FINANCIALS
| ASSETS | 2022 | 2021 |
|---|---|---|
| Current assets | ||
| Cash | $ 4,610,330 | $ 2,352,353 |
| Investments, at fair value | 31,222 | 37,569 |
| Interest receivable | 47,085 | 27,587 |
| Current portion of notes receivable | 1,148,828 | 376,326 |
| Management fees and other receivables | 72,018 | 115,887 |
| Due from affiliate – RHDFC | 720,991 | 156,676 |
| Funds held for others | 244,423 | – |
| Current portion of mortgage receivable | 17,626 | 16,936 |
| Prepaid expenses and other assets | 22,688 | 20,663 |
| 6,915,211 | 3,103,997 | |
| Financing receivables: Current portion of construction financing receivables | 6,681,097 | 5,123,093 |
| Less: Allowance for losses | 25,000 | 25,000 |
| Total current financing receivables | 6,656,097 | 5,098,093 |
| Total current assets | 13,571,308 | 8,202,090 |
| Notes receivable, net of current portion | 58,415 | 1,138,956 |
| Mortgage receivable, net of current portion | 40,693 | 58,319 |
| Construction financing receivables, net of current portion | – | 2,372,639 |
| Tax credit fund | 295 | 343 |
| Property and equipment, net | 8,910 | 2,505 |
| Operating lease right-of-use asset, net | 16,660 | – |
| Total assets | $ 13,696,281 | $ 11,774,852 |
| LIABILITIES AND NET ASSETS Current liabilities: | ||
| Current portion of operating lease liability | $ 16,660 | $ – |
| Current portion of construction financing participation loan | 2,976,137 | – |
| Accounts payable | 1,018 | 100 |
| Management fee payable – RHDFC | – | 2,627 |
| Accrued payroll, vacation and payroll taxes | 27,263 | 24,528 |
| Deferred revenue | 287,134 | 542,634 |
| Total current liabilities | 3,308,212 | 569,889 |
| Construction financing participation loan, net of current portion | – | 1,186,280 |
| Net assets: Net assets without donor restrictions | 7,080,280 | 6,708,135 |
| Net assets with donor restrictions | 3,307,789 | 3,310,548 |
| Total net assets | 10,388,069 | 10,018,683 |
| Total liabilities and net assets | $ 13,696,281 | $ 11,774,852 |
| NET ASSETS WITHOUT DONOR RESTRICTIONS | 2022 | 2021 |
|---|---|---|
| Support and revenue: | ||
| Interest income on financing and notes receivable | $ 227,946 | $ 277,765 |
| Management fee revenue | 94,143 | 96,309 |
| Homes sold | – | 1,224,700 |
| CDFI grant revenue | 500,000 | – |
| Fees | 57,618 | 197,312 |
| Gain (loss) on investments | (1,799) | 1,326 |
| PPP loan forgiveness income | – | 46,997 |
| Other | 12,697 | 2,351 |
| Total support and revenue | 890,605 | 1,846,760 |
| Net assets released from donor restrictions | 7,500 | 8,700 |
| Total support and revenue without donor restrictions | 898,105 | 1,855,460 |
| Expenses: Program Cost of homes sold | – | 1,224,700 |
| Operating | 202,796 | 266,292 |
| Total program | 202,796 | 1,490,992 |
| General and administrative | 323,164 | 305,404 |
| Total expenses | 525,960 | 1,796,396 |
| Increase in net assets without donor restrictions | 372,145 | 59,064 |
| NET ASSETS WITH DONOR RESTRICTIONS | ||
| Gain (loss) on investments | (4,548) | 3,351 |
| Interest income | 9,289 | 8,881 |
| Net assets released from donor restrictions | (7,500) | (8,700) |
| Increase (decrease) in net assets with donor restrictions | (2,759) | 3,532 |
| Total increase in net assets | 369,386 | 62,596 |
| Net assets – beginning of year | 10,018,683 | 9,956,087 |
| Net assets – end of year | $ 10,388,069 | $ 10,018,683 |
