Tahoe Donner News May 2019 by Tahoe Donner Association

THE BUZZ

TAHOE DONNER N

ANNUAL REPORT

BUSINESS DIRECTORY 45-DAY NOTICE

FIRE SAFETY + FOREST HEALTH

M A Y

2 0 1 9

PLAY MORE. HIRE US. PAINT & STAIN DECK RESTORATION DRIVEWAY SEALING SNOW REMOVAL

530.582.0300 www.elementsmtn.co

INSIDE THE REPORT:

Board Meeting Recaps

THE BUZZ:

Briefs

ASSOCIATION UPDATES

Message from the General Manager

Basic Services

2018 ANNUAL REPORT

Graphical overview of Tahoe Donnerâ&#x20AC;&#x2122;s 2018 audited results and accomplishments

FEATURES

2018 Annual Report

Business Directory

Roadmap to the Election

EVENTS, DINING + UPDATES

Amenity Updates, Programs + Events

Club Updates

Dining Hours + Specials

45-Day Notice: Fire Safety and Forest Health

THE BUZZ

Summer amenity openings, dining specials, club activities and more

MEMBER SURVEY MAY 2019 WE WANT YOUR FEEDBACK

TAHOEDONNER.COM/SURVEY

This survey will be distributed via email to all Tahoe Donner members starting May 1. We want to gather important feedback regarding membership needs, desires and opinions about Tahoe Donner. TAHOE DONNER NEWS |

VOLUME 20 | NO. 05

MAY 2019

EDITORIAL AND PRODUCTION TEAM Christina Schwartz Lindsay Hogan Tiffany Connolly Jen Malone

Drew Deurlington Derek Moore Amber Barrett

BOARD OF DIRECTORS President | Jennifer Jennings jjennings@tahoedonner.com Vice President | Don Koenes dkoenes@tahoedonner.com Treasurer | Jeff Connors jconnors@tahoedonner.com Secretary | Michael Fajans mfajans@tahoedonner.com Director | Suzy Knisley sknisley@tahoedonner.com Board of Directors board@tahoedonner.com

POSTMASTER: Periodical postage paid at

Truckee, California and additional mailing offices. Send address changes to Tahoe Donner News, 11509 Northwoods Blvd., Truckee, CA 96161; (530) 587-9400, Fax (530) 579-3224

EMAIL: comdep@tahoedonner.com ADVERTISING SALES: CC Media + Publishing is the exclusive advertising representative: (775) 327-4200 | laura@cc.media

PUBLISHING INFORMATION TAHOE DONNER ASSOCIATION HOLDS THE EXCLUSIVE SERVICE MARK RIGHT TO “TAHOE DONNER.” ANY UNAUTHORIZED USE OF SUCH WILL BE REGARDED AS AN INFRINGEMENT OF THAT SERVICE MARK RIGHT AND IS PROHIBITED. THE INCLUSION OF ADVERTISING IN THIS PUBLICATION DOES NOT CONSTITUTE AN ENDORSEMENT OR RECOMMENDATION BY TAHOE DONNER ASSOCIATION OR ITS BOARD OF DIRECTORS OF THE PRODUCTS, SERVICES, OR VIEWS CONTAINED THEREIN. TAHOE DONNER NEWS (ISSN 1550-6061) IS THE OFFICIAL MONTHLY PUBLICATION OF TAHOE DONNER ASSOCIATION, WHICH IS LOCATED AT 11509 NORTHWOODS BLVD., TRUCKEE, CA 96161. EACH MEMBERSHIP PARCEL RECEIVES ONE SUBSCRIPTION TO A DOMESTIC ADDRESS. COST TO PRODUCE AND DISTRIBUTE THIS PUBLICATION IS OFFSET BY ADVERTISING REVENUES. PERIODICALS POSTAGE PAID AT TRUCKEE, CA, AND ADDITIONAL MAILING OFFICES. MEMBER LETTERS TO TAHOE DONNER ARE PUBLISHED IN THE MEMBERS SECTION OF TAHOEDONNER. COM, WHERE PUBLISHING GUIDELINES ARE AVAILABLE.

MESSAGE FROM THE

GENERAL MANAGER This month’s magazine includes the 2018 Annual Report, a high-level graphical overview of the 2018 audited results and accomplishments. Core to reviewing the Audit Report is understanding how Tahoe Donner is organized and how it operates as both a California Mutual Benefit Corporation and a Federal IRS 501c4 Social Welfare organization, and of course, how it functions as a Large Scale Common Interest Development. Mutual Benefit Corporations are organized as nonprofits for the mutual benefit of their members and to advance a common goal, as currently expressed in our strategic plan vision statement: Tahoe Donner is a vibrant and desirable mountain community, providing attractive and well-maintained facilities, events, programs and leading customer service to its members, guests and public, all while maintaining accessible and healthy natural surroundings. With one official class of voting/ownership membership (6,473 property owners) in Tahoe Donner, the community also values the broader inclusion of approximately 25,000 ownership-connected members.

Tahoe Donner is also officially organized, recognized and operates as an IRS 501c4 Social Welfare organization to promote social welfare for the common good of the community. "Social Welfare" is an inherently complex concept with many interpretations of the community benefiting from this status, but the defined tax structure is a great benefit to the membership and the corporation. So, as you review the Annual Report and individual performance of our amenities and support departments, think about our membership-based mutual benefit and the common good of our community and know that your board of directors, management team and volunteer committees are all working to deliver meaningful results to achieve our common vision. Finally, I want to express my gratitude to all of our members, board members, employee team members, volunteers and community partners for all you do. Our partnerships and effectiveness in this great community of Tahoe Donner continues to grow.

ROBB ETNYRE | GENERAL MANAGER

5TH ANNUAL TAHOE DONNER GIVING FUND

DINNER + SILENT AUCTION JULY 18, 2019 | 6PM

BUY TICKETS AT JULY18DINNER.BROWNPAPERTICKETS.COM

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(530) 213-0225 www.tahoeorthopedicsandsports.com

530.550.7938

PO Box 11107, Truckee, CA 96162 BONDED & INSURED • CA LIC #764916

Thinking of Selling? Let us help guide you through all the steps from pre-listing to post-closing! TIP: Our Community Yard Sale is a great way to de-clutter and prepare for listing a home!

Tahoe Donner Memorial Day Weekend May 25th - 9:00 am

For More Details & To Register Your Property, Visit: www.TahoeDonnerYardSale.com TAHOE DONNER NEWS |

GREEN WASTE By ANNIE ROSENFELD, Tahoe Donner Director of Risk and Real Property Spring and summer are just around the corner, and so is yard cleanup and defensible space work. Get a leg up by planning your cleanup activities now.

STAY IN THE KNOW. SIGN UP FOR WEEKLY EMAILS:

TAHOEDONNER.COM/SUBSCRIBE

TAHOE DONNER CONTACTS Area Code (530)

MEMBER SERVICES Northwoods Clubhouse Open Daily 8AM-5PM 587-9400 | info@tahoedonner.com | Live chat on website

In Tahoe Donner, trash and recycling pick-up day is Tuesday. Blue recycling bags will be picked up every week. Place blue bags next to your garbage can to avoid any overage costs. All cardboard must be placed inside of the blue bag.

AMENITIES

GREEN WASTE CARTS

Opt-in to receive up to three 96-gallon green yard waste carts. Green cart service is every other week.

GREEN CART SERVICE

JUNE

7 + 21 4 + 18

Architectural Standards Rod Whitten aso@tahoedonner.com Covenants Al Noyes + Len Leclerc covenantscommittee@ tahoedonner.com

AUGUST 13 + 27 SEPTEMBER 10 + 24

JULY 2, 16 + 30 OCTOBER 8 + 22

TIPS ON USING YOUR GREEN WASTE CART

GREEN WASTE DUMPSTER Six-yard green waste dumpsters are available by reservation for a reduced oneweek rental of $70. Call TTSD to order at (530) 583-7800. Dumpster rentals do sell out, so book in advance.

Lids must be closed flush. Overfilled carts will not be serviced.

GREEN WASTE DUMPSTER REBATE NEW THIS YEAR: Truckee Fire Protection District is providing a $70 rebate for green waste dumpster rentals. Visit truckeefire.org/defensible-space for more details. One rebate per household until program funds last.

Elections Bette Rohrback electionscommittee@ tahoedonner.com

General Plan Michael Sullivan iceman40@mac.com Giving Fund Suzanne Sullivan tdgf@tahoedonner.com Member Engagement mec@tahoedonner.com

Finance Corey Leibow financecommittee@ tahoedonner.com

ASSOCIATION TASK FORCE CHAIRS ASO/ASC Charles Wu charles@aventechcapital.com

Equestrian Nan Meek nanmeek@sbcglobal.net

ASSOCIATION CHARTERED CLUB PRESIDENTS

No plastic bags necessary. Place yard waste – pine needles, grass clippings, pine cones, branches and shrub materials – directly in the cart. On your collection day, place your cart curbside by 6AM, with the wheels facing away from the street. The cart must be three feet away from other objects.

marina@tahoedonner.com bikeworks@tahoedonner.com xc@tahoedonner.com ski@tahoedonner.com equestrian@tahoedonner.com forestry@tahoedonner.com golf@tahoedonner.com lodge@tahoedonner.com pizza@tahoedonner.com troutcreek@tahoedonner.com campground@tahoedonner.com tennis@tahoedonner.com trails@tahoedonner.com troutcreek@tahoedonner.com

ASSOCIATION COMMITTEE CHAIRS

In Tahoe Donner, green yard waste carts will be picked up every other Tuesday from May 7 through October 22.

MAY

Beach Club Marina 587-9460 Bikeworks 582-9694 Cross Country Ski 587-9484 Downhill Ski Resort 587-9444 Equestrian Center 587-9470 Forestry 587-9432 Golf Course 587-9443 The Lodge 587-9455 Pizza on the Hill 582-9669 Recreation Hut 587-9413 Campground 587-9462 Tennis Center 587-9474 Trails 582-9672 Trout Creek 582-9603

SELF/CONTRACTOR HAUL

Tahoe Donner homeowners and contractors can drop off yard waste at Eastern Regional Landfill (ERL) for free. Homeowners are limited to six yards of waste; contractors need to provide a unique customer code.

ORDER YOUR CART

Still need a green waste cart? Order one today at keeptruckeegreen.org. Residents will be charged a delivery fee for drop-off OR they may pick up the cart from TTSD for free.

9-Holers Women's Golf Shellie Poplin shelliepoplin@gmail.com

Quilt Club Linda Brush sewlinda@aol.com

Bridge Club Pat Callahan mrscallahan36@gmail.com

Rowing Club Dot Mace dotmace@me.com

Equestrian Club Susan Terrell terrellsf@earthlink.net

Senior Alpine Ski John Makin jmakin@sbcglobal.net

Friends of TD Trails B.R. Levine tdtrails@gmail.com

TD 4-Wheelers Club Bill Ratcliff club@td4wheelers.org

Hiking Club Robin Reese rbtahoe@sbcglobal.net

Tennis Michele Forsberg minkeysf@sbcglobal.net

Junior Golf Club Jean Lai jslai@comcast.net

Women’s Golf Bettye Carmichael ibboop@suddenlink.net

Men’s Golf Keith Williams krwilliams37a@gmail.com

LETTER TO THE BOARD Provide feedback to help improve the overall association. Submit your comments and concerns to board@tahoedonner.com. Learn more at tahoedonner.com/feedback.

Make yard work wheel fun.

We can give you piles of reasons why we’re getting rid of green bags. They won’t decompose for 100 years. They’re ﬂimsy to ﬁll. And it’s easy to run out of them. Please visit KeepTruckeeGreen.org to get your free, durable green container. It’ll be better for your backyard and ours.

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TAHOE DONNER NEWS |

THE

BUZZ EVENTS. DINING. UPDATES. CAMPGROUND

BEACH CLUB MARINA

SCHEDULED OPENING WEDNESDAY, MAY 22

SCHEDULED OPENING FRIDAY, MAY 24

Reservations at reserveamerica.com

TENNIS CENTER SCHEDULED OPENING MONDAY, MAY 6 Conditions permitting

CLINICS + PROGRAMS

Tennis clinics take place throughout the summer and focus on improving a wide range of tennis skills while enhancing overall health and fitness. Fore more information visit tahoedonner.com/tennis. WHEN: Beginning May 13

Conditions permitting

BOAT LAUNCH POLICIES

RECREATION SUMMER CONCERT JULY 5 + 6

Tahoe Donner's biggest event of the year returns Friday and Saturday, July 5 and 6, featuring today's top tribute bands for the Beach Boys, Creedence Clearwater Revival, U2 and more! Tickets are on sale now. Visit tahoedonner.com/summerconcert to learn more!

All motorized/trailered vessels launching in Donner Lake must first pass an invasive species inspection. For inspection station location and hours, call (888) 824-6267 or visit truckeeboatinspections.com. Vessels launched at Beach Club Marina must be registered with Tahoe Donner. Vessel registration, proof of insurance a nd a release of liability waiver are required to launch at Beach Club Marina during summer 2019. For more information or to register online, visit tahoedonner.com/marina.

THE BRICKYARD CLASSIC

2019 Tennis Nostalgia Event—Kick off the season with an exciting afternoon of tennis followed by a potluck BBQ and social gathering. WHEN: Sunday, May 26 ROUND ROBIN: 2-5PM BBQ/POTLUCK: 5PM COST: Tennis Club Free, Member $10,

Guest $18

11TH ANNUAL NTRP TOURNAMENT

NTRP 2.5 through 5.0—The NorCal branch of the USTA has designated this a Gold Cup event in all divisions, with 2x the ranking points up for grabs. WHEN: May 31-June 2 REGISTRATION: norcal.usta.com

BIKEWORKS FREE FAMILY MOVIE FRIDAYS | 6:30-8:30PM

Join us at Northwoods Clubhouse for a free family-friendly flick. Note: Pizza on the Hill will be closed in May.

KIDS NIGHT OUT MAY 3 + 18 | 5-9PM

Kids ages 4-9 are invited to dinner, games and more while parents enjoy a night on the town. Register on ShopTD.

SCHEDULED OPENING FRIDAY, MAY 24 Conditions permitting

PREP YOUR BIKE

Get your bike ready for the season with a basic tune-up that includes checking and tightening all fasteners, adjusting brakes and shifting, minor wheel true, adjusting hubs and headset, and chain lubrication for just $69. For other work, bring your bike in or call (530) 582-9694

GOLF SCHEDULED OPENING FRIDAY, MAY 24 Conditions permitting

SEASON PASSES + PLAY PACKS ON SALE NOW

Purchase a season pass by May 30 to lock-in the best rates of the season and receive special perks, including discounted guest golf vouchers. Visit tahoedonner.com/golf for details.

EQUESTRIAN

DAY CAMPS

TROUT CREEK REC CENTER

2019 SUMMER BOARDING

SESSIONS BEGIN MONDAY, JUNE 17

DAILY 6AM-10PM

CAMPS ARE FILLING FAST

Saturday, May 25

We offer long- and short-term horse boarding throughout the summer. Reservations are required. Learn more at tahoedonner.com/equestrian.

Our week-long camps offer age-appropriate, fun outdoor activities that challenge, educate and entertain kids age 3-14. Camps are offered through the week of Aug. 16. Register your child online with your ShopTD account or call Day Camps at (530) 587-9493. For camp sessions and more information visit tahoedonner.com/daycamps.

REC POOL Scheduled opening

MOVE YOUR BODY

Summer is right around the corner! Get ready for cycling season with one of our many spin classes. The Rec Center offers a variety of classes each week, check the website for a full class schedule or stop by the front desk to pick one up. For class descriptions and more information visit tahoedonner.com/fitness.

2019 BOARDING RATES

Our 12-by-24-foot partially covered pipe corral paddocks are available and include daily cleaning, watering and feeding. Deluxe, large paddocks are also available. BASIC 12X24 MEMBER PADDOCK

Monthly Weekly Daily

MEMBER

NON-MEMBER

$439 $119 $29

$589 $194 $47

HORSEMANSHIP CAMPS

Registration for Horsemanship Camps is open. We offer Level I and Level II morning and afternoon camps. Some camps are already sold out so register today. Learn more at tahoedonner.com/equestrian. 2019 SESSIONS: June 17-21, June 24-28, July 1-5, July 8-12, July 15-19, July 22-26, July 29-Aug 2, Aug 5-9 and Aug 12-16 COST: Members $549, Non-Members $649

THE

BUZZ CLUBS: TD 4 WHEELERS CLUB

We busted out of the snow for a run to the old Red Dog and You Bet mining sites near the Bear River when we ran across some gates closing the road. While in discussion with a Nevada Irrigation District technician, we learned that the Bear River area at Secret Town Road had to be closed because people were dumping items, shooting and making a mess – very disappointing that humans would treat such a beautiful area so disrespectfully.

We drove down to the Greenhorn Creek Ford, but it was so washed out that the road was nowhere to be seen, so we backtracked to Chalk Bluff Road and ventured up the muddy route. We could have continued up to Highway 20, but we knew that snow blocked that end of the road. We turned around and stopped at the old You Bet Cemetery before heading back to Truckee for a great dinner at The Lodge Restaurant & Pub in Tahoe Donner.

However, you can still walk the bridge and river area, and it is worth the stop. We detoured to Highway 174 to You Bet Road and headed up to the Red Dog overlook for lunch. We continued on through the former town site and we were glad to be part of a large convoy as the theme song from “Deliverance” kept playing in our heads. Dennis Austin narrated the history as we passed the significant sites.

If you enjoy exploring, consider joining us on our next adventure. Check out the club's schedule online at TD4wheelers.org. THE BUZZ: CLUBS CONTINUES

*All prices subject to change.

TAHOE DONNER NEWS |

SENIOR ALPINE SKI CLUB

JUNIOR GOLF CLUB Summer is just about here! Tahoe Donner Junior Golf Club invites you to join us for fun and skill development. We meet and play every Thursday at 2PM on the practice green - please stay tuned for our starting date. The first hour is spent working on putting and chipping skills through clinics and games. Then we head out and play the course in foursomes. We provide adult chaperones for younger players. Snacks and water are provided while on the course, and greens fees are offered at a special discount for TD Junior Golf Club members. We always need adult volunteers to join us on the course as chaperones. You do not need to know golf; your purpose is to ensure the kids are playing safely. It is really fun to watch the young players improve. Our first golf day is scheduled for June 20, weather permitting. The free Ice Cream Social, our first special event, is scheduled for July 11. Come build your own sundae before you head out and play the course. The Annual Club Championship will be our final club event, to be held August 8. All participants will be divided into flights and compete with other players of comparable skill level. While there is some competition, this is an event mainly for fun — every player gets a prize. Membership applications are available in the Pro Shop. Questions? Call the Pro Shop at (530) 587-9440, #3 or contact Russ and Jean Lai at (530) 582-0673 or rslai@comcast.net after June 1.

As March ended, winter really did not, and neither did the club ski days at local ski areas. Although we cut back to one club ski day a week from two days a week during the regular season, club members continue to enjoy skiing together over the extended ski season. If the weather continues to improve (more sun, fewer storms) and the ski area snowpack and season permits, we hope to schedule club ski days in May and perhaps celebrate the Fourth of July on a ski slope. In any event, the end of skiing will not mean the end of club activities. After a brief ‘tween season hiatus, the club will have its usual slate of summer/fall outings and gatherings, including but not necessarily limited to, the always popular August member and recruits BBQ, fall ski fitness classes, and the soon-to-start-skiing potluck. Please visit our club website at tdski.com for club information and full dates and details on upcoming club events. If you would like to join the club, contact one of the board members listed on the website. The club is always looking to add more folks who enjoy downhill skiing and want to make new friends.

Applications are available online at tahoedonnertennisclub.com or at the Tennis Center Pro Shop. Michele (Mickey) Forsberg, minkeysf@sbcglobal.net.

We have a great group of golfers signed up to play this year! Thanks to an excellent response to our March membership drive, our roster is full for 2019. Our first event will be the kick-off breakfast on May 23 at The Lodge Restaurant & Pub, followed by a round at Ponderosa Golf Course, conditions permitting.

During the off-season, we stayed in touch at social events such as our Bread-Making Lesson/Luncheon. At this fun gathering, guests learned a method for making sourdough bread and took home a batch of dough and a starter. Reports are, the loaves were delicious, and the company was delightful! For questions about our club, please contact club president, Shellie Poplin, at shelliepoplin@gmail.com.

MEN'S GOLF CLUB QUILT CLUB This colorful, fun baby quilt was made by Emily Desfor for the Child Advocates of Nevada County’s Truckee Healthy Babies program. Our Quilt Club has been making baby quilts since 2015 and the total quilts made so far exceeds 340. To learn more about the Healthy Babies program, visit caofnc.org.

TD TENNIS CLUB Tennis anyone? Even if you’re not an avid tennis player, you should still consider joining the Tahoe Donner Tennis Club. We hold social events, competitive formats and provide fun activities for all levels of play. We also provide a roster with contact information to use for leveled singles or doubles play.

WOMEN'S 9-HOLERS GOLF CLUB

In addition to the baby quilts, we make placemats for our local Meals on Wheels, bibs and fidget quilts for long-term care patients, walker totes and pillows for our Cancer Center. Come check us out. We meet in the Meadow Room at Northwoods Clubhouse on the first and third Wednesday from 1-3PM. For more information contact Marilyn Dundas at md11792@outlook.com.

The Tahoe Donner Men’s Golf Club (TDMGC) is kicking off the season on Sunday, May 26 at 4PM with a social event, in conjunction with the women’s clubs, to welcome everyone back for the 2019 golf season. All current or prospective members of any of the golf clubs are invited to come by for refreshments and to learn more about summer golf events. The men’s club has something for everyone, from low-handicap competitive golfers to those just looking for fun in a low-key friendly environment. All events use the USGA handicap system to provide equitable competition for all levels of golfers, and several have flights, so you can play against others of similar ability. Visit the tdgolfclub.com for a list of the club's tournaments and informal events. Our first tournament of the summer is the Icebreaker, set for a 12PM shotgun start on Sunday, June 9. This is a friendly 4-man shamble meant to help new and continuing members get acquainted, so come help us start the season with this fun event.

THE

BUZZ:

DINING

THE BEST GOLF RATES OF THE YEAR MAY HOURS

Dinner served 5-9PM The Pub opens at 5PM

EARLY BIRD SEASON PASSES + PLAY PACKS ON SALE NOW

MAY HOURS

Closed May 1-8, Opening May 9 Sun-Fri | 11:30AM-2:30PM Sat | 11:30AM-4PM May 25-26 | 11:30AM-4PM

EDI-BOL IS BACK

The Edi-Bol dinner series is returning to Alder Creek Cafe on May 16 from 5-8PM. Chef David Smith will prepare a different bowl of mixed seasonal ingredients once a week. See web for details. 15275 ALDER CREEK RD (530) 587-9484

Daily | 5-6PM Enjoy drink specials and 25% off pub fare, soups, salads and appetizers in The Lodge Pub. Not available May 24-26. Upon Golf opening, hours will change to 4-5:30PM

NO CORKAGE TUESDAYS

Bring a special bottle of wine and we’ll waive the corkage fee.

*NUMBER OF VOUCHERS VARY BASED ON PASS TYPE

CINCO DE MAYO PARTY

May 5 | 5-9PM Come in for Mexican food specials crafted by Sous Chef Freddy Zarate and $3 Mexican beer and $6 housemade margarita specials. Not valid with any other offers.

MAY IS FOR MOMS

11509 NORTHWOODS BLVD (530) 582-9669

TAHOEDONNER.COM/GOLF

Enjoy Happy Hour pricing all night long throughout the entire restaurant.

May 11 | 3-5:30PM Calling all moms! Come join us on the deck (weather permitting) for a special tapas menu and a free 5-minute chair massage by Allison King of SoulShine Massage and Wellness. All moms get a free mimosa upon arrival. Please call to reserve your spot (530) 587-9455.

Closed for maintenance and seasonal cleaning. Visit tahoedonner.com/pizza for updates.

VOTED BEST GOLF COURSE IN TRUCKEE-NORTH TAHOE

WILD WEDNESDAYS

MOMS, MASSAGES + MIMOSAS

CLOSED FOR MAY

PURCHASE SELECT PASSES* BY MAY 30 + RECEIVE 50% OFF GUEST VOUCHERS

Let’s celebrate all moms all May! Mom’s get a complimentary glass of champagne all month long (one per visit). Not valid May 24-26. 12850 NORTHWOODS BLVD (530) 587-9455

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TAHOE DONNER NEWS |

*All offers listed are valid during non-holiday periods and are not valid with any other promotions or coupons. Offers subject to change.

PUB HAPPY HOUR

2018 ANNUAL REPORT 2018 ANNUAL ASSESSMENT (AA) GROWTH RATES AND CPI FOR CONTEXT 10%

8% 5.9%

5.8%

5.2%

4.8%

5.4%

4.8%

3.4% 2.9%

2.8%

2.7%

2.9%

2.8%

5 YEAR

10 YEAR

OPERATING PORTION OF AA

15 YEAR

20 YEAR

CAPITAL PORTION OF AA

25 YEAR AA TOTAL

30 YEAR CPI

All rates are Compounded Annual Growth Rates. Consumer Price Index (CPI) is the Federal agency Bureau of Labor Statistics CPI-U San Francisco/Oakland/Hayward as measured to December 2018. Annual Assessment (AA) is for regular AA, chart excludes 2003 Special Assessment of $1,383 per owner for Capital Improvements.

The above chart provides clarity regarding the growth of your Annual Assessment, an often-discussed topic amongst owners, over various timeframes, as some owners are relatively new to Tahoe Donner and some have owned for a decade(s). The association was established in 1971 and is now only two years away from our 50th birthday. With over $80 million in gross fixed assets and over $42 million in after depreciation net fixed assets, your association is capital intensive and not getting any younger. Another factor driving growth is the shift from undeveloped lots to improved lots or ‘build-out’ over the past 30 years, moving from 50% build-out to 90% currently. Your association is in the strongest financial position ever, with $60 million in total members equity or $9,241 per owner (up 5% from last year) and $15.8 million in capital savings members equity (up 12% to 2017). Key budget assumptions impacting 2018 included holding the annual assessment total flat for a 3rd consecutive year. Our investment in Downhill Ski snowmaking proved vital to both the 1st quarter of 2018 and December 2018 financial performance. The year’s positive operating results to budget produced a favorable surplus of member equity funds which allowed for a $500,000 transfer out of the operating fund to capital funds to address our aging infrastructure needs. Several long planned-for capital improvements were completed in 2018, greatly improving both the common facilities and near-term planning efforts to inform future capital reinvestment decisions. Key improvements included the replacement of the outdated 40-year-old Snowbird Chairlift. The 2018 Annual Report starting on the next page contains a wealth of information regarding the financial performance of your association. Reading it can be informative and even enlightening! The 2019 Budget year is well underway, and despite a record snowfall month in February, financial performance has exceeded budget favorably. 2019’s strategic goals include short-term rental registration, covenants compliance enforcement and fire defensible space projects; all to further deliver on Tahoe Donner’s Mission and Vision moving forward. Jennifer Jennings President, Board of Directors

Robb Etnyre General Manager

2018

ANNUAL

REPORT $1.4 MILLION

INVESTMENT IN DOWNHILL SKI SNOWBIRD CHAIRLIFT REPLACEMENT

Replacing a functionally obsolete 40+ year old ski lift at our most financially significant amenity operation

$5.3 MILLION

IN CAPITAL FUNDS EXPENDITURES

Reinvesting in your association, protecting your investment Refer to Capital discussion starting on page 10 for details

$650,000 OR 11% FAVORABLE

NET OPERATING RESULTS IN OPERATING FUND See next page for details

VISION STATEMENT Tahoe Donner is a vibrant and desirable mountain community providing attractive and well-maintained facilities, events, programs and leading customer service to its members, guests and public, all while maintaining accessible and healthy natural surroundings. TAHOE DONNER 2018 ANNUAL REPORT |

$650,000 FAVORABLE NOR RESULTS

Dear Members, The purpose of this 2018 Annual Report is to provide a comprehensive report on 2018 financial results and to communicate the 2018 Audited Financial Statements and Independent Auditors Report to all members.

Net Operating Result Loss of $5.4 million was $650,000 or 11% favorable to Budget and $312,000 or 6% unfavorable to 2017

Management, the Finance Committee and the Board consistently monitor both operational and financial results. We are committed to both responsive and proactive management, balancing our service levels to volume and financial performance.

$18.8 MILLION OPERATING COSTS

$13.4 MILLION OPERATING REVENUES Up 7% to Budget and up 2% to 2017 Up 1% to Budget and up 3% to 2017

$5.3 MILLION CAPITAL FUNDS EXPENDITURES

Favorable $2.6 million or 33% to Budget, primarily due to timing of projects between years

Please contact me anytime to discuss this report or any other financial aspects of your association.

$6.1 MILLION | $940 PER OWNER

Operating Contribution by Annual Assessment in 2018

MICHAEL SALMON DIRECTOR OF FINANCE & ACCOUNTING msalmon@tahoedonner.com (530) 587-9418 tahoedonner.com/financials

$6.2 MILLION | $960 PER OWNER

Capital Contribution by Annual Assessment in 2018

$67.1 MILLION TOTAL ASSETS Up $2.8 million or 4% to 2017

$59.8 MILLION | $9,241 PER OWNER Members’ Equity as of 12/31/2018, up 5% to 2017

OPERATING FUND

MAY – OCT.

JAN. – APRIL

NET OPERATING RESULTS – 2018 VARIANCES TO BUDGET -$150,000 JAN. – APRIL

DROUGHT CONDITIONS UNTIL MID-FEBRUARY, SNOWMAKING ENABLED CONSISTENT OPERATIONS, FINISHED A CHALLENGING SEASON STRONG DUE TO SNOWFALL AND PENT UP DEMAND • REVENUES OFF $172,000 OR 4% TO BUDGET • EXPENSES DOWN FAVORABLY $22,000 OR 0% TO BUDGET • NET OPERATING RESULT UNFAVORABLE $150,000 OR 11% TO BUDGET

+$177,000 MAY – OCT.

STRONG VISITATIONS AND FINANCIAL PERFORMANCE AT ALL AMENITIES, EXCEPT GOLF, WHICH WAS OFF BUDGET EXPECTATIONS • REVENUES UP $437,000 OR 7% TO BUDGET OVERALL (GOLF OFF BUDGET $49,000 OR 4%) • REVENUES AT THE LODGE OF $1.6 MILLION, UP 13% TO BUDGET AND 7% TO 2017 • EXPENSES UP $260,000 OR 3% DUE TO TOP LINE PERFORMANCE

NOV. – DEC.

• NET OPERATING RESULT FAVORABLE $177,000 OR 5% TO BUDGET

+$623,000 NOV. – DEC.

SNOWMAKING PROVIDED ENOUGH SNOW, GOOD BUSINESS LEVELS, NEW PEAK PRICING FOR GUESTS AND PUBLIC (NOT MEMBERS) PROVIDED INCREMENTAL POSITIVE RESULTS

2018 ANNUAL

• SNOWMAKING PROVEN INVESTMENT, PROVIDED ENOUGH SNOW TO OPERATE FOR THE PEAK HOLIDAY PERIOD

+$650,000

• VERSUS BUDGET: REVENUE UP $627,000 / 37% AND COSTS UP $4,000 / 0%

REVENUE AND PAYROLL

NOR FAVORABLE TO BUDGET $650,000 | 11% | $100 PER OWNER

Chart dollars in thousands

OPERATING REVENUES

2014 $ 7,679,146

2015 $ 8,681,085

2016 $ 12,771,029

2017 $ 13,116,553

2018 $13,535,047

$14,000

EMPLOYEE W-2s ISSUED

735

764

897

924

958

$12,000

W-2s PER $1,000 REVENUE RATIO

10%

$10,000

AVERAGE WAGES PER W-2 ISSUED

8,773

9,509

9,826

10,276

10,181

$8,000

CALIFORNIA MINIMUM WAGE (1)

9.00

10.00

10.50

11.00

$6,000

SEASONAL/PART-TIME FTE (3)

92.1

100.9

128.2

133.0

125.0

$4,000

FULL-TIME REGULAR (2) FTE (3)

65.0

66.0

81.0

82.0

84.0

$2,000

FTE (3) TOTAL REVENUE PER FTE W-2 TO FTE RATIO

157.1 $

48,881 4.7

166.9 $

52,014 4.6

209.2 $

61,047 4.3

215.0 $

61,007

209.0 $

64,761

4.3

The Association employs a high percentage of seasonal customer service, entry level positions to operate the various amenities of the Association. There is a high volatility of work-force every season, and within seasons, based on numerous factors, particularly weather and business volumes. (1) California Minimum Wage; 2014 change effective 7/1, 2019 increased to $12.00 and 2020 increases to $13.00. (2) The Federal Affordable Care Act of 2010, impacted the Association starting in 2016, created a Federally regulated determination of those employees categorized as 'Full Time' and mandated to be offered health insurance. Prior to this Act, the Association had discretion as to which employees were offered health insurance and categorized full time and which were classified as seasonal employees. (3) Full Time Equivalents (FTE) as calculated based on a standard of 2080 work hours per year.

| TAHOE DONNER 2018 ANNUAL REPORT

4.6

89%

98%

91%

$0 2017 ACTUAL 2018 BUDGET 2018 ACTUAL OPERATING REVENUE OPERATING PAYROLL PAYROLL PERCENT OF REVENUE 2018 ACTUAL VERSUS BUDGET REVENUE UP 7%, PAYROLL COSTS UP 0% 2018 ACTUAL VERSUS PRIOR YEAR REVENUE UP 2%, PAYROLL COSTS UP 4%

ANNUAL ASSESSMENT

DISTRIBUTION OF 2018 ANNUAL ASSESSMENT

$1,900 PER OWNER DISTRIBUTION OF 2018 ANNUAL ASSESSMENT ($1,900 PER OWNER) 51% / $960

$1,000

GRAY BARS ARE PRIOR YEAR 2017 BUDGET ($1,900 IN TOTAL) FOR COMPARISON

$900 $800 $700

$925

$600

support cost allocation or capital cost charge

28% / $530

in departmental net operating result amounts.

$500 $400

$495

$300

9% / $173

$200 $100

7% / $134

$160

1% / $17

6% / $119

$127

-2% / $(33)

$106

$0 $(100)

The 2018 versus 2017 budget, favorable decrease of $99 is primarily driven by favorable 2016 and 2017 operating results and snowmaking investment

Note: amenities do not receive administrative

$116

$(29)

RESERVE CAPITAL FUNDS (PAGE 10)

HOA GENERAL AND ADMIN

HOA MAINTENANCE SUPPORT

(PAGE 4)

HOA UTILITIES, INSURANCE AND TAXES

HOA FORESTRY AND FIRE PREVENTION

PRIVATE AMENITIES

PUBLIC AMENITIES

ANNUAL ASSESSMENT OWNER BY FUND ANNUAL ASSESSMENT PERPER OWNER BY FUND $880

2019

$720

$940

2018

$30

$620

$975

2017

$595

2015 2014

2011

$330

$660

2008

$200

$400

OPERATING

$600

$800

REPLACEMENT RESERVE

$17

$143

$1,000

$232 $146

2008-2018

2008-2019

CAPITAL FUNDS

7.0%

7.5%

OPERATING FUND

3.6%

2.6%

TOTAL ASSESSMENT 5.1%

5.0%

11 YEAR

Accumulating funds over time to address the aging infrastructure needs of your association, consistent with the General Plan, while striving to minimize the operating fund portion of your assessment.

$30

$300

$1,900 $1,900

$250

$1,965

$1,900 $1,800

$1,600

$1,505

$1,330 $1,300

$1,200 Capital portion 43% in 2008

$1,150 $1,200

$1,400

NEW EQUIPMENT

KEY NOTES Capital Funds Portion of Annual Assessment

COMPOUND ANNUAL GROWTH RATE (CAGR) METRICS 10 YEAR

$25

$334

$695

2009

$25

$348

$695

2010

$310

$1,375

$250

$25

$360

$695

$250

$30

$400

$695

2012

$250

$30

$434

$791

2013

$250

$30

$478

$842

$30

$526

$994

$335

$30

$546

$1,074

2016

Capital portion 55% in 2019

• The Replacement Reserve Fund portion has been deliberately increased over time to improve the reserve funding level of our over-45-year-old association. Underfunding reserves is considered the bain of many associations across the country. We adopted a reserves funding policy and recent boards have adhered to this policy. Your association's reserves are now in a much stronger financial position to handle the replacement and major maintenance needs of the association's assets.

$1,600

$1,800

$2,000

DEVELOPMENT

Operating Fund Portion of Annual Assessment • The Operating Fund portion was held flat for four years (2009-2012), with strong visitation and revenue growth and no droughts. • The Operating Fund portion increased from the 2013-2016 era due to the combined pressures of winter drought’s impact on operating revenue expectations and payroll cost increases due to California minimum wage increases and the Federal Affordable Care Act impacts.

• The Development Fund portion was held at $250 for six years (2011-2016) and we are now increasing to recognize the known future funding requirements. This funding is for eventual building replacements due to functional obsolescence and for new facilities or other new major projects due to the changing needs of membership.

• For 2017, 2018 and 2019, the Operating Fund portion was decreased due to favorable revenue trends, our snowmaking investment, price increases, as well as a favorable decrease in workers compensation costs, all favorably offsetting the California minimum wage increases.

• More historical information on Capital Funds, see pages 10-11.

• More historical information on the Operating Fund, see page 4. TAHOE DONNER 2018 ANNUAL REPORT |

OPERATING FUND

CAGR = COMPOUND ANNUAL GROWTH RATE

OPERATING FUND ACTUAL ACTUALRESULTS RESULTS $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 ($5,000,000) ($10,000,000) ($15,000,000) ($20,000,000)

2008

2009

2010

2011

OPERATING REVENUES

2012

2013

2014

OPERATING COSTS

2015

2016

2017

2018

NET OPERATING RESULTS

Record revenues and record costs in 2018 (and 2017). 2018 Resulting NOR Loss of $5.5 million compares to $4.6 million in 2008 Actual, a 1.7% 10-year CAGR (5.4% Revenue, 4.2% Costs). For 2013 to 2018 Actuals, the CAGR for NOR Loss is 1.8% (7.0% Revenue, 5.3% Costs). NOTE: Each year is subject to volatility due to weather and other variables. See page 24 for Budget growth information.

MEMBERS’ – OPERATING FUND OPERATINGEQUITY FUND

ACCUMULATED NET RESULTS, CONTINGENCY OPERATING FUND ACCUMULATED NET RESULTS, CONTINGENCY $5,000,000

+ $1.2 million favorable results in 2017

$4,403,711

- $1.5 million transfer to Replacement Reserve Fund (t)

$4,000,000

$3,000,000

$2,000,000

- $1.8 million transfer to Development Fund (t) - $2.1 million (A) 2017 change in Operating Fund equity + $650,000 favorable results in 2018

(A) $2,291,562

- $500,000 transfer to Replacement Reserve Fund (t) - $150,000 (B) 2018 change in Operating Fund equity

(B) $2,441,893

(t) $3.8 million transferred to Capital Funds for future Capital needs

$1,000,000

2008

2009

2010

FROM THE 2008 BUDGET TO THE 2018 BUDGET 10-YEAR CAGR 4.4% OPERATING REVENUE GROWTH 4.2% OPERATING COSTS GROWTH 3.6% NET OPERATING RESULT LOSS (THIS LOSS EQUATES TO THE RESULTING ANNUAL ASSESSMENT)

See page 24 for more Budget Growth Information

| TAHOE DONNER 2018 ANNUAL REPORT

2011

2012

2013

2014

Costs are greater than Revenues (every year) and the Costs have grown at a slightly lower growth rate. Therefore, the resulting NOR Loss growth rate is lower than both Revenue and Costs growth rate. FOR 2019 BUDGET The strong financial performance in 2016, 2017 and 2018 combined for a substantial

2015

2016

2017

2018

increase in operating revenue expectations for the 2019 Budget. (The 2017 Budget was $11.0 million, the 2018 Budget was $12.5 million and the 2019 Budget is $14.1 million). This is due in large part to the snowmaking investment at Downhill Ski Resort, which favorably reduces the operating fund.

NET RESULTS AFTER REPLACEMENT RESERVES CAPITAL CHARGE BY DEPARTMENT

CHART DOLLARS IN THOUSANDS

BEACH CLUB MARINA

Net Operating Results (NOR) is defined as the net result of operating revenues less cost of goods sold and operating payroll and expenses.

SNOWPLAY

144 133 197 59 91 118

Net Results after Reserves Capital Charge is NOR plus a Replacement Reserves Capital Charge. This chartâ&#x20AC;&#x2122;s data points.

-197 -154 -147

All amenity department amounts do not have allocated overhead for administrative, accounting, human resources and IT support costs.

-1 -1 -5

Refer to pages 6 and 7 for additional details.

-41 -61 -57 -117 -124 -113

2018 ACTUAL $-9,447,000

-21 -41 -2

2018 BUDGET $-10,098,000 2017 ACTUAL $-8,975,000

ALDER CREEK CAFE

CAMPS + PROGRAMS

-109 -92 -107

PIZZA ON THE HILL

-116 -118 -166

EQUESTRIAN CENTER

-100 -183 -168

THE LODGE, SUMMER LUNCH + GOLF FOOD SERVICE

-202 -385 -337

THE LODGE, DINING + BANQUETS

-249 -249 -221

TRAILS

-122 -306

-396 -470 -344

HOA + ADMINISTRATION

CAMPGROUND

TROUT CREEK RECREATION CENTER + AQUATICS

-1,105 -1,090 -1,145

AMENITIES

BIKEWORKS

-226 -410 -195

-1 -72 -86

TENNIS CENTER

-1,114 -1,170 -1,164 -939 -928 -894

CROSS COUNTRY SKI CENTER GOLF COURSE

DOWNHILL SKI RESORT ARCHITECTURAL + MEMBER SERVICES MAINTENANCE FORESTRY, DEFENSIBLE + OPEN SPACE

-1,919 -1,952 GENERAL -1,755 DEFINED ON PAGE 6 -2,675 -2,516 -2,432

-$3,000

-$2,750

-$2,500

-$2,250

-$2,000

-$1,750

-$1,500

-$1,250

-$1,000

-$750

-$500

-$250 NEGATIVE

MANAGEMENT, ACCOUNTING, IT, PERSONNEL $250

$500

POSITIVE

TAHOE DONNER 2018 ANNUAL REPORT |

OPERATING FUND

2018 DEPARTMENTAL RESULTS AMOUNTS INCLUDING MEMBERSâ&#x20AC;&#x2122;

2018 ACTUAL GROSS REVENUE

COST OF GOODS SOLD

OPERATING EXPENSES

NET OPERATING RESULTS

CONTRIBUTION TO REPLACEMENT RESERVE FUND

-27,108

$ -1,107,316

$ 168,301

$ -393,812

2018 NET RESULTS AFTER CAPITAL

PRIVATE AMENITIES Trout Creek Recreation Center and Aquatics

$ 1,302,725

-225,511

Beach Club Marina

678,416

-52,259

-380,726

245,431

-101,422

144,009

Tennis Center

222,645

-31,801

-211,993

-21,149

-176,243

-197,392

Camps and Programs

438,312

-1,650

-441,161

-4,499

-16,290

-20,789

$2,642,098

$ -112,818

$ -2,141,196

$ 388,084

$ -687,767

TOTAL PRIVATE AMENITIES

-299,683

PUBLIC AMENITIES Golf

1,102,824

-62,154

-1,153,817

-113,147

-991,833

-1,104,980

Downhill Ski

3,431,020

-172,673

-2,604,329

654,018

-776,511

-122,493

Cross Country Ski

957,163

-72,782

-686,215

198,166

-199,269

-1,103

Snowplay

201,572

-3,553

-125,452

72,567

-13,298

59,269

Campground

86,757

-76,693

10,064

-51,042

-40,978

227,394

-6,040

-305,920

-84,566

-31,070

-115,636

504

-148,304

-147,800

-101,168

-248,968

106,887

-33,280

-72,288

1,319

-2,559

-1,240

2,534,642

-725,279

-1,780,541

28,822

-231,194

-202,372

Food Service

258,217

-71,188

-247,813

-60,784

-39,048

-99,832

Pizza on the Hill

590,922

-175,579

-489,774

-74,431

-34,242

-108,673

Alder Creek Cafe

387,892

-138,213

-359,208

-109,529

-7,384

-116,913

$9,885,794

$ -1,460,741

$ -8,050,354

$ 374,699

$ -2,478,618

$ -2,103,919

$12,527,892

$ -1,573,559

$ -10,191,550

$ 762,783

$ -3,166,385

$ -2,403,602

Equestrian Trails Bikeworks The Lodge, Dining + Banquets The Lodge, Lunch + Golf

TOTAL PUBLIC AMENITIES

TOTAL AMENITIES

HOMEOWNERS ASSOCIATION AND AMENITY SUPPORT SERVICES General (g)

202,367

-1,858,299

-1,655,932

-264,273

-1,920,205

251,316

-2,792,573

-2,541,257

-133,487

-2,674,744

234,062

-621,236

-387,174

-8,761

-395,935

137,410

-1,014,055

-876,645

-62,532

-939,177

-736,144

-377,562

-1,113,706

$ -7,022,307

$ -6,197,152

-846,615

$ -7,043,767

Management, Accounting, Human Resources, IT Architectural and Member Services Forestry, Defensible and Open Space Maintenance TOTAL HOA

TOTAL OPERATING RESULTS

$ 13,353,047

$ -1,573,559

$ -17,213,857

$ -5,434,369

$ -4,013,000

$ -9,447,369

6,084,700

4,013,000

10,097,700

TOTAL OPERATING FUND $ 19,437,747

$ -1,573,559

$ -17,213,857

$ 650,331

Assessment Revenues

825,155

650,331

(g) General department includes Homeowner Association services costs including property and income taxes, legal fees, loss prevention, insurance, annual and board meetings, Tahoe Donner News magazine (revenue and costs), and utilities and maintenance for majority of Northwoods Clubhouse facility. Net Operating Results (NOR) is defined as the net result of operating revenues less cost of goods sold and operating expenses. The amenity departments costs do not have allocated overhead for administrative, accounting, human resources or IT support costs. These amenities support costs are in respective departments under the Homeowners Association and Support Services section.

| TAHOE DONNER 2018 ANNUAL REPORT

YEAR ENDING DECEMBER 31, 2018 REPLACEMENT RESERVE CAPITAL CONTRIBUTION 2018 PER PROPERTY 6473

-35

2017 PER PROPERTY 6472

-30

2018 NOR VERSUS BUDGET

2018 VS 2017

2018 BUDGET

ACTUAL TO BUDGET VARIANCE

-5

$ -15,700

$ 184,001

2018 NOR VERSUS PRIOR YEAR 2018 TO 2017 VARIANCE

2017 ACTUAL

115,292

53,009

-8

234,700

10,731

288,825

-43,394

-31

-23

-8

22,200

-43,349

-622

-20,527

-3

-25,200

20,701

13,261

-17,760

-24

$ 216,000

$ 172,084

$ 416,756

-47

-23

-28,672

-172

-176

-98,000

-15,147

-254,021

140,874

-19

-26

471,000

183,018

677,997

-23,979

-13

127,000

71,166

173,024

25,142

-9

104,200

-31,633

129,708

-57,141

-6

-9

-9,900

19,964

-7,690

17,754

-18

-26

-87,000

2,434

-103,149

18,583

-38

-34

-4

-147,600

-200

-101,467

-46,333

-1

1,200

119

-2,733

4,052

-31

-52

-154,000

182,822

-91,889

120,711

-15

-26

-143,800

83,016

-130,476

69,692

-17

-16

-1

-57,800

-16,631

-71,261

-3,170

-18

-17

-1

-116,300

6,771

-104,902

-4,627

$ -325

$ -345

$ -111,000

$ 485,699

$ 113,141

$ -372

$ -368

-4

$ 105,000

$ 657,783

$ 529,897

$ 232,886

-297

-271

-26

-1,688,700

32,768

-1,487,390

-168,542

-413

-376

-37

-2,382,500

-158,757

-2,295,469

-245,788

-61

-53

-8

-461,600

74,426

-335,112

-52,062

-145

-138

-7

-865,200

-11,445

-809,730

-66,915

-172

-180

-792,000

55,856

-725,045

-11,099

$ -1,088

$ -1,018

-70

$-6,190,000

-7,152

$ -5,652,746

$ -544,406

$ -1,460

$ -1,386

-74

$-6,085,000

$ 650,631

$ -5,122,849

$ -311,520

1,560

1,570

-10

6,805,000

-300

6,310,700

-226,000

$ 650,331

1,187,851

$ -537,520

100

184

-84

261,558

See pages 8-9 for Results by Department Highlights

TAHOE DONNER 2018 ANNUAL REPORT |

OPERATING FUND

2018 HIGHLIGHTS VERSUS BUDGET FAVORABLE VARIANCE TO BUDGET

UNFAVORABLE VARIANCE TO BUDGET

NOR = Net Operating Results. NOR is defined as the net result of operating revenues less cost of goods sold and operating payroll and expenses. NOR does not include any allocated overhead or capital costs.

PUBLIC AMENITIES EQUESTRIAN

CAMPGROUND

GOLF

NOR LOSS ($84,566)

NOR $10,064

NOR LOSS ($113,147)

FAVORABLE $2,434 / 3% TO BUDGET

FAVORABLE $19,964 / 202% TO BUDGET

UNFAVORABLE -$15,147 / 15% TO BUDGET

Boarding not meeting expectations. Camps and special events business strong. Trail rides volume still room for growth; pricing increases offset volume declines. Costs of herd care continue to rise.

Early opening, new reservation software and raise in prices contribute to the rise in visitation and revenues.

Despite opening seven days earlier than 2017, average business levels were impacted by cold temps in June and smoke impacts in July and August.

ANNUAL: Visits up 23%; Revenue up $26,000/42%; Costs down $6,000/ 8%

ANNUAL: Visits down 19%; Revenue up $5,000/2%; Costs up $3,000/1%

DOWNHILL SKI TRAILS NOR LOSS ($147,800) UNFAVORABLE -$200 / 0% TO BUDGET Good cost controls and focus on Trails Master Plan execution, as well as consistent and effective trails maintenance.

NOR $654,018

NOR LOSS ($109,529)

Minimal snow from January through midFebruary; snowmaking maintained conditions until the snow fell. Snowmaking and new peak pricing contribute to strong positive results in December 2018.

FAVORABLE $6,771 / 6% TO BUDGET ANNUAL: Visits up 19%; Revenue up $75,000/24%; Costs up $68,000/16%

$279,000/9%; Costs up $96,000/4%

Rental sales up, retail sales down. Payroll up to improve service levels.

ANNUAL: Visits up 20%; Revenue down $2,000/2%; Costs down $2,000/2%

SUMMER F+B

CROSS COUNTRY SKI NOR $198,166 FAVORABLE $71,166 / 56% TO BUDGET 17/18 end of season impacted by lack of snow, December 2018 open 31 days with new implementation of peak pricing contribute to positive results. ANNUAL: Visits up 6%; Revenue up $32,000/3%; Costs down $39,000/5%

Focused cost controls including reducing shoulder season service levels produced net improvement of $83,000/58% to Budget and $70,000/53% to last year. ANNUAL: Visits down 9%; Revenue up $16,000/7%; Costs down $67,000/17%

| TAHOE DONNER 2018 ANNUAL REPORT

UNFAVORABLE -$16,631 / 29% TO BUDGET Cost increase due primarily to volume increase, as well as CA minimum wage increase and service levels increase. ANNUAL: Visits up 11%; Revenue up $67,000/13%; Costs up $84,000/14%

THE LODGE NOR $28,822 FAVORABLE $182,822 / 119% TO BUDGET

NOR LOSS ($60,784) FAVORABLE $83,016 / 58% TO BUDGET

PIZZA ON THE HILL NOR LOSS ($74,431)

BIKEWORKS FAVORABLE $119 / 10% TO BUDGET

ALDER CREEK CAFE

FAVORABLE $183,018 / 39% TO BUDGET

ANNUAL: Visits down 3%; Revenue up

NOR $1,319

ANNUAL: Rounds down 10%; Revenue down $47,000/4% (up $32,000/3% to last year); Costs down $32,000/3%

SNOWPLAY NOR $72,567 UNFAVORABLE -$31,633 / 30% TO BUDGET Low snow volume. ANNUAL: Visits down 36%; Revenue down $67,000/25%; Costs down $36,000/22%

Banquet events pricing increases and menu pricing increases favorably offset cost increases driven primarily by CA minimum wage increase. ANNUAL: Visits of 53,550, down 2% to budget and down 11% to last year; Revenue of $2.53 million (record) up $235,000/10% (up $90,000/4% to last year); Costs of $2.51 million up $51,000/2% (down 1% to last year)

PRIVATE AMENITIES

SUPPORT SERVICES

TROUT CREEK RECREATION + AQUATICS

GENERAL

NOR $168,301

NOR LOSS ($1,655,932)

FAVORABLE $184,001 / 1,172% TO BUDGET

FAVORABLE $32,764 / 2% TO BUDGET

TROUT CREEK: Visitation down 1%; Revenue up $83,000/8% (Recreation Fee Sales +$59k); Costs down $20,000/2%. Increased pricing for Members, Guests and Unaccompanied Guests.

General HOA costs and communications. Costs of HOA property taxes, annual meeting, legal fees, magazine and website operations.

AQUATICS: Revenue up $8,000/4%; Costs down $73,515/26%. Costs down due to staff restructuring and utilities under budget due to mild Q1 winter.

MANAGEMENT, ACCOUNTING, PERSONNEL + I.T. NOR LOSS ($2,541,257)

BEACH CLUB MARINA NOR $245,431 FAVORABLE $10,731 / 5% TO BUDGET Visits up 1% to budget and down 5% to 2017; Revenue down $7,600/1%; Costs down $18,000/4%

UNFAVORABLE -$158,757 / 7% TO BUDGET Cost increase of $242,000 due to favorable NOR to Budget of $892,000 funding incentive program which is only partially funded in Budget to not increase Assessment. This cost increase partially offset by favorable $102,000 savings in various other cost line.

ARCHITECTURAL STANDARDS + MEMBER SERVICES NOR LOSS ($387,174)

TENNIS NOR LOSS ($21,149) UNFAVORABLE -$43,349 / 195% TO BUDGET Visits up 12%; Revenues down 5%; Costs up 15%. Recreation Fee portion shift to Trout Creek impacted Tennis unfavorably $40,000, relates to 2017 primarily.

FAVORABLE $74,426 / 16% TO BUDGET Revenues up 5% due to volume. Significant cost savings due to vacant positions and the continued difficulties of maintaining adequate staffing levels.

FORESTRY, DEFENSIBLE SPACE + OPEN SPACE NOR LOSS ($876,645) UNFAVORABLE -$11,445 / 1% TO BUDGET

DAY CAMPS + RECREATION PROGRAMS NOR LOSS ($4,499) FAVORABLE $20,701 / 82% TO BUDGET DAY CAMPS: Visits up 2%; Revenues up $23,000/10% ($32,000/14% to last year); Costs up $31,000/15%. Costs impacted by CA minimum wage increase. RECREATION: Revenue up $7,000/4%; Costs down $13,000/5%

Forest health, defensible space and open space management. Increased efforts in all areas to Budget, drove incremental revenues of $132,000 (including $96,000 in grants) and Costs up $143,000. To last year, net increase of $67,000 or 8%.

MAINTENANCE NOR LOSS ($736,144) FAVORABLE $55,856 / 7% TO BUDGET Common area properties, buildings and vehicles maintenance. Cost savings due to various factors including utilities and interdepartment service charges.

TAHOE DONNER 2018 ANNUAL REPORT |

CAPITAL RESERVES

REPLACEMENT RESERVE FUND REPLACEMENT RESERVE FUND

MEMBERS EQUITY BALANCE) AND PERCENT FUNDED MEMBERS’ EQUITY(FUND (YEAR-END FUND BALANCE) + PERCENT FUNDED $9,000,000

27%

$8,000,000 $7,000,000

35%

33%

$10,000,000 27%

29%

28%

27% 25%

25%

21% 19%

$6,000,000

19%

20%

$5,000,000

15%

$4,000,000 $3,000,000

10%

$2,000,000

$1,000,000 $0

30%

26%

PERCENT FUNDED*

YEAR-END MEMBERS EQUITY BALANCE

$11,000,000

2008

2009

2010

2011

2012

• The Replacement Reserve Fund is the capital reserve fund for existing asset components of the Association. This is a savings fund utilized to replace and preserve assets of the Association as they depreciate over time. There are over 2,000 components in the reserve study, which is updated every year, and a complete physical inspection of all components is performed every three years. • The Association has a Replacement Reserve Fund policy which provides for a target minimum of 25% funded.* • The reserve study does not include the replacement of existing buildings, see Development Fund below.

2013

2014

2015

2016

2017

2018

• The funding level from the annual assessment generally needs to increase each year to keep pace with inflation. • The Association has a fiduciary duty to adequately reserve for the preservation of assets, which ultimately protects property values. • The board of directors approved $1,500,000 (2017) and $500,000 (2018) transfers from Operating Fund members’ equity to this fund. • The 2018 assessment funding level was $620 per owner or $4,013,000, an increase of 4% over 2017. • The 2019 assessment funding level was $720 per owner or $4,661,000, an increase of 16% over 2018.

*Percent (%) Funded is the measure of the fund balance to the Fully Funded – 100% funded reserve study amount. The Fully Funded – 100% balance is total accrued depreciation. An indicator against which actual (or projected) reserve balance can be compared. The direct proportion of the fraction of life “used up” of the current repair or replacement cost. This number is calculated for each component and summed together for the Association in total. Refer to the 2019 Budget Report for more information on the reserve study.

DEVELOPMENT FUND DEVELOPMENT FUND

MEMBERS’ EQUITY (YEAR-END FUND BALANCE) MEMBERS EQUITY (FUND BALANCE) $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0

2008

2009

2010

2011

2012

• The Development Fund was established as authorized in the governing documents of the Association to accumulate funds for large-scale projects identified as necessary due to the new capacity requirements or changing needs of the Association. • The Association Master Plan guides the prioritization of the numerous projects identified for Development Fund expenditure. This Plan is actively being updated, led by the board and the General Plan Committee, including numerous member open meetings on this

| TAHOE DONNER 2018 ANNUAL REPORT

2013

2014

2015

2016

2017

2018

subject, articles in Tahoe Donner News magazine and on our website, tahoedonner.com. • In 2017, the board of directors approved a $1,800,000 transfer from Operating Fund members’ equity to this fund. • The 2018 assessment funding level was $310 per owner or $2,007,000, an increase of 3% over 2017. • The 2019 assessment funding level was $335 per owner or $2,168,000, an increase of 8% over 2018.

CAPITAL EXPENDITURES

CAPITALFUNDS FUNDS CAPITAL EXPENDITURESBYBY YEAR EXPENDITURES YEAR

1010YEAR YEARTOTAL TOTAL==$46.0 $46.0MILLION MILLION

$9,000,000 8.0M

$8,000,000

Replacement of Snowbird

$7,000,000

chairlift for $1.4 million (A)

6.1M

$6,000,000

5.4M

5.3M

$5,000,000 4.1M

$4,000,000

3.9M

(A)

3.4M

$3,000,000 2.1M

2.4M

$2,000,000 $1,000,000 $0 2009

2010

2011

2012

REPLACEMENT RESERVE FUND

Ten-year total spend of $46.0 million equates to an average of $4.6 million in capital fund expenditures per year. The 10-year average of depreciation expense is $2.6 million per year for a total of $26 million. Note that many high-age assets are fully depreciated and now have no annual depreciation expense. The net effect is a growth in net fixed assets; over the 10 years the CAGR of 4.2% in net fixed assets. Net fixed assets grew from $28 million at the end of 2008 to $42 million at the end of 2018. Bottom line – reinvesting in the assocation, the net fixed assets value grew at a 4.2% growth rate. This, as opposed to limited or less capital spend, would have equated to flat or a decline in net fixed assets.

2013

2014

DEVELOPMENT FUND

2015

2016

CAPITAL INVESTMENT OVER THE 10 YEARS INCLUDES: $25.9 million in replacement and major repairs of existing assets (per reserve study plan) $2.6 million per year 10-year average, maintaining existing asset components (depreciation average is $2.6 million)

$2.2 million per year 1st 5 years average, maintaining existing asset components $3.0 million per year 2nd 5 years average, maintaining existing asset components The increase from 2008-2012 to the 2013-2017 average is due to the overall aging of assets, the impact of Development Fund projects on related reserve components, and the 2018 replacement of Snowbird chairlift for $1.4 million (A).

$18.3 million in Development Fund capital investments, including: Euer Valley land 482 acres (2012) Forestry building and 20 acres (2012) The Lodge expansion – kitchen, covered porch and pro shop (2013) Alder Creek Adventure Center building (2014-2015) Downhill Ski Area snowmaking investment (2014)

RESPONSIBILITY (BY LAW) TO DO WHAT

Solar projects at three locations (2015-2016)

IS BEST FOR THE ASSOCIATION, BOTH

Equestrian campus relocation and upgrades (2015-2016-2017)

OWNERS HAVE THE RESPONSIBILITY

2018

NEW EQUIPMENT FUND

THE BOARD HAS A FIDUCIARY

NOW AND FOR THE FUTURE. CURRENT

2017

Crabtree Canyon land 640 acres (2016)

TO PAY FOR THE DEPRECIATION OF

Alder Creek Adventure Center exterior storage building (2017)

ASSOCIATION ASSETS, NOT TO DEFER THE

Equestrian campus improvements, Eagle Rock Chairlift building improvements (2018)

BURDEN TO FUTURE OWNERS. PROPERLY MAINTAINING OUR ASSETS PROTECTS OWNERS’ PROPERTY VALUES.

$1.7 million in New Equipment Fund capital investments $173,000 per year average

TAHOE DONNER 2018 ANNUAL REPORT |

CAPITAL FUNDS REPLACEMENT RESERVE FUND

29% FUNDED

Replacement Reserve Funds as of 12/31/2018 ratio to Replacement Reserve Component total costs on 100% Funded Method calculation. See page 10 for by-year trends.

$4.6 MILLION | 2018 Expenditures • $1,425,000 DOWNHILL SKI Snowbird Chairlift replacement • $370,000 DOWNHILL SKI grooming snowcat replacement • $361,000 INFORMATION TECHNOLOGY equipment and software • $325,000 CROSS COUNTRY SKI grooming snowcat replacement • $321,000 FORESTRY defensible space and equipment • $269,000 AQUATICS pools and spas surface/tile replacement and equipment • $152,000 GOLF COURSE cart path asphalt, range and course maintenance equipment • $121,000 TRAILS summer maintenance • $120,000 ADMINISTRATION fund direct payroll allocation • $94,000 ADMINISTRATION vehicle replacements • $76,000 DOWNHILL SKI rental shop fleet replacements The Replacement Reserve Fund is used to account for financial resources designated for the repair, restoration, replacement, or maintenance of, or litigation involving repair, restoration, replacement or maintenance of, major components which the Association is obligated by state law and sound business practices to repair, restore, replace or maintain. A 30-year reserve funding and expenditure plan is produced every three years, and updated annually, to schedule and analyze the funding and expenditure needs. Over 2,000 individual items are tracked in this plan, with a current replacement value of $56 million. A

| TAHOE DONNER 2018 ANNUAL REPORT

REPLACEMENT RESERVE FUND CONTINUED

complete study and plan was performed in 2016 and is updated annually. The year-end fund balance increased by $162,000 or 2%. In 2018 $500,000 was transfered in from the Operating Fund. These transfered in funds were generated by favorable net operating results by the Operating Fund. The transfer amount to this fund was due primarily to the planned large expenditure to replace the Snowbird Chairlift in 2018.

DEVELOPMENT FUND $533,000 | 2018 Expenditures • $62,000 DOWNHILL SKI Eagle Rock Chairlift shrouding and teaching zone improvements • $99,000 EQUESTRIAN campus improvements • $185,000 ADMINISTRATION fund direct payroll allocation • $79,000 TROUT CREEK RECREATION CENTER expansion The Development Fund is specifically intended for and authorized in the governing documents of the Assocation. The Development Fund was established to accumulate funds for use in the development of, and additions to, facilities identified by the board as necessary due to new capacity requirements of the Association, or the changing needs of the community. The Development Fund includes funds accumulated for the specific purpose of replacing existing buildings, as only certain components of buildings are in the Replacement Reserve study. The year-end fund balance increased by $1.6 million or 41%. Savings in this fund are primarily for the anticipated known need to address the aging (48 years old) Downhill Ski Lodge skier services building.

NEW EQUIPMENT FUND $184,000 | 2018 Expenditures • $29,000 NORTHWOODS CLUBHOUSE HVAC • $27,000 ALDER CREEK ADVENTURE CENTER cellphone signal booster • $27,000 TRAILS 4x4 ATV with specialty attachments • $19,000 IT hardware and software • $8,000 THE LODGE RESTAURANT & PUB EMV compliant hardware • $7,000 AQUATICS UV Disinfection system • $6,000 BEACH CLUB MARINA asphalt/gate improvements • $4,000 SECURITY equipment The New Equipment Fund is used to account for financial resources designated for the acquisition of new assets identified as necessary for the Association to be more efficient in operations or to provide new services to the membership. The year-end fund balance increased by $13,000 or 13%.

PROPERTY FUND The Property Fund is used to account for the Association’s investment (by other capital funds) in its fixed assets once they are placed into service. Capital additions to fixed assets totaled $4,319,000 (in 2017 $2,851,000). Depreciation expense for the year totaled $3,284,000 (in 2016 $3,118,000). Total gross fixed asset value of $79.8m equates to $12,328 per owner and net book value of fixed assets and construction in progress of $41.5m equates to $6,420 per owner (an increase of 2% to 2017).

CAPITAL FUNDS SUMMARY YEAR ENDING DECEMBER 31, 2018 2018 ACTUAL VS 2018 BUDGET

2017 ACTUAL

2018 ACTUAL VS 2017 ACTUAL

2018 ACTUAL

2018 BUDGET

10,238,311

$ 10,006,000

4,013,000

3,852,000

161,000

211,998

155,000

56,998

137,726

74,272

500,000

1,500,000

(1,000,000)

56,916

6,000

50,916

19,927

36,989

Major Maintenance Expenses

(1,017,764)

(935,000)

(82,764)

(1,003,845)

(13,919)

Expenditures for Capital Additions

(3,601,813)

(5,419,000)

1,817,187

(2,170,731)

(1,431,082)

162,337

(2,180,000)

2,342,337

2,335,077

(2,172,740)

7,826,000

$ 2,574,648

$ 10,238,311

REPLACEMENT RESERVE FUND $

Beginning Fund Balance Assessment Contribution Interest Revenue Operating Fund Transfer In Other Revenue + Expense, Net

Change in Fund Balance

$ 10,400,648

ENDING FUND BALANCE

232,311

7,903,234

2,335,077

162,337

NEW EQUIPMENT FUND Beginning Fund Balance

100,423

64,000

36,423

75,788

24,635

Assessment Contribution

194,000

3,005

2,000

1,005

848

2,157

(184,406)

(213,000)

28,594

(170,213)

(14,193)

12,599

17,000

29,599

24,635

(12,036)

Interest Revenue Major Maintenance Expenses Expenditures for Capital Additions Change in Fund Balance $

ENDING FUND BALANCE

113,022

47,000

66,022

100,423

12,599

DEVELOPMENT FUND Beginning Fund Balance

3,753,013

3,600,000

153,013

499,052

3,253,961

Assessment Contribution

2,007,000

1,942,000

65,000

91,945

80,000

11,945

26,848

65,097

Interest Revenue Operating Fund Transfer In

1,800,000

(1,800,000)

(13,938)

(14,000)

(4,972)

(8,966)

Expenditures for Capital Additions

(533,231)

(1,408,000)

874,769

(509,915)

(23,316)

Change in Fund Balance

1,551,776

665,000

886,776

3,253,961

(1,702,185)

4,265,000

$ 1,039,789

$ 3,753,013

$ 1,551,776

Other Revenue + Expense, Net Major Maintenance Expenses

ENDING FUND BALANCE

CAPITAL FUND TOTALS

5,304,789

SEE NEXT PAGE FOR SCHEDULE OF SPEND BY DEPARTMENT

Major Maintenance Expenses

(1,017,764)

(935,000)

(82,764)

(1,003,845)

(13,919)

Expenditures for Capital Additions

(4,319,450)

(7,040,000)

2,720,550

(2,850,859)

(1,468,591)

$ (5,337,214)

$ (7,975,000)

$ 2,637,786

$ (3,854,704)

$ (1,482,510)

TOTAL

The variance between Actual and Budget capital expenditures is primarily driven by the timing of projects between years.

The Board has a fiduciary responsibility (by law) to do what is best for the Association both now and for the future. Current owners have the responsibility to pay for the deprecation of Association assets, not defer the burden to future owners. Properly maintaining our assets protects owners' property values.

TAHOE DONNER 2018 ANNUAL REPORT |

CAPITAL FUNDS EXPENDITURES BY DEPARTMENT

â&#x20AC;&#x201C; YEAR ENDING DECEMBER 31, 2018 REPLACEMENT RESERVE FUND

NEW EQUIPMENT FUND

DEVELOPMENT FUND

CAPITAL FUNDS TOTAL

CAPITAL MAJOR ADDITIONS MAINTENANCE EXPENSES

PRIVATE AMENITIES Trout Creek Recreation Center

35,301

9,156

$ -

$ 95,151

$ -

$ 139,608

Beach Club Marina

48,915

15,791

26,223

75,138

15,791

Tennis Center

20,277

27,715

1,931

22,208

27,715

12,848

7,352

324,174

12,848

8,103

$ 429,418

$ 56,354

$ 44,662

$ 95,151

$569,231

$ 56,354

124,568

78,174

4,189

128,757

78,174

1,996,945 (b)

43,519

5,674

71,554

2,074,173

43,519

407,309 (g)

36,041

407,309

36,041

1,396

1,203

1,396

1,203

13,068

13,618

98,533

111,601

13,618

Trails

50,218

70,569

33,605

26,211

110,034

70,569

Bikeworks

18,654

The Lodge

80,512

15,808

80,512

15,808

21,716

1,721

2,200

Northwoods Pool / Aquatics Camps + Recreation Programs TOTAL PRIVATE AMENITIES

316,822

(c)

PUBLIC AMENITIES Golf Downhill Ski Cross Country Ski Campground Equestrian

The Lodge, Summer Lunch/Golf F&B Pizza on the Hill

18,725

1,721

2,991

Alder Creek Cafe

2,200

Snowplay

TOTAL PUBLIC AMENITIES

$2,711,395

$260,653

TOTAL AMENITIES

$3,140,813

$ 48,659

$196,298

$2,956,352

$260,653

$317,007

$ 93,321

$291,449

$3,525,583

$317,007

37,607

HOMEOWNERS ASSOCIATION General

37,607

29,925

Marketing + Communications

Facility Administration

185,000 (e)

185,000

130,000

62,321

34,876

26,857

135,624

62,321

178,584 (d)

Administration Information Technology

130,000 (e)

73,891

52,354

239,269

178,584

Accounting

Human Resources

Architectural Standards Office

186,915 (d)

Member Services

3,855

66,642

257,926

34,319

137,407

34,319

TOTAL HOMEOWNERS ASSOC $ 461,000 $ 700,757

$ 91,085

$241,782

$ 793,867 $ 700,757

$3,601,813 $1,017,764

$184,406

$533,231

$4,319,450 $1,017,764

Forestry Maintenance

TOTAL

257,926 (a)

62,787 137,407

(f)

(a) Winter storm damage of $192,000 across various common property area locations. (b) Downhill Ski Snowbird chairlift replacement $1,425,000 and grooming snowcat replacement $370,000. (c) Pool replastering/tile replacement and pool regulatory upgrades $269,000. (d) Information Technology; includes replacements of VOIP system, networking & wireless systems, SAN, workstations, webcams, and other. (e) Personnel cost allocations, consistent with Budget and prior years. (f) Maintenance two vehicle replacements, loader blow blade and chains $123,000. (g) Cross Country Ski grooming snowcat replacement $325,000.

| TAHOE DONNER 2018 ANNUAL REPORT

STATEMENT OF LEGAL COMPLIANCE A number of state laws and provisions of its own Governing Documents dictate how Tahoe Donner Association is to manage its financial affairs. Financial reporting, what books and records are to be maintained, how operating and capital needs are determined and funded, how budgets are established, and how member assessments are determined and collected are generally the areas regulated in the financial arena. These regulations can be found in the Association’s Covenants and Restrictions (“C&Rs”) and Bylaws, as well as the Civil Code and the Corporations Code. After a review of these regulations and our practices, the Association Counsel has determined that the Association is in substantial compliance with these requirements. INDEPENDENT AUDITOR’S REPORT An independent auditor’s report, prepared by Gilbert Associates, and associated financial statements are on pages 15–23 of this Annual Report.

INDEPENDENT AUDITOR’S REPORT BOARD OF DIRECTORS TAHOE DONNER ASSOCIATION TRUCKEE, CALIFORNIA We have audited the accompanying financial statements of Tahoe Donner Association (Association), which comprise the statements of financial position as of December 31, 2018 and 2017, and the related statements of revenues, expenses and changes in members’ equity, and of cash flows for the years then ended. MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. AUDITOR’S RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Association’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tahoe Donner Association as of December 31, 2018 and 2017, and the changes in its members’ equity and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. OTHER MATTERS Accounting principles generally accepted in the United States of America require that the information on future major repairs and replacements on page 23 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by generally accepted accounting principles, which considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

GILBERT ASSOCIATES, INC. SACRAMENTO, CALIFORNIA MARCH 15, 2019

TAHOE DONNER 2018 ANNUAL REPORT |

TAHOE DONNER ASSOCIATION

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN MEMBERS’ EQUITY – DECEMBER 31, 2018 AND 2017

OPERATIONS Amenities

Homeowners Total Association Operating Fund

OPERATING REVENUES: Access and use fees

4,848,968

Retail sales

4,813,451

Lessons and rental revenue

2,435,474

Other revenues

429,999

Interest income Gross operating revenues

12,527,892

Cost of goods sold

761,294

1,191,293

63,861

825,155

13,353,047

(1,573,559)

Net operating revenues

(1,573,559)

10,954,333

825,155

11,779,488

Salaries and wages

5,748,744

4,004,531

9,753,275

Payroll taxes and employee benefits

1,445,210

943,168

2,388,378

Supplies and maintenance

OPERATING EXPENSES:

1,156,627

653,634

1,810,261

Utilities

629,233

208,830

838,063

Other employee expenses

241,583

207,420

449,003

Insurance

306,000

170,875

476,875

10,732

664,153

823,117

1,487,270

10,191,550

7,022,307

17,213,857

762,783

(6,197,152)

(5,434,369)

6,084,700

(112,452)

650,331

Income tax exposure Other expenses Total operating expenses

NET OPERATING INCOME (LOSS) CAPITAL ACTIVITIES: Capital additions and transfers Gain (loss) on sale or disposal of assets Fund expenses Depreciation expense Total capital activities

ASSESSMENTS: Assessment revenues

INCREASE (DECREASE) IN MEMBERS’ EQUITY

762,783

TRANSFERS BETWEEN FUNDS

(500,000)

MEMBERS’ EQUITY, December 31, 2017

2,291,562

MEMBERS’ EQUITY, December 31, 2018

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

| TAHOE DONNER 2018 ANNUAL REPORT

2,441,893

TAHOE DONNER ASSOCIATION

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN MEMBERS’ EQUITY – DECEMBER 31, 2018 AND 2017

CAPITAL Replacement New Reserve Fund Equipment Fund

TOTALS

Development Fund

Property Fund

Total 2018

211,998

3,005

211,998

3,005

4,848,968

Total 2017

4,887,280

4,813,451

4,720,197

2,435,474

2,446,622

1,191,293

1,012,021

91,945

370,809

215,855

91,945

13,659,995

13,281,975

(1,573,559)

(1,634,609)

12,086,436

11,647,366

9,753,275

9,188,779

2,388,378

2,533,491

1,810,261

1,654,033

838,063

857,446

449,003

447,028

476,875

432,535

91,945

27,010

8,128

45,870

18,601

6,611

5,810

1,499,691

1,492,805

33,621

13,938

17,261,416

16,624,718

(5,174,980)

(4,977,352)

(111,966)

18,264

(1,017,764)

(1,003,845)

178,377

3,005

78,007

(3,601,813)

(184,406)

(533,231)

4,319,450 (202,503)

90,537 (1,017,764) (4,529,040)

(184,406)

(533,231)

4,013,000

194,000

2,007,000

(337,663)

12,599

1,551,776

100,423

3,753,013

(3,284,227)

(3,118,291)

832,720

(4,413,957)

(4,103,872)

12,298,700

832,720

2,709,763

3,217,476

40,722,132

57,105,441

53,887,965

500,000 10,238,311 $

10,400,648

113,022

5,304,789

41,554,852

59,815,204

57,105,441

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

TAHOE DONNER 2018 ANNUAL REPORT |

TAHOE DONNER ASSOCIATION

STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2018 AND 2017 New Development Equipment Fund Fund

Operating Replacement Fund Reserve Fund

Property Fund

Total 2018

Total 2017

ASSETS Cash

$ 1,488,059

Cash, designated and restricted

354,039

Investments

$ 1,488,059 $ $

131,460

28,697

111,058

4,114,816

Investments, designated and restricted

11,748,443

149,785

5,880,677

812,527

625,254

753,822

4,114,816

5,057,220

17,778,905

15,487,397

261,580

243,407

239,199

301,317

Assessments and other member receivables, net of allowance for doubtful accounts of $87,193 in 2018 and $81,135 in 2017

261,580

Other receivables

145,196

Inventory

314,922

346,432

Prepaid expenses and other assets

748,911

575,053

Due from (to) other funds

130,684

41,554,852

40,722,132

68,988

(23,640)

765

24,250

(29,695)

(77,349)

Net property and equipment

TOTAL ASSETS

$ 41,554,852 $ 7,558,207 $ 11,925,251 $

149,552

$ 5,938,636 $ 41,554,852

$ 67,126,498 $ 64,299,307

LIABILITIES AND MEMBERS’ EQUITY Accounts payable

Deferred revenues

315,280 3,032,263

Deposits from members

162,533 1,351,616 $

$ 36,530

256,651

232,316

3,145

1,525,719

1,340,905

7,311,294

7,193,866

59,815,204

57,105,441

1,512,120

10,454

TOTAL LIABILITIES

5,116,314

1,524,603

36,530

633,847

MEMBERS’ EQUITY

2,441,893

10,400,648

113,022

5,304,789

7,558,207 $ 11,925,251 $

149,552

| TAHOE DONNER 2018 ANNUAL REPORT

41,554,852

$ 5,938,636 $ 41,554,852

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

680,252 4,940,393

256,651

487,502 $ 5,041,422

621,013

Accrued liabilities

TOTAL LIABILITIES AND MEMBERS’ EQUITY

9,689

$ 67,126,498 $ 64,299,307

TAHOE DONNER ASSOCIATION STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2018 AND 2017 New Development Equipment Fund Fund

Operating Replacement Fund Reserve Fund

Property Fund

Total 2018

Total 2017

CASH FLOWS FROM OPERATING ACTIVITIES: Increase (decrease) in

650,331 $

(337,663)

12,599 $ 1,551,776

832,720 $ 2,709,763 $ 3,217,476

Membersâ&#x20AC;&#x2122; Equity Reconciliation to net cash provided by operating activities: Depreciation expense

3,284,227

Capital additions and transfers

3,601,813

184,406

533,231

3,284,227

3,118,291

111,966

(18,264)

(18,173)

45,741

(4,319,450)

(Gain) loss on sale or disposal of property and equipment

(90,537)

202,503

Changes in: Assessments receivable

(18,173)

Other receivables

(33,417)

62,118

(172,475)

31,510

(11,095)

Prepaid expenses and other assets

(173,858)

112,066

Due from (to) other funds

(268,822)

Inventory

110,535

(390)

153,745

(14,610)

40,972

74,105

Accounts payable

(129,117)

(61,905)

(5,868)

4,140

(192,750)

(62,740)

Deferred revenues

(15,313)

126,852

(37,698)

27,188

101,029

46,091

24,335

17,070

2,737

184,814

46,358

194,021

2,178,567

6,124,981

6,338,519

(184,406)

(533,231)

(4,319,450)

(2,850,859)

90,537

34,880

Deposits from members

24,335

Accrued liabilities

174,295

7,782

241,771

3,510,622

Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment

(3,601,813)

Proceeds from sale of property and equipment

90,537

Purchases of investments Proceeds from sale of investments

(5,636,235)

(9,200,319)

(289,785)

(5,878,726)

(21,005,065)

(23,732,720)

6,578,639

8,550,474

240,000

4,286,848

19,655,961

19,955,193

942,404

(4,161,121)

(234,191)

(2,125,109)

(5,578,017)

(6,593,506)

Net cash provided (used) by investing activities

CASH FLOWS FROM FINANCING ACTIVITIES: Transfers between funds

(500,000)

500,000

684,175

(150,499)

(40,170)

53,458

546,964

(254,987)

1,157,923

281,959

68,867

57,600

1,566,349

1,821,336

$ 1,842,098 $

131,460

NET INCREASE (DECREASE) IN CASH CASH, Beginning of Year CASH, End of Year

28,697 $

111,058 $

62,280 $

18,742 $

$ 2,113,313 $ 1,566,349

OTHER CASH FLOW INFORMATION: Income taxes paid

15,541 $

96,563

46,817

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

TAHOE DONNER 2018 ANNUAL REPORT |

NOTES TO FINANCIAL STATEMENTS 1

OPERATIONS

Tahoe Donner Association (Association) is a California nonprofit mutual benefit corporation. The Association’s members own the 6,473 membership properties within the Tahoe Donner subdivision in Truckee, California. The Association was organized to provide management services and maintenance of certain common areas owned by the Association. A significant portion of revenue is derived from the assessment of member dues. The Association operates and maintains facilities, which include a golf course and pro shop, restaurant, downhill ski area, clubhouse, Nordic ski area, beach and marina area, equestrian center, campground, tennis facilities, recreation complex, pools and parks.

Revenues are derived from member and non-member usage of these facilities. The Association’s Board of Directors is comprised of five members elected to serve three-year terms by a vote of the members. The board of directors governs in accordance with the Association’s bylaws and declaration of covenants and restrictions. The board of directors establishes members’ dues and user fees, and has the ability to enter into long-term contracts. Along with other actions, closing an Association amenity (as defined by the governing documents) requires a vote of the members.

SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION – The Association’s governing documents provide certain guidelines for governing its financial activities. To ensure observance of limitations and restrictions on the use of financial resources, the Association maintains its accounts using fund accounting. Financial resources are classified for accounting and reporting purposes in the following funds established according to their nature and purpose:

ACCESS AND USE FEE REVENUES – Daily fees are charged for access to and use of Association amenities. As an alternate to daily fees, the Association sells recreation passes to members that entitle them to use of various amenities. Revenues from these sales are allocated to the various amenities based upon recreation pass usage.

OPERATING FUND – Used to account for financial resources available for the general operations of the Association.

The Association minimizes credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. As of December 31, 2018 and 2017, cash balances exceeded federally insured limits by approximately $825,000 and $548,000, respectively. The Association has not experienced any losses in such accounts and management believes the Association is not exposed to any significant credit risk related to cash.

REPLACEMENT RESERVE FUND – Used to account for financial resources designated for the repair, restoration, replacement or maintenance of, or litigation involving repair, restoration, replacement or maintenance of, major components which the Association is obligated to repair, restore, replace or maintain and for which the replacement reserve fund was established.

CASH consists of cash on hand, demand deposits at banks and money market funds.

NEW EQUIPMENT FUND – Used to account for financial resources designated for the purchase of new machinery, equipment, furnishings and fixtures.

INVESTMENTS consist of debt securities and certificates of deposits, which are carried at amortized cost as the Association has the positive intent and ability to hold all debt securities and certificates of deposit until maturity.

DEVELOPMENT FUND – Used to account for financial resources designated for use in the acquisition and enhancement of facilities, equipment and other resources.

INVENTORIES consist of food and retail goods and are stated at the lower of average cost or market.

PROPERTY FUND – Used to account for the Association’s investment in its common property and equipment, and other Association real property. ASSESSMENT REVENUE – Association members are subject to annual dues to provide funds for the Association’s operating expenses, major repairs and replacements, development and purchase of new equipment. Assessment revenue is recognized in the assessment period. Assessments received in advance are deferred until earned. The Association has the right to suspend certain membership rights and pursue collection through foreclosure action. Bad debts are recognized when an account’s collectability is uncertain.

PROPERTY AND EQUIPMENT of the Association includes certain facilities and land contributed by Dart in prior years. These assets are reflected in the accounts at the developers’ cost basis. Purchases are stated at cost. The Association capitalizes all expenditures for property and equipment in excess of $2,000. Depreciation is computed using the straight-line method over estimated useful lives of individual assets ranging from 3 to 60 years. These assets are recorded directly in the property fund. Approximately 3,000 acres of undeveloped non-common area real property owned by the Association is controlled by the Association’s declaration of covenants and restrictions, and bylaws. INTEREST INCOME is allocated to the operating, replacement and (Continued on next page)

| TAHOE DONNER 2018 ANNUAL REPORT

(Continued from previous page)

NOTES TO FINANCIAL STATEMENTS no material impact on the financial statements. With some exceptions, the Association is no longer subject to U.S. federal and state income tax examinations by tax authorities for years prior to 2014.

reserve, new machinery and equipment and development funds in proportion to the interest-bearing assets of each fund. DEFERRED REVENUE represents funds received for assessments and recreation passes during the current year, which are applicable to the following year. INCOME TAXES – The Association is generally exempt from federal income taxes under Internal Revenue Code 501(c)(4). For California purposes, the Association is taxed as a regular corporation. As a membership organization, the Association is generally taxed only on non-member income, such as advertising revenue and golf and ski ticket sales to the public, at regular federal corporate tax rates. The Association has applied the accounting principles related to the accounting for uncertainty in income taxes and has determined there is

USE OF ESTIMATES – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. SUBSEQUENT EVENTS have been evaluated through March 15, 2019, the date the financial statements were issued. Management concluded that no material subsequent events have occurred since December 31, 2018 that require recognition or disclosure in the financial statements.

CASH AND INVESTMENTS

At December 31, the Association’s cash and investments consisted of undesignated, designated and restricted accounts as follows:

Replacement Reserve Fund - designated Development Fund - designated New Equipment Fund - designated Operating Fund - undesignated and unrestricted

2018

2017

$ 11,879,903

$ 11,380,557

5,991,735

4,346,399

178,482

168,867

5,619,298

5,869,747

81,051

110,257

256,565

235,139

$ 24,007,034

$ 22,110,966

Operating Fund – Trust – restricted (note 7) Operating Fund - Architectural standards deposits - restricted (note 5) TOTAL

Board designated funds in the replacement reserve fund cannot be expended for any purpose other than the repair, restoration, replacement or maintenance of, or litigation involving repair, restoration, replacement or maintenance of, major components which the Association is obligated to repair, restore, replace or maintain and for which the replacement reserve fund was established as mandated by state law. Designated funds in the development fund are controlled by board-adopted policy that affords the board discretion in expenditure, except where member approval is required in connection with the intended project. Since the Association has the positive intent and ability to hold investments until maturity, they are carried at amortized costs determined by specific identification. Unrecognized holding gains and losses are deemed immaterial. Investments at December 31, 2018 mature as follows: INVESTMENT U.S. Treasury

Certificates of deposit

WITHIN 1 YEAR

1-5 YEARS

TOTAL

$ 12,423,139

$ 1,342,069

$ 13,765,208

2,381,540

10,476

2,392,016

2,257,067

246,100

3,233,330

3,479,430

$ 15,050,779

$ 6,842,942

$ 21,893,721

Municipal bonds Corporate bonds TOTAL

TAHOE DONNER 2018 ANNUAL REPORT |

NOTES TO FINANCIAL STATEMENTS 4

PROPERTY AND EQUIPMENT

Property and equipment consist of the following: 2018

2017

$ 32,406,312

$ 32,025,984

Fixtures and facility improvements

18,231,578

16,338,817

Equipment

18,953,625

17,817,425

9,269,730

9,239,805

939,813

921,019

79,801,058

76,343,050

(38,264,353)

(35,663,909)

41,536,705

40,679,141

18,147

42,991

$ 41,554,852

$ 40,722,132

Buildings

Land and land improvements Furnishings TOTAL Less accumulated depreciation

Construction in progress TOTAL

DEPOSITS FROM MEMBERS

The deposits held by the Association are primarily security deposits from members for the construction of residential real property. The deposits are used to ensure that construction is completed in accordance with the guidelines established by the Association’s Architectural Standards Committee. The funds are deposited in a separate trust account and are refundable upon satisfactory completion of construction.

REPLACEMENT RESERVE FUND

The Association’s policy is to maintain replacement funding levels sufficient to pay for capital replacements, refurbishments and repairs. Replacement funding levels, as determined by a study updated in 2018, are forecast on a 30-year basis with annual updates to replacement schedules, as they become known. Actual expenditures, however, may vary from the estimated amounts and the variations may be material. If additional funds are needed, the Association has the right, subject to any necessary member approval, to increase regular dues, to levy special assessments, or modify and adjust the scheduled major repairs and replacements as necessary.

RETIREMENT PLANS

The Association maintains a salary savings plan for all eligible employees. The Association matches 50% of the first 6% of the participant’s contribution. Matching contributions are 20% vested after the third year of service and vest at the rate of 20% per year thereafter. Matching contributions expense was $95,180 and $88,685 for 2018 and 2017, respectively. The Association maintains two defined contribution plans which qualify under Section 457(b) and Section 457(f) of the Internal Revenue Code, respectively (the 457 Plans). The 457 Plans allow for additional Association contributions and salary deferrals subject to limitations for eligible executive employees. Contributions to the 457 Plans funds are considered deferred compensation until certain future date conditions are met. The Association’s contribution to the 457 Plans was $56,307 and $54,894 for the years ended December 31, 2018 and 2017, respectively.

OPERATING LEASE OBLIGATIONS

The Association has non-cancelable operating leases for copiers, land usage and computer equipment. Rental expense under all operating leases was $93,000 and $116,709 for 2018 and 2017, respectively. Future minimum lease payments under these leases are as follows:

YEAR ENDING DECEMBER 31: 2019

$ 35,230

2020

18,297

2021

5,752

2022

5,752

2023 TOTAL

| TAHOE DONNER 2018 ANNUAL REPORT

1,917 $ 66,948

REQUIRED SUPPLEMENTARY INFORMATION ON FUTURE MAJOR REPAIRS AND REPLACEMENTS DECEMBER 31, 2018 (UNAUDITED) In accordance with state law and sound business practices it is the policy of the Association to fund a reserve program that will adequately provide for repair and replacement of existing Association-owned assets. A 30-year reserve funding and expenditure plan is produced every three years, and updated annually, to schedule and analyze the funding needs. The Association updated its study in 2018 to estimate the remaining useful lives, the lives after replacement and the replacement costs of the components of common property. The estimates were based on estimates from consultants, management, contractors and historical costs. Estimated current replacement costs take into account the effects of inflation between the date of the study and the date that the components will require repair or replacement. The Association does not designate the balance in the replacement reserve fund by component. The total available for major repairs and replacements at December 31, 2018, was $10,400,000. The 2019 lot assessments include $4,661,000 to be allocated to the replacement fund. The Association has not included the replacement of building structures as a component of the replacement study. These structures generally have an estimated useful life greater than 30 years. The Association is accumulating funds in the Development Fund for building replacement. The following table is based on the study and presents significant information about the components of common property for which funds are being set aside.

RANGE OF REMAINING LIVES (YEARS)

ESTIMATED LIFE AFTER REPLACEMENT (YEARS)

Trout Creek Recreation Center

0-30

1-30

Aquatics

0-30

1-30

1,863,606

Beach Club Marina

0-30

1-30

1,210,614

Tennis Complex

0-30

1-30

1,936,516

Downhill Ski Resort

0-30

1-30

10,711,557

Cross Country Ski Center

0-30

1-30

3,744,281

Equestrian

0-30

1-30

928,426

Golf Complex

0-30

1-30

11,334,231

Campground

0-30

1-30

634,425

Recreation Programs

0-30

1-30

570,385

The Lodge Restaurant & Pub

0-30

1-30

3,781,328

Pizza on the Hill

0-30

1-30

480,691

Alder Creek Cafe

0-30

1-30

161,889

Administration/MIS

0-30

1-30

6,053,041

Information Technology

0-30

1-30

1,863,256

Forestry

0-30

1-30

1,717,563

General + Building Maintenance

0-30

1-30

3,604,792

Trails

0-30

1-30

1,924,393

Snowplay

0-30

1-30

210,655

Bikeworks

0-30

1-30

30,712

COMPONENT GROUP

TOTAL

CURRENT REPLACEMENT COSTS $

3,458,635

$ 56,220,996

See independent auditorâ&#x20AC;&#x2122;s report on required supplementary information.

TAHOE DONNER 2018 ANNUAL REPORT |

CAGR = COMPOUND ANNUAL GROWTH RATE

ANNUAL BUDGET – SOURCE OF FUNDS DOLLARS IN THOUSANDS $30,000

$25,000

ANNUAL ASSESSMENT, CAPITAL ANNUAL ASSESSMENT, OPERATING ANNUAL ASSESSMENT, COMBINED TOTAL OPERATING REVENUE REVENUE SOURCES TOTAL

10-YEAR CAGR 2008-2018 2009-2019 7.0% 7.9% 3.6% 2.4% 5.2% 5.1% 4.4% 5.6% 4.8% 5.4%

5-YEAR CAGR 2013-2018 2014-2019 6.1% 7.4% 3.5% 0.9% 4.8% 4.2% 6.9% 8.1% 5.8% 6.2% $19,976

$20,000

$15,511

$15,989

$16,844

$18,149

$17,368

$15,000 52% 8,069

51% 8,220

51% 9,250

50% 8,760

50% 8,433

$26,934 $24,759 $23,299 $20,860

$18,665

48% 9,620

48% 8,925

44% 9,210

$10,000

$5,000

28% 4,273

28% 4,500

$21,497

27% 5,450

27% 5,119

47% 11,000

43% 9,200

50% 12,460

31% 6,433

32% 6,951

27% 6,311

25% 6,085

27% 4,497

26% 4,498

25% 4,498

24% 4,110

24% 4,401

25% 4,621

25% 4,906

25% 5,217

25% 5,346

26% 5,988

25% 6,214

2011

2012

2013

2014

2015

2016

2017

2018

20% 3,169

20% 3,269

23% 3,914

2008

2009

2010

ANNUAL ASSESSMENT, CAPITAL

ANNUAL ASSESSMENT, OPERATING

ALL MEMBERS PAY

53% 14,215

21% 5,696

26% 7,023

2019

OPERATING REVENUES USERS PAY

(MEMBERS/GUESTS/PUBLIC)

ANNUAL BUDGET – USE OF FUNDS DOLLARS IN THOUSANDS $30,000

$25,000

CAPITAL FUNDING AMENITIES OPERATING COSTS HOA SERVICES COSTS OUTFLOW USES TOTAL

10-YEAR CAGR 2008-2018 2009-2019 7.0% 7.9% 4.8% 5.1% 3.1% 3.7% 4.8% 5.4%

5-YEAR CAGR 2013-2018 2014-2019 6.1% 7.4% 6.9% 6.3% 3.8% 4.8% 5.8% 6.2%

$26,934 $24,759 $23,299

$19,976

$20,000

$15,511

$15,989

$15,000 32% 5,037

32% 5,107

$16,844

31% 5,193

$17,368

31% 5,416

$10,000 47% 7,305

48% 7,613

46% 7,737

45% 7,842

$18,149

30% 5,445

$20,860

27% 6,352

$18,665

30% 5,663

29% 5,823

46% 9,247

$21,497

29% 6,125

46% 9,518

27% 7,350 28% 6,840

30% 6,347

46% 9,804

47% 10,959

47% 11,705

46% 8,303

45% 8,381

25% 4,621

25% 4,906

25% 5,217

25% 5,346

26% 5,988

25% 6,214

2013

2014

2015

2016

2017

2018

$5,000

20% 3,169

20% 3,269

23% 3,914

24% 4,110

24% 4,401

2008

2009

2010

2011

2012

CAPITAL FUNDING

| TAHOE DONNER 2018 ANNUAL REPORT

AMENITIES OPERATING COSTS

HOA SERVICES COSTS

47% 12,561

26% 7,023

2019

TAHOE DONNER PRESENTS

SUMMER CONCERT ON THE GREEN

JULY 5

WOODIE & THE LONGBOARDS BEACH BOYS TRIBUTE

NEON VELVET

PARTY COVER BAND

JULY 6

FOG CITY SWAMPERS

CREEDENCE CLEARWATER REVIVAL TRIBUTE

HOLLYWOOD U2 TRIBUTE U2 COVER BAND

MORE INFO AT TAHOEDONNER.COM/SUMMERCONCERT

TAHOE DONNER NEWS |

THE REPORT

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NORTHWOODS TREE & LAND SERVICE 12166 Richards Blvd., Unit C, Truckee, CA 96161 (530) 401-2619 northwoodstreeandland@gmail.com northwoodstreeandland.com

OXBORROW TRUCKING & LANDSCAPE MATERIALS Todd Wolfe CCA License #775729

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TIMBERWOLFE TREE SERVICE AND DEFENSIBLE SPACE (530) 386-3340 todd@twts.biz timberwolfetreeservice.com

ELEMENTS MOUNTAIN CO.

FIREPLACES / WOOD STOVES MOUNTAIN HOME CENTER 11403 Brockway Road, Truckee, CA 96161 (530) 587-6681, (800) 517-6262 info@mountainhomecenter.com mountainhomecenter.com

HEALTH CARE TAHOE FOREST HOSPITAL 10121 Pine Avenue, Truckee, CA 96161 (530) 587-6011 tfhd.com

HOME + OUTDOOR FURNISHINGS MOUNTAIN COMFORT FURNISHINGS & DESIGN 11464 Donner Pass Road, Truckee, CA, 96161 (530) 550 -5321 sales@mountaincomforttruckee.com mountaincomfort.com

MOUNTAIN HOME CENTER 11403 Brockway Road, Truckee, CA 96161 (530) 587-6681, (800) 517-6262 info@mountainhomecenter.com mountainhomecenter.com

HOME MAINTENANCE + SERVICES ALPINE BUTLER (530) 305-3193 alpinebutler@yahoo.com

INMOTION HEATING & PLUMBING (530) 210-2275 inmotionheating.com

For more information about these businesses, please visit tahoedonner.com/businessdirectory. These services are provided for Tahoe Donner homeowners. The businesses included in the directory are advertisers with Tahoe Donner. Tahoe Donner Association makes no claims regarding the quality of goods or services provided by these companies. Potential customers are advised to use their own best judgment.

MR. HONEY-DO

SIERRA PRECISION PAINTING

PO Box 5247, Tahoe City, CA 96145 (530) 581-4031 michael@mrhoneydo.biz mrhoneydo.biz

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17400 Northwoods Blvd., Ste. 3, Truckee, CA 96161 (530) 582-0220, (530) 582-0111 shc@secondhomecare.com secondhomecare.com

TRUCKEE TAHOE PROS (530) 550-7767 truckeetahoepros.com

HVAC INMOTION HEATING & PLUMBING (530) 210-2275 inmotionheating.com

M+S HEATING + AIR

REAL ESTATE ALISON ELDER – ELDER GROUP TAHOE REAL ESTATE | ENGEL & VÖLKERS 10770 Donner Pass Road, Ste. 205, Truckee, CA 96161 (530) 582-8103 info@eldergrouptahoe.com eldergrouptahoerealestate.com

DICKSON REALTY, TRUCKEE 11836 Donner Pass Road, Truckee, CA 96161 (530) 587-7444 info@dicksontruckee.com dicksonrealty.com

(775) 470-7450, (530) 725-5450 ms-ac.com

THE SHARP TEAM/COLDWELL BANKER

INTERIOR DESIGN

17400 Northwoods Blvd., Truckee, CA 96161 (530) 587-8574 thesharpteam.com

BASSETT FLOORING 10800 Pioneer Trail #3, Truckee, CA 96161 (530) 582-7428 truckee.abbeycarpet.com

PRECISION FLOORING 11357 Donner Pass Road #E, Truckee, CA 96161 (530) 587-0102 info@precisionflooringtruckee.com precisionflooringtruckee.com

PAINTING SERVICES DEDEN PAINTING 11406 Oslo Drive, Truckee, CA 96161 (530) 587-7525, (530) 448-9673 dave@dedenpainting.com dedenpainting.com

EASTERBROOK PAINTING, INC. 15666 Alder Creek Road, Truckee, CA 96161 (530) 550-9332, (530) 386-3979 easterbrookpaint@sbcglobal.net easterbrookpainting.com

ELEMENTS MOUNTAIN CO. 17356 Northwoods Blvd., Truckee, CA 96161 (530) 582-0300, (530) 587-7017 info@elementsmtn.co elementsmtn.co

RENTAL SERVICES LANDING (530) 213-3093 colin@uselanding.com uselanding.com

cut-rite tree&spray,inc

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SNOW REMOVAL ELEMENTS MOUNTAIN CO. 17356 Northwoods Blvd., Truckee, CA 96161 (530) 582-0300, (530) 587-7017 info@elementsmtn.co elementsmtn.co

SPAS / PATIO FURNITURE MOUNTAIN HOME CENTER 11403 Brockway Road, Truckee, CA 96161 (530) 587-6681, (800) 517-6262 info@mountainhomecenter.com mountainhomecenter.com

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THE REPORT

ROADMAP TO THE ELECTION MAY 2

MAY 8

M AY 2 0

MAY 1 1

M AY 1

CANDIDATES MEET AND GREET

Candidate applications are reviewed by the Elections Committee and applicants are advised of their eligibility to stand for election.

Slate of candidates is announced via e-mail blast and on Tahoe Donner media. Election campaign begins.

Candidate web pages are 6-7:30PM released. Learn about each ALDER CREEK candidate by viewing their ADVENTURE CENTER introductory video, candidate statement and more. Come meet the candidates in an informal setting that allows members to ask questions and candidates to articulate their campaign platforms.

Election packets are mailed to all eligible members. See Election Process FAQs for answers to any questions about receiving, completing and returning ballots.

ANNUAL TRUCKLOAD SALE ON… STOVES & FIREPLACES

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JUNE 23 J UNE 2 1 JUN E 8 M AY 2 5

ELECTION BALLOT MEETING AND REGULAR BOARD MEETING

(LIVE STREAM AVAILABLE)

9AM-5PM

6-9PM

6-7:30PM

NORTHWOODS CLUBHOUSE MEZZANINE ROOM

NORTHWOODS CLUBHOUSE GATHERING ROOM

Moderated by the Inspector of Elections.

Come meet the candidates in an informal setting that allows members to ask questions and candidates to articulate their campaign platforms.

Submit your questions to the candidates by emailing the Elections Committee by May 15

10AM-12PM NORTHWOODS CLUBHOUSE

NORTHWOODS CLUBHOUSE MEADOW ROOM

CANDIDATES MEET AND GREET

(LIVE STREAM AVAILABLE)

Personally delivered ballots are accepted and replacement ballots are available until 5PM. Government ID or Tahoe Donner photo ID is required to vote in person. Deadline for receipt of ballots mailed or personally delivered to the Accountancy Firm is 5PM.

Personally delivered ballots are accepted until 11:30AM with valid photo ID. Election results will be announced prior to the end of the meeting, providing a quorum of the voting power of the association is reached (25%). If not, meeting adjourned to June 24.

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TAHOE DONNER NEWS |

45-DAY NOTICE PROPOSED NEW + AMENDMENTS TO COVENANTS PRIVATE PROPERTY RULES: FIRE SAFETY AND FOREST HEALTH Pursuant to Tahoe Donner Covenants and Restrictions Article III, Section 7, modifications to and proposed new rules must go out for 45-day member notification and comment period prior to board of director consideration and approval. Changes to the Covenants Private Property Rules: Fire Safety and Forest Health will be considered for action by the board of directors. The board of directors is expected to take action to adopt the proposed new rules and amendments, as they are presented here or with some modification, at its June board of directors meeting, currently scheduled for Friday, June 21, 2019. The board welcomes any input you may wish to offer regarding this process.

BACKGROUND

The Covenants Committee and Forestry department completed a programmatic review of the Homeowner Defensible Space Program including the procedures, rules for minimum standards and communications provided to accomplish the mission of maintaining a healthy forest and reducing community fire hazards. In this review, three areas of the Covenants Rules were recommended for changes to create further clarity to owners for minimum standards of fire safe conditions. These recommendations for new and amended rules provide synergy between the inspection outcomes and the minimum standard rules relating to how an owner must maintain their lot or improved lot. Additionally, through the last 10 years of the defensible space program, the Forestry department has seen items which are either eyesores to the natural environment, including blue tarps and/or inappropriate tree removal that leaves tall stumps, which pose an invasive species threat, as well as becoming rotten and combustible units. As such, staff and the committee are recommending amendments in the private property fire safety rules section of the Covenants Rules to regulate the color of tarps used on the lot and maximum stump height allowed. Staff is recommending a restructuring of the section to create Fire Prevention and Safety, and Forest Health headings with new and amended rules placed under the headings. Part of this restructuring is breaking apart long paragraphs and separating them into subheaded sections. This will improve the organization of the Covenants Rule document and administrative function and efficiency.

KEY DATES: May 1, 2019: 45-Day Member Notification and Comment Period begins May 18, 2019: Board of directors meeting; hears additional member comment, discussion item only. June 21, 2019: Board of directors consider taking action on proposed changes to the Covenants Private Property rules with or without some modifications. Board meeting dates subject to change.

PURPOSE:

The purpose of the proposed new and amendments to the Private Property Rules: Fire Prevention and Safety, and Forest Health is to: • Provide detailed guidelines to homeowners for defensible space and maintenance of lots. • Explain Tahoe Donner Association expectations of fire-safe condition maintenance on private properties. • Restructure Fire Safety and Forest Health related rules for improved rule book organization.

EFFECT:

The effect of these proposed rules on homeowners is: • Improved fire hazard mitigation on private properties.

PROPOSED NEW + AMENDED COVENANTS PRIVATE PROPERTY RULES: FIRE SAFETY AND FOREST HEALTH The proposed changes to the Covenants Rules are as follows:

FIRE PREVENTION + SAFETY

Fire Safety. Owners of lots (both improved and unimproved) are required to be responsible for and maintain their lots (both improved and unimproved) for the maintenance of their lots in a fire-safe condition at all times. C&R Article VII, Section 2. The association will inspect lots according to an established inspection cycle and/or upon request or complaint. Insurance companies and other agency inspectors may require greater distances of defensible space New heading

around structures. Fire-safe condition includes the removal of nuisance firewood including but not limited to old, unused or decomposed wood. No campfires, bonfires, or fireworks of any kind are allowed on private lots, common areas, or other association-owned properties at any time. Commercially manufactured gas and charcoal barbeques, smokers, and commercially manufactured fire burning devices, such as outdoor fireplaces and chimineas, equipped with screening and/or spark arrestors, with a maximum screen opening of 1/8th inch, to prevent the escape of sparks and coals, and operated in compliance with the Town of Truckee and the Truckee Fire District’s safety and building codes, and according to the manufacturer’s instructions, on private property lots only, will be allowed. Property owners wanting to build their own permanent barbeques or other outdoor fire burning devices equipped with electricity or gas, must obtain the appropriate Town of Truckee building and plumbing permits and build to the Town’s building codes. The appearance design and location must be approved by the Tahoe Donner ASC if any part of the permanent structure is over 3 feet high. The burning of yard debris is allowed, only after obtaining a permit from the Truckee Fire District, on permissive burn days as determined by the Fire District, from late fall, depending on weather conditions, until no later than March 31. The first violation of these rules will result in a hearing. C&RS Article VIII, Section 1(a)(iv). Minimum standards and requirements of fire-safe conditions are set forth: (subheadings under Fire Prevention and Safety) Vegetation Removal. No person may remove or cut, or limb any tree greater than four inches in diameter (measured three feet above the ground) without first obtaining a permit from the TDA Forestry Department. No heavy equipment may be used to remove brush without first obtaining a permit from the TDA Forestry Department. C&Rs Article VIII, Section 1(a) (xi). Tree Limbing. Property owners may limb trees without obtaining a permit from the TDA Forestry Department subject to the following: 1. Dead limbs may be removed up to a height of 35 feet above the ground. 2. Green limbs may be removed up to a height of 15 feet above the ground. 100-foot Defensible Space around Structures. Moving this section to new subheadings below.

New heading

Property owners of all lots are responsible to maintain a defensible space zone for a distance of 100 feet (or to their property line) from all structures, including decks. 100-foot Defensible Space from Property Lines. Property owners of all lots are responsible to maintain a defensible space zone for a distance of 100 feet from all property lines. Roofs Free of Dead Vegetation. Property owners are responsible to maintain all roofs, of any structure, keeping them free of leaves, needles, or other dead vegetative growth. 10-foot Clearance from Chimney or Stovepipe. Property owners are responsible to remove any portion of any tree which extends within 10 feet of the outlet of any chimney or stovepipe. Chimney must have an Approved Spark Arrestor. A spark arresting cap with 1/2-inch mesh or smaller screen is required on all chimneys. 10-foot Clearance from Propane Tank. Property owners are responsible to remove any portion of any tree brush or dry flammable vegetation which extends within 10 feet of any propane tank. Pine Needles on the Ground. Pine needles must be collected and removed within 10 feet of any structure or deck. On the rest of the property the pine needles will not be allowed to build up to more than 2 inches in depth. Firewood Storage. Old, unused or decomposed (nuisance) wood must be removed. Firewood rounds cannot be stored on the property due to decomposition and invasive species infestation causing fire hazard. The wood must be split and neatly stacked. Firewood, in any form, cannot be stored on undeveloped lots. Lumber, split and stacked firewood, and any flammable material should be stacked 30-feet from structures. Firewood can be stacked closer if covered with durable earth-toned tarp and set on gravel or other nonflammable material. Firewood stacking within the 30-foot defensible space is not advisable. Downed Woody Material. Downed woody material - trees, branches, limbs, shrug boles and other woody materials - between 1/2 inch and 12 inches in diameter must be removed from the property. Dead Tree Removal. All dead trees must be removed from the property.

Brush Removal. No brush is allowed within 10 feet of any structure. In the zone within 30 feet of any structure 5-foot diameter clumps of brush are allowed if they are separated from adjacent clumps of brush by 20 feet. In the zone within 31+ feet from any structure to the property line, 10-foot diameter clumps of brush are allowed if they are separated from adjacent clumps of brush by 15 feet. No brush is allowed under or within 10 feet of the drip line of trees. Small Tree Thinning. Individual small trees (<10 inches in diameter) may be designated by the forestry department for removal. Lower Branch Removal. For trees greater than 15 feet in height, the lower branches will be removed 6 feet from the ground. For those less than 15 feet in height, the branches will be removed for 1/3 the height of the tree from the ground. Dry Grass and Weeds. Within 30 feet of any structure, grass and weeds will be trimmed to a height of 6 inches or less. The cuttings must be removed. Outdoor Fires. No campfires, bonfires or fireworks of any kind are allowed on private lots, common areas, or other association-owned properties at any time. Commercially manufactured gas and charcoal barbeques, smokers, and commercially manufactured fire burning devices, such as outdoor fireplaces and chimineas, equipped with screening and/or spark arrestors, with a maximum screen opening of 1/8th inch, to prevent the escape of sparks and coals, and operated in compliance with the Town of Truckee and the Truckee Fire District’s safety and building codes, and according to the manufacturer’s instructions, on private property lots only, will be allowed. Property owners wanting to build their own permanent barbeques or other outdoor fire burning devices equipped with electricity or gas, must obtain the appropriate Town of Truckee building and plumbing permits and build to the Town’s building codes. The appearance, design and location must be approved by the Tahoe Donner ASC if any part of the permanent structure is over 3 feet high.

Dumping Ashen Materials. No person shall dispose of charcoal briquettes or ashen material (i.e., cigarette butts, matches, fireplace ash) of any kind on any portion of a lot., if such creates a risk of fire or an unsightly condition.

FOREST HEALTH

Forest Health. Owners of lots (both improved and unimproved) are responsible for the maintenance of their lots, including the general health of the forest. TDA maintains on its staff a state-certified forester with the responsibility of determining what conditions are conducive to the health of the forest. Owners are prohhibited from permanently attaching anything to or in trees without first obtaining written permission from the Forestry Department. After making on-site inspections, the TDA Forester may determine that individual trees require removal, and/or that brush thinning may be required. Notice to remove such trees and/ or brush, indicating a compliance date, will be sent to owners. Failure to remove such trees and/ or brush prior to the stated compliance date will constitute a violation of the Association Rules. Fines for such violations will accrue until the trees are removed. C&RS Article VII, Section 2; Article VIII, Sections (a) & (l). Attachments to Trees. Owners are prohibited from permanently attaching anything to or in trees without first obtaining written permission from the Forestry Department. C&RS Article VII, Section 2; Article VIII, Sections (a) & (l).

Your comments are welcome via email: arosenfeld@tahoedonner.com, or US mail: Tahoe Donner Association, 11509 Northwoods Blvd., Truckee, CA. 96161. NOTE: Red text signifies new or amended language Strikethrough text signifies deletions

Yard Debris Burning. The burning of yard debris is allowed, only after obtaining a permit from the Truckee Fire District, on permissive burn days as determined by the Fire District, from late fall, depending on weather conditions, until no later than March 31. The first violation of these rules will result in a hearing.

Fire Safety rule language stays the same, but moves to new headers

TAHOE DONNER NEWS |

THE REPORT

BRIEFS PEAK PERFORMERS

150TH ANNIVERSARY OF THE

TRANSCONTINENTAL RAILROAD

The Truckee-Donner Summit Historical and Railroad Societies invite you to celebrate the sesquicentennial of the Transcontinental Railroad with over 40 events spread out over the next four months. Join in on a jampacked summer of education and adventure to learn about and explore the rich and often tumultuous history and spirit of Truckee and the Transcontinental Railroad. DORA CABELLO ALDER CREEK CAFE Dora’s quality of work as a chef is known throughout Tahoe Donner as being some of the best. What sets Dora apart is that she is always smiling, humorous and kind while she is busy and working hard. Dora’s team really enjoys working with her because of her strong work ethic, attention to detail and ability to shine in the kitchen.

EVENTS SNAPSHOT FOR MAY May 10 Ribbon Cutting Ceremony May 10 Art Show Opening May 18 Old Highway 40 Historical Talk

PASSPORT PROGRAM Visitors and locals can pick up “passports” at the Truckee Visitor Welcome Center and visit various locations around Truckee and Donner Summit to get their passports stamped with a unique stamp from each site. Runs May 10-September 15. TRUCKEE RIVER TRAIN RIDES Enjoy a scenic loop around the Truckee Regional Park on a scaled-down steam and electric train ride. Open to children and adults.

Roy has been an integral part of Tahoe Donner for nearly three decades! However, during this big winter he has truly gone above and beyond by helping multiple departments, including Snowplay and Forestry and Maintenance, in addition to his normal responsibilities of maintaining the TD Golf Course. We appreciate the team spirit he has displayed this season and for the past 28 years of service.

Submit at onestop.tahoedonner.com

Email compliance@tahoedonner.com

Call (530) 414-8166 (8AM-5PM and 8-11PM daily)

INFO TO PROVIDE When making a complaint after hours, be prepared to provide: • Your name, address and email • Address of property being complained about • Nature of complaint with times occurring • Evidence: photos, videos, etc. • How this behavior is affecting you • What actions have been taken (e.g., called police)

WHAT HAPPENS NEXT ONGOING EVENTS

ROY ESPINOZA GOLF MAINTENANCE

HOW TO MAKE A COVENANTS COMPLAINT

OLD JAIL DOCENT-LED TOURS Check out the old jail on Jibboom Street that was in use from 1875-1964. Open from 5-8PM on Truckee Thursdays and on weekends from 10AM-4PM Memorial-Labor Day. TRUCKEE RAILROAD CABOOSE MUSEUM Explore stories, artifacts and images that depict rail history. Open every weekend from 10AM-4PM (weather permitting). For more information and a complete list of activities, topics and times, visit goldspike.org.

Tahoe Donner staff will make every effort to contact the owner of the property being complained about, share details about the complaint and request voluntary compliance.

HOMES ON THE RISE The Architectural Standards Committee reviewed the following plans in March 2019. UNIT/LOT ADDRESS

SQ. FT.

PROJECT

09/263

2,328

House

12071 Bennett Flat Road

SHORT-TERM RENTAL (STR) REGISTRATION REQUIRED TAHOEDONNER.COM/STR

WILDFIRE IS COMING.

ARE YOU READY? 3

FEE 10

ZONE 2

100 FEET

4 1

ZONE 1

FEE

Defensible Space is your property’s front line

TWO ZONES MAKE UP THE REQUIRED 100 FEET OF DEFENSIBLE SPACE:

defense against wildfire. Creating and maintaining

ZONE 1: 30 feet of Lean, Clean & Green

defensible space around your home can dramatically increase your home's chance of surviving a wildfire and improves the safety of firefighters defending your property. 100 feet of defensible space is required by law.*

Remove all dead plants, grass and weeds.

Remove dead or dry leaves and pine needles from your yard, roof and rain gutters.

Keep tree branches 10 feet away from your chimney and other trees.

ZONE 2: 30–100 feet of Reduced Fuel 4

Cut or mow annual grass down to a maximum height of 4 inches.

Create horizontal spacing between shrubs and trees.

Create vertical spacing between grass, shrubs and trees.

6 FEET MIN CLEARANCE

VERTICAL SPACING Large trees do not have to be cut and removed as long as all of the plants beneath them are removed. This eliminates a vertical “fire ladder.”

30 FEET

Use Equipment Properly to Keep from Sparking a Wildfire

*For more information on creating defensible space and legal requirements visit

READYFORWILDFIRE.ORG

Mow before 10 a.m., and never on a hot or windy day. String trimmers are a safer option (vs. lawnmowers) for clearing vegetation.

REDUCED FUEL ZONE 70 FEET

HORIZONTAL SPACING Create horizontal and vertical spacing between plants, the amount of spacing will depend on how steep the slope is and the size of the plants.

TAHOE DONNER NEWS |

THE REPORT

BOARD MEETING RECAPS SPECIAL BOARD MEETING March 22, 2019 NO ACTION

• Governing Documents Update

BOARD OF DIRECTORS MEETING March 23, 2019

Sip. Savor. Smile.

4 5 T H S OR OPTI M I ST W IN E +

RESTAURANT FAIRE FU N D - R A I S E R

SATURDAY JUNE 1, 2019 | 5:00 TO 7:30 P.M. COYOTE MOON GOLF COURSE | 10685 NORTHWOODS BLVD. | TRUCKEE

Wine + Beer Tasting | Souvenir Wine Glass Music Donated by Dan Copeland from Tahoe Truckee School of Music Culinary Delights Prepared by Area Restaurants + Caterers

ACTION

• Consent Calendar Items 5-0 • Truckee River Watershed Council – Prosser Creek Basin Assessment 5-0 • Committee Charters and Chairs 5-0 • Proposed Fire Safety Rule Change 45-Day Notification 5-0 • Proposed Seasonal Outdoor Wood Burning Fire Ban 45-Day Notification 5-0 • Complaint Response Requirement for all Members 5-0 • Fair Campaign Guidelines 5-0 • 2019 Election Marketing Plan 5-0 • Short-term Rental Occupancy Rule 5-0 • Architectural Standards Fee Schedule Changes 5-0 • 2018 Audit Report 5-0 • Conclusion of STR/Amenity Access Task Force 5-0 • Quarterly Treasurer’s Report 5-0 • Finance Committee to Complete Two Quarterly Investment Reviews During the Year 4-1 • Compensation Study 5-0 • Unaudited 2019 February Financials 5-0 • 5501 Committee Report 5-0

$50 ADVANCE | $55 AT DOOR | PURCHASE TICKETS AT: DICKSON REALTY | TRUCKEE CHAMBER OF COMMERCE TRUCKEE PHYSICAL THERAPY | AT THE DOOR OR ONLINE: WWW.SITD.INFO

For more information, contact winetasting@SITD.info or visit www.SITD.info In compliance with governmental regulations, ID’s with date of birth will be requested at the door.

NO ACTION • • • • • • •

Committee/Task Force Reports Town of Truckee TSSA-1 Fund Short-Term Rental Update Human Resources Committee Charter Amendments Quarterly Turnover Report Quarterly Fraud Report Trout Creek Expansion Project Report

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Board meeting dates subject to change. Visit tahoedonner.com for dates.

See full minutes at tahoedonner.com/boardmeetingdocs. Provide feedback to help improve the overall association. Submit your comments and concerns at board@tahoedonner.com.

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WE ARE PROUD TO BE YOUR GOLD CONCERT SPONSOR FOR THE 2ND YEAR!

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TAHOE DONNER PRESENTS

SUMMER CONCERT ON THE GREEN

JULY 5 + 6 | TAHOEDONNER.COM/SUMMERCONCERT

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PARK CIT Y | NEWPORT BEACH | SAN FR ANCISCO | TRUCKEE DONNER | SAUSAL I TO | NAPA | L AGUNA BEACH ©2019 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. CA DRE License #01399851

TAHOE DONNER ASSOCIATION 11509 NORTHWOODS BLVD. TRUCKEE, CA 96161

The thrill of coming home has never changed. If you would like to be added to our mailing list with ongoing current real estate data, please contact us. It is our job to keep you informed. 11836 Donner Pass Road, Truckee 15947 South Shore Drive, Truckee 100 Northstar Drive, Truckee 289 Commercial St, Portola

530.587.7444

DicksonRealty.com