2023-2024.ANNUAL REPORT

FINANCE Herbert Selzer, Treasurer & Chairperson

Bill Glassman & Rich Fentin, Co - Vice - Chairpersons Jeffrey Parker & Jeffrey Maurer, Board Liaisons

Jon Barovick Bruce Haber

Donna Smolens Fred Stern Robert Shustak Michael Strongin

Paul Konigsberg Mark Rosenbaum

The Finance Committee meets every month and in my opinion is the most important standing Committee of Frenchman ’ s Creek. This fiscal year began with John Zaloom, our new chief financial officer, jumping right into his new position and making extraordinary improvements to every aspect of the Committee ’ s operations. His bullet point presentations of our monthly financial statements has simplified these reports and made them more informative and easily understandable. Under his guidance the Committee now distributes a short form finan cial report each month to the membership with all pertinent financial information for easy access for their information. For the first time in the history of Frenchman ’ s Creek, John has worked diligently with the New Clubhouse Construction Committee to produce a quarterly financial report on the new clubhouse project. This report is available to all members and presents all funds spent to date, the estimated total project ex penditures and variance to budget with a specific schedule of contingency expenditures. For fiscal year 2024, the Committee instituted a new vet ting program to produce both the capital and operating budg ets. Two sub - committees were formed to review department expenditures, interview all department heads and senior man agement and produce specific line item budgets for the Finance

Committee to review and approve. This has produced more accu rate budgeting which is reflective in this year ’ s operations. Cur rently the Club and POA are performing better than budget in fiscal year 2024. The 2025 capital budget sub - committee has already sent its recommendation to the Board and the operating sub - committee is beginning its efforts which will be completed shortly. Since the Finance Committee meets every month, there is an enormous amount of work involved to produce the monthly finan cial reports, the annual audited financial statement and the day to day financial accounting. The entire financial team headed by John, with the tremendous support of Janet Baldwin, Candy Guo and Bernadette Mukaka - Ceant must be recognized. Our Commit tee could not function without their efforts and dedication. I also want to thank Bill Glassman and Rich Fentin, the respective heads of the operating and capital budget sub - committees, and board liaisons Jeff Parker and Jeff Maurer, for their efforts this year. It has been my privilege to serve the community as Treasur er during the past 3 years and thank both Diane Exter and Mike Azeez for entrusting this responsibility to me.

Herbert Selzer, Treasurer & Chairperson Bill Glassman & Rich Fentin, Co - Vice - Chairpersons Finance Committee

GOVERNANCE Shelley Parker, Chairperson Marcia Levy, Vice - Chairperson Steve Cohen & Marty Krall, Board Liaisons

Ken Bezozo Jane Feinstein

Jonathan Goldstein Jonathan Shaw Joan Spero

The Governance Committee has had a productive year. The Committee recommended to the FC Board a by - law revision regarding the selection of the Nominating Committee, which both the Board and the community approved. The new Nominating Committee selection process was success fully implemented this year. A number of minor tweaks to the process will be on the 2024 ballot.

A sub - committee of the Governance Committee and the FC Board has reviewed potential revisions to the equity transfer rules. A proposal will be on the 2024 ballot.

The Governance Committee continues to review and revise the Frenchman ’ s Creek Rules and Regulations.

Shelley Parker, Chairperson Marcia Levy, Vice - Chairperson Governance Committee

2023/2024 Annual Report Page 10