MASTER ANNUAL REPORT

Frenchmanʼs Creek, Inc. and Subsidiary

Consolidated Statements of Revenues and Expenses Information Years Ended April 30, 2018 and 2017

Country Club Activities – Operating Fund

2018

2017

Revenue: Club membership dues

$

16,617,895 4,868,783

$

16,074,600 4,728,865

Food and beverage

Golf activities

821,254

796,102

Golf shop

1,077,859

1,116,214

Tennis activities Fitness center Interest income

84,735

92,669

1,974,590

1,875,949

150,809

184,711 224,820 45,521

Hurricane assessment

1,049,987

Other income

51,209

26,697,121

25,139,451

Expenses:

Member relations

2,027,014

2,032,815

Food and beverage, net of service charges (2018 – $1,111,585; 2017 – $1,100,025)

7,374,310 4,551,446 1,074,828

6,970,607 4,474,795 1,101,231

Golf activities

Golf shop

Tennis activities Fitness center

407,807

417,786

2,167,371 1,616,550

2,035,471 1,511,575

Administrative and general

Accounting Clubhouse:

592,120

595,258

Beach club facility

921,835 471,646 400,315

1,068,548

Locker

499,784 389,516

Valet

Engineering

1,773,928 1,596,920

1,528,593 1,574,209

Housekeeping

Insurance

598,324 123,340

578,955 33,262 221,011

Interest expense, net of capitalized interest of $100,874 in 2017 Hurricane expenses, net of insurance proceeds of $176,124 in 2018

1,049,987 26,747,741

25,033,416

Excess (deficiency) of revenues over expenses before other revenue (expenses)

$

(50,620)

$

106,035

Note: A portion of the 2017 excess of revenues over expenses before other revenues (expenses) has been transferred to the capital improvement fund to offset capitalized interest.

2017

Excess of revenues over expenses before other revenue (expenses) Transfer to the capital improvement fund to offset capitalized interest

$

106,035 (100,874) 5,161

$

2018/2019 Annual Report Page 46