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S

2016

ASSESSMENT NOTICE

394 103

7 =7 HOMES UNDER CONSTRUCTION

103 VACANT LOTS

394 HOMES ASSESSED

504 TOTAL

$8,838DAILY BUDGET

92

1,3

83

SQ

FT

November 3, 2015

Dear Owner

ollowing consultation with the Audit & Finance Committee, the Board of Directors resolved that the 2016 Annual Assessment Fee remains unchanged at $2.75 per

square foot excluding VAT. This will be the eleventh consecutive year without a rate change to the assessment despite increased costs.

The number of lots subject to Indenture Fees are projected to reduce to 103 for next year. Our Articles of Association requires that the Indenture Fees be subject to an upward revision every 5 years in accordance with a predetermined formula. The net result is a small revenue gain of about 3% from the Indenture Fees applicable to vacant lots.

Growth in the assessed space continued to slow in the past year resulting in a 1.7% increase, compared with 3% for the previous year. Your Board resisted a necessary increase due to the potential burden arising from the introduction of VAT and continued economic uncertainty. We halved the improvements budget for the forthcoming year to maintain the prevailing assessment per square foot.

There are competing priorities for major improvements including recreation area upgrades and further securing of our perimeter. Also, the canal inlet and sea walls need significant investment if we are to avoid long term repair and maintenance expenses. The Directors will determine whether a special assessment will be appropriate as the projects come under review.

We have extended the early payment discount of 3% for all 2016 Annual Assessment Fees settled in full by January 14, 2016. The following conditions apply to qualify:

• Payment must clear in full by January 14, 2016.• Any other due balances associated with the account should also be clear by the deadline. • Deduction of the 3% discount applies to the 2016 Assessment Fees gross (VAT inclusive) amount only.• Note that Indenture Fees (applied to vacant lots) are not eligible for discount and are due on January 1, 2016 in full.

For VAT reporting requirements we will apply the Assessment Fees to accounts in monthly installments. The 3% discount to eligible accounts will appear as a VAT inclusive credit. The 2016 bills will be accessible on your account by December 11, 2015.

Yours sincerely

Robert Sands Chairman

2016 ASSESSMENT NOTICE

F

REVENUE 2014 2016 Budget

Maintenance fees - 921,383 sq ft @ $2.75 per sq ft (394 homes, 2015 : 389) 2,533,803

Indenture fees (103 lots, 2015 : 109) 177,795

Other maintenance fees - 22,792 sq ft (7 under construction, 2015 : 6) 52,104

Water & meters income 453,887

Other services 8,235

Total revenue 3,225,824

DIRECT EXPENSES

Security expenses 794,222

Gardening expenses 432,158

Maintenance of common areas 426,824

Water & meters 407,685

Waste water management 301,775

Painting expenses 206,145

Improvements 150,000

Garbage removal 84,000

Total direct expenses 2,802,809

Gross Profit 423,015

OPERATING EXPENSES

Salaries, benefits & NI 246,476

Office & computer 45,026

Professional fees 41,016

Rent and utilities 37,800

Telephone & communications 16,615

Insurance 11,171

Finance charges 10,355

Other expense 2,371

Property & other taxes 1,000

Total operating expenses 411,830

NET MAINTENANCE FUND 11,185

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET For the year ended December 31, 2016 (Expressed in Bahamian dollars)

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SANDYPORT HOMEOWNERS ASSOCIATION

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Auditors:

HLB Galanis & Co.

7 North Buckner Square

Olde Towne, Sandyport

P. O. Box N-3205

Nassau, The Bahamas

Tel: (242) 327-0689

Fax: (242) 327-0696

Web: www.hlbgalanis.com

Legal Advisors:

Kahlil D. Parker

Cedric L. Parker & Co.

Chambers

No.9 Rusty Bethel Drive

P.O. Box N-1953

Nassau, The Bahamas

Tel: (242) 322-4954/5

Fax: (242) 328-3706

Email: kdp@parkerslaw.net

Consulting Architects:

Alberto G. Suighi

Artech Bahamas Ltd.

Lagoon Court

Nassau, The Bahamas

Tel: (242) 327-2335

Fax: (242) 327-2337

Web: www.artechbahamas.com

Bankers:

CIBC First Caribbean

Sandyport Branch

Nassau, The Bahamas

P.O. Box N-8350 / N-7125

Tel: (242) 327-8364 / 327-4957

Fax: (242) 327-4955

Account: 200-167527

Web: www.cibcfirstcaribbeanbank.com

Scotiabank

Cable Beach

P.O Box N-7518

Tel: (242) 702-8100

Fax: (242) 327-5728

Nassau, The Bahamas

Account: 70045-72613

Web: www.bahamas.scotiabank.com

Insurance Agents:

Tavares & Higgs

Blake Road

P. O. Box SP-64003

Nassau, The Bahamas

Tel: (242) 327-8606

Fax: (242) 327-8607

Email: stavares@tavareshiggs.com