2016 Annual Stockholders Meeting monday, February 29, 2016

Board of Directors Kent Williams, President Larry Todd, Vice President Mary Lou Skinner, Secretary David Lohr, Treasurer Lisa Berry Adam Chesson Joe Howe Tom Purinai Clint O’Hara Jerry Woodard, Ex-Officio

Staff Reid Hill, General Manager & Golf Professional Craig Clemmer, Assistant General Manager &Golf Course Superintendent Kim Clark, Tennis Professional William Tew, Interim Executive Chef Becky Roberson, Special Events Coordinator Jody Barnes, Controller Shelia Kehaya, Membership Coordinator Dorothy Strahley, Marketing Coordinator

2015 Review Reid hill

2015 Highlights Effectively reduced sales and use tax and liability, due to embezzlement, by $20,000. Remaining balance will be paid in full by December 2016. Take-Away Tuesdays were a success Monthly Free Lessons on Range Junior Wellness Program The Men’s 18 and over 3.5 NTRP adult team, the Women’s 55 and over 3.5 NTRP senior team, and the Men’s 18 and over 7.5 NTRP combo doubles team all won the Coastal Plains League titles. All went on to compete in the State Championships. Many new ladies golf programs.

Dues & Initiation Fees

Principal Payments

WCC Long Term Debt Bank Debt BB&T Term Note 16 $106,404.62 WCC Investors $482,000 Cornerstone Bank $933,221.80 BB&T Note 14 $1,202,532.96 Total Debt $2,724,159.38

WCC Long Term Debt

Membership Levels as of Dec. 31st Membership Increase Membership Resign Membership Category 2012 2013 2014 2015 Resident 31 6 15 Non-Resident 1 Associate 1 23 4 Associate 2 14 Associate 3 11 3 Single Tennis/Pool/Social 12 9 Tennis Only Legacy Legacy Social Senior Senior Dining Senior Social Preview 21 Regional Corporate Membership Category 2012 2013 2014 2015 Resident 11 18 12 Non-Resident 3 1 Associate 1 5 9 Associate 2 2 6 Associate 3 4 Single 8 Tennis/Pool/Social 19 Legacy Senior Social Senior Preview Senior Dining Regional Tennis Only

2016 Recruitment Credits Our new recruitment credit structure is here! To receive this credit, sign as the new member's sponsor on their application. The structure is below. There is no limit of how many members you can recruit! Recruit 10 Resident Members and receive $5,000 in credits! This is an opportunity you do not want to miss! -New Resident, Single, Regional or Non Resident Member: $500 one time credit -New Associate or Tennis/Pool/Social Member: $300 one time credit -New Senior or Senior Social: $200 one time credit -New Corporate Member: $750 one time credit If you know someone who is interested, please have them fill out our application and send it to the Administrative Office.

2016 Departments’ plans NC Golf Panel to visit in May. Take-Away Tuesdays will continue while changing/improving menu items members enjoy Experimenting with new preemergants for better control of weeds, especially goosegrass. Spring facelift for tennis courts. New lines, annual resurfacing, some new nets and net posts painted on composition courts. Continue work with Bayer Environmental’s new chemistry to ensure continued success with nematode control. Working on implementing new lunch time specials and or company style catering items for continual membership value and sales. Vertidrain greens. Addition of a junior round robin to the complimentary Junior Tennis Clinic & Pizza Party New Junior Programs After School Program Golf & Tennis Academy

Capital Account & Projects Projects Done in 2015 Projects Planned in 2016 Project Price HVAC Accrual of Cash $35,666 Replaced 40+ year old cast iron aluminum piping in lower level of Clubhouse $13,500 Golf Course Irrigation Pump Shaft $6,500 Re-strapping Pool Chairs (35) $3,000 Chandelier Repaired $700 Repair to Golf Maintenance Shop $7,500 Repair of Partition Walls $2,000 Replace Pump & Intake Screens on Pump Station and Jockey Pump $13,400 Total: $82,266 Project Price HVAC Accrual of Cash $24,000 Replace Drive Computer for Irrigation Pump $7,500 Chiller Replacement $90,000 Pool Repairs $12,000 Outside Chandelier Replace $600 Total: $134,100

Capital Needs Identified: 2016-2020 Project Cost Replace all Carpet $56,000 New Chandeliers & Sconces $10,000 Boiler Replacement $7,334 Chiller Replacement $90,000 Replace Siding & Trim on Maintenance Building $22,000 Walk In Freezer Compressors $7,500 Dining Chairs Banquet Chairs $15,000 Maintenance Building Repairs to lot $6,000 Kitchen Equipment $16,000 Swimming Pool Pump House $4,000 Irrigation Repair $8,000 Tennis Court Lift $40,000 Range Ball Dispenser $12,000 Estimated Income from Capital Fee Per Year: $90,000 (at $15.00 per month)

Election results of bod slate

Board of Directors Slate Jeff Bass Mike Sargent Cecil Bradley

Old business/New Business

adjourn