FCC White Paper Report

o Any loan taken to finance a ny facility upgrade will require continuous commercial insurance coverage. • Construction Cost: o Doing nothing now will result in higher materials and labor costs when damage, code compliance, high maintenance costs, or lack of suitability for the intended use of force action at a decision later. o In the period during which the Long-Range Facilities Planning Committee has been at work, it is estimated that construction costs have risen by more than 60-70 percent. As discussed in FAQ# 2, the estimated cost for a similar renovation four years ago was approximately $18 million. o Industry observers see this rate of increase accelerating, not declining. • Reputational Damage: o Though hard to quantify in financial terms, failure to keep facilities in competitive condition will result in squandering a legacy of excellence that has been meticulously built since 1982. o Clubs have personalities and reputations, and those attributes are valuable but also vulnerable. o A change in public perception can readily lead to a “spiraling” crisis in which perceptions of Fiddlesticks as a premier, desirable club become negative. This leads to difficulty in membership recruitment and, ultimately, loss of home resale value. o Decreased dues and initiation income limit current maintenance budgets, exacerbated by the perception that “Fiddlesticks is getting old and worn out.” Your home at Fiddlesticks is a substantial investment for those who live here. Keeping the Club facilities updated protects that investment while enhancing your lifestyle at Fiddlesticks. 17. How will members be involved in the decision-making process going forward? Answer: Member participation will shape the final Facility Improvement Program (Plan). The following are the steps for member involvement.

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