HEBREW HOME OF GREATER WASHINGTON, INC. AND LANDOW HOUSE, INC. CONSOLIDATED BALANCE SHEET. September 30, 2012

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1 CONSOLIDATED BALANCE SHEET September 30, 2012 CURRENT ASSETS Cash and cash equivalents $ 8,991,486 Resident accounts receivable, net 3,857,440 Contributions receivable (current) 3,178,992 Other receivables 103,777 Investments (current) 1,105,520 Accrued interest receivable 16,096 Prepaid expenses and other assets 899,291 Loans receivable, related parties (current) 1,173,423 Bond escrows (current) 620,838 TOTAL CURRENT ASSETS 19,946,863 FIXED ASSETS, Net of accumulated depreciation 31,747,390 OTHER ASSETS Contributions receivable (long-term) 1,908,536 Loans receivable, related parties (long-term) 316,439 Bond issue costs, net 366,078 Investments (long-term) 93,447,182 Bond escrows (long-term) 3,299,235 Beneficial interest in a trust 981,159 Tenant security deposits held in trust 428,431 Deposits and other assets 2,387,305 TOTAL OTHER ASSETS 103,134,365 TOTAL ASSETS $ 154,828,618 Page 1

2 CONSOLIDATED BALANCE SHEET September 30, 2012 CURRENT LIABILITIES Accounts payable and accrued expenses $ 4,235,821 Accrued wages, vacation, and holidays 3,325,072 Accrued bond interest payable 193,734 Retirement plan contribution payable 2,514,084 Working capital loan 322,048 Current maturities of long-term liabilities 63,000 Due to third party payors 75,000 Due to related party 4,716 TOTAL CURRENT LIABILITIES 10,733,475 LONG-TERM LIABILITIES Bonds payable, net of current maturities (shown above) 10,992,000 Tenant security deposits liability 426,574 Liability under unitrust agreement 1,276,473 Annuities payable 162,874 TOTAL LONG-TERM LIABILITIES 12,857,921 TOTAL LIABILITIES 23,591,396 NET ASSETS Unrestricted Undesignated 67,984,129 Board-designated 33,803, ,787,478 Temporarily restricted 4,395,514 Permanently restricted 25,054,230 TOTAL NET ASSETS 131,237,222 TOTAL LIABILITIES AND NET ASSETS $ 154,828,618 Page 2

3 CONSOLIDATED STATEMENT OF OPERATIONS Nine Months Ended September 30, 2012 Unrestricted Temporarily Restricted Permanently Restricted Total REVENUE, GAINS, AND SUPPORT Resident service revenue $ 42,373,450 $ - $ - $ 42,373,450 Management fee revenue 458, ,700 Rental income, net 3,823, ,823,689 Other operating revenue 495, ,119 Investment income, net 2,299, ,299,882 Contributions and bequests 1,199, ,335 62,331 1,437,059 Research grant revenue ,650, ,335 62,331 50,887,899 Satisfaction of program restrictions Transfers TOTAL REVENUE, GAINS, AND SUPPORT 50,650, ,335 62,331 50,887,899 - EXPENSES - Depreciation & amortization expense 1,612,489-1,612,489 Interest expense 486, ,877 Fundraising expenses 268, ,242 Other operating expenses 45,844, ,844,113 TOTAL EXPENSES 48,211, ,211,721 EXCESS (DEFICIT) OF REVENUE, GAINS, AND SUPPORT OVER EXPENSES 2,438, ,335 62,331 2,676,178 Smith v. Colmers - - UNREALIZED GAINS (LOSSES) ON INVESTMENTS 5,640, ,640,014 CONTRIBUTIONS AND BEQUESTS FOR ACQUISITION OF PROPERTY AND EQUIPMENT FOR ACQUISITION OF PROPERTY AND EQUIPMT CHANGE IN NET ASSETS $ 8,078,526 $ 175,335 $ 62,331 $ 8,316,192 Page 3

4 CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended September 30, 2012 Unrestricted Temporarily Restricted Permanently Restricted Total REVENUE, GAINS, AND SUPPORT Resident service revenue $ 14,053,721 $ - $ - $ 14,053,721 Management fee revenue 158, ,893 Rental income, net 1,324, ,324,660 Other operating revenue 159, ,779 Investment income, net 813, ,658 Contributions and bequests 211,418 8,476 44, ,157 Research grant revenue ,722,129 8,476 44,263 16,774,868 Satisfaction of program restrictions Transfers TOTAL REVENUE, GAINS, AND SUPPORT 16,722,129 8,476 44,263 16,774,868 - EXPENSES - Depreciation & amortization expense 522, ,885 Interest expense 160, ,605 Fundraising expenses 87, ,467 Other operating expenses 15,373, ,373,797 TOTAL EXPENSES 16,144, ,144,754 EXCESS (DEFICIT) OF REVENUE, GAINS, AND SUPPORT OVER EXPENSES 577,375 8,476 44, ,114 Smith v. Colmers UNREALIZED GAINS (LOSSES) ON INVESTMENTS 2,679, ,679,146 CONTRIBUTIONS AND BEQUESTS FOR ACQUISITION OF PROPERTY AND EQUIPMENT FOR ACQUISITION OF PROPERTY AND EQUIPMT CHANGE IN NET ASSETS $ 3,256,521 $ 8,476 $ 44,263 $ 3,309,260 Page 4

5 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS Twelve Months Ended December 31, 2012 Unrestricted Temporarily Restricted Permanently Restricted Total BALANCE, DECEMBER 31, 2011 $ 93,708,953 $ 4,220,179 $ 24,991,899 $ 122,921,031 CHANGE IN NET ASSETS: Quarter Ended March 31, ,646, ,120 6,298 4,777,448 Quarter Ended June 30, ,974 41,739 11, ,483 Quarter Ended September 30, ,256,521 8,476 44,263 3,309,260 Quarter Ended December 31, NET ASSET TRANSFERS CHANGE IN NET ASSETS - YEAR TO DATE 8,078, ,335 62,331 8,316,191 BALANCE, YEAR TO DATE $ 101,787,478 $ 4,395,514 $ 25,054,230 $ 131,237,222 Page 5