OCTOBER 18, 2018 - BOARD BOOK

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FRENCHMAN’S CREEK, INC. Board of Governors’ Meeting Thursday, October 18, 2018, at 11:00 a.m. AGENDA

NO.

ITEMS FOR DISCUSSION

PRESENTER ACTION PAGE

Communications from Residents

II.

Call the Meeting to Order

Mr. Slepkow

III.

Moment of Silence for Deceased Members : Irwin Hart (07-23-18), Manny Doppelt (08/10/18), Grace Mann (08-10-18), Jerome Tally (08-20-18), Herbert Cohan (08-28-18), Hubert Opici (09-11-18), Linda Moscow (09-23-18), Jay Bramson (10-13-18), Sol Freedman (10-14-18)

IV.

Secretary Establishes a Quorum

Mr. Eigner

Set the Agenda

MOTION

VI.

Approval of Meeting Minutes: A. June 28, 2018 (Regular Board Meeting) ATTACHMENT B. July 26, 2018 (Special Board Meeting) ATTACHMENT

MOTION

2-4

MOTION

VII. Committee Reports: A. Food & Beverage

Mr. Glazer

VIII. Financial Report:

A. September 2018 Financials ATTACHMENT

Mr. Nelson

6-30

IX.

Project Updates: A. Club Buildings Ad Hoc Committee Update

Mr. Slepkow

Executive Director’s Report: A. Operations Update

ATTACHMENT

Mr. Goswami

31-78 79-81 82-83

B. Private Parties

ATTACHMENT

MOTION

C. New Memberships

ATTACHMENT

XI.

Old Business:

A. None at this time

XII. New Business:

A. Discussion of Regrassing the North Course TIME CERTAIN 12:00 P.M. (NOON)

Wes & JR

XIII. Executive Session:

Mr. Polselli

84-87

A. Legal Matters ATTACHMENT Committee Minutes ATTACHMENT

XIV. XV. XVI.

88-93

Good Will ATTACHMENT

94-100

Adjournment

MOTION

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FRENCHMAN’S CREEK, INC. BOARD OF GOVERNORS’ MEETING MINUTES THURSDAY, JUNE 28, 2018, AT 11:00 A.M.

Present:

Steven Bernstein , Liam Egan, Michael Eigner, Jane Feinstein, William Gersten (ex-officio) , Jeffrey Glazer (via conference call) , Richard Golber, Jonathan Nelson, David Rosenblatt (via conference call) , Martin Slepkow, Jeffrey Stanfield, Frank Spitalny, Ed Zimmerman (via conference call) .

Absent:

Norman Barham, Krista Nicklaus and Ethel Schultz

Guests:

Sheila Babitch, Bill & Sue Davis, Stephen & Beth Elgort, Marlene Grad, Debra Greenberg, Brett Handler, Abraham Kamor, Iris Leaf, Jerry Moff, Linda Pack, Rima Robinson, Neil Wolfson

Staff:

Michael Chesnovitz, Linda George, Achal Goswami, Bernie Polselli

CALL THE MEETING TO ORDER: President Marty Slepkow called the meeting to order at 11:24 a.m.

MOMENT OF SILENCE: There was a moment of silence for Steven Lazarus and Ilene Barshay.

SECRETARY ESTABLISH A QUORUM: Secretary Michael Eigner advised that a quorum was present.

SET THE AGENDA : Mr. Nelson made a motion “ to set the agenda, as submitted.” Mrs. Feinstein seconded the motion and the motion passed unanimously.

MEETING MINUTES: Mr. Bernstein made a motion “to approve the May 28, 2018, Emergency Board Meeting Minutes and the May 17, 2018, Regular Board Meeting Minutes, as submitted.” Mr. Nelson seconded the motion and the motion passed unanimously. COMMITTEE REPORTS: Reports were provided on behalf of the following Committees, including updates on committee work, events, activities, and/or recommendations:  Food & Beverage : Mr. Glazer, Chair of the Food & Beverage Committee, reported on recent bottled water inquiries regarding plastic safety and it was determined, after investigation, that the current method is deemed safe.  External Affairs : Mrs. Feinstein, Chair of the External Affairs Committee, reported on All Aboard Florida’s current rail incidents and high speed rail proposal and the efforts of CARE FL to continue opposing this project. She also provided an update on important races in the upcoming August election and questions on the ballot.  Marketing Committee : Pamela Rudd, Director of Marketing, presented the results of the Realtor Opinion Survey. 2/100

FINANCIAL MATTERS : Mr. Nelson, Treasurer and Chair of the Finance Committee, reported that the Community experienced an unfavorable variance to budget of $36k; the Club income was under budget by $68k, while the POA ended favorable to budget by $32k. The unfavorable variance was due in part to an unseasonably wet month of May which affected dining venues, i.e., Sports Bar & Beach Club. PROJECT UPDATES:  Beach Club Matter: Mr. Slepkow reported that the Beach Club matter has been resolved with the Town of Juno Beach and the settlement agreement was executed and recorded with the courthouse. He stated that going forward our goal is to rebuild the relationship with the Town of Juno Beach.  Club Buildings Ad Hoc Committee: Mr. Slepkow, Chair of the Club Buildings Ad Hoc Committee, reported on the Ad Hoc Committee meeting held prior to this Board meeting and a recommendation to the Board that the option of a “new building” no longer be pursued. He stated that a new building would cost approximately $20M more; it would mean a tent and closure for possibly 2 years and that there is no other practical place to build another building except for its current site. That said, Mr. Slepkow focused on option 1A which would cure all infrastructure issues and address some issues of flow and he touched on a proposed timeline going forward. Mr. Slepkow further reported that building a parking garage at this time will not be pursued, but that a land planner will look at the existing parking and a reconfiguration to add approximately 80 more parking spaces. Mr. Stanfield made a motion “to no longer pursue the option of a new build and to proceed with future efforts on Plan 1A.” Mr. Nelson seconded the motion and the motion carried unanimously.  Master Plan Ad Hoc Committee : Mr. Stanfield, Chair of Master Plan Ad Hoc Committee, reported that the Committee continues to look at the list of projects between 2018 and the end of 2023, which total approximately $10-$14M. There was discussion regarding regrassing the golf course which the Committee feels should be done prior to the clubhouse remodel. The Committee will continue to look at the needs and alternative funding methods and will provide an update at a future Board meeting. POA MATTERS: Mr. Polselli, Asst. General Manager, reported that the County is redoing the sidewalk along A1A and the Frenchman’s Creek property to an 8’ wide sidewalk. He then reported on notification of a possible sale of the 2 acre lot at the corner of Donald Ross Road and Palmwood/Prosperity Farms Road for the construction of a storage unit building. He stated that the potential buyers are currently in the planning stages and doing their due diligence. An update will be provided to the Board once new information becomes available. PRIVATE PARTY REQUESTS: Mr. Goswami presented seven (7) private party requests for review and approval. After discussion, Mr. Nelson made a motion “to ratify private party request #1, as submitted.” Mr. Glazer seconded the motion and the motion passed unanimously. Mr. Glazer then made a motion “to approve private EXECUTIVE DIRECTOR’S REPORT: Mr. Goswami, Executive Director, reported on the overall operations of the Club and various other items in his written report.

3/100

parties #2 thru #7, as submitted.” Mr. Barham seconded the motion and the motion carried unanimously.

NEW MEMBERSHIPS: Five (5) new membership applications were submitted for perusal as follows: Developer Eric Ende, Construction Capital (13220 Verdun Drive), Todd & Deborah Krasnow (13809 Parc Drive), John Bauman & Sherry Norris (13893 Rivoli Drive), Bill & Sandra Glassman (13767 Le Bateau Lane), Neil & Carol Abrams (3662 Dijon Way).

NEXT BOARD MEETING:  August Board meeting - Cancelled  Next Board Meeting - September 13, 2018

ADJOURNMENT: There being no further business, Mr. Bernstein made a motion “to adjourn the meeting at 12:34 p.m.” Mr. Nelson seconded the motion and the motion carried unanimously.

Respectfully submitted, Michael Eigner, Secretary

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FRENCHMAN’S CREEK, INC. BOARD OF GOVERNORS’ SPECIAL BOARD MEETING MINUTES THURSDAY, JULY 26, 2018, AT 11:30 A.M.

Present:

In Person: Frank Spitalny

Via Conference: Norman Barham, Steven Bernstein , Liam Egan, Michael Eigner, Jane Feinstein, William Gersten (ex-officio), Jeffrey Glazer, Jonathan Nelson, Krista Nicklaus, David Rosenblatt, Martin Slepkow, Jeffrey Stanfield, Ed Zimmerman.

Absent:

Richard Golber and Ethel Schultz

Guests:

Keith Spina, Jessica Gomes, William Caldwell, Glidden/Spina Architects and Jesse Sukhu, Gaudet Associates.

Staff:

Achal Goswami, Linda George, and Bernie Polselli

(Via

Conference)

CALL THE MEETING TO ORDER: President Marty Slepkow called the meeting to order at 11:30 a.m.

SECRETARY ESTABLISH A QUORUM: Secretary Michael Eigner advised that a quorum was present.

SET THE AGENDA : Mr. Bernstein made a motion “ to set the agenda, as submitted.” Mr. Spitalny seconded the motion and the motion passed unanimously.

PRIVATE PARTY REQUESTS: Mr. Goswami presented two (2) private party requests for review and approval. Mr. Spitalny then made a motion “to approve the two private parties, as submitted.” Mrs. Feinstein seconded the motion and the motion carried unanimously. CLUBHOUSE PROJECT: Mr. Slepkow reported that due to various comments by members requesting that the Board reconsider construction of a new clubhouse, Mr. Slepkow made a motion “to continue to study the construction of a new clubhouse building and continue the evaluation of an extensive renovation and redesign of the existing Clubhouse.” Mr. Bernstein seconded the motion and after discussion, the motion carried by a vote of 10 to 3. (In Favor: Barham, Bernstein, Egan, Eigner, Feinstein, Glazer, Nicklaus, Rosenblatt, Slepkow, and Stanfield) (Against: Nelson, Spitalny, and Zimmerman) (Absent: Golber & Schultz).

ADJOURNMENT: There being no further business, Mr. Slepkow declared the meeting adjourned at 11:50 a.m.

Respectfully submitted, Michael Eigner, Secretary

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FINANCIAL STATEMENTS

September 2018

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Frenchman’s Creek Financial Overview as of September 2018

5th Month of the Fiscal Year Fiscal Year End April 30, 2019

Home sales remain active with one additional new member home closing in September, with an additional four pending new member sales. The community has a negative variance compared to budget of $84k; the club income being under budget by $285k with the POA favorable to budget by $201k. The Go Green Initiative is projected to increase the club’s costs by approximately $150k per year. The member requested shift to organic food products is estimated to increase the cost of food and amenities by about $20k.

Fiscal Year 18/19 Actual

Fiscal Year 18/19 Budget

Variance

$1,000s

Club Income/(Loss) POA Income/(Loss) Total Income/(Loss)

$607

$891

($285)

($179)

($379)

$201 ($84)

$428

$512

Department Amounts rounded to nearest thousand

Actual

Budget Last Year Var to Budget (Unfavorable)

Explanation

Higher labor costs in Golf Operations as well as housing costs for trainees added to the variance. Sports Bar revenue has been effected by the wet weather early in the year. Higher contract labor costs related to special cleaning and refurbishment projects. The cost of some operating supplies and paper products has risen due to the shift to environmentally friendly products. $45K was spent on multiple air quality tests in September. Variance was due in part to price increases of fruit, lemonade and coffee as well as the higher cost of organic produce. An increased summer Clubhouse usage also contributed to the increase in consumed amenities.

GOLF

$ (1,882) $(1,824)

$(1,818)

($58)

MAIN CLUB F&B

$ (758) $ (721)

$ (772)

($37)

HOUSEKEEPING

$ (542)

$ (433)

$ (434)

($109)

MEMBER SERVICES

$ (513)

$ (467)

$(433)

($46)

7/100

Account Amounts rounded to nearest thousand

Actual

Budget

Last Year

Var to Budget (Unfavorable)

Explanation

POA

$ (179)

($379)

$(181)

$ 201 Common area projects delayed (weather and permitting).

Home Sales

Total Sales

New Members

In-House

Last Fiscal Year New

Closed as of 09/30/18

Pending

Total

This fiscal year, fourteen (14) capital producing home sales are budgeted. The three (3) year average of equity producing home sales is twenty-one (21) homes per year.

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Frenchman's Creek, Inc. Capital Fund Balance Forecast 2018 -2020

2018-19

2019-20

Beginning Balance, May 1, 2018

1,659,942

2,404,416 Beginning Balance, May 1, 2019

Projected Equity Transactions (14), net

1,734,120

1,610,000 Projected Equity (14), net

$200 Monthly Capital Assessment

1,460,400

1,460,400 $200 Monthly Capital Assessment

2018/2019 Club Capital Budget

(1,768,400)

(1,768,400) 2019/2020 Capital Budget Estimate

2018/2019 Board Approved Additions

(300,000)

(300,000) 2019/2020 Board Approved

2017/2018 Carry Forward

(4,231)

Clubhouse Renovation Planning

(383,417)

Interest

6,002

6,002 Interest

Forecast Balance, April 30, 2019

$2,404,416

$3,412,418 Forecast Balance, April 30, 2020

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Frenchman's Creek Inc. Statement of Financial Position, September 2018

At 09/30/2017

At 09/30/2018

ASSETS Operating Cash Capital Funds Total Reserves TOTAL CASH

9,786,691

8,635,881 87,713 550,809

87,713

1,050,809

10,925,213

9,274,404

SHORT TERM INVESTMENTS

496,320

489,236

496,320

489,236

RECEIVABLES Accounts Receivable

2,125,703 2,129,534 (19,995)

2,105,141 2,336,102 (18,745)

A/R Renovation

Allowance for Doubtful Accounts

10,741

4,683

A/R Other

TOTAL RECEIVABLES INVENTORIES F&B Inventories GCM Inventory Fuel Inventory Fitness Inventory Other Inventories Golf Shop Inventories TOTAL INVENTORIES

4,245,982

4,427,181

392,493 281,658 47,549 16,035 15,620 25,119

337,955 247,687 42,606 10,285 18,758 15,646

778,475

672,937

OTHER ASSETS Prepaid Expenses & Other Assets

2,817,682

2,468,851

Deposits

50,433

15,867

TOTAL OTHER ASSETS FIXED ASSETS Land, Property & Equip. Accumulated Depreciation TOTAL FIXED ASSETS

2,868,115

2,484,718

89,362,953 (48,107,813)

86,609,728 (44,078,438)

41,255,140 60,569,245

42,531,290

TOTAL ASSETS

60,569,245

59,879,765 59,879,765

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Frenchman's Creek Inc. Statement of Financial Position, September 2018 (cont) LIABILITIES & CAPITAL

At 09/30/2018

At 09/30/2017

PAYABLES Accounts Payable

867,357 617,240 1,449,298

1,131,902 469,353 1,661,327

A/P Other

Bank of America Loan TOTAL PAYABLES ACCRUED EXPENSES Accrued Payroll

2,933,895

3,262,581

325,598 496,748 2,619,075

344,897 455,191 2,389,049

Accrued Vacation

Accrued Expenses & Other Liabilities TOTAL ACCRUED EXPENSES

3,441,422

3,189,138

RESERVES Infrastructure

777,539 105,645 112,743 393,919

622,800 132,375 167,063 369,861

Capital Reserves Painting Reserves Waterfront Reserves TOTAL RESERVES OTHER LIABILITIES Deferred Income

1,389,846

1,292,099

10,109,613

9,462,110

TOTAL OTHER LIABILITIES

10,109,613

9,462,110

TOTAL LIABILITIES

17,874,775 17,874,775

17,205,929 17,205,929

CONTRIBUTED CAPITAL Membership Equity

104,042,966 (61,348,496)

99,739,636 (57,065,800)

Retained Earnings TOTAL CAPITAL

42,694,470

42,673,836

TOTAL LIABILITIES & CAPITAL

60,569,245 60,569,245

59,879,765 59,879,765

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Frenchman's Creek, Inc. 9/30/2018

Statement of Fund Balances

Fund Balances

Cash - G/L balance

Investments

Total

Infrastructure Funds Cash in Bank Cash in Investments

940,163

Infrastructure

777,539 112,743

Painting

Due (to) / from Operations

(49,880)

890,282

940,163

890,282

Total Reserve Cash Balance

Waterfront Maintenance Fund Cash in Bank

110,647

110,647 248,489 34,784

Cash in Investments Due (to) from Operations

248,489

Waterfront Reserve Balance

393,919

110,647

248,489

393,919

Total Reserve Funds

1,284,201

1,050,809

248,489

1,284,201

Capital Improvement Fund Cash in the Bank

87,713

Cash in Investments Iberia

247,831

Opening Cash Balance

1,719,872 (128,879) (1,501,531) (193,849) 819,400 1,690,000 (470,934)

Capital Purchases Club 2017-2018 Capital Purchases Club 2018-2019 Capital Purchases POA 2018-2019

Capital Fund Assessment New Memberships Equity Refunds Interest Income YTD

3,381

Transfer from POA Capital Reserves

105,645

Capital Improvement Fund Cash Due (to) / from Operations

2,043,106

1,707,562

2,043,106

87,713

247,831

2,043,106

Capital Improvement Funds

Operating Fund Operating Cash Balance Due (to)/ from Other Funds

9,786,691

9,786,691 (1,692,466)

9,786,691

8,094,225

Total Balances

3,327,307

10,925,213

496,320

11,421,533

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Frenchman's Creek Inc.

Financial Statements

Cash Flow 18-19

Actual

Actual Jul-18

Actual

Forecast Oct-18

Forecast Nov-18

Forecast Dec-18

Forecast Jan-19

Forecast

Forecast Apr-19

Annual

Year End

May-18

Jun-18

Aug-18

Sep-18

Feb-19 Mar-19

Total

Balance

18/19

Operating Activities

Beg Bal

Beginning Cash Balance

5,406,583 $

100,251 604,210 15,397 63,977

224,340

86,776

8,007

6,725

(59,349) (605,440)

(207,861)

(211,724)

(144,971)

96,085

64,468

37,254 325,958 13,760 83,660 68,059

Projected Net Income (Loss) (Increase)/ Decrease in A/R

4,879,443 2,213,458

331,780

4,850

(258,025)

2,134,241

(82,540)

(733,608)

598,041

(331,404)

(1,988,064) 13,773 11,157 126,711 (511,924)

(0)

4,879,443 2,018,523

(Increase) /Decrease Renovation A/R

9,308

16,023 35,021

20,448

22,749

20,963

21,072

21,179

7,704

12,559

194,935

(Increase)/Decrease in Inventory

793,947

(4,833)

(25,165)

(53,628) (21,963) 393,271 232,085

(67,656) (45,088)

(48,810) (14,131) (344,353) (329,199)

(25,369)

36,031 21,063

(4,385)

793,947

(Increase)/Decrease in Prepaid Exp. Payables increase/(Decrease) Accruals Increase/ (Decrease)

2,151,566 1,752,455 2,672,601 1,538,928 1,492,110 7,330,273

(17,250)

(316,467)

(311,790) 134,530 342,510 (17,926) (113,573)

36,311

390,177 650,415 (341,077)

84,368

(0) (0)

2,151,566 1,752,455 2,672,601 1,319,859 1,647,077 7,691,954

(651,859) (112,348)

235,115

(293,907)

65,893

(132,637) (60,527) (18,915) 120,000 (809,867)

469,607

(14,150)

25,739

384,492

129,585

28,443

151,974

(451,677) (18,915) (50,000)

Bank of America Loan

(17,926)

(17,926) (92,552)

(17,926) (4,103)

(17,926)

(18,915)

(18,915) (1,338)

(219,069) 154,967

Reserves Increase/(Decrease)

49,756

58,209

27,159

18,553

62,435

80,421

Deferred Income

861,117

837,366

858,691

(828,502)

(799,047)

(810,681)

(809,182)

(812,994)

944,555

871,532

361,681

Net Cash Provided (Used) Operations

895,324

1,231,870

1,035,111

708,823

1,925,262

(1,350,905)

(1,815,876)

(1,014,679)

(384,078)

(396,216)

(1,207,603)

865,481

492,515

Financing Activities

Funded in the Year

Beginning Cash Balance

- - -

Issuance of Membership Certificates (14)

175,000

465,000

525,000

585,000

115,000

525,000

175,000

- -

2,565,000

Redemption of Membership Certificates **

(175,000)

(110,640)

(145,320)

(172,960)

(171,640)

(55,320)

(830,880)

Capital Contributions

191,799

191,400

193,200

48,800

50,800

49,800

50,000

49,600

201,400

190,600

1,460,399

Acquisition of Property & Equipment

(278,854)

(310,296)

(699,047)

(201,629)

(337,878)

(207,660)

(253,114)

(113,332)

(74,512)

(15,036) (24,192)

(70,750)

(150,243)

(2,712,350)

Change in BOH & Fit Equity

3,042

(11,540)

(10,626)

(11,169)

(5,638)

(13,108)

(2,739)

(448)

(5,049)

(3,514)

(8,980)

(93,961)

Net Cash Provided (Used) Capital

(84,013)

223,924

(136,793)

392,443

(179,716)

183,392

(86,373)

(63,980)

(29,561)

10,372

241,991

31,377

388,209

(443,037)

811,311

1,455,794

898,318

1,101,266

1,745,546

(1,167,513)

(1,902,249)

(1,078,659)

(413,638)

(385,843)

(965,612)

896,858

880,723

Net Cash Balance Capital/Operations

5,406,583

6,217,894

7,673,688

8,572,006

9,673,272

11,418,818

10,251,305

8,349,056

7,270,396

6,856,758

6,470,915

5,505,303

6,402,161

Ending Total Cash Balance

400,000

Less Water Front Maintenance Fund

5,817,894

7,273,688

8,172,006

9,273,272

11,018,818

9,851,305

7,949,056

6,870,396

6,456,758

6,070,915

5,105,303

6,002,161

Total Unrestricted Funds

Prior Year Cash Balance 17-18

4,419,832

6,099,206

6,757,669

7,924,826

9,363,638

7,816,476

5,732,989

4,340,533

4,053,178

4,344,330

3,443,669

5,006,583

* Included Member Developer Fee of $115K

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10/10/20182:26 PM

FRENCHMAN'S CREEK INC Investment Accounts G/L Acct # 1045-00

September 30, 2018

Bauer Financial as of 10/08/2018

Funding account

Amount

Interest Rate Maturity Date

Security type

Institution

Rating

Waterfront Reserve

Certificate of Deposit

Everbank

*****

248,488.61

2.32% 7/29/2019

Capital

Certificate of Deposit

Iberia Bank

*****

247,830.92

1.21% 3/23/2019

INVESTMENT BALANCE

496,319.53

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Frenchman's Creek Real Estate Activity Report

May 1, 2018 thru September 30, 2019

ACTIVE LISTINGS

as of: 9/30/2018

Houses For Sale

4.29%

ADDRESS

LIST $

List Date

DOM Brk/Agent

Seller

Type

AC/SF $ AC/SF

19 Kathleen O'Brien, Leibowitz Realty Group 24 Kathleen O'Brien, Leibowitz Realty Group

13389 Verdun Drive 2941 Le Bateau Drive 13220 Verdun Drive 13885 Le Havre Drive 13813 Rivoli Drive 3366 Degas Drive 2643 Marseille Drive 13828 Rivoli Drive 13741 Le Havre Drive 2075 La Porte Drive 13232 Provence Drive 13732 Le Harve Drive 13330 Deauville Drive 3326 Degas Drive West 13901 Rivoli Drive 3811 Toulouse Drive 13869 Rivoli Court 13765 Le Havre Drive 3659 Toulouse Drive 13282 Deauville Drive 13852 Degas Drive East 3200 Monet Drive 3615 Loire Lane 3599 Loire Lane

Klein

665,000

9/11/2018 9/6/2018 9/1/2018 8/17/2018 8/9/2018 8/8/2018 8/7/2018 7/28/2018 7/27/2018 6/14/2018 5/31/2018 5/31/2018 5/16/2018 5/14/2018 5/8/2018 4/11/2018 3/28/2018 3/22/2018 3/7/2018 2/28/2018 2/22/2018 10/3/2017 3/21/2017 2/4/2017 7/19/2016 9/26/2018

2,692 4,805 2,692 3,686 3,218 3,468 3,898 3,325 4,761 3,143 3,143 4,791 3,420 2,379 2,748 7,118 2,692 4,567 2,617 3,259 2,692 3,840 5,244 4,558 2,839 3,664 L

247 363 501 595 279 375 436 780 499 286 307 548 232 353 610 590 301 349 277 270 258 337 380 372 562 -

Broker\Agent

Listings

% of Ttl

Kathleen O'Brien, Leibowitz Realty Group

8 0 1 2 0 0 0 2 0 0 0 1 0 0 1 6 0 1 1 0 1 2 0

30.8%

Schrreibman

C 1,745,000 $ PB 1,349,000 $ PC 2,195,000 $ PC 1,300,000 $ PC 1,699,000 $ VB 2,595,000 $ PC 2,375,000 $ VA 899,000 $

29 Kathleen O'Brien and Mat Frank, Leibowitz Realty Group 44 Michael & Andrew Leibowitz, Leibowitz Realty Group

Marc Schafler, Lang Realty, Inc.

Ende (D)

0.0% 3.8% 7.7% 0.0% 0.0% 0.0% 7.7% 0.0% 0.0% 0.0% 3.8% 0.0% 0.0% 3.8% 0.0% 3.8% 3.8% 0.0% 3.8% 7.7% 0.0%

Jacki Ojakian & Abraham J Kamor, Waterfront Properties Harvey Comito & Kathleen O'Brien, Leibowitz Realty Group

Kimball Siegel

52 Kathleen O'Brien, Leibowitz Realty Group 53 Kathleen O'Brien, Leibowitz Realty Group 54 Kathleen O'Brien, Leibowitz Realty Group 64 Vincent G Marotta, Illustrated Properties

Brett D Handler, Illustrated Properties

Smith

Mark A Griffin, Coastal Sotheby's Intl. Realty

Motzkin Dubin Lavine Brown Hacker Simboli Duffine Burstein Caplan

Madison J Collum, Coastal Sotheby's Intl Realty

Lynn Byrd, Illustrated Properties

Michael & Andrew Leibowitz, Leibowitz Realty Group Scarlett Chan and Craig Cope, Illustrated Properties

108 Jacki Ojakian & Abraham J Kamor, Waterfront Properties

VB VB

$ $

900,000 965,000

Amine Aghzafi, The Sheehan Agency Paul Thomson, Waterfront Properties

122 Lynn Byrd, Illustrated Properties

Lynn Byrd, Illustrated Properties

3201 Monet Drive W Rubinstein

C 2,625,000 $

122

Lynn Byrd and Mary Saxton, Illustrated Properties

1,700,000 $

137 Franck J Prissert, One Sotheby's Intl. Realty

Julie and Scott Warner, Lang Realty

139 Harvey Comito & Kathleen O'Brien, Leibowitz Realty Group

PB PA

795,000 838,950

Harvey Comito, Leibowitz Realty Group

145 Jeffrey Lichtenstein, Echo Fine Properties

172 Harvey Comito & Kathleen O'Brien, Leibowitz Realty Group

Franck J Prissert, One Sotheby's Intl. Realty

PB 1,675,000 $ C 4,200,000 $

186 Kathleen O'Brien, Leibowitz Realty Group 192 Kathleen O'Brien, Leibowitz Realty Group 207 Jeffrey Lichtenstein, Echo Fine Properties

Lynn Byrd, Illustrated Properties

Markowitz

23.1%

Sagner Weiser

810,000

Fredrick & Michele Locke, Fine Living Realty Vincent G Marotta, Illustrated Properties

VC 1,594,930 $

Kathleen O'Brien and Mat Frank, Leibowitz Realty Group

Greenspan Freedman

PA VB PB

$ $ $

725,000 880,000 695,000

214 Lynn Byrd, Illustrated Properties

Lynn Byrd, Illustrated Properties Lynn Byrd, Illustrated Properties

Scarlett Chan, BWG Realty

220 362

Michael & Andrew Leibowitz, Leibowitz Realty Group and Vinc

Kaufman Newman Carson Kanter Berman

558 Kathleen O'Brien, Leibowitz Realty Group

Jeffrey Lichtenstein, Echo Fine Properties

PB 1,295,000 $ PB 1,995,000 $ PC 1,695,000 $ PC 1,595,000 $ AVG 1,530,995

603 Michael & Andrew Leibowitz, Leibowitz Realty Group and Vinc 803 Lynn Byrd and Mary Saxton, Illustrated Properties 4 Michael & Andrew Leibowitz, Leibowitz Realty Group

For Sale By Owner

26 100.0%

Total

13590 Verde Drive ACTIVE LISTINGS

181

404

PENDING SALES

NEED APP

ADDRESS

SELLER Type

LIST $

List Date

DOM Brk/Agent

Closing

BUYER

Member Refundable

AC/SF $ AC/SF

Buyer Agent

new new new new

3121 Burgundy Drive N 13345 Provence Drive

Handler

C $ 3,975,000 PA $ 1,000,000 PC $ 1,150,000 C $ 2,800,000

NA NA

0 For Sale Buy Owner

4,944 2,379 3,271 5,171

804 420 352 541

10/15/2018 Allen 10/15/2018 Wills

Quinlan

55,320 75,320 41,000 55,320

Egan

0 For Sale Buy Owner

Byrd

13231 Verdun Drive

Gold

8/3/5048

195 Kathleen O'Brien, Leibowitz Realty Group 26 Kathleen O'Brien, Leibowitz Realty Group

10/30/2018 Shulman

O'Brien

2758 Rhone Drive

Drusinksky

7/18/2018

11/5/2018 Farmer

Lax

226,960

TOTAL 4

2,231,250 -AVG

3,941

529

NEW 4

AVG

# Homes for Sale

Avg. Price

Avg. DOM

AC/SF $AC/SF

CUSTOM

$ $

2,856,667 1,356,372

111 216

5,571 3,389

513 400

PATIO

TOWNHOUSE

0 6 1

VILLA

$ $ $

1,305,655 1,700,000 1,530,995

129 137

3,443

379

LOT

15/100

SOLD LISTINGS

as of 9/30/2018

N Source

ADDRESS

FEE

TYPE

LIST $

Sold

List

Sell

BUYER

Mini- Orientation Full-Orientation

Seller

L/S $ Var % CLOSING DOM SF $ AC/SF

13584 Verde Drive 13400 Provence Drive 13781 Rivoli Drive 13789 Le Havre Drive 13102 Redon Drive 13767 Le Bateau Lane 3662 Dijon Way 13893 Rivoli Drive 2811 Calais Drive 2040 La Porte Drive 13809 Parc Drive 13220 Verdun Drive 13644 Rivoli Drive

Sacks Glasser Levine

PA PB VC PA VB VB VC TB TA PB VB C C

O'Brien Frank O'Brien

Leaf (D) Santos (D)

MR RR MR

$ $ $ $ $ $ $ $ $ $ $ $ $ $

1,980 1,593 3,032

NA NA

34%

9/17/2018 9/7/2018 8/15/2018 8/30/2018 8/6/2018 8/3/2018 7/31/2018 7/25/2018 7/6/2018 7/3/2018 6/29/2018 6/8/2018 6/7/2018

53 2,306 0 2,692 57 3,930 137 2,692 247 3,469 338 4,751 103 3,129 100 4,321 158 5,253 121 2,636 50 2,497 57 2,692 148 3,117

173 186

O'Brien O'Brien O'Brien

E N N N E N N N E N N N N

$ $ $ $ $ $ $ $ $ $ $ $ $

610,000 500,000 800,000 859,000

$ $ $ $ $ $ $ $ $ $ $ $ $

400,000 500,000 700,000 810,000

13%

178

Gordon

8/23/2018

Sack

301

Byrd

Greenberg Butler

Web

3,645.00

2,595,000 2,999,000 1,025,000 1,395,000 3,799,000

Sabatello (D)

2,300,000 2,300,000

11% 23% 22% 28%

663 Ojakian & Kamor

Byrd

Rubinstein

Siegel Gore Baron

484 256 231 685 222 180 186 263

O'Brien

Goldberg Glassman

RR MR MR

6,900 2,430 3,825

8/3/2018 7/24/2018 7/25/2018

8/8/2018 7/24/2018 7/25/2018

801,000

Byrd Byrd

O'Brien O'Brien Marotta

Abrams Bauman LaVine

1,000,000 3,600,000

Andrews Harris Sontag Rashad

5% 6%

Marotta Casper O'Brien

- -

625,000 550,000 648,990 996,500

585,000 450,000 500,000 818,700

Thomson Poulin

WEB

7/3/2018 7/23/2018

7/25/2018 7/23/2018

18% 23% 18%

O'Brien

Krasnow Ende (D)

MR RR MR

1,350

Lichtenstein

Frank

O'Brien

Shyer

4,208

6/11/2018

6/27/2018

O'Brien

Koenigsberg

TOTALS

17,402,490

14,764,700

TOTALS 10

28,963

AVERAGES

1,338,653

1,135,746

15%

121 3,345

308

15% VARIANCE

* Total Square Foot SOLD by TYPE

# Units

Avg List Price

Avg Sale Price

Avg Sqft

$ Sqft

Agent

Listing

Selling

Total

Byrd

15%

CUSTOM

2 4 5 2

3,399,000

2,950,000

5,002

$590 $213 $313 $202

3 0 0 0 0 0 1 0 6 0 1 0 0 0 1 0 0 1

1 0 0 0 1 0 1 1 6 0 0 0 1 0 0 0 2 0

4 0 0 0 1 0 2 1 0 1 0 1 0 1 0 2 1

Byrd and Comito

0% 0% 0% 4% 0% 8% 4% 0% 4% 0% 4% 0% 4% 0% 8% 4%

PATIO VILLA

654,498

552,500

2,596 3,593 2,567

Cole

1,362,300

1,123,940

Comito

TOWNHOUSE

587,500

517,500

TOTAL

1,338,653

1,135,746

Greenberg M Liebowitz

Marotta Goldberg O'Brien Snedaker M Gomez Thomson Casper

Avg $ per SqFt

2016-2017

2015-2016 2014-2015

2018-2019

46%

CUSTOM

$ $ $ $

590 213 313 202

$ $ $ $

425 254 387 227

$ $ $ $

401 252 214 163

$ $ $

345 166 130

PATIO VILLA

TOWNHOUSE

A Ryan

Ojakian & Kamor

Koretzky

Frank

Lichtenstein

Total

100%

16/100

Frenchman's Creek, Inc. REAL ESTATE ACTIVITY

2018-2019 2017-2018 2016-2017 2015-2016 2014-2015 2013-2014 2012-2013 2011-2012 2010-2011 2009-2010 2008-2009 2007-2008

May

23 10

Available Homes

0 0

3 2

7 2

4 2

2 2

3 2

Closings

1 1

2 2

3 1

4 2

Sales to New Members

June

Available Homes

3 3

7 5

2 1

5 2

3 2

5 5

0 0

Closings

4 3

1 1

3 2

3 0

5 1

Sales to New Members

July

Available Homes

4 3

0 0

1 1

4 2

5 3

1 1

Closings

3 3

0 0

4 2

1 0

2 1

Sales to New Members

August

Available Homes

4 3

2 2

1 1

0 0

1 1

0 0

Closings

5 3

0 0

2 2

4 2

Sales to New Members

September

Available Homes

2 1

4 2

0 0

3 1

3 3

1 1

Closings

2 1

2 2

0 0

1 1

1 0

Sales to New Members

October

Available Homes

1 1

0 0

1 1

2 1

1 1

0 0

Closings

0 0

1 1

1 0

0 0

2 1

Sales to New Members

November

Available Homes

1 0

6 3

2 1

0 0

2 2

4 4

Closings

1 1

3 1

0 0

3 2

Sales to New Members

December

Available Homes

1 1

0 0

3 2

0 0

1 1

2 2

Closings

6 2

3 3

2 1

0 0

3 1

Sales to New Members

January

Available Homes

2 2

3 2

3 1

2 2

3 2

0 0

Closings

0 0

2 1

0 0

Sales to New Members

February

Available Homes

8 6

3 2

5 3

0 0

5 2

Closings

0 0

1 1

3 2

0 0

1 0

Sales to New Members

March

Available Homes

1 1

3 1

3 2

4 2

5 5

1 0

Closings

4 4

3 2

2 2

0 0

3 2

Sales to New Members

April

Available Homes

4 3

5 4

1 1

2 2

4 3

Closings

5 3

4 3

0 0

1 1

2 2

Sales to New Members

Total Sales

13 10

41 29

28 18

32 17

23 13

30 27

21 15

31 21

21 16

17 11

30 14

Sales to New Club Members YTD % of New Member Sales

77% 71% 64% 53%

57%

90%

71% 68% 76% 65% 45% 47%

Projected Sales to New Members

Moving 3 Year Average

17/100

Jul-18

Aug-18 Sep-18

Oct-18

Nov-18 Dec-18 Jan-19

Feb-19 Mar-19

Apr-19 Year Total

Prior Year Total

May-18 Jun-18

Beginning Balance

(983,237)

1,719,872

Shyer (4164)

- - - - - - - - - - -

175,000 115,000 175,000

- - -

- - - - - -

- - - - - - - - - -

- -

175,000 115,000 175,000 175,000 175,000 175,000 60,000 175,000 175,000 175,000 115,000 (42,014) (55,320) (55,320) (45,000) (45,000) (55,320) (70,320) (47,320) (55,320) 1,690,000

Cons Capital LLC (6009)

Krasnow (4165) Poulin (4166) Bauman (4167) Abrams (4168) Handler (4131) Glassman (4169) Gordon (4170)

- - - - - - - -

175,000 175,000 175,000

- - - - -

60,000 175,000 175,000 175,000

Butler (4171)

13400 Provence LLC (6013)

115,000

5,245,000

Equity Refunds Shortfall-Back of the House/Fitness Center Koenigsberg (3919)

(3,042)

(11,540) (55,320) (55,320)

(10,626)

(11,169)

(5,638)

- - - - - - - - -

- - - - - - - -

- -

- - - - -

- - - - - - - -

Sontag (3681) Harris (3945) Baron (3927) Gore (3187) Siegel (3452) Le Vine (2974) Eisdorfer (3807)

- - - - - -

(45,000) (45,000) (55,320)

- - -

(70,320) (47,320) (55,320)

(1,815,890)

(470,934)

Net

2,445,873

(3,042)

342,820

369,054

400,871

109,362

2,938,939

Decreases in fund balance: Capital Funds 16-17

(103,393)

- -

- - - - - - - - -

- -

Capital Funds 16-17 P. Cochere (157,016)

(33,626)

(128,879)

Capital Funds 17-18

(1,984,063) (267,630)

(42,618)

(11,660)

(29,975)

(11,000)

Capital Funds POA 2017-2018

Capital Funds 18-19

(196,791) (39,446)

(221,373) (77,263) 191,400 1,351 21,129

(635,267) (33,805)

(161,690) (28,939) 193,200 1,238 21,129

(286,411) (14,395)

(1,501,531) (193,849)

Capital Funds POA 2018-2019 Increases in fund balance: Capital Assessment Inc

1,460,400

191,800

193,200

49,800

819,400

Interest Income Transfer from POA

6,002

351

441

3,381

319,700

21,129

105,645

1,719,872

(68,967)

246,405

(115,313)

414,809

(153,701)

2,043,106

Balance of Fund

18/100

Delinquent List

10/12/2018 ACCT Amount Due

Home for Sale

Aged Code Status

3702 D3702

$ $ $

35,556 34,056 69,612

D LEGAL ACTION D LEGAL ACTION

SUMMARY

30 Days 45 Days 60 Days 90 Days

$ $ $ $ $

- - - -

Legal Action

69,612 69,612

Total

CODE A

30 Days 60 Days

B C

90 Days D Legal Action E Payment Agreement - Complying F Payment Agreement - Not Complying

19/100

Frenchman's Creek Club Capital Expenditures 2018-2019 Club Budget 9/30/2018

Item

Actual

Commited

Remaining

Grand Total

Purchase

Fund

Budget

Golf Operations Golf Cart - EZ Go Proposal - 25 carts Golf Shop Displays\Radio System

- -

$ $

18,103

$ $

98,000 10,000

79,898

8,092

1,908

Total for Golf Operations

108,000

81,805

26,195

Golf Course Maintenance Tractor - mid size

- - - - - - - - - -

$ $ $ $ $ $ $ $ $ $

4,937

$ $ $ $ $ $ $ $ $ $

35,000 42,000 17,000 25,000 55,000 36,000 60,000 21,000 80,000 40,000

30,063

Turf Truck ( Cancelled in the current year )

42,000 (2,981)

Greens Roller

19,981 24,968 124,562 61,685 33,061 77,832 30,785 -

Turf-2 11hp lightweight carts Large Rough Mower ( 2 )

(69,562) 36,000 (1,685) (12,061)

Small Rough Mower ( Cancelled in the current year)

GR3100-18hp (Triplex Mower)

Fairway Aerifiers

2,168 9,215

Cart Path Refurbishment (Stage 1 of 3)

Fairway Top Dresser

Total for GCM

411,000

402,936

8,064

Club Food & Beverage: Operations Provision for Misc. Equipment

20,000 30,000

$ $

18,357 20,451

$ $

40,000 65,000

1,643

Service Equipment

14,549

Total for Club Operations

105,000

16,192

50,000

38,808

20/100

Actual

Commited

Remaining

Item

Grand Total

Purchase

Fund

Budget

Club Food & Beverage: Kitchen Hot Line Main Kitchen/Steel Cabinets Replacements

$ $ $ $

(7,893) 10,000 15,000 10,000

$ $ $ $

24,000 20,000 15,000 20,000

31,893

10,000

Banquet Frontcooking Equipment Replace Gas Stoves/Oven/Griddle

- - -

10,000

Portable Banquet Equipment (Tables, Trollleys etc.)

Total for Club Kitchen

79,000

31,893

20,000

27,107

Beach Club Operations Operational Replacement - Beach Chairs/Tables/Umbrella, etc.

6,930

$ $ $ $ $

8,050

$ $ $ $ $

20,000 37,000 20,000 15,000

5,021

(6,855)

Provision for Mechanical Equipment Provision for Kitchen Equipment Accent Lighting & Sound System Upgrade

43,855

14,200

4,142 5,361

1,658 9,639

- -

Awning

Total for BC Operations

92,000

60,173

21,130

10,698

Fitness Fitness equipment (Strength, Cardio, Pilates)

2,213

$ $ $ $ $

(1,678)

$ $ $ $ $

70,000

69,465

- -

7,000

Outside Sail

7,000

555

Spa Equipment-Pedi Chairs

11,000 75,000

10,445 45,470

600

28,930 (9,377)

Fitness Center Locker room Furniture/Remodel/Carpet

Water Stone Project

9,377

Total for Fitness

163,000

134,757

2,813

25,430

Admin/Accounting/IT Equipment (PC, POS, Network, storage) Virtual Storage Area Network (VSAN)

- - -

$ $ $

(3,227) (2,188)

$ $ $

20,000 65,000 14,400

23,227 67,188

14,400

Portable POS Tablets (12)

21/100

Actual

Commited

Remaining

Item

Grand Total

Purchase

Fund

Budget

Total Admin

99,400

90,415

8,985

Tennis Tennis HydroCourt Conversions (5)

7,050

$ $ $

(24,562)

$ $ $ $

225,000

242,512

- -

7,000

Windscreen/Awning/Canopy/Terrace Umbrellas

7,000

(4,618)

Pickleball Court Surface Conversion

55,000

59,618

Total for Tennis

287,000

302,130

7,050

(22,180)

Main Club - Engineering Provision for Mechanical Equipment

2,833 5,715 3,230 2,838

$ $ $ $ $ $ $

(7,110)

$ $ $ $ $ $ $

65,000 40,000 18,000 35,000 50,000 75,000

69,277 28,564 39,716 32,718 27,191 99,443 30,070

Cooler\Refrigeration Heaters for Sports Bar

5,721

(24,946)

Main Club Lift Station Rehabilitation

(556)

Dumpster

- - -

22,809 (24,443) (30,070)

Generator (Fitness Center)

Generator Switch

Total for Main Club Engineering

283,000

326,979

14,616

(58,595)

Housekeeping Dryer

10,000

$ $ $

10,000 15,000 16,000

- - -

15,000

Washer

10,000

6,000

Water Extractor

Total for Housekeeping

41,000

20,000

21,000

14,071

28,233

Contingency

100,000

57,696

Capital - Operations Grand Total

1,768,400

1,504,977 $

149,679 $

113,744

22/100

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