07-25-19 - BOARD BOOK

Frenchman’s Creek Financial Overview as of June 2019 2nd Month of the Fiscal Year Fiscal Year End April 30, 2020

The community has a positive variance compared to budget of $39k; the club income being favorable to budget by $5k with the POA favorable to budget by $34k. While overall results for the first two months are positive, management continues to closely monitor all financial results including overhead and departmental operating expenses. The new fiscal year is off to a strong start with nine new members closing on homes through the end of June. There are an additional five pending new member sales scheduled through September.

Fiscal Year 19/20 Actual

Fiscal Year 19/20 Budget

Variance

$1,000s

Club Income/(Loss) POA Income/(Loss) Total Income/(Loss)

$361 ($2) $359

$356 ($35) $321

$5

$34 $39

Home Sales

Home Sales

Total Sales New Members

In-House

Last Fiscal Year New

Closed as of 06/30/19

11

9

2

3

Pending

6

5

1

6

Total

17

14

3

9

This fiscal year, fourteen (14) capital producing home sales were budgeted. The three (3) year average of equity producing home sales is twenty-one (21) homes per year. 10/88