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| SUN LAKES LIFESTYLES | SEPTEMBER 2023 | 7 The Association had a loss (expenses exceeded revenue) in June of $82,273 and a year-to-date surplus of $295,525 (see table below). The Association has done better than budget in all departments except Restaurant & Lounge. For example, the Golf operations loss year to date is 31.7 percent of the annual budgeted loss, on the other hand the Restaurant & Lounge loss year-to-date of $430,197 is 85.2 percent of the annual budgeted loss. At the end of June, the balance in the Operating fund checking account was $596,218, on that same date the Association had outstanding bills of $821,451 (see graphic below). The Board is developing a plan, to be included in the 2024 budget, to increase the Operating Fund cash balance and reduce outstanding bills. This comparison of cash vs outstanding bills is a basic test of the sufficiency of cash in the Operating Fund. At the end of June, the Association had cash of $11,767,512 in the Repair & Replacement Fund and $2,105,806 in the Capital Improvement Fund (CIF). A large project, the expansion of the Lounge is in progress, the funding of which will come from the CIF. The conceptual design work on the project is nearly complete. An architect has been engaged to complete drawings necessary the submit to contractors for bids. I want to express my appreciation to the Financial Advisor Committees, past and present, for the advice they have provided to the Master Board. Some recommendations that, in my opinion, have been particularly valuable: 1. Investment policy advice resulting in higher return investments and improved communication. 2. Identifying excessive credit card processing fees paid by the Association. 3. Continued monitoring of weaknesses in controls in the Restaurant. 4. Special Assessment for new home buyers. Gary Burkel, SLCC Treasurer, CPA-Retired Treasurer's Report: May 2023 Financial Statements * THE OPERATING FUND IS USED TO MANAGE DAILY OPERATIONS OF THE HOA. IT DOES NOT INCLUDE CASH IN RESTRICTED FUNDS. THIS IS A BASIC TEST THAT MEASURES THE SUFFICIENCY OF THE CASH POSITION OF THE ORGANIZATION. SUN LAKES COUNTRY CLUB HOA OPERATING FUND CASH* Available cash (blue) compared to outstanding bills (red) SUMMARY OF JUNE 2023 INCOME STATEMENT BY DEPARTMENT

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