MASTER ANNUAL REPORT

Frenchman’s Creek, Inc. and Subsidiary

Notes to Consolidated Financial Statements ______________________________________________________________________________________________________________

Note 3. Designated Funds As of April 30, 2018 and 2017, Board designated funds consisted of the following:

Designated Cash and

Due (to) From Operating Fund and Payables

Certificates of

Deposit

Total

2018 Infrastructure fund

$

940,162 356,506

$

171,669 23,773 195,442

$

1,111,831

Waterfront maintenance fund

380,279

Designated replacement funds

1,296,668

1,492,110

Capital improvement fund

334,793

1,385,080

1,719,873

Board designated funds included in Operating Fund Total board designated funds as of April 30, 2018

334,793

1,385,080

1,719,873

$

1,631,461

$

1,580,522

$

3,211,983

2017 Infrastructure fund

$

440,162 352,891 793,053

$

268,773

$

708,935 359,356

Waterfront maintenance fund

6,465

Designated replacement funds

275,238

1,068,291

Capital improvement fund

331,965

(1,315,202)

(983,237)

Board designated funds included in Operating Fund Total board designated funds as of April 30, 2017

331,965

(1,315,202)

(983,237)

$

1,125,018

$

(1,039,964)

$

85,054

Due to the timing of expenditures and the availability of cash collected from capital assessments received by the Association in installments, it is necessary for the Association to borrow from operating funds on a temporary basis. In addition, the capital assessments, which members have elected to pay on an installment basis (see Note 9) totaling $2,206,857 and $2,606,855 as of April 30, 2018 and 2017, respectively, will be added to these funds when collected in accordance with these installment plans. These amounts are not included in ac- counts receivable or fund balances as of April 30, 2018 and 2017.

2018/2019 Annual Report Page 38