The Landings Yacht Golf & Tennis Club, Inc.

Transcription

1 The Landings Yacht Golf & Tennis Club, Inc. For Fiscal Period 5 Ending

2 The Landings Yacht Golf & Tennis Club, Inc. Table of Contents Financial Overview Pages 1-6 Balance Sheet Pages 7 8 Financial Statement Pages Month Forecast/Budget Pages 22 Cash Flow Report Page 23 Incidental Information Pages Employee Count Page 26 Reserve Expenditure Analysis Page Delinquent Accounts Pages 29-32

3 Financial Overview February 2012 Summary: For the current period ending, revenue was $835,416 versus a budget of $757,244, a positive variance of $78,172. There were no department that were under budget for the current month. The departments that were over budgeted revenues were the Food & Beverage Department by $1,820, Golf Department by $4,973, Tennis Department by 1,428, Marina Department by $66,048 and the Miscellaneous Department by $3,903. The Profit Before Depreciation / Amortization / Interest for February 2012 is $104,771 versus a budget of $111,863, a negative variance of $7,092. Year to Date revenue was $3,563,990 versus a budget of $3,425,282, a positive variance of $138,708. Year to Date Profit Before Depreciation / Amortization / Interest was $292,159 versus a budget of $311,653, a negative variance of $19,494. The Association ended the period with Cash Funds of $2,231,472 which $433,914 was uncommitted and $1,797,558 was committed. In the same month end last year the Cash Funds available were $2,933,622 which $436,864 were uncommitted and $2,496,758 were committed. That is a decrease over last year by $2,950 for uncommitted and a decrease over last year by $699,200 for committed respectively. The decrease in committed funds is due to current spending on capital projects. For the current period ending February 2012, there were 5 closings that generated $25,000 in Capital Contribution Funds into the Capital Contribution Bank Account. Year to Date there were 17 closings that generated $85,000 in Capital Contribution Funds into the Capital Contribution Bank Account

4 Food & Beverage Department: Food and Beverage Year to Date Revenues is over budget by $19,865 and over last year actual by $58,861. The Year to Date Food Banquet Revenues for members was $92,791 and for non members was $35,683 or 72.2% and 27.8% respectively. The Year to Date Beverage Banquet Revenues for members was $32,304 and for non members $3,972 or 89.1% and 10.9% respectively. Year to Date Food Cost was 43.7% compared to a budget of 41.2% and Year to Date Beverage Cost was 32.9% compared to a budget of 29.2% which represents overage for Food Cost of 2.5% and Beverage Cost overage of 3.7%. The increase in food and beverage cost is due to a higher mix in member banquets versus non member banquets at a high cost of goods sold. Also we are starting to see spikes in food and beverage cost due to rising gasoline prices. We are reviewing all bids and comparing prices from multiple vendors to try and get the best cost of products. The beverage cost increase is also due to a larger percentage of sales during happy hour in the Helm Club when drink prices are reduced. Year to Date Wages and Benefits were $1,675 over budget but under on budget percentage of 75.6% by 2.1% due to the increased revenues of $19,865 and due to staffing levels for anticipated member usage. Year to Date Other Expenses was under budget in total by $8,070 and was under budget percentage by 1.8% and was under Last Year to Date by $15,341. The Year to Date Department Loss was under by $440 to budget but under budgeted percentage by 1.0% even though there were increased cost in food and beverage cost of goods sold. Golf Department: The Year to Date Revenues were over budget by $10,140 and over last year by $23,927. The areas under budget were club storage and handicaps. A much warmer and drier February 2012 produced increased sales over over budget and last year. The Year to Date cost of goods sold is over by.6% due to sales in moving old product before the new season inventory is purchased. The dollar cost of the additional cost of goods sales was $263. Year to Date Wages and Benefits were under budget by $811 mainly due to savings in staffing saving money but not hurting member services. Year to Date Other Expenses was under budget by $2,270 or 2.8%. The only area of note was addition supplies purchased for the practice range and still keeping the entire other expenses under the budget

5 Tennis Department: Year to Date Revenues were under budget by $8,006 due to decreased tennis lessons and tennis stringing services. Year to Date Cost of goods sold is right on budgeted percentage at 77.1% even though the department moved a lot of inventory at sale prices to move old stock. Year to Date Wages and Benefits were under budget by $7,991 due to open positions within the department that now have been filled. Year to Date Other Expenses were over budget by 1,190 mainly due to increased tennis camp expense of $2,722, travel expense for $3,273 and clay expense of $480 both needed either to service the tennis camps or keep the courts in top shape. The travel expense was expenses associated with travel for interviewing directors for the open position. Otherwise all other areas were in line to budget. Marina Department: Year to Date Revenues were over budget by $107,502. The revenue areas under budget were Marina Boat Servicing (In House), Marina Dock on Rental Sales, Marina Electric Charge, Boat Rental and Ramp Fees. The revenue areas over budget for the period were Marina Merchandise/Service, Diesel Sales, Gasoline Sales, Subcontractor Marina Boat Servicing, Marina Dock Hook Up, Boat Storage, and Miscellaneous Revenue. Year to Date Cost of Goods Sold was over by 2.6% due to mark ups on different type of Subcontractor Boat Servicing work done instead of type of work budgeted. All other areas of Cost of Goods Sold were under the budgeted percentage. Year to Date Wages and Benefits were under budget by $10,697 due to savings in staffing to budget, commissions paid and payroll burden. The department has three employees currently and a budgeted part time employee was not hired as of yet. Year to Date Other Expenses was under by $2,931 or 1.1% to budget and under last year by $403. Administrative & General Department: Year to Date Wages and Benefits are under budget by $7,958 due to saving in payroll burden

6 Other Operating Expenses Year to Date of note are: Actual Budget Variance Credit Card Discount Fees $17,599 $11,250 $6,349 Over budget due to increased usage of credit cards for payments of products, particularly in the Marina with sales of gas and diesel from boaters not members and our price being the most competitive on the river to promote increased sales. Also we are seeing an increase in social Helm Club dining dues in which are using credit cards. Legal Fees $33,875 $13,320 $20,555 Legal fees in connection with club business needing legal opinions. Office Expense $10,044 $5,395 $4,649 Items needed to service the members and extra expense in supplies needed for increased member needs. Community Patrol Department: Year to Date Wages and Benefits were over to budget by $1,849 but right on budget percentage at 3.2% due to increased property sales as a total. Year to Date Other Expenses for the department, they are under budget by $3,085 due to savings in gasoline & oil, leased equipment, maintenance & repairs, office expense, telephone, golf cart repairs and uniforms. Golf Course Maintenance Department: Year to Date Wages and Benefits were under budget by $4,455 due to saving staffing levels. Other Operating Expenses Year to Date of note is: Actual Budget Variance Contract Labor $10,820 $9,500 $1,320 Due to replacement sod and flowers/tree plantings. This line item should come in line in upcoming months

7 Fertilizer $15,284 $14,500 $784 Due to supplies needed to service the gold course and keeping it in shape for membership use. Operating Supplies $14,545 $10,350 $4,195 Operating supplies needed for properly operating the department to service the golf course. Property Maintenance Department: Year to Date Wages and Benefits are over budget $9,207 due to un expected vacation expense. Saving will be found in upcoming months. Other Operating Expenses Year to Date of note are: Actual Budget Variance Fitness Center $3,593 $225 $3,368 Item purchased to supply the fitness center for member needs. Either savings will be found in other areas or this line item come in line in upcoming months. HVAC $5,631 $2,500 $3,131 Over budget for property HVAC repairs and general maintenance. Irrigation Repairs $5,019 $1,200 $3,819 We had a major replacement due to a water line break on the golf course. Hopefully, with very limited additional expense this line item will come in line in coming months. Maintenance & Repairs $7,342 $550 $6,792 Un expected expense to the lights at the McGregor entrance ($1,149), garage door repairs ($490) and Installation of new pump ($1,100) plus other projects needed. Tree, Shrubs & Flowers $7,430 $5,500 $1,930 Over budget to more replacement needed for flower planting around the property

8 Utilities Department: We have accrued all the utility expense to February, 2012 and Year to Date Electric under is budget by $1,814. Year to Date Propane/Gas expense is over by $1,184 due to increased sales in the Food & Beverage Department. The Year to Date Water expense is over budget by $1,899. We are investigating increased usage in three areas from the prior month to make sure there are no leaks

9 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. BALANCE SHEET Same Month Current Year Previous Month Last Year ASSETS Cash CASH - OPERATING 433, , ,864 CASH - CAPITAL CONTRIBUTION 1,008, , ,468 CASH - RESERVE ACCOUNT 553, ,329 1,553,417 CASH - CD BANK OF AMERICA 117, , ,151 CASH - CD BANK OF AMERICA 118, , ,722 Total Cash 2,231,472 1,977,777 2,933,622 Account Receivable ACCOUNTS RECEIVABLE - MEMBER ACCOUNTS 745, , ,448 ACCOUNTS RECEIVABLE - VILLAGES 8,682 8,262 34,709 ACCOUNTS RECEIVABLE - OTHER (670) (300) 295 ALLOWANCE FOR DOUBTFUL ACCOUNTS (118,536) (118,536) (118,536) Total Accounts Receivable 634, , ,916 Inventory INVENTORY - FOOD 25,747 28,589 30,903 INVENTORY - BEVERAGE 38,387 36,886 38,487 INVENTORY - TENNIS 29,500 31,946 26,659 INVENTORY - GOLF 48,487 49,859 52,624 INVENTORY - MARINA 53,932 51,408 50,405 INVENTORY - MARINA FUEL 18,437 26,645 8,139 INVENTORY - OTHER Total Inventory 214, , ,217 Prepaid Expenses PREPAID INSURANCE 278, , ,607 PREPAID OTHER 35,251 50,546 22,903 PREPAID HEALTHCARE ,765 Total Prepaid Expenses 314, , ,275 Fixed Assets PROPERTY & IMPROVEMENTS 4,269,498 4,269,498 4,269,498 BUILDING & IMPROVEMENTS 10,106,459 10,026,419 8,362,517 SITE IMPROVEMENTS 3,027,306 3,027,306 3,027,306 BUILDING - AMENITY PURCHASE 1,990,001 1,990,001 1,990,001 LAND - AMENTIY PURCHASE 3,910,000 3,910,000 3,910,000 LAND PURCHASE - DRIVING RANGE 1,008,633 1,008,633 1,008,633 CAPITALIZED LOAN FEES 144, , ,784 WIP CLUBHOUSE INFRASTRUCTURE 70,724 70,724 70,724 LESS ACCUMULATED DEPRECIATION (6,117,505) (6,022,741) (5,070,878) Total Net Fixed Assets 18,410,060 18,425,854 17,725,585 Other Assets DEPOSITS - BEVERAGE ESCORW 3,500 3,500 3,500 DEPOSITS 16,739 16,739 16,739 Total Other Assets 20,239 20,239 20,239 Total Assets 21,825,060 21,829,737 21,866,

10 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. BALANCE SHEET Same Month Current Year Previous Month Last Year LIABILITIES AND EQUITY Accounts Payable ACCOUNTS PAYABLE - TRADE 108, , ,357 ACCOUNTS PAYABLE - INSURANCE 164, , ,089 ACCOUNTS PAYABLE - SALES TAX 20,839 17,424 16,116 ACCOUNTS PAYABLE - Other 16,890 14,049 17,972 LOAN PAYABLE - BANK OF AMERICA CURRENT 417, , ,394 HCC LOAN PAYABLE - SHORT TERM 345, , ,730 Total Accounts Payable 1,073,407 1,143, ,657 Accrued Liabilities ACCRUED OTHER 34,886 25,692 9,289 ACCRUED UTILITIES 13,444 11,941 11,393 ACCRUED PAYROLL 79,064 84, ,411 ACCRUED VACATION 20,078 20,078 24,868 DEPOSITS/SWEEPS/GIFT CERTIFICATES 53,566 50,756 52,027 DEFERRED REVENUE 171, , ,868 Total Accrued Liabilities 372, , ,856 Long Term Liabilities LOAN PAYABLE - BANK OF AMERICA LONG TERM 5,121,557 5,156,806 5,682,723 HCC LOAN PAYABLE - LONG TERM ,451 CAPITAL LEASE - LONG TERM 4,498 4,636 2,618 Total Long Term Liabilities 5,126,055 5,161,442 6,182,792 Funds REPLACEMENT FUND - RIVERSIDE ROAD CONTRIBUTION REPLACEMENT FUND RIVERSIDE - EXPENDITURES REPLACEMENT FUNDS - CONTRIBUTIONS 3,019,901 2,968,339 2,168,155 REPLACEMENT FUNDS - EXPENDITURES (2,492,175) (2,412,135) (761,466) CAPITAL FUND - CONTRIBUTIONS 1,119,623 1,081, ,469 CAPITAL FUND EXPENDITURES HELM CLUB CAPITAL CONTRIBUTIONS 1,225,342 1,167,652 1,002,560 Total Funds 2,872,691 2,805,479 3,165,718 Total Liabilities 9,445,024 9,503,861 10,535,023 Retained Earnings PRIOR YEAR REATINED EARNINGS 12,742,056 12,662,016 11,549,577 CURRENT YEAR PROFIT/(LOSS) (362,021) (336,140) (217,749) Total Retained Earnings 12,380,035 12,325,876 11,331,828 Total Liabilities & Equity 21,825,060 21,829,737 21,866,

11 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. SUMMARY PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR 835, % 757, % 755, % TOTAL REVENUE 3,563, % 3,425, % 3,370, % FOOD & BEVERAGE 174, % 172, % 168, % Total F & B Revenue 645, % 625, % 586, % 102, % 114, % 108, % Wages & Benefits 474, % 473, % 444, % 50, % 46, % 43, % Food Cost Of Sales 190, % 172, % 158, % 16, % 15, % 15, % Beverage Cost Of Sales 62, % 53, % 49, % 21, % 22, % 25, % Other Expenses 92, % 100, % 107, % (16,915) -9.7% (27,292) -15.8% (24,042) -14.3% FOOD & BEVERAGE PROFIT/(LOSS) (173,847) -26.9% (174,287) -27.9% (173,732) -29.6% GOLF OPERATIONS PROFIT/(LOSS) 44, % 39, % 37, % Total Pro Shop Revenue 154, % 144, % 130, % 20, % 18, % 19, % Wages & Benefits 88, % 88, % 83, % 5, % 6, % 5, % Cost Of Sales 31, % 30, % 24, % 5, % 5, % 5, % Other Expenses 26, % 28, % 25, % 12, % 9, % 7, % GOLF OPERATIONS PROFIT/(LOSS) 8, % (3,445) -2.4% (2,906) -2.2% TENNIS OPERATIONS PROFIT/(LOSS) 27, % 25, % 25, % Total Pro Shop Revenue 118, % 126, % 132, % 29, % 26, % 24, % Wages & Benefits 124, % 132, % 126, % 5, % 5, % 5, % Cost Of Sales 26, % 27, % 29, % 3, % 4, % 3, % Other Expenses 23, % 21, % 11, % (11,736) -43.2% (10,153) -39.5% (7,783) -30.4% TENNIS OPERATIONS PROFIT/(LOSS) (55,348) -46.7% (55,302) -43.7% (35,484) -26.9% MARINA OPERATIONS PROFIT/(LOSS) 188, % 122, % 129, % Total Marina Revenue 672, % 565, % 555, % 16, % 18, % 16, % Wages & Benefits 84, % 95, % 82, % 153, % 95, % 103, % Cost Of Sales 532, % 429, % 422, % 4, % 4, % 3, % Other Expenses 18, % 21, % 18, % 14, % 4, % 5, % MARINA OPERATIONS PROFIT/(LOSS) 37, % 19, % 31, % 400, % 396, % 394, % TOTAL MISCELLANEOUS INCOME 1,972, % 1,963, % 1,965, % OVERHEAD DEPARTMENTS 64, % 59, % 61, % Administrative & General 376, % 355, % 333, % 23, % 23, % 22, % Community Patrol 124, % 126, % 120, % 63, % 60, % 62, % Golf Course Maintenance 336, % 340, % 325, % 39, % 37, % 37, % Property Maintenance 241, % 211, % 215, % 36, % 28, % 33, % Utilities 147, % 147, % 155, % 228, % 209, % 216, % TOTAL OVERHEAD DEPARTMENT EXPENSE 1,226, % 1,180, % 1,149, % 170, % 163, % 159, % GROSS OPERATING PROFIT/(LOSS) 562, % 569, % 634, % 37, % 39, % 39, % Insurance 192, % 199, % 189, % 0 0.0% 0 0.0% 0 0.0% Insurance Loss Expense 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Taxes Personal Property % 0 0.0% 1, % 0 0.0% 0 0.0% 0 0.0% Taxes Personal Property - Lease 7, % 0 0.0% 4, % 0 0.0% 0 0.0% 0 0.0% Taxes - Income Tax 0 0.0% 0 0.0% 0 0.0% 9, % 10, % 10, % Management Fees 48, % 50, % 50, % 0 0.0% 1, % 0 0.0% Contingency 0 0.0% 8, % 0 0.0% 20, % 0 0.0% 0 0.0% Other Adds & Deducts 22, % 0 0.0% 0 0.0% 104, % 111, % 109, % PROFIT/(LOSS) BEFORE DEP/AMORT/INT 292, % 311, % 390, % 95, % 95, % 82, % Depreciation & Amortization 479, % 479, % 414, % 34, % 36, % 38, % Interest 175, % 186, % 193, % (25,881) -3.1% (20,859) -2.8% (11,671) -1.5% NET INCOME/(LOSS) (362,021) -10.2% (353,923) -10.3% (217,760) -6.5% - 9 -

12 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. COMBINED FOOD & BEVERAGE DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR REVENUE FOOD REVENUE 91, % 82, % 81, % Dining Room 299, % 290, % 275, % 28, % 26, % 33, % Banquet 128, % 117, % 120, % 0 0.0% 0 0.0% % Patio 1, % 0 0.0% 2, % % 3, % 0 0.0% Prime Dining 5, % 11, % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Picini Point % 0 0.0% 0 0.0% 120, % 113, % 116, % TOTAL FOOD REVENUE 435, % 419, % 398, % BEVERAGE REVENUE 38, % 47, % 39, % Dining Room 151, % 159, % 141, % 10, % 5, % 7, % Banquet 36, % 22, % 32, % 0 0.0% 0 0.0% % Patio 6 0.0% 0 0.0% % % % 0 0.0% Prime Dining 1, % 2, % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Picini Point 0 0.0% 0 0.0% 0 0.0% 49, % 53, % 48, % TOTAL BEVERAGE REVENUE 188, % 184, % 173, % OTHER REVENUE 3, % 2, % 1, % Helm Club Dues 18, % 10, % 8, % 0 0.0% 0 0.0% 0 0.0% Room Rental 0 0.0% 0 0.0% 0 0.0% % 3, % 2, % Miscellaneous 3, % 11, % 5, % 3, % 5, % 4, % TOTAL OTHER REVENUE 21, % 22, % 14, % 174, % 172, % 168, % TOTAL FOOD & BEVERAGE REVENUE 645, % 625, % 586, % COST OF SALES 50, % 46, % 43, % Food Cost of Sales 190, % 172, % 158, % 16, % 15, % 15, % Beverage Cost of Sales 62, % 53, % 49, % 67, % 62, % 58, % TOTAL COST OF SALES 252, % 226, % 208, % WAGES & BENEFITS 40, % 44, % 41, % Salaries & Wages - Dining Room 182, % 178, % 162, % 32, % 42, % 40, % Salaries & Wages - Kitchen 162, % 174, % 165, % 15, % 17, % 18, % Payroll Burden 69, % 73, % 65, % 3, % 3, % 3, % Employee Meals 12, % 12, % 13, % 5, % 4, % 5, % Group Insurance 27, % 22, % 26, % 0 0.0% 0 0.0% 0 0.0% Bonus 0 0.0% 0 0.0% 0 0.0% 3, % 1, % 0 0.0% Vacation/Holiday 14, % 9, % 8, % 0 0.0% % % 401(k) Program 1, % % 1, % % % % Miscellaneous 4, % 1, % 1, % 102, % 114, % 108, % TOTAL WAGES & BENEFITS 474, % 473, % 444, % OTHER EXPENSES 0 0.0% 0 0.0% 0 0.0% Advertising - Help Wanted 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % Banquet Supplies 0 0.0% 1, % 3, % % 1, % 1, % Cable TV 2, % 2, % 2, % 0 0.0% 0 0.0% 0 0.0% Cash ( Over ) / Short 0 0.0% 0 0.0% 0 0.0% % % % China/Glass/Silverware % 1, % 1, % 2, % 1, % 1, % Cleaning Supplies 11, % 6, % 4, % 0 0.0% 0 0.0% % Contract Labor % % 1, % % % % Decorations 2, % 4, % 3, % % % 0 0.0% Dues & Subscriptions % % (83) 0.0% 0 0.0% % 0 0.0% Equipment Rental % % % 0 0.0% % % Kitchen Equipment 0 0.0% % 1, % 3, % 4, % 5, % Laundry & Linen 15, % 21, % 20, % % % % Leased Equipment 3, % 3, % 3, % % % % License & Fees 1, % 1, % 1, % 1, % 1, % 1, % Maintenance Contracts 6, % 5, % 7, % 1, % 1, % 4, % Maintenance & Repairs 8, % 8, % 16, % 0 0.0% % % Marketing & Advertising 0 0.0% % % 0 0.0% 0 0.0% 0 0.0% Member Relations 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % Miscellaneous 0 0.0% % % 4, % 3, % 2, % Music & Entertainment 16, % 14, % 12, % % % % Office Expense 1, % 1, % 1, % % 1, % 2, % Operating Supplies 2, % 4, % 8, % 2, % 1, % 1, % Paper & Plastic 8, % 7, % 5, % 0 0.0% 0 0.0% (405) -0.2% Pest Control 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Postage 0 0.0% % 0 0.0% % 0 0.0% 0 0.0% Printing % 0 0.0% % 1, % % % Promotions 3, % 2, % 2, % 0 0.0% 0 0.0% 0 0.0% Security Systems 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Small Tools 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Table & Bar Supplies 0 0.0% 0 0.0% 0 0.0% % % 1, % Telephone 3, % 3, % 3, % 0 0.0% % % Travel % % % % % % Uniforms 1, % 3, % 3, % % % 0 0.0% Utensils % % 0 0.0% 21, % 22, % 25, % TOTAL OTHER EXPENSES 92, % 100, % 107, % (16,915) -9.7% (27,292) -15.8% (24,042) -14.3% DEPARTMENTAL PROFIT/(LOSS) (173,847) -26.9% (174,287) -27.9% (173,732) -29.6%

13 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. WHEELHOUSE RESTAURANT DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR REVENUE FOOD REVENUE 67, % 59, % 59, % Dining Room 240, % 239, % 226, % 0 0.0% 0 0.0% % Banquet 1, % 2, % % 0 0.0% 0 0.0% % Patio 1, % 0 0.0% 2, % 0 0.0% 0 0.0% 0 0.0% Picinc Point % 0 0.0% 0 0.0% 67, % 59, % 61, % TOTAL FOOD REVENUE 244, % 242, % 229, % BEVERAGE REVENUE 29, % 28, % 24, % Dining Room 116, % 112, % 97, % 0 0.0% 0 0.0% 0 0.0% Banquet % 0 0.0% 0 0.0% 0 00% 0.0% 0 00% 0.0% % 0.2% Patio 6 00% 0.0% 0 00% 0.0% % 0.1% 0 0.0% 0 0.0% 0 0.0% Picnic Point 0 0.0% 0 0.0% 0 0.0% 29, % 28, % 24, % TOTAL BEVERAGE REVENUE 116, % 112, % 97, % OTHER REVENUE 0 0.0% 0 0.0% 0 0.0% Dining Dues 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Room Rental 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Miscellaneous 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% TOTAL OTHER REVENUE 0 0.0% 0 0.0% 0 0.0% 97, % 87, % 85, % TOTAL FOOD & BEVERAGE REVENUE 361, % 354, % 327, % COST OF SALES 27, % 24, % 23, % Food Cost of Sales 109, % 101, % 93, % 9, % 8, % 7, % Beverage Cost of Sales 37, % 33, % 28, % 37, % 33, % 31, % TOTAL COST OF SALES 147, % 135, % 122, % WAGES & BENEFITS 27, % 25, % 27, % Salaries & Wages - Dining Room 114, % 105, % 110, % 16, % 22, % 24, % Salaries & Wages - Kitchen 90, % 103, % 108, % 10, % 10, % 12, % Payroll Burden 44, % 44, % 46, % 1, % 1, % 2, % Employee Meals 7, % 8, % 9, % 4, % 4, % 4, % Group Insurance 20, % 20, % 24, % 0 0.0% 0 0.0% 0 0.0% Bonus 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1, % 0 0.0% Vacation/Holiday 7, % 6, % 7, % 0 0.0% % % 401(k) Program 1, % % 1, % % % % Miscellaneous 2, % % 1, % 60, % 66, % 71, % TOTAL WAGES & BENEFITS 289, % 290, % 309, % OTHER EXPENSES 0 0.0% 0 0.0% 0 0.0% Advertising - Help Wanted 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Banquet Supplies 0 0.0% % % % 0.3% 1,044 12% 1.2% 1,044 12% 1.2% Cable TV 2, % 0.6% 2, % 0.6% 2, % 0.7% % % % China/Glass/Silverware % 1, % % 1, % % % Cleaning Supplies 6, % 2, % 2, % 0 0.0% 0 0.0% 0 0.0% Contract Labor % % % 0 0.0% % 0 0.0% Decorations % % % 0 0.0% 0 0.0% 0 0.0% Dues & Subscriptions 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Equipment Rental 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % Kitchen Equipment 0 0.0% % % 1, % 2, % 3, % Laundry & Linen 7, % 11, % 12, % % % % Leased Equipment % % % 0 0.0% % % License & Fees % 1, % % 1, % % % Maintenance Contracts t 3, % 3, % 3, % % % % Maintenance & Repairs 3, % 4, % 6, % 0 0.0% 0 0.0% 0 0.0% Marketing & Advertising 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Miscellaneous 0 0.0% 0 0.0% (10) 0.0% 1, % 1, % 1, % Music & Entertainment 8, % 7, % 7, % % % 0 0.0% Office Expense % % % % % % Operating Supplies 1, % 3, % 5, % 1, % % % Paper & Plastic 4, % 3, % 3, % 0 0.0% 0 0.0% (186) -0.2% Pest Control 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Postage 0 0.0% % 0 0.0% % 0 0.0% 0 0.0% Printing % 0 0.0% % % % % Promotions 1, % 1, % 1, % 0 0.0% 0 0.0% 0 0.0% Security Systems 0 0.0% 0 0.0% 0 0.0% % % % Telephone 1, % 1, % 1, % 0 0.0% 0 0.0% % Travel % 0 0.0% 0 0.0% % % % Uniforms % % 2, % % % 0 0.0% Utensils % % 0 0.0% 9, % 10, % 11, % TOTAL OTHER EXPENSES 45, % 46, % 53, % (10,830) -11.2% (22,460) -25.6% (28,512) -33.3% DEPARTMENTAL PROFIT/(LOSS) (121,232) -33.6% (118,174) -33.3% (158,857) -48.5%

14 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. HELM CLUB RESTAURANT DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR REVENUE FOOD REVENUE 23, % 23, % 21, % Compass Rose 58, % 51, % 49, % 28, % 26, % 33, % Banquet 127, % 114, % 119, % % 3, % 0 0.0% Prime Dining 5, % 11, % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Beverage Cart 0 0.0% 0 0.0% 0 0.0% 53, % 54, % 55, % TOTAL FOOD REVENUE 190, % 177, % 169, % BEVERAGE REVENUE 8, % 18, % 15, % Compass Rose 34, % 46, % 43, % 10, % 5, % 7, % Banquet 35, % 22, % 32, % % % 0 0.0% Prime Dining 1, % 2, % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Beverage cart 0 0.0% 0 0.0% 0 0.0% 19, % 25, % 23, % TOTAL BEVERAGE REVENUE 72, % 71, % 75, % OTHER REVENUE 3, % 2, % 1, % Helm Club Dining Dues 18, % 10, % 8, % 0 0.0% 0 0.0% 0 0.0% Room Rental 0 0.0% 0 0.0% 0 0.0% % 3, % 2, % Miscellaneous 3, % 11, % 5, % 3, % 5, % 4, % TOTAL OTHER REVENUE 21, % 22, % 14, % 77, % 84, % 82, % TOTAL FOOD & BEVERAGE REVENUE 284, % 271, % 259, % COST OF SALES 22, % 21, % 20, % Food Cost of Sales 80, % 70, % 64, % 7, % 7, % 7, % Beverage Cost of Sales 24, % 20, % 21, % 30, % 28, % 27, % TOTAL COST OF SALES 105, % 91, % 85, % WAGES & BENEFITS 12, % 18, % 14, % Salaries & Wages - Dining Room 67, % 72, % 52, % 16, % 19, % 15, % Salaries & Wages - Kitchen 72, % 71, % 57, % 4, % 7, % 5, % Payroll Burden 25, % 29, % 18, % 1, % 1, % 1, % Employee Meals 5, % 4, % 3, % 1, % % % Group Insurance 6, % 1, % 1, % 0 0.0% 0 0.0% 0 0.0% Bonus 0 0.0% 0 0.0% 0 0.0% 3, % % 0 0.0% Vacation/Holiday 6, % 2, % 1, % 0 0.0% % 0 0.0% 401(k) Program % % 0 0.0% % % % Miscellaneous 1, % % % 41, % 48, % 37, % TOTAL WAGES & BENEFITS 185, % 182, % 135, % OTHER EXPENSES 0 0.0% 0 0.0% 0 0.0% Advertising - Help Wanted 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % Banquet Supplies 0 0.0% % 2, % % % % Cable TV % % % 0 0.0% % % China/Glass/Silverware % % % 1, % % % Cleaning Supplies 4, % 3, % 2, % 0 0.0% 0 0.0% % Contract Labor % 0 0.0% % % % % Decorations 2, % 3, % 3, % % % 0 0.0% Dues & Subscriptions % % (83) 0.0% 0 0.0% % 0 0.0% Equipment Rental % % % 0 0.0% 0 0.0% 0 0.0% Kitchen Equipment 0 0.0% 0 0.0% 1, % 2, % 2, % 2, % Laundry & Linen 8, % 10, % 8, % % % % Leased Equipment 2, % 2, % 2, % % % % License & Fees % % % % % % Maintenance Contracts 2, % 2, % 3, % % % 3, % Maintenance & Repairs 5, % 4, % 10, % 0 0.0% % % Marketing & Advertising 0 0.0% % % 0 0.0% % % Miscellaneous 0 0.0% % % 3, % 2, % 1, % Music & Entertainment 8, % 7, % 5, % 0 0.0% % % Office Expense % % % % % 1, % Operating Supplies % 1, % 3, % 1, % 1, % % Paper & Plastic 3, % 3, % 2, % 0 0.0% 0 0.0% (219) -0.3% Pest Control 0 0.0% 0 0.0% 0 0.0% % 0 0.0% 0 0.0% Printing % 0 0.0% % % % % Promotions 1, % 1, % % % % % Telephone 2, % 2, % 2, % 0 0.0% % % Travel % % % % % % Uniforms % 2, % % 0 0.0% % 0 0.0% Utensils 0 0.0% % 0 0.0% 11, % 12, % 13, % TOTAL OTHER EXPENSES 46, % 53, % 53, % (6,085) -7.9% (4,832) -5.7% 4, % DEPARTMENTAL PROFIT/(LOSS) (52,616) -18.5% (56,113) -20.7% (14,875) -5.7%

15 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. GOLF OPERATIONS DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR REVENUE GOLF REVENUE 18, % 18, % 16, % Cart Revenue 58, % 57, % 54, % 9, % 6, % 6, % Green Fees 19, % 16, % 15, % 8, % 8, % 8, % Golf Merchandise 43, % 42, % 32, % 2, % % % Club Storage 6, % 6, % 7, % 0 0.0% 0 0.0% 0 0.0% Reciprocal % % % 2, % 2, % 2, % Practice Range 9, % 8, % 8, % 0 0.0% 0 0.0% 0 0.0% Summer Golf Memberships 0 0.0% 0 0.0% 0 0.0% (20) 0.0% 0 0.0% (90) -0.2% Handicaps 6, % 6, % 6, % % % % Pull Cart Rental 1, % 1, % 1, % 0 0.0% 0 0.0% 0 0.0% Miscellaneous Income 2, % 1, % % % % % Miscellaneous Shop Service 1, % % % 1, % 1, % 1, % Lessons 4, % 2, % 2, % % % % Club Repair 1, % 1, % 1, % 44, % 39, % 37, % TOTAL GOLF REVENUE 154, % 144, % 130, % COST OF SALES 5, % 5, % 5, % Golf Merchandise COS 29, % 29, % 23, % % % % Golf Merchandise Freight COS 1, % % 1, % % % 2 0.0% Golf Merchandise Discounts COS % % % 5, % 6, % 5, % TOTAL COST OF SALES 31, % 30, % 24, % WAGES & BENEFITS 14, % 12, % 14, % Salaries & Wages 62, % 64, % 61, % 2, % 1, % 1, % Commissions/Lessons 7, % 6, % 4, % 2, % 2, % 2, % Payroll Burden 10, % 11, % 9, % 0 0.0% % 5 0.0% Employee Meals 0 0.0% % % % % % Group Insurance 3, % 4, % 4, % 0 0.0% 0 0.0% 0 0.0% Bonus 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Vacation/Holiday 3, % 1, % 1, % 0 0.0% % % 401(k) Program % % % % % 5 0.0% Miscellaneous % % % 20, % 18, % 19, % TOTAL WAGES & BENEFITS 88, % 88, % 83, % OTHER EXPENSES 0 0.0% 0 0.0% 0 0.0% Advertising - Help Wanted 0 0.0% 0 0.0% 0 0.0% % % % Cable TV % % % 0 0.0% 0 0.0% 0 0.0% Cleaning Supplies 0 0.0% % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Contract labor 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Decorations % % % % 0 0.0% % Dues & Subscriptions % % % 0 0.0% 0 0.0% 0 0.0% Equipment Rental 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Handicaps 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Laundry & Linen 0 0.0% 0 0.0% 0 0.0% 2, % 3, % 2, % Leased Equipment 14, % 15, % 14, % 0 0.0% 0 0.0% 0 0.0% License & Fees 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Locker Room Supplies 0 0.0% 0 0.0% 0 0.0% % % % Maintenance Contracts 1, % 2, % 1, % % 0 0.0% % Maintenance & Repairs % % % 0 0.0% 0 0.0% 0 0.0% Marketing & Advertising 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % Meals & Entertainment % 0 0.0% % 0 0.0% 0 0.0% 0 0.0% Miscellaneous 0 0.0% 0 0.0% 0 0.0% % % % Office Expense % 1, % % % % % Operating Supplies 1, % 1, % 2, % % % 0 0.0% Paper Products/Water % % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Pest Control 0 0.0% 0 0.0% 0 0.0% % % % Postage % % % 0 0.0% % % Practice Range 2, % 1, % % % % 0 0.0% Printing % % % % % % Promotions % % 1, % 0 0.0% 0 0.0% 0 0.0% Scorecard & Pencils 0 0.0% % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Small Tools 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 2 0.0% Tees & Towels 0 0.0% 0 0.0% % % % % Telephone 1, % 1, % 1, % % 0 0.0% % Travel 1, % 1, % % 0 0.0% 0 0.0% % Uniforms % % % 5, % 5, % 5, % TOTAL OTHER EXPENSES 26, % 28, % 25, % 12, % 9, % 7, % DEPARTMENTAL PROFIT/(LOSS) 8, % (3,445) -2.4% (2,906) -2.2%

16 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. TENNIS DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR REVENUE TENNIS REVENUE % % % Tennis Guest Fees 2, % 2, % 1, % 7, % 7, % 6, % Tennis Merchandise 34, % 35, % 37, % - 0.0% - 0.0% - 0.0% Tennis Miscellaneous - 0.0% - 0.0% - 0.0% 2, % 2, % 2, % Dues - League 13, % 14, % 14, % 2, % 2, % 2, % Dues - Special Ltd. 11, % 13, % 12, % - 0.0% - 0.0% % Tennis Member Events - 0.0% - 0.0% % % % % Tennis Ball Machine % % % - 0.0% - 0.0% - 0.0% Tennis Camp 7, % 4, % 6, % 13, % 11, % 10, % Tennis Lessons 43, % 51, % 50, % % % 1, % Tennis Stringing 3, % 4, % 5, % - 0.0% - 0.0% - 0.0% Florida Open Pro % Pass Through 1, % - 0.0% 1, % 27, % 25, % 25, % TOTAL TENNIS REVENUE 118, % 126, % 132, % COST OF SALES 5, % 5, % 5, % Cost of Sales - Tennis Merchandise 25, % 27, % 29, % % % % Cost of Sales - Freight % % % % % % Cost of Sales - Discounts % % % 5, % 5, % 5, % TOTAL COST OF SALES 26, % 27, % 29, % WAGES & BENEFITS 14, % 11, % 11, % Salaries & Wages 55, % 59, % 56, % 10, % 10, % 8, % Commissions/Lessons 43, % 44, % 41, % - 0.0% - 0.0% - 0.0% Tennis Camp Wages - 0.0% 4, % 4, % 3, % 2, % 2, % Payroll Burden 14, % 15, % 13, % - 0.0% % - 0.0% Employee Meals - 0.0% % 1 0.0% 1, % 1, % % Group Insurance 5, % 5, % 5, % - 0.0% - 0.0% - 0.0% Bonus - 0.0% - 0.0% - 0.0% % % - 0.0% Vacation/Holiday 5, % 3, % 3, % - 0.0% % % 401(k) Program % % % % % - 0.0% Miscellaneous % % % 29, % 26, % 24, % TOTAL WAGES & BENEFITS 124, % 132, % 126, % OTHER EXPENSES - 0.0% - 0.0% - 0.0% Advertising - Help Wanted - 0.0% % - 0.0% % % % Cable TV % % % - 0.0% - 0.0% - 0.0% Clay Tennis % - 0.0% - 0.0% - 0.0% % - 0.0% Cleaning Supplies % % - 0.0% % - 0.0% - 0.0% Contract Labor % - 0.0% - 0.0% - 0.0% - 0.0% - 0.0% Decorations % % % % - 0.0% - 0.0% Dues & Subscriptions % % - 0.0% - 0.0% - 0.0% - 0.0% Equipment Rental - 0.0% - 0.0% - 0.0% - 0.0% % - 0.0% Grounds & Courts % 1, % % % % % Leased Equipment 1, % 1, % % - 0.0% - 0.0% - 0.0% License & Fees - 0.0% - 0.0% - 0.0% % % % Maintenance Contracts 1, % % % % % % Maintenance & Repairs 2, % 3, % % - 0.0% - 0.0% 1, % Marketing & Advertising - 0.0% - 0.0% 1, % - 0.0% - 0.0% - 0.0% Meals & Entertainment % % - 0.0% - 0.0% - 0.0% - 0.0% Miscellaneous - 0.0% - 0.0% - 0.0% % % % Office Expense % % % % % % Operating Supplies 2, % 2, % % % % % Postage % % % - 0.0% - 0.0% - 0.0% Printing - 0.0% % - 0.0% 1, % 1, % % Promotions 1, % 2, % 1, % - 0.0% - 0.0% - 0.0% Sand & Soil - 0.0% % - 0.0% - 0.0% - 0.0% - 0.0% Signs & Fences - 0.0% % - 0.0% - 0.0% - 0.0% - 0.0% Small Tools - 0.0% 1, % - 0.0% - 0.0% % % Stringing Fees 1, % 2, % 2, % % % % Telephone 1, % 1, % 1, % - 0.0% - 0.0% - 0.0% Tennis Camp 3, % 1, % 1, % - 0.0% - 0.0% - 0.0% Travel 3, % - 0.0% - 0.0% - 0.0% - 0.0% % Uniforms % % % 3, % 4, % 3, % TOTAL OTHER EXPENSES 23, % 21, % 11, % (11,736) -43.2% (10,153) -39.5% (7,783) -30.4% DEPARTMENTAL PROFIT/(LOSS) (55,348) -46.7% (55,302) -43.7% (35,484) -26.9%

17 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. MARINA DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR REVENUE MARINA REVENUE 28, % 12, % 16, % Marina Merchandise/Services 80, % 67, % 71, % 74, % 50, % 63, % Marina Gas Sales 270, % 210, % 219, % 15, % 12, % 12, % Marina Deisel Sales 45, % 39, % 33, % 1, % 2, % 1, % Marina Boat Servicing ( In House ) 11, % 19, % 14, % 62, % 36, % 28, % Marina Boat Servicing ( Subcontractor ) 229, % 191, % 180, % 0 0.0% 0 0.0% 0 0.0% Marina Dock Hook Up % 0 0.0% 0 0.0% % % 0 0.0% Marina Dock On Rental % % % 2, % 2, % 2, % Marina Electric Cord Charge 10, % 11, % 10, % % 1, % 1, % Marina Boat Rental 6, % 7, % 5, % 2, % 2, % 2, % Marina Boat Storage 13, % 12, % 14, % % 1, % % Marina Ramp Fees 4, % 6, % 4, % % 0 0.0% 0 0.0% Marina Miscellaneous Income % 0 0.0% % 188, % 122, % 129, % TOTAL MARINA REVENUE 672, % 565, % 555, % COST OF SALES 18, % 8, % 10, % Merchandise/Service 52, % 45, % 42, % 66, % 44, % 56, % Gasoline 240, % 186, % 192, % 13, % 10, % 10, % Diesel 38, % 33, % 28, % % % % Fuel Use Tax Diesel 2, % 1, % 1, % 54, % 30, % 24, % Subcontractor Work 199, % 160, % 156, % 0 0.0% 0 0.0% 0 0.0% Rental Boat Expense 0 0.0% % 0 0.0% 153, % 95, % 103, % TOTAL COST OF SALES 532, % 429, % 422, % WAGES & BENEFITS 8, % 10, % 10, % Salaries & Wages 47, % 55, % 51, % 4, % 3, % 3, % Commissions 17, % 18, % 16, % 1, % 2, % 1, % Payroll Burden 10, % 12, % 10, % 0 0.0% % 0 0.0% Employee Meals 0 0.0% % % 1, % 1, % 1, % Group Insurance 5, % 5, % 3, % 0 0.0% 0 0.0% 0 0.0% Bonus 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % Vacation/Holiday 3, % 2, % % 0 0.0% % % 401(k) Program 0 0.0% % % 1 0.0% % 0 0.0% Miscellaneous % % % 16, % 18, % 16, % TOTAL WAGES & BENEFITS 84, % 95, % 82, % OTHER EXPENSES 0 0.0% 0 0.0% 0 0.0% Advertising - Help Wanted 0 0.0% 0 0.0% 0 0.0% % % % Cable TV % % % 0 0.0% 0 0.0% 0 0.0% Cash (over) / Short 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Cleaning Supplies 0 0.0% % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Consulting Fees 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Contract Labor 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Decoration % % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Donations 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Dues & Subscriptions % % % 1, % % % Electric - Boat Docks 6, % 5, % 5, % 0 0.0% 0 0.0% 0 0.0% Equipment Rental 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Gasoline & Oil 0 0.0% % 0 0.0% 0 0.0% % 0 0.0% Grounds, Parking & Docks 0 0.0% % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Laundry & Linen 0 0.0% 0 0.0% 0 0.0% % % % Leased Equipment 1, % 1, % 1, % 0 0.0% 0 0.0% % Licenses & Fees 0 0.0% 0 0.0% % % % % Maintenance Contracts % % % % % % Maintenance & Repairs % 1, % 1, % 0 0.0% % 0 0.0% Marketing & Advertising 0 0.0% % 0 0.0% 8 0.0% 0 0.0% 0 0.0% Meals & Entertainment % 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Miscellaneous 0 0.0% 0 0.0% % 0 0.0% % % Office Expense % 1, % 1, % % % % Operating Supplies 2, % 1, % 1, % 0 0.0% 0 0.0% 0 0.0% Pest Control 0 0.0% 0 0.0% 0 0.0% 0 0.0% 5 0.0% 0 0.0% Postage 0 0.0% % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Printing 0 0.0% 0 0.0% 0 0.0% 0 0.0% % 0 0.0% Promotions 7 0.0% % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Security Systems 0 0.0% 0 0.0% 0 0.0% % % 0 0.0% Small Tools % % % % % (143) -0.1% Telephone 1, % 1, % 1, % 0 0.0% 0 0.0% 0 0.0% Travel 0 0.0% 0 0.0% 0 0.0% % 0 0.0% 0 0.0% Uniforms % % % % % % Utilities - Electric 3, % 3, % 3, % % % % Utilities - Trash Removal 1, % 1, % 1, % 4, % 4, % 3, % TOTAL OTHER EXPENSES 18, % 21, % 18, % 14, % 4, % 5, % DEPARTMENTAL PROFIT/(LOSS) 37, % 19, % 31, %

18 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. MISCELLANEOUS DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR MISCELLANEOUS REVENUE 0 0.0% 0 0.0% 0 0.0% Annual Discount 0 0.0% 0 0.0% 0 0.0% 66, % 66, % 65, % Debt Finance Income 331, % 330, % 330, % 0 0.0% % % Discounts Earned % % % 0 0.0% 0 0.0% 0 0.0% Donation Income % % % % % % Dues - Pool Membership 3, % 4, % 4, % 5, % 2, % 2, % Finance Charges 22, % 13, % 17, % % % % Interest Income % % % 0 0.0% 0 0.0% 0 0.0% Landings Realty Commissions 0 0.0% 0 0.0% % 1, % 1, % 0 0.0% Landings Realty Rent 5, % 5, % 5, % 12, % 11, % 10, % Lease Processing Fee 35, % 36, % 35, % 0 0.0% 0 0.0% 0 0.0% Lease Processing Fee - Clubhouse 0 0.0% 0 0.0% 0 0.0% % % % Miscellaneous Income - Transmitters 2, % % % % % % Miscellaneous Income 3, % 2, % 1, % 313, % 313, % 313, % Operating Assessments 1,567, % 1,567, % 1,568, % 0 0.0% 0 0.0% 0 0.0% Owner Fees - Discounts (760) 0.0% 0 0.0% (800) 0.0% % % % Owner Transfers Fees 1, % 1, % % 0 0.0% 0 0.0% 0 0.0% Owner Transfers 0 0.1% 0 0.0% 0 0.1% 0 0.0% 0 0.0% 0 0.0% Rverside Annual 0 0.1% 0 0.0% 0 0.1% 0 0.0% 0 0.0% 0 0.0% Special Assessments 0 0.1% 0 0.0% 0 0.1% 400, % 396, % 394, % TOTAL MISCELLANEOUS REVENUE 1,972, % 1,963, % 1,965, %

19 THE LANDINGS YACHT, GOLF & TENNIS CLUB INC. ADMINISTRATION & GENERAL DEPARTMENTAL PROFIT & LOSS M-T-D M-T-D M-T-D Y-T-D Y-T-D Y-T-D ACTUAL BUDGET LAST YEAR ACTUAL BUDGET LAST YEAR WAGES & BENEFITS 26, % 26, % 24, % Salaries & Wages 136, % 139, % 126, % 3, % 4, % 3, % Payroll Burden 20, % 25, % 20, % 0 0.0% % 0 0.0% Employee Meals 0 0.0% % % 2, % 1, % 2, % Group Insurance 10, % 9, % 8, % % % 2, % Bonus 31, % 30, % 30, % % 1, % 0 0.0% Vacation/Holiday 5, % 7, % 6, % 0 0.0% % 0 0.0% 401(k) Program % % (0) 0.0% (153) 0.0% % % Miscellaneous % % 3, % 33, % 34, % 33, % TOTAL WAGES & BENEFITS 205, % 213, % 196, % OTHER EXPENSES 2, % 1, % 0 0.0% Audit/Tax Prep 26, % 25, % 25, % 0 0.0% 0 0.0% 0 0.0% Advertising - Help Wanted 0 0.0% 0 0.0% 0 0.0% 6, % 7, % 7, % Accounting Fees 35, % 37, % 37, % 0 0.0% 0 0.0% 0 0.0% Bad Debt 0 0.0% 0 0.0% 0 0.0% % % % Bank Fees 1, % 3, % 1, % % % % Cable TV 1, % 1, % % 0 0.0% 0 0.0% (15) 0.0% Cash (Over) / Short % 0 0.0% % % 0 0.0% 0 0.0% Cleaning Supplies % % 0 0.0% 0 0.0% 0 0.0% 0 0.0% Clubhouse Cleaning 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Consulting Fees 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % Contract Labor 0 0.0% 0 0.0% % 4, % 3, % 2, % Credit Card Discount Fees 17, % 11, % 11, % 0 0.0% 0 0.0% 0 0.0% Decorations 0 0.0% % % 0 0.0% 0 0.0% 0 0.0% Donations % 0 0.0% 0 0.0% % % % Dues & Subscriptions 1, % % % 0 0.0% 0 0.0% 0 0.0% Equipment Rental 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Gate Opener Replacement 0 0.0% 0 0.0% 0 0.0% 1, % 1, % 1, % Leased Equipment 8, % 9, % 6, % 3, % 2, % 1, % Legal Fees 33, % 13, % 8, % % % % Licence & Fees 1, % 1, % 1, % % % % Maintenance Contracts 3, % 4, % 2, % % % % Maintenance & Repairs 3, % 3, % 5, % 0 0.0% 0 0.0% 0 0.0% Marketing & Advertising 0 0.0% 1, % 0 0.0% % % % Meals & Entertainment 4, % 1, % 3, % % % % Miscellaneous % % 3, % 2, % % 4, % Office Expense 10, % 5, % 10, % % % % Operating Supplies % 1, % % 0 0.0% 0 0.0% 0 0.0% Pest Control 0 0.0% 0 0.0% 0 0.0% % % 3, % Postage 2, % 3, % 6, % 3, % % % Printing 6, % 2, % 2, % % % % Promotions 3, % 2, % 1, % 0 0.0% 0 0.0% 0 0.0% Signs & Fences 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Small Tools 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % Storage 2, % 2, % 1, % % 1, % % Telephone 4, % 5, % 4, % % % % Travel Expense % 1, % 1, % 0 0.0% % 0 0.0% Uniforms % % 0 0.0% 30, % 24, % 27, % TOTAL OTHER EXPENSES 170, % 141, % 136, % 64, % 59, % 61, % DEPARTMENTAL EXPENSE 376, % 355, % 333, %