ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS SPECIAL PURPOSE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2015

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1 ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS SPECIAL PURPOSE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2015

2 ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS SPECIAL PURPOSE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2015 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1-2 SPECIAL PURPOSE FINANCIAL STATEMENTS: Statement of Net Position 3 Statement of Revenues, Expenses and Changes in Net Position 4 Statement of Cash Flows 5-6 Notes to Financial Statements 7-12 INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS PAGE

3 ACCOUNTANTS ADVISORS Alberni Caballero & Fierman, LLP 4649 Ponce de Leon Blvd Suite 404 Coral Gables, FL T: F: ACF CPA.COM I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I INDEPENDENT AUDITORS' REPORT To the Board of Commissioners of the Orlando Housing Authority Orlando, Florida Report on the Financial Statements We have audited the accompanying special-purpose financial statements of the Antioch Manor Apartments ( Antioch Manor ) of the Orlando Housing Authority (the Authority ) which comprise the statement of financial position as of March 31, 2015, and the related statements of revenues, expenses and changes in net position and cash flows for the fiscal year 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 accounting principles generally accepted in the United States of America; 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. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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. Opinion In our opinion, the special-purpose financial statements referred to above present fairly, in all material respects, the financial position of Antioch Manor, as of March 31, 2015, and the results of its operations and cash flows for the fiscal year then ended, in conformity with accounting principles generally accepted in the United States of America. 1

4 Emphasis of Matters As described in Note 1, the accompanying special purpose financial statements present only the Antioch Manor Apartments of the Orlando Housing Authority and are not intended to present fairly the financial position and results of operations and cash flows of the Orlando Housing Authority in conformity with accounting principles generally accepted in the United States of America. The Authority has not presented the Management Discussion and Analysis for Antioch Manor that accounting principles generally accepted in the United States of America require to supplement, although not required to be part of the basic financial statements. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 31, 2015, on our consideration of Antioch Manor s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Antioch Manor s internal control over financial reporting and compliance. Alberni Caballero & Fierman, LLP Alberni Caballero & Fierman, LLP Coral Gables, Florida December 31,

5 ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS STATEMENT OF NET POSITION MARCH 31, 2015 Current Assets: Cash and cash equivalents $ 40,958 Tenant receivables 8,493 Other receivables 41,889 Prepaids 13,843 Total current assets 105,183 Restricted Assets: Cash and cash equivalents 333,791 Total restricted assets 333,791 Other Assets: Utility deposits 11,320 Total other assets 11,320 Capital assets, net 3,976,743 Total assets $ 4,427,037 Current Liabilities: Accounts payable $ 19,959 Prepaid rent 4,288 Security deposits 21,840 Loans payable 84,622 Total current liabilities 130,709 Non-Current Liabilities: Loans payable 3,012,528 Total non-current liabilities 3,012,528 Total liabilities 3,143,237 Net Position: ASSETS LIABILITIES AND NET POSITION Net investment in capital assets 879,593 Restricted 311,951 Unrestricted 92,256 Total net position 1,283,800 Total liabilities and net position $ 4,427,037 The accompanying notes are an integral part of these financial statements. 3

6 ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR THE FISCAL YEAR ENDED MARCH 31, 2015 Operating Revenues: Dwelling rental $ 251,377 Operating grants 820,190 Other 8,884 Total operating revenues 1,080,451 Operating Expenses: General and Administrative 352,330 Repairs and maintenance 243,498 Utilities 73,101 Protective services 89,251 Depreciation 211,925 Total operating expenses 970,105 Operating income 110,346 Non-Operating Revenues (Expenses): Interest (expense) (174,080) Interest income 126 Total non-operating (expenses) (173,954) Change in Net Position (63,608) Net Position, beginning of year 1,347,408 Net Position, end of year $ 1,283,800 The accompanying notes are an integral part of these financial statements. 4

7 ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED MARCH 31, 2015 Cash Flows From Operating Activities Receipts from tenants $ 263,268 Receipts from other governments 820,190 Payments to suppliers (572,095) Payments to employees (218,348) Net cash provided by operating activities 293,015 Cash Flows From Capital And Related Financing Activities Purchase of capital assets (48,793) Principal payments on long term debt (79,311) Interest paid on long-term debt (174,079) Net cash (used in) capital and related financing activities (302,183) Cash Flows From Investing Activities Investment income 126 Net cash provided by investing activities 126 Net decrease in cash and cash equivalents (9,042) Cash and cash equivalents - beginning 383,791 Cash and cash equivalents - ending $ 374,749 Reconciliation to statement of net assets: Cash and cash equivalents $ 40,958 Restricted cash and cash equivalents $ 333, ,749 The accompanying notes are an integral part of these financial statements. 5 (Continued)

8 ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS STATEMENT OF CASH FLOWS FOR THE FISCAL YEAR ENDED MARCH 31, 2015 Reconciliation Of Operating Income To Net Cash Provided By Operating Activities: Operating income $ 110,346 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 211,925 Changes in assets and liabilities: (Increase) decrease in: Receivables (11,891) Prepaids 1,016 Increase (decrease) in: Accounts payable (20,645) Security deposits 21 Prepaid rent 2,243 Net cash provided by operating activities $ 293,015 The accompanying notes are an integral part of these financial statements. 6

9 ORLANDO HOUSING AUTHORITY ANTIOCH MANOR APARTMENTS NOTES TO SPECIAL PURPOSE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity The Antioch Manor Apartments ("Antioch Manor") is a 102 unit, federally aided affordable housing complex for the elderly purchased on February 19, 2008, by the Orlando Housing Authority (the Authority ). Funding of the operations and the debt service requirements of Antioch Manor is provided by tenant revenue and rent subsidies. Such units were acquired to provide decent, safe and sanitary housing to elderly tenants at prices they can afford. The Authority also established the Antioch Manor Apartments as a fund of the Authority in order to properly account for all the transactions relating to the Antioch Manor Apartments Project. The Authority has retained the services of an independent management company that is responsible for the operations of the apartments. The accompanying special purpose financial statements present only the Antioch Manor Apartments of the Orlando Housing Authority and are not intended to present fairly the financial position and results of operations and cash flows of the Orlando Housing Authority in conformity with accounting principles generally accepted in the United States of America. B. Summary of HUD Programs The accompanying financial statements include the activities of the housing program subsidized by HUD for Antioch Manor as described below. Housing Assistance Program The housing assistance payment program utilizes existing privately owned family rental housing units to provide decent and affordable housing to low-income families. Funding of the program is provided by federal annual housing assistance contributions from HUD, which provide for the difference between the approved landlord contract rent and the rent paid by the tenant. Section 8 Project Based-The Authority operates the Antioch Manor project, which is subsidized by HUD under a Housing Assistance Payments Contract. The Section 8 Housing Assistance Payments Contract with HUD was assigned by the former owners of Antioch Manor at the date of purchase and the assignment was approved by HUD. C. Measurement Focus, Basis of Accounting, and Basis of Presentation The special purpose financial statements of the Antioch Manor Apartments of the Orlando Housing Authority have been prepared in accordance with accounting principles generally accepted in the United States of America. Antioch Manor maintains its accounts in accordance with the chart of accounts prescribed by the Department of Housing and Urban Development (HUD). For financial reporting purposes, Antioch Manor reports all of its operations in a single enterprise fund of the Orlando Housing Authority and follows the governmental reporting model allowed by GASB Statement No. 29. The Governmental Accounting Standards Board (GASB) is the standard setting body for governmental accounting and financial reporting. The special purpose financial statements of the Antioch Manor Apartments of the Orlando Housing Authority follow the guidance of GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements for both the government wide and proprietary fund financial statements. Governments also have the option of following subsequent FASB pronouncements for their business-type activities and enterprise funds subject to this same limitation. The Antioch Manor Apartments of the Orlando Housing Authority has elected not to follow subsequent FASB guidance. 7

10 Proprietary funds distinguish operating revenues and expenses from non operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund s principal ongoing operations. The principal operating revenues of Antioch Manor s enterprise fund are HUD Rental Subsidies and tenant dwelling rents. Operating expenses include General and Administrative expenses, repairs and maintenance expenses, utilities and depreciation on capital assets. All revenues not meeting this definition are reported as non operating revenues and expenses. When both restricted and unrestricted resources are available for use, it is the Authority s policy to use restricted resources first, then unrestricted resources, as they are needed. D. Assets, liabilities, and net assets I. Deposits Antioch Manor s cash and cash equivalents are considered to be cash on hand, demand deposits, money market funds, and short-term investments with original maturities of three months or less from the date of acquisition. II. Restricted assets Restricted assets are comprised of mainly tenant security deposits and replacement reserves. Security deposits are held in escrow by Antioch Manor for the term of the rental contract with a tenant. Upon termination of the rental contract, the deposit can first be offset against any rents owed to Antioch Manor and/or damages to the unit by the tenant. The remaining balance is refunded to the tenant. The replacement reserves are funds held for future repairs and replacements on the property. III. Capital Assets Capital assets, which include land, buildings, improvements, and equipment, are reported in the fund financial statements. Capital assets are defined by the Authority as assets with an initial, individual cost of more than $1,500 (amount not rounded) and an estimated useful life in excess of one year. Such assets are recorded at historical costs or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal repairs and maintenance that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest during the construction phase of capital assets is included as part of the capitalized value of the assets constructed. Depreciable capital assets are depreciated on the straight-line method over their estimated useful lives as follows: Years Furniture and Equipment 3 5 Buildings 29 Upon disposition of a depreciable asset, the related costs and accumulated depreciation are removed from the accounts and gains and losses on dispositions are reflected in operations. IV. Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to future periods and so will not be recognized as an outflow of resources (expenditures) until then. At this time, Antioch Manor does not have an item that qualifies for reporting in this category. In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. At this time, Antioch Manor does not have any item that qualifies for reporting in this category. 8

11 V. Net Position Flow Assumption Sometimes Antioch Manor will fund outlays for a particular purpose from both restricted and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the Board s policy to consider restricted net position to have been depleted before unrestricted net position is applied. VI. Grant Revenue For financial reporting purposes, Antioch Manor considers its HUD operating grants as operating revenue because these funds more closely represent revenues generated from operating activities than non-operating activities. In addition, grants received from other sources, which are used to fund the operations of other programs operated by Antioch Manor, are also considered operating revenues. VII. Use of estimates The preparation of financial statements and related disclosures are prepared in conformity with accounting principles generally accepted in the United States of America. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. These estimates include assessing the collectability of receivables, and the useful lives and impairment of tangible assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Although these estimates are based on management s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. VIII. Income Taxes The Authority is a public body corporate and politic pursuant to Chapter 421, Laws of the State of Florida, which is subsidized by the Federal Government. The Authority is not subject to Federal or State income taxes, nor is it required to file Federal and State income tax returns, as a public body corporate and politic pursuant to Chapter 423, Laws of the State of Florida, and applicable provisions of the Internal Revenue Code of 1986, as amended. IX. Net Position Net position as of March 31, 2015 is classified into three components: (a) Net Investment in capital assets This category consists of capital assets (including restricted capital assets), net of accumulated depreciation and reduced by any outstanding balances of bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, and improvements of those assets. (b) Restricted net position This category consists of resources restricted in their use by (1) external groups such as grantors, creditors or laws and regulations of other governments; or (2) law, through constitutional provisions or enabling legislation. (c) Unrestricted net position This category includes all of the remaining resources that do not meet the definition of the other two categories. 9

12 2. DETAILED NOTES A. Deposits Custodial credit risk. Florida Statutes require that all depositories holding public funds collateralize deposits in excess of F.D.I.C. insurance with the State Treasurer. Under Chapter 280 of the Florida statutes, as amended, Florida Security for Public Deposits Act, all qualified public depositories are required to pledge eligible collateral having a fair market value equal to or greater than the average daily or monthly balance of all public deposits time the depository's collateral pledging level. The pledging level may range from 50 percent to 125 percent depending on the depository's financial condition and establishment period. Any losses to public depositories are covered by applicable deposit insurance, sale of securities pledged as collateral if necessary, and assessments against other qualified public depositories of the same as the depositories default. Since the Authority uses only authorized public depositories, all funds deposited with financial institutions are F.D.I.C. insured and/or are fully collateralized and treated as insured. B. Restricted assets The caption restricted cash and cash equivalents as of March 31, 2015 consisted of the following: Replacement reserve $ 185,384 Residual receipts 25,205 Security deposits 22,327 Operating reserve 15,754 Hazard insurance escrow 85,121 $ C. Capital assets Capital assets activity for the fiscal year ended March 31, 2015 was as follows: Balance Increases Decreases Balance Capital assets not being depreciated: Land $ 288,622 $ - $ - $ 288,622 Total capital assets, not being depreciated 288, ,622 Capital assets being depreciated: Building and improvements 4,914,156 48,793-4,962,949 Furniture and equipment 52, ,247 Total capital assets, being depreciated 4,966,403 48,793-5,015,196 Less accumulated depreciation (1,115,150) (211,925) - (1,327,075) Total capital assets, being depreciated, net 3,851,253 (163,133) - 3,688,121 Total capital assets, net $ 4,139,875 $ (163,133) - $ 3,976,743 10

13 D. Long-term debt On February 19, 2008 the Authority borrowed $3,100,000 at 6.50% interest for the acquisition of the Antioch Manor Apartments. The capital assets purchased from the proceeds of the loans and the rental revenues are pledged as collateral. The loan payments are amortized over a 25 year period and call for monthly interest and principal payments of $21,116 with a balloon payment due at maturity in Principal payments to maturity are as follows: March 31, 2016 $ 84, , , , , , , ,241 $ 2,634,768 On February 19, 2008, the Authority assumed a State Housing Initiatives Partnership ( SHIP ) Program loan (SHIP Loan) from the former owners of the Antioch Manor Apartments. The SHIP Loan was dated May 4, 2006 for $462,382 issued by the City of Orlando as a participant in the State s SHIP Program and matures on April 30, The property of Antioch Manor was pledged as security for the SHIP Loan. The proceeds of the loan were used in the rehabilitation of the 102 units at Antioch Manor. No principal and interest payments are due under the SHIP Loan and the entire amount of the loan will be forgiven and canceled by the City of Orlando on April 30, 2022 if all of the requirements of the SHIP Loan agreement are met. As part of the SHIP Loan agreement the Authority was also assigned a Declaration of Restrictive Covenant which requires that the units be leased to very low income persons and maintained as affordable housing for a period of not less than fifteen (15) years. Changes in Long-Term Liabilities Long-term liability activity for the fiscal year ended March 31, 2015 was as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year Loan Payable $ 2,714,079 $ - $ 79,311 $2,634,768 $ 84,622 SHIP Loan 462, ,382 - Total $ 3,176,461 $ - $ 79,311 $3,097,150 $ 84,622 E. Annual contributions by HUD Section 8 Project Based - Pursuant to HUD contract FL29T for the fiscal year ended March 31, 2015, Antioch Manor received approximately $769,137 in funding to subsidize the operation of the Antioch Manor project. F. Risk management The Authority is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions, injuries to employees; and natural disasters. The Authority s risk management program encompasses obtaining property and liability insurance for all its projects. 11

14 G. Current vulnerability due to certain concentrations Antioch Manor s operations are concentrated in the real estate market. It owns and manages a 102-unit apartment complex for low-income elderly persons known as the Antioch Manor and operates in a heavily regulated environment. The operations of Antioch Manor are subject to the administrative directives, rules and regulations of federal, state and local regulatory agencies, including, but not limited to HUD. Such administrative directives, rules and regulations are subject to change by an act of Congress or an administrative change mandated by HUD. Such changes may occur with little notice or inadequate funding to pay for the related cost, including the additional administrative burden, to comply with a change. H. Commitments and contingencies Grants Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures that may be disallowed by the grantor cannot be determined at this time, although Antioch Manor expects such amounts, if any, to be immaterial. Management Agreement The Authority has contracted with a property management company to provide management, marketing, renting, leasing, and operating services for the Antioch Manor Apartments. The agreement calls for a management fee equal to 5% of Gross Operating Revenues and reimbursement of certain operating costs detailed in the management agreement (including payroll and repairs and maintenance). For the fiscal year ended March 31, 2015, management fees totaled approximately $54,000. The management agreement was renewed on April 1, 2014 and is set to expire on March 31,

15 ACCOUNTANTS ADVISORS Alberni Caballero & Fierman, LLP 4649 Ponce de Leon Blvd Suite 404 Coral Gables, FL T: F: ACF CPA.COM I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Commissioners of the Orlando Housing Authority Orlando, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the special-purpose financial statements of the Antioch Manor Apartments ( Antioch Manor) of the Orlando Housing Authority, as of and for the fiscal year ended March 31, 2015, and the related notes to the financial statements, which collectively comprise Antioch Manor s basic financial statements, and have issued our report thereon dated December 31, Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Antioch Manor s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Antioch Manor s internal control. Accordingly, we do not express an opinion on the effectiveness of Antioch Manor s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether Antioch Manor s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. 13

16 Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Alberni Caballero & Fierman, LLP Alberni Caballero & Fierman, LLP Coral Gables, Florida December 31,