CHERRY HILLS COUNTRY CLUB the payment of his or her dues temporarily suspended during the time he or she is on such active duty and stationed away from the Denver area upon making written request to the Board of Directors for such suspension. Section 4. Restricted Funds. The Club shall establish a restricted fund for the purpose of ensuring that certain revenues of the Club are available solely for expenditures of a capital nature. Assets of this restricted fund shall be segregated from the other assets of the Club and may at the discretion of the Budget and Finance Committee be invested in savings accounts, certificates of deposit, or other suitable investments. Revenue to be added to the restricted fund shall include: initiation fees, capital fund assessments, proceeds from the sale or other disposal of Club property, and certain other revenues specifically designated by the Board of Directors. Interest, dividends, and all other proceeds from the investment of restricted fund assets shall remain in the restricted fund. Expenditures from the restricted fund shall be limited to the purchase and maintenance of capital assets and the payment of principal and interest on debt incurred in the purchase of capital assets. The term “capital assets” shall include all items capitalized or recorded as additions to the property accounts of the Club, and in addition shall include other expenditures as authorized by a majority of the Board that, although recorded by the Club as operating expenses, could otherwise have been capitalized under an alternative accounting method complying with generally accepted accounting principles. All transactions authorized by the Board of Directors and charged to the restricted fund account shall be reported to the Membership as part of the annual financial statement. ARTICLE X Guests Section 1. Resident Guests. A Resident Guest is defined as a person and his or her immediate family (spouse and children) who reside within seventy air miles from the Club. Any Member may introduce a Resident Guest to use the facilities of the Club, provided that the use of such facilities shall be in accordance with and limited pursuant to the Bylaws, House Rules, and Ground Rules; and further provided that the introducing Member, or one of his or her immediate family entitled to the privileges of the Club, must accompany the guest or guests to the Club. The same
ARTICLE X
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