1. 2014 Annual Membership Meeting

2. In Memory Not Pictured Allene Kirchner Fred Wiehe Gerald Archer Carolyn BlocherBill Brunhaver Peggy MooreAlice Fraser

3. 2014/2015 Improvements   2014 Improvements  Bunker Renovation Completed  Bridge #1  Restrooms Golf Course  Flooring 2015 Capital Ballot  Clubhouse Improvements ($25,000)  Carpeting  Furniture  Golf Course ($14,000)  Tee Leveling  Irrigation  Kitchen Equipment ($10,000)  Pool ($10,000)  Chemical Control System  Furniture

4. Membership Plan Stage 1: Stop the AttritionCompleted 2013 Stage 2: Reduce/Eliminate AssessmentsCompleted 2014 Stage 3: Closing the GapStarting 2015 Stage 4: Completion

5. 2014 Budget & Forecast 2014 Budget 2014 Forecast Variance Total Dues and Fees 1,995,4282,000,0114,583 Food & Bev. Margin 1,118,5911,065,732(52,859) Pro Shop Margin 217,537220,9873,450 Other Income 352,198385,03432,836 Wages & Benefits 2,144,0032,094,882(49,121) Operating Expenses 1,639,8711,677,16037,289 Net Operating Income (Loss) (100,120)(100,278)(158) Add Depreciation 317,040316,680(360) Capital Fund 83,685852031,518 Loan Principle 116,194114,1052,089 Capital Purchases from operations 0.0016,722(16,722) Impact on operating cash 17,041372(16,669)

6. 2015 Dues/Fees -$10 Decrease for Heritage Members -$10-$15 Increase for all other categories -Lockers, No Change -Cart Rentals, No Change -Club Storage, $20 annual increase -Guest Green Fee, Increase $5

7. Thank you for your support of The Bellingham Golf and Country Club