2022 MASTER ANNUAL REPORT

EXTERNAL AFFAIRS COMMITTEE Jane Feinstein, Chairperson Joan Siegel, Vice - Chairperson Ellen Malasky, Board Liaison Barry Byrd Marjorie Feld Ellen Goldstein

Ruth Karlin Marcia Levy

The External Affairs Committee has been meeting with our local Palm Beach Gardens and Juno Beach elected officials after a pandemic - related hiatus, in order to get to know the new officials and strengthen our relationships with longer serving officials. We continue to monitor the progress of quiet zones along the rail corridor adjacent to Alternate A1A.

The Committee is preparing to host the annual External Affairs Luncheon on May 10. The 2020 - 2021 luncheon was canceled due to the pandemic.

Jane Feinstein, Chairperson Joan Siegel, Vice - Chairperson External Affairs Committee

FINANCE COMMITTEE Herbert Selzer, Chairperson Jill Kremer and Bill Glassman, Vice - Chairpersons Jeffrey Parker, Board Liaison

Richard Fentin Paul Konigsberg Jeffrey Maurer

Jonathan Nelson Robert Shaw

Fred Stern Anne Sternlicht Michael Strongin

The fiscal year ending in April 30, 2022, will be unprecedented in the history of Frenchman ’ s Creek. For the fiscal year ending April 30, 2021, there were 54 sales of homes to new members and through February 28, 2022 there were 30 sales to new members. As a consequence of these activities, the club present- ly has uncommitted cash which will enable the community to complete a much needed road remediation program, commit to entirely revise that community ’ s maintenance facility, and fund the new and necessary temporary facilities, that we will be en- joying over the next three (3) years. All without the need for an assessment. The committee instituted a program to invest the club ’ s cash balances with Truist Bank to both maximize income and obtain maximum FDIC insurance coverage. The Committee also reviewed the Club ’ s insurance coverages and recommend- ed to the Board to establish a reserve for future contingencies. In February 2021, the club voted to embark on a renovation plan to be funded by a $29 million loan from Truist Bank. How- ever, it soon became apparent there were significant deficien- cies in the current building which culminated in the develop- ment of a new clubhouse plan. This new clubhouse plan was approved overwhelmingly by the membership in December 2021. The new clubhouse plan is to be funded by a $58 million loan from Truist Bank which was closed on December 22, 2021, at extremely favorable interest rates for a 20 year term. As part of the closing with Truist Bank, the back of the house outstanding loan of $747,000 was paid down to save on closing costs and unnecessary interest expense.

The Finance Committee met once a month to review the Club ’ s financial statement and particularly to monitor expenditures and revenues. Covid related issues required a lot of improvising to make sure the community remained on budget for operations. Improvements have been made to the monthly financial reports to make them clearer and to tie into the various schedules con- tained therein. We have begun to prepare the FYE 2023 operat- ing and capital budgets, recognizing that the community will be without a clubhouse for the next 2 - 3 years. The new clubhouse construction along with continued Covid issues, will present unique challenges to management and staff to continue to pro- vide the quality services which our community is noted for. As required, the Club ’ s audited financial statement for the fiscal year ending April 30, 2021, is attached. Our auditors issued a clean or unqualified opinion and the committee continues to work with them during the year to insure that the audit process is as comprehensive and error free as possible. I want to recog- nize the efforts of the finance staff for their work during this period, especially as they have moved from the clubhouse to new facilities off premises. Management has had to deal with Covid related issues for almost 2 years and the club could not have achieved the success we are enjoying without the valuable contributions of Achal Goswami and Bernie Polselli. I personally want to thank my vice chairs, Jill Kremer and Bill Glassman and Board oversight representative, Jeff Parker, for their support and assistance during the past year.

Herbert Selzer, Treasurer and Chairperson Jill Kremerand Bill Glassman, Vice - Chairpersons Finance Committee

2021/2022 Annual Report Page 12