Due to the heavy snow fall this winter, snow removal is higher than budget.

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Norma Russell
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$adjustment to fees from Riverview owners that converted from fractional to wholly owned unit in the amount of $414.05.$

1 TO: FROM: ECMA Board of Directors Robin Dowty DATE: June 2, 2017 SUBJECT: Q1 Financial Summary 2016 Preliminary Audit Report: Hudspeth & Company completed their audit; the preliminary report has an adjustment to fees from Riverview owners that converted from fractional to wholly owned unit in the amount of $ In addition, there was an adjustment after the December financials were presented to the board for the year-end sports center payroll of $1,800. The resulting ending Operating Fund balance as of December 31, 2016 is $273,281 compared to the reported ending fund balance of $275, /31/17 Statement: Facilities: Total expenses are lower than anticipated, due to lower Professional Fees and Repair and Maintenance. The timing of those expenses throughout the year is uncertain. The landscaping contract was still in negotiations during the budgeting process. The terms of the contract are different than a flat monthly fee and are adjusted depending on the growing season. As a result, the first quarter expense is different than a straight line budget amount. Due to the heavy snow fall this winter, snow removal is higher than budget. Sports Center: Merchandise and bike rental revenue for Q are lower than anticipated, primarily due to the poor weather. The lower than budget COS expense is a direct result of the lower revenue. As stated above, the landscaping expenses are different than a straight line budget allocation due to the terms of the contract. Snow Removal Fees were much higher than anticipated. Due to past history, no expenses were expected and expenses were not included in the budget. Operating supplies are lower than anticipated. The timing of those expenses throughout the year is uncertain. Repairs & maintenance is over budget for the quarter but was a planned expense. Keeton King is replacing the tiles in the indoor tennis court ceiling. Reserves: Please see the reserve report for details. General Comments: In January 2017, the management company began using a new software system that is more tailored towards Home Owner Associations. As a result, there is a new look to the financial statements. The software has the ability to input a seasonal budget and we are still working on making the distribution appropriate. For example, the property taxes were budgeted in November

2 when the payment is made but we accrue the expense on a monthly basis. This will be changed next quarter. In April, the Golf Course Rent was paid per the agreement and the reserves funded and will be recognized in the 2nd quarter.

3 Eagle Crest Master Association Balance Sheet 3/31/2017 ECMA ECMA 03/31/17 Operating Reserve Total Assets Cash Wells Fargo - Operating $306,116 $306, NW Bank Reserve Account $340,615 $340, NW BANK - OPERATING MM $45,117 $45, BOTC Trust Account $903,363 $903, Edward Jones $66,262 $66, Sports Center Bank $940 $940 Total Cash $352,173 $1,310,240 $1,662,412 Total Accounts Receivable $12,277 $12, Inventory: Merchandise $17,182 $17, Prepaid Insurance $21,635 $21, Prepaid Real Estate Taxes $8,252 $8,252 TOTAL ASSETS $411,519 $1,310,240 $1,721,759 Liabilities Prepaid Dues $102,206 $0 $102,206 Total Accounts Payable $35,488 $19,953 $55,441 Total Liabilities $137,694 $19,953 $157,647 Beginning Fund Balance $273,281 $1,256,209 $1,529,490 Net $544 $34,078 $34,621 Ending Fund Balance $273,825 $1,290,286 $1,564,111 TOTAL LIABILITIES AND FUND BALANCES $411,519 $1,310,240 $1,721,759

4 Eagle Crest Master Association Budget Comparison Report - ECMA Facilities Year to Date 01/01/ /31/2017 Actual Budget Variance Actual Budget Variance Annual Budget Commercial Rent Commercial Rent - Golf $0.00 $ % $0.00 $ % $31, Total Commercial Rent $0.00 $ % $0.00 $ % $31, Dues Dues - VROA $26, $26, % $26, $26, % $107, Dues - Fairway Vista $6, $6, % $6, $6, % $27, Dues - RiverView Vista $10, $10, % $10, $10, % $40, Dues - EHOA $39, $39, % $39, $39, % $157, Dues - River Run Properties LLC $ $ % $ $ % $3, Dues - Worldmark $17, $17, % $17, $17, % $70, Dues - Conference Center $ $ % $ $ % $3, Dues - Eagle Crest Hotel Condo Asso $6, $6, % $6, $6, % $27, Total Dues $109, $109, % $109, $109, % $438, Other Other Miscellaneous Revenue $0.00 $ % $0.00 $ % $ Bank Interest $34.62 $ % $34.62 $ % $0.00 Total Other $34.62 $ % $34.62 $ % $ Total $109, $109, % $109, $109, % $469, Contracted Services Management Fees $5, $5, % $5, $5, % $22, Safety Services Fee $10, $10, % $10, $10, % $43, Pools and Spa Services $3, $3, % $3, $3, % $14, Accounting Fee $3, $3, % $3, $3, % $14, Resort Manager Fee $7, $7, % $7, $7, % $29, Landscaping $26, $33, % $26, $33, % $136, Total Contracted Services $57, $65, % $57, $65, % $260, Dues Reserve Contribution $15, $15, % $15, $15, % $112, Total Dues $15, $15, % $15, $15, % $112, Grounds Maintenance Tree Replacement & Trimming $ $2, % $ $2, % $9, Snow Removal $4, $2, % $4, $2, % $5, Ladder Fuel Reduction $0.00 $ % $0.00 $ % $5, Total Grounds Maintenance $4, $4, % $4, $4, % $20, Operating Supplies Postage, Delivery, & Communication $56.73 $1, % $56.73 $1, % $4, Total Operating Supplies $56.73 $1, % $56.73 $1, % $4, Other

5 Director Travel $0.00 $ % $0.00 $ % $2, Total Other $0.00 $ % $0.00 $ % $2, Professional Fees Audit & Tax Services $0.00 $ % $0.00 $ % $6, Legal / Prof. Services $0.00 $1, % $0.00 $1, % $7, Consultant Fees $3, $3, % $3, $3, % $13, Total Professional Fees $3, $4, % $3, $4, % $26, Repair & Maintenance Repair & Mtc $2, $3, % $2, $3, % $14, Red Tail Hawk Pool R&M $1, $3, % $1, $3, % $14, Total Repair & Maintenance $4, $7, % $4, $7, % $28, Sport Center Rent $ $ % $ $ % $ Total Sport Center $ $ % $ $ % $ Taxes and Insurance Real Estate Taxes $ $ % $ $ % $3, Liability & Property Insurance $2, $2, % $2, $2, % $11, Total Taxes and Insurance $3, $2, % $3, $2, % $15, Utilities Electricity $1, $ % $1, $ % $3, Total Utilities $1, $ % $1, $ % $3, Total $89, $103, % $89, $103, % $474, Operating Net $19, $6, % $19, $6, % ($4,576.00) Net $19, $6, % $19, $6, % ($4,576.00) Beginning Fund Balance -01/01/2017 $23,791 Ending Fund Balance - 03/31/2017 $43,774

6 Eagle Crest Master Association Budget Comparison Report - ECMA Sports Center Year to Date Actual Budget Variance Actual Budget Variance Annual Budget Commercial Rent Commercial Rent-Dive $0.00 $ % $0.00 $ % $1, Total Commercial Rent $0.00 $ % $0.00 $ % $1, Other Merchant Sales $12, $14, % $12, $14, % $115, Bike rentals $4, $5, % $4, $5, % $74, Guest Fees $2, $1, % $2, $1, % $9, Total Other $19, $21, % $19, $21, % $198, Sport Center Sport Center- VROA $53, $53, % $53, $53, % $212, Sport Center - Fairway Vista $2, $2, % $2, $2, % $9, Sport Center - FVE Fractional $ $ % $ $ % $2, Sport Center - RVVE Fractional $4, $4, % $4, $4, % $19, Sport Center - RiverView Vista $ $ % $ $ % $2, Sport Center - RECOA $59, $57, % $59, $57, % $230, Sport Center - Eagle Creek Frac $ $ % $ $ % $ Sport Center - Eagle Springs Frac $57.27 $ % $57.27 $ % $ Sport Center - EHOA $16, $16, % $16, $16, % $64, Sport Center - Worldmark $33, $33, % $33, $33, % $135, Sport Center - Worldmark at Eagle Ridge $4, $4, % $4, $4, % $19, Total Sport Center $176, $174, % $176, $174, % $485, Total $195, $195, % $195, $195, % $897, Contracted Services Management Fees $12, $12, % $12, $12, % $51, SPA Service Fee $6, $6, % $6, $6, % $26, Safety Services Fee $8, $8, % $8, $8, % $33, Accounting Fee $13, $13, % $13, $13, % $53, Resort Manager Fee $1, $1, % $1, $1, % $7, Night Audit Fee $3, $3, % $3, $3, % $12, Janitorial $7, $7, % $7, $7, % $29, Landscaping $2, $3, % $2, $3, % $13, Total Contracted Services $56, $57, % $56, $57, % $228, Cost of Goods Cost of Merchant Sales $10, $13, % $10, $13, % $126, Total Cost of Goods $10, $13, % $10, $13, % $126, Dues Reserve Contribution $32, $32, % $32, $32, % $130, Total Dues $32, $32, % $32, $32, % $130, Grounds Maintenance Snow Removal $10, $ % $10, $ % $0.00 Total Grounds Maintenance $10, $ % $10, $ % $0.00

7 Operating Supplies Operating Supplies $2, $7, % $2, $7, % $30, Licenses and Permits $0.00 $ % $0.00 $ % $2, Uniforms $0.00 $ % $0.00 $ % $1, Laundry and Dry Cleaning $2, $3, % $2, $3, % $23, Total Operating Supplies $5, $11, % $5, $11, % $57, Other Travel $0.00 $ % $0.00 $ % $ Total Other $0.00 $ % $0.00 $ % $ Professional Fees Credit Card Commissions $ $ % $ $ % $3, Total Professional Fees $ $ % $ $ % $3, Repair & Maintenance Repair & Mtc $16, $8, % $16, $8, % $32, Swimming Pool $ $ % $ $ % $0.00 Total Repair & Maintenance $17, $8, % $17, $8, % $32, Sport Center Sport Center Payroll $55, $54, % $55, $54, % $225, Total Sport Center $55, $54, % $55, $54, % $225, Taxes and Insurance Real Estate Taxes $4, $ % $4, $ % $17, Liability & Property Insurance $7, $7, % $7, $7, % $29, Insurance Deductible $0.00 $1, % $0.00 $1, % $1, Total Taxes and Insurance $12, $8, % $12, $8, % $48, Utilities Cable/Satellite Television $ $ % $ $ % $2, Telecommunications $15.00 $ % $15.00 $ % $ Waste Removal $1, $1, % $1, $1, % $5, Electricity $6, $6, % $6, $6, % $27, Gas $11, $10, % $11, $10, % $40, Water $1, $1, % $1, $1, % $6, Total Utilities $21, $20, % $21, $20, % $83, Total $221, $206, % $221, $206, % $935, Operating Net ($26,558.31) ($10,913.48) % ($26,558.31) ($10,913.48) 71.33% ($37,235.00) Net ($26,558.31) ($10,913.48) % ($26,558.31) ($10,913.48) 71.33% ($37,235.00) Beginning Fund Balance -01/01/2017 $123,501 Ending Fund Balance - 03/31/2017 $96,943

8 Eagle Crest Master Association Budget Comparison Report - ECMA Water Year to Date Actual Budget Variance Actual Budget Variance Annual Budget Water & Sewer Water & Sewer - VROA $21, $21, % $21, $21, % $86, Water & Sewer - ECMA Spts Ctr $1, $1, % $1, $1, % $6, Water & Sewer - Fairway Vista $5, $5, % $5, $5, % $22, Water & Sewer - RiverView Vista $8, $8, % $8, $8, % $32, Water & Sewer - EHOA $29, $30, % $29, $30, % $120, Water & Sewer - EHOA (undeveloped) $ $ % $ $ % $2, Water & Sewer - River Run Properties $ $ % $ $ % $2, Water & Sewer - Worldmark $14, $14, % $14, $14, % $57, Water & Sewer - Pro Shop $1, $1, % $1, $1, % $4, Water & Sewer - Hotel $12, $12, % $12, $12, % $50, Water & Sewer - Conference Ctr $ $ % $ $ % $3, Water & Sewer - Maint / Golf $ $ % $ $ % $ Total Water & Sewer $96, $97, % $96, $97, % $388, Other - Chase Cost Sharing Agreement $1, $ % $1, $ % $0.00 Total $98, $97, % $98, $97, % $388, Contracted Services Management Fees $4, $3, % $4, $3, % $13, Safety Services Fee $5, $5, % $5, $5, % $21, Accounting Fee $3, $3, % $3, $3, % $13, Utility System Mgmt Fee $11, $12, % $11, $12, % $51, Total Contracted Services $24, $24, % $24, $24, % $99, Dues Reserve Contribution $34, $35, % $34, $35, % $140, Total Dues $34, $35, % $34, $35, % $140, Operating Supplies Licenses and Permits $ $1, % $ $1, % $1, Dues and Subscriptions $0.00 $ % $0.00 $ % $ Total Operating Supplies $ $1, % $ $1, % $1, Professional Fees Legal / Prof. Services $0.00 $ % $0.00 $ % $1, Consultant Fees $1, $1, % $1, $1, % $5, Total Professional Fees $1, $1, % $1, $1, % $6, Repair & Maintenance Capital Improvements $0.00 $2, % $0.00 $2, % $9, Repair & Mtc $0.00 $2, % $0.00 $2, % $10, Water & Backflow Repairs $7, $5, % $7, $5, % $20, Product Quality Testing $ $ % $ $ % $2, Total Repair & Maintenance $7, $10, % $7, $10, % $41, Taxes and Insurance Real Estate Taxes $2, $ % $2, $ % $9,458.00

9 Liability & Property Insurance $ $ % $ $ % $1, Total Taxes and Insurance $2, $ % $2, $ % $11, Utilities Electricity $5, $9, % $5, $9, % $37, Water $ $ % $ $ % $3, Total Utilities $6, $10, % $6, $10, % $40, Total $78, $83, % $78, $83, % $340, Operating Net $19, $13, % $19, $13, % $47, Net $19, $13, % $19, $13, % $47, Contracted Services Eagle Crest Master Association Budget Comparison Report - ECMA Sewer Year to Date Actual Budget Variance Actual Budget Variance Annual Budget Management Fees $1, $2, % $1, $2, % $10, Utility System Mgmt Fee $9, $11, % $9, $11, % $45, Total Contracted Services $10, $13, % $10, $13, % $55, Operating Supplies Operating Supplies $0.00 $ % $0.00 $ % $ Licenses and Permits $0.00 $ % $0.00 $ % $ Total Operating Supplies $0.00 $ % $0.00 $ % $ Professional Fees Consultant Fees $0.00 $ % $0.00 $ % $ Total Professional Fees $0.00 $ % $0.00 $ % $ Repair & Maintenance Repair & Mtc $0.00 $2, % $0.00 $2, % $10, ECX Operations $2, $2, % $2, $2, % $8, Product Quality Testing $ $ % $ $ % $2, Total Repair & Maintenance $2, $5, % $2, $5, % $20, Total $12, $19, % $12, $19, % $77, Operating Net ($12,704.14) ($19,240.77) 66.03% ($12,704.14) ($19,240.77) 16.33% ($77,813.00) Net ($12,704.14) ($19,240.77) 66.03% ($12,704.14) ($19,240.77) 16.33% ($77,813.00) Beginning Fund Balance -01/01/2017 $125,988 Ending Fund Balance - 03/31/2017 $133,107

10 Facilities Actual Budget Variance Annual Budget Water System Infr Actual Budget Variance Annual Budget Eagle Crest Master Association - Reserve Budget Comparison Dues - Revenue $15,000 $15,000 25% $60, Dues - Revenue $10,000 $10,000 25% $40, Bank Interest $1,666 $2,738 15% $10, Bank Interest $182 $299 15% $1,194 Total $16,666 $17,738 23% $70,953 Total $10,182 $10,298 25% $41, Repair & Mtc $0 $55,878 0% $55, Repair & Mtc $14,882 $21,418 69% $21,418 Total $0 $55,878 0% $55,878 Total $14,882 $21,418 69% $21,418 Net $16,666 ($38,140) 111% $15,075 Net ($4,700) ($11,120) -24% $19,776 Reserve Fund Balance 01/01/2017 $466,205 Reserve Fund Balance 01/01/2017 $62,672 Reserve Fund Ending Balance 03/31/2017 $482,871 Reserve Fund Ending Balance 03/31/2017 $57,972 Utilities Actual Budget Variance Annual Budget Golf Course Actual Budget Variance Annual Budget Dues - Revenue $25,000 $25,000 25% $100, Dues - Revenue $0 $0 0% $52, Bank Interest $2,183 $3,589 15% $14,355 Total $27,183 $28,589 24% $114,355 Total $0 $0 0% $52, Repair & Mtc $0 $168,808 0% $168, Repair & Mtc $5,071 $206,013 2% $206,013 Total $0 $168,808 0% $168,808 Total $5,071 $206,013 2% $206,013 Net $27,183 ($140,219) -50% ($54,453) Net ($5,071) ($206,013) 3% ($153,733) Reserve Fund Balance 01/01/2017 $640,737 Reserve Fund Balance 01/01/2017 $86,596 Reserve Fund Ending Balance 03/31/2017 $667,920 Reserve Fund Ending Balance 03/31/2017 $81,525

Travel costs for board members have been separated out from professional fees YTD.

Travel costs for board members have been separated out from professional fees YTD. To: ECMA Board Members From: Robin Dowty Date: November 6, 2015 Subject: Q3 Financial Summary 09/30/15 Balance Sheet: There are no significant variances to report. 09/30/15 Income Statement: Facilities: