Annual Rept 2015.publisher. full report

FINANCE COMMITTEE William Gersten, Chairperson James Anchin, Larry Kleinberg & Joel Miller, Board Oversights

Peter Berkley Larry Cohen Edward Chesler Mark Jaffe Burt Kerr

Marty Krall Jonathan Nelson Henry Newman Mark Petricoff Charles Roden Ed Sack

Robert Shaw Martin Sperber Frank Spitalny Howard Winer Mark Zusy

 Frenchman’s Creek had a historical high volume of home sales in fiscal year 2013-2014 with thirty (30) homes sold of which twenty-seven (27) were to new members.  Earlier this year the Property Tax Appraiser’s office de- termined that the Beach Club property is subject to prop- erty tax. The Club will have $100K in unexpected prop- erty tax expense for this fiscal year (2014-2015) and a projected expense of $78k for the next fiscal year. I would like to thank the knowledgeable committee members who devote their time and expertise in providing important guidance and oversight to the Club. I would also like to acknowledge the excellent job performed by our management and financial staff.

Enclosed in this annual report are the audited financial state- ments of Frenchman’s Creek Inc. for the twelve months ending April 30, 2014. Our audit firm, McGladrey and Pullen, issued a clean or unqualified opinion on the audit of the Financial State- ments for the fiscal year ended April 2014. The budget vari- ance for the year was a positive $43K on a $30M over-all budget. The Club’s Balance Sheet remains strong and Accounts Receivables are in good order. The Committee and various sub-committees conducted due diligence reviews of the annual operating and capital budgets proposed by management. Results were discussed and recom- mendations were made to the Board prior to approval. The Committee has worked hard on reviewing and analyzing many of the most important issues facing our community and listed below are a few of the highlights:  We ended the fiscal year 2013-2014 with no delinquent member accounts and the same holds true through Febru- ary 2015.

William Gersten, Chairperson Finance Committee

FITNESS COMMITTEE James Anchin, Chairperson John Hecht & Joel Miller, Board Oversights

Bud Frank Ruth Karlin Robyn Rosenblatt Michael Smith Elaine Sussman

The Fitness & Spa has grown in popularity this season with more members and guests participating in a variety of areas.

Classes: There are 47 classes offered weekly this season. This year’s introductions were chair yoga, additional Pilates reformer class, men’s Pilates reformer class, aqua fusion on Saturday, cardio crunch classes and Prana yoga and body MELT rolling / yoga class. Special workshops were offered as well; bi- monthly Tai-Chi, Full Moon Yoga and Doga. Equipment: New and updated equipment was purchased to satisfy the needs of members. This year’s additions include four

The focus for 2014-2015 season is to continue to introduce new trends in the fitness and spa areas, continue to grow the variety of staff, increase the family friendly activities during peak season and implement more programs for the community. The goal is to integrate the Fitness & Spa Center into the lives of the members through a variety of avenues.

2014/2015 Annual Report Page 16