Lake Creek Affordable Housing Corporation (A Colorado Non-Profit Corporation and A Component Unit of Eagle County, Colorado) Financial Statements
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1 Financial Statements
2 TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR'S REPORT 1 2 Statement of Financial Position 3 Statement of Activities 4 Statement of Cash Flows 5 Notes to the Financial Statements 6 12 Supplementary Schedule: Schedule of Budget and Actual Comparison i
3 M & A McMahan and Associates, l.l.c. Certified Public Accountants and Consultants Web Site: Chapel Square, Bldg C Main Office: (970) Chapel Place, Suite 300 Facsimile: (970) P.O. Box 5850, Avon, CO mcmahan@mcmahancpa.com INDEPENDENT AUDITOR'S REPORT To the Board of Directors Lake Creek Affordable Housing Corporation Edwards, Colorado Report on the Financial Statements We have audited the accompanying financial statements of Lake Creek Affordable Housing Corporation, a Colorado non-profit corporation and a component unit of Eagle County, Colorado, which comprise the statements of financial position as of, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with U.S. generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Member: American Institute of Certified Public Accountants Paul J. Backes, CPA, CGMA Avon: (970) Michael N. Jenkins, CA, CPA, CGMA Aspen: (970) Daniel R. Cudahy, CPA, CGMA Frisco: (970)
4 INDEPENDENT AUDITOR S REPORT To the Board of Directors Lake Creek Affordable Housing Corporation Edwards, Colorado Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lake Creek Affordable Housing Corporation as of, and the changes in its net assets and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles. Other Matters Our audit was conducted for the purpose of forming an opinion on Lake Creek Affordable Housing Corporation s financial statements as a whole. The accompanying supplemental information on page 13 is presented for the purpose of additional analysis and is not a required part of Lake Creek Affordable Housing Corporation s basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. Except for that portion marked "unaudited", on which we express no opinion, the information on page 13 has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with U.S. generally accepted auditing standards. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. McMahan and Associates, L.L.C. June 17,
5 Statement of Financial Position Assets: Current Assets: Cash and cash equivalents - Unrestricted 89, ,234 Accounts receivable - Tenants, net - 16,731 Accounts receivable - Other 98,912 4,460 Prepaid expenses Total - Current Assets 188, ,720 Restricted Assets: Cash and cash equivalents - Restricted - 1,045,258 Investments - Restricted - 2,042,500 Total - Restricted Assets - 3,087,758 Bond issue costs, net of accumulated amortization - 213,087 Fixed assets, net of accumulated depreciation - 9,904,179 Total Assets 188,681 13,346,744 Liabilities and Net Assets: Liabilities: Current Liabilities: Accounts payable 133, ,941 Deferred revenues - 4,567 Accrued interest payable on long-term debt - 101,220 Tenant security deposits - 220,499 Note payable - 154,754 Current portion of long-term debt - 1,000,000 Total - Current Liabilities 133,702 1,708,981 Long-term debt, net of current portion - 18,265,000 Total Liabilities 133,702 19,973,981 Net Assets (Deficit) - Unrestricted 54,979 (6,627,237) Total Liabilities and Net Assets 188,681 13,346,744 The accompanying notes are an integral part of these financial statements. 3
6 Statement of Activities For the Years Ended Revenues: Rent 3,149,381 3,052,670 Utilities 422, ,511 Other 112, ,271 Total Revenues 3,683,913 3,552,452 Expenses: Utilities 567, ,408 General and administrative 223, ,093 Management fee 114, ,918 Repairs and maintenance - Replacement Reserve 197, ,988 Repairs and maintenance - Other 387, ,127 Insurance 14,411 12,808 Total Operating Expenses 1,505,138 1,547,342 Income (Loss) from Operations 2,178,775 2,005,110 Other Income (Expenses): Investment income 138, ,741 Depreciation (623,529) (626,788) Gain on asset disposition 10,085,380 - Loss on defeasance (1,458,266) - Interest expense (1,177,394) (1,269,294) Development fee - Eagle County (10,000) (10,000) Contributions (2,424,943) - Amortization of bond issue costs (26,624) (28,786) Change in Net Assets 6,682, ,983 Net Assets (Deficit) - Unrestricted - Beginning (6,627,237) (6,829,220) Net Assets (Deficit) - Unrestricted - Ending 54,979 (6,627,237) The accompanying notes are an integral part of these financial statements. 4
7 Statement of Cash Flows For the Years Ended Cash Flows from Operations: Cash received from tenants for rent 3,574,552 3,507,309 Cash received from (refunded to) tenants for security deposits, net (210,806) (19,264) Other cash receipts 116,591 47,923 Cash paid for goods and services (1,659,371) (1,495,631) Contributions paid to other entities (2,523,855) - Net Cash Provided (Used) by Operating Activities (702,889) 2,040,337 Cash Flows from Financing Activities: Cash received on issuance of notes 98, ,754 Repayment of principal on short-term financing (253,168) - Defeasance costs paid (1,330,783) - Principal repaid on bonds and notes (19,265,000) (945,000) Interest paid (1,214,638) (1,274,263) Net Cash Provided (Used) by Financing Activities (21,965,175) (2,064,509) Cash Flows from Investing Activities: Cash paid to purchase fixed assets (141,756) (641,261) Proceeds on disposal of fixed assets 19,552,779 - Amounts advanced to others - 252,956 Proceeds on sale/redemption of investments 2,042,500 - Interest received 138, ,741 Net Cash Provided (Used) by Investing Activities 21,592,341 (256,564) Net Increase (Decrease) in Cash and Cash Equivalents (1,075,723) (280,736) Cash and Cash Equivalents - Beginning 1,165,492 1,446,228 Cash and Cash Equivalents - Ending 89,769 1,165,492 Cash and Cash Equivalents - Ending is comprised of: Cash and cash equivalents - Unrestricted 89, ,234 Cash and cash equivalents - Restricted - 1,045,258 Total - Cash and Cash Equivalents 89,769 1,165,492 Reconciliation of Income (Loss) from Operations to Net Cash Provided (Used) by Operating Activities: Income (loss) from operations 2,178,775 2,005,110 Adjustments to reconcile: Development fee - Eagle County (10,000) (10,000) Contributions (2,424,943) - (Increase) decrease in accounts receivable, net (95,554) 55,400 Increase (decrease) in accounts payable (134,568) 61,781 Increase (decrease) in deferred revenues 3,871 (52,690) Increase (decrease) in tenant security deposits (220,470) (19,264) Total Adjustments (2,881,664) 35,227 Net Cash Provided (Used) by Operating Activities (702,889) 2,040,337 The accompanying notes are an integral part of these financial statements. 5
8 Notes to the Financial Statements 1. Organization Lake Creek Affordable Housing Corporation ("Corporation") was incorporated May 26, 1993 as a Colorado non-profit corporation to provide affordable housing for persons employed in Eagle County, Colorado (the County ). The Corporation began operations in 1993, and owned and operated a 270-unit rental housing project (the Project ) exclusively on behalf of and for the benefit of the County, located in Edwards, Colorado. As further discussed in Note 13, the Corporation sold the Project in The formation of the Corporation was approved by the County, and its operations are governed by a five-member Board of Directors (the Board ); four of which are appointed by the County. Upon dissolution of the Corporation and retirement of all liabilities, all property of the Corporation is to be transferred to the County. The acquisition and construction of the Project was financed through the issuance of revenue bonds, the repayment of which is solely the responsibility of the Corporation and not the County. The County had a right to obtain title to the Project at any time by defeasing all outstanding bonds of the Corporation. The Corporation is considered to be a component unit of the County, and its financial position, activities, and cash flow are included in the County s separate 2012 and 2011 financial statements. 2. Summary of Significant Accounting Policies A. Reporting Entity The Corporation was formed under the laws of the State of Colorado and operates under an appointed Board of Directors (the Board ). As required by generally accepted accounting principles, the financial statements of the reporting entity include those of Corporation. No additional separate governmental units, agencies, or non-profit corporations are included in the financial statements of the Corporation since none were discovered to fall within the oversight responsibility based upon the application of the following criteria: financial accountability, appointment of a voting majority of the organization's governing body, ability to impose its will on the organization, a potential for the organization to provide specific financial benefits or burdens, and fiscal dependency. The Corporation does not exercise oversight responsibility over any other entity. However, the Corporation is a component unit of the County. B. Basis of Accounting The Corporation utilizes the accrual basis of accounting, whereby revenues are recognized when earned and expenses are recognized when incurred. C. Cash Equivalents For the purposes of the Statement of Cash Flows, the Corporation defines cash equivalents as all cash, money market, and savings accounts, plus all investments with original maturities of three months or less. D. Restricted Assets Certain of the Corporation s assets are classified as restricted assets because their use is restricted to specific purposes by bond indentures or other binding commitments. 6
9 Notes to the Financial Statements (Continued) 2. Summary of Significant Accounting Policies (continued) E. Allowance for Uncollectible Accounts The Corporation uses the allowance method to recognize the potential uncollectibility of receivables. An allowance of $0 was recorded at December 31, 2012 for uncollectible tenant receivables ($0 at December 31, 2011). F. Bond Issue Costs Costs incurred by the Corporation in connection with the issuance of bonds used to finance the acquisition of the Project are amortized over the term to maturity of the bonds, using the effective interest method. G. Fixed Assets Fixed assets were recorded at cost and depreciated using the straight-line method over the following estimated useful lives of the underlying assets: Buildings and improvements Furniture, fixtures, and equipment 30 years 5 7 years Land was reported at cost and was not subject to depreciation. H. Federal and State Income Tax The Corporation was formed in accordance with Internal Revenue Service Revenue Procedure 95-48, which provides that an affiliate of a governmental unit is exempt from federal income tax filing requirements. As a result, the Corporation is also exempt from Colorado state income tax. I. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that may 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. J. Subsequent Events 3. Trust Indenture Management has evaluated subsequent events through June 17, 2013; the date these financial statements were available to be issued. The Corporation s Multifamily Housing Project Revenue Refunding Bonds, Series 1998A (the 1998A Bonds ) and Multifamily Housing Project Subordinate Refunding Bonds, Series 1998B (the 1998B Bonds ) were secured by a trust indenture (the Trust Indenture ) under which the Corporation granted U.S. Bank Trust National Association (the Trustee ) a security interest in rents and other receipts from operation of the Project, net of the Project s actual operating expenses (the Pledged Revenues ). Certain capitalized terms in the Trust Indenture are further detailed in Note 8, below. 7
10 Notes to the Financial Statements (Continued) 3. Trust Indenture (continued) Under the terms of the Trust Indenture, the Pledged Revenues were to be deposited with the Trustee as follows: a. Bond Funds Separate accounts were maintained for the 1998A Bonds and the 1998B Bonds, with accumulated monies used to make debt service payments on the respective issues. b. County Account This account was used to accumulate and pay the annual $10,000 development fee due to the County under the terms of the Trust Indenture. c. Debt Service Reserve Fund This account may be utilized to offset the effect of cash flow deficiencies which would otherwise impact debt service payments on the 1998A Bonds. The Debt Service Reserve Requirement was equal to the lesser of (a) 10% of the outstanding principal amount of the 1998A Bonds, (b) the maximum annual debt service requirements on the 1998A Bonds, or (c) 125% of average annual debt service on the 1998A Bonds. d. Operating Fund Each month, the Trustee was to deposit monies in this account until the accumulated balance equaled the monthly budgeted amount for Operation and Maintenance Expenses according to the Operating Budget. This fund was used to pay operating and maintenance expenses of the Project. e. Operating Deficit Fund This account was to be funded through monthly deposits until the balance reached $534,534 and thereafter was to be maintained at that level. Such funds were to be used to pay operating and maintenance expenses of the Project in excess of monies available in the Operating Fund, to the extent that any such shortfall could not be funded by monies in the Surplus Fund. f. Property Insurance Escrow Fund Monies were accumulated in and paid from this account for the insurance premiums on the Project. g. Replacement Reserve Fund Monthly, the Trustee was required to deposit $7,875 ($94,500 per annum) to this account, until such time as the balance reaches $1,000,000. Accumulated funds were to be used to ensure that the Project remained in good repair. During 2012, the Corporation made additional voluntary deposits totaling $137,226 to the Replacement Reserve Fund (2011 $145,500). h. Revenue Fund Monthly, the Trustee deposited all of the Pledged Revenues to this account, and then disbursed to the other funds and accounts in accordance with the Trust Indenture. i. Security Deposit Fund This fund held security deposits collected from Project tenants in accordance with their respective lease arrangements. j. Surplus Fund Excess funds generated by the Project were accumulated in the Surplus Fund. Monies in the Surplus Fund may be used to fund Operations and Maintenance Expenses in excess of the accumulated balance in the Operating Fund. Upon agreement of the Board, the Corporation may assign or pledge monies in the Surplus Fund to others. Additionally, the Trust Indenture imposed requirements regarding the Project s operations, budgeting, insurance and management. 8
11 Notes to the Financial Statements (Continued) 4. Cash and Cash Equivalents Cash and Cash Equivalents - Unrestricted: Cash in bank - Checking $ 68, ,234 Cash in bank - Money market 21,337 - Total - Cash and Cash Equivalents - Unrestricted $ 89, ,234 Cash and Cash Equivalents - Restricted: Restricted for Tenant Security Deposits: Cash in bank - Money market $ - 220,179 Restricted - Held by Trustee A and 1998B Bonds: Replacement Reserve account - Money market - 71,529 Debt Service Fund - Money market - 182,661 Insurance and other bond-related - Money market - 27,192 Operating Deficit account - Money market - 534,534 Surplus Fund - Money market - 9, ,079 Total - Cash and Cash Equivalents - Restricted $ - 1,045, Restricted Investment Guaranteed Funding Agreement issued by Transamerica Life Insurance Company and Annuity Company, maturing November 30, 2023 and bearing interest at 6.45% per annum $ - 2,042, Bond Issue Costs Bond issue costs $ - 683,670 Less: Accumulated amortization - (470,583) Net $ - 213, Fixed Assets Land $ - 1,350,100 Buildings - 19,199,009 Furniture and equipment - 93,587 At cost - 20,642,696 Less: Accumulated depreciation - (10,738,517) Net $ - 9,904,179 9
12 Notes to the Financial Statements (Continued) 7. Fixed Assets (continued) As discussed in Note 13, the Option Agreement was exercised on December 21, As a result, the Corporation sold the Project and all accompanying operating elements for gross proceeds of $19,552,779; realizing a gain of $10,085,380 on this asset disposition. 8. Long-term Debt On July 1, 1993, the Corporation issued bonds in the aggregate principal amount of $25,380,000; consisting of $22,760,000 in Multifamily Housing Project Revenue Bonds, Series 1993A (the 1993A Bonds ), $955,000 in Multifamily Housing Project Subordinate Revenue Bonds, Series 1993B (the 1993B Bonds ), and $1,655,000 in Multifamily Housing Project Subordinate Revenue Bonds, Series 1993C (the 1993C Bonds ) (collectively, the 1993 Bonds ). The net proceeds of 1993 Bonds were used to finance the acquisition of land and construction of the Project. On August 1, 1998, the Corporation exchanged and canceled the 1993A Bonds, and redeemed the 1993B Bonds and the 1993C Bonds with the issuance of bonds in the aggregate principal amount of $27,990,000; consisting of $25,915,000 in Multifamily Housing Project Revenue Refunding Bonds, Series 1998A (the 1998A Bonds ) and $2,075,000 in Multifamily Housing Project Subordinate Revenue Refunding Bonds, Series 1998B (the 1998B Bonds ) (collectively, the 1998 Bonds ). The 1998B Bonds were subordinated to the 1998A Bonds. In connection with the issuance of the 1993 Bonds, the Corporation entered into the Trust Indenture with the Trustee. The Trust Indenture, as supplemented upon the issuance of the 1998 Bonds, imposed various restrictive covenants upon the Corporation, including, among others, limitations on incurring additional indebtedness and maintaining specified debt service coverage ratios. The 1998A and 1998B Bonds were issued as limited obligations of the Corporation, and not indebtedness of the County. The 1998A and 1998B Bonds were payable solely from the Pledged Revenues and the various reserve funds and other monies pledged under the terms of the Trust Indenture. The 1998A Bonds bear interest at 6.25% per annum and were to mature December 1, The 1998B Bonds bear interest at 7% per annum and were to mature December 1, During 2012, the Corporation incurred interest expense totaling $1,081,727 in respect of the 1998A Bonds (2011 $1,165,781) and $95,667 in respect of the 1998B Bonds (2011 $103,513). On December 21, 2012, the Corporation used the net proceeds from the sale of the Project, together with certain amounts held pursuant to the Trust Indenture, to fund an escrow account to defease the 1998A and 1998B Bonds by paying the scheduled debt service requirements of the 1998A and 1998B Bonds, including applicable premiums and interest due, on the optional redemption dates of the bonds. This transaction resulted in a loss on defeasance of $1,458,266. Changes in the Corporation s long-term debt for 2012 were as follows: Balance Balances - Jan. 1/12 Additions Reductions Dec. 31/12 Series 1998A bonds $ 17,855,000 - (17,855,000) - Series 1998B bonds 1,410,000 - (1,410,000) - $ 19,265,000 - (19,265,000) - 10
13 Notes to the Financial Statements (Continued) 8. Long-term Debt (continued) Changes in the Corporation s long-term debt for 2011 were as follows: Balance Balances - Jan. 1/11 Additions Reductions Dec. 31/11 Series 1998A bonds $ 18,725,000 - (870,000) 17,855,000 Series 1998B bonds 1,485,000 - (75,000) 1,410,000 $ 20,210,000 - (945,000) 19,265,000 Current portions of the Corporation s principal on long-term debt at were as follows: Series 1998A bonds $ - 925,000 Series 1998B bonds - 75, Management Agreement 11 $ - 1,000,000 Effective February 14, 2006, the Corporation entered into an agreement with Corum Real Estate Group, Inc. ( Corum ), whereby Corum is to provide management of the day-to-day operations of the Project. The agreement has a one-year term and automatically renews for additional one-year periods unless otherwise terminated as provided in the agreement. Under the terms of the agreement, Corum is to be reimbursed for all charges, including staffing, incurred on behalf of the Corporation in the management of the Project. The agreement also provides for Corum to be paid a management fee equal to 3.5% of Gross Collected Income, as defined, which excludes utility and cable television revenues. Total expenses, including reimbursements to Corum and Corum s staff, incurred under the management contract for 2012 and 2011 were as follows: General and administrative: Advertising and promotion $ Travel and meals 2,218 2,367 Office expenses 570 4,739 Telecommunications Wages - Administrative 117, ,121 Management fee 114, ,918 Repairs and maintenance - Other: Wages - Maintenance and other 189, ,721 Repairs and maintenance - 38 Total $ 425, ,044 The Corporation had a balance of $385 payable to Corum at December 31, 2012 ($27,827 at December 31, 2011).
14 Notes to the Financial Statements (Continued) 10. Net Assets (Deficit) 2011 The Corporation had a deficit net assets balance of $6,627,237 at December 31, Related Party Transactions During 2012, Eagle County Housing and Development Authority ( ECHDA ) a component unit of the County made an unsecured, non-interest bearing advance of $98,414 to the Corporation to fund capital improvements to the Project. During 2011, ECHDA made an unsecured, non-interest bearing advance of $154,754 to the Corporation to fund bond escrow accounts and capital improvements to the Project. In connection with the sale of the Project, amounts were transferred to ECHDA as repayment of these amounts drawn in 2011 and 2012, together with an operating contribution of $2,424,943. A balance of $98,912 was due from ECHDA at December 31, 2012; following the Corporation s reconciliation of the sales transaction. 12. Arbitrage Under section 148 of the Internal Revenue Code, the Corporation may be subject to an arbitrage penalty on the difference between net interest earned on the invested proceeds of the 1998 Bonds and the interest paid on the 1998 Bonds. The arbitrage penalty, if any, is to be calculated and remitted to the U.S. Treasury on every fifth anniversary date of the issuance of the 1998 Bonds or, at the Corporation s option, upon the final expenditure of the bond proceeds. At December 31, 2012, the Corporation has accrued $9,920 for the estimated arbitrage liability through the 2012 year-end ($7,652 at December 31, 2011). 13. Option Agreement During 2010, the Corporation entered into an agreement with Lake Creek Village LLC ( LCV LLC ) under which the Corporation granted LCV LLC an exclusive option to purchase the Project at any time during between January 1, 2010 and August 30, 2011, with the purchase price equal to the amount of the Corporation s outstanding secured debt as of the closing date. The option could not be exercised until all Bonds subject to the Indenture were defeased. ECHDA is the sole member of LCV LLC. LCV LLC did not exercise its option under this agreement before expiration on August 30, During 2012, the Corporation entered into an agreement with Lake Creek Village LLC ( LCV LLC ) under the Corporation granted LCV LLC an exclusive option to purchase the Project at any time between May 1, 2012 and May 1, 2013, with the purchase price equal to the amount of the Corporation s outstanding secured debt as of the closing date. The option could not be exercised until all Bonds subject to the Indenture have been considered defeased. ECHDA is the sole member of LCV LLC. On December 21, 2012, LCV LLC exercised its option under this agreement. 14. Compliance with Trust Indenture The Trust Indenture imposes financial performance measures on the Corporation with respect to minimum annual debt service coverage ratio. Although the Corporation did not meet the minimum required debt service coverage ratio stated in the Trust Indenture at December 31, 2011; the Corporation s debt service coverage ratio did not fall below the level considered an Event of Default in the Trust Indenture. 12
15 Schedule of Budget and Actual Comparison For the Year Ended December 31, 2012 (with Comparative Actual Amounts for the Year ended December 31, 2011) Original and Variance: Final Positive/ Budget Actual (Negative) Actual Revenues: Rent 3,088,119 3,149,381 61,262 3,052,670 Utilities 382, ,401 39, ,511 Other 105, ,131 6, ,271 Total Revenues 3,576,125 3,683, ,788 3,552,452 Expenses: Utilities 576, ,641 8, ,408 General and administrative 250, ,539 27, ,093 Management fee 110, ,356 (3,759) 111,918 Repairs and maintenance - Replacement Reserve 304, , , ,988 Repairs and maintenance - Other 380, ,364 (7,111) 382,127 Insurance 43,154 14,411 28,743 12,808 Total Operating Expenses 1,665,547 1,505, ,409 1,547,342 Income (Loss) from Operations 1,910,578 2,178, ,197 2,005,110 Other Income (Expenses): Investment income 99, ,817 39, ,741 Depreciation (618,160) (623,529) (5,369) (626,788) Gain on asset disposition - 10,085,380 10,085,380 - Loss on defeasance - (1,458,266) (1,458,266) - Interest expense (1,151,695) (1,177,394) (25,699) (1,269,294) Development fee - Eagle County - (10,000) (10,000) (10,000) Contributions - (2,424,943) (2,424,943) - Amortization of bond issue costs (23,178) (26,624) (3,446) (28,786) Change in Net Assets 216,879 6,682,216 6,465, ,983 The accompanying notes are an integral part of these financial statements. 13
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