MASTER ANNUAL REPORT

Proceeds from membership certificate sales 5,245,000 - 5,245,000 3,265,000 - 3,265,000 Membership certificate redemptions (1,728,950) - (1,728,950) (1,091,115) - (1,091,115) Capital assessments 1,520,694 - 1,520,694 1,926,470 - 1,926,470 Interfund transfer - - - (134,624) 134,624 - Change in due to/due from Funds (79,796) 79,796 - * 252,348 (252,348) - *

Increase in deferred compensation plan payable through change in value of deferred compensation investments 86,260 $ - $ 86,260 $ 67,745 $ - $ 67,745 $ * Eliminated in combination of funds.

Cash flows from financing activities: Principal repayment on long-term debt (206,889) $ - $ (206,889) $ (494,669) $ - $ (494,669) $ Draws on long-term debt - - - 300,000 - 300,000

Supplemental disclosure of cash flow information: Cash paid for interest 123,340 $ - $ 123,340 $ 134,136 $ - $ 134,136 $

Supplemental schedule of noncash investing activities: Additions to property and equipment through accounts payable 79,340 $ - $ 79,340 $ 156,242 $ - $ 156,242 $

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

Net cash provided by (used in) financing activities 4,750,059 79,796 4,829,855 4,023,410 (117,724) 3,905,686 Net increase (decrease) in cash and cash equivalents 1,903,344 500,000 2,403,344 (1,781,271) 67,314 (1,713,957) Cash and cash equivalents: Beginning 2,223,992 550,809 2,774,801 4,005,263 483,495 4,488,758 Ending 4,127,336 $ 1,050,809 $ 5,178,145 $ 2,223,992 $ 550,809 $ 2,774,801 $

Frenchmanʼs Creek, Inc. and Subsidiary Consolidated Statements of Cash Flows (Continued) Years Ended April 30, 2018 and 2017

See notes to consolidated financial statements.

2018/2019 Annual Report Page 32