MASTER ANNUAL REPORT

Report of Audit Committee & Consolidated Financial Report

AUDIT COMMITTEE Fred Stern, Chairperson Jonathan Nelson & Frank Spitalny, Board Oversights

Larry Kleinberg Harvey Schulweis Eric Wolf

The Audit Committee met with the community’s outside accounting firm RSM US LLP prior to the start of the audit for the fiscal year ending April 30, 2018. We discussed the engagement letter, the scope of the audit, testing procedures and the internal controls to be reviewed. At the completion of their audit work, RSM met with the Committee again to discuss and review their find- ings. We received an unqualified opinion stating that the financial statements present fairly, in all material respects, the financial position of Frenchman’s Creek.

I would like to thank the committee for their service and insightful input and I would like to thank the ac- counting staff for their dedication and contribution to Frenchman’s Creek

Fred Stern, Chairperson Audit Committee

(Consolidated Financial Report April 30, 2018—Pages 27-47)

2018/2019 Annual Report Page 26