Title: NOTE 1: ORGANIZATION
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
Blackland Community Development Corporation (Blackland) was incorporated under the Texas
Non-Profit Corporation Act in 1983 and was established for the purpose of preserving and
improving the character of the Blackland neighborhood of the City of Austin, Texas and for
engaging in community projects for the benefit and revitalization of the neighborhood. Blackland
is supported primarily by grants, contributions, and rental income.
Title: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
Title: NOTE 3: CONTINGENCIES AND COMMITMENTS
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
Blackland receives forgivable loans from the City of Austin (the City) to assist with implementation
of its program. In the event that Blackland does not comply with the terms of these loans, or should
any costs be determined to be ineligible, Blackland will be liable to the City for such amounts.
Management believes there will be no such disallowance.
-8-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 3: CONTINGENCIES AND COMMITMENTS
Blackland receives grants for specific purposes that are subject to grantor review. Such reviews
could result in a request for reimbursement by the grantor if unallowable costs are identified.
Blackland’s management believes that any liability for reimbursement which could arise as the
result of these audits would not be material to the financial position of Blackland.
Title: NOTE 4: CONCENTRATIONS
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
97% of notes payable are due to one lender, Austin Housing Finance Corporation (AHFC). See Note
9.
Contributions from one donor accounted for 24% of Blackland’s total revenue for the year and 99%
of the contributions receivable due at year-end.
Title: NOTE 5: NET ASSETS WITH DONOR RESTRICTIONS
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
Subject to purpose restrictions at December 31, 2024:
Arts community housing $200,000
Repairs 33,000
Green fund 15,378
Case management 6,676
Other 6,465
$261,519
Release of restrictions during the year ended December 31, 2024:
Repairs $38,492
Supportive services 10,000
Case management 10,000
Other 5,304
$63,796
Title: NOTE 6: NONFINANCIAL CONTRIBUTIONS
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
During 2024, Blackland received $62,921 in forgiven interest expense, which is recorded in the
statement of activities. Nonfinancial contributions did not have donor-imposed restrictions.
Interest for forgivable loans is forgiven annually as Blackland is in compliance with loans.
Forgivable interest is used for program activities and is valued at the estimated fair value in the
financial statements based on current rates for similar loans.
Title: NOTE 7: LIQUIDITY AND AVAILABILITY
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
Financial assets available for general expenditure, within one year of the statement of financial
position date, comprise the following:
Cash $251,765
Contributions receivable 202,260
Government awards receivable 20,458
Less: Board designated for construction and development (34,680)
Less: donor purpose restrictions (261,519)
$178,284
As part of Blackland’s liquidity management, it has a policy to structure its financial assets to be
available as its general expenditures, liabilities and other obligations come due. Any excess funds
are invested in demand deposit accounts such as savings accounts. Although Blackland does not
intend to spend from its board-designated funds (designated for construction and development), the
$34,680 balance could be made available if necessary.
Title: NOTE 8: PROPERTY AND EQUIPMENT
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
Buildings and improvements $4,610,971
Land 245,943
Furniture and fixtures 82,394
Office equipment 8,812
Accumulated depreciation (2,820,191)
$2,127,929
Title: NOTE 9: NOTES PAYABLE
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
Note payable to Frost Bank, collateralized by rental real estate in Austin, TX (1708
E. 22nd St.). The note bears a 5.6% interest rate, payable in monthly installments of
principal and interest until maturity on January 17, 2025. $19,768
Note payable to CA Premium Finance Funding (1708 E. 22nd St.). The note bears
a 15.8% interest rate, payable in monthly installments of principal and interest until
maturity on October 1, 2025. 27,253
Note payable to AHFC, collateralized by rental real estate in Austin, TX (1803 E.
20th St.). The note bears a 0% interest rate until maturity and the principal and
interest shall be forgiven in its entirety if on May 1, 2026, Blackland is in
compliance with all terms and conditions of the loan agreement. 491,790
Note payable to AHFC, collateralized by rental real estate in Austin, TX (2203A
Salina). The note bears a 0% interest rate until maturity and the principal and
interest shall be forgiven in its entirety if on December 31, 2032, Blackland is in
compliance with all terms and conditions of the loan agreement. 150,095
Note payable to AHFC, collateralized by rental real estate in Austin, TX (1900
through 1904 22nd St.). The note bears a 0% interest rate until maturity and the
principal and interest shall be forgiven in its entirety if on January 31, 2032,
Blackland is in compliance with all terms and conditions of the loan agreement. 40,000
Note payable to AHFC, collateralized by rental real estate in Austin, TX (2106
Chestnut). The note bears a 0% interest rate until maturity and the principal and
interest shall be forgiven in its entirety if on March 12, 2033, Blackland is in
compliance with all terms and conditions of the loan agreement. The note consists
of $139,035 in federal funding and $62,500 in local government funding. 201,535
Note payable to AHFC, collateralized by rental real estate in Austin, TX (2106B
Chicon, and 1910B and 2203B Salina). The note bears a 0% interest rate until
maturity and the principal and interest shall be forgiven in its entirety if on January
31, 2119, Blackland is in compliance with all terms and conditions of the loan
agreement. If property is sold prior to the maturity date, principal and interest on
each property is due and payable upon the sale. 514,835
$1,445,276
Future maturities:
2025 $47,021
2026 491,790
2027 0
2028 0
2029 0
Thereafter 906,465
$1,445,276
Title: NOTE 10: FUNCTIONAL EXPENSES
Accounting Policies: FINANCIAL STATEMENT PRESENTATION
Net assets are classified based on the existence or absence of donor-imposed restrictions.
Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions
Net assets available for use in general operations and not subject to donor restrictions. The
governing board has designated, from net assets without donor restrictions, net assets for
construction and development.
Net Assets With Donor Restrictions
Net assets subject to donor-imposed restrictions. Some donor restrictions are temporary in nature,
such as those that will be met by the passage of time or other events specified by the donor. Other
donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be
maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that
is when the stipulated time has elapsed, when the stipulated purpose for which the resource was
restricted has been fulfilled, or both.
BASIS OF ACCOUNTING
Blackland uses the accrual method of accounting which recognizes revenue when earned and
expenses when incurred.
REVENUE AND RECEIVABLES
Contributions are recorded as revenue and receivable when the donor makes an unconditional
promise to give to Blackland. Conditional promises to give are not recognized until the conditions
on which they depend are substantially met, and the promises become unconditional. Blackland
considers contributions receivable to be fully collectible; accordingly, no allowance for doubtful
accounts has been recorded.
Government grants are recognized as revenue as services are performed as required by the
contracts, which is when the related costs have been incurred. Blackland has contracts for cost
reimbursable grants of $29,542 for which qualifying expenditures have not been incurred and
accordingly have not been recognized at year end. Blackland considers grant receivables to be
fully collectible; accordingly, no allowance for doubtful accounts has been recorded.
Blackland leases its housing units (45 as of year end) for use as single family residences under
noncancellable operating leases. Generally these leases have twelve month terms, automatically
renewing on a month-to-month basis thereafter.
-7-
BLACKLAND COMMUNITY DEVELOPMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables consist of amounts due from tenants for rent, fees and utilities provided.
Uncollectible amounts receivable are provided for using the allowance method of accounting for
bad debts, whereby a provision for uncollectible accounts is charged to expense. The allowance
account is increased or decreased based on historical collections, analysis of aging of receivables,
and management’s evaluation of individual balances. Receivables are considered past due based
on the stated terms of the lease agreements, and on how recently payments have been received.
SUBSEQUENT EVENTS
Management of Blackland has evaluated subsequent events for disclosure through the date of the
Independent Auditor’s Report, the date the financial statements were available to be issued.
ESTIMATES
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
FUNCTIONAL EXPENSE ALLOCATION
Blackland incurs some expenses that are applicable to more than one program or supporting
function. Therefore, expenses require allocation on a reasonable basis that is consistently applied.
The expenses that are allocated include salaries and related, depreciation, office supplies and
software, and utilities, which are allocated based on estimates of time and effort. Contract labor,
professional fees, insurance, and other expenses are allocated based on management’s review and
analysis of individual transactions and accounts.
PROPERTY AND EQUIPMENT
Acquisitions of property and equipment valued at $1,000 or more with a useful life greater than
one year are capitalized at cost, or estimated fair market value on the date of donation, if donated.
Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the
straight-line method based on the estimated useful life of the asset, ranging from 3 to 27.5 years.
INCOME TAXES
Blackland is an organization classified as an other than private foundation exempt from Federal
income taxes under IRS Code Section 501(c)(3). Therefore, no provision has been made for
federal income taxes in the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: Funds are made up of loans that are used to pay for the property
Program Administrative Fundraising Total
Salaries and related $161,293 $38,529 $20,949 $220,771
Depreciation 106,907 24,586 12,789 144,282
Rental property repairs
and maintenance 118,399 0 0 118,399
Forgiven interest 62,921 0 0 62,921
Insurance 54,728 2,221 0 56,949
Utilities 25,182 4,480 2,330 31,992
Contractor labor 15,097 4,235 0 19,332
Professional fees 62 15,262 0 15,324
Office supplies and software 6,823 1,569 816 9,208
Community outreach 7,132 0 0 7,132
Bad debt 3,245 0 0 3,245
Taxes and licenses 2,553 0 0 2,553
Interest 2,131 0 0 2,131
Other 30,096 2,932 1,011 34,039
$596,569 $93,814 $37,895 $728,278