Annual Rept 2015.publisher. full report

Frenchman’s Creek, Inc. and Subsidiary

Notes to Consolidated Financial Statements

Note 1.

Nature of Organization and Significant Accounting Policies (Continued)

Reclassifications: For comparative purposes, certain amounts in the 2013 financial statements have been reclassified to conform with the 2014 presentation with no effect on the deficiency of revenues over expenses or the changes in or ending fund balances.

Subsequent Events: Management has assessed subsequent events through August 27, 2014, the date the financial statements were available to be issued.

Note 2.

Inventories

Inventories as of April 30, 2014 and 2013, consisted of the following:

Note 3.

Designated Funds

As of April 30, 2014 and 2013, Board designated funds consisted of the following:

Due to the timing of expenditures and the availability of cash collected from capital assessments received by the Association in install- ments, it is necessary for the Association to borrow from its lines of credit or from operating funds on a temporary basis.

2014/2015 Annual Report Page 38