NEW LIFE CHURCH AND AFFILIATE

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1 CONSOLIDATED FINANCIAL STATEMENTS With Independent Auditors' Report December 31, 2013 and 2012

2 Table of Contents Independent Auditors' Report 1 Financial Statements Consolidated Statements of Financial Position 3 Consolidated Statements of Activities 4 Consolidated Statements of Cash Flows 5 Notes to Consolidated Financial Statements 6 Supplemental Information Independent Auditors' Report on Supplemental Information 17 Consolidating Statements of Financial Position 18 Consolidating Statements of Activities 20 Page

3 INDEPENDENT AUDITORS REPORT Board of Elders New Life Church and Affiliate Colorado Springs, Colorado We have audited the accompanying consolidated financial statements of New Life Church and Affiliate, which comprise the consolidated statements of financial position as of December 31, 2013 and 2012, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits 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 consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

4 Board of Elders New Life Church and Affiliate Colorado Springs, Colorado Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of New Life Church and Affiliate, as of December 31, 2013 and 2012, and the changes in their net assets and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Colorado Springs, Colorado March 27,

5 Consolidated Statements of Financial Position December 31, ASSETS: Current assets: Cash and cash equivalents $ 2,205,286 $ 1,727,959 Prepaid expenses and other assets 183, ,237 Property held for sale 2,780,078 3,430,844 5,168,454 5,362,040 Deferred debt issue costs, net of accumulated amortization of $6,556 and $937 in 2013 and 2012, respectively 49,634 55,253 Interest rate swap agreements asset 660,055 - Land, buildings, and equipment net 25,198,286 26,551,247 Total Assets $ 31,076,429 $ 31,968,540 LIABILITIES AND NET ASSETS: Liabilities: Current liabilities: Accounts payable and accrued liabilities $ 367,873 $ 342,930 Deferred revenue 205, ,412 Current portion of capital lease obligation - 26,862 Current portion of notes payable 479, ,024 1,052,978 1,089,228 Capital lease obligation, net of current portion - 335,081 Interest rate swap agreements liability - 233,844 Notes payable, net of current poriton 17,909,865 19,353,996 18,962,843 21,012,149 Net assets: Unrestricted: Undesignated 1,518, ,418 Equity in property held for sale 2,780,078 3,430,844 Equity in land, buildings, and equipment 7,458,440 6,112,095 11,757,404 10,460,357 Temporarily restricted 356, ,034 12,113,586 10,956,391 Total Liabilities and Net Assets $ 31,076,429 $ 31,968,540 See notes to consolidated financial statements -3-

6 Consolidated Statements of Activities Year Ended December 31, Temporarily Temporarily Unrestricted Restricted Total Unrestricted Restricted Total OPERATING: SUPPORT AND REVENUE: Contributions $ 10,530,927 $ 2,814,648 $ 13,345,575 $ 10,229,375 $ 4,739,113 $ 14,968,488 Program income 1,201,498-1,201,498 1,196,536-1,196,536 Sales income 335, , , ,410 Rental and other income 47,102-47,102 43,076-43,076 Total Support and Revenue 12,114,832 2,814,648 14,929,480 11,883,397 4,739,113 16,622,510 NET ASSETS RELEASED: Purpose and time restrictions 2,954,500 (2,954,500) - 4,657,426 (4,657,426) - EXPENSES: Salaries and benefits 6,828,189-6,828,189 6,389,743-6,389,743 Missions 2,686,335-2,686,335 2,654,485-2,654,485 Depreciation and amortization 1,640,672-1,640,672 1,698,958-1,698,958 Ministry 1,365,694-1,365,694 1,431,699-1,431,699 Interest 750, ,607 1,212,093-1,212,093 Facilities 871, , , ,481 Office expense 263, , , ,576 Cost of sales 260, , , ,891 Total Expenses 14,666,184-14,666,184 14,690,926-14,690,926 Change in Net Assets from Operations 403,148 (139,852) 263,296 1,849,897 81,687 1,931,584 NON-OPERATING: Change in interest rate swap agreements 893, ,899 (233,844) - (233,844) Change in Net Assets 1,297,047 (139,852) 1,157,195 1,616,053 81,687 1,697,740 Net Assets, Beginning of Year 10,460, ,034 10,956,391 8,844, ,347 9,258,651 Net Assets, End of Year $ 11,757,404 $ 356,182 $ 12,113,586 $ 10,460,357 $ 496,034 $ 10,956,391 See notes to consolidated financial statements -4-

7 Consolidated Statements of Cash Flows Year Ended December 31, CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets $ 1,157,195 $ 1,697,740 Adjustments to reconcile change in net assets to net cash provided (used) by operating activities: Depreciation and amortization expense 1,635,053 1,687,536 Amortization of deferred debt issue costs 5,619 11,422 Gain on sales of property held for sale (27,825) - (Gain) loss on disposals of land, buildings, and equipment 1,187 (880) Contributions received for long-term purposes (1,409,210) (3,114,922) Change in interest rate swap agreements liability (893,899) 233,844 Change in operating assets and liabilities: Prepaid expenses and other assets 20,147 (47,038) Accounts payable and accrued liabilities 24,943 11,028 Deferred revenue (31,215) (35,043) Net Cash Provided by Operating Activities 481, ,687 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of property held for sale 678,591 - Purchases of land, buildings, and equipment (283,279) (814,910) Proceeds from sales of land, building, and equipment - 1,743 Net Cash Provided (Used) by Investing Activities 395,312 (813,167) CASH FLOWS FROM FINANCING ACTIVITIES: Contributions received for long-term purposes 1,409,210 3,114,922 Write-off of deferred debt issue costs - 16,777 Deferred debt issue costs incurred - (56,190) Release of restricted cash lender required reserve - 504,000 Borrowings on capital lease obligation - 361,943 Payments on capital lease obligation (361,943) - Principal payments on notes payable (1,447,247) (3,256,211) Net Cash Provided (Used) by Financing Activities (399,980) 685,241 Net Change in Cash and Cash Equivalents 477, ,761 Cash and Cash Equivalents, Beginning of Year 1,727,959 1,412,198 Cash and Cash Equivalents, End of Year $ 2,205,286 $ 1,727,959 NON-CASH ACTIVITIES AND SUPPLEMENTAL DISCLOSURES: Notes payable refinanced $ - $ 20,000,000 Land, buildings, and equipment obtained through capital lease obligation $ - $ 361,943 Cash paid for interest, none capitalized $ 752,443 $ 1,222,324 See notes to consolidated financial statements -5-

8 Notes to Consolidated Financial Statements December 31, 2013 and NATURE OF ORGANIZATIONS: New Life Church (NLC) is an independent, nondenominational, charismatic church founded in NLC is operated as a nonprofit organization exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code (the Code), and is not a private foundation under Section 509(a) of the Code. The mission of NLC is to make disciples for Jesus Christ. NLC's primary source of revenue is from contributions. The Dream Centers of Colorado Springs (DCCS) was incorporated in 2011, to provide health and hope for people in Colorado Springs who are working to rebuild their dreams. The Board of Directors of DCCS consists mainly of staff and elders from NLC. NLC controls DCCS through economic dependence and board control. NLC and DCCS are referred to collectively as the Church. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Church maintains its accounts and prepares its consolidated financial statements on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. The preparation of consolidated 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, disclosures of any contingent assets and liabilities at the date of the consolidated financial statements, and the reported revenues and expenses during the reporting period. Actual results could differ from the estimates. The significant accounting policies followed are described below to enhance the usefulness of the consolidated financial statements to the reader. PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of NLC and DCCS. All significant intercompany transactions have been eliminated in consolidation. CASH AND CASH EQUIVALENTS For purposes of the consolidated statements of cash flows, cash and cash equivalents are defined as actual currency, demand deposits, and highly liquid investments with original maturities of three months or less. These accounts may, at times, exceed federally insured limits. The Church has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. -6-

9 Notes to Consolidated Financial Statements December 31, 2013 and SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued: PROPERTY HELD FOR SALE Property held for sale consists of three parcels of land as of December 31, 2012 and one parcel of land as of December 31, During the year ended December 31, 2013, two properties were sold. Gains associated with the sale of the properties are recorded on the consolidated statements of activities with rental and other income. During the year ended December 31, 2013, the Church entered into an agreement to sell the remaining parcel of land for $3,635,000. The parcel is expected to finalize during the year ended December 31, Property held for sale is recorded at the lower of book value or net realizable value. LAND, BUILDINGS, AND EQUIPMENT NET Items capitalized as land, buildings, and equipment are recorded at cost. Donated items are recorded at their fair market value on the date of the gift. Depreciation is computed on the straight-line method over the estimated useful lives (currently 5-30 years) of the related assets. The Church capitalizes fixed asset purchases exceeding $1,000 with lesser amounts expensed in the year purchased. CLASSES OF NET ASSETS The consolidated financial statements report amounts separately by class of net assets as follows: Unrestricted net assets are those currently available at the discretion of the board for use in the Church's operations and those resources invested in land, buildings, and equipment. Temporarily restricted net assets are those which are stipulated by donors for specific operating purposes and future periods. SUPPORT, REVENUE AND EXPENSES Contributions are recorded when made, which may be when cash or other assets are received or unconditionally promised. Those contributions postmarked by December 31 are recorded as contributions and cash and cash equivalents rather than promises to give during the respective year. Gifts of cash and other assets are reported as restricted support if they are received with donor stipulations that limit the use of the donated amounts. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is satisfied, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the consolidated statements of activities as net assets released from restrictions. The Church reports gifts of land, buildings, and equipment as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Absent explicit donor stipulations about how long those long-lived assets must be maintained, the Church reports expirations of donor restrictions when the donated long-lived assets are placed in service. -7-

10 Notes to Consolidated Financial Statements December 31, 2013 and SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued: SUPPORT, REVENUE AND EXPENSES, continued Program income consists of revenues received for conferences, retreats, ministry programs, and events held by the Church. Program income is recorded when earned which is when the program is held. Sales income is related to the sale of various cafe and ministry resources. Sales income is recorded when earned which is when items are sold. Rental income consists of revenues received for rental of Church facilities. Rental income is recorded when earned which is at the time facilities are used. Contributed rent is recorded by the Church at estimated fair market value when it receives discounted or free rent of facilities for its ministries. Contributed rent is recorded as contributions in the consolidated statements of activities. During the years ended December 31, 2013 and 2012, the Church received contributed rent of $25,200. Expenses are recorded when incurred in accordance with the accrual basis of accounting. CONTRIBUTED SERVICES The Not-for-Profit Topic of the FASB ASC, requires recording the value of donated services that create or enhance nonfinancial assets or require specialized skills. Contributed services consist of medical services used in the women's clinic of DCCS. These services are valued using existing compensation amounts and externally published rates. Contributed services are recorded at their estimated fair market value on the date the services are provided and were $169,533 and $220,784 during the years ended December 31, 2013 and 2012, respectively. ADVERTISING The Church uses advertising to communicate the Gospel message to the City of Colorado Springs and to promote its programs to the audiences it serves. Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2013 and 2012, was $63,294 and $61,469, respectively. UNCERTAIN TAX POSITIONS The financial statement effects of a tax position taken or expected to be taken are recognized in the consolidated financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the consolidated statements of activities. As of December 31, 2013, the Church had no uncertain tax positions that qualify for recognition or disclosure in the consolidated financial statements. DCCS' federal Return of Organization Exempt from Income Tax Form 990 for the year ended December 31, 2012 and the five-month period ended December 31, 2011 are subject to examination by the IRS, generally for three years after they were filed. -8-

11 Notes to Consolidated Financial Statements December 31, 2013 and SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued: RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform with the current year presentation. 3. DEFERRED DEBT ISSUE COSTS: Deferred debt issue costs consist of $56,190 of costs associated with the notes payable (see Note 8) obtained during the year ended December 31, These costs have been capitalized and are being amortized over the terms of the longest debt instrument using the straight-line method. Deferred debt issue costs from debt obtained during the year ended December 31, 2004, of $16,777, were written-off during the year ended December 31, 2012 when the note payable was refinanced. 4. LAND, BUILDINGS, AND EQUIPMENT NET: Land, buildings, and equipment net consists of: December 31, Land $ 2,098,364 $ 2,098,364 Buildings and building improvements 35,624,167 35,580,575 Equipment 7,955,518 7,936,514 45,678,049 45,615,453 Less accumulated depreciation (21,054,493) (19,524,580) 24,623,556 26,090,873 Construction in process 574, ,374 $ 25,198,286 $ 26,551,247-9-

12 Notes to Consolidated Financial Statements December 31, 2013 and LAND, BUILDINGS, AND EQUIPMENT NET, continued: Equity in land, buildings, and equipment net consists of: December 31, Land, buildings, and equipment net $ 25,198,286 $ 26,551,247 Deferred debt issue costs net 49,634 55,253 Interest rate swap agreements asset 660,055 - Less accrued interest payable (59,762) (61,598) Less capital lease obligation - (361,943) Less interest rate swap agreements liability - (233,844) Less notes payable (18,389,773) (19,837,020) $ 7,458,440 $ 6,112, LINE OF CREDIT: The Church was issued an unsecured line of credit from a bank in the amount of $250,000 during the year ended December 31, The line of credit was renewed during the year ended December 31, 2013 and matures July There were not any funds drawn against this line of credit during the years ended December 31, 2013 and CAPITAL LEASE OBLIGATION: DCCS entered into a capital lease during the year ended December 31, 2012, to purchase an apartment complex. Upon entering into the agreement, DCCS paid $163,057 towards the purchase price of $525,000. During the year ended December 31, 2013, DCCS paid the remaining $361,943 and purchased the apartment complex for a total cost of $525, INTEREST RATE SWAP AGREEMENTS: The Church has two derivative agreements known as interest rate swaps. In substance, these agreements exchange the variable rate terms contained in two loan agreements for a fixed rate of interest contracted with the financial institution. -10-

13 Notes to Consolidated Financial Statements December 31, 2013 and INTEREST RATE SWAP AGREEMENTS, continued: Under the first swap agreement, the Church pays a fixed rate of 4.3% instead of a variable rate of 2.44% above LIBOR, effectively 2.61% as of December 31, The original note payable balance covered by the agreement was $11,000,000, and the aggregate notional amount of the swap agreement was $10,730,871 and $10,979,369 as of December 31, 2013 and 2012, respectively. The notional amount declines monthly as principal and interest payments are made on the note payable. As of December 31, 2013, the interest rate swap had a positive fair value of $617,632 and is recorded as an asset in the consolidated statements of financial position as interest rate swap agreements asset. As of December, 31, 2012, the interest rate swap had a negative fair value of $209,709 and is recorded as a liability in the consolidated statements of financial position as interest rate swap agreements liability. Under the second swap agreement, the Church pays a fixed rate of 3.84% instead of a variable rate of 2.44% above LIBOR, effectively 2.61% as of December 31, The original note payable balance covered by the agreement was $1,500,000, and the aggregate notional amount of the swap agreement was $1,460,993 and $1,479,009 as of December 31, 2013 and 2012, respectively. The notional amount declines monthly as principal and interest payments are made on the note payable. As of December 31, 2013, the interest rate swap had a positive fair value of $42,423 and is recorded as an asset in the consolidated statements of financial position as interest rate swap agreements asset. As of December 31, 2012, the interest rate swap had a negative fair value of $24,135 and is recorded as a liability in the consolidated statements of financial position as interest rate swap agreements liability. As of December 31, 2013 and 2012, the interest rate swaps had a combined fair value of a positive $660,055 and a negative $233,844, and are reported in the consolidated statements of financial position as swap agreements asset and liability, respectively. The change in the fair value of the swap agreements of $893,899 and $(233,844) for the years ended December 31, 2013 and 2012, respectively, is reported as non-operating change in interest rate swap agreements in the consolidated statements of activities. This amount will be recomputed each year using the interest rates effective at the year end and will be included in the consolidated statements of activities as non-operating change in swap agreements. The Church uses appropriate valuation techniques to determine fair value based on inputs available. When appropriate, the Church measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. Level 3 inputs are only used when Level 1 or Level 2 inputs were not available. The Church's swap agreements liability are considered Level 2 under the fair value hierarchy and are based on observable inputs other than the quoted prices included in Level 1 and are based on yields for swap agreements of comparable maturity, quality, and types as obtained from market transactions. The calculation is determined by the Church's lender. -11-

14 Notes to Consolidated Financial Statements December 31, 2013 and NOTES PAYABLE: Notes payable consist of: December 31, Note payable to Bank of the West, monthly payments of $4,629 including principal and interest at 2.78%, matures November 1, 2022, at which time a balloon payment will be required. The note is secured by the Church's land, buildings, and equipment. The note was paid in full during the year ended December 31, Note payable to Bank of the West, secured by the Church's land, buildings, and equipment. Monthly payments of $7,199 are due, including interest at 3.07%. The agreement matures November 1, 2022, at which time a balloon payment will be required. Beginning November 1, 2016, the interest rate switches to a variable rate based on 2.44% above LIBOR. Note payable to Bank of the West, secured by the Church's land, buildings, and equipment. Monthly payments of $23,893 are due, including interest at 3.07%. The agreement matures November 1, 2017, at which time a balloon payment will be required. Note payable to Bank of the West, variable interest rate of 2.44% above LIBOR, effective 2.61%, on the principal portion of the note payable (original balance of $1,500,000), payable at the fixed interest rate of 3.84% per a swap agreement with the difference being paid to, or by the bank to reflect the total interest rate. Principal and interest payments are due monthly and fluctuate based on the relationship between the effective interest rate and the fixed interest rate. The payment of principal and interest as of December 31, 2013 and 2012, was $6,394 and $7,151, respectively. The agreement terminates November 1, 2019, at which time a balloon payment will be required, secured by the Church's land, buildings, and equipment. $ - $ 875,611 1,342,770 1,496,559 4,855,139 4,988,472 1,460,993 1,497,

15 Notes to Consolidated Financial Statements December 31, 2013 and NOTES PAYABLE, continued: December 31, Note payable to Bank of the West, variable interest rate of 2.44% above LIBOR, effective 2.61%, on the principal portion of the note payable (original balance of $11,000,000), payable at the fixed interest rate of 4.3% per a swap agreement with the difference being paid to, or by the bank to reflect the total interest rate. Principal and interest payments are due monthly and fluctuate based on the relationship between the effective interest rate and the fixed interest rate. The payment of principal and interest as of December 31, 2013 and 2012, was $45,661 and $61,285, respectively. The agreement terminates November 1, 2022, at which time a balloon payment will be required, secured by the Church's land, buildings, and equipment. 10,730,871 10,979,369 18,389,773 19,837,020 Less current portion of note payable (479,908) (483,024) $ 17,909,865 $ 19,353,996 Future minimum payments on the notes payable are: Year Ending December 31, Thereafter $ $ 479, , ,686 4,817, ,441 11,672,363 18,389,773 The Church was in compliance with all financial and reporting covenants at December 31,

16 Notes to Consolidated Financial Statements December 31, 2013 and TEMPORARILY RESTRICTED NET ASSETS: Temporarily restricted net assets consist of: December 31, New Life Church: Missions projects $ 173,214 $ 190,969 Scholarship fund 89,073 89,007 Move the Mountain 7,342 21, , ,439 The Dream Centers of Colorado Springs: Mary's Home 81, ,156 Joel Home 5,040 - Time restricted - 90,439 86, ,595 $ 356,182 $ 496, OPERATING LEASES: NLC leases office equipment under numerous operating lease agreements and DCCS rents space for the women's clinic. Lease terms provide that the Church is to pay, in addition to the minimum rentals summarized below, applicable taxes and any additional print charges. Rent expense for the years ended December 31, 2013 and 2012, was $55,393 and $48,723, respectively. Future minimum lease payments are: Year Ending December 31, $ $ 64,467 45,009 9, ,022 Also, in May 2006, the Church entered into a fifty-year lease with Pikes Peak Community College to lease a portion of the college's land. In lieu of rent, the Church agreed to construct and maintain a parking lot and pay the electricity for the parking lot. The parking lot was completed during the year ended December 31, 2006, and capitalized at $632,623 with accumulated depreciation of $226,690 and $195,059 as of December 31, 2013 and 2012, respectively. The parking lot is being depreciated over a life of 20 years. -14-

17 Notes to Consolidated Financial Statements December 31, 2013 and FUNCTIONAL ALLOCATION OF EXPENSES: The costs of providing various program services and supporting activities have been summarized on a functional basis. Accordingly, certain costs, such as depreciation and salaries, have been allocated among the program services and supporting activities benefited. Functional expenses are: Year Ended December 31, Program services $ 13,168,311 $ 13,221,615 Supporting activities: General and administrative 1,411,889 1,428,643 Fund-raising 85,984 40,668 1,497,873 1,469,311 $ 14,666,184 $ 14,690, OPERATING AND NON-OPERATING ACTIVITIES: The activity of the Church has been reported in the consolidated statements of activities in the following two categories: operating and non-operating. Operating includes the core church and ministry activities of the Church. Non-operating includes all other activity that is not considered to be core church and ministry activities, such as the change in interest rate swap agreements. 13. RETIREMENT PLAN: Effective January 1, 2008, the Church adopted a 403(b) retirement plan for all employees. At the discretion of the Church, the Church made no employer contributions during the years ended December 31, 2013 and As part of the senior pastor's annual compensation, the non-staff elders, which comprise the compensation committee, discretionally allocated a portion of his compensation to this plan in the amount of $21,307 and $15,881, during the years ended December 31, 2013 and 2012, respectively. As of January 1, 2014, the Church reinstated employer contributions and concurrently amended the plan. 14. RELATED PARTY TRANSACTIONS: The Church rented sound equipment and studio space from a son of an elder of the Church. The total amount paid to this individual was $1,300 during the year ended December 31,

18 Notes to Consolidated Financial Statements December 31, 2013 and RELATED PARTY TRANSACTIONS, continued: The Church paid $20,000 during the year ended December 31, 2013 to an organization to host the Thorn performances. The organization's executive director is also a member of the Church's executive team. During the year ended December 31, 2013, the Church also paid $16,500 for honorariums related to a worship band. The leader of the worship band is a member of the executive team. The Church uses a financial company to administer the Church's retirement plan. An elder of the Church is the retirement representative and is married to the president of the financial company. The Church paid $125 for fees directly to this company during the year ended December 31, The remaining fees are paid by employees of the Church through use of the retirement plan. 15. SUBSEQUENT EVENTS: DCCS was awarded an Affordable Housing Program (AHP) grant in November 2013 in the amount of $400,000 for renovations to Mary s Home. However, this grant was contingent on DCCS receiving a loan from a sponsor bank. In January 2014, DCCS was sponsored by Integrity Bank and subsequently awarded a line of credit in the amount of $400,000. As of the date of this report, no draws had been made on the line of credit. The grant is a reimbursable grant. DCCS will perform construction on Mary s Home with funds from the line of credit. Upon completion of the project (estimated completion summer 2014), DCCS will submit the appropriate forms to AHP and receive reimbursement. With that reimbursement, DCCS intends pay off the line of credit with Integrity. Subsequent events have been evaluated through the report date, which represents the date the consolidated financial statements were available to be issued. Subsequent events after that date have not been evaluated. -16-

19 SUPPLEMENTAL INFORMATION

20 INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION Board of Elders New Life Church and Affiliate Colorado Springs, Colorado We have audited the consolidated financial statements of New Life Church and Affiliate as of and for the years ended December 31, 2013 and 2012, and our report thereon dated March 27, 2014, which expressed an unmodified opinion on those consolidated financial statements, appears on page 1. Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating statements of financial position and activities are presented for purposes of additional analysis of the consolidated financial statements rather than to present the financial position and results of operations of the individual organizations, and they are not a required part of the consolidated 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 consolidated financial statements. The consolidating information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated 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 consolidated financial statements as a whole. Colorado Springs, Colorado March 27, 2014

21 Consolidating Statements of Financial Position December 31, NLC DCCS Eliminations Total NLC DCCS Eliminations Total ASSETS: Current assets: Cash and cash equivalents $ 1,761,425 $ 443,861 $ - $ 2,205,286 $ 1,623,682 $ 104,277 $ - $ 1,727,959 Prepaid expenses and other assets 178,040 5, , , ,771 (108,771) 203,237 Property held for sale 2,780, ,780,078 3,430, ,430,844 4,719, ,911-5,168,454 5,257, ,048 (108,771) 5,362,040 Deferred debt issue costs net 49, ,634 55, ,253 Interest rate swap agreements asset 660, , Land, buildings, and equipment net 24,508, ,750-25,198,286 25,959, ,328-26,551,247 Total Assets $ 29,937,768 $ 1,138,661 $ - $ 31,076,429 $ 31,272,935 $ 804,376 $ (108,771) $ 31,968,540 LIABILITIES AND NET ASSETS: Liabilities: Current liabilities: Accounts payable and accrued liabilities $ 278,937 $ 88,936 $ - $ 367,873 $ 429,314 $ 22,387 $ (108,771) $ 342,930 Deferred revenue 205, , , ,412 Current portion of capital lease obligation ,862-26,862 Current portion of notes payable 479, , , , ,042 88,936-1,052,978 1,148,750 49,249 (108,771) 1,089,228 (continued) -18-

22 Consolidating Statements of Financial Position (continued) December 31, NLC DCCS Eliminations Total NLC DCCS Eliminations Total LIABILITIES AND NET ASSETS, continued: Liabilities, continued: Capital lease obligation, net of current portion $ - $ - $ - $ - $ - $ 335,081 $ - $ 335,081 Interest rate swap agreements liability , ,844 Notes payable, net of current portion 17,909, ,909,865 19,353, ,353,996 18,873,907 88,936-18,962,843 20,736, ,330 (108,771) 21,012,149 Net assets: Unrestricted: Undesignated 1,245, ,422-1,518, ,352 (3,934) - 917,418 Equity in property held for sale 2,780, ,780,078 3,430, ,430,844 Equity in land, buildings, and equipment 6,768, ,750-7,458,440 5,882, ,385-6,112,095 10,794, ,172-11,757,404 10,234, ,451-10,460,357 Temporarily restricted 269,629 86, , , , ,034 11,063,861 1,049,725-12,113,586 10,536, ,046-10,956,391 Total Liabilities and Net Assets $ 29,937,768 $ 1,138,661 $ - $ 31,076,429 $ 31,272,935 $ 804,376 $ (108,771) $ 31,968,

23 Consolidating Statements of Activities Year Ended December 31, NLC DCCS Eliminations Total NLC DCCS Eliminations Total OPERATING: SUPPORT AND REVENUE: Contributions $ 12,801,408 $ 1,287,333 $ (743,166) $ 13,345,575 $ 14,687,542 $ 739,651 $ (458,705) $ 14,968,488 Program income 1,157,189 44,309-1,201,498 1,192,390 4,146-1,196,536 Sales income 335, , , ,410 Rental and other income 47, ,102 43, ,076 Total Support and Revenue 14,341,004 1,331,642 (743,166) 14,929,480 16,337, ,797 (458,705) 16,622,510 EXPENSES: Salaries and benefits 6,644, ,366 (65,308) 6,828,189 6,236, ,889 (44,471) 6,389,743 Missions 3,039, ,186 (677,858) 2,686,335 2,764, ,562 (414,234) 2,654,485 Depreciation and amortization 1,619,855 20,817-1,640,672 1,678,606 20,352-1,698,958 Ministry 1,365, ,365,694 1,428,571 3,128-1,431,699 Interest 742,314 8, ,607 1,212, ,212,093 Facilities 815,499 56, , ,429 39, ,481 Office expense 220,852 42, , ,341 1, ,576 Cost of sales 260, , , ,891 Total Expenses 14,707, ,963 (743,166) 14,666,184 14,583, ,218 (458,705) 14,690,926 Change in Net Assets from Operations (366,383) 629, ,296 1,754, ,579-1,931,584 (continued) -20-

24 Consolidating Statement of Activities (continued) Year Ended December 31, NLC DCCS Eliminations Total NLC DCCS Eliminations Total NON-OPERATING: Change in interest rate swap agreements 893, ,899 (233,844) - - (233,844) Change in Net Assets 527, ,679-1,157,195 1,520, ,579-1,697,740 Net Assets, Beginning of Year 10,536, ,046-10,956,391 9,016, ,467-9,258,651 Net Assets, End of Year $ 11,063,861 $ 1,049,725 $ - $ 12,113,586 $ 10,536,345 $ 420,046 $ - $ 10,956,

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