KINGSTREE RESIDENTIAL ASSOCIATION, INC.

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KINGSTREE RESIDENTIAL ASSOCIATION, INC. FINANCIAL STATEMENTS YEAR ENDED OCTOBER 31, 2014 Certified Public Accountants and Advisors Since 1947 Greensboro, NC Raleigh, NC Winston-Salem, NC Member of a Global Association of Independent Accounting and Consultancy Firms

Table of Contents Page No. Independent Auditor's Report 1 Financial Statements Balance Sheet 3 Statement of Revenue, Expenses and Changes in Fund Balances 4 Statement of Cash Flows 5 Notes to Financial Statements 6 Supplementary Information Balance Sheet by Property Type 9 Statement of Revenue, Expenses and Changes in Fund Balances by Property Type 10

Independent Auditor's Report To the Board of Directors Kingstree Residential Association, Inc. Charlotte, North Carolina Report on the Financial Statements We have audited the accompanying financial statements of Kingstree Residential Association, Inc. (the "Association"), which comprise the balance sheet as of October 31, 2014, and the related statements of revenue, expenses and changes in fund balances, and cash flows for the 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. Auditor's 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. 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 Association'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 Association'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 financial statements referred to above present fairly, in all material respects, the financial position of Kingstree Residential Association, Inc. as of October 31, 2014, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Page 1

Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The balance sheet by property type as of October 31, 2014 and the related statements of revenue, expenses and fund balances by property type is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of the Association s management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the 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 auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Other Matter Management has omitted the information about the estimates of future costs of major repairs and replacements that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by the missing information. Greensboro, North Carolina September 30, 2015 Page 2

Balance Sheet October 31, 2014 Assets Operating Replacement Fund Fund Total Assets: Cash and cash equivalents - master $ 1,352 $ 81 $ 1,433 Certificates of deposit - 100,572 100,572 Assessments receivable, net 67,838-67,838 Other receivables 25,952-25,952 Prepaid expenses 2,663-2,663 Total Assets $ 97,805 $ 100,653 $ 198,458 Liabilities and Fund Balances Liabilities: Accounts payable $ 27,179 $ - $ 27,179 Prepaid assessments 31,315-31,315 Other payables 1,715-1,715 Total Liabilities 60,209-60,209 Fund Balances: Fund balances 37,596 100,653 138,249 Total Liabilities and Fund Balances $ 97,805 $ 100,653 $ 198,458 See notes to financial statements. Page 3

Statement of Revenue, Expenses and Changes in Fund Balances Year Ended October 31, 2014 Operating Replacement Fund Fund Total Operating Revenues: Homeowner assessments - master $ 216,192 $ 15,000 $ 231,192 Homeowner assessments - townhomes 83,984 10,000 93,984 Interest income - 237 237 Other income 49,025-49,025 Total Revenue 349,201 25,237 374,438 Operating Expenses: Management fees 60,000-60,000 Grounds maintenance 65,576-65,576 Landscaping 31,042-31,042 Maintenance 54,445-54,445 Resident activities 5,038-5,038 Professional fees 10,126-10,126 Insurance expense 19,302-19,302 Uncollectible assessments recovered 1,740-1,740 Administrative 8,874-8,874 Utilities 68,329-68,329 Pool and recreational expense 35,149-35,149 Total Expenses 359,621-359,621 Revenue over (under) expenses (10,420) 25,237 14,817 Fund balances, beginning 20,316 103,116 123,432 Interfund transfers 27,700 (27,700) - Fund balances, ending $ 37,596 $ 100,653 $ 138,249 See notes to financial statements. Page 4

Statement of Cash Flows Year Ended October 31, 2014 Operating Replacement Fund Fund Total Cash flows from operating activities: Revenue over (under) expenses $ (10,420) $ 25,237 $ 14,817 Adjustments to reconcile revenue over (under) expenses to net cash provided by (used in) operating activities: Change in allowance for uncollectible assessments 32,139-32,139 Interest income reinvested in certificates of deposit - (234) (234) (Increase) decrease in: Assessments receivable (45,357) - (45,357) Other receivables (25,952) - (25,952) Prepaid expenses 1,764-1,764 Increase (decrease) in: Accounts payable 4,111-4,111 Other payables 1,715-1,715 Prepaid assessments 10,005-10,005 Net cash provided by (used in) operating activities (31,995) 25,003 (6,992) Cash flows from financing activities: Transfers between funds 27,700 (27,700) - Net cash provided by (used in) financing activities 27,700 (27,700) - Net decrease in cash and cash equivalents (4,295) (2,697) (6,992) Cash and cash equivalents, beginning 5,647 2,778 8,425 Cash and cash equivalents, ending $ 1,352 $ 81 $ 1,433 See notes to financial statements. Page 5

Notes to Financial Statements NOTE 1 - ORGANIZATION Kingstree Residential Association, Inc. (the Association ) was organized in September 2001 under the laws of the State of North Carolina for the purpose of administering the operations and maintenance of the common property within the development. The Association consists of 638 residential units and 88 townhomes located in Mecklenburg County, North Carolina. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fund Accounting The Association's governing documents provide certain guidelines for governing its financial activities. To ensure observance of limitations and restrictions on the use of financial resources, the Association presents its accounts using fund accounting. Financial resources are classified for accounting and reporting purposes in the following funds established according to their nature and purpose: Operating Fund - This fund is used to account for financial resources available for the general operation of the Association. Disbursements from this fund are generally at the discretion of the Board of Directors and property manager. Replacement Fund - This fund is used to accumulate financial resources designated for future major repairs and replacements. Disbursements from this fund are generally made only for designated purposes. Cash and Cash Equivalents For purposes of reporting the statement of cash flows, the Association includes all cash accounts and other time deposits with a maturity of three months or less as cash and cash equivalents. Member Assessments and Assessments Receivable Each property owner is assessed a fee to provide funds for the Association's operating expenses, future capital acquisitions, and major repairs and replacements. Assessments receivable at the balance sheet date represent assessments due from Association owners. The Association performs a regular assessment of the collectability of individual accounts. A reserve is provided for homeowners who are in foreclosure or bankruptcy proceedings, depending on the conditions of the proceedings and any other information available at the time. The Board of Directors has reserved approximately $31,900 for uncollectible accounts at October 31, 2014. The Association's policy is to retain legal counsel and place liens on the properties of homeowners whose past due assessments meet specified criteria set by the Board of Directors. Attorney's fees are assessed against homeowners upon whom liens are filed and become incorporated in the amount due. Attorney fees, late fees, and fines are included in income in the year assessed. Page 6

Notes to Financial Statements NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes Homeowners associations may be taxed either as a homeowners association or as a regular corporation. The Association elected to be taxed as a homeowners association. Under that election, the Association generally is taxed only on nonexempt income, such as interest, at a flat rate of 30%. Exempt income consists primarily of membership assessments, fines, and late fees. It is the Association s policy to evaluate all tax positions to identify any that may be considered uncertain. All identified material tax positions are assessed and measured by a more-likely-than-not threshold to determine if the tax position is uncertain and what, if any, the effect of the uncertain tax position may have on the financial statements. No material uncertain tax positions were identified during 2014. Currently, the statutes of limitations remain open subsequent to and including 2011; however, no examinations are in progress or anticipated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts. Actual results could differ from those estimates. Subsequent Events The Association has performed an evaluation of subsequent events through September 30, 2015, which is the date the financial statements were available to be issued. NOTE 3 - MANAGEMENT SERVICES Association Management Group of Charlotte, Inc., the managing agent for the Association, provides various services to the Association as authorized by the Board of Directors. Services include, but are not limited to, accounting services, collection of assessments, late fees and fines, accounts payable services, and general consulting to the Association. Page 7

Notes to Financial Statements NOTE 4 - REPLACEMENT FUND The Association's governing documents allow for the accumulation of funds for future repairs and replacements. Accumulated funds are held in separate accounts and generally are not available for expenditures for normal operations. The Association has not conducted a formal study to determine the remaining useful lives of the components of common property and estimates of the cost of major repairs and replacements that may be required in the future. The Association created an informal plan of the estimated replacement costs and lives of the components of common property. Funds are being accumulated in the replacement fund based on these estimates. Actual expenditures may vary from these estimates and the replacement fund may not be adequate to meet the future needs for major repairs and replacements. If additional funds are needed, the Association has the right, subject to membership approval, to increase the regular assessment or pass a special assessment, to pay for the major repairs and replacements. Page 8

SUPPLEMENTARY INFORMATION

Balance Sheet by Property Type October 31, 2014 Assets Single Family Townhomes Operating Replacement Operating Replacement Grand Fund Fund Total Fund Fund Total Totals Assets: Cash and cash equivalents $ 1,352 $ 81 $ 1,433 $ - $ - $ - $ 1,433 Certificates of deposit - 100,572 100,572 - - - 100,572 Assessments receivable, net 58,965-58,965 8,873-8,873 67,838 Other receivables 25,952-25,952 - - - 25,952 Prepaid expenses 1,465-1,465 1,198-1,198 2,663 Total Assets $ 87,734 $ 100,653 $ 188,387 $ 10,071 $ - $ 10,071 $ 198,458 Liabilities and Fund Balances Liabilities: Accounts payable $ 19,903 $ - $ 19,903 $ 7,276 $ - $ 7,276 $ 27,179 Other payables - - - 1,715-1,715 1,715 Prepaid assessments 26,048-26,048 5,267-5,267 31,315 Total Liabilities 45,951-45,951 14,258-14,258 60,209 Fund Balances: Fund balances 41,783 100,653 142,436 (4,187) - (4,187) 138,249 Total Liabilities and Fund Balances $ 87,734 $ 100,653 $ 188,387 $ 10,071 $ - $ 10,071 $ 198,458 See notes to financial statements. Page 9

Statement of Revenue, Expenses and Changes in Fund Balances by Property Type Year Ended October 31, 2014 Single Family Townhomes Operating Replacement Operating Replacement Grand Fund Fund Total Fund Fund Total Total Operating Revenues: Homeowner assessments $ 216,192 $ 15,000 $ 231,192 $ 83,984 $ 10,000 $ 93,984 $ 325,176 Interest income - 237 237 - - - 237 Other income 49,025-49,025 - - - 49,025 Total Revenue 265,217 15,237 280,454 83,984 10,000 93,984 374,438 Operating Expenses: Management fees 60,000-60,000 - - - 60,000 Grounds maintenance 39,553-39,553 26,023-26,023 65,576 Landscaping 21,172-21,172 9,870-9,870 31,042 Maintenance 44,274-44,274 10,171-10,171 54,445 Resident activities 5,038-5,038 - - - 5,038 Professional fees 10,126-10,126 - - - 10,126 Insurance expense 10,545-10,545 8,757-8,757 19,302 Uncollectible assessments (bad debt recovered) (23,509) - (23,509) 25,249-25,249 1,740 Administrative 8,874-8,874 - - - 8,874 Utilities 41,218-41,218 27,111-27,111 68,329 Pool and recreational expenses 35,149-35,149 - - - 35,149 Total Expenses 252,440-252,440 107,181-107,181 359,621 Revenue over (under) expenses 12,777 15,237 28,014 (23,197) 10,000 (13,197) 14,817 Fund balances, beginning 11,306 103,116 114,422 9,010-9,010 123,432 Interfund transfers 17,700 (17,700) - 10,000 (10,000) - - Fund balances (deficit), ending $ 41,783 $ 100,653 $ 142,436 $ (4,187) $ - $ (4,187) $ 138,249 See notes to financial statements. Page 10