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BEMA Financial Records <br /> Big Elk Meadows Associations are private not-for-profit corporations. The Home Owners <br /> Associations have operated for 60 years with a current annual budget of around $450,000 for <br /> both associations with meager year average increases of 2.5% per year. The yearly activity <br /> roughly broke even each year with limited contributions to reserves of less the 5% per year. <br /> Total Assets in 2014 were $1,790,831 prior to starting the reconstruction. Total Long Term <br /> Liabilities were $329,081 at the end FY13. (6/2014) Current Long Term Liabilities are <br /> $1,331,000 which consist mostly of the CWCB loans. <br /> The reconstruction effort is projected to be over 6 million dollars with 3 million dollars going to <br /> each association respectively. All of these dollars are still considered Construction-in-Process <br /> as none of these have been closed out with FEMA. The water project is completed and will be <br /> closed out in 2017. The dam project is 55%complete with only$1.7 million completed to date <br /> and is planned to be completed in 2018. <br /> • Financial Statements of the association (2 most recently available years, and current years <br /> budget) We are currently going through an audit and making adjustments for construction <br /> expenditures and deferred revenues. <br /> (See Attached) <br />