1. In a Dutch oven, heat butter over medium heat until golden brown, about 7 minutes.
2. Remove from the heat; stir in confectioners' sugar, cream and coconut. Divide mixture among four bowls; stir a different flavor extract into each bowl. Cover and refrigerate for 45 minutes or until easy to handle.
3. Shape chilled mixtures into 1-in. balls; place on four separate waxed paper-lined baking sheets. Chill for 1-2 hours or until firm.
4. Dip the almond-flavored balls in milk chocolate coating; sprinkle with ground almonds.
5. Place on waxed paper to harden.
6. Dip remaining balls in milk chocolate coating; place on waxed paper to harden.
7. Drizzle white coating over rum truffles, red coating over cherry truffles and green coating over mint truffles.