0%
Racquets Single - Nonresident | 15.7% | 34.9% | 10.9% | 10.9% | 10.9% | 11.9% | 10.9% | 230 | 6.1%
Social Family - Resident | 16.7% | 6.5% | 10.6% | 19.8% | 16.7% | 16.7% | 18.3% | 100 | 6.5%
Social Single - Resident | 21.0% | 6.3% | 13.1% | 25.0% | 21.0% | 21.0% | 23.0% | 75 | 6.3%
Social Family - Nonresident | 17.3% | 76.8% | 11.3% | 17.3% | 17.3% | 15.8% | 15.8% | 100 | 6.5%
Social Single - Nonresident | 23.1% | 97.2% | 11.7% | 23.1% | 23.1% | 21.2% | 21.2% | 75 | 6.3%

University Park Country Club Capital Dues Scenarios

Capital Dues | | 2027 | | Scenario #1 | | Scenario #2 | | Scenario #3 | | Scenario #4
| | | Preliminary Budget | | Nonresident % Increase to 12% | | Nonresident % Increase to 13% | | Nonresident % Increase to 14% | | Nonresident % Increase to 20%
Memberships | Membership | % of | Count | Rate | Total | % of | Count | Rate | Total | % of | Count | Rate | Total | % of | Count | Rate | Total | % of | | |
Dues | Dues | | | | Dues | | | | Dues | | | | Dues | | | | Dues | | |
Full Family - Resident | 12,425 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961
Full Single - Resident | 9,450 | 5% | 130 | 473 | 61,425 | 5% | 130 | 473 | 61,425 | 5% | 130 | 473 | 61,425 | 5% | 130 | 473 | 61,425 | 5% | 130 | 473 | 61,425
Full Family - Nonresident | 12,425 | 10% | 73 | 1,243 | 90,703 | 12% | 73 | 1,491 | 108,843 | 13% | 73 | 1,615 | 117,913 | 14% | 73 | 1,740 | 126,984 | 20% | 73 | 2,485 | 181,405
Full Single - Nonresident | 9,450 | 10% | 70 | 945 | 66,150 | 12% | 70 | 1,134 | 79,380 | 13% | 70 | 1,229 | 85,995 | 14% | 70 | 1,323 | 92,610 | 20% | 70 | 1,890 | 132,300
Full Total | | | | | 328,239 | | | | 359,609 | | | | 375,295 | | | | 390,980 | | | | 485,091
Racquets Family - Resident | 5,355 | 5% | 21 | 268 | 5,623 | 5% | 21 | 268 | 5,623 | 5% | 21 | 268 | 5,623 | 5% | 21 | 268 | 5,623 | 5% | 21 | 268 | 5,623
Racquets Single - Resident | 4,015 | 5% | 36 | 201 | 7,227 | 5% | 36 | 201 | 7,227 | 5% | 36 | 201 | 7,227 | 5% | 36 | 201 | 7,227 | 5% | 36 | 201 | 7,227
Racquets Family - Nonresident | 5,355 | 10% | 15 | 536 | 8,033 | 12% | 15 | 643 | 9,639 | 13% | 15 | 696 | 10,442 | 14% | 15 | 750 | 11,246 | 20% | 15 | 1,071 | 16,065
Racquets Single - Nonresident | 4,015 | 10% | 23 | 402 | 9,235 | 12% | 23 | 482 | 11,081 | 13% | 23 | 522 | 12,005 | 14% | 23 | 562 | 12,928 | 20% | 23 | 803 | 18,469
Racquets Total | | | | | 30,117 | | | | 33,570 | | | | 35,297 | | | | 37,024 | | | | 47,384
Social Family - Resident | 1,650 | 5% | 459 | 83 | 37,868 | 5% | 459 | 83 | 37,868 | 5% | 459 | 83 | 37,868 | 5% | 459 | 83 | 37,868 | 5% | 459 | 83 | 37,868
Social Single - Resident | 1,275 | 5% | 205 | 64 | 13,069 | 5% | 205 | 64 | 13,069 | 5% | 205 | 64 | 13,069 | 5% | 205 | 64 | 13,069 | 5% | 205 | 64 | 13,069
Social Family - Nonresident | 1,650 | 10% | 51 | 165 | 8,415 | 12% | 51 | 198 | 10,098 | 13% | 51 | 215 | 10,940 | 14% | 51 | 231 | 11,781 | 20% | 51 | 330 | 16,830
Social Single - Nonresident | 1,275 | 10% | 58 | 128 | 7,395 | 12% | 58 | 153 | 8,874 | 13% | 58 | 166 | 9,614 | 14% | 58 | 179 | 10,353 | 20% | 58 | 255 | 14,790
Social Total | | | | | 66,746 | | | | 69,908 | | | | 71,489 | | | | 73,070 | | | | 82,556
| | | | Total | 425,102 | | | Total | 463,088 | | | Total | 482,081 | | | Total | 501,074 | | | Total | 615,031
| | | | | Increase from Preliminary Budget | 37,986 | | | | | 56,979 | | | | | 75,972 | | | | | 189,930
Capital Dues | | 2027 | | Scenario #5 | | Scenario #6 | | Scenario #7 | | Scenario #8
| | | | | | | Nonresident % Increase to 20% | | Nonresident % Increase to 20% | | Nonresident % Increase to 20% | | Nonresident % Increase to 20%
| | | Preliminary Budget | | Minimum | Yes | | | Minimum | Yes | | | Minimum | Yes | | | Minimum | Yes |
| | | | | | | Amount | $ | 200 | | | Amount | $ | 300 | | | Amount | $ | 400 | | | Amount | $ | 500 |
Memberships | Membership | % of | Count | Rate | Total | % of | Count | Rate | Total | % of | Count | Rate | Total | % of | Count | Rate | Total | % of | | |
Dues | Dues | | | | Dues | | | | Dues | | | | Dues | | | | Dues | | |
Full Family - Resident | 12,425 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961 | 5% | 177 | 621 | 109,961
Full Single - Resident | 9,450 | 5% | 130 | 473 | 61,425 | 5% | 130 | 473 | 61,425 | 5% | 130 | 473 | 61,425 | 5% | 130 | 473 | 61,425 | 5% | 130 | 500 | 65,000
Full Family - Nonresident | 12,425 | 10% | 73 | 1,243 | 90,703 | 20% | 73 | 2,485 | 181,405 | 20% | 73 | 2,485 | 181,405 | 20% | 73 | 2,485 | 181,405 | 20% | 73 | 2,485 | 181,405
Full Single - Nonresident | 9,450 | 10% | 70 | 945 | 66,150 | 20% | 70 | 1,890 | 132,300 | 20% | 70 | 1,890 | 132,300 | 20% | 70 | 1,890 | 132,300 | 20% | 70 | 1,890 | 132,300
Full Total | | | | | 328,239 | | | | 485,091 | | | | 485,091 | | | | 485,091 | | | | 488,666
Racquets Family - Resident | 5,355 | 5% | 21 | 268 | 5,623 | 5% | 21 | 268 | 5,623 | 5% | 21 | 300 | 6,300 | 5% | 21 | 400 | 8,400 | 5% | 21 | 500 | 10,500
Racquets Single - Resident | 4,015 | 5% | 36 | 201 | 7,227 | 5% | 36 | 201 | 7,227 | 5% | 36 | 300 | 10,800 | 5% | 36 | 400 | 14,400 | 5% | 36 | 500 | 18,000
Racquets Family - Nonresident | 5,355 | 10% | 15 | 536 | 8,033 | 20% | 15 | 1,071 | 16,065 | 20% | 15 | 1,071 | 16,065 | 20% | 15 | 1,071 | 16,065 | 20% | 15 | 1,071 | 16,065
Racquets Single - Nonresident | 4,015 | 10% | 23 | 402 | 9,235 | 20% | 23 | 803 | 18,469 | 20% | 23 | 803 | 18,469 | 20% | 23 | 803 | 18,469 | 20% | 23 | 803 | 18,469
Racquets Total | | | | | 30,117 | | | | 47,384 | | | | 51,634 | | | | 57,334 | | | | 63,034
Social Family - Resident | 1,650 | 5% | 459 | 83 | 37,868 | 5% | 459 | 200 | 91,800 | 5% | 459 | 300 | 137,700 | 5% | 459 | 400 | 183,600 | 5% | 459 | 500 | 229,500
Social Single - Resident | 1,275 | 5% | 205 | 64 | 13,069 | 5% | 205 | 200 | 41,000 | 5% | 205 | 300 | 61,500 | 5% | 205 | 400 | 82,000 | 5% | 205 | 500 | 102,500
Social Family - Nonresident | 1,650 | 10% | 51 | 165 | 8,415 | 20% | 51 | 330 | 16,830 | 20% | 51 | 330 | 16,830 | 20% | 51 | 400 | 20,400 | 20% | 51 | 500 | 25,500
Social Single - Nonresident | 1,275 | 10% | 58 | 128 | 7,395 | 20% | 58 | 255 | 14,790 | 20% | 58 | 300 | 17,400 | 20% | 58 | 400 | 23,200 | 20% | 58 | 500 | 29,000
Social Total | | | | | 66,746 | | | | 164,420 | | | | 233,430 | | | | 309,200 | | | | 386,500
| | | | Total | 425,102 | | | Total | 696,895 | | | Total | 770,155 | | | Total | 851,625 | | | Total | 938,200
| | | | | Increase from Preliminary Budget | 271,793 | | | | | 345,054 | | | | | 426,524 | | | | | 513,099

8/10/2026

| 2026 Actual Dues | 2027 Projected Scenario Dues | | | Increase
Membership | Capital | Total | Membership | Capital | Total | Total Increase | | Membership | Capital
Full Family - Resident | 11,715 | 586 | 12,301 | 12,425 | 621 | 13,046 | 746 | 6.06% | 710 | 36
Full Single - Resident | 8,910 | 446 | 9,356 | 9,450 | 500 | 9,950 | 595 | 6.4% | 540 | 55
Full Family - Nonresident | 11,715 | 1,172 | 12,887 | 12,425 | 2,485 | 14,910 | 2,024 | 15.7% | 710 | 1,314
Full Single - Nonresident | 8,910 | 891 | 9,801 | 9,450 | 1,890 | 11,340 | 1,539 | 15.7% | 540 | 999
Racquets Family - Resident | 5,050 | 253 | 5,303 | 5,355 | 400 | 5,755 | 453 | 8.5% | 305 | 148
Racquets Single - Resident | 3,785 | 189 | 3,974 | 4,015 | 400 | 4,415 | 441 | 11.1% | 230 | 211
Racquets Family - Nonresident | 5,050 | 505 | 5,555 | 5,355 | 1,071 | 6,426 | 871 | 15.7% | 305 | 566
Racquets Single - Nonresident | 3,785 | 379 | 4,164 | 4,015 | 803 | 4,818 | 655 | 15.7% | 230 | 425
Social Family - Resident | 1,550 | 78 | 1,628 | 1,650 | 250 | 1,900 | 273 | 16.7% | 100 | 173
Social Single - Resident | 1,200 | 60 | 1,260 | 1,275 | 250 | 1,525 | 265 | 21.0% | 75 | 190
Social Family - Nonresident | 1,550 | 155 | 1,705 | 1,650 | 350 | 2,000 | 295 | 17.3% | 100 | 195
Social Single - Nonresident | 1,200 | 120 | 1,320 | 1,275 | 350 | 1,625 | 305 | 23.1% | 75 | 230
| 2026 Actual Dues | 2027 Prelimiary Budget | | | Increase
| Membership | Capital | Total | Membership | Capital | Total | Total Increase | | Membership | Capital
Full Family - Resident | 11,715 | 586 | 12,301 | 12,425 | 621 | 13,046 | 746 | 6.1% | 710 | 36
Full Single - Resident | 8,910 | 446 | 9,356 | 9,450 | 473 | 9,923 | 567 | 6.1% | 540 | 27
Full Family - Nonresident | 11,715 | 1,172 | 12,887 | 12,425 | 1,243 | 13,668 | 781 | 6.1% | 710 | 71
Full Single - Nonresident | 8,910 | 891 | 9,801 | 9,450 | 945 | 10,395 | 594 | 6.1% | 540 | 54
Racquets Family - Resident | 5,050 | 253 | 5,303 | 5,355 | 268 | 5,623 | 320 | 6.0% | 305 | 15
Racquets Single - Resident | 3,785 | 189 | 3,974 | 4,015 | 201 | 4,216 | 242 | 6.1% | 230 | 12
Racquets Family - Nonresident | 5,050 | 505 | 5,555 | 5,355 | 536 | 5,891 | 336 | 6.0% | 305 | 31
Racquets Single - Nonresident | 3,785 | 379 | 4,164 | 4,015 | 402 | 4,417 | 253 | 6.1% | 230 | 23
Social Family - Resident | 1,550 | 78 | 1,628 | 1,650 | 83 | 1,733 | 105 | 6.5% | 100 | 5
Social Single - Resident | 1,200 | 60 | 1,260 | 1,275 | 64 | 1,339 | 79 | 6.3% | 75 | 4
Social Family - Nonresident | 1,550 | 155 | 1,705 | 1,650 | 165 | 1,815 | 110 | 6.5% | 100 | 10
Social Single - Nonresident | 1,200 | 120 | 1,320 | 1,275 | 128 | 1,403 | 83 | 6.3% | 75 | 8

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