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r- <br />RECEIVED <br />FEB 25 2O4-K- <br />Kfild'o Golf and Beach Club Dept. of Liquor Control <br />Annual Meeting Minutes H I LO <br />Sunday 28 December, 2025 <br />Zoom Video Conference &Golf Clubhouse (in person) <br />Board Members Present — Jamie Weinstein, Allison Schovee, Rob Reif, Liz Dauten, Katrina Clifford <br />Staff Present — Lloyd Gillespie, Spencer Wong <br />Board Members Absent — Neil Hudspith, Mike Breen, Mike House, Nate Taylor <br />Meeting called to Order — 2:00 PM <br />Opening Remarks — Katrina Clifford <br />General Manager / COO Report — Lloyd Gillespie <br />o Lloyd Gillespie introduction and background <br />o Club mission statement and Core Value affirmed <br />o Board Directors: <br />■ Mahalo for service to outgoing Directors Allison Schovee, Nate Taylor & Jamie Weinstein <br />■ Review of 2026 Board of Directors including new incoming Directors Kristin Link, Steve Watson & Bill <br />Rieflin (approval secured by majority vote of the membership) <br />o Reviewed the Management Team for Club, Kukio Community Association and Hoomana Fund entities <br />o 3-year recap of Full Time Equivalents at the Club totaling 250.5 FTE planned for 2026 <br />o Membership statistics covered including: demographics, transfer transactions, occupancy (monthly and daily <br />counts during Festive period) <br />o 2025 Club Achievements highlighted with new events, communication improvements, landscape lighting at the <br />Beach Club and the addition of a new boat "Noio" offering and partnership with Moana 'Ohana <br />o Tsunami recap covering emergency alerts, evacuation zones and lessons learned <br />o Reviewed a 10-year history of Club Dues and Initiation Fees starting in 2016 <br />o Club benchmarking data shared across local and national comparable projects <br />o 2026 budget factors covered (Mauna Kea Beach collective bargaining agreement impact on wages, security <br />assessment, IT upgrades) <br />o 2026 Goals (People and Culture, Operations, Governance, preparation for Club's 25" anniversary in 2027) <br />o "Try Wait" Kaupulehu marine reserve / fishing moratorium ends 1 July, 2026 <br />Finance Report — Spencer Wong <br />o 2025 YTD review — Total profit within 5.9% of budget through 11 months <br />o Club Operations + Non -Operating Revenue comparative: 2026 Budget / 2025 Forecast / 2024 Actual <br />o 2026 Capital Plan approved at $3,089,592 <br />o Long Term Capital plan shared with $9,103,000 in capital reserves forecast for year-end 2025 <br />