NOTICE OF ANNUAL MEMBERS' MEETING
February 19, 2026
Dear fellow Granite Golf Club Member,
On behalf of the Board of Directors I would like to invite you to Granite Golf Club’s Annual Members’ Meeting. We will review the Club’s 2025 operating and financial performance and present the 2026 plans and operating budget. The 2026 AMM will take place on Saturday March 21, 2026 at 3:00 pm.
We will be hosting the AMM in-person at Granite Golf Club, however, for those who would prefer it, a virtual option will be available. All members who wish to vote on the matters for which this meeting has been called must do so by Proxy.
Members who wish to pose a question are encouraged to submit their questions in writing in advance of the meeting. Answers to all, or the most frequently asked questions, will be incorporated into the presentation.
Thank you for your support of the Club, as, President
This Information Circular pertains to the solicitation by and on behalf of the management of proxies to be used at the Annual Members’ Meeting (and any postponement or adjournments thereof) to be held at 3:00 pm on March 21, 2026, for the purposes set forth in the accompanying Notice of Meeting. The solicitation will be done primarily electronically. Proxies may also be solicited personally or by telephone by regular employees of the Club without special compensation. The cost of such solicitation by management will be taken care of by the Club.
Appointment of Proxyholder
The Members designated in the accompanying proxy form are named by management A Member entitled to vote may appoint another Member to represent them at the meeting, except the Member designated in the accompanying proxy form. This may be done by inserting the name of the Member in the blank space provided in the proxy form or by completing another proxy form. Proxies must be received by Phil Scully, the General Manager of the Club, no later than 5:00 pm EST on March 20, 2026. Proxy forms may be mailed to Mr Scully c/o Granite Golf Club, 2699 Durham Road 30, Uxbridge, Ontario L9P 0J4 or may be emailed to alongstreet@granitegolfclub.ca.
Revocation of Proxy
A Member who has given a proxy may revoke it by either completing a proxy bearing a later date and sending it to Mr Scully by the aforementioned deadline; or by completing a written notice of revocation, which must be done by the Member or their attorney, and have it deposited to the Club by the aforementioned deadline; or sent to the Chairman of the Meeting on the day of the Meeting; or any postponement or adjournment thereof, prior to the commencement of the Meeting. A proxy may only be revoked with respect to matters that have not been acted on prior to revocation.
Exercise of Vote by Proxy
Votes represented by proxies will be cast or withheld from voting according to the instructions of the Member on any ballot that may be called for. If the Member specifies a choice with respect to any matter to be acted upon at the Meeting, votes represented by proxies will be voted accordingly. If no choice is specified with respect to any such matter, the persons designated by management in the accompanying proxy form will vote in the election of directors and the appointment of auditors as stated under those headings in this circular.
Discretion
The enclosed proxy form gives discretionary authority upon the persons named regarding amendments or variations to matters identified in the Notice of Meeting and with respect to other matters that may arise before the Meeting. At the date of this Circular, the management of the Club knows of no such amendments, variations or other matters to come before the Meeting, other than the matters referred to in the Notice of Meeting.
Right to Vote and Quorum
Each Senior Member, Corporate Member, and Intermediate Member (who has paid an amount in respect of initiation fees) who is a member in good standing, is entitled to receive notice of, and one vote, at the Meeting unless they have been posted for non-payment of his or her account. The presence in person or by proxy of at least 10% of voting Members at the Meeting is necessary for a quorum at the Meeting. The failure of any such Member to receive notice of the Meeting does not deprive the Member of a vote at the Meeting.
Election of Board of Directors
There are currently 9 directors on our board. Directors are elected for threeyear terms and retire in rotation. Three directors are to be elected and one reelected at this Meeting for a three-year term expiring at the conclusion of the Annual Members’ Meeting in 2029. The nominees have been nominated by the Club's Nominating Committee, which consists of current Board President, Andrew Zimakas, and Chair, David MacLachlan, Director Alison Lynde, as well as members at large, Steve Carlin, Carolyn Everson-Irwin and Sabrina Stables . The Nominating Committee received suggestions from Members of several excellent candidates and after careful deliberation has recommended the election of the nominees set out below.
Unless authority to do so is withheld, the persons named in the enclosed form of proxy intend to vote for the election of four nominees for directors. Although the Board of Directors is not aware of any nominee who would be unable to serve if elected, if any nominee should, for any reason, be unable to serve as a director of the Corporation, the persons named in the enclosed form of proxy reserve the right to ask the Club's Nominating Committee to nominate another nominee in their discretion and to vote for such nominee.
Nominees for Election for a Three-Year Term expiring at the Annual Meeting in 2029
NAME
Dante Dalia
Al Dykstra
Paul Grimes
Nominees for Re-Election for a Three-Year Term expiring at the Annual Meeting in 2029
Andrew Zimakas
Directors Whose Terms of Office expires at the Annual Meeting in 2027 Ali Alagheband
Kathryn Poy
Directors Whose Terms of Office expires at the Annual Meeting in 2028 David Brown
Dante Dalia
Dante Dalia is an operations and sales executive with over 15 years of experience in the real property industry. He is a licensed realtor who has also previously served as a board member in a professional capacity.
Dante joined Granite Golf Club in 2019 and enjoys spending time on the grounds with his wife, Erica, and three children, Dante, Stefano, and Joseph. Outside the Club, Dante can be found coaching minor hockey and baseball teams or cooking a meal for his family and friends.
Having served on the Men’s Committee for the past three years, Dante is dedicated to becoming a pillar of the Granite Golf Club. He aims to foster a collaborative environment among board members while serving as a principled advocate for the entire membership
Al Dykstra
Al serves as President of PageNet and Chief Financial Officer of Advanced Wireless Data, specializing in wireless messaging for healthcare and smart meter solutions for the utility sector. He has an Honours Bachelor of Business Administration from Wilfrid Laurier University and is a Chartered Accountant/Chartered Professional Accountant, having trained with Deloitte. With over 40 years in telecommunications, Al's career includes executive roles at The Shopping Channel, Rogers, and PageNet. In 2023, he and his wife Marcelle joined Granite Golf Club after more than two decades at another local private golf club. Al’s board experience and financial background combined with his passion for golf provides him with valuable insights into what it takes to make a private golf club thrive.
Paul Grimes
Paul is a distinguished financial leader and triplecredentialed expert (CFP, CLU, ChFC) with a 36year career at iA Financial Group, where he most recently served as Senior Vice-President of Distribution for the Independent Advisors Network. Author of Canada’s first comprehensive book on life insurance, The Facts of Life, Paul continues to shape the industry through a consulting contract with iA Financial and by serving on the boards of PPI Financial and Surex following his retirement in 2024. Beyond his professional legacy, he is a dedicated community leader, serving as President of his local residents association and as a proud member of the Charitable Giving Committee for North York General Hospital Paul and his family (Denise, Fraser, and Spencer) are founding members of Granite Golf Club and long-standing members of The Granite Club on Bayview, remaining integral parts of these communities
Granite Golf Club
October 31, 2025
Doane Grant Thornton LLP
123 Commerce Valley Dr E
Suite 400
Markham, ON L3T 7W8
T +1 416 366 0100
F +1 905 475 8906
www.doanegrantthornton.ca
Independent Auditor's Report
To the Members of Granite Golf Club
Opinion
We have audited the financial statements of Granite Golf Club (the "Club"), which comprise the statement of financial position as at October 31, 2025, and the statements of operations, changes in members' equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Granite Golf Club as at October 31, 2025, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-forprofit organizations
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Club in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Club’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Club or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Club’s financial reporting process.
Independent Auditor's Report (continued)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit 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 Club's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Club's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Club to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Markham, Canada February 5, 2026
Granite Golf Club Statement of Operations
Granite Golf Club
Statement of Changes in Members' Equity
Year ended October 31
Granite Golf Club Statement of Cash Flows
Year ended October 31 2025 2024
in cash and cash equivalents
Granite Golf Club Notes to the Financial Statements
October 31, 2025
1. Nature of operations
Granite Golf Club (the “Club”) was established to develop and operate a golf club for the recreation and entertainment of its members. The Club is a not-for-profit organization and is exempt from income tax, except for property income, under Section 149(1) of the Income Tax Act.
2. Significant accounting policies
The Club follows accounting principles generally accepted in Canada in preparing its financial statements. The significant accounting policies used are as follows:
Use of estimates
The preparation of financial statements in conformity with accounting standards for not-for-profit organizations ("ASNPO") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates.
Financial instruments
The Club considers any contract creating a financial asset, liability or equity instrument as a financial instrument, except in certain limited circumstances. The Club accounts for the following as financial instruments:
cash and cash equivalents
short-term investments
accounts receivable
entrance fees receivable
accounts payable and accrued liabilities
Clubhouse Investment Program obligation
Founding Family Members rebate
Granite Golf Club
Notes to the Financial Statements
October 31, 2025
2. Significant accounting policies (continued)
Financial instruments (continued)
A financial asset or liability is recognized when the Club becomes party to contractual provisions of the instrument
Financial assets or liabilities obtained in arm's length transactions are initially measured at their fair value.
Cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities approximate their respective fair values due to their short-term maturities. Entrance fees receivable are measured at amortized cost using the effective interest rate method. The effective interest rate for entrance fees receivable ranges from 2.50% to 7.00%. The Clubhouse Investment Program obligation and Founding Family Members rebate are measured at cost as amortized cost is not determinable due to the undefined repayment period of the obligations
Financial assets measured at cost or amortized cost are tested for impairment when indicators of impairment exist at the end of the reporting period. Previously recognized impairment losses are reversed to the extent of the improvement provided the financial asset is not carried at an amount, at the date of the reversal, greater than the amount that would have been the carrying amount had no impairment loss been recognized previously The amounts of any write-downs or reversals are recognized in the statement of operations..
The Club evaluates the collectibility of its accounts receivable and entrance fees receivable and provides an allowance for doubtful accounts based on managements best estimate of their collectibility (Note 12).
Cash and cash equivalents
Cash and cash equivalents represent cash on deposit and short-term deposits in Guaranteed Investment Certificates (GICs) with original maturities of 90 days or less from the date of purchase.
Short-term investments
Short-term investments consists of Guaranteed Investment Certificates (GICs) with original maturities of greater than 90 days from the date of purchase.
Inventory
Inventory, consisting of food and beverage and retail pro shop goods, is valued at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The total food and beverage inventory expensed during the year and included in food and beverage expenses was $397,349 (2024 - $388,822). The total pro shop inventory expensed and included in pro shop expenses during the year was $624,588 (2024 - $595,377).
Property, plant and equipment
Property, plant and equipment are recorded at cost and are being amortized over their estimated useful lives on the following basis. The annual amortization rates and methods are as follows:
Granite Golf Club
Notes to the Financial Statements
October 31, 2025
2. Significant accounting policies (continued)
Property, plant and equipment (continued)
Buildings and improvements
Golf course improvements and grounds
Vehicles
Equipment and furnishings
Golf course equipment
Computer and telephone
25 years Straight-line
25 years Straight-line
30% Declining balance
20% Declining balance
3 - 10 years Straight-line
30% Declining balance
Long-lived assets, including property and equipment subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Capital disclosures
The Club's capital comprises members' equity invested in property, plant and equipment and unrestricted member's equity
Management develops an annual operating and capital budget ("budget") that is submitted to the Finance and Membership Committee (the "Committee") for review. The budget is developed to ensure the Club has the proper cash flow to fund operations and capital expenditures. A recommendation is made by the Committee to the Board of Directors (the "Board") for the approval of the budget. Management compares actual results to the budget monthly and reports to the Committee and to the Board.
The Club invests in property, plant and equipment for the recreation and entertainment of its members. The capital budget for fiscal 2025 was completed as approved and included the addition of miscellaneous clubhouse improvements, course improvements and furniture and equipment replacements.
The Board monitors the Club's unrestricted net asset position annually and adjusts its financing accordingly At year end, the Board believes the Club is appropriately capitalized to meet the Club's objectives.
Granite Golf Club
Notes to the Financial Statements
October 31, 2025
2. Significant accounting policies (continued)
Revenue recognition
Annual dues, locker, and capital improvement fees are recorded as revenue of the fiscal year to which they relate.
Pro shop and food and beverage revenues are recognized at point of sale.
Entrance fees from senior and intermediate members are recognized as revenue when their membership has been approved by the Board of Directors. Entrance fees may be paid in instalments. Instalments due within one year are presented as current assets. Amounts due after one year are presented as long-term entrance fees receivable.
Interest and other income are recorded in the period in which they are earned and measurement and collectability is reasonably assured.
3. Short-term investments
Short-term investments are comprised of Guarantee Investment Certificates (GICs) bearing interest at 2.95% (2024 - 5.40%) and maturing on April 30, 2026 (2024 - April 30, 2025).
4. Entrance fees receivable
Instalments receivable on entrance fees represent future amounts due from existing members who have selected the option of paying entrance fees over a term of five or ten years.
Granite Golf Club
Notes to the Financial Statements
October 31, 2025
5. Property, plant and equipment
6. Bank indebtedness
The Club has available a revolving term facility of $200,000 which bears interest at prime plus 0.50% per annum. The facility is secured by a general security agreement, a collateral mortgage representing a first charge on the golf course land in the principal amount of $6,675,000, and an assignment of insurance.
7. Accounts payable and accrued liabilities
Included in accounts payable and accrued liabilities are government remittances owing of $35,681 (2024 - $28,440).
8. Clubhouse Investment Program
During fiscal 2003, the membership approved the implementation of the Clubhouse Investment Program ("CHIP") to assist in the financing of the clubhouse construction. The contribution for each senior member and senior spouse was $6,500 and $3,500 respectively. The contributions are noninterest bearing.
The Board of Directors determine the annual amount to be repaid. Repayment of CHIP contributions are subordinate to the repayment of Founding Family Members rebates (Note 9), which is dependent on full membership, having sufficient entrance fees from which to pay the amounts and the repayment being in the best interest of the Club. The priority for repayments of CHIP contributions will be based on the order in which written resignations and requests for repayment are received. In fiscal 2011, the Board of Directors amended the bylaws of the Club to allow for receivable balances deemed uncollectable to offset the balances repayable under the CHIP contributions. During fiscal 2025, $Nil (2024 - $Nil) was deducted from the amounts payable to CHIP program members.
Granite Golf Club
Notes to the Financial Statements
October 31, 2025
9. Founding Family Members rebate
Upon resignation, Founding Family Members are eligible for a rebate of $10,000 of their initial entrance fees. This rebate is contingent on the Club having a full complement of members, is to be financed from the entrance fees of new members and the repayment must be in the best interest of the Club. As at October 31, 2025, there are 174 (2024 - 174) Founding Family Members who are entitled, upon resignation, to rebates. In 2011, the Board of Directors amended the bylaws of the Club to allow for receivable balances deemed uncollectable to offset the balances repayable under the Founding Family Members. There were no amounts deducted or repaid in fiscal 2025 (2024$Nil) from the amounts payable to Founding Family Members.
As at October 31, 2025, based on prepared forecasts of surplus cash flow and membership growth, repayment of all or a portion of the Founding Family Members rebate in the foreseeable future is unlikely In addition, as the CHIP liability is subordinate in payment to the Founding Family Members rebate, repayment of all or a portion of the CHIP liability in the foreseeable future is also unlikely
10. Commitments
The Club has various operating lease commitments for the rental of equipment expiring between 2026 and 2030. Minimum annual payments over the next five years are as follows:
11. Contingent liabilities
The Club has outstanding letters of guarantee to municipalities and the Ministry of the Environment in the amount of $184,590 (2024 - $184,590).
12. Financial instruments
The disclosures below provide information that assists the users of these financial statements in assessing the extent of risk related to financial instruments.
(a) Liquidity
risk
The Club is exposed to liquidity risk to the extent that it must meet its financial obligations as they fall due. The Club's approach to managing liquidity risk is to ensure that it has sufficient cash and cash equivalents, other current financial assets and financing to meet its obligations when due, without incurring unacceptable losses or damage to the Club's reputation. Management forecasts cash flows to identify financing requirements.
Granite Golf Club
Notes
to the Financial Statements
October 31, 2025
12. Financial instruments (continued)
(b) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Club's fixed rate financial instruments are subject to interest rate price risk, as the value will fluctuate as a result of changes in market rates.
(c) Credit risk
The Club is exposed to credit risk primarily with respect to its accounts receivable and entrance fees receivable. As at October 31, 2025, the Club has recorded an allowance for bad debt of $76,391 (2024 - $146,450).
13. Comparative figures
Certain comparative figures have been reclassified to conform to the presentation in the current year.