Statement of Financial Position

	This Year	End Prior Yr	Variance
	Amount	Amount	Amount

ASSETS
Current Assets:
Cash & Cash Equivalents	$ 419,363	$ 527,084	$ (107,721)
Members' Receivables	298,834	182,778	116,056
Inventories	108,479	82,980	25,498
Prepaid Expenses	63,777	56,839	6,937

Total Current Assets	890,453	849,682	40,771

Investments - Long-Term	369,476	351,246	18,230

Deferred Initiation Fees	213,215	213,215	-

Property and Equipment:
Golf Course	115,963	115,963	-

Land, Buildings & Equipment	4,463,777	4,280,854	182,923
Less: Accumulated Depreciation	(3,243,684)	(3,066,564)	(177,120)
	1,220,093	1,214,290	5,803

Net Property & Equipment	1,336,056	1,330,254	5,803
Total Assets	$ 2,809,200	$ 2,744,397	$ 64,804

LIABILITIES & MEMBERS' EQUITY
Current Liabilities:
Current Portion of Debt	$ 140,000	$ 280,000	$ 140,000
Accounts Payable	86,816	126,120	39,304
Accrued Expenses	129,380	101,510	(27,870)
Deferred Dues & Fee Revenue	218,626	13,165	(205,461)

Total Current Liabilities	574,822	520,795	(54,027)

Deferred Initiation Fees	213,215	213,215	-
Accrued Retirement Payable	30,281	30,281	-
Mortgage Payable	405,000	405,000	-

Total Liabilities	1,223,318	1,169,291	(54,027)

Members' Equity:
Unrestricted:
Contributed and Accumulated Capital	1,550,546	1,541,052	(9,494)
Specified Equity	35,337	33,054	(1,283)
Total Members' Equity	1,585,882	1,575,106	(10,777)
Total Liabilities and Members' Equity	$ 2,809,200	$ 2,744,397	$ (64,804)