MASTER ANNUAL REPORT

Current assets: Cash and cash equivalents, including board 4,127,336 $ 1,050,809 $ 5,178,145 $ 2,223,992 $ 550,809 $ 2,774,801 $ designated funds (Notes 3 and 5) Certificates of deposit 247,080 245,859 492,939 244,695 242,244 486,939 Accounts receivable 1,410,196 - 1,410,196 1,419,167 - 1,419,167 Due from Funds - 195,442 - * - 275,238 - * Inventories (Note 2) 724,289 - 724,289 680,675 - 680,675 Prepaid expenses 519,072 - 519,072 377,557 - 377,557 Total current assets 7,027,973 1,492,110 8,324,641 4,946,086 1,068,291 5,739,139

Accrued expenses and other current liabilities 1,149,295 - 1,149,295 1,130,641 - 1,130,641 Accrued taxes payable 58,518 - 58,518 56,710 - 56,710 Due to Funds 195,442 - - * 275,238 - - * Member dues collected in advance 3,770,525 - 3,770,525 3,563,648 - 3,563,648 Total current liabilities 7,170,865 - 6,975,423 7,119,653 - 6,844,415

Property and equipment, net (Note 4) 41,280,502 - 41,280,502 42,688,970 - 42,688,970 Deferred compensation investments (Note 6) 1,739,985 - 1,739,985 1,543,485 - 1,543,485 Other assets 48,324 - 48,324 24,624 - 24,624 Total assets 50,096,784 $ 1,492,110 $ 51,393,452 $ 49,203,165 $ 1,068,291 $ 49,996,218 $ Liabilities and Fund Balances Current liabilities:

Current maturities of long-term debt (Note 7) 200,548 $ - $ 200,548 $ 188,963 $ - $ 188,963 $ Accounts payable 1,796,537 - 1,796,537 1,904,453 - 1,904,453

Long-term debt, less current maturities (Note 7) 1,338,380 - 1,338,380 1,556,854 - 1,556,854 Interest rate swap agreement (Note 7) 66,205 - 66,205 146,501 - 146,501 Deferred compensation plan payable (Note 6) 1,711,610 - 1,711,610 1,519,586 - 1,519,586 Total liabilities 10,287,060 - 10,091,618 10,342,594 - 10,067,356

Operating Replacement Operating Replacement Fund Fund Totals Fund Fund Totals 2018 2017

Commitments and contingency (Notes 4, 6, 8 and 10) Fund balances (Notes 5 and 9) 39,809,724 1,492,110 41,301,834 38,860,571 1,068,291 39,928,862 Total liabilities and fund balances 50,096,784 $ 1,492,110 $ 51,393,452 $ 49,203,165 $ 1,068,291 $ 49,996,218 $ *Eliminated in combination of funds.

Frenchmanʼs Creek, Inc. and Subsidiary Consolidated Balance Sheets April 30, 2018 and 2017 Assets

See notes to consolidated financial statements.

2018/2019 Annual Report Page 28