SADDLEBROOK RENTAL POOL OPERATION

BALANCE SHEETS

DISTRIBUTION FUND


	June 30, 2016 (Unaudited)		December 31, 2015
Assets
Receivable from Saddlebrook Resorts, Inc.	$	738,512	$	488,021

Liabilities and Participants’ Fund Balance
Due to participants for rental pool distribution	$	647,828	$	439,589
Due to maintenance escrow fund		90,684		48,432

	$	738,512	$	488,021

MAINTENANCE ESCROW FUND


	June 30, 2016 (Unaudited)			December 31, 2015
Assets
Cash and cash equivalents	$	322,966		$	372,021
Receivables:
Distribution fund		90,684			48,432
Interest accrued		(42	)		(16	)
Owner payments		—			—
Linen inventory		123,202			17,925
Furniture inventory		54,679			43,421
Prepaid expenses and other assets		227			34

	$	591,716		$	481,817

Liabilities and Participants’ Fund Balance
Accounts payable	$	91,436		$	186,109
Participants’ fund balance		500,280			295,708

	$	591,716		$	481,817

The accompanying notes are an integral part

of these financial statements

SADDLEBROOK RENTAL POOL OPERATION

STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Rental pool revenues	$	2,071,871		$	2,765,127		$	5,708,644		$	6,263,314

Deductions:
Marketing fee		155,390			207,384			428,148			469,748
Management fee		258,984			345,641			713,581			782,914
Travel agent commissions		156,531			118,033			245,066			300,271
Credit card expense		61,349			73,546			132,857			155,239

		632,254			744,604			1,519,652			1,708,172

Net rental income		1,439,617			2,020,523			4,188,992			4,555,142
Less operator share of net rental income		(647,828	)		(909,235	)		(1,885,047	)		(2,049,814	)
Other revenues (expenses):
Complimentary room revenues		11,821			7,381			28,720			13,821
Minor repairs and replacements		(65,098	)		(64,135	)		(138,053	)		(131,631	)

Amount available for distribution	$	738,512		$	1,054,534		$	2,194,612		$	2,387,518

The accompanying notes are an integral part

of these financial statements

SADDLEBROOK RENTAL POOL OPERATION

STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES

(Unaudited)

DISTRIBUTION FUND


	Six months ended June 30,
	2016			2015
Balance at beginning of period	$	—		$	—
Additions:
Amount available for distribution		2,194,612			2,387,518
Reductions:
Amount withheld for maintenance escrow fund		(309,565	)		(337,704	)
Amount accrued or paid to participants		(1,885,047	)		(2,049,814	)

Balance at end of period	$	—		$	—

MAINTENANCE ESCROW FUND


	Six months ended June 30,
	2016			2015
Balance at beginning of period	$	295,708			236,911
Additions:
Amount withheld from distribution fund		309,565			337,704
Unit owner payments		67,974			95,342
Interest earned		—			10
Reductions:
Escrow account refunds		(1,647	)		(9,045	)
Maintenance charges		(171,320	)		(93,761	)
Unit renovations		—			(81,379	)
Linen replacement		—			(63,491	)

Balance at end of period	$	500,280		$	422,291