MASTER ANNUAL REPORT
Frenchman’s Creek, Inc. and Subsidiary
Notes to Consolidated Financial Statements ______________________________________________________________________________________________________________
Note 3. Designated Funds As of April 30, 2018 and 2017, Board designated funds consisted of the following:
Designated Cash and
Due (to) From Operating Fund and Payables
Certificates of
Deposit
Total
2018 Infrastructure fund
$
940,162 356,506
$
171,669 23,773 195,442
$
1,111,831
Waterfront maintenance fund
380,279
Designated replacement funds
1,296,668
1,492,110
Capital improvement fund
334,793
1,385,080
1,719,873
Board designated funds included in Operating Fund Total board designated funds as of April 30, 2018
334,793
1,385,080
1,719,873
$
1,631,461
$
1,580,522
$
3,211,983
2017 Infrastructure fund
$
440,162 352,891 793,053
$
268,773
$
708,935 359,356
Waterfront maintenance fund
6,465
Designated replacement funds
275,238
1,068,291
Capital improvement fund
331,965
(1,315,202)
(983,237)
Board designated funds included in Operating Fund Total board designated funds as of April 30, 2017
331,965
(1,315,202)
(983,237)
$
1,125,018
$
(1,039,964)
$
85,054
Due to the timing of expenditures and the availability of cash collected from capital assessments received by the Association in installments, it is necessary for the Association to borrow from operating funds on a temporary basis. In addition, the capital assessments, which members have elected to pay on an installment basis (see Note 9) totaling $2,206,857 and $2,606,855 as of April 30, 2018 and 2017, respectively, will be added to these funds when collected in accordance with these installment plans. These amounts are not included in ac- counts receivable or fund balances as of April 30, 2018 and 2017.
2018/2019 Annual Report Page 38
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