Recreation Commission

Agenda Village of Glen Ellyn Recreation Commission Meeting Friday, January 30, 2026 7:00 AM Village Links/Reserve 22 Ed Posh Boardroom Visitors are welcome to attend all meetings of the Recreation Commission. A. Call to Order B. Public Comment C. Approval of Minutes 1) Approval of November 21, 2025 Meeting Minutes D. Standing Reports 1) Financials - November 2025 2) Cash Balance Scenario - November 2025 3) Manager's Report - November 2025 4) Financials - December 2025 5) Cash Balance Scenario - December 2025 6) Manager's Report - December 2025 E. Old Business F. New Business 1) Year in Review 2) Legends of the Links G. Next Meeting - February 27, 2026 H. Adjourn Civility Pledge - In the interest of civility, I pledge to promote civility by listening, being respectful of others, acknowledging that we are striving to support and improve our community, and understanding that we each may have different ideas for achieving that objective. Page 1 of 79 Village of Glen Ellyn Minutes Village of Glen Ellyn Recreation Commission Regular Meeting Commission November 21, 2025 7:00 AM Village Links/Reserve 22 Board or Recreation Date: November 21, 2025 Commission: Meeting: Regular Called to 7:00 a.m. Order: Quorum: Yes Adjourned: 7:25 a.m. MEMBER ATTENDANCE: Carol Scott Chairperson Absent Nancy Carter Commissioner Present Tony Coconate Commissioner Present Scott Coldiron Commissioner Present James Ozog Commissioner Present Rick Quoss Commissioner Present Tom Slowinski Commissioner Present Also Present: Noel Allen General Manager Village Links Andrew Cross Golf Course Superintendent Mike Campbell Director of Golf David Manseau Director of Food & Beverage Meredith Hannah Economic Development & Communications Director Public Tom Manak Glen Ellyn Resident A. CALL TO ORDER/ROLL CALL The November 21, 2025 meeting of the Recreation Commission was called to order at 7:00 a.m. at the Village Links of Glen Ellyn; 485 Winchell Way; Glen Ellyn, Illinois by Commissioner Coconate. B. PUBLIC COMMENT – None C. APPROVAL OF MINUTES FROM October 31, 2025 APPROVAL OF MINUTES AS AMENDED FROM October 31, 2025 MEETING MOTION BY: Commissioner Carter SECONDED BY: Commissioner Ozog RESULT: Unanimous Page 2 of 79  Recreation 2 November 21, 2025 D. STANDING REPORTS 1. Financial – Noel Allen – Manager Allen provided several financial updates. October results continued to track well against last year, with total revenues remaining flat. Total operating expenses increased by 46% ($275,000), driven primarily by higher administrative costs, including increased service charges and general insurance, the $100,000 payment to the Park District for Panfish Park, and the impact of a third payroll in October. This additional payroll, processed in November last year, added $139,000 to October expenses. Allen noted that November is usually a lighter staffing month, making it more favorable for absorbing the third payroll. Village Links and Reserve 22 posted an operating loss of $233,000 in October, compared to a $42,000 profit during the same period last year. Year-to-date revenues are $31,000 ahead of last year, while operating expenses rose 8%, or $460,000. Year-to-date operating profit is just under $1.2 million, a 27% decrease from last year, but our change in net position is 25% better, or $135,000. This is expected to continue to improve next month with only 2 pay periods in November this year. Allen also reported that the security system installation is underway and scheduled for completion by the second week of December. This will be the final capital expense for the year. 2. Manager’s Report A. Golf – Mike Campbell – Director Campbell provided an update on golf operations as October came to a close. Pro Shop sales saw a boost driven by a strong sales week, though there was a slight decline in rounds played. The Links Cup was held, with the professionals taking a loss, and the Village Links Las Vegas event took place with 20 participants, including our professionals. The Ladies Swing Set outing and luncheon were also held in October and received excellent feedback. Beginning in 2026, Vince will assume full responsibility for Pro Shop operations, including purchasing and merchandising. The department is currently operating with a skeleton crew consisting of Campbell, Vince, and Joey. The team is actively working on securing outing contracts and building next year’s calendar. A total of about 89,000 rounds will be played this year, slightly below last year’s 90,000, but overall it was a very strong year for golf operations. B. Reserve 22 – David Manseau - Food and Beverage Director Manseau provided several updates. October showed a positive turnaround, ending the month down only .06% in revenue, largely due to a rebound of strong banquet sales. Despite the slight decline in top-line revenue, there were several meaningful wins: cost of goods sold was reduced by $14,000, resulting in a $12,000 increase in gross profit. We hosted three fewer banquet events compared to last year but still generated higher overall sales. Page 3 of 79  Recreation 3 November 21, 2025 The team has been focused on developing a referral program, specifically targeting funeral homes and churches, and our broader goal remains to grow and strengthen overall sales. We are also exploring the idea of hosting a “wedding walk” showcase, similar to events held at hotel convention centers and are currently reaching out to vendors to gauge interest. Our fall Happy Hour promotion launched successfully, including sales of 500 beers during the 3:00–5:00 p.m. window. We plan to continue building on this momentum into Q1 of 2026. The winter menu update has also been well received, particularly the flatbreads and new bar snacks section, and we will continue to identify and refine items that are not performing. Our OpenTable rating remains strong at 4.5, with the total number of reviews holding steady from September. We plan to encourage more guest feedback to support further improvements. The free pumpkin carving event in October sold out, and Thanksgiving reservations are trending above last year’s levels. C. Grounds – Andrew Cross - Superintendent Cross provided several updates: October was a busy month focused on aerification. The team completed aerification on the tees, while fairway aerification will be scheduled for the spring. During aerification, approximately 100 tons of sand was applied. Matt and Mike worked with the IT department to upgrade wireless access points and relocate one of the servers. The rough areas were treated for weeds and crabgrass, and leaf cleanup began in October. The final pond treatment for the season was completed in October, and the plan is to treat all ponds next year. 3. Trustee Liaison – Meredith Hannah – Hannah provided several updates: Starbucks has completed installing the footings at its new location, and construction should now move quickly toward completion. The demolition contract for the hotel site is scheduled to go before the Village Board on December 8, which will be the final board meeting of the year. E. OLD BUSINESS – Manager Allen informed the commission that the Village Board had unanimously approved the golf rates for the upcoming year. F. NEW BUSINESS - None G. NEXT MEETING - January 30, 2026 H. ADJOURNMENT Commissioner Carter motioned and Commissioner Coldiron seconded to adjourn the meeting. The meeting was adjourned at 7:25 a.m. Submitted by Elisa Pollina, Recording Secretary Reviewed by Noel Allen, Staff Liaison Page 4 of 79  VILLAGE LINKS / RESERVE 22 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION As of November 30, 2025 2025 MONTH YEAR-TO-DATE ORG DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF REVENUES: 5500 Village Links Revenues $ 4,391,100 $ 187,732 $ 129,987 $ 57,744 44% $ 4,787,127 $ 4,591,440 $ 195,687 4% 5520 Reserve 22 Revenues 3,748,450 221,642 179,755 41,887 23% 3,218,166 3,282,545 (64,380) -2% Total Revenues $ 8,139,550 $ 409,374 $ 309,742 $ 99,632 32% $ 8,005,293 $ 7,873,986 $ 131,307 2% EXPENDITURES: 55700 Administration $ 802,432 $ 58,520 $ 58,832 $ (312) -1% $ 803,672 $ 558,864 $ 244,808 44% 55710 Golf Course Maintenance 1,485,560 83,098 142,246 (59,149) -42% 1,258,475 1,308,386 (49,911) -4% 55720 Golf Services 1,111,406 67,011 90,970 (23,959) -26% 1,021,099 1,039,690 (18,591) -2% 55730 Reserve 22 3,358,636 214,009 263,675 (49,666) -19% 3,135,628 3,061,226 74,401 2% 55740 Stormwater Management 51,585 1,368 1,933 (566) -29% 46,842 14,000 32,842 235% 55750 Pro Shop Merchandise 175,053 9,182 18,062 (8,879) -49% 210,025 191,913 18,112 9% 55780 Motorized Carts 68,060 3,177 5,118 (1,941) -38% 64,619 66,745 (2,126) -3% 557X5 Mechanical Maintenance 417,756 23,098 34,213 (11,115) -32% 352,994 348,240 4,755 1% Total Operating Expenses $ 7,470,488 $ 459,463 $ 615,050 $ (155,586) -25% $ 6,893,354 $ 6,589,064 $ 304,290 5% Operating Income (Loss) $ 669,062 $ (50,089) $ (305,308) $ 255,218 -84% $ 1,111,939 $ 1,284,922 $ (172,983) -13% Debt Service 303,100 - - - 0% 36,550 40,950 (4,400) -11% Capital Expenditures 498,520 904 122,592 (121,689) -99% 456,348 1,137,405 (681,056) -60% CHANGE IN NET POSITION $ (132,558) $ (50,993) $ (427,900) $ 376,907 -88% $ 619,041 $ 106,567 $ 512,474 481% KEY METRICS Goal Personnel Expenses as % of Sales 50% 71% 140% -69% 48% 48% 1% Cash Balance (End of Month, in $000's) $ 1,860 $ 3,198 $ 2,853 $ 345 1/27/2026 Page 1 of 6 Page 5 of 79  VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of November 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF 5500 VILLAGE LINKS REVENUES: 440550 Green Fees $ 2,800,000 $ 104,676 $ 81,162 $ 23,513 29% $ 3,000,303 $ 2,899,205 $ 101,098 3% 440554 Pro Shop - Sales 200,000 8,997 9,135 (138) -2% 226,619 209,651 16,969 8% 440555 Motor Carts 650,000 28,138 17,528 10,611 61% 691,857 705,841 (13,983) -2% 440556 Driving Range 500,000 12,280 11,281 999 9% 569,792 537,690 32,102 6% 440557 Resident Cards 35,000 - - - 0% 34,575 35,315 (740) -2% 460100 Investment Income 60,000 7,014 6,139 875 14% 84,225 66,335 17,890 27% 489000 Miscellaneous Revenue 146,100 26,632 4,722 21,911 464% 180,180 137,459 42,721 31% 489100 Miscellaneous - Over/Short - (5) 21 (26) -125% (424) (55) (369) 675% Total Revenues $ 4,391,100 $ 187,732 $ 129,987 $ 57,744 44% $ 4,787,127 $ 4,591,440 $ 195,687 4% COST OF GOODS SOLD: 520945 Cost of Goods Sold - Pro Shop $ 140,000 $ 6,606 $ 13,563 $ (6,957) -51% $ 180,304 $ 156,861 $ 23,442 15% Total Cost of Goods Sold $ 140,000 $ 6,606 $ 13,563 $ (6,957) -51% $ 180,304 $ 156,861 $ 23,442 15% Gross Profit $ 4,251,100 $ 181,125 $ 116,424 $ 64,701 56% $ 4,606,824 $ 4,434,579 $ 172,245 4% OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 1,314,522 $ 107,927 $ 154,139 $ (46,212) -30% $ 1,226,546 $ 1,208,435 $ 18,111 1% 510120 Salaries - Non-Pensionable 488,163 23,028 42,724 (19,696) -46% 479,109 446,611 32,497 7% 510200 Salaries - Overtime 23,500 1,070 4,876 (3,806) -78% 32,344 22,547 9,796 43% 510400 FICA Taxes 139,705 9,891 15,100 (5,210) -34% 130,643 125,797 4,846 4% 510500 IMRF 68,670 5,531 7,021 (1,490) -21% 63,644 54,199 9,445 17% 590600 Health Insurance 146,100 11,552 16,609 (5,056) -30% 131,089 133,018 (1,930) -1% 52XXXX Contractual Services 1,211,242 74,195 73,804 391 1% 1,102,196 910,329 191,867 21% 53XXXX Commodities 579,950 5,654 23,540 (17,885) -76% 411,853 470,039 (58,186) -12% Total Operating Expenses $ 3,971,852 $ 238,848 $ 337,812 $ (98,964) -29% $ 3,577,423 $ 3,370,976 $ 206,446 6% Operating Income (Loss) $ 279,248 $ (57,723) $ (221,388) $ 163,665 -74% $ 1,029,401 $ 1,063,603 $ (34,202) -3% Operating Income (Loss) Percentage 6% -31% -170% 22% 23% KEY METRICS Goal Rounds Played 80,000 3,600 2,886 714 89,037 89,906 (869) Revenue Per Round $ 54.89 $ 52.15 $ 45.04 $ 7.11 $ 53.77 $ 51.07 $ 2.70 Resident Cards Sold N/A - - - 2,620 2,813 (193) Cost of Goods Sold % - Pro Shop 70% 73% 148% -75% 80% 75% 5% Personnel Expenses as % of Sales 50% 85% 185% -100% 43% 43% 0% 1/27/2026 Page 2 of 6 Page 6 of 79  VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of November 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF MISCELLANEOUS REVENUE Miscellaneous Revenue includes the following items that don't fit into any of the major revenue categories: Adult & Junior Golf Lessons $ - $ - $ - $ 64,732 $ 63,676 $ 1,056 Hand Cart Rentals 905 1,662 (757) 29,781 35,887 (6,106) Equipment Sold at Auction - - - 31,406 - 31,406 Golf Club Rentals 30 60 (30) 9,700 10,710 (1,010) Locker Rentals - - - 4,100 200 3,900 Illinois Sales Tax (1.75%) 388 366 22 4,188 4,393 (205) Glen Ellyn Food & Beverage Tax (1%) 34 34 (1) 430 450 (21) Handicaps 2,660 - 2,660 2,660 - 2,660 Tree Donation - - - 1,000 500 500 Misc. Outings - - - 5,340 - 5,340 Miscellaneous 22,616 2,599 20,017 26,842 21,643 5,200 Total $ 146,100 $ 26,632 $ 4,722 $ 21,911 $ 180,180 $ 137,459 $ 42,721 1/27/2026 Page 3 of 6 Page 7 of 79  RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of November 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF 5520 RESERVE 22 REVENUES: 441100 Food $ 2,111,500 $ 144,695 $ 114,937 $ 29,758 26% $ 1,812,258 $ 1,814,273 $ (2,015) 0% 441101 Liquor 483,800 26,011 19,909 6,102 31% 424,898 440,034 (15,137) -3% 441102 Beer 557,100 19,871 19,342 529 3% 498,491 521,676 (23,185) -4% 441103 Wine 242,900 14,151 14,493 (343) -2% 190,951 215,128 (24,177) -11% 441104 NA Beverages 121,500 4,184 4,035 149 4% 110,335 117,523 (7,188) -6% 441106 Room Charges 3,800 251 - 251 0% 2,041 2,295 (254) -11% 441107 Service Charges 227,600 12,190 7,039 5,151 73% 177,890 170,257 7,634 4% 489000 Miscellaneous Revenue 250 290 - 290 0% 1,301 1,359 (58) -4% Total Revenues $ 3,748,450 $ 221,642 $ 179,755 $ 41,887 23% $ 3,218,166 $ 3,282,545 $ (64,380) -2% 55730 COST OF GOODS SOLD: 530400 Cost of Goods Sold - Beer $ 144,850 $ 6,823 $ 8,632 $ (1,809) -21% $ 117,964 $ 119,235 $ (1,271) -1% 530401 Cost of Goods Sold - Wine 75,300 4,204 2,779 1,425 51% 52,548 57,317 (4,769) -8% 530402 Cost of Goods Sold - Liquor 101,600 8,263 3,052 5,211 171% 91,917 89,083 2,834 3% 530405 Cost of Goods Sold - NA Beverages 63,180 4,298 2,409 1,889 78% 65,699 74,016 (8,318) -11% 530420 Cost of Goods Sold - Food 675,680 39,436 26,562 12,873 48% 593,816 587,159 6,657 1% Total Cost of Goods Sold $ 1,060,610 $ 63,024 $ 43,434 $ 19,590 45% $ 921,944 $ 926,811 $ (4,867) -1% Gross Profit $ 2,687,840 $ 158,619 $ 136,321 $ 22,298 16% $ 2,296,222 $ 2,355,735 $ (59,513) -3% Gross Profit Percentage 72% 72% 76% 71% 72% 55730 OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 838,556 $ 73,455 $ 99,034 $ (25,579) -26% $ 880,894 $ 794,829 $ 86,065 11% 510120 Salaries - Non-Pensionable 749,543 36,255 62,324 (26,069) -42% 634,215 686,839 (52,624) -8% 510200 Salaries - Overtime 7,500 71 120 (49) -41% 4,771 4,669 103 2% 510399 Tips Paid Through Payroll - (8,290) (42) (8,248) 19676% 1,112 (1,699) 2,810 -165% 510400 FICA Taxes 153,178 9,692 14,687 (4,995) -34% 145,131 143,639 1,492 1% 510500 IMRF 43,689 4,250 5,417 (1,167) -22% 54,049 44,282 9,767 22% 590600 Health Insurance 85,500 8,308 11,424 (3,116) -27% 93,540 82,155 11,385 14% 52XXXX Contractual Services 227,560 15,427 16,029 (602) -4% 230,766 211,361 19,405 9% 53XXXX Commodities 192,500 11,818 11,248 570 5% 169,206 168,341 865 1% Total Operating Expenses $ 2,298,026 $ 150,985 $ 220,240 $ (69,255) -31% $ 2,213,684 $ 2,134,416 $ 79,268 4% Operating Income (Loss) $ 389,814 $ 7,634 $ (83,920) $ 91,553 -109% $ 82,538 $ 221,319 $ (138,781) -63% Operating Income (Loss) Percentage 10% 3% -47% 3% 7% 1/27/2026 Page 4 of 6 Page 8 of 79  RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of November 30, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF KEY METRICS Goal Revenue Source: Restaurant & Bar N/A $ 149,868 $ 133,297 $ 16,571 12% $ 1,889,438 $ 1,964,195 $ (74,757) -4% Banquets N/A 62,514 39,281 23,234 59% 942,061 924,917 17,145 2% Other N/A 9,261 7,177 2,083 29% 386,666 393,434 (6,768) -2% Total $ 3,748,450 $ 221,642 $ 179,755 $ 41,887 23% $ 3,218,166 $ 3,282,545 $ (64,380) -2% Reserve 22 Revenues (Last 12 Months) $ 3,748,450 $ 3,528,014 $ 3,576,156 $ (48,143) -1% Reserve 22 Expenses (Last 12 Months) $ 3,358,636 $ 3,411,353 $ 3,379,887 $ 31,466 1% # Guest Checks (Restaurant/Bar) N/A 2,640 2,624 16 43,962 45,556 (1,594) Revenue Per Guest Check N/A $ 56.77 $ 50.80 $ 5.97 $ 42.98 $ 43.12 $ (0.14) # Guests (Restaurant/Bar) N/A 4,373 4,265 108 67,486 71,989 (4,503) Average Guest Spend N/A $ 34.27 $ 31.25 $ 3.02 $ 28.00 $ 27.28 $ 0.71 Cost of Goods Sold % 28% 28% 24% 4% 29% 28% 0% Cost of Goods Sold % (By Category): Cost of Goods Sold - Beer 26% 34% 45% -10% 24% 23% 1% Cost of Goods Sold - Wine 31% 30% 19% 11% 28% 27% 1% Cost of Goods Sold - Liquor 21% 32% 15% 16% 22% 20% 1% Cost of Goods Sold - NA Beverages 52% 103% 60% 43% 60% 63% -3% Cost of Goods Sold - Food 32% 27% 23% 4% 33% 32% 0% Personnel Expenses as % of Revenues 50% 60% 107% -48% 56% 54% 3% Prime Cost (Cost of Goods Sold + Personnel Expenses) as % of Revenues 78% 88% 132% -44% 85% 82% 3% 1/27/2026 Page 5 of 6 Page 9 of 79  Village Links / Reserve 22 Dashboard Financial Reports As of November 30, 2025 Year-To-Date Net Income Year-to-Date Operating Income (Including Capital and Debt Expenditures) (Excluding Capital and Debt Expenditures) $2,000,000 $2,200,000 $1,800,000 $2,000,000 $1,600,000 $1,800,000 $1,400,000 $1,600,000 $1,200,000 $1,400,000 $1,000,000 $1,200,000 $800,000 $1,000,000 $800,000 $600,000 $600,000 $400,000 $400,000 $200,000 $200,000 $- $- y ry ch ril ay ne ly st r r r r $(200,000) ar ua ar Ap M Ju Ju gu be be be be 2021 $(200,000) y ry ch ril ay ne ly st ber be r be r be r Janu br M Au em to m m ar ua ar Ap M Ju Ju gu Oc No ce Ja M Au em to m m $(400,000) Fe pt Se ve De 2022 $(400,000) nu br Fe pt Oc No ce Se ve De $(600,000) 2023 $(600,000) $(800,000) 2024 $(800,000) $(1,000,000) 2025 2021 2022 2023 2024 2025 Reserve 22 Operating Income Reserve 22 Revenues (Excluding Capital and Debt Expenditures) 12-Month Rolling Revenues $600,000 $4,500,000 $4,300,000 $500,000 $4,100,000 $400,000 $3,900,000 $3,700,000 $300,000 $3,500,000 $3,300,000 $200,000 $3,100,000 $100,000 $2,900,000 $2,700,000 $- $2,500,000 ua br ar ril ay e y Ju st r be er be r r be 24 25 25 25 25 25 25 25 25 25 25 25 ry ua ch Ap M Ju n l gu ob Ja ry M Au em Oc m em /1 20 20 20 20 20 20 20 20 20 /1 /1 $(100,000) n Fe pt t ve De /2 0 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ /2 0 /2 0 Se No c 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 $(200,000) 12-Month Rolling Revenue Budget 2021 2022 2023 2024 2025 Golf Operating Income Cash Reserves (Excluding Capital and Debt Expenditures) $4,000,000 $1,800,000 $3,500,000 $1,600,000 $3,000,000 $1,400,000 $1,200,000 $2,500,000 $1,000,000 $2,000,000 $800,000 $1,500,000 $600,000 $400,000 $1,000,000 $200,000 $500,000 $- $- $(200,000) y ar ry ua ch Ap ril ay ne ly Ju st gu em r to r mbe r be r nu ar M Ju Au be be m y ar ry ch ril ay ne ly Ju gu st em r to r m r be r br M ua ar Ap M be be $(400,000) Ja Fe pt Oc No ve De ce nu Ja br M Ju Au be Oc ve ce m Se Fe pt No De $(600,000) Se 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1/27/2026 Page 6 of 6 Page 10 of 79  VILLAGE LINKS / RESERVE 22 MONTHLY CASH INCREASE/DECREASE HISTORY (000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 (100) (63) 9 67 80 153 356 352 239 (97) (42) (689) 2016 (114) (20) 41 (109) 206 296 186 237 160 36 (76) (671) 2017 (114) 42 (218) (57) (11) 223 328 291 72 (69) (151) (681) 2018 (113) (50) (157) (56) 216 153 291 92 165 (102) (160) (716) 2019 (144) (53) (138) (136) 99 304 319 171 146 (64) (148) (680) 2020 (173) (21) (43) (225) 69 516 237 500 214 (23) (21) (843) 2021 (135) (26) 96 172 371 412 220 431 272 127 (137) (852) 2022 (173) 19 (130) (48) 40 289 111 474 228 105 (115) (611) 2023 (181) (45) (196) 53 503 177 449 426 264 73 (231) (492) 2024 (269) (144) (31) (215) 133 145 584 301 (80) 204 (436) (401) 2025 (296) (110) (138) (81) 31 323 386 461 288 (137) 18 Avg (165) (43) (82) (58) 158 272 315 340 179 5 (136) (664) Best (100) 42 96 172 503 516 584 500 288 204 18 (401) Worst (296) (144) (218) (225) (11) 145 111 92 (80) (137) (436) (852) NEXT 12 MONTH CASH BALANCE SCENARIOS 2025 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Avg 2,534 2,370 2,327 2,245 2,187 2,345 2,617 2,932 3,271 3,450 3,455 3,319 Best 2,797 2,697 2,739 2,835 3,007 3,510 4,026 4,610 5,110 5,398 5,602 5,620 Worst 2,346 2,050 1,906 1,688 1,463 1,451 1,596 1,707 1,799 1,719 1,582 1,146 November 2025 Cash On Hand 3,198 Page 11 of 79  22 “Committed to Excellence since 1967” Manager’s Report for November 2025 Submitted by Noel Allen, General Manager November 2025 was a fairly normal month overall with a very cold and snowy ending. Looking at November observations from O’Hare, average temperature was 42.4°F (1.1°F above normal), precipitation was 2.11” (0.31” below normal), snowfall was 10.4” (8.6” above normal) making it the 7 th snowiest on record. We experienced frost delays on 11 of the 24 days open, the course was closed due to snow and/or below freezing temperatures for 1 of the 25 days, and closed for the season on November 26th. Carts were available 22 of the 24 days the course was open on both courses (92% availability rate). GOLF Rounds played were up 25% for the month, and are down 1% for the year. Green Fee revenue was up 29% for the month, and is up 3% for the year. Driving Range revenue was up 9% for the month, and is up 6% for the year. Motor Car revenue was up 61% for the month, and is down 2% for the year. Pro Shop sales were down 2% for the month, and are up 8% for the year. Overall Golf revenues were up 30% for the month, and are up 3% for the year. Page 12 of 79 November rounds played were 3,600, 2nd best in the last 10 years and 3rd best in our 59-year history. The weather as measured by golf playable hours this November was 46% better than last year, and 154% better than a normal year. We experienced better conditions on 6 of 7 days of the week, with only Monday weather lagging from 2024. With rounds played up “only” 25%, and capacity rounds up 46%, utilization decreased this month, but is obviously a misleading statistic this month. Carts were affected twice this month due to weather, compared to thirteen days last November. Despite the unusual exceptional November weather, the annual Ironman Tournament had to be rescheduled due to an early snowstorm. Thirty-eight teams of two players competed in the annual event which features 9 holes of scramble format, 9 holes of best-ball and 9 holes of alternate shot. Everyone enjoys unlimited chili and hot dogs as well as 3 drink tickets, and no one leaves without a prize. The original date would have seen 53 teams of two players if the weather would have cooperated. There were no golf outings hosted in November, but planning and scheduling for next year’s golf outings is beginning to ramp up. Most of the golf staff finishes work in November and planning for the next season becomes the main focus through the end and into the new year. Page 13 of 79 RESERVE 22 Reserve 22 revenues finally broke the streak of declining YOY monthly revenues dating back to this past January. The last month R22 exceeded a monthly budget target was May. November restaurant, bar and concessions were up a healthy 13.3%, and banquets recorded another very good month coming in at a whopping 60.5% over last year. These numbers are representative of a few different factors. In the restaurant, the happy hour time period continued to grow as word-of-mouth traffic continues to expand this midday meal period. Next, the restaurant menu winter refresh was full steam ahead showing solid preference with Italian Beef Flatbread, Brussel Sprouts Salad, Pot Roast Sandwich, and Orrechette Shrimp scampi being well complimented. Finally, R22 successfully executed a rather busy Thanksgiving with 425 covers and an increase of 39% in sales vs 2024. The $8K in sales increase was due to a refresh in menu buffet offering and reworking of the reservation system to optimize better capacity. In banquets, 20 events were executed versus the prior year of 16 events. The top line sales increase in banquets was due in part to a handful of events being executed with last minute inquiries. A new referral program was finalized and staff will begin cold calling and emailing local business over the coming months with the goal to continue to network and build outbound sales leads going into 2026 to offset the decrease in internal leads. The Holiday Pop Up Bar décor went up a week earlier this year which contributed to the success this month. We are also offering a 10% discount in December for anyone with a same day ticket to the Arboretum Holiday Lights festival. Planning is now shifting focus to January and February where we hope to build on last year’s success with the Winter Wonderland theme. Page 14 of 79 KEY METRICS Year-to-date comparisons to targeted budget numbers were very favorable this month, with only Carts missing the goal. We climbed back into the positive and are now $29K ahead of target budget for total revenue. Last year through the same time period, we were $717K over target. Food revenues are now trailing target by $303K for the year. Of note, targets were raised for 2025 by over $783K in total revenue, $328K of which was in food revenues. All revenues, however, including food, remain near record highs. Page 15 of 79 Breaking down some comparative metrics: November 2025 GPH up 46% from November 2024 and up 154% from a "normal" year November 2025 YTD GPH up 5% from November 2024 YTD and up 8% from a "normal" year October 2025 Golf Datatech Chicagoland rounds played down 5.2% October 2025 Village Links rounds played down 2% - This is what we expect as normally we are stronger than the Chicagoland metric YTD through October 2025 Golf Datatech Chicagoland rounds played remain flat (0%) YTD through October 2025 Village Links rounds played down 2% - normally we are stronger than the Chicagoland metric but we opened for the season 17 days later in 2025 and many courses were not as aggressive as we were in 2024 2025 YTD total revenue $28,988 over YTD budget target (2024 November YTD total revenue was over YTD budget target by $716,903. (Note: 2025 targets were increased by $783,150) Golf cars grounded 4 days in November 2025 and 13 days in November 2024 November 2025 R22 restaurant, bar and concessions sales up 13.3% YTD 2025 R22 restaurant and bar sales down 3.5% November 2025 R22 banquet sales up 60.5% YTD 2025 R22 banquet sales up 1.3% November 2025 R22 Total Revenues up 23.3% YTD 2025 R22 Total Revenues down 2.0% Page 16 of 79 GOLF COURSE AND GROUNDS The golf course had an early close again as winter weather set in at the end of the month, forcing us to close a little earlier than anticipated. The golf course was in terrific shape and was prepped for winter in the final days. Treatments of all bent surfaces were applied and all golf course equipment was brought in to be serviced and stored. A final heavy top dressing of sand was not able to be performed due to the early heavy snow, but still may be applied if the snow recedes some in December. The grounds and maintenance team now shifts focus to snow removal, planning for 2026 and servicing much of our equipment to be ready for the new season. Our new video surveillance system installation Is mostly finished with only 2 cameras left to be installed. IT is building the interface and permissions for our management team’s use. This system gives us nearly 100% visual coverage of all our buildings interiors and surrounds and will hopefully deter any unwanted activities, as well as aid us in our day-to-day operations. Grounds 1. Final mowing of Greens, Tees, Fairways, and Driving Range Tee 2. All short grass surfaces were treated preventatively for Snow Mold 3. Tees aerified 4. Working on securing 2026 Capital pricing and place in line 5. Finished spraying of rough for weeds and crabgrass to prevent for next year 6. Leaf blowing and mulching continues 7. Irrigation system winterized 8. Ball washers removed, disassembled, and being prepped to ship out for restoration 9. Christmas lights and Pop-Up Bar lights installed 10. Trimmed back paths at Panfish Park 11. Fall Annuals removed 12. Native Areas mowed down 13. Ponds trimmed by hand 14. Clubhouse bushes trimmed 15. Sprinklers and Yardage Plates trimmed Mechanical and Building Maintenance 1. 24 pieces of equipment were repaired and/or serviced 2. 6 repairs made at clubhouse & halfway house 3. All HVAC units serviced 4. Shop deep cleaning and reorganizing continuing 5. Camera install at Halfway House and Grounds 6. IT Rack installed at Halfway House Page 17 of 79 One of many frosty mornings this month. Record snowfall at the end of the month cut our season short. Fairway aeration had to cease due to The new ornament wall installation for our annual Holiday Pop Up Drier than normal conditions that tor Bar. This wall is another addition to the vision created by our The turf. Marketing Strategist Julie Rusin. Our grounds and maintenance crew plays an Assistant Golf Course Superintendent Mike Ludwig Instrumental role in transforming R22. putting the finishing touches on the photo booth. Page 18 of 79  VILLAGE LINKS / RESERVE 22 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION As of December 31, 2025 2025 MONTH YEAR-TO-DATE ORG DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF REVENUES: 5500 Village Links Revenues $ 4,391,100 $ 100,820 $ 88,872 $ 11,948 13% $ 4,887,947 $ 4,680,313 $ 207,635 4% 5520 Reserve 22 Revenues 3,748,450 398,409 309,848 88,562 29% 3,616,575 3,592,393 24,182 1% Total Revenues $ 8,139,550 $ 499,229 $ 398,720 $ 100,509 25% $ 8,504,522 $ 8,272,706 $ 231,817 3% EXPENDITURES: 55700 Administration $ 802,432 $ 62,196 $ 53,751 $ 8,444 16% $ 865,868 $ 612,616 $ 253,252 41% 55710 Golf Course Maintenance 1,485,560 66,134 68,725 (2,590) -4% 1,324,610 1,377,111 (52,501) -4% 55720 Golf Services 1,111,406 75,280 37,281 37,999 102% 1,096,379 1,076,971 19,408 2% 55730 Reserve 22 3,358,636 316,325 275,726 40,600 15% 3,451,953 3,336,952 115,001 3% 55740 Stormwater Management 51,585 1,375 1,283 92 7% 48,217 15,283 32,934 215% 55750 Pro Shop Merchandise 175,053 6,752 6,603 149 2% 216,777 198,516 18,261 9% 55780 Motorized Carts 68,060 316 - 316 0% 64,935 66,745 (1,810) -3% 557X5 Mechanical Maintenance 417,756 31,277 29,927 1,350 5% 384,271 378,167 6,105 2% Total Operating Expenses $ 7,470,488 $ 559,655 $ 473,296 $ 86,359 18% $ 7,453,009 $ 7,062,360 $ 390,649 6% Operating Income (Loss) $ 669,062 $ (60,426) $ (74,576) $ 14,150 -19% $ 1,051,513 $ 1,210,346 $ (158,833) -13% Debt Service 303,100 266,550 260,950 5,600 2% 303,100 301,900 1,200 0% Capital Expenditures 498,520 100,107 - 100,107 0% 556,455 1,137,405 (580,950) -51% CHANGE IN NET POSITION $ (132,558) $ (427,083) $ (335,526) $ (91,556) 27% $ 191,958 $ (228,959) $ 420,917 -184% KEY METRICS Goal Personnel Expenses as % of Sales 50% 57% 64% -7% 49% 48% 0% Cash Balance (End of Month, in $000's) $ 1,860 $ 3,198 $ 2,853 $ 345 1/27/2026 Page 1 of 6 Page 19 of 79  VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of December 31, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF 5500 VILLAGE LINKS REVENUES: 440550 Green Fees $ 2,800,000 $ 84,074 $ 74,419 $ 9,655 13% $ 3,084,377 $ 2,973,624 $ 110,753 4% 440554 Pro Shop - Sales 200,000 $ 4,979 $ 6,332 (1,353) -21% 231,598 215,982 15,616 7% 440555 Motor Carts 650,000 $ - $ - - 0% 691,857 705,841 (13,983) -2% 440556 Driving Range 500,000 $ 341 $ 1,208 (867) -72% 570,133 538,898 31,235 6% 440557 Resident Cards 35,000 $ - $ - - 0% 34,575 35,315 (740) -2% 460100 Investment Income 60,000 $ 10,867 $ 5,764 5,104 89% 95,093 72,099 22,994 32% 489000 Miscellaneous Revenue 146,100 $ 611 $ 1,093 (482) -44% 180,790 138,552 42,238 30% 489100 Miscellaneous - Over/Short - $ (53) $ 56 (109) -193% (476) 2 (478) -29876% Total Revenues $ 4,391,100 $ 100,820 $ 88,872 $ 11,948 13% $ 4,887,947 $ 4,680,313 $ 207,635 4% COST OF GOODS SOLD: 520945 Cost of Goods Sold - Pro Shop $ 140,000 $ 4,538 $ 4,304 $ 234 5% $ 184,841 $ 161,165 $ 23,677 15% Total Cost of Goods Sold $ 140,000 $ 4,538 $ 4,304 $ 234 5% $ 184,841 $ 161,165 $ 23,677 15% Gross Profit $ 4,251,100 $ 96,282 $ 84,569 $ 11,713 14% $ 4,703,106 $ 4,519,148 $ 183,958 4% OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 1,314,522 $ 90,691 $ 86,290 $ 4,400 5% $ 1,317,237 $ 1,294,726 $ 22,511 2% 510120 Salaries - Non-Pensionable 488,163 3,269 2,971 298 10% 482,378 449,582 32,795 7% 510200 Salaries - Overtime 23,500 790 153 637 416% 33,134 22,700 10,433 46% 510400 FICA Taxes 139,705 7,039 6,619 421 6% 137,683 132,415 5,267 4% 510500 IMRF 68,670 4,624 3,793 831 22% 68,267 57,992 10,276 18% 590600 Health Insurance 146,100 11,552 11,072 480 4% 142,641 144,091 (1,450) -1% 52XXXX Contractual Services 1,211,242 104,479 70,849 33,630 47% 1,206,675 981,178 225,497 23% 53XXXX Commodities 579,950 16,348 11,520 4,828 42% 428,201 481,559 (53,358) -11% Total Operating Expenses $ 3,971,852 $ 238,792 $ 193,267 $ 45,525 24% $ 3,816,215 $ 3,564,244 $ 251,972 7% Operating Income (Loss) $ 279,248 $ (142,510) $ (108,699) $ (33,812) 31% $ 886,891 $ 954,904 $ (68,014) -7% Operating Income (Loss) Percentage 6% -141% -122% 18% 20% KEY METRICS Goal Rounds Played 80,000 92 278 (186) 89,129 89,906 (777) Revenue Per Round $ 54.89 $ 1,095.87 $ 319.68 $ 776.18 $ 54.84 $ 52.06 $ 2.78 Resident Cards Sold N/A - - - 2,620 2,813 (193) Cost of Goods Sold % - Pro Shop 70% 91% 68% 23% 80% 75% 5% Personnel Expenses as % of Sales 50% 117% 125% -8% 45% 45% 0% 1/27/2026 Page 2 of 6 Page 20 of 79  VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of December 31, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF MISCELLANEOUS REVENUE Miscellaneous Revenue includes the following items that don't fit into any of the major revenue categories: Adult & Junior Golf Lessons $ - $ - $ - $ 64,732 $ 63,676 $ 1,056 Hand Cart Rentals $ - $ 130 (130) 29,781 35,887 (6,106) Equipment Sold at Auction $ - $ - - 31,406 - 31,406 Golf Club Rentals $ - $ - - 9,700 10,710 (1,010) Locker Rentals $ - $ 240 (240) 4,100 200 3,900 Illinois Sales Tax (1.75%) $ 334 $ 25 309 4,522 4,393 129 Glen Ellyn Food & Beverage Tax (1%) $ 31 $ - 31 461 450 11 Handicaps $ - $ - - 2,660 - 2,660 Tree Donation $ - $ 698 (698) 1,000 500 500 Misc. Outings $ 246 $ 1,093 (847) 5,586 - 5,586 Miscellaneous $ - #VALUE! 26,842 21,643 5,200 Total $ 146,100 $ 611 $ 2,186 #VALUE! $ 180,790 $ 137,459 $ 43,331 error error 1/27/2026 Page 3 of 6 Page 21 of 79  RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of December 31, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF 5520 RESERVE 22 REVENUES: 441100 Food $ 2,111,500 $ 261,328 $ 203,184 $ 58,144 29% $ 2,073,587 $ 2,017,457 $ 56,130 3% 441101 Liquor 483,800 $ 64,547 $ 43,123 21,423 50% 489,444 483,158 6,287 1% 441102 Beer 557,100 $ 17,881 $ 17,243 638 4% 516,372 538,919 (22,547) -4% 441103 Wine 242,900 $ 28,414 $ 23,712 4,701 20% 219,365 238,840 (19,476) -8% 441104 NA Beverages 121,500 $ 5,478 $ 4,734 744 16% 115,813 122,257 (6,444) -5% 441106 Room Charges 3,800 $ (383) $ 449 (831) -185% 1,658 2,744 (1,086) -40% 441107 Service Charges 227,600 $ 21,105 $ 17,348 3,757 22% 198,995 187,605 11,390 6% 489000 Miscellaneous Revenue 250 40 54 (14) -26% 1,341 1,413 (72) -5% Total Revenues $ 3,748,450 $ 398,409 $ 309,848 $ 88,562 29% $ 3,616,575 $ 3,592,393 $ 24,182 1% 55730 COST OF GOODS SOLD: 530400 Cost of Goods Sold - Beer $ 144,850 $ 5,893 $ 6,149 $ (256) -4% $ 123,857 $ 125,384 $ (1,527) -1% 530401 Cost of Goods Sold - Wine 75,300 9,308 9,717 (409) -4% 61,856 67,034 (5,178) -8% 530402 Cost of Goods Sold - Liquor 101,600 15,372 5,986 9,386 157% 107,289 95,069 12,220 13% 530405 Cost of Goods Sold - NA Beverages 63,180 3,775 4,725 (949) -20% 69,474 78,741 (9,267) -12% 530420 Cost of Goods Sold - Food 675,680 80,521 73,447 7,075 10% 674,337 660,606 13,732 2% Total Cost of Goods Sold $ 1,060,610 $ 114,870 $ 100,022 $ 14,847 15% $ 1,036,814 $ 1,026,833 $ 9,981 1% Gross Profit $ 2,687,840 $ 283,540 $ 209,825 $ 73,715 35% $ 2,579,762 $ 2,565,560 $ 14,201 1% Gross Profit Percentage 72% 71% 68% 71% 71% 55730 OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 838,556 $ 76,787 $ 66,388 $ 10,399 16% $ 957,681 $ 861,216 $ 96,464 11% 510120 Salaries - Non-Pensionable 749,543 58,296 54,781 3,515 6% 692,511 741,620 (49,109) -7% 510200 Salaries - Overtime 7,500 1,315 945 370 39% 6,086 5,613 473 8% 510399 Tips Paid Through Payroll - (6,632) (3,128) (3,504) 112% (5,520) (4,827) (693) 14% 510400 FICA Taxes 153,178 14,150 12,253 1,897 15% 159,281 155,893 3,389 2% 510500 IMRF 43,689 5,145 3,934 1,211 31% 59,194 48,216 10,978 23% 590600 Health Insurance 85,500 8,308 7,162 1,146 16% 101,848 89,317 12,531 14% 52XXXX Contractual Services 227,560 26,882 15,797 11,086 70% 257,648 227,157 30,491 13% 53XXXX Commodities 192,500 17,203 17,572 (368) -2% 186,410 185,913 497 0% Total Operating Expenses $ 2,298,026 $ 201,456 $ 175,703 $ 25,753 15% $ 2,415,139 $ 2,310,119 $ 105,021 5% Operating Income (Loss) $ 389,814 $ 82,084 $ 34,122 $ 47,962 141% $ 164,622 $ 255,441 $ (90,819) -36% Operating Income (Loss) Percentage 10% 21% 11% 5% 7% 1/27/2026 Page 4 of 6 Page 22 of 79  RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of December 31, 2025 ORG/ 2025 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2025 2024 DIFF % DIFF 2025 2024 DIFF % DIFF KEY METRICS Goal Revenue Source: Restaurant & Bar N/A $ 149,868 $ 133,297 $ 16,571 12% $ 1,889,438 $ 1,964,195 $ (74,757) -4% Banquets N/A 62,514 39,281 23,234 59% 942,061 924,917 17,145 2% Other N/A 9,261 7,177 2,083 29% 386,666 393,434 (6,768) -2% Total $ 3,748,450 $ 221,642 $ 179,755 $ 41,887 23% $ 3,218,166 $ 3,282,545 $ (64,380) -2% Reserve 22 Revenues (Last 12 Months) $ 3,748,450 $ 3,528,014 $ 3,576,156 $ (48,143) -1% Reserve 22 Expenses (Last 12 Months) $ 3,358,636 $ 3,411,353 $ 3,379,887 $ 31,466 1% # Guest Checks (Restaurant/Bar) N/A 4,405 3,642 763 48,367 45,556 2,811 Revenue Per Guest Check N/A $ 34.02 $ 36.60 $ (2.58) $ 39.06 $ 43.12 $ (4.05) # Guests (Restaurant/Bar) N/A 7,851 6,255 1,596 75,337 71,989 3,348 Average Guest Spend N/A $ 19.09 $ 21.31 $ (2.22) $ 25.08 $ 27.28 $ (2.20) Cost of Goods Sold % 28% 29% 32% -3% 29% 29% 0% Cost of Goods Sold % (By Category): Cost of Goods Sold - Beer 26% 33% 36% -3% 24% 23% 1% Cost of Goods Sold - Wine 31% 33% 41% -8% 28% 28% 0% Cost of Goods Sold - Liquor 21% 24% 14% 10% 22% 20% 2% Cost of Goods Sold - NA Beverages 52% 69% 100% -31% 60% 64% -4% Cost of Goods Sold - Food 32% 31% 36% -5% 33% 33% 0% Personnel Expenses as % of Revenues 50% 41% 46% -5% 54% 53% 2% Prime Cost (Cost of Goods Sold + Personnel Expenses) as % of Revenues 78% 70% 78% -8% 83% 81% 2% 1/27/2026 Page 5 of 6 Page 23 of 79  Village Links / Reserve 22 Dashboard Financial Reports As of December 31, 2025 Year-To-Date Net Income Year-to-Date Operating Income (Including Capital and Debt Expenditures) (Excluding Capital and Debt Expenditures) $2,000,000 $2,200,000 $1,800,000 $2,000,000 $1,600,000 $1,800,000 $1,400,000 $1,600,000 $1,200,000 $1,400,000 $1,000,000 $1,200,000 $800,000 $1,000,000 $800,000 $600,000 $600,000 $400,000 $400,000 $200,000 $200,000 $- $- y ry ch ril ay ne ly st r r r r $(200,000) ar ua ar Ap M Ju Ju gu be be be be 2021 $(200,000) y ry ch ril ay ne ly st ber be r be r be r Janu br M Au em to m m ar ua ar Ap M Ju Ju gu Oc No ce Ja M Au em to m m $(400,000) Fe pt Se ve De 2022 $(400,000) nu br Fe pt Oc No ce Se ve De $(600,000) 2023 $(600,000) $(800,000) 2024 $(800,000) $(1,000,000) 2025 2021 2022 2023 2024 2025 Reserve 22 Operating Income Reserve 22 Revenues (Excluding Capital and Debt Expenditures) 12-Month Rolling Revenues $600,000 $4,500,000 $4,300,000 $500,000 $4,100,000 $400,000 $3,900,000 $3,700,000 $300,000 $3,500,000 $3,300,000 $200,000 $3,100,000 $100,000 $2,900,000 $2,700,000 $- $2,500,000 ua br ar ril ay e y Ju st r be er be r r be 24 25 25 25 25 25 25 25 25 25 25 25 ry ua ch Ap M Ju n l gu ob Ja ry M Au em Oc m em /1 20 20 20 20 20 20 20 20 20 /1 /1 $(100,000) n Fe pt t ve De /2 0 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ /2 0 /2 0 Se No c 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 $(200,000) 12-Month Rolling Revenue Budget 2021 2022 2023 2024 2025 Golf Operating Income Cash Reserves (Excluding Capital and Debt Expenditures) $4,000,000 $1,800,000 $3,500,000 $1,600,000 $3,000,000 $1,400,000 $1,200,000 $2,500,000 $1,000,000 $2,000,000 $800,000 $1,500,000 $600,000 $400,000 $1,000,000 $200,000 $500,000 $- $- $(200,000) y ar ry ua ch Ap ril ay ne ly Ju st gu em r to r mbe r be r nu ar M Ju Au be be m y ar ry ch ril ay ne ly Ju gu st em r to r m r be r br M ua ar Ap M be be $(400,000) Ja Fe pt Oc No ve De ce nu Ja br M Ju Au be Oc ve ce m Se Fe pt No De $(600,000) Se 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1/27/2026 Page 6 of 6 Page 24 of 79  VILLAGE LINKS / RESERVE 22 MONTHLY CASH INCREASE/DECREASE HISTORY (000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 (100) (63) 9 67 80 153 356 352 239 (97) (42) (689) 2016 (114) (20) 41 (109) 206 296 186 237 160 36 (76) (671) 2017 (114) 42 (218) (57) (11) 223 328 291 72 (69) (151) (681) 2018 (113) (50) (157) (56) 216 153 291 92 165 (102) (160) (716) 2019 (144) (53) (138) (136) 99 304 319 171 146 (64) (148) (680) 2020 (173) (21) (43) (225) 69 516 237 500 214 (23) (21) (843) 2021 (135) (26) 96 172 371 412 220 431 272 127 (137) (852) 2022 (173) 19 (130) (48) 40 289 111 474 228 105 (115) (611) 2023 (181) (45) (196) 53 503 177 449 426 264 73 (231) (492) 2024 (269) (144) (31) (215) 133 145 584 301 (80) 204 (436) (401) 2025 (296) (110) (138) (81) 31 323 386 461 288 (137) 18 (487) Avg (165) (43) (82) (58) 158 272 315 340 179 5 (136) (647) Best (100) 42 96 172 503 516 584 500 288 204 18 (401) Worst (296) (144) (218) (225) (11) 145 111 92 (80) (137) (436) (852) NEXT 12 MONTH CASH BALANCE SCENARIOS 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg 2,546 2,503 2,421 2,363 2,521 2,793 3,108 3,448 3,627 3,631 3,495 2,848 Best 2,611 2,653 2,749 2,921 3,424 3,940 4,524 5,024 5,312 5,516 5,534 5,133 Worst 2,415 2,271 2,053 1,828 1,816 1,961 2,072 2,164 2,084 1,947 1,511 659 December 2025 Cash On Hand 2,711 Page 25 of 79  22 “Committed to Excellence since 1967” Manager’s Report for December 2025 Submitted by Noel Allen, General Manager December 2025 started cold and snowy. Looking at December observations from O’Hare, average temperature was 27.0°F (3.5°F below normal), precipitation was 2.07” (0.04” below normal), and snowfall was 9.5” (1.9” Above Normal). The weather window slammed shut and prevented us from getting our winter topdressing down. GOLF Rounds played were down 67% for the month, and are down 1% for the year. Green Fee revenue was up 13% for the month, and is up 4% for the year. Driving Range revenue was down 72% for the month, and is up 6% for the year. Motor Car revenue was flat for the month, and is down 2% for the year. Pro Shop sales were down 21% for the month, and are up 7% for the year. Overall Golf revenues were up 8% for the month, and are up 3% for the year. Page 26 of 79 VILLAGE LINKS GOLF The weather as measured by golf playable hours this December was 100% worse than a normal year, but the same as last year. With the golf course closing on November 25, this obviously does not matter for golf as most of December revenue comes from deferred revenue from the sale of VIP cards, permanent time fees and prepaid rounds. Year to date golf playable hours were up 2% from last year and up 5% from a normal year. With total rounds down 1% over 2024, utilization of the golf course was down 3%, however, demand to play the Village Links continues to be very strong with over 89,000 rounds played in 2025, our 2nd best in the last 20 years and 17th best in our 59-year history! Golf staff was busy preparing for the upcoming 2026 golf season. Repairs were and continue to be made to the driving range operations room and the golf professional’s office. Head Golf Professional Vince Crovetti is now overseeing Pro Shop ordering and has been preparing a buying plan and meeting with various vendors to stock the shop with exciting new inventory. Vince and 1st Assistant Joey Gavac are also planning some exciting new changes to the tournament schedule and junior camp program. While there were obviously no golf outings held in December, planning and scheduling for next year’s golf outings is now in full swing. Director of Golf Mike Campbell is busy working with past hosts as well as new groups to continue managing this important segment of our business. Typically, we aim to keep golf outing rounds between 5 and 7 percent of total rounds to minimize disrupting our members and guests from regular play. Green fee revenues from outings are normally around 10% as price is at premium in order to schedule so far in advance. Maintaining this segment also helps shield the golf operation from declines in rounds due to poor weather, since golf outings generally play in all conditions. Page 27 of 79 RESERVE 22 Reserve 22 revenues ended December at $398,409.34 vs prior year of $309, 847.71, up 28.6% vs the prior year with an increase of $88,561.63 in top line sales. These numbers are representative of a few different factors. The continuation and the expanded marketing efforts of the Holiday Pop-Up drove a sizable chunk of our increased foot traffic. It was very clear that we dominated the local western suburbs social media with mentions of Holiday Pop-Up and various family friendly events. We had Santa make seven appearances, hosted two holiday cookie decorating classes, a lunch with the grinch, an ugly sweater party, and a kid friendly NYE event. Our holiday drink program also provided a generous amount of positive feedback while guests were visiting the restaurant. Looking at our OpenTable feedback, we received a considerably greater number of reviews than normal, and while our score is maintaining at 4.5 from our guests, we experienced increased operational challenges with speed of service, food quality, and keeping inventory in stock. As always, we actively responded to all reviews in hopes to recover any opportunities. We continue to monitor food and drink sales trends and have weekly conversations on updating and innovating our menu with specials. Our Happy Hour promotion continues to hold steady with driving guest traffic, and we look forward to expanding new promotions during the slower Q1. Banquets executed 38 events in December vs prior year of 38 events. A handful of these banquets were repeat from prior years, however, we continue to usher in new clients as well. As we wrapped up a successful December month in banquets, we plan on hosting another strategy session in January to further talk about opportunities to increase banquet sales. Finally, plans were finalized and staff is preparing for the launch our Winter Wonderland POP-UP with weekly visits from Elsa as well as strategizing for the upcoming golf season. Page 28 of 79 KEY METRICS We finished the year very strong in all categories, missing target in food only, but making up a tremendous amount of the deficit in December. 2025 was another amazing season for all divisions. Total revenues beat budgeted target by just under $186K, and we will be showing a positive net profit when we were budgeted for a net loss just over $61K. We transferred $100K to the GE Park District to maintain and operate Panfish Park which frees up our grounds and maintenance team to focus almost solely on Village Links and Reserve 22. We spent nearly $500K on needed new equipment and building upgrades and repairs. There were a handful of golf course projects that were completed (bunkers, trees, ponds to name a few) which significantly improved our playing conditions. We successfully recruited several key positions in our organization and have positioned ourselves for success well into the future. Page 29 of 79 Breaking down some comparative metrics: December 2025 GPH flat from December 2024 and down 100% from a "normal" year December 2025 YTD GPH up 2% from December 2024 YTD and up 5% from a "normal" year November 2025 Golf Datatech Chicagoland rounds played up 8.0% November 2025 Village Links rounds played up 25% - This is what we expect as normally we are stronger than the Chicagoland metric YTD through November 2025 Golf Datatech Chicagoland rounds played up 0.2% YTD through November 2025 Village Links rounds played down 1% - normally we are stronger than the Chicagoland metric but we opened for the season 17 days later in 2025 and many courses were not as aggressive as we were in 2024 2025 YTD total revenue $185,747 over YTD budget target (2024 December YTD total revenue was over YTD budget target by $826,503. (Note: 2025 targets were increased by $783,150) Golf cars grounded 31 days in December 2025 and 31 days in December 2024 December 2025 R22 restaurant, bar and concessions sales up 36.1% YTD 2025 R22 restaurant, bar and concessions sales down 0.2% December 2025 R22 banquet sales up 11.1% YTD 2025 R22 banquet sales up 2.2% December 2025 R22 Total Revenues up 28.6% YTD 2025 R22 Total Revenues up 0.7% Page 30 of 79 GOLF COURSE AND GROUNDS With the arrival of winter, activity slows quite a bit and allows staff to use some much-deserved time away for vacations, rest and relaxation. Unfortunately, we were not able to apply our winter topdressing to our greens or tees due to the late November snow and early unusually cold temperatures which froze our sand pile. Instead, we are planning to top-dress and aerify in the spring with a minimally invasive tining process to get sand in the greens and a jump start on the season. Our typical winter topdressing is part of the program that allows us to typically skip a spring aerification. Grounds and maintenance staff were very busy with snow and ice removal as winter started hot and heavy. Due to the colder temperature and frozen ground, however, we were able to start tree removals of dead, dying, or trees that significantly harm the playability of the golf course. Trees that pose a risk to our golfers’ safety as well as unhealthy trees are a priority to remove which also helps encourage stronger growth of healthy trees. Also due to the bitter cold, we hosted the Rotary Citrus Distribution at the Grounds and Maintenance Facility which eased the burden on grounds staff and made for a much smoother delivery and pickup process. Future Rotary Citrus Distribution will likely remain at this location as everyone felt it was a much-improved process. Grounds 1. Working on securing 2026 Capital Equipment pricing and place in line 2. Master Plan process ongoing 3. Staff attended some local education events 4. Continued shop reorganization to streamline equipment maintenance 5. Began refreshing course accessories (flagsticks, bunker rakes, etc.) 6. Lambert Lake garbage picked up as needed 7. Finalized planting plans for annuals next year 8. Tropical plants monitored, cleaned, watered in basement 9. Tree removals started 10. Snow and ice removal was a heavy priority 11. Near daily course scouting Mechanical and Building Maintenance 1. 10 pieces of equipment were repaired and/or serviced 2. 5 repairs made at clubhouse & halfway house 3. Pop-up bar lighting repairs 4. Preparations for new Winter Wonderland changeover in January 5. Clubhouse and surrounds prepared for cold weather 6. Work started on building a base for new Winter Wonderland Snow Globe 7. Emergency work on R22 HVAC in-house 8. Worked with IT to finalize install of equipment 9. Water leak discovered at HWH, had Public Works shut off water to prevent damage Page 31 of 79 Kids NYE was a big hit this year. Character like Spider-Man shown here engaged with all the kids. Elsa, Taylor Swift and Spider-Man Marketing Strategist Julie Rusin and helped make the event a great Director of Food & Beverage David success. Manseau quickly put together this inaugural event. Our grounds and maintenance team The finished snow globe ready to be Build the new snow globe for our delivered and decorated. annual Winter Wonderland Pop Up. Page 32 of 79 Everything, Everywhere, All At Once 2025 Year-In-Review Page 33 of 79 When You Say Goodbye, I Say Hello Staff Changes Page 34 of 79 General Manager Jeff Vesevick Retires After nearly 30 years of service, 20 as Director of Golf and 10 as General Manager, Jeff bids the Links farewell Page 35 of 79 Director of Golf Noel Allen Becomes General Manager Noel has worked at the Links since 1987, nearly 40 years of service Page 36 of 79 Head Golf Professional Mike Campbell Becomes Director of Golf Mike has been at the links since 1993, over 30 years of service Page 37 of 79 1st Assistant Golf Professional Vince Crovetti Becomes Head Golf Professional Vince has been a Village Links golf pro since 2008, over 15 years, with decades of diverse experience prior to joining us here Page 38 of 79 Joey Gavac Is Hired As 1st Assistant Golf Professional Joey joins the team with great experience in the private club world despite his young career Page 39 of 79 Sarah Arnold Is Hired As An Assistant Golf Professional Sarah is just at the beginning of her career, but has already distinguished herself as one of the best golfers on staff. Sarah is also the first woman to join the Village Links’ professional staff in our nearly 60 year history. Page 40 of 79 Director of Food & Beverage Jon Satinover Resigns Jon joined Reserve 22 from the corporate restaurant world in 2022, providing nearly 3 years of steady leadership before departing for an exciting opportunity to build an operation up from nothing at Glen Oak Country Club Page 41 of 79 Juan Reyes Is Hired As Sous Chef Juan joins the Reserve 22 team having worked in many different kitchens and is becoming a trusted right hand to Chef Tom Page 42 of 79 David Manseau Is Hired As Director of Food & Beverage David impressed with his wealth of experience in the corporate restaurant world and brings a cornucopia of fresh ideas to push Reserve 22 to the next level Page 43 of 79 Business Office Coordinator Ann Pedersen Retires Besides being a top notch accountant, Ann has served on the Wellness Committee for many years and proofread thousands of documents since she was hired in 2014. Rumor has it she used Mike’s missing wellness points to fund a trip or three to France. Page 44 of 79 Clubhouse Custodian Halina Dodat Retires Halina has had the thankless job of keeping this place clean 6 days a week since 2010 Page 45 of 79 It’s Just Golf The Course of Events Page 46 of 79 Opening Day 2025 On March 12th, the golf courses officially opened for regular play. While a later start than in 2024, mid -March is a more typical time for the season to begin. Page 47 of 79 New Teleskid Purchased In February, Grounds received a new track loader to replace a hand-me- down piece from Public Works with lots of heavy use. It is a unique piece of equipment that can not only lift vertically, but also extend radially. It’s the single most expensive piece of equipment we’ve ever purchased. No, you can’t drive it. Page 48 of 79 New Overseeder Purchased In March, Grounds received a new overseeder to keep our grass thick and healthy, from tee to green. Page 49 of 79 New Tee Mower Purchased In April, Grounds received a new tee mower to improve maintenance cycles on the tee boxes by replacing an existing mower far beyond its useful life. Page 50 of 79 New Tractor and Spreader Purchased Also in April, Grounds received a new tractor with a spreader attachment to replace an aging piece of equipment that was many years beyond it’s useful life. Page 51 of 79 Bunker Project Completed Grounds completed a two year project remediating some of the worst issues with our bunkers, clearing drainage and adding sand. This should hopefully keep our failing bunkers maintainable until the Master Plan work begins. Page 52 of 79 Illinois Open Qualifying After a several year hiatus, the Village Links once again played host for an IPGA event, one of seven qualifying rounds for the 76th Illinois Open Championship. Page 53 of 79 A Major Concession At the end of June, our oldest beverage cart suffered catastrophic damage such that we needed to replace it with a brand new beverage cart ahead of schedule. Page 54 of 79 You’re A Grand Old Flag To help celebrate national holidays, we purchased a set of patriotic pin flags, which were so well received, it only took one day for the first one to be stolen. Page 55 of 79 Pond Treatments Our perennial algae problem began to be tackled with pond treatments meant to reduce or eliminate their growth. Page 56 of 79 Turf Recovery Extreme weather conditions of heavy rains followed by long stretches of scorching heat resulted in the loss of large patches of grass. Our new equipment was extremely helpful in bringing those patches back. Page 57 of 79 Raising the Roof Tree canopies were lifted this year, providing increased sight lines and improved air flow with a result being optimized growing conditions for the turf. Page 58 of 79 Like The Louvre Heist, But Dumber In August, the Village Links was the victim of what was surely an Ocean’s- style caper with the theft of five of our golf carts (and attempted theft of one more). The investigative efforts of the Glen Ellyn Police Department eventually resulted in the recovery of three of them. Page 59 of 79 Champion of Tournaments Throughout the year, the Golf staff executed a successful schedule of tournaments to keep people engaged and to promote the game. Page 60 of 79 Folds Of Honor Over the course of our three observed holidays, we collected nearly $3,000 for the Folds of Honor Foundation through the Patriot Golf Days program. Folds of Honor provides scholarships to the spouses and children of our fallen or disabled veterans and first responders. Page 61 of 79 More or Less-on During the summer, our junior camps proved popular with hundreds of kids attending, and hopefully getting bitten by the golf bug so we can extract their disposable income once they become adults they can learn to love the game. Likewise, the adult group lessons were filled with golfers of all ability levels looking to improve their game. Page 62 of 79 What Happened In Vegas Didn’t Stay In Vegas In October, the (1st Annual?) Village Links Las Vegas Pro-Am was held in Las Vegas, Nevada. Besides many fun rounds of golf at some of the best courses around, nothing of note happened. Nothing. Understand? Page 63 of 79 I Love Intergovernmental Agreements This year, after completing the promised improvements, the Glen Ellyn Park District has assumed operational control of Panfish Park on a rolling 30-year lease. Page 64 of 79 Help! I Wrecked My House Facilities Improvements Page 65 of 79 Gimme A Break At Grounds, the break room was refreshed to create a better environment for employees to meet and eat. Page 66 of 79 Clean As A Whistle Grounds installed a new dishwasher behind the bar for more efficient cleaning and sanitizing of high-use items. Page 67 of 79 Gilding The Lilly To cap off the south clubhouse renovation, our tournament, Legends of the Links, and Ed Posh Scholarship Fund plaques were mounted in pride of place, with the addition of commemorative plaques from USGA and PGA events placed for the first time, showcasing our history. Page 68 of 79 Grab Some Seat New patio furniture was delivered to replace two generations of older furniture, some of which had been in use since before Reserve 22 opened in 2013. Page 69 of 79 Welcome To The Jungle The Reserve 22 dining room was redecorated with an emphasis on bringing the outside in, to make it feel closer to the patio in ambiance. Page 70 of 79 Sign, Sign, Everywhere A Sign This May, Grounds did a deep clean of the limestone entrance signs, giving a great facelift to our front door. Page 71 of 79 Wrong Kind Of Hotboxing You know when the worst time to have your air conditioning fail is? That’s right! June saw one of the two banquet room rooftop A/C units fail, thankfully with a whimper rather then a bang. It was replaced the next month, but ask anyone working in there how many eternities it felt like. Page 72 of 79 Let There Be Light On a brighter note, the Tuscan style ceiling fixtures in the Blue Heron Room were replaced with more modern style units to lighten up the décor somewhat. Page 73 of 79 Big Brother Is Watching At long last, our upgraded camera system was installed, including hundreds of feet of new Cat 6 cable runs through the various attic spaces. Page 74 of 79 Your Table Is Ready Dining Delights Page 75 of 79 Winter Blues Carrying the Holiday Popup Concept forward as the Winter Wonderland helped drive the best January and February business at Reserve 22 in years. Page 76 of 79 Patio Power All of our diners couldn’t wait for patio season to start, and were sorry when it ended. Page 77 of 79 Pop Me Up The holiday pop up concept has been pushing Reserve 22’s business to ever greater heights, being on track for the strongest December in history. Page 78 of 79 2025 By The Numbers Headline Financial Results Page 79 of 79