GENTILLY DEVELOPMENT DISTRICT COMPILED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013

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1 COMPILED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013

2 TABLE OF CONTENTS PAGE INDEPENDENT ACCOUNTANTS' REPORT STATEMENT OF FINANCIAL POSITION STATEMENT OF ACTIVITIES STATEMENT OF CASH FLOWS

3 INDEPENDENT ACCOUNTANTS^ REPORT The Board of Directors Gentilly Development District New Orleans, LA I have compiled the accompanying statement of fmancial position of the Gentilly Development District (a nonprofit organization) as of December 31,2013 and the related statements of activities and cash flows for the year then ended. I have not audited or reviewed the accompanying fmancial statements and, accordingly, do not express an opinion or provide any assurance about whether the fmancial statements are in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. My responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting fmancial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.

4 Management has elected to omit substantially all of the disclosures required by accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the fmancial statements, they might influence the user's conclusions about the Gentilly Development District's fmancial position, changes in net assets, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. VGR CERTIFIED PUBLIC ACCOUNTANTS February 15, 2015

5 STATEMENT OF FINANCIAL POSITION AS OF DECEMBER ASSETS Cash and cash equivalents (NOTE 2) Total assets LIABILITIES AND NET ASSETS LIABILITIES: Deferred revenues -0- Net Assets (NOTE 2) Unrestricted Total liabilities Total net assets -0- Total liabilities and net assets -0- See accountant's compilation report.

6 STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER SUPPORT AND REVENUES Grants Total support and revenues $ EXPENSES Program services: Community Support Total expenses Change in net assets 224, (122,410) NET ASSETS Beginning of year End of year $ -0- See accountant's compilation report.

7 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 Cash Flows from Operating Activities: Change in net assets $ Adjustments to reconcile changes in net assets to net cash used in operating activities: Net cash (used in) operating activities (" Cash Beginning of year End of year $ -0- See accountant's compilation report.

8 SCHEDULE OF CURRENT YEAR FINDING FOR THE YEAR ENDED DECEMBER 31, Timely Submission of Compilation Report Criteria LSA-RS 24:513 (J)(l)(cc)(ii) states any local auditee that receives more than fifty thousand dollars in revenues and other sources in any one fiscal year, but less than two hundred thousand dollars, shall cause to be conducted an annual compilation of its financial statements, with or without footnotes, in accordance with the Louisiana Governmental Audit Guide, Condition The December 31, 2012 compiled fmancial statements were not submitted to the legislative Auditor by the Statutory due date of June 30, Effect A required compilation report filed with the Legislative Auditor after the six (6) month time frame for any reason other than for a natural disaster is a violation of the State audit completion and submission law Cause The District did not spend any of the funds during 2012 and did not believe that a filing was necessary. Recommendation We recommend that District file the compilation timely. Management's Response The District did not spend any of the funds during 2012 and did not believe that a filing was necessary.