Independent Accountant's Compilation Report

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1 MILLER, BRUSSELL, EBBEN AND GLAESKE LLC CERTIFIED PUBLIC ACCOUNTANTS POST OFFICE BOX 585 PORTAGE, WISCONSIN Independent Accountant's Compilation Report Saddle Ridge Association Ltd A Wisconsin Homeowners Association Portage, WI We have compiled the accompanying statement of assets, liabilities, and equity-income tax basis of Saddle Ridge Association Ltd as of June 30, 2013, and the related statement of revenues, expenses and retained earnings-income tax basis for the nine months then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with the income tax basis of accounting. Management is responsible for the preparation and fair presentation of the financial statements in accordance with the income tax basis of accounting and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared in accordance with the income tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's assets, liabilities, equity, revenues and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters. Miller, Brussell, Ebben & Glaeske, LLC Portage, Wisconsin July 10, 2013

2 Statement of Assets, Liabilities & Equity - Income Tax Basis As of June 30, 2013 ASSETS CURRENT ASSETS 1010 Community Bk Oper Cking 907 $ 69, Community Bank-Reserve , Total Current Assets 211, OTHER ASSETS 1350 Accounts Receivable 8, Total Other Assets 8, CAPITAL ASSETS 1950 Capital Improvements 87, Equipment Accum Depn-Capital Improve (26,865.24) 1980 Accum Depn-Equip (450.00) Total Capital Assets 60, TOTAL ASSETS $ 280, LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES 2000 FICA Withholding Payable $ State Withholding Payable Total Current Liabilities 1, LONG-TERM LIABILITIES Total Liabilities 1, STOCKHOLDERS' EQUITY Retained Earnings 279, Total Stockholders' Equity 279, TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 280, See Independent Accountant's Compilation Report 1

3 Statement of Retained Earnings Income Tax Basis 9 Months Ended June 30, 2013 Beginning of Period $ 230, Plus: Net Income (Loss) $ 48, Less: Dividends Paid 0.00 RETAINED EARNINGS END OF PERIOD $ 279, See Independent Accountant's Compilation Report 2

4 Statement of Revenues & Expenses Income Tax Basis 1 Month Ended 9 Months Ended June 30, 2013 % June 30, 2013 % Revenue 4100 Monthly Maintenance Fee $ 19, $ 172, Monthly Reserve 6, , Late Payment Fee Property Insurance (39.46) (0.02) 4810 Interest Earned Misc Income Shared Forest & SLV , Developer Payments (1,396.47) (5.80) (1,396.47) (0.60) Less Returns & Allowances Total Revenue 24, , Gross Profit 24, , Expenses Administrative Expenses 5100 Office Supp, Mailings,Printing , Accounting , Legal , Condo Tax & 1120H Exp Real Estate/PP Tax Bank Charges Licenses, Fees, Permits Miscellaneous Exp Office Equip Phone & Computer , Wages-Website , Website Maintenance , Rent-Meeting Room & Storage Payroll Tax Expense , Management Fees 1, , Total Administrative Expenses 2, , Septic Expenses 6090 Reimburse SRE-Sewer , Reimburse SRE-Water (1,718.28) (0.74) Total Septic Expenses , Other Operating Expenses 6300 Electric (Street Lights) , Insurance Property Total Other Operating Expenses , See Independent Accountant's Compilation Report 3

5 Statement of Revenues & Expenses Income Tax Basis 1 Month Ended 9 Months Ended June 30, 2013 % June 30, 2013 % Roads/Snow Expense 7100 Snow Removal-Sanding , Total Roads/Snow Expenses , RD&DR Repair Resurface Expense 7410 Road & Driveway Repair Pond Management Total RD&DR Repair Resurface , Grounds Expense 8200 Lawn Maintenance & Tree , Fertilizer , Refuse Collection 1, , Tree/Shrub Removal , Mowing 4, , Property Cleanup 1, , Wages - Maintenance Landscaping/Trimming Shr 1, , Total Grounds Expense 9, , Building Expense 9310 Siding Repairs & Cleaning Gutter Clean Up Gutter Repair Building Maintenance 2, , Total Building Expense 3, , Capital Improvements 9430 Road Resurfacing & Crack , Siding Projects , Depreciation , Gutter & Downspout Repla , Decks 2, , Total Capital Improvements 2, , Total Expenses 19, , Net Income from Operations 4, , Special Projects 9850 Road Replacement 1, , Entryway Electric See Independent Accountant's Compilation Report 4

6 Statement of Revenues & Expenses Income Tax Basis 1 Month Ended 9 Months Ended June 30, 2013 % June 30, 2013 % Total Special Projects 1, , Income (Loss)Before Income Tax 3, , Net Income (Loss) 3, , See Independent Accountant's Compilation Report 5

7 Statement of Revenues & Expenses With Budget - Income Tax Basis 9 Months Ended June 30, 2013 Annual Actual % Budget % Variance Revenue 4100 Monthly Maintenance Fee $ 172, $ 229, (56,443.00) 4110 Monthly Reserve 56, , (19,111.00) 4200 Late Payment Fee Property Insurance (39.46) (0.02) 27, (27,310.46) 4810 Interest Earned Misc Income Shared Forest & SLV 1, , (10,224.47) 4950 Developer Payments (1,396.47) (0.60) (1,396.47) Less Returns & Allowances Total Revenue 231, , (113,160.09) Gross Profit 231, , (113,160.09) Expenses Administrative Expenses 5100 Office Supp, Mailings,Printing 2, , (1,182.28) 5200 Accounting 4, , (300.00) 5210 Legal 1, , , Condo Tax & 1120H Exp (467.00) 5310 Real Estate/PP Tax (16.31) 5400 Bank Charges (10.26) 5410 Licenses, Fees, Permits (275.00) 5500 Miscellaneous Exp (972.55) 5600 Office Equip , , Phone & Computer 1, (1,367.93) 5620 Wages-Website 1, (1,074.00) 5625 Website Maintenance 3, (3,155.26) 5650 Rent-Meeting Room & Storage (600.00) 5700 Payroll Tax Expense 1, , Management Fees 11, , , Total Administrative Expenses 28, , Septic Expenses 6090 Reimburse SRE-Sewer 28, , , Reimburse SRE-Water (1,718.28) (0.74) 17, , Total Septic Expenses 27, , , Supplemental Information 6

8 Statement of Revenues & Expenses With Budget - Income Tax Basis 9 Months Ended June 30, Months Ended June 30, 2013 Actual % Budget % Variance Other Operating Expenses 6300 Electric (Street Lights) 6, , , Insurance-Prop & Liab , , Insurance Property , , Total Other Operating Expense 6, , , Roads/Snow Expense 7100 Snow Removal-Sanding 30, , , Total Roads/Snow Expenses 30, , , RD&DR Repair Resurface Expense 7410 Road & Driveway Repair (45.00) 7440 Pond Management (980.58) Total RD&DR Repair Resurface 1, (1,025.58) Grounds Expense 8200 Lawn Maintenance & Tree 19, , (6,616.53) 8210 Fertilizer 2, , , Refuse Collection 12, , , Tree/Shrub Removal 5, , , Mowing 5, , , Property Cleanup 1, (1,691.25) 8245 Wages - Maintenance (634.21) 8250 Landscaping/Trimming Sh 2, , (907.47) Total Grounds Expense 49, , , Building Expense 9310 Siding Repairs & Cleaning , , Roof Repair , , Painting , , Gutter Clean Up , , Gutter Repair (405.00) 9360 Building Maintenance 6, , , Total Building Expense 7, , , Supplemental Information 7

9 Statement of Revenues & Expenses With Budget - Income Tax Basis 9 Months Ended June 30, Months Ended June 30, 2013 Actual % Budget % Variance Capital Improvements 9430 Road Resurfacing & Crack 6, (6,750.00) 9440 Siding Projects 3, , , Depreciation 4, (4,370.85) 9490 Gutter & Downspout Repla 2, , , Decks 13, , , Total Capital Improvements 29, , , Total Expenses 180, , , Net Income from Operations 50, , , Special Projects 9850 Road Replacement 1, (1,258.62) 9860 Entryway Electric (48.58) Total Special Projects 1, (1,307.20) Income (Loss)Before Income Tax 48, , , Net Income (Loss) 48, , , Supplemental Information 8

10 Statement of Revenues & Expenses - Income Tax Basis Trend Analysis - Most Recent 12 Months Sales 7/31/12 8/31/12 9/30/12 10/31/12 11/30/12 12/31/12 1/31/13 2/28/13 3/31/13 4/30/13 5/31/13 6/30/13 Monthly Maintenance Fee 18, , , , , , , , , , , , Monthly Reserve 7, , , , , , , , , , , , Late Payment Fee (25.00) (150.00) Property Insurance , (214.46) Interest Earned Misc Income Shared Forest & SLV , Developer Payments (1,396.47) Less Returns & Allowances Total Revenue 25, , , , , , , , , , , , Gross Profit 25, , , , , , , , , , , , Expenses Administrative Expenses Office Supp, Mailings,Printing Accounting , Legal 1, Condo Tax & 1120H Exp Real Estate/PP Tax Bank Charges Licenses, Fees, Permits (75.00) Miscellaneous Exp Office Equip Phone & Computer Wages-Website Website Maintenance , , Rent-Meeting Room & Storage Payroll Tax Expense Management Fees 5, , , , , , , , Total Administrative Expens 8, , , , , , , , , , , Septic Expenses Reimburse SRE-Sewer 1, , , , Reimburse SRE-Water 7, , , (6,846.29) TotalSepticExpenses 9, , , , Other Operating Expenses Electric (Street Lights) Supplemental Information 9

11 Statement of Revenues & Expenses - Income Tax Basis Trend Analysis - Most Recent 12 Months 7/31/12 8/31/12 9/30/12 10/31/12 11/30/12 12/31/12 1/31/13 2/28/13 3/31/13 4/30/13 5/31/13 6/30/13 Insurance-Prop & Liab , Insurance Property , TotalOther Oper Expenses , Snow Removal-Sanding Snow Removal-Sanding , (3,543.27) , TotalSnow Removal-Sanding , (3,543.27) , RD&DR Repair Resurface Road & Driveway Repair Pond Management Total RD & DR Repair Resurf Grounds Expense Lawn Maintenance & Tree Remo , , , Fertilizer 1, , , Refuse Collection 1, , , , , , , , , , , , Tree/Shrub Removal , , , Mowing 1, , , , Property Cleanup , Wages - Maintenance Landscaping/Trimming Shrubs , , TotalGrounds Expenses 4, , , , , , , , , , , , Building Expense Siding Repairs & Cleaning Gutter Clean Up Gutter Repair Building Maintenance 2, , , , , , TotalBuilding Expenses 2, , , , , , Capital Improvements Painting Projects 5, Road Resurfacing & Crack Filling , , , Siding Projects , , Roofing Projects , Depreciation Driveway Replacement 3, Gutter & Downspout Replacemen , , Supplemental Information 10

12 Statement of Revenues & Expenses - Income Tax Basis Trend Analysis - Most Recent 12 Months 7/31/12 8/31/12 9/30/12 10/31/12 11/30/12 12/31/12 1/31/13 2/28/13 3/31/13 4/30/13 5/31/13 6/30/13 Decks , , , , Total Capital Improvements 9, , , , , , , , Total Expenses 34, , , , , , , , , , , , Net Income from Operations $ (8,901.76) $30, $(50,306.31) $ (7,988.64) $11, $18, $(10,468.13) $10, $17, $ (7,546.17) $13, $ 4, Special Projects Road Replacement , Entryway Electric Total Special Projects , Income (Loss) Before Incom (8,901.76) 30, (50,306.31) (7,988.64) 11, , (10,468.13) 10, , (7,546.17) 13, , Income (Loss) Before Inco Supplemental Information 11

13 06/30/13 Saddle Ridge Association Ltd Cash Disbursements Journal Page 1 07/10/13 Reference Date Reference T Account Description Amount Total 06/01/ Cash Disbursements (40.00) 06/10/ Cash Disbursements (10,620.31) 06/10/ Cash Disbursements (144.11) 06/26/ Cash Disbursements (6,703.62) (17,508.04) 06/01/ V 5650 Portage Mini Warehouse LLC /10/ V 5100 Elmer L Gosda /10/ V 8250 Elmer L Gosda /10/ V 8240 Eric's Lawn & Landscaping LLC 4, /10/ V 8242 Eric's Lawn & Landscaping LLC 1, , /10/ V 9500 KT Construction 2, , /10/ V 5200 Miller, Brussell, Ebben & Glaeske /10/ V 8250 MOST Snow Plowing & Trucking 1, , /10/ V 8240 Pine Trail Golf Course /10/ V 5100 Portage Printing /10/ V 9850 Two Rivers Signs & Design of Portage /10/ V 5100 Charles Steidinger /26/ V 4950 Agnew Electric Inc 1, /26/ V 9860 Agnew Electric Inc , /26/ V 5500 Country Plumber, INC /26/ V 9310 DC Builders LLC /26/ V 5100 Elmer L Gosda /26/ V 5500 Lunch /26/ V 8250 Edgewater & Collins & Cro /26/ V 9360 Window Well Covers /26/ V 7410 KT Construction /26/ V 9355 KT Construction /26/ V 9360 KT Construction 2, , /26/ V 9850 Two Rivers Signs & Design of Portage 1, , /26/ V 5610 US Cellular /04/13 EFT0601 V 1010 Bank WI Dells (8.46) 06/04/13 EFT0601 V 5400 Bank WI Dells /05/13 EFT0602 V 1010 Alliant Energy (699.34) 06/05/13 EFT0602 V 6300 Alliant Energy /06/13 EFT0603 V 1010 Waste Management (1,398.84) 06/06/13 EFT0603 V 8220 Waste Management 1, /17/13 EFT0604 V 1010 Go Daddy (6.99) 06/17/13 EFT0604 V 5625 Go Daddy /26/13 EFT0605 V 1010 Bank WI Dells (8.46) 06/26/13 EFT0605 V 5400 Bank WI Dells 8.46

14 06/30/13 Saddle Ridge Association Ltd Cash Disbursements Journal Page 2 07/10/13 Reference Date Reference T Account Description Amount Total Transaction Balance 0.00 Total Debits 19, Total Credits 19, A/C Hash Total Number of Transactions 39

15 06/30/13 Saddle Ridge Association Ltd General Journal Page 3 07/10/13 Reference Date Reference T Account Description Amount Total 06/30/13 Depn S 1960 Rcrd Monthly Depn - Paving (111.73) 06/30/13 Depn S 9460 Rcrd Monthly Depn - Paving /30/13 Depn1 S 1960 Rcrd Monthly Depreciation Estimate (373.92) 06/30/13 Depn1 S 9460 Rcrd Monthly Depreciation Estimate /05/13 JE Rcrd EFT Dues Deposit 21, /05/13 JE Rcrd EFT Dues Deposit (21,200.00) 06/06/13 JE Rcrd Deposit 3, /06/13 JE Rcrd Deposit (3,200.00) 06/30/13 JE Rcrd Monthly Charges 25, /30/13 JE Rcrd Monthly Charges (19,117.00) 06/30/13 JE Rcrd Monthly Charges (6,283.00) 06/30/13 JE Rcrd Monthly Charges (75.00) 06/30/13 JE Reverse Unemployment Accrual /30/13 JE Reverse Unemployment Accrual (15.90) 06/30/13 Je Rcrd Interest Earned Reserve Acct /30/13 Je Rcrd Interest Earned Reserve Acct (16.29) 06/10/13 P Payroll Journal Entry (73.88) 06/10/13 P Payroll Journal Entry (12.24) 06/10/13 P Payroll Journal Entry /10/13 P Payroll Journal Entry /25/13 P Payroll Journal Entry (1,250.10) 06/25/13 P Payroll Journal Entry (310.33) 06/25/13 P Payroll Journal Entry (54.32) 06/25/13 P Payroll Journal Entry (7.95) 06/25/13 P Payroll Journal Entry /25/13 P Payroll Journal Entry 1, Transaction Balance 0.00 Total Debits 52, Total Credits 52, A/C Hash Total Number of Transactions 26

16 06/30/13 Saddle Ridge Association Ltd General Ledger Page 1 07/10/13 Beginning Current YTD Date Reference T Description Balance Amount Balance 1010 Community Bk Oper Cking , /01/13 1 Cash Disbursements (40.00) 06/10/13 1 Cash Disbursements (10,620.31) 06/10/13 1 Cash Disbursements (144.11) 06/26/13 1 Cash Disbursements (6,703.62) 06/04/13 EFT0601 V Bank WI Dells (8.46) 06/05/13 EFT0602 V Alliant Energy (699.34) 06/06/13 EFT0603 V Waste Management (1,398.84) 06/17/13 EFT0604 V Go Daddy (6.99) 06/26/13 EFT0605 V Bank WI Dells (8.46) 06/05/13 JE0601 Rcrd EFT Dues Deposit 21, /06/13 JE0602 Rcrd Deposit 3, /10/13 P89 Payroll Journal Entry (73.88) 06/25/13 P89.1 Payroll Journal Entry (1,250.10) 3, , Community Bank-Reserve , /30/13 Je0604 Rcrd Interest Earned Reserve Acct , Accounts Receivable 7, /05/13 JE0601 Rcrd EFT Dues Deposit (21,200.00) 06/06/13 JE0602 Rcrd Deposit (3,200.00) 06/30/13 JE0603 Rcrd Monthly Charges 25, , , Capital Improvements 87, , Accum Depn-Capital Improve (26,379.59) 06/30/13 Depn S Rcrd Monthly Depn - Paving (111.73) 06/30/13 Depn1 S Rcrd Monthly Depreciation Estimate (373.92) (485.65) (26,865.24) 1970 Equipment Accum Depn-Equip (450.00) 0.00 (450.00) 2000 FICA Withholding Payable (623.42) 06/10/13 P89 Payroll Journal Entry (12.24) 06/25/13 P89.1 Payroll Journal Entry (310.33) (322.57) (945.99) 2200 State Withholding Payable (88.44) 06/25/13 P89.1 Payroll Journal Entry (54.32) (54.32) (142.76) 2500 Accrued SUTA Tax (7.95)

17 06/30/13 Saddle Ridge Association Ltd General Ledger Page 2 07/10/13 Beginning Current YTD Date Reference T Description Balance Amount Balance 2500 Accrued SUTA Tax (cont.) 06/30/13 JE0605 Reverse Unemployment Accrual /25/13 P89.1 Payroll Journal Entry (7.95) Owners Equity (230,686.08) 0.00 (230,686.08) 4100 Monthly Maintenance Fee (153,582.00) 06/30/13 JE0603 Rcrd Monthly Charges (19,117.00) (19,117.00) (172,699.00) 4110 Monthly Reserve (50,264.00) 06/30/13 JE0603 Rcrd Monthly Charges (6,283.00) (6,283.00) (56,547.00) 4200 Late Payment Fee (629.00) 06/30/13 JE0603 Rcrd Monthly Charges (75.00) (75.00) (704.00) 4500 Property Insurance Interest Earned (157.70) 06/30/13 Je0604 Rcrd Interest Earned Reserve Acct (16.29) (16.29) (173.99) 4820 Misc Income (447.32) 0.00 (447.32) 4900 Shared Forest & SLV (1,962.53) 0.00 (1,962.53) 4950 Developer Payments /26/ V Agnew Electric Inc 1, , , Office Supp, Mailings,Printing 1, /10/ V Elmer L Gosda /10/ V Portage Printing /10/ V Charles Steidinger /26/ V Elmer L Gosda , Accounting 3, /10/ V Miller, Brussell, Ebben & Glaeske ,060.00

18 06/30/13 Saddle Ridge Association Ltd General Ledger Page 3 07/10/13 Beginning Current YTD Date Reference T Description Balance Amount Balance 5210 Legal 1, , Condo Tax & 1120H Exp Real Estate/PP Tax Bank Charges /04/13 EFT0601 V Bank WI Dells /26/13 EFT0605 V Bank WI Dells Licenses, Fees, Permits Miscellaneous Exp /26/ V Country Plumber, INC /26/ V Lunch Office Equip Phone & Computer 1, /26/ V US Cellular , Wages-Website 1, , Website Maintenance 3, /17/13 EFT0604 V Go Daddy , Rent-Meeting Room & Storage /01/ V Portage Mini Warehouse LLC Payroll Tax Expense 1, /30/13 JE0605 Reverse Unemployment Accrual (15.90) 06/10/13 P89 Payroll Journal Entry /25/13 P89.1 Payroll Journal Entry , Management Fees 9,900.00

19 06/30/13 Saddle Ridge Association Ltd General Ledger Page 4 07/10/13 Beginning Current YTD Date Reference T Description Balance Amount Balance 5900 Management Fees (cont.) 06/25/13 P89.1 Payroll Journal Entry 1, , , Reimburse SRE-Sewer 28, , Reimburse SRE-Water (1,718.28) 0.00 (1,718.28) 6300 Electric (Street Lights) 5, /05/13 EFT0602 V Alliant Energy , Insurance Property Snow Removal-Sanding 30, , Road & Driveway Repair /26/ V KT Construction Pond Management Lawn Maintenance & Tree Removal 19, , Fertilizer 2, , Refuse Collection 11, /06/13 EFT0603 V Waste Management 1, , , Tree/Shrub Removal 5, , Mowing /10/ V Eric's Lawn & Landscaping LLC 4, /10/ V Pine Trail Golf Course , , Property Cleanup 0.00

20 06/30/13 Saddle Ridge Association Ltd General Ledger Page 5 07/10/13 Beginning Current YTD Date Reference T Description Balance Amount Balance 8242 Property Cleanup (cont.) 06/10/ V Eric's Lawn & Landscaping LLC 1, , , Wages - Maintenance /10/13 P89 Payroll Journal Entry Landscaping/Trimming Shrubs 1, /10/ V Elmer L Gosda /10/ V MOST Snow Plowing & Trucking 1, /26/ V Edgewater & Collins & Cro , , Siding Repairs & Cleaning /26/ V DC Builders LLC Gutter Clean Up Gutter Repair /26/ V KT Construction Building Maintenance 3, /26/ V Window Well Covers /26/ V KT Construction 2, , , Road Resurfacing & Crack Filling 6, , Siding Projects 3, , Depreciation 3, /30/13 Depn S Rcrd Monthly Depn - Paving /30/13 Depn1 S Rcrd Monthly Depreciation Estimate , Gutter & Downspout Replacement 2, , Decks 11, /10/ V KT Construction 2, , ,220.44

21 06/30/13 Saddle Ridge Association Ltd General Ledger Page 6 07/10/13 Beginning Current YTD Date Reference T Description Balance Amount Balance 9850 Road Replacement /10/ V Two Rivers Signs & Design of Portage /26/ V Two Rivers Signs & Design of Portage 1, , , Entryway Electric /26/ V Agnew Electric Inc Current Profit/(Loss) 3, YTD Profit/(Loss) 48, Number of Transactions 65 The General Ledger is in balance 0.00

Independent Accountant's Compilation Report

MILLER, BRUSSELL, EBBEN AND GLAESKE LLC CERTIFIED PUBLIC ACCOUNTANTS POST OFFICE BOX 585 PORTAGE, WISCONSIN 53901 Independent Accountant's Compilation Report Saddle Ridge Association Ltd A Wisconsin Homeowners