| GRHP | |
RHDFC | |
MULTI-FAMILY HOUSING | |
TAX CREDIT FUND | |
SPECIAL PROJECTS | |
COMPANY INFO. |
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THE GREATER ROCHESTER HOUSING PARTNERSHIP AND GREATER ROCHESTER PARTNERSHIP HOUSING DEVELOPMENT FUND CORPORATION |
COMBINED BALANCE SHEETS DECEMBER 31, 2008 AND 2009 |
ASSETS |
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2009 |
2008 |
CURRENT ASSETS |
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Cash and equivalents |
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$900,400 |
$171,387 |
Interest receivable |
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23,725 |
65,386 |
Grants and other receivables |
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139,000 |
54,422 |
Note receivable |
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168,732 |
127,422 |
Prepaid expenses and other assets |
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24,018 |
15,710 |
Loss reserve- City of Rochester |
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125,211 |
259,550 |
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1,381,086 |
693,877 |
| Financing receivables - |
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Construction financing receivables |
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4,278,051 |
10,853,142 |
Current portion of mortgages receivable |
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11,761 |
190,914 |
| Due from RHDFC | 316,673 |
211,992 |
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4,606,485 |
11,256,048 |
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| Less: Allowance for losses | (25,000) |
(25,000) |
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| Total financing receivables | 4,581,485 |
11,231,048 |
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| Total current assets | 5,962,571 |
11,924,925 |
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MORTGAGES RECEIVABLE, net of current portion |
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185,873 |
197,633 |
| INVESTMENTS | 3,250 |
3,894 |
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| PROPERTY AND EQUIPMENT, net | 16,129 |
13,273 |
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$6,167,823 |
$12,139,725 |
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LIABILITIES AND NET ASSETS |
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CURRENT LIABILITIES |
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| Line-of-credit | - |
4,600.000 |
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| Accounts payable and other accrued expenses | 11,891 |
16,093 |
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| Accrued payroll, vacation, and payroll taxes | 52,651 |
61,553 |
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Loss reserves- City of Rochester |
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125,211 |
259,550 |
Participation note payable |
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- |
1,409,886 |
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Total current liabilities |
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189,753 |
6,347,082 |
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NET ASSETS |
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Unrestricted |
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5,978,070 |
5,709,643 |
Temporary restricted |
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- |
83,000 |
Total net assets |
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5,978,070 |
5,792,643 |
6,167,823 |
12,139,725 |
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