MASTER ANNUAL REPORT

Other revenue (expenses): Depreciation (4,410,688) - (4,410,688) (4,211,030) - (4,211,030) Tornado expenses net of insurance proceeds of $296,536 in 2017 - - - (5,929) - (5,929) Loss on disposal of property and equipment (Note 4) (38,717) - (38,717) (16,447) - (16,447) Change in fair value of interest rate swap agreement (Note 7) 80,296 - 80,296 96,652 - 96,652 Other non-operating revenue - - - - (4,369,109) - (4,369,109) (4,136,754) - (4,136,754) Excess (deficiency) of revenues over expenses (4,087,591) 423,819 (3,663,772) (3,637,527) 179,611 (3,457,916) Fund balances, beginning: 38,860,571 1,068,291 39,928,862 38,532,367 754,056 39,286,423 Membership certificate sales (Note 9) 5,245,000 - 5,245,000 3,265,000 - 3,265,000 Membership certificate redemptions (Note 9) (1,728,950) - (1,728,950) (1,091,115) - (1,091,115) Capital assessments (Note 9) 1,520,694 - 1,520,694 1,926,470 - 1,926,470 Interfund transfer - - - (134,624) 134,624 - Fund balances, ending 39,809,724 $ 1,492,110 $ 41,301,834 $ 38,860,571 $ 1,068,291 $ 39,928,862 $

Excess of revenues over expenses before other revenue (expenses) (forwarded) 281,518 $ 423,819 $ 705,337 $ 499,227 $ 179,611 $ 678,838 $

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

Frenchmanʼs Creek, Inc. and Subsidiary Consolidated Statements of Revenues and Expenses and Changes in Fund Balances (Continued) Years Ended April 30, 2018 and 2017 See notes to consolidated financial statements.

2018/2019 Annual Report Page 30