LAS PALOMAS LIMITED PARTNERSHIP . (A Limited Partnership… · LAS PALOMAS LIMITED PARTNERSHIP . (A...
Transcript of LAS PALOMAS LIMITED PARTNERSHIP . (A Limited Partnership… · LAS PALOMAS LIMITED PARTNERSHIP . (A...
LAS PALOMAS LIMITED PARTNERSHIP . (A Limited Partnership)
Financial Statements December 31,2011 and 2010
SALMIN, CELONA, WEHRLE & FLAHERTY, LLP CERTIFIED PUBLIC ACCOUNTANTS
1170 CHILI AVENUE • ROCHESTER, NY 14624-3033 585 / 279 / 0120 • FAX 585 / 279 / 0166 • EMAil [email protected]
fNDEPENDENT AUDITOR'S REPORT
To the Partners Las Palomas Limited Partnership
We have audited the accompanying balance sheet of Las Palomas Limited Partnership as of December 31, 2011 and 2010, and the related statements of operations and partners' capital (deficit) and cash flows for the years 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 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 audits 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 audits provide 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 Las Palomas Limited Partnership as of December 31, 2011 and 2010, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Salmin, Celona, Wehrle & Flaherty, LLP Rochester, New York
February 28,2012
The ~. Never Underestimate The Value.® Members of the American Institute of Certified Public Accountants
POl-ARIS ./ ,
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
BALANCE SHEET DECEMBER 31, 2011 AND 2010
ASSETS 2011 2010
Current assets:
Cash - operating $ 56,053 $ 20,635
Accounts receivable - tenants 13,262 21,038 Accounts receivable - rent subsidy 506 7,291
Accounts receivable - other ° 2,497 Prepaid expenses 20,615 18,429
Capital contribution receivable 162,071 162,071
Total current assets 252,507 231,961
Cash - tax and insurance escrows 91,347 90,765
Cash - replacement reserve 362,614 353,238
Rental property and equipment, net of accumulated depreciation 16,158,794 16,749,415
Other assets, net 303,490 315,436
$ 17,168,752 $ 17,740,815
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Current liabil ities: Current portion of long-term debt $ 184,340 $ 175,366
Tenant security deposits 10,833 15,878
Accounts payable - operations 63,813 68,076
Due to managing agent 50,197 50,197
Accrued management fee payable 438 a Accrued expenses 9,970 9,670
Accrued property taxes 22,999 22,184
Prepaid rent 12,773 12,397
Investor service fee payable 57,468 48,513
Total current liabilities 412,831 402,281
Long-term debt, net of current portion 11,378,490 11,562,830
Operating deficit loans payable 410,416 361,293
Development fee payable 1,887,112 1,887,112
Total partners' capital (deficit) 3,079,903 3,527,299
$ 17,168,752 $ 17,740,815
See accompanying notes to financial statements
LAS PALOMAS LIMITED PARTNERSHIP
(A Limited Partnership) STATEMENT OF OPERATIONS AND PARTNERS' CAPITAL (D EFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
2011
Revenue: Gross residential rent potential $ 2,230,107
Less: residential vacancy and allowances (450,086)
Net residential rental income 1,780,021
Laundry income 27,877
Tenant charges 68,886
Other income 20,203
Total revenue 1,896,987
Operating expenses: Administration and management:
Office payroll 135,989
Office expenses 34,646
Management fees 78,499
Advertising 36,835
Legal and accounting 12,883
Bad debts 67,519
Other 28,700
Total administration and management 395,071
Utilities:
Gas 3,288
Electricity 29,301
Water and sewer 111,146
Total utilities 143,735
Repairs and maintenance: Maintenance payroll 124,812
Supplies 56,149
Repairs 110,322
Grounds 11,815
Rubbish removal 31,615
Other 67
Total repairs and maintenance 334,780
Taxes and insurance:
Property taxes 45,998
Insurance 53,904
Payroll taxes and benefits 61,331
Total taxes and insurance 161,233
Total operating expenses 1,034,819
Continued on next page
2010
2,070,140 (230,208)
1,839,932 50,404 42,765
4,355 1,937,456
123,648
37,338 78,630 32,804 18,933 70,524 l3,553
375,430
4,194 25,566
118,395 148,155
130,312 55,020
128,830 24,817
27,629 2,204
368,812
44,368
51,335 52,026
147,729
1,040,126
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
STATEMENT OF OPERATIONS AND PARTNERS' CAPITAL (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 (Continued)
Operating income 862,168
Other income (expense): Interest income 1,888
Mortgage interest expense (609,063)
Tax credit monitoring fee (11,200)
Other mortgage fees and costs (54,772)
Partnership and asset management fees (8,955)
Amortization (11,946)
Depreciation (615,516)
Net income (loss) (447,396)
Partners' capital (deficit) - beginning of year 3,527,299
Partners' capital (deficit) - end of year $ 3,079,903
See accompanying notes to financial statements
897,330
2,452 (617,568)
(11,200) (55,533)
(8,694)
01,946) (612,475)
(417,634)
3,944,933
$ 3,527,299
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
Cash flows from operating activities:
Net income (loss)
Adjustments to net income (loss) to reconcile to net cash
provided by (used in) operating activities:
Depreciation and amortization
Decrease (increase) in accounts receivable - tenants
Decrease (increase) in accounts receivable - rent subsidy
Decrease (increase) in accounts receivable - other
Decrease (increase) in prepaid expense
Increase (decrease) in tenants security deposits
Increase (decrease) in accounts payable
Increase (decrease) in accrued management fee payable
Increase ( decrease) in accrued expenses
Increase (decrease) in accrued property taxes
Increase (decrease) in prepaid rent Increase (decrease) in accrued investor service fee payable
Total adjustments
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Deposits to tax and insurance escrows
Withdrawals from tax and insurance escrows
Deposits to replacement reserve
Withdrawals from replacement reserve
Purchase of rental propelty and equipment
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Principal repayments on long-term debt
Increase in operating deficit loans
Increase (decrease) in due to managing agent
Net cash provided by (used in) financing activities
Continued on next page
$
2011
(447,396)
627,462
7,776
6,785
2,497
(2,186)
(5,045)
(4,263)
438
300
815
376 8,955
643,910
196,514
(151,200)
150,618
(85,885)
76,509
(24,895)
(34,853)
(175,366)
49,123
o
(126,243)
$
2010
(417,634)
624,421
(15,484)
(4,669)
(2,497)
245
(19,016)
(43,931)
0
1,790 1,051
(12,583)
8,694
538,021
120,387
(156,192)
165,033 (86,446)
122,275
(39,915)
4,755
(166,862)
° 40,197
(126,665)
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31,20 II AND 2010
(Continued)
Increase (decrease) in cash - operating 35,418
Cash - beginning of year 20,635
Cash - end of year $ 56,053
Supplemental disclosure of cash flow information:
Cash paid during the year for interest $ 609,063
See accompanying notes to financial statements
(1,523)
22,158
$ 20,635
$ 617,568
LAS PALOMAS LIMITED PARTNERSHIP (A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2011 AND 2010
1. BACKGROUND AND ORGANIZATION
The following represents certain background and organization information:
Project name:
Location of proj ect:
Number and type of residential units:
Commercial space (if any):
Type of entity:
State of formation:
Formation date:
Scheduled termination of existence:
Acquisition date
Rehabilitation completion
Significant revenue source(s):
Significant operating and regulatory agreements/restrictions:
Target occupancy:
Restricted use periods:
Las Palomas Apartments
Santa Fe, New Mexico
279 unit low income apartments
None
Limited partnership
New Mexico
March 1, 2005
1213112065 unless earlier dissolved/terminated
March 10,2005
July 31, 2006.
Tenant rental payments and rental assistance payments received from government agencies on behalf of certain tenants.
New Mexico Mortgage Finance Authority (NMMF A) 542(c) Multifamily Insurance Program Regulatory Agreement
Low income housing tax credit land use restriction agreement (LURA)
There are 11 units (The HOME units) which are restricted to tenants whose income, at initial occupancy, is 50% or less of the area median gross income (AMGI). All of the other units to be rented to tenants whose income, at initial occupancy, is 60% or less of the area median gross income (AMGI).
NMMF A regulatory agreement through March 1, 2040.
LURA regulatory agreement through 2036.
LAS PALOMAS LIMITED PARTNERSHIP (A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS DECEMBER3l, 2011 AND 2010
2. SIGNIFICANT ACCOUNTING POLICIES
Restatement of Prior Period - The accompanying financial statements for 2010 have been restated to correct an error made in recording accrued interest on the development fee payable. The First Amendment to Amended and Restated Agreement of Limited Partnership states that the unpaid developer fee does not accrued interest. The effect of the restatement was to increase partner's capital by $283,068 as of January 1, 2010 and to decrease the net loss for 2010 by $94,356.
Accounting Method - The Partnership has adopted the accrual method of accounting for both financial and income tax reporting purposes. The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
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. The most significant estimate included in the preparation of the financial statements is related to asset lives.
Rental Property and Equipment - Rental property and equipment are stated at cost and include $639,606 of interest that was capitalized through 2006. Depreciation is calculated using straight-line and accelerated methods over the estimated useful lives of the related assets as follows:
Building improvements and components Land improvements Equipment, furniture and fixtures
30 years 15 years 7 years
For income tax reporting, depreciation is calculated using methods and estimated useful lives as prescribed by federal income tax regulations.
Improvements are capitalized, while expenditures for maintenance and repairs are charged to expense as incurred. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation. The resulting gains and losses are reflected in the statement of operations.
The Partnership reviews its investment in real estate for impairment whenever events or changes in circumstances indicate that the carrying value of such property may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the real estate to the future net undiscounted cash flow expected to be generated by the rental property including the low income housing tax credits and any estimated proceeds from the eventual disposition of the real estate. Tfthe real estate is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the real estate exceeds the fair value of such property. There were no impairment losses recognized in 201101' 2010.
Other Assets - Other assets include deferred mortgage financing costs aggregating $359,745 which are being amortized using the straight-line method over the 35 year terms of the permanent loans. Other assets also include ta.x credit fees of $25,014 which are amortized using the straight-line method over a fifteen year period.
Cash - The Partnership considers all cash on hand, cash in banks and short term investments with an original maturity of three months or less to be cash for financial reporting purposes. For the purposes of reporting cash flows in the Statement of Cash Flows, cash includes only cash - operating and cashconstruction.
LAS PALOMAS LIMITED PARTNERSHIP (A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010
2. SIGNIFICANT ACCOUNTING POLICIES, Continued
Accounts Receivable - The Partnership records accounts receivable in the balance sheet at the amount invoiced to the tenant or government agency adjusted for an allowance for doubtful accounts. The allowance for doubtful accounts is periodically estimated by management and includes all tenant accounts for which it appears there will be a problem with collection. Individual tenant receivables are deemed uncollectible and written off once reasonable collection efforts have been made or when the respective tenant is deceased. The Partnership does not have a material concentration of credit risk, with respect to accounts receivable, due to the generally short payment terms (i.e. rent is due at the beginning of the service month). In addition, the allowance for doubtful accounts is not significant.
Income Taxes - The Partnership does not pay federal or state income taxes on its income. Instead, the Partnership's income, deductions and other income tax attributes are reported to each partner, based on their respective ownership, and included in their respective income tax returns. The Partnership follows the provisions of Financial Accounting Standards Board Accounting Standards Codification pertaining to accounting for uncertainty in income taxes. Federal and state tax authorities generally have the right to examine and audit the previous three years of tax returns filed. Any interest and penalties assessed to the Partnership are recorded in operating expenses ($0 for the years ended December 31, 2011 and 2010). Management is not aware of any uncertain tax positions requiring measurement or disclosure in these financial statements.
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 the tenants of the property are typically for one year or less and classified as operating leases.
Advertising - Advertising costs are expensed as incurred.
Account Reclassification - In addition to the restatement noted above, certain account balances at December 31,2010, were reclassified to conform to account classifications used by the Pminership at December 31,2011. The reclassifications had no effect on reported results of operations or financial position.
3. RENTAL PROPERTY AND EQUIPMENT
Rental property and equipment consist of the following at December 31:
Land Buildings and improvements Furniture and fixtures
Less: Accumulated depreciation
2011
$ 2,681,714 17,141,174
179,533 20,002,421
(3,843,627)
$16,158.794
2010
$ 2,681,714 17,116,279
179,533 19,977,526
(3,228,111)
$16.749.415
LAS PALOMAS LIMITED PARTNERSHIP (A LIMITED PARlNERSHIP)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2011 AND 2010
4. MORTGAGES PAYABLE
5.
Mortgages payable consist of the following at December 31 :
New Mexico Mortgage Finance Authority (NMMF A) mortgage with monthly payments of $63,173, including principal and interest at 5.49% per annum, through March 1, 2040. The mortgage is insured by the Federal Housing Administration (FHA) and collateralized by a first mortgage lien on the
2011
Partnership property. $ 10,883,174
New Mexico Mortgage Finance Authority (NMMF A) $800,000 HOME loan with monthly payments of$2, 197, including principal and interest at 1 % per annum, through October 10,2041. The loan is secured by a second mortgage on the Partnership property. 679,656
11,562,830 Less: Current portion 184,340
2010
$ 11,039,084
699,112
11,738,196 175,366
$ 11,378.490 $ 11.562,830
The aggregate annual principal payments on the mortgages for the years subsequent to 2011 are as follows:
2012 $ 184,340 2013 193,809 2014 203,803 2015 214,351 2016 225,482 Thereafter 10,541,045
$ 11,562,830
PARTNERS' CAPITAL (DEFICIT) ACCOUNT
The following represents certain ownership information:
General partner:
Investment limited partners:
Special limited partner:
Name
Las Palomas Management, LLC
PNC Multifamily Capital Institutional Fund XXIX Limited Partnership
Columbia Housing SLP Corporation
Percent interest
.01%
99.99%
.00%
LAS PALOMAS LIMITED PAR1NERSHIP (A LIMITED PAR1NERSHIP)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2011 AND 2010
5. PAR1NERS' CAPITAL (DEFICIT) ACCOUNT, Continued
The limited partners' capita~ contribution is estimated to be $6,066,992, calculated as follows:
Original estimate of contributions per partnership agreement Increase to contributions due to upward basis adjusters Additional capital contribution per first amendment
to partnership agreement (Special Installment) Decrease due to 2005 timing adjuster Decrease due to 2006 timing adjuster Decrease due to 2007 timing adjuster (estimated) Decrease due to 2006-2015 timing adjusters Special adjustment due to mold remediation Total estimated limited partner capital contribution
$ 4,904,410 1,298,012
250,000 (157,000) (356,255)
(5,146) (33,191) 166,162
$ 6,066,992
The above estimate is based upon the partnership realizing its revised tax credit allocation of $678,370 per year. As of December 31, 2011, $5,904,921 has been funded. The partnership agreement provides for adjustment to the capital contribution and repayment to the limited partners for any subsequent tax credit adjustments or recapture.
In general, profits and losses from operations are allocated 99.99% to the limited partners and .01 % to the general partner.
The following details the activity in the partners' capital (detlcit) accounts for 2011 and 2010:
Balance - January 1,2010-previously reported
Correction of prior period error in reporting interest on deferred developer fee - see note 2
Balance - January 1,2010 - restated Net loss - 2010 - restated
Balance - December 31, 2010 Net loss - 2011
$
General Partners
(241)
28
(213) (42)
(255) (45)
(300) Balance - December 31, 2011 $ =======
Limited Partners
$ 3,662,106
283,040
3,945,146 (417,592)
3,527,554 (447,351)
$ 3,080,203
Total
$ 3,661,865
283,068
3,944,933 (417,634)
3,527,299 (447,396)
$ 3,079,903
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2011 AND 2010
5. PARTNERS' CAPITAL (DEFICIT) ACCOUNT, Continued
Subject to lender and regulatory approval, cash flow for each fiscal year or portion thereof of the Partnership shall be applied as follows:
Prior to the full payment of Special Adjustment amount (as defined in the first amendment to the limited partnership agreement):
First, to the payment of the Investor Services Fee for such year; Second, to the payment of the Special Installment to the investment limited partner; Third, pro rate to the payment of any outstanding Special Adjustment amount to the investor
limited partner and the Deferred Development Fee to the developer.
After the full payment of Special Adjustment amount:
First, to the payment of the Investor Services Fee for such year; Second, to the payment of any loans due to the Investment Limited Partner; Third, to the payment of the Deferred Development Fee; Fourth, to the payment of any Operating Deficit Loans; Fifth, to the payment of any unpaid Adjustment Amounts; Sixth, to the payment of the Partnership Management Fee; Seventh, to the payment of the Incentive Management Fee; Eighth, the balance thereof, if any, shall be distributed annually 90% to the general partner
and 10% to the Investment Limited Partner.
Gains, losses and cash f10w from a sale or refinancing shall be applied according to the terms of the partnership agreement.
6. RELATED PARTY TRANSACTIONS AND BALANCES
Related party transactions were as follows for the years ended December 31 :
Management fee of 4.25% of gross rental income to an affiliate of the general partner.
Investor Services Fee ( cumulative) to the investment limited partner equal to $7,500 (2006 base year) per year payable out of available cash flow. The fee will be adjusted annually to reflect a 3% increase.
Annual partnership management fee (non cumulative) to the general partner equal to $7,500 (2006 base year) per year, payable out of available cash flow. The fee will be adjusted annually to reflect a 3% increase.
Incentive Management Fee (non cumulative) to the general partner equal to 10% of effective gross income payable out of available cash flow.
2011
$ 78,499
$ 8,955
$ 0
$ 0
2010
$ 78,630
$ 8,694
$ 0
$ 0
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010
6. RELATED PARTY TRANSACTIONS AND BALANCES, Continued
7.
For administrative and economic efficiency purposes, the management company maintains a centralized payroll system and employee benefit programs for all employees of the entities that it manages. The actual payroll and benefit charges ofthe Partnership's employees are charged directly to the Partnership.
Amounts due to related parties consist of the following at December 31 :
2011 2010
Management fee payable (receivable) $ 438 $ (2,497)
Loan due to managing agent $ 50,197 $ 50,197
Accounts payable due to managing agent $ 0 $ 46,137
Investor services fee payable $ 57,468 $ 48,513
Partnership management fee payable $ 0 $ 0
Incentive management fee payable $ 0 $ ° Operating deficit loans (non-interest bearing) $ 410,416 $ 361,293
Development fee payable $1,887,112 $1,887,112
Investment limited partner capital contribution receivable $ 162,071 $ 162,071
RESTRICTED RESERVES
In connection with the project's financing agreements with NMMF A, the Partnership was required to establish the following reserve accounts:
Tax and Insurance Escrow Fund - The Partnership makes monthly deposits into the tax insurance escrow fund to be used for real estate taxes and mortgage insurance. The fund is maintained by NMMFA.
Replacement Reserve - This fund is used to finance the cost of repairs or replacement of major capital improvements. The Partnership must obtain NMMF A approval prior to disbursing any funds. The Partnership is required to make monthly deposits of $7,000 to an account that is maintained by NMMFA.
8. FEDERAL LOW INCOME HOUSING TAX CREDIT
Each building ofthe project has qualified and been allocated low-income housing tax credits pursuant to Internal Revenue Code Section 42, which regulates the use of the project as to occupant eligibility and unit gross rent, among other requirements. Each building of the project must meet the provisions ofthese regulations during each of fifteen consecutive years in order to continue to qualify to receive the tax credits. Failure to comply with occupant eligibility and/or unit gross rent, or to correct noncompliance within a specified time period could result in recapture of previously taken low income housing tax credits plus interest. Such potential noncompliance may require an adjustment to the contributed capital by the limited partners.
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2011 AND 2010
8. FEDERAL LOW INCOME HOUSING TAX CREDIT, Continued
Following is the federal low income housing tax credit information for the project:
Status:
Set-aside:
Maximum annual credit
Forms 8609 issued
40/60
$678,370
Tax credit delivery period; 2006 through 2016
Initial 15 year compliance period 2006 through 2020
In addition to the above, celiain units will earn "two-third credits" totaling $6,560 annually from 20 16 through 2020.
9. CONTINGENCIES AND CONCENTRATION OF CREDIT RISKS
The general partner has agreed to fund any operating deficits in the forn1 of a loan to the partnership for a period ending three years from the later of the date of permanent loan conversion or breakeven operations, as defined by the partnership agreement. Any operating deficits may be funded from the operating reserve provided the reserve is replenished annually. The maximum amount of operating deficit loans outstanding at anyone time is $700,000. As of December 31,2011 and 2010, operating deficit loans outstanding were $410,416 and $361,293; respectively, and the operating reserve has not been funded.
The Partnership maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Partnership also has escrow and reserve balances on deposit with NMMF A which are not covered by Federal Deposit Insurance. The Partnership has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.
10. TAXABLE INCOME (LOSS)
A reconciliation of financial statement net income (loss) to taxable income (loss) of the Partnership for the years ended December 31,2011 and 2010 is as follows:
Financial statement net income (loss) Adjustments
Excess depreciation and amortization for income tax purposes over book purposes
Suspended depreciation
Taxable income (loss) as shown on tax return
11. SUBSEQUENT EVENTS
2011
$ (447,396)
(27,449) 69,123
$ (405,722)
2010
$ (417,634)
(40,278) 69,124
$ (288,788)
Management has evaluated subsequent events through the date of the auditor's report, the date which the financial statements were available for issue.
LAS PALOMAS LIMITED PARTNERSHIP (A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010
12. SURPLUS CASH (UNAUDITED)
Management estimates the surplus cash (deficit) position based on the balance sheet to be as follows at December 31:
2011 2010
Cash and cash equivalents $ 56,053 $ 20,635 Accounts receivable - government rental assistance 506 7,291 Tenant security deposits in escrows ° ° Other 0 ° Subtotal - cash and cash equivalents 56,559 27,926
Accrued mortgage interest payable ° ° Delinquent mortgage principal payments 0 0
Delinq uent reserve deposits ° ° Accounts payable - 30 days 63,813 68,076
Loans and notes payable (due within 30 days) ° 0
Deficient tax, insurance or MIP escrow deposits 0 0
Accrued expenses (not escrowed) 10,408 9,670
Prepaid rent 12,773 12,397
Tenant security deposit liability 10,833 15,878 Subtotal - current obligations 97,827 106,021
Surplus cash (deficiency) $ (41,268) $ (78,095)
Las Palomas Disclosure Report Angie Pizzolato to: [email protected] 05/09/2012 10:42 AM
"Pamela Monroe ([email protected])" Cc: , "Williamson, Asya ([email protected]}", "Foster,
David", Brenda Paradis
From: Angie Pizzolato <[email protected]>
To: "[email protected]" <[email protected]>
Cc: "Pamela Monroe ([email protected])" <[email protected]>, "Williamson, Asya ([email protected])" <[email protected]>, "Foster, David"
Hi Renea,
Please find attached both the 2011 audited financials and the Owner certification letter you requested for Las Palomas.
Should you need any additional information for the Disclosure Report, please let me know as I am happy to be of assistance.
Regards,
Angie
• THE SILVER STREET GROUp, LLC CD
Angie Pizzolato Financial Analyst THE SILVER STREET GROUP, LLC 33 Silver Street - Suite 300 Portland, Maine 04101 207-780-9800, ext. #3 (ph) 207-274-0058 (cell) 207-221-2040 (fx) [email protected] www.silverstreetcorp.com
~'~ :/~,
Las Palomas Continuing Disclosure Cert 5·8·2012.pdf