COMMUNITY HOUSING PARTNERS2 0 1 2 C O M M U N I T Y I M PAC T R E P O RT

Our Message ... 1Our Impact ... 4Community Voices ... 6Our Leadership ... 8Awards and Recognitions ... 9Supporters ... 10Financial Summary ... 14

CONTENTS

CHANGING LIVES“You cannot get through a single day without having an impact on the world around you. What you do makes a difference, and you have to decide what kind of difference you want to make.”- Jane Goodall

DEAR FRIENDS,For Community Housing Partners (CHP), 2012 brought a continued focus on what we do best – creating and serving sustainable communities by using innovative and responsible practices and resources. Our partners and peers took notice, and this year CHP once again received a diverse array of awards and recognitions for the work we’ve done.

But getting recognition for ourselves has never been CHP’s goal. We measure success by the people our work affects: the prosperity they are able to find, the dreams they are able to pursue, and the comfort and security they’re able to garner from the hard work we do. By that most important of metrics, 2012 was truly a banner year for CHP.

The data provided in this report tell a great story about the work we’ve done in 2012, but what the numbers don’t tell is the human story behind what we do and why we do it. This past year, we were incredibly moved when CHP and other community partners rallied to ease the life of Abrianna Reed, a little girl born with a terminal illness, by building her a special room to accommodate her round-the-clock care needs. With over 200 volunteer hours and over $50,000 in donations, we were able to provide assistance to the Reed family and they, in return, touched our hearts.

Abrianna is one child, and the Reeds are one family, but every number tells a story and in 2012, CHP provided more happy endings and new beginnings than ever before. As CEO and Board Chair, we invite you to learn more about how CHP and our partners have made a real difference in our communities by exploring the pages of this impact report.

We also welcome you to click on the arrows within the report to watch several videos we’ve produced on our impact as told through the eyes of our partners, homeowners, residents, and staff. We are honored to have played a role in the lives of these individuals, and we hope you enjoy seeing their stories.

Sincerely,

Jane Henderson Janaka CasperChair of the Board President and CEO

1

MISSIONCHP’s mission is to create affordable, green, sustainable housing opportunities and services for the people and communities we serve.

CHP BY THE NUMBERS: 2012

2

15,000+ People Provided with Quality

Affordable Rental Housing

568 Sustainable

Homes Designed

910Households Enjoyed an

Average Savings of 30% on Their

Energy Bills

360Sustainable Homes Constructed

290Rehabbed MultifamilyHomes

64New Multifamily Homes

6 New Single-Family Homes

1,070 Volunteers

Engaged in our Communities

169 Evictions Prevented,

Saving Almost

$676,000 in Turnover Costs

3

CHP BY THE NUMBERS: 2012

300Construction Jobs Created

1,105Households Prepared for

Homeownership

$28 Million Leveraged Through

Real Estate Development

11,290 Residents Served

RESIDENT SERVICES PROGRAMS

Food

After-School

Summer

Health Care

Wellness/Safety

Weatherization

Building Sciences

Energy Auditing

Other HVAC

2,864 Participants

in Green Jobs Training

Coordinated delivery

of $650,000 in Resident Services Provided byLocal Partners

4

“CHP has a vast reputation for delivering affordable and decent housing...They care about what they build. Not just for now, but in the future as well.”

CHP has been the architect and/or general contractor on five developments owned by Project FAITH, a nonprofit organization based in King George, Virginia that facilitates access to independent housing for people with disabilities and low-income or low-wealth seniors.

FRONCE WARDLAWExecutive DirectorProject FAITHKing George, Virginia

5

“Knowing that [CHP] has people that specialize in buying houses who could walk me through every step without any type of pressure, without any type of cost, that was just amazing.”

BEVERLY AND KATE MILLERCHP Homeownership Center ClientCHP Realty ClientNew HomeownerBlacksburg, Virginia

Beverly Miller is a financial specialist, a mother, and a new homeowner thanks, in part, to CHP’s homeownership team. Miller had previously purchased a home in California but found the process to be frustrating at times. Miller says, however, that working one-on-one with CHP’s homeownership and real estate professionals was an altogether different experience.

6

“The apartments are made better and...we have energy [efficient] heat. And that helps a lot. Now I love it...things are very good now.”

JACQUELINE WILLIAMSResidentParkview GardensFarmville, Virginia

A resident of Parkview Gardens since 1985, Jacqueline Williams witnessed a number of positive changes at the multifamily community when CHP purchased and assumed management of it in 2010. An even greater transformation took place in 2012 when we performed a major renovation of the property that included several green design and construction elements as well as a new community center.

“Every day, we’re making a difference. It’s not just [about] a paycheck. It’s more than that.”

7

CHRIS HESLEPEnergy Solutions Operations DirectorCommunity Housing PartnersChristiansburg, Virginia

Chris Heslep began his career at CHP by working a summer job at the age of 17. When that ended, a full-time position as a crew worker became available and Chris began weatherizing homes for low-income people full-time. Today, Chris serves as an Energy Solutions Operations Director and oversaw the weatherization of almost 800 homes in 2012.

8

MANAGEMENTCHP has been successful over the course of its history in large part because of the dedication and experience of its staff and board members. As varied and far-reaching as our services are, so is our team, whose diversity in education, background, and culture enables CHP to succeed.

Kirsten AndersonVice President of Asset Management

Colin ArnoldVice President of Architecture/Managing Principal of CHP Design Studio

Bill BeachyVice President of Energy Solutions Field Operations

Anjanette BrownAssistant Vice President of Accounting/Controller

Mark JacksonVice President of Energy Solutions Research and Training

Kamilia LawsonDirector of Homeownership and Principal Broker

Clay McCoyDirector of Human Resources

Todd PeacockVice President of Construction

Scott ReithelVice President of Property ManagementAngie Roberts-DobbinsDirector of Resident Services

David SchultzVice President of Development

Kimberly StrahmDirector of Corporate Development

Janaka CasperPresident and Chief Executive Officer

Orlando ArtzeExecutive Vice President and Chief Operating Officer

Jeffrey ReedExecutive Vice President and Chief Financial Officer

Susan SiskExecutive Vice President and Chief Administrative Officer

BOARD OF DIRECTORSJane N. HendersonChair

Karen TurnerVice Chair

Malcolm Bates, CPM®

Member

Susan Tinsley Gooden, Ph.D.Member

Greta HarrisMember

Reverend James HarrisonMember

Keith HayesMember

Kimberly J. Mitchell, Ph.D., CPM®

Member

Andy MorikawaMember

CHP takes great pride in producing well-designed communities that are attractive, efficient, and competitvely-priced. Throughout all phases of development, design, and construction, emphasis is placed on the financial, social, and environmental well-being of its residents. As a result, CHP has earned a national reputation for excellence in the creation of affordable, sustainable housing -- earning the company and its employees the following recognitions in 2012:

NeighborWorks Green Organization designationCommunity Housing Partners

EarthCraft Virginia Multifamily Contractor of the YearCHP Construction, 2012

Southern Growth Policies Board Innovator Award Community Housing Partners/CREATES program, 2012 The Housing Education and Research Association (HERA) Friend of Housing Award Community Housing Partners, 2012 The New River Valley Society for Human Resources Management Diamond Diversity Award Community Housing Partners, 2012

Virginia Housing Coalition/Virginia Housing Development Authority Top 40 Under Forty in Housing Kamilia Lawson, Director of Homeownership and Principal Broker, Community Housing Partners, 2012

AWARDS AND RECOGNITIONS

9

SUSTAINABILITY HIGHLIGHTIn 2012, CHP was one of 16 organizations nationwide to receive the NeighborWorks Green Organization designation from NeighborWorks America for its comprehensive commitment to sustainable operations based on adherence to a set of green business practices across the organization’s operations and all of its program areas.

SUPPORTERSCHP’s success is directly tied to the generosity and vision of the numerous individuals and organizations who help advance our mission. CHP sincerely appreciates the valuable time, services and resources provided by the following supporters. Together, we strengthen communities and create meaningful opportunities for the people we serve by assisting individuals with their housing, economic, and social needs:

5 Loaves Mission 84 Lumber AAAA StorageAdult Continuing Education Alternatives, Inc. Alzheimer’s Family OrganizationAmerican Legion Post 180AmeriCorps* State/Virginia Office on Volunteerism and Community Service (OCVS) Angie Roberts-Dobbins Arc of the PiedmontAtlantic Bay MortgageAvalon Center for Women and ChildrenAverett University Bank of America Bargain Box Bay Family Housing BB&T Beacon College Beans and Rice, Inc.Behind the Veil MinistriesBella Pizzeria Ben and Jerry’s Benedict-Allen Community Development CorporationBerryville Baptist ChurchBest Buy Bethel Baptist ChurchBetter At Home Wellness Bill Beachy Blacksburg Housing and Neighborhood Services

10

Blue Ridge Area Food Bank: Providence Pantry Bojangles’ Bond Community Health CenterBonefish GrillBon Secours Hospital System Book Baskets Bower Mechanical Boy Scouts of America - Gainesville, FloridaBrain Injury Association of America Bread of the Might Food Bank Brenda Howell Brenda Lawson Brenda’s Bakery Broad and Cassel Buffalo Wild Wings Burger King Cambria Baptist ChurchCastle Development CorporationCDR Early Head Start and Development CenterChandler Concrete Charlottesville Abundant Life MinistriesCharlottesville City Schools Charlottesville/Albemarle Health DepartmentCheeseburger in ParadiseChickahominy Baptist ChurchChild Development ResourcesChildren Youth and Family ServicesChili’s Restaurant China Wall City of Charlottesville Department of Parks and Recreation City of Charlottesville Department of Social ServicesCity of Charlottesville Police DepartmentCity of Roanoke City of Tallahassee UtilitiesClarke County 4-H Dairy ClubClarke County Community Assistance FundClay McCoy Club de Porres Coastal Community Church Coldstone CreameryCollege of William and Mary Colonial Behavioral HealthColumbia Gas Comcast/Xfinity Community Affordable Housing Equity Corporation (CAHEC)

Community Capital Bank of Virginia Community Foundation of the New River ValleyCommunity HospiceCompadres Computers for Kids Connect Youth and Family ServicesCornerstone Word ChurchCorporation for National and Community ServiceCracker Barrel Cross Roads Community ChurchDarrell Rose Dawson DayCare Delcare Destination Real EstateDixon Hughes GoodmanDollar General Dollar Tree Dominion Due DiligenceDon’s Towing Donna Loan Dooley & Vicars Certified Public Accountants, L.L.P.Doris Miller Community CenterDS Connections Eastern Virginia AIDS NetworElla Chambers Exterior Medics EZ Nutrition 101 Fairmont Housing AuthorityFaithworks Farm Fresh Federal Home Loan Bank - Affordable Housing ProgramFederation of Appalachian Housing Enterprises, Inc. (FAHE) Feed My Sheep Feeding America Kids Café Feeding America Southwest VirginiaFirst Books First Methodist Church of IndependenceFlorida Agricultural and Mechanical University Department of Criminal Justice Florida Agricultural and Mechanical University Department of Social Work Florida State CollegeFlowers by Dreama DawnFood Bank of Southeastern Virginia

Food Bank of the Virginia PeninsulaFood City Food Lion Fredericksburg Area Food BankFreedom Health Freedom Temple FellowshipFresh Faces - Kshauta Trotter Frontier Housing Gainesville Basptist ChurchGalax Fire DepartmentGalax Police DepartmentGenesis Project MinistriesGirl Scouts of America - Charlottesville, VirginiaGirl Scouts of America - Gainesville, FloridaGirl Scouts of America - Virginia Beach, VirginiaGirl Scouts of Colonial Coast Girls Scouts of the Piedmont - Troop 42Good Sheppard Baptist ChurchGrand Home Furnishings Greg Williams ElectricGuiding Young GirlsH & R Block Habitat for HumanityHampton Baptist ChurchHampton-Newport News Criminal Justice AgencyHarvey’s SupermarketHawkeye Bingo Hall HBCU Community Development Action CoalitionHenry’s Meats Hensel-Eckman YMCAHilton Baptist Church Hope Ministry ChurchHopewell Housing Authority Horshoe Curve Benevolent AssociationHorton’s Super MarketHouse of Prayer Praise and Worship CenterHousing Assistance Council - Self-Help Housing Assistance Program (SHOP) Housing Partnership Network Hunt Home Inspections Huntington Alumni AssociationIn The Cut International Rescue CommitteeInterstate Renewable Energy Council Intrepid Home Health Services

11

SUSTAINABILITY HIGHLIGHTDuring National NeighborWorks Week, CHP came to the aid of a family of a terminally-ill child saddled with overwhelming medical bills and no resources to make much-needed home improvements. With help from generous donors and numerous volunteers, CHP undertook the design and construction of a new addition to the home, weatherized the existing structure, landscaped the property, and built a play set.

12

Jacksonville Electric AuthorityJames City County Fire Department Jeff Shelton Jefferson Area Community Food Bank Jewish Family Services Job’s Daughters John Haywood Joy Ministries JTC Life Changing Center, Inc.JWB Construction Kanady & Quinn, P.C.Kent’s Insulation Kern’s Bakery Khedive Shriners Kimono Kingdom Women’s Alliance NetworkKirsten Anderson Kool Smiles Kroger Lackey Free Clinic Lackey Task Force Lake Side Collection LeClair Ryan Leesburg Police Department Leesburg Regional Medical CenterLeon County Health Department Link Little Bee’s Daycare Little Caesar’s PizzaLiz Moore Realty LOVE in the name of ChristLowe’s - Christiansburg, Virginia Lowe’s - Radford, VirginiaLynchburg Neighborhood Development Foundation (LNDF)Macedonia Missionary Baptist Church Magic Mart Main Street Baptist ChurchMarriott - Charlottesville, Virginia Martin’s Pharmacy Mary and Francis Youth CenterMary Immaculate Hospital McDonald’s Meals on Wheels Michael’s Michael’s Pizzeria & Arcade

Pine Chapel Baptist Church Pizza Hut Planned ParenthoodPorky’s Restaurant Portsmouth Anglers’ ClubPortsmouth Department of Parks and Recreation Portsmouth Fire Department Portsmouth Health DepartmentPortsmouth Sheriff’s OfficePrayer by Faith Ministries,Inc. Project SERVE Publix Pulaski Area Transit Pulaski Country StorePulaski Police Department - Neighborhood Watch Program Quin Rivers, Inc. Radford University Department of Social WorkRadford University Music Therapy DepartmentRadford University Social Work DepartmentRainbow Creations Reservoir Community ChurchRising Sun Baptist ChurchRiverwalk Restaurant Robert Wingate Insurance AgencyRodney Jackson Rome Mechanical Roosevelt Memorial ParkS.G. Atkins Community Development CorporationSaint Mark’s Lutheran ChurchSalem Stone Salvation Army Samaritan’s Table - Boone, North CarolinaScarred for Life Schwann’s Seatack Recreation CenterSecond Harvest Food Bank of the Big BendSenior Solutions Sexual Assault Resource AgencyShands Medical Mobile ClinicSherwin Williams Shoney’s - Dublin, VirginiaSidney Gray Aerobics with SidneySixth Mount Zion Baptist TempleSova Development Springfield Christian Church

Middle Penninsula Northern Neck Community Services Board (MPNNCSP) Mind-Body BootcampMobile Food Pantry of Southeastern Hampton RoadsMontgomery Sanitation Monticello Area Community Action Agency Montogomery County Public Library Morgantown Housing AuthorityMt. Lebanon Baptist Church Mt. Zion Prospect Church Mutual of America NARS Records National Bank of Blacksburg NeighborWorks AmericaNeighborWorks America Southern DistrictNeighborWorks Risk Management Corporation (NRMC)New River Community Action, Inc.New River Valley HOME ConsortiumNewport News Department of Social ServiceNewport News Police DepartmentNewport News Redevelopment and Housing AuthorityNorth Carolina Housing Finance AgencyNorthern Shenandoah Valley HOME ProgramOak Hill Fund Office Depot Oklahoma Association of Community Action AgenciesOlde Towne Medical CenterOptima Health Oscar Smith International BachelorOutback Steakhouse Outreach for Christ Panera Bread Panera Bread Blue RidgeParish Thrift Park United Methodist ChurchPeanutbutter and Jelly FoundationPearl Brown Ministries Bread and Sweets Peninsula Agency on AgingPeninsula AIDS Community TaskforcePeninsula Health Department Peninsula Medical ReservePeninsula READS Peninsula Worklink Pete’s Café Piedmont Community College

13

St. Joan of Arc Church St. Kateri Tekakwitha Catholic Church St. Luke’s Church St. Mark Deliverance Church St. Mark’s Lutheran Church Standard Printing Starbucks - Yorktown, VirginiaSteer House Subway Sun Trust FoundationSunTrust Tallahassee Fire DepartmentTallahassee Study GroupTallahassee Urban LeagueTASK Temple Baptist ChurchTexas Roadhouse TGI Friday’s The Dawg House The Home Depot - Christiansburg, VA The Home Depot - Gainesville, FloridaThurman Brisben CenterTidewater Painting Tom’s Drive In RestaurantTown of Blacksburg Town of ChristiansburgTown of Davidson Trinity Baptist ChurchTrinity United Methodist ChurchTrussway U.S. Department of Agriculture - Rural DevelopmentU.S. Department of Housing and Urban Development (HUD)United Methodist Church United Way - Thomas Jefferson AreaUnited Way of the Virginia PeninsulaUniversity of Virginia Madison House Up and Coming Today Urban League of Hampton RoadsUrban Trust Bank VCE Family Focus Victory Casino CruiseVirginia Breast Cancer FoundationVirginia Community Capital, Inc. Virginia Cooperative ExtensionVirginia Department of Health

Virginia Department of Housing and Community Development (DHCD) Virginia Department of Social Services Virginia HOME ProgramVirginia Housing Development Authority (VHDA)Virginia Living MuseumVirginia Tech Virginia Tech Service Learning CenterVirginia Wesleyan Women’s Lacross TeamVirginia Workforce Development CenterVirginia Workforce SNAP Center - Norfolk, VirginiaWalgreens Walmart - Dublin, VirginiaWalmart - Galax, VirginiaWashington Gas Waste Industries Watson Realty Wells Fargo Wells Fargo - Corporate Giving ProgramWells Fargo - Leesburg, FloridaWells Fargo - Team Member Volunteer ProgramWendy’s West Virginia Weatherization Assistance Program Westmoreland County Department of Social ServicesWilliams Mullen Williamsburg Community Health FoundationWilliamsburg Regional LibraryWilliamsburg Seventh Day Adventist ChurchWilliams-Collier Automotive SalesWingate Insurance Agency, Inc.Women’s Initative Wood Forest National BankWorkforce Plus Wytheville Community College Dental ProgramYork County Department of Fire and Life SafetyYork County Head StartYork County Sheriff’s DepartmentYork Minister York-Poquoson Social ServicesYorktown Baptist Church Zion Baptist Church

PHOTO CREDITSTable of Contents: On hand for the dedication of Oak Hill Apartments in Davidson, North Carolina, CHP employees and residents agree with community leaders that the newly-rehabbed development is a “cut above” other affordable housing options in the area. Photo by Melissa Hammond.

Page 1: A young resident having a ball at a community celebration event hosted by Greenstone on 5th Apartments in Charlottesville, Virginia. Photo by Jillian Fox.

Page 4: A “faith”-ful community partner, Fronce Wardlaw shares CHP’s commitment to creating high-quality homes for a typically underserved segment of the population. Photo by Alexandra Dimitri.

Page 5: Beverly Miller and her daughter Kate enjoy a sunny after-school moment on the deck of their new Blacksburg, Virginia home. Photo by Tessa Bernhardt.

Page 6: Long-time Parkview Gardens resident Jacqueline Williams is all smiles about the recent renovation work done at the 28-year-old property. Photo by Dayspring Cabaniss.

Page 7: Chris Heslep asseses the weatherization needs of a rural Appalachian home. Photo by Melissa Hammond.

Page 9: Everything’s coming up roses (and impatiens) at Horizon House Apartments in Gainesville, Florida where a young resident helps with a landscaping project. Photo by John Banks.

Page 11: Born with spinal muscular atrophy, Abrianna Reed undergoes physical therapy in the new room added to her home by CHP and other community partners. Photo by Alan Scherry

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CONSOLIDATED STATEMENTS OF ACTIVITIESCONSOLIDATED STATEMENTS OF FINANCIAL POSITION

The financial statements presented include the activity of CHP and all of its subsidiaries and affiliates from January, 2012 - December, 2012.Audited financial statements are available from CHP’s corporate office.

FINANCIAL SUMMARY ASSETS

Investments in Real Estate:

Land $ 17,960,720

Buildings 286,960,045

Construction in process 8,034,264

Vehicles, furnishings and equipment 8,593,772

Total 321,548,801

Less accumulated depreciation (76,724,852)

Total Investments in Real Estate-net 244,823,949

Other Assets:

Cash 12,220,114

Receivables 6,511,196

Prepaid expenses 3,471,954

Restricted deposits 21,255,832

Mortgage and notes receivable 4,271,234

Inventory 1,927,606

Other assets 1,313,327

Total other assets 50,971,263

TOTAL $ 295,795,212

LIABILITIES AND NET ASSETS

Liabilities applicable to Investment in Real Estate:

Mortgages and notes payable $ 122,440,453

Accrued interest 1,281,557

Total liabilities applicable to investment in real estate 123,722,010

Other Liabilities:

Accounts payable and other accrued liabilities 6,820,863

Tenant liabilities 1,300,928

Deferred revenue 15,854,628

Line of credit 272,927

Total other liabilities 24,249,346

Total liabilities 147,971,356

NET ASSETS

Unrestricted-controlling interest 54,784,732

Unrestricted-Noncontrolling interest 82,011,491

Temporarily restricted 5,771,141

Permanently restricted 5,256,492

Total Net Assets 147,823,856

TOTAL $ 295,795,212

SUPPORT AND REVENUES

Contributions $ 480,538

Grants and contracts from governmental agencies 11,169,445

Rental property and property management income 28,959,285

Rehabilitation and development income 25,298,203

Sale of single family homes 2,224,118

Other revenue 10,279,337

TOTAL SUPPORT AND REVENUES 78,410,926 EXPENSES

Program expenses:

Community support programs 6,141,448

Energy services 6,012,480

Rental property expense 33,010,228

Rehabilitation and development expenses 21,236,835

Home ownership program 2,745,313

Total program expenses 69,146,304

Supporting expenses:

Payroll and related employee benefits 4,868,058

Other management and general expenses 1,559,475

Total supporting expenses 6,427,533

Total Expenses * 75,573,837

CHANGE IN NET ASSETS ** 2,837,089

NET ASSETS, BEGINNING OF YEAR 128,870,947

Capital contributions 16,209,621

Distributions (93,801)

NET ASSETS, END OF YEAR $ 147,823,856

* total expenses before depreciation = $66,718,526

** net income before depreciation = $11,692,400

INCOME: $78,410,926

EXPENSES: $75,573,837

14% Grants and

contracts from govern- mental agencies

1% Contributions

37% Rental

property and property

management income

32% Rehabilitation

and development

income

3% Sale of single-family homes

13%Other

revenue

8% Comm-

unity support

programs

8% Energy

services

2% Other general manage-

ment expenses

6% Payroll and other related employee benefits

44% Rental

property expense

28% Rehabilitation

and development

expenses

4% Home-ownershipprogram

4915 Radford AvenueSuite 300

Richmond, VA 23230(804) 343.7201

(804) 343.7208 fax

400 Industrial DriveChristiansburg, VA 24073

(540) 381.9446(540) 260.9494 fax

550 Industrial DriveChristiansburg, VA 24073

(540) 260.9081(540) 260.9084 fax

990 Cambria StreetChristiansburg, VA 24073

(540) 260.9039(540) 260.3144 fax

CORPORATE OFFICE448 Depot Street, NE

Christiansburg, VA 24073(540) 382.2002

(540) 382.1935 faxwww.communityhousingpartners.org

SUPPORT AND REVENUES

Contributions $ 480,538

Grants and contracts from governmental agencies 11,169,445

Rental property and property management income 28,959,285

Rehabilitation and development income 25,298,203

Sale of single family homes 2,224,118

Other revenue 10,279,337

TOTAL SUPPORT AND REVENUES 78,410,926 EXPENSES

Program expenses:

Community support programs 6,141,448

Energy services 6,012,480

Rental property expense 33,010,228

Rehabilitation and development expenses 21,236,835

Home ownership program 2,745,313

Total program expenses 69,146,304

Supporting expenses:

Payroll and related employee benefits 4,868,058

Other management and general expenses 1,559,475

Total supporting expenses 6,427,533

Total Expenses * 75,573,837

CHANGE IN NET ASSETS ** 2,837,089

NET ASSETS, BEGINNING OF YEAR 128,870,947

Capital contributions 16,209,621

Distributions (93,801)

NET ASSETS, END OF YEAR $ 147,823,856

* total expenses before depreciation = $66,718,526

** net income before depreciation = $11,692,400