POA FINANCIAL STATEMENTS

By John List, CFO

For the eleven months ended November 30, 2007 your POA had income from operations of $179,592 or $194,137 worse than budget. After providing for depreciation of $501,916 and non-recurring insurance recovery of $400,000, the net income was $77,676.

While most cost centers have controlled their expenses within budget, the revenue from our amenities and permits continue lower than planned. The national slump in the housing market has substantially reduced the volume of building permits and property transfers this year. We are proud of the job being done by our crew in the restaurants and encourage you to eat in the Country Club and 19^th Hole. Jeff and his staff are working hard to give you good food at a reasonable price. We will soon know if the snow bird business at our golf courses this winter has recovered from the post-Katrina slump.

We are grateful to all of you who have paid your 2008 property assessments promptly and remind those who have not that unpaid dues become a lien on your property under the covenants. We have adopted an aggressive program of seeking recovery from the worst offenders through the courts and, if it becomes necessary to turn accounts over to our lawyer for collection, there will be an additional legal charge. This process is unfortunately necessary to be fair to all of you who do pay promptly.