FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011"

Transcription

1 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011

2 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 3 FINANCIAL STATEMENTS BALANCE SHEET 4 STATEMENT OF OPERATIONS 5 STATEMENT OF PARTNERS EQUITY (DEFICIT) 6 STATEMENT OF CASH FLOWS 7 NOTES TO FINANCIAL STATEMENTS 8 SUPPLEMENTAL INFORMATION SCHEDULE OF CERTAIN INCOME AND EXPENSES 16

3 To the Partners Fore Silver Creek Limited Partnership INDEPENDENT AUDITORS REPORT We have audited the accompanying balance sheet of Fore Silver Creek Limited Partnership as of December 31, 2011, and the related statements of operations, partners equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fore Silver Creek Limited Partnership as of December 31, 2011, and the results of its operations, changes in partners equity (deficit) and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental information on pages 16 and 17 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Bethesda, Maryland February 16,

4 BALANCE SHEET December 31, 2011 ASSETS Investment in rental property, net 12,155,171 Cash 12,562 Restricted cash Insurance escrow 4,228 Tenant security deposits 71,989 Replacement reserve 82,781 Total restricted cash 158,998 Tenant accounts receivable 6,119 Prepaid expenses 26,488 Deferred loan costs, net 366,382 Total assets 12,725,720 LIABILITIES AND PARTNERS EQUITY (DEFICIT) Liabilities Accounts payable - operations 1,248 Accrued property management fees 5,925 Other accrued liabilities 7,975 Accrued interest - first mortgage 55,592 Tenant security deposits liability 71,989 Payable to general partner and affiliates 4,501 Developer fee payable, including accrued interest 622,451 Mortgages payable 12,291,703 Total liabilities 13,061,384 Contingencies - Partners equity (deficit) (335,664) Total liabilities and partners equity (deficit) 12,725,720 See notes to financial statements - 4 -

5 STATEMENT OF OPERATIONS Year ended December 31, 2011 Revenue Rental income 2,122,434 Vacancies and concessions (333,559) Other operating income 136,773 Total revenue 1,925,648 Operating expenses Salaries and employee benefits 274,479 Repairs and maintenance 220,598 Utilities 118,581 Property management fee 73,071 Property insurance 3,210 Miscellaneous operating expenses 165,287 Total operating expenses 855,226 Net operating income (loss) 1,070,422 Other income (expense) Interest income 222 Interest expense - first mortgage (672,981) Interest expense - other loans (544) Other financial income (expense) (147,531) Miscellaneous other income (expense) (7,840) Other related party fees and expenses (18,450) Depreciation (437,461) Amortization (19,514) Total other income (expense) (1,304,099) Net loss (233,677) See notes to financial statements - 5 -

6 STATEMENT OF PARTNERS EQUITY (DEFICIT) Year ended December 31, 2011 Fore Silver Creek LLC Lend Lease Fore Silver Creek, LLC Total partners equity (deficit) Balance, January 1, 2011 (332) (101,655) (101,987) Net loss (23) (233,654) (233,677) Balance, December 31, 2011 (355) (335,309) (335,664) Partners percentage of partnership losses 0.01% 99.99% % See notes to financial statements - 6 -

7 STATEMENT OF CASH FLOWS Year ended December 31, 2011 Cash flows from operating activities Net loss (233,677) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation 437,461 Amortization 19,514 Changes in: Escrows 4,362 Tenant accounts receivable 2,492 Prepaid expenses 205 Accounts payable - operations (8,328) Accrued property management fees 5,925 Other accrued liabilities (12,485) Accrued interest - first mortgage (968) Payable to general partner and affiliates (29,003) Accrued interest - developer fee 18,450 Net cash provided by operating activities 203,948 Cash flows from investing activities Change in reserve for replacements (5,627) Net cash used in investing activities (5,627) Cash flows from financing activities Principal payments on mortgages payable (219,669) Net cash used in financing activities (219,669) Net decrease in cash (21,348) Cash, beginning 33,910 Cash, end 12,562 Supplemental disclosure of cash flow information Cash paid for interest 674,493 See notes to financial statements - 7 -

8 NOTES TO FINANCIAL STATEMENTS December 31, 2011 NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS Fore Silver Creek Limited Partnership (the Partnership), a Nevada Limited Partnership, was formed on April 24, 2001, to acquire an interest in real property located in Las Vegas, Nevada, and to construct and operate a 224-unit low-income rental housing community to be operated under the name of Silver Creek Apartments. Rental operations commenced on July 17, The term of the partnership shall continue until December 31, 2052, unless sooner dissolved in accordance with the provisions of the limited partnership agreement. The project has qualified for and has been allocated low-income housing credits pursuant to Internal Revenue Section 42 (Section 42) which regulates the use of the project as to occupant eligibility and unit gross rent, among other requirements. The project must meet the provisions of these regulations during each of 15 consecutive years in order to remain qualified to receive the credits. In addition, the Partnership has executed a Declaration of Restrictive Covenants Agreement which requires the utilization of the project pursuant to Section 42 for a minimum of 30 years, even if the Partnership disposes of the project. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Tenant Accounts Receivable Tenant accounts receivable are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. Accounting principles generally accepted in the United States of America require that the allowance method be used to recognize bad debts; however, the effect of using the direct write-off method is not materially different from the results that would have been obtained under the allowance method. Investment in Rental Property Rental property is carried at cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives by use of straight-line and accelerated methods for financial reporting purposes. For income tax purposes, accelerated lives and methods are used. Impairment of Long-Lived Assets The Partnership reviews its rental property for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. When - 8 -

9 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 recovery is reviewed, if the undiscounted cash flows estimated to be generated by the property are less than its carrying amount, management compares the carrying amount of the property to its fair value in order to determine whether an impairment loss has occurred. The amount of the impairment loss is equal to the excess of the asset s carrying value over its estimated fair value. No impairment loss has been recognized during the year ended December 31, Deferred Loan Costs and Amortization Deferred loan costs are amortized over the term of the mortgage loan using the effective yield method. As of December 31, 2011, the accumulated amortization is 150,711. Amortization expense for the year ended December 31, 2011 was 19,514. Estimated amortization expense for the ensuing years through December 31, 2016 is 19,769, 19,988, 20,166, 20,296 and 20,374, respectively. Rental Income Rental income is recognized as rentals become due. Rental payments received in advance are deferred until earned. All leases between the Partnership and its tenants are operating leases. Advertising Costs The Partnership s policy is to expense advertising costs when incurred. Income Taxes The Partnership has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure

10 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. NOTE 3 - INVESTMENT IN RENTAL PROPERTY Rental property, net is comprised of the following at December 31, 2011: Land 1,736,072 Land improvements 1,999,214 Buildings and improvements 12,704,831 Equipment 1,002,374 Subtotal 17,442,491 Accumulated depreciation (5,287,320) Net 12,155,171 NOTE 4 - ESCROW DEPOSITS AND REPLACEMENT RESERVE Insurance Escrow In accordance with the mortgage loan agreement, the property is required to make monthly deposits to the insurance escrow, sufficient to cover annual expenses. The activity for the year is as follows: Balance, January 1 8,590 Deposits 33,751 Payments (38,113) Balance, December 31 4,

11 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 Replacement Reserve In accordance with the mortgage loan agreement, the property is required to make monthly deposits to the replacement reserve. The activity for the year is as follows: Balance, January 1 77,154 Deposits 79,520 Interest earnings 101 Withdrawals (73,994) Balance, December 31 82,781 NOTE 5 - RELATED PARTY TRANSACTIONS Development Agreement The Partnership has entered into an agreement with CANV Construction Company, Inc., an affiliate of the General Partner, whereby a development fee equal to 2,104,618 will be paid for services rendered in connection with the development of the project. As of December 31, 2011, 263,567 is payable. The deferred portion of the development fee bears interest at 7%. The fee is to be paid in annual installments from cash flow as defined in the partnership agreement and is due in full on December 31, For the year ended December 31, 2011, 18,450 of interest was incurred. As of the year ended December 31, 2011, interest of 358,884 remains payable. Project Expenses The Managing General Partner is obligated to make working capital advances to the Partnership not to exceed 100,000. Any such advances will be noninterest bearing and repayable only to the extent of cash flows as set forth in the partnership agreement. Property Management Fee The property is managed by Fore Property Company, an affiliate of the General Partner, pursuant to the management agreement. The current management agreement provides for a management fee of 4% of monthly rental collections. For the year ended December 31, 2011,

12 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, ,071 of management fee expense was charged to operations, of which 5,925 remains payable. Payable to General Partner and Affiliates The management company paid for certain reimbursable costs on behalf of the Partnership. As of December 31, 2011, 4,501 remains payable. Incentive Management Fee The Partnership entered into an incentive management agreement with an affiliate of the General Partner for its services in managing the Partnership. The incentive management fee is an annual non-cumulative fee in an amount equal to 7% of the gross revenue of the project payable from surplus cash as defined in the partnership agreement. During 2011, there was no incentive management fee incurred. NOTE 6 - MORTGAGES PAYABLE First Mortgage The Partnership has entered into a mortgage loan with PNC ARCS Commercial Mortgage, LP (the servicer) and Fannie Mae (the credit facility). This loan was funded from the issuance of tax-exempt and taxable Multifamily Housing Revenue Bonds in the combined amount of 13,540,000 issued by Nevada Housing Division (bond issuer) and administered by Zion First National Bank (the trustee). The loan bears interest at a rate of 5.42% per annum, which includes monies required to pay monthly amounts for other financing expenses which include bond administration, issuer fees and servicing and FNMA facility fees. Bond interest and principal are payable, through maturity on April 1, 2035, in average monthly installments of 74,180, with other financing fees averaging 12,295. As of December 31, 2011, 55,592 of loan interest is payable. Under an agreement with the mortgage lender, the Partnership is required to make monthly escrow deposits for insurance and replacement of project assets. The liability of the Partnership under the mortgage note is limited to the underlying value of the real estate collateral plus other amounts deposited with the lender

13 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 HOME Loan The Partnership entered into a HOME loan agreement with the Nevada Housing Division in the amount of 20,000, of which 10,036 remains payable as of December 31, The loan is secured by a deed of trust on the rental property. The loan bears interest at 5% with principal and interest of 470 payable quarterly beginning July 1, 2003 and maturing on April 1, During the year ended December 31, 2011, interest of 544 has been incurred and paid. Aggregate annual maturities of the first mortgage and the HOME loan over each of the next five years and thereafter as of December 31, 2011 are as follows: 1st Mortgage HOME Loan Total ,667 1, , ,335 1, , ,337 1, , ,333 1, , ,333 1, ,024 Thereafter 10,931,662 2,361 10,934,023 Total 12,281,667 10,036 12,291,703 Less current maturities (238,054) Net long-term portion 12,053,649 NOTE 7 - PARTNERS CAPITAL CONTRIBUTIONS Fore Silver Creek LLC is the General Partner of the Partnership. The Investor Limited Partner is Boston Financial Institutional Tax Credits XXIII, A Limited Partnership and the Special Limited Partner is BFIM Special Limited Partner, Inc. The General Partner is required to make a capital contribution of 100. The Special Limited Partner is required to make a capital contribution of 10. The Investor Limited Partner was required to make capital contributions totaling 4,256,330, net of tax credit adjusters. As of December 31, 2011, the Investor Limited Partner has contributed 4,256,330 and the General Partner has contributed

14 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 The Partnership is required to pay an annual cumulative priority distribution to the Investor Limited Partner from available cash flow, as set forth in the partnership agreement. During the year ended December 31, 2011, a priority distribution of 9,541 was calculated and 17,978 remains unpaid at December 31, The Partnership did not make any payments of the cumulative priority distribution to the Investor Limited Partner in NOTE 8 - CONCENTRATION OF CREDIT RISK The Partnership maintains its cash balances in several accounts in one bank. At times, these balances may exceed the federal insurance limits; however, the Partnership has not experienced any losses with respect to its bank balances in excess of government provided insurance. Management believes that no significant concentration of credit risk exists with respect to these cash balances at December 31, NOTE 9 - CONTINGENCIES The project s low-income housing credits are contingent on its ability to maintain compliance with applicable sections of Section 42. Failure to maintain compliance with occupant eligibility, and/or unit gross rent, or to correct noncompliance within a specified time period could result in recapture of previously taken tax credits plus interest. In addition, such potential noncompliance may require an adjustment to the contributed capital by the Investor Limited Partner. NOTE 10 - REAL ESTATE TAX EXEMPTION The Clark County, Nevada assessor has approved a real estate tax exemption for the Partnership. NOTE 11 - SUBSEQUENT EVENTS Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events which provide evidence about conditions that existed after the balance sheet date require disclosure in the accompanying notes. Management evaluated the activity of the Partnership through February 16, 2012 (the date the financial statements were available to be issued) and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements

15 SUPPLEMENTAL INFORMATION

16 SUPPLEMENTAL INFORMATION SCHEDULE OF CERTAIN INCOME AND EXPENSES Year ended December 31, 2011 Rental income Rent revenue - gross potential 2,122,434 Total rental income 2,122,434 Vacancies and concessions Apartments vacancies 155,415 Rental concessions 178,144 Total vacancies and concessions 333,559 Other operating income Vending 131 Tenant charges 59,471 Cable contract revenue 2,140 Pet fees 10,850 Damages income 38,957 Late fees 17,704 Application fees 7,520 Total other operating income 136,773 Salaries and employee benefits Salaries - administrative 122,370 Salaries - leasing 54,316 Salaries - maintenance 97,793 Total salaries and employee benefits 274,479 Repairs and maintenance Grounds 29,394 Security services/contract 24,213 Supplies 8,805 HVAC expense 3,489 Painting, decorating and cleaning 74,459 Repairs and maintenance - other than contracts 49,184 Repairs and maintenance - contracts 31,054 Total repairs and maintenance 220,

17 SUPPLEMENTAL INFORMATION - CONTINUED SCHEDULE OF CERTAIN INCOME AND EXPENSES - CONTINUED Year ended December 31, 2011 Utilities Electricity 29,630 Water 55,094 Sewer 33,207 Gas 650 Total utilities 118,581 Miscellaneous operating expenses Office supplies and expense 6,504 Training and travel 1,557 Telephone and answering service 4,390 Computer supplies and expense 3,557 Bad debt expense 99,562 Miscellaneous administrative 4,992 Rent free unit 10,080 Advertising and newspaper 21,864 Audit 11,700 Accounting 1,000 Other taxes, licenses and insurance 81 Total miscellaneous operating expenses 165,287 Interest expense - other loans Interest expense - other loans 544 Total interest expense - other loans 544 Other financial income (expense) Miscellaneous financial expenses (147,531) Total other financial income (expense) (147,531) Miscellaneous other income (expense) Miscellaneous other expense (7,840) Total miscellaneous other income (expense) (7,840) Other related party fees and expenses Interest expense - deferred development fee 18,450 Total other related party fees and expenses 18,

18 _Reznick I~'~I Group ACCOUNTING. TAX BUSINESS ADVISORY FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31,2011

19 T ABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 3 FINANCIAL STATEMENTS BALANCE SHEET 4 STATEMENT OF OPERATIONS 5 STATEMENT OF PARTNERS' EQUITY (DEFICIT) 6 STATEMENT OF CASH FLOWS 7 NOTES TO FINANCIAL STATEMENTS 8 SUPPLEMENT AL INFORMATION SCHEDULE OF CERTAIN INCOME AND EXPENSES 16

20 21 Reznick i Group 1ACCOUNTING. TAX BUSINESS ADVISORY Reznick Pc Wisconsin Avenue Suite 400E Bethesda, MD Tel (301) To the Partners Fore Silver Creek Limited Partnership INDEPENDENT AUDITORS' REPORT We have audited the accompanying balance sheet of Fore Silver Creek Limited Partnership as of December 31, 2011, and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fore Silver Creek Limited Partnership as of December 31, 2011, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental information on pages 16 and 17 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Bethesda, Maryland February 16,

21 BALANCE SHEET December 31, 2011 ASSETS Investment in rental property, net Cash Restricted cash Insurance escrow Tenant security deposits Replacement reserve Total restricted cash Tenant accounts receivable Prepaid expenses Deferred loan costs, net Total assets 12,155,171 12,562 4,228 71,989 82: :998 6,119 26, ,382 12,725,720 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities Accounts payable - operations Accrued property management fees Other accrued liabilities Accrued interest - first mortgage Tenant security deposits liability Payable to general partner and affiliates Developer fee payable, including accrued interest Mortgages payable Total liabilities 1,248 5,925 7,975 55,592 71,989 4, ,451 12,291,703 1\061)84 Contingencies Partners' equity (deficit) Total liabilities and partners' equity (deficit) (335:664) 12,725,720 See notes to financial statements - 4 -

22 STATEMENT OF OPERATIONS Year ended December 31, 2011 Revenue Rental income 2,122,434 Vacancies and concessions (333,559) Other operating income 136,773 Total revenue 1,925,648 Operating expenses Salaries and employee benefits 274,479 Repairs and maintenance 220,598 Utilities 118,581 Property management fee 73,071 Property insurance 3,210 Miscellaneous operating expenses 165,287 Total operating expenses 855,226 Net operating income (loss) 1,070,422 Other income (expense) Interest income 222 Interest expense - first mortgage (672,981) Interest expense - other loans (544) Other financial income (expense) (147,531) Miscellaneous other income (expense) (7,840) Other related party fees and expenses (18,450) Depreciation (437,461) Amortization (19,514) Total other income (expense) (1,304,099) Net loss (233,677) See notes to financial statements - 5 -

23 STATEMENT OF PARTNERS' EQUITY (DEFICIT) Year ended December 31, 2011 Fore Silver Lend Lease Fore Total partners' CreekLLC Silver Creek, LLC equity (deficit) Balance, January 1,2011 (332) (101,655) (101,987) Net loss (23) (233,654) (233,677) Balance, December 31, 2011 (355) (335,309) (335,664) Partners' percentage of partnership losses 0.01% 99.99% % See notes to financial statements - 6 -

24 STATEMENT OF CASH FLOWS Year ended December 31, 2011 Cash flows from operating activities Net loss Adjustments to reconcile net loss to net cash provided by operating activities Depreciation Amortization Changes in: Escrows Tenant accounts receivable Prepaid expenses Accounts payable - operations Accrued property management fees Other accrued liabilities Accrued interest - first mortgage Payable to general partner and affiliates Accrued interest - developer fee Net cash provided by operating activities Cash flows from investing activities Change in reserve for replacements Net cash used in investing activities Cash flows from financing activities Principal payments on mortgages payable Cash, beginning Cash, end Net cash used in financing activities Net decrease in cash Supplemental disclosure of cash flow information Cash paid for interest (233,677) 437,461 19,514 4,362 2, (8,328) 5,925 (12,485) (968) (29,003) 18, ,948 (5,627) (5,627) (219,669) (219,669) (21,348) 33,910 12, ,493 See notes to financial statements - 7 -

25 NOTES TO FINANCIAL STATEMENTS December 31, 2011 NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS Fore Silver Creek Limited Partnership (the Partnership), a Nevada Limited Partnership, was formed on April 24, 2001, to acquire an interest in real property located in Las Vegas, Nevada, and to construct and operate a 224-unit low-income rental housing community to be operated under the name of Silver Creek Apartments. Rental operations commenced on July 17, The term of the partnership shall continue until December 31, 2052, unless sooner dissolved in accordance with the provisions of the limited partnership agreement. The project has qualified for and has been allocated low-income housing credits pursuant to Internal Revenue Section 42 (Section 42) which regulates the use of the project as to occupant eligibility and unit gross rent, among other requirements. The proj ect must meet the provisions of these regulations during each of 15 consecutive years in order to remain qualified to receive the credits. In addition, the Partnership has executed a Declaration of Restrictive Covenants Agreement which requires the utilization of the project pursuant to Section 42 for a minimum of30 years, even if the Partnership disposes of the project. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Tenant Accounts Receivable Tenant accounts receivable are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. Accounting principles generally accepted in the United States of America require that the allowance method be used to recognize bad debts; however, the effect of using the direct write-off method is not materially different from the results that would have been obtained under the allowance method. Investment in Rental Property Rental property is carried at cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives by use of straight-line and accelerated methods for financial reporting purposes. For income tax purposes, accelerated lives and methods are used. Impairment of Long-Lived Assets The Partnership reviews its rental property for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. When - 8 -

26 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 recovery is reviewed, if the undiscounted cash flows estimated to be generated by the property are less than its carrying amount, management compares the carrying amount of the property to its fair value in order to determine whether an impairment loss has occurred. The amount of the impairment loss is equal to the excess of the asset's carrying value over its estimated fair value. No impairment loss has been recognized during the year ended December 31, Deferred Loan Costs and Amortization Deferred loan costs are amortized over the term of the mortgage loan using the effective yield method. As of December 31, 2011, the accumulated amortization is 150,711. Amortization expense for the year ended December 31, 2011 was 19,514. Estimated amortization expense for the ensuing years through December 31,2016 is 19,769, 19,988, 20,166, 20,296 and 20,374, respectively. Rental Income Rental income is recognized as rentals become due. Rental payments received in advance are deferred until earned. All leases between the Partnership and its tenants are operating leases. Advertising Costs The Partnership's policy is to expense advertising costs when incurred. Income Taxes The Partnership has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure

27 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. NOTE 3 - INVESTMENT IN RENTAL PROPERTY Rental property, net is comprised of the following at December 31,2011: Land 1,736,072 Land improvements 1,999,214 Buildings and improvements 12,704,831 Equipment 1,002,374 Subtotal 17,442,491 Accumulated depreciation (5,287,320) Net 12,155,171 NOTE 4 - ESCROW DEPOSITS AND REPLACEMENT RESERVE Insurance Escrow In accordance with the mortgage loan agreement, the property is required to make monthly deposits to the insurance escrow, sufficient to cover annual expenses. The activity for the year is as follows: Balance, January 1 Deposits Payments Balance, December 31 8,590 33,751 (38,113) 4,

28 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 Replacement Reserve In accordance with the mortgage loan agreement, the property is required to make monthly deposits to the replacement reserve. The activity for the year is as follows: Balance, January 1 Deposits Interest earnings Withdrawals Balance, December 31 NOTE 5 - RELATED PARTY TRANSACTIONS Development Agreement 77,154 79, (73,994) 82,781 The Partnership has entered into an agreement with CANV Construction Company, Inc., an affiliate of the General Partner, whereby a development fee equal to 2,104,618 will be paid for services rendered in connection with the development of the proj ect. As of December 31, 2011, 263,567 is payable. The deferred portion of the development fee bears interest at 7%. The fee is to be paid in annual installments from cash flow as defined in the partnership agreement and is due in full on December 31, For the year ended December 31, 2011, 18,450 of interest was incurred. As of the year ended December 31, 2011, interest of 358,884 remains payable. Project Expenses The Managing General Partner is obligated to make working capital advances to the Partnership not to exceed 100,000. Any such advances will be noninterest bearing and repayable only to the extent of cash flows as set forth in the partnership agreement. Property Management Fee The property is managed by Fore Property Company, an affiliate of the General Partner, pursuant to the management agreement. The current management agreement provides for a management fee of 4% of monthly rental collections. For the year ended December 31, 2011,

29 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, ,071 of management fee expense was charged to operations, of which 5,925 remains payable. Payable to General Partner and Affiliates The management company paid for certain reimbursable costs on behalf of the Partnership. As of December 31,2011, 4,501 remains payable. Incentive Management Fee The Partnership entered into an incentive management agreement with an affiliate of the General Partner for its services in managing the Partnership. The incentive management fee is an annual non-cumulative fee in an amount equal to 7% of the gross revenue of the project payable from surplus cash as defined in the partnership agreement. During 2011, there was no incentive management fee incurred. NOTE 6 - MORTGAGES PAYABLE First Mortgage The Partnership has entered into a mortgage loan with PNC ARCS Commercial Mortgage, LP (the servicer) and Fannie Mae (the credit facility). This loan was funded from the issuance of tax-exempt and taxable Multifamily Housing Revenue Bonds in the combined amount of 13,540,000 issued by Nevada Housing Division (bond issuer) and administered by Zion First National Bank (the trustee). The loan bears interest at a rate of 5.42% per annum, which includes monies required to pay monthly amounts for other financing expenses which include bond administration, issuer fees and servicing and FNMA facility fees. Bond interest and principal are payable, through maturity on April 1, 2035, in average monthly installments of 74,180, with other financing fees averaging 12,295. As of December 31, 2011, 55,592 ofloan interest is payable. Under an agreement with the mortgage lender, the Partnership is required to make monthly escrow deposits for insurance and replacement of proj ect assets. The liability of the Partnership under the mortgage note is limited to the underlying value of the real estate collateral plus other amounts deposited with the lender

30 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 HOME Loan The Partnership entered into a HOME loan agreement with the Nevada Housing Division in the amount of 20,000, of which 10,036 remains payable as of December 31, The loan is secured by a deed of trust on the rental property. The loan bears interest at 5% with principal and interest of 470 payable quarterly beginning July 1, 2003 and maturing on April 1, During the year ended December 31, 2011, interest of 544 has been incurred and paid. Aggregate annual maturities of the first mortgage and the HOME loan over each of the next five years and thereafter as of December 31,2011 are as follows: 1 st Mortgage HOME Loan Total , , , , ,333 Thereafter 10,931,662 1,387 1,457 1,531 1,609 1,691 2, , , , , ,024 10,934,023 Total 12,281,667 Less current maturities 10,036 12,291,703 (238,054) Net long-term portion 12,053,649 NOTE 7 - PARTNERS' CAPITAL CONTRIBUTIONS Fore Silver Creek LLC is the General Partner of the Partnership. The Investor Limited Partner is Boston Financial Institutional Tax Credits XXIII, A Limited Partnership and the Special Limited Partner is BFIM Special Limited Partner, Inc. The General Partner is required to make a capital contribution of 100. The Special Limited Partner is required to make a capital contribution of 10. The Investor Limited Partner was required to make capital contributions totaling 4,256,330, net of tax credit adjusters. As of December 31,2011, the Investor Limited Partner has contributed 4,256,330 and the General Partner has contributed

31 NOTES TO FINANCIAL STATEMENTS - CONTINUED December 31, 2011 The Partnership is required to pay an annual cumulative priority distribution to the Investor Limited Partner from available cash flow, as set forth in the partnership agreement. During the year ended December 31, 2011, a priority distribution of 9,541 was calculated and 17,978 remains unpaid at December 31, The Partnership did not make any payments of the cumulative priority distribution to the Investor Limited Partner in NOTE 8 - CONCENTRATION OF CREDIT RISK The Partnership maintains its cash balances in several accounts in one bank. At times, these balances may exceed the federal insurance limits; however, the Partnership has not experienced any losses with respect to its bank balances in excess of government provided insurance. Management believes that no significant concentration of credit risk exists with respect to these cash balances at December 31,2011. NOTE 9 - CONTINGENCIES The project's low-income housing credits are contingent on its ability to maintain compliance with applicable sections of Section 42. Failure to maintain compliance with occupant eligibility, and/or unit gross rent, or to correct noncompliance within a specified time period could result in recapture of previously taken tax credits plus interest. In addition, such potential noncompliance may require an adjustment to the contributed capital by the Investor Limited Partner. NOTE 10 - REAL ESTATE TAX EXEMPTION The Clark County, Nevada assessor has approved a real estate tax exemption for the Partnership. NOTE 11 - SUBSEQUENT EVENTS Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events which provide evidence about conditions that existed after the balance sheet date require disclosure in the accompanying notes. Management evaluated the activity of the Partnership through February 16, 2012 (the date the financial statements were available to be issued) and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements

32 SUPPLEMENT AL INFORMATION

33 SUPPLEMENT AL INFORMATION SCHEDULE OF CERTAIN INCOME AND EXPENSES Year ended December 31, 2011 Rental income Rent revenue - gross potential Total rental income Vacancies and concessions Apartments vacancies Rental concessions Total vacancies and concessions Other operating income Vending Tenant charges Cable contract revenue Pet fees Damages income Late fees Application fees Total other operating income Salaries and employee benefits Salaries - administrative Salaries - leasing Salaries - maintenance Total salaries and employee benefits Repairs and maintenance Grounds S ecuri ty servi ces/ contract Supplies HV AC expense Painting, decorating and cleaning Repairs and maintenance - other than contracts Repairs and maintenance - contracts Total repairs and maintenance 2,122,434 2,122, , , , ,471 2,140 10,850 38,957 17,704 7, , ,370 54,316 97, ,479 29,394 24,213 8,805 3,489 74,459 49,184 31, ,

34 SUPPLEMENT AL INFORMATION - CONTINUED SCHEDULE OF CERTAIN INCOME AND EXPENSES - CONTINUED Year ended December 31, 2011 Utilities Electricity Water Sewer Gas Total utilities Miscellaneous operating expenses Office supplies and expense Training and travel Telephone and answering service Computer supplies and expense Bad debt expense Miscellaneous administrative Rent free unit Advertising and newspaper Audit Accounting Other taxes, licenses and insurance Total miscellaneous operating expenses Interest expense - other loans Interest expense - other loans Total interest expense - other loans Other financial income (expense) Miscellaneous financial expenses Total other financial income (expense) Miscellaneous other income (expense) Miscellaneous other expense Total miscellaneous other income (expense) Other related party fees and expenses Interest expense - deferred development fee Total other related party fees and expenses ,630 55,094 33, ,581 6,504 1,557 4,390 3,557 99,562 4,992 10,080 21,864 11,700 1, , (147,531) (147,531) (7,840) (7,840) 18,450 18,450

Financial Statements December 31, 2014 and 2013 Josephine Commons, LLC

Financial Statements December 31, 2014 and 2013 Josephine Commons, LLC Financial Statements Josephine Commons, LLC www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Balance Sheets... 3 Statements of Operations and Members Equity...

More information

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014 EHDOC Robert Sharp Towers II Limited Partnership Financial Report October 31, 2014 Contents Independent Auditor's Report 1 Financial Statements Balance sheet 2 3 Statement of income 4 Statement of changes

More information

CSI STUDENT HOUSING, LLC Financial Statements June 30, 2016 and 2015 (With Independent Auditors' Report Thereon)

CSI STUDENT HOUSING, LLC Financial Statements June 30, 2016 and 2015 (With Independent Auditors' Report Thereon) Financial Statements June 30, 2016 and 2015 (With Independent Auditors' Report Thereon) Table of Contents Independent Auditors' Report 1-2 Financial Statements: Balance Sheets 3-4 Statements of Operations

More information

Pontiac ILF Limited Dividend Housing Association Limited Partnership HUD Project No. 044-35621

Pontiac ILF Limited Dividend Housing Association Limited Partnership HUD Project No. 044-35621 Pontiac ILF Limited Dividend Housing Association Financial Report with Supplemental Information December 31, 2013 Certificate of Partners I certify that I have examined the attached financial statements

More information

20 Lafayette LLC (A Limited Liability Company) Balance Sheet December 31, 2015

20 Lafayette LLC (A Limited Liability Company) Balance Sheet December 31, 2015 Balance Sheet Contents Page(s) Independent Auditors Report... 1 Financial Statement Balance Sheet... 2 Notes to Balance Sheet... 3 7 Independent Auditors Report To the Members of 20 Lafayette LLC We have

More information

FINANCIAL STATEMENT PREPARATION GUIDE

FINANCIAL STATEMENT PREPARATION GUIDE FINANCIAL STATEMENT PREPARATION GUIDE 2013 Table of Contents Page FINANCIAL STATEMENT REQUIREMENTS.. 3 SAMPLE FINANCIAL STATEMENTS... 4 Independent Auditors Report 6 Balance Sheet. 8 Statement of Operations.

More information

SILVER CREEK ST. AUGUSTINE LLLP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. December 31, 2015 and 2014

SILVER CREEK ST. AUGUSTINE LLLP FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT. December 31, 2015 and 2014 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: BALANCE SHEET STATEMENT OF OPERATIONS STATEMENT OF PARTNERS' CAPITAL STATEMENT

More information

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2009 AND

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2009 AND FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2009 AND 2008 FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31,

More information

Independent Auditor s Report

Independent Auditor s Report Combined Financial Statements Christian Care Retirement Apartments, Inc. Christian Care Assisted Living (Phoenix), Inc. Christian Care Mesa, Inc. www.eidebailly.com Table of Contents Independent Auditor

More information

THE SOUTH FLORIDA CHURCH OF CHRIST, INC.

THE SOUTH FLORIDA CHURCH OF CHRIST, INC. THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGES Independent Auditor s Report 1 Statement of Financial

More information

SOUTH ORANGE PERFORMING ARTS CENTER, INC. Financial Statements June 30, 2014 and 2013

SOUTH ORANGE PERFORMING ARTS CENTER, INC. Financial Statements June 30, 2014 and 2013 SOUTH ORANGE PERFORMING ARTS CENTER, INC. Financial Statements The report accompanying these financial Statements was issued by Spire Group, PC a New Jersey Professional Corporation. Table of Contents

More information

Financial Statements Years Ended September 30, 2012 and 2011. LB&B Associates Inc.

Financial Statements Years Ended September 30, 2012 and 2011. LB&B Associates Inc. Financial Statements Years Ended September 30, 2012 and 2011 LB&B Associates Inc. LB&B Associates Inc. Contents Page Report of Independent Auditors 1 Financial Statements Balance Sheets 2 Statements of

More information

WESTFIELD REAL ESTATE INVESTMENT TRUST

WESTFIELD REAL ESTATE INVESTMENT TRUST Unaudited Financial Statements of WESTFIELD REAL ESTATE INVESTMENT TRUST Period from January 1, 2005 to March 31, 2005 BALANCE SHEET Assets March 31 2005 (unaudited) December 31 2004 (audited) Income-producing

More information

Independent Auditor s Report

Independent Auditor s Report Combined Financial Statements Christian Care Retirement Apartments, Inc. Christian Care Assisted Living (Phoenix), Inc. Christian Care Mesa, Inc. www.eidebailly.com Table of Contents Independent Auditor

More information

Financial Statements June 30, 2014 Habitat for Humanity of Utah County

Financial Statements June 30, 2014 Habitat for Humanity of Utah County Financial Statements Habitat for Humanity of Utah County www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Statement of Financial Position... 2 Statement of Activities...

More information

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2013 AND

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2013 AND FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2013 AND 2012 CONTENTS INDEPENDENT AUDITOR S REPORT ON THE FINANCIAL STATEMENTS 1-2 FINANCIAL STATEMENTS

More information

OREGON HEALTH MANAGEMENT SERVICES AND SUBSIDIARY

OREGON HEALTH MANAGEMENT SERVICES AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December 31, 2014 and 2013 CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December

More information

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2014 AND

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2014 AND FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2014 AND 2013 CONTENTS INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENTS Statements of Financial Position

More information

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Combined Financial Statements and Additional Information for the Year Ended June 30, 2000, and Independent Auditors Report

More information

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2011 AND

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2011 AND FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2011 AND 2010 CONTENTS INDEPENDENT AUDITOR S REPORT ON THE FINANCIAL STATEMENTS 1-2 FINANCIAL STATEMENTS Statements

More information

VENICE COMMUNITY HOUSING CORPORATION (A Nonprofit California Corporation) Consolidating Financial Statements (With Independent Auditors Report)

VENICE COMMUNITY HOUSING CORPORATION (A Nonprofit California Corporation) Consolidating Financial Statements (With Independent Auditors Report) Consolidating Financial Statements (With Independent Auditors Report) INDEPENDENT AUDITORS' REPORT The Board of Directors Venice Community Housing Corporation: We have audited the accompanying consolidated

More information

SHENANDOAH VALLEY SPAY & NEUTER CLINIC, INC. FINANCIAL REPORT

SHENANDOAH VALLEY SPAY & NEUTER CLINIC, INC. FINANCIAL REPORT SHENANDOAH VALLEY SPAY & NEUTER CLINIC, INC. FINANCIAL REPORT December 31, 2013 CONTENTS Page INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS Statements of Financial Position... 3 Statements of

More information

SAMPLE CONSTRUCTION FINANCIAL STATEMENT

SAMPLE CONSTRUCTION FINANCIAL STATEMENT SAMPLE CONSTRUCTION FINANCIAL STATEMENT Construction Contacts: Tim Klimchock, CPA, CCIFP Manager, AEC Industry Group M. Scott Hursh, CPA, CCIFP Principal, AEC Industry Group 1.800.745.8233 Web Site: www.stambaugh-ness.com

More information

SAMPLE COOPERATIVE CORP. FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

SAMPLE COOPERATIVE CORP. FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 INDEX INDEPENDENT AUDITORS REPORT... 1 BALANCE SHEETS... 2 3 STATEMENTS OF OPERATIONS AND CHANGES IN ACCUMULATED DEFICIT... 4 Operating

More information

SETTLEMENT HOUSING FUND, INC. AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENT WITH INDEPENDENT AUDITOR'S REPORT DECEMBER 31, 2012

SETTLEMENT HOUSING FUND, INC. AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENT WITH INDEPENDENT AUDITOR'S REPORT DECEMBER 31, 2012 SETTLEMENT HOUSING FUND, INC. AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENT WITH INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITOR S REPORT Board of Directors Settlement Housing Fund, Inc. and Affiliates

More information

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents 1 FINANCIAL STATEMENTS Alberta Beverage Container Recycling Corporation Contents 2 Independent Auditor s Report 3 Statement of Operations and Changes in Net Assets 4 Statement of Financial Position 5 Statement

More information

NATIONAL COMMUNITY INVESTMENT FUND AND AFFILIATE YEARS ENDED DECEMBER 31, 2013 AND 2012

NATIONAL COMMUNITY INVESTMENT FUND AND AFFILIATE YEARS ENDED DECEMBER 31, 2013 AND 2012 NATIONAL COMMUNITY INVESTMENT FUND YEARS ENDED DECEMBER 31, 2013 AND 2012 YEARS ENDED DECEMBER 31, 2013 AND 2012 CONTENTS Page Independent auditor s report 1-2 Consolidated financial statements: Statement

More information

LCGI MORTGAGE FUND, LLC (A CALIFORNIA LIMITED LIABILITY COMPANY) FINANCIAL STATEMENTS DECEMBER 31, 2005

LCGI MORTGAGE FUND, LLC (A CALIFORNIA LIMITED LIABILITY COMPANY) FINANCIAL STATEMENTS DECEMBER 31, 2005 (A CALIFORNIA LIMITED LIABILITY COMPANY) FINANCIAL STATEMENTS DECEMBER 31, 2005 TABLE OF CONTENTS Page No. Independent Auditors' Report 1 Balance Sheet 2 Statement of Income and Changes in Members' Equity

More information

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014 FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS

More information

Michiana Public Broadcasting Corporation. Consolidated Financial Report with Additional Information September 30, 2014

Michiana Public Broadcasting Corporation. Consolidated Financial Report with Additional Information September 30, 2014 Consolidated Financial Report with Additional Information September 30, 2014 Contents Report Letter 1-2 Consolidated Financial Statements Statement of Financial Position 3 Statement of Activities and Changes

More information

College of Physicians and Surgeons of British Columbia

College of Physicians and Surgeons of British Columbia Financial Statements OF College of Physicians and Surgeons of British Columbia FEBRUARY 29, 2012 Table of contents Independent Auditor s Report... 1 Statement of operations... 2 Statement of changes in

More information

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008 Interim Consolidated Financial Statements March 31, and Interim Consolidated Balance Sheets (in thousands of dollars) Assets March 31, December 31, Income-producing properties (note 3) 172,404 174,135

More information

Orange County s United Way

Orange County s United Way Financial Statements Years Ended June 30, 2015 and 2014 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO

More information

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 C O N T E N T S Independent Auditors Report 2-3 Statements of Financial Position 4 Statements of Activities 5 Statements

More information

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013 Consolidated Financial Report June 30, 2014 and 2013 Contents Independent Auditor s Report 1 2 Financial Statements Consolidated statements of financial position 3 Consolidated statements of activities

More information

Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements December 31, 2015 (in thousands)

Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements December 31, 2015 (in thousands) Bentall Kennedy Prime Canadian Property Fund Ltd. Consolidated Financial Statements (in thousands) February 9, 2016 Independent Auditor s Report To the Shareholders of Bentall Kennedy Prime Canadian Property

More information

OPPORTUNITIES INDUSTRIALIZATION CENTERS OF AMERICA, INC. Financial Statements. June 30, 2012 and 2011. With Independent Auditors' Reports

OPPORTUNITIES INDUSTRIALIZATION CENTERS OF AMERICA, INC. Financial Statements. June 30, 2012 and 2011. With Independent Auditors' Reports OPPORTUNITIES INDUSTRIALIZATION CENTERS OF AMERICA, INC. Financial Statements June 30, 2012 and 2011 With Independent Auditors' Reports Table of Contents June 30, 2012 and 2011 Independent Auditors' Report...

More information

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial

More information

SAMPLE CONDOMINIUM FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

SAMPLE CONDOMINIUM FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 INDEX INDEPENDENT AUDITORS REPORT... 1 BALANCE SHEETS... 2 3 STATEMENTS OF OPERATIONS AND CHANGES IN MEMBERS EQUITY... 4 Administrative

More information

SAMPLE CONSTRUCTION COMPANY. FINANCIAL STATEMENT AND SUPPLENTARY INFORMANTION For the Year Ended December 31, 2011

SAMPLE CONSTRUCTION COMPANY. FINANCIAL STATEMENT AND SUPPLENTARY INFORMANTION For the Year Ended December 31, 2011 FINANCIAL STATEMENT AND SUPPLENTARY INFORMANTION For the Year Ended December 31, 2011 The financial statement, prepared by an independent Certified Public Accountant, is essential for bonding purposes.

More information

JAMES A. MICHENER ART MUSEUM

JAMES A. MICHENER ART MUSEUM FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2010 CONTENTS INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses

More information

Partners for the Common Good Financial Statements December 31, 2014 and 2013

Partners for the Common Good Financial Statements December 31, 2014 and 2013 Partners for the Common Good Financial Statements December 31, 2014 and 2013 TABLE OF CONTENTS Page Independent Auditors' Report 1-2 Financial Statements: Statements of Financial Position 3 Statements

More information

NEW LIFE CHURCH AND AFFILIATE

NEW LIFE CHURCH AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS With Independent Auditors' Report December 31, 2014 and 2013 Table of Contents Independent Auditors' Report 1 Financial Statements Consolidated Statements of Financial

More information

AUSTIN STONE COMMUNITY CHURCH FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT JULY 31, 2014 AND 2013

AUSTIN STONE COMMUNITY CHURCH FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT JULY 31, 2014 AND 2013 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT C O N T E N T S Page Independent Auditors' Report 1 Financial Statements Statements of Financial Position 3 Statements of Activities 4 Statements of

More information

Educational Housing Services, Inc. and Subsidiaries Consolidated Financial Statements December 31, 2015 and 2014

Educational Housing Services, Inc. and Subsidiaries Consolidated Financial Statements December 31, 2015 and 2014 Educational Housing Services, Inc. and Subsidiaries Consolidated Financial Statements Index Page(s) Independent Auditor s Report... 1 2 Consolidated Financial Statements Statements of Financial Position...

More information

NEW LIFE CHURCH AND AFFILIATE

NEW LIFE CHURCH AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS With Independent Auditors' Report December 31, 2013 and 2012 Table of Contents Independent Auditors' Report 1 Financial Statements Consolidated Statements of Financial

More information

Financial Statements September 30, 2014 and 2013 Utah Microenterprise Loan Fund

Financial Statements September 30, 2014 and 2013 Utah Microenterprise Loan Fund Financial Statements Utah Microenterprise Loan Fund www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Statements of Financial Position... 2 Statements of Activities...

More information

StormGeo, Inc. and Subsidiary Consolidated Financial Statements December 31, 2012 StormGeo, Inc. and Subsidiary December 31, 2012 Table of Contents Page Independent Auditors Report... 1-2 Consolidated

More information

Florida Foundation Seed Producers, Inc.

Florida Foundation Seed Producers, Inc. Florida Foundation Seed Producers, Inc. Financial Statements and Independent Auditors Reports CONTENTS Independent Auditors Report 1 Financial Statements: Statements of Cash Flows 2 Statements of Financial

More information

OPERATION SMILE, INC. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)

OPERATION SMILE, INC. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon) (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Consolidated Statements of Financial Position 3 Consolidated Statements of Activities 4 Consolidated

More information

FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS JOSEPH S HOUSE, INC. (A NON-PROFIT ORGANIZATION)

FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS JOSEPH S HOUSE, INC. (A NON-PROFIT ORGANIZATION) FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS JOSEPH S HOUSE, INC. (A NON-PROFIT ORGANIZATION) September 30, 2013 and 2012 CONTENTS Page Report of Independent Certified Public

More information

Celebration Church of Jacksonville, Inc.

Celebration Church of Jacksonville, Inc. Financial Statements and Independent Auditor s Report Contents Page Independent Auditor s Report...3 Financial Statements Statement of Financial Position...4 Statement of Activities...5 Statement of Cash

More information

BROOKWOOD CHURCH. Financial Statements With Independent Auditors Report. Year Ended September 30, 2013 and Thirteen Months Ended September 30, 2012

BROOKWOOD CHURCH. Financial Statements With Independent Auditors Report. Year Ended September 30, 2013 and Thirteen Months Ended September 30, 2012 Financial Statements With Independent Auditors Report Year Ended September 30, 2013 and Thirteen Months Ended September 30, 2012 Table of Contents Independent Auditors Report 1 Financial Statements Statements

More information

MCNALLY SMITH COLLEGE, INC. AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED DECEMBER 31, 2010 AND 2009

MCNALLY SMITH COLLEGE, INC. AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED DECEMBER 31, 2010 AND 2009 CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS REPORT 1 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS 3 CONSOLIDATED

More information

CAPE BRETON BUSINESS PARTNERSHIP INC.

CAPE BRETON BUSINESS PARTNERSHIP INC. Financial Statements of CAPE BRETON BUSINESS PARTNERSHIP INC. INDEPENDENT AUDITORS' REPORT To the Directors of Cape Breton Business Partnership Inc. We have audited the accompanying financial statements

More information

KIPP NEW YORK, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

KIPP NEW YORK, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2015 AND 2014 TABLE OF CONTENTS YEARS ENDED JUNE 30, 2015 AND 2014 INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL

More information

CHICAGO PARKING METERS, LLC (A Delaware Limited Liability Company) Financial Statements. December 31, 2013 and 2012

CHICAGO PARKING METERS, LLC (A Delaware Limited Liability Company) Financial Statements. December 31, 2013 and 2012 Financial Statements (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Financial Statements: Balance Sheets as of 2 Statements of Income for the years ended 3 Statements

More information

GRACE FELLOWSHIP CHURCH, INC. FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012

GRACE FELLOWSHIP CHURCH, INC. FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012 FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012 Table of Contents For the Years Ended June 30, 2013 and 2012 PAGE Independent Auditors' Report... 1-1A Financial Statements Statements of Financial Position...

More information

COMMUNITY BLOOD CENTERS OF FLORIDA, INC. AND AFFILIATE

COMMUNITY BLOOD CENTERS OF FLORIDA, INC. AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS CONTENTS Independent Auditors Report...1 Consolidated Financial Statements Statement of Financial Position... 2-3 Statement of Activities and Changes in Net Assets...4

More information

Guelph Chamber of Commerce Financial Statements For the Year Ended June 30, 2015

Guelph Chamber of Commerce Financial Statements For the Year Ended June 30, 2015 Financial Statements For the Year Ended June 30, 2015 Financial Statements For the Year Ended June 30, 2015 Contents Independent Auditor's Report 1 Financial Statements Statement of Financial Position

More information

F INANCIAL S TATEMENTS. Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report

F INANCIAL S TATEMENTS. Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report F INANCIAL S TATEMENTS Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report Financial Statements Year Ended June 30, 2014 Contents Independent Auditors Report...1

More information

Public Library of Science. Financial Statements

Public Library of Science. Financial Statements Public Library of Science Financial Statements TABLE OF CONTENTS Page No. Independent Auditor's Report 1-2 Statement of Financial Position 3 Statement of Activities 4 Statement of Functional Expenses 5

More information

MEDICAL MINISTRY USA dba MEDICAL MINISTRY INTERNATIONAL

MEDICAL MINISTRY USA dba MEDICAL MINISTRY INTERNATIONAL Financial Statements Together with Independent Auditors Report For the Year Ended SWALM & ASSOCIATES, P.C. Certified Public Accountants FINANCIAL STATEMENTS Table of Contents Page Independent Auditors

More information

WASHINGTON ANIMAL RESCUE LEAGUE

WASHINGTON ANIMAL RESCUE LEAGUE WWW.MCB-CPA.COM FINANCIAL STATEMENTS TABLE OF CONTENTS Page Independent Auditors Report 1 Financial Statements: Statements of Financial Position 2 Statements of Activities and Changes in Net Assets 3-4

More information

Economic Development Commission of Mid-Florida, Incorporated d.b.a. Orlando Economic Development Commission

Economic Development Commission of Mid-Florida, Incorporated d.b.a. Orlando Economic Development Commission Economic Development Commission of Mid-Florida, Incorporated Consolidated Financial Statements Years Ended September 30, 2015 and 2014 The report accompanying these financial statements was issued by BDO

More information

CONTENTS. Independent Auditors Report... 1. Consolidated Statements of Financial Position... 2. Consolidated Statements of Activities...

CONTENTS. Independent Auditors Report... 1. Consolidated Statements of Financial Position... 2. Consolidated Statements of Activities... CONTENTS Independent Auditors Report... 1 Consolidated Statements of Financial Position... 2 Consolidated Statements of Activities...3-4 Consolidated Statements of Cash Flows... 5 Notes to the Consolidated

More information

Pivot Technology Solutions, Inc.

Pivot Technology Solutions, Inc. Interim Condensed Consolidated Financial Statements Pivot Technology Solutions, Inc. For the Three Months Ended (Unaudited) (Expressed in Thousands of U.S. Dollars) INTERIM CONDENSED CONSOLIDATED STATEMENTS

More information

BIOQUAL, INC. AND SUBSIDIARY AUDITED CONSOLIDATED FINANCIAL STATE:MENTS MAY 31, 2014 AND 2013

BIOQUAL, INC. AND SUBSIDIARY AUDITED CONSOLIDATED FINANCIAL STATE:MENTS MAY 31, 2014 AND 2013 BIOQUAL, INC. AND SUBSIDIARY AUDITED CONSOLIDATED FINANCIAL STATE:MENTS MAY 31, 2014 AND 2013 Table of Contents Page Independent Auditor's Report 1-2 Audited Consolidated Financial Statements Consolidated

More information

FRIENDS OF KEXP dba KEXP-FM

FRIENDS OF KEXP dba KEXP-FM FRIENDS OF KEXP dba KEXP-FM FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT To the Board of Directors Friends of KEXP Seattle, Washington We have audited the accompanying

More information

Collaborative For Children. Financial Statements and Independent Auditors Report for the years ended December 31, 2011 and 2010

Collaborative For Children. Financial Statements and Independent Auditors Report for the years ended December 31, 2011 and 2010 Financial Statements and Independent Auditors Report for the years ended December 31, 2011 and 2010 Blazek & Vetterling C ERTIFIED P UBLIC A CCOUNTANTS Independent Auditors Report To the Board of Directors

More information

Boston College Financial Statements May 31, 2007 and 2006

Boston College Financial Statements May 31, 2007 and 2006 Financial Statements Index Page(s) Report of Independent Auditors... 1 Financial Statements Statement of Financial Position... 2 Statement of Activities... 3 Statement of Cash Flows... 4...5-15 PricewaterhouseCoopers

More information

Bridges of America - The Turning Point Bridge, Inc. Orlando, Florida

Bridges of America - The Turning Point Bridge, Inc. Orlando, Florida Bridges of America - The Turning Point Bridge, Inc. Orlando, Florida Financial Statements and Supplementary Information Year Ended June 30, 2014 Table of Contents Page Independent Auditor s Report 1 Financial

More information

DRUG ABUSE COUNSELORS - POLITICAL ACTION COMMITTEE

DRUG ABUSE COUNSELORS - POLITICAL ACTION COMMITTEE COMBINED FINANCIAL STATEMENTS NATIONAL ASSOCIATION OF ALCOHOLISM AND DRUG ABUSE COUNSELORS NATIONAL ASSOCIATION OF ALCOHOLISM AND DRUG ABUSE COUNSELORS - POLITICAL ACTION COMMITTEE FOR THE YEAR ENDED DECEMBER

More information

THE CANADIAN SOCIETY FOR INTERNATIONAL HEALTH FINANCIAL STATEMENTS DECEMBER 31, 2014

THE CANADIAN SOCIETY FOR INTERNATIONAL HEALTH FINANCIAL STATEMENTS DECEMBER 31, 2014 FINANCIAL STATEMENTS DECEMBER 31, 2014 TABLE OF CONTENTS PAGE Independent Auditor's Report 1 Financial Statements Statement of Operations and Changes in Net Assets 3 Statement of Financial Position 4 Statement

More information

SOS CHILDREN S VILLAGES USA, INC.

SOS CHILDREN S VILLAGES USA, INC. FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS DECEMBER 31, 2015 AND 2014 TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1-2 Page FINANCIAL STATEMENTS

More information

VITALITY UNLIMITED (A NEVADA NONPROFIT CORPORATION) REPORT ON AUDIT OF FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

VITALITY UNLIMITED (A NEVADA NONPROFIT CORPORATION) REPORT ON AUDIT OF FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION VITALITY UNLIMITED (A NEVADA NONPROFIT CORPORATION) REPORT ON AUDIT OF FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION YEAR ENDED DECEMBER 31, 2010 (WITH SUMMARIZED COMPARATIVE FINANCIAL INFORMATION FOR

More information

SCORPEX INTERNATIONAL, INC.

SCORPEX INTERNATIONAL, INC. AUDIT REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Report of Independent Registered Public Accounting Firm.... 3 Consolidated Balance Sheets...

More information

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012 Financial statements Standardbred Canada (Incorporated under the Animal Pedigree Act) (Incorporated under the Animal Pedigree Act) Contents Page Independent Auditors Report 1-2 Statement of operations

More information

Canadian Council for International Co-operation Financial Statements March 31, 2011

Canadian Council for International Co-operation Financial Statements March 31, 2011 Canadian Council for International Co-operation Financial Statements Independent Auditor's Report 2-3 Financial Statements Financial Position 4 Revenues and Expenses 5 Changes in Net Assets 6 Cash Flows

More information

Draft for discussion purposes. April 14, 2014 FINANCIAL STATEMENTS DRAFT EXCELLENCE CANADA. December 31, 2013

Draft for discussion purposes. April 14, 2014 FINANCIAL STATEMENTS DRAFT EXCELLENCE CANADA. December 31, 2013 Draft for discussion purposes April 14, 2014 FINANCIAL STATEMENTS EXCELLENCE CANADA CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Balance sheet 3 Statement of changes in net assets

More information

CELTIC BUSINESS DEVELOPMENT CORPORATION INC.

CELTIC BUSINESS DEVELOPMENT CORPORATION INC. Financial Statements of CELTIC BUSINESS DEVELOPMENT CORPORATION INC. YEAR ENDED MARCH 31, 2015 Financial Statements Year ended March 31, 2015 Contents Page Independent Auditor s Report 1. Consolidated

More information

ELife Church D.B.A. Experience Life Church. Financial Statements and Independent Auditor s Report. December 31, 2014 and 2013

ELife Church D.B.A. Experience Life Church. Financial Statements and Independent Auditor s Report. December 31, 2014 and 2013 Financial Statements and Independent Auditor s Report December 31, 2014 and 2013 Contents Page Independent Auditor s Report... 3 Financial Statements Statements of Financial Position... 4 Statements of

More information

Audited Financial Statements Handbook For Multifamily Rental Housing

Audited Financial Statements Handbook For Multifamily Rental Housing Audited Financial Statements Handbook For Multifamily Rental Housing California Department of Housing and Community Development California Housing Finance Agency Last Revised: March 2015 Foreword Hcd CalHFA

More information

NC STATE UNIVERSITY CENTENNIAL DEVELOPMENT, LLC FINANCIAL REPORT. JUNE 30, 2009 and 2008

NC STATE UNIVERSITY CENTENNIAL DEVELOPMENT, LLC FINANCIAL REPORT. JUNE 30, 2009 and 2008 NC STATE UNIVERSITY CENTENNIAL DEVELOPMENT, LLC FINANCIAL REPORT JUNE 30, 2009 and 2008 CONTENTS INDEPENDENT AUDITOR S REPORT ON THE FINANCIAL STATEMENTS 1 FINANCIAL STATEMENTS Statements of financial

More information

Grace Centers of Hope and Subsidiaries. Consolidated Financial Report October 31, 2013

Grace Centers of Hope and Subsidiaries. Consolidated Financial Report October 31, 2013 Consolidated Financial Report October 31, 2013 Contents Report Letter 1 Consolidated Financial Statements Balance Sheet 2 Statement of Activities and Changes in Net Assets 3 Statement of Functional Expenses

More information

THE AUTISM SOCIETY OF COLORADO FINANCIAL STATEMENTS DECEMBER 31, 2012

THE AUTISM SOCIETY OF COLORADO FINANCIAL STATEMENTS DECEMBER 31, 2012 FINANCIAL STATEMENTS DECEMBER 31, 2012 C O N T E N T S Independent Auditor s Report 2-3 Statements of Financial Position 4 Statements of Activities 5-6 Statements of Cash Flows 7 Notes to Financial Statements

More information

The Virginia Society of Certified Public Accountants and The Virginia Society of Certified Public Accountants Political Action Committee

The Virginia Society of Certified Public Accountants and The Virginia Society of Certified Public Accountants Political Action Committee The Virginia Society of Certified Public Accountants and The Virginia Society of Certified Public Accountants Political Action Committee Consolidated Financial Statements Years Ended April 30, 2014 and

More information

SAMPLE CONDOMINIUM FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

SAMPLE CONDOMINIUM FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 INDEX INDEPENDENT AUDITORS REPORT... 1 FINANCIAL STATEMENTS: BALANCE SHEETS... 2 3 STATEMENTS OF OPERATIONS AND CHANGES IN MEMBERS EQUITY...

More information

Bridges of America - The Orlando Bridge, Inc. Orlando, Florida Financial Statements and Supplemental Information Year Ended June 30, 2011

Bridges of America - The Orlando Bridge, Inc. Orlando, Florida Financial Statements and Supplemental Information Year Ended June 30, 2011 Bridges of America - The Orlando Bridge, Inc. Orlando, Florida Financial Statements and Supplemental Information Year Ended June 30, 2011 Table of Contents Page Independent Auditor s Report 1 Financial

More information

Financial Statements June 30, 2011 and 2010 Floyd Valley Home Medical Equipment, LLC

Financial Statements June 30, 2011 and 2010 Floyd Valley Home Medical Equipment, LLC Financial Statements June 30, 2011 and 2010 Floyd Valley Home Medical Equipment, LLC www.eidebailly.com Table of Contents June 30, 2011 and 2010 Independent Auditor s Report... 1 Financial Statements Balance

More information

REGAN, GRACE & KERLEY, LLC CERTIFIED PUBLIC ACCOUNTANTS

REGAN, GRACE & KERLEY, LLC CERTIFIED PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT REGAN, GRACE & KERLEY, LLC CERTIFIED PUBLIC ACCOUNTANTS TABLE OF CONTENTS Page No. INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS Statements of

More information

COLORADO WOMEN'S EMPLOYMENT AND EDUCATION, INC. DBA CENTER FOR WORK EDUCATION AND EMPLOYMENT, INC.

COLORADO WOMEN'S EMPLOYMENT AND EDUCATION, INC. DBA CENTER FOR WORK EDUCATION AND EMPLOYMENT, INC. Financial Statements and Independent Auditors' Report June 30, 2014 and 2013 Table of Contents Page Independent Auditors' Report...1 Financial Statements Statements of Financial Position...3 Statements

More information

Goodwill Industries of Northern Michigan, Inc. and Affiliate. Consolidated Financial Report with Additional Information September 30, 2012

Goodwill Industries of Northern Michigan, Inc. and Affiliate. Consolidated Financial Report with Additional Information September 30, 2012 Consolidated Financial Report with Additional Information September 30, 2012 Contents Report Letter 1 Consolidated Financial Statements Balance Sheet 2 Statement of Activities and Changes in Net Assets

More information

BRITISH COLUMBIA INSTITUTE OF TECHNOLOGY

BRITISH COLUMBIA INSTITUTE OF TECHNOLOGY Consolidated Financial Statements of BRITISH COLUMBIA INSTITUTE OF TECHNOLOGY Consolidated Financial Statements Management Report Auditors' Report Consolidated Financial Statements Consolidated Statement

More information

OPERATION BLESSING INTERNATIONAL RELIEF AND DEVELOPMENT CORPORATION AND AFFILIATED ORGANIZATIONS. Combined Financial Statements

OPERATION BLESSING INTERNATIONAL RELIEF AND DEVELOPMENT CORPORATION AND AFFILIATED ORGANIZATIONS. Combined Financial Statements Combined Financial Statements (With Independent Auditors Report Thereon) KPMG LLP Suite 1900 440 Monticello Avenue Norfolk, VA 23510 Independent Auditors Report The Board of Directors Operation Blessing

More information

STATE OF INDIANA. November 14, 2011. Board of Directors Foster Parent Services, Inc. 3798 W. Co. Road 500 S. Vallonia, IN 47281

STATE OF INDIANA. November 14, 2011. Board of Directors Foster Parent Services, Inc. 3798 W. Co. Road 500 S. Vallonia, IN 47281 ` STATE OF INDIANA AN EQUAL OPPORTUNITY EMPLOYER STATE BOARD OF ACCOUNTS 302 WEST WASHINGTON STREET ROOM E418 INDIANAPOLIS, INDIANA 46204-2769 Telephone: (317) 232-2513 Fax: (317) 232-4711 Web Site: www.in.gov/sboa

More information

Grace Medical Home, Inc. Financial Statements

Grace Medical Home, Inc. Financial Statements Grace Medical Home, Inc. Financial Statements For The Years Ended December 31, 2013 and 2012 REPORT OF INDEPENDENT AUDITORS The Board of Directors Grace Medical Home, Inc. Orlando, Florida We have audited

More information

Electric Reliability Council of Texas, Inc. Years Ended December 31, 2013 and 2012 With Report of Independent Auditors

Electric Reliability Council of Texas, Inc. Years Ended December 31, 2013 and 2012 With Report of Independent Auditors F INANCIAL S TATEMENTS Electric Reliability Council of Texas, Inc. Years Ended December 31, 2013 and 2012 With Report of Independent Auditors Ernst & Young LLP Financial Statements December 31, 2013 and

More information

Westchester County Health Care Corporation Basic Financial Statements and Supplementary Schedules (With Management s Discussion and Analysis)

Westchester County Health Care Corporation Basic Financial Statements and Supplementary Schedules (With Management s Discussion and Analysis) Westchester County Health Care Corporation Basic Financial Statements and Supplementary Schedules (With Management s Discussion and Analysis) (With Report of Independent Certified Public Accountants) Table

More information

REAL ESTATE PARTNERS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP)

REAL ESTATE PARTNERS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) (A CALIFORNIA LIMITED PARTNERSHIP) INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1999 (A CALIFORNIA LIMITED PARTNERSHIP) TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL

More information