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The San Francisco Exchange Company (SFX) Audit & Disclosure Statement
THE SAN FRANCISCO EXCHANGE COMPANY REPORT OF KEY OPERATING STATISTICS December 31, 2024 THE SAN FRANCISCO EXCHANGE COMPANY C O N T E N T S Page Report of Independent Accountants 1 Report of Key Operating Statistics 2 Notes to Report of Key Operating Statistics 3-4 KENNEDY & KENNEDY Certified Public Accountants Members of the American Institute of Certified Public Accountants and of the California Society of Certified Public Accountants REPORT OF INDEPENDENT ACCOUNTANTS Board of Directors The San Francisco Exchange Company Burlingame, California We have examined the report of key operating statistics of The San Francisco Exchange Company, as of and for the year ended December 31, 2024. The Company’s management is responsible for its key operating statistics and for maintaining a record of those operating activities. Our responsibility is to obtain reasonable assurance, by evaluating the report of key operating statistics against the timeshare exchange regulations for the states of Florida and Hawaii and by performing other procedures to obtain sufficient appropriate evidence, to express an opinion that conveys the results of our evaluation based on our examination. We have presented the results of our evaluation in the accompanying report of key operating statistics. Our examination was conducted in accordance with the attestation standards for a direct examination engagement established by the American Institute of CPAs. Those standards require that we obtain reasonable assurance by evaluating the Company’s report of key operating statistics against the timeshare exchange regulations for the states of Florida and Hawaii, and by performing other procedures to obtain sufficient appropriate evidence to express an opinion that conveys the results of our evaluation of the Company’s key operating statistics during the year the year ended December 31, 2024. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement in the report of key operating statistics, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. In our opinion, the report of key operating statistics of the San Francisco Exchange Company as of and for the year ended December 31, 2024, is fairly presented in accordance with the timeshare exchange regulations for the states of Florida and Hawaii, in all material respects. May 20, 2025 San Bernardino, California -1- 1700 North E Street, Suite 201 • San Bernardino, CA 92405 • (909) 886-5048 • (909) 882-3852 15476 West Sand Street • Victorville, CA 92392 • (760) 951-2570 THE SAN FRANCISCO EXCHANGE COMPANY REPORT OF KEY OPERATING STATISTICS December 31, 2024 The number of purchasers or owners currently enrolled and eligible to participate in the exchange program 349,134 The number of accommodations and facilities or properties that have current affiliation agreements with The San Francisco Exchange Co. None The percentage of exchanges properly applied for that were confirmed 98.5% The number of exchanges confirmed by the exchange program 5,226 The number of timeshare periods for which The San Francisco Exchange Company has an outstanding obligation to provide an exchange in the future 618 The above listed percentage of confirmed exchanges is a summary of the exchange requests entered with the exchange program between January 1, 2024 and December 31, 2024. This does not represent a purchaser's probability of being confirmed to any specific choice or range of choices, since availability at individual locations may vary. See Accompanying Notes to Report of Key Operating Statistics. -2-
THE SAN FRANCISCO EXCHANGE COMPANY
NOTES TO REPORT OF KEY OPERATING STATISTICS December 31, 2024
NOTE 1 – DESCRIPTION OF COMPANY The San Francisco Exchange Company (SFX) is a California corporation. SFX offers reciprocal exchange services for owners of resort timeshare or other vacation ownership interests throughout the world. SFX headquarters are located in Burlingame, California.
NOTE 2 – ENROLLMENT POLICY Owners of any qualified timeshare interest receive complimentary Gold memberships in SFX, or they may choose Diamond membership which requires an annual fee.
NOTE 3 – PROPERLY APPLIED FOR EXCHANGE REQUEST A properly applied for exchange request occurs when the requirements listed below have been satisfied. The exchange is not considered to be properly applied for as long as any of these criteria have not been met. An exchange request is received by SFX. The exchange request is from a member of SFX. The member must have a current membership in SFX and be in compliance with all terms and conditions governing SFX membership. The member must be current with all financial obligations (maintenance fees and assessments, special assessments, property taxes, note payments, etc.) to their home resort through the week being relinquished to SFX in conjunction with either an exchange request or the deposit of a week in SFX exchange system. The member must have a confirmed reservation for a specific interval at the home resort prior to requesting an exchange or depositing a week. A properly submitted request must have a choice of three alternative locations and travel dates. -3-
THE SAN FRANCISCO EXCHANGE COMPANY
NOTES TO REPORT OF KEY OPERATING STATISTICS December 31, 2024
NOTE 4 – ACCOMMODATIONS AND FACILITIES Accommodations and facilities at the reporting date include exchange service organizations which SFX may use to complete an exchange for a member.
NOTE 5 – EXCHANGE FEES SFX members are charged a fee for each exchange confirmed by the company. The fee for domestic or international exchanges is $249 for Gold members and $149 for Diamond members.
NOTE 6 – OUTSTANDING EXCHANGE OBLIGATION Diamond and Gold members may deposit a timeshare period without requesting an exchange at the time of deposit. Diamond members have the option of placing a request prior to depositing their timeshare period or depositing their timeshare period first and having a higher priority for an exchange in the system. Gold members are required to deposit a timeshare period prior to the time they request an exchange. Gold members have 24 months from the start date of the timeshare period deposit to complete the exchange. After the 24-month period, Gold member’s request expires, and no exchange can then be completed. Diamond members have up to 36 months from the start date of the timeshare period deposit to complete the exchange. After the 36-month period, the Diamond member’s request expires and no exchange can then be completed.
NOTE 7 – SUBSEQUENT EVENTS Management has evaluated subsequent events through May 20, 2025 the date when the Report of Key Operating Statistics was available for issuance. -4-