THE CLUB'S ENDOWMENT CONSISTS OF ONE INDIVIDUAL FUND, THE ENDOWMENT TRUST, ESTABLISHED EXCLUSIVELY TO BENEFIT THE CLUB TO PROVIDE FOR A PORTION OF THE CLUB'S OPERATING REQUIREMENTS EACH YEAR, INCLUDING SALARY INCREASES, AS WELL AS A SOURCE OF CAPITAL FOR IMPROVEMENTS TO EXISTING FACILITIES, IMPLEMENTATION OF NEW PROGRAMS, AND FOR THE ACQUISITION OF ADDITIONAL FACILITIES. THE ENDOWMENT INCLUDES BOT…