Pismo Beach City Council
August 16, 2022

Mar 31, 22 Feb 28, 22 $ Change % Change
Equity
Opening Bal Equity 12,738.83 12,738.83 0.00 0.0%
Retained Earnings 281,695.90 281,695.90 0.00 0.0%
Net Income -42,625.31 -32,916.62 -9,708.69 -29.5%
Total Equity 251,809.42 261,518.11 -9,708.69 -3.7%
TOTAL LIABILITIES & EQUITY 255,659.53 269,052.64 -13,393.11 -5.0% ECOSLO
Balance Sheet
As of March 31, 2022

MEALS ON WHEELS
Serving The Homebound Since 1975
P.O. Box 156
Pismo Beach, CA 93448
(805) 773-2053
[email protected] • www.5citiesmow.com
May 04, 2022
City of Pismo Beach
760 Mattie Road
Pismo Beach, CA 93449
Dear Mayor, Council Members and Administrative Staff:

Thank you very much, for your consideration of our request for funding.

We greatly appreciate the ongoing support from the City of Pismo Beach for our program. Last year we received $8,000 and would respectfully request $10,000 this year.

Your financial assistance will continue to make a significant difference in helping us serve our food challenged homebound residents in need of a hot, nutritious meal, a warm compassionate connection and/or a weekday safety check -in.

We have received an increased interest in our program, especially from many in our community who are economically disadvantaged, and we currently serve nearly 100 clients daily. Though most of our clients are elderly, we serve people of all ages who are ill, disabled or recuperating. It's a goal of ours to help folks improve or sustain enough good health to stay at home, where they want to be, which helps strengthen our neighborhoods and community.

The grant from the City of Pismo Beach would be used for the purpose of purchasing food to make our meals as well as the trays needed to package and deliver them. Since we are not funded by the Federal or State government, we rely heavily upon client donations and the generosity of donors such as the City of Pismo Beach.

Five Cities Meals on Wheels provides a nourishing, delicious, hot meal, a beverage and two snacks to homebound residents. We have learned that many of our clients were merely eating a bowl of cereal or heating a can of soup as their dinner, before they found our organization.

We've received numerous phone calls of gratitude of what a difference it has made to receive our meals and no longer be food challenged. We have also helped several clients get emergency medical assistance. We sometimes find clients in distress that may have fallen, or need emergency services. Our weekday safety check -in not only helps our client, but also offers peace of mind to concerned family members, friends and/or neighbors. We are often told that our drivers' daily visits can be as valuable to residents as the meals themselves.

On behalf of our board, clients, staff, and all our volunteers, we thank you for helping to "Keep the Wheels Rolling!"
Sincerely,
ibOekti TY-a/tr.

Director
Five Cities Meals on Wheels

Telephone (818)368-8985
Geoffrey M. Roberts

CERTIFIED PUBLIC ACCOUNTANT
23550 Lyons Avenue, Suite 210
Santa Clarita, California 91321-5744
Board of Directors
Five Cities Meals on Wheels
Pismo Beach CA 93448
Accountant's Compilation Report
Management is responsible for the accompanying comparative financial statements of Five Cities Meals on Wheels (a non profit), which comprise the statement of assets, liabilities, and equity -tax basis as of December 31, 2021 and 2020, and the related comparative statements of revenues and expenses -tax basis for the six months then ended in accordance with the tax basis of accounting, and for determining that the tax basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by the management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.

The financial statements are prepared in accordance with the tax basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared in accordance with the tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Company's assets, liabilities, equity, revenue and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters.
? .

Santa Clarita, California
February 9, 2022

9:39 AM
02/08122
Accrual Basis

FIVE CITIES MEALS ON WHEELS
Balance Sheet Prey Year Comparison
As of December 31, 2021
Dec 31, 21 Dec 31, 20 $ Change % Change
ASSETS
Current Assets
Checking/Savings
American Equity 418,391.27 401,096.53 17,294.74 4.3%
Cash - Mechanics Bank Checking 82,994.77 18,056.25 64,938.52 359.7% Mechanics Bank - Savings 18,880.68 49,848.46 -30,961.78 -62.1% Petty Cash 200.00 200.00 0.00 0.0%
Total Checking/Savings 520,472.72 469,201.24 51,271.48 10.9% Total Current Assets 520,472.72 469,201.24 51,271.48 10.9% Fixed Assets
Kitchen Equipment 2,799.56 12,377.56 -9,578.00 -77.4%
Leasehold Improv Remodel 95,144.46 95,104.46 0.00 0.0%
Office Equipment 1,622.86 7,774.86 -6,152.00 -79.1%
Vehicles 0.00 12,098,93 -12,098.93 -100.0%
Accumulated Depreciation -2,644.60 -30,226.49 27,581,89 91.3% Accum Amort - LH lmprov-95,104,46-92,019:50 -3,084.96 -3.4% Total Fixed Assets 1,777.82 5,109.82 -3,332.00 -65.2%
Other Assets
Suspense & Clearing 0.00 -14.61 14.61 100 0%
Total Other Assets 0.00 -14.61 14.61 100.0%
TOTAL ASSETS 522,260.64 474,296.46 47,964.09 10.1%

LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
Payroll Taxes Payable 1,881.30 2,037.66-158.36 -7.7%
Total Other Current Liabilities 1,881.30 2,037.66 -158.36 -7.7% Total Current Liabilities 1,881.30 2,037.66 -156.36 -7.7% Total Liabilities 1,881.30 2,037.66 -156.36 -7.7%
Equity
Addition to Fund Balance 300,000,00 300,000.00 0.00 0.0% Fund Balance 134,906.57 157,437.86 -22,531.29 -14.3%
Net Income 85,462.67 14,820.93 70,641.74 476.6%
Total Equity 520,369.24 472,258.79 48,110.45 10.2%
TOTAL LIABILITIES & EQUITY 522,250.54 474,296.45 47,954.09 10.1% • See Accountant's Compilation Report Page 1

9:39 AM
02/08/22
Accrual Basis

FIVE CITIES MEALS ON WHEELS
Profit & Loss Prev Year Comparison
October through December 2021
Ordinary Income/Expense
Income
Client Payments
Contributions - Individual
Contributions - Corporate
Grants - Government
Interest income
Special Events & Fundraising
Total Income
Cost of Goods Sold
Food Cost
Paper Goods
Total COGS
Gross Profit
Oct - Dec 21 Oct - Dec 20 $ Change % Change
9,688.00 12,337.50 -2,649.50 -21.5%
5,130.00 3,975.55 1,154.45 29.0%
100,151.84 1,092.00 99,059.84 9,071.4%

0.00 18,000.00-18,000.00-100.03/0
16,216.58 6,393.67 9,822.91 153.6%
1,850.00 •15,335.00-13,485.00 -87.9%
133,036.42 57,133.72 75.902.70 132.9%
11,769.73 10,314.42 1,455.31 14.1%
2,997.11 2,221.11 776.00 34.9%
14,766.84 12,535.53 2,231.31 17.8%
118,269.58 44,598.19 73,671.39 165.2%
Expense
Amortization 0.00 1,585.00-1,585.00-100.0%
Advertising 115.00 75.00 40.00 53.3%
Bank Service Charges 570.36 335.19 235.17 70.2%
Bookkeeping 1,980.00 410.00 1,570.00 382.9%
Depreciation 81.00 0.00 81.00 100.0%
Dues & Memberships 250.00 0.00 250.00 100.0%
Filing Fees 50.00 0.00 50.00 100.0%
Gen. Liability Insurance 98.37 282.98 -184.61 -65.2%
Kitchen Supplies 80.84 0.00 80.84 100.0%
Laundry 207,28 255.50 -48.22 -18.9%
Office Expense 183.59 53.82 129.77 241.1%
Payroll Taxes -Kitchen 1,319,07 1,361.22 -42.15 -3.1%
Payroll Taxes - Admin 325.90 415.74 -89.84 -21.6%
Repairs & Maintenance 522.70 0.00 522.70 100.0%
Salaries -Administrative 4,260.14 5,285.69 -1,025.55 • -19.4% Salaries - Kitchen 16,953.17 16,930.41 22.76 0.1%
Security 210.00 210.00 0.00 0.0%
Telephone & Internet 1,108.24 992.74 115.50 11.6%
Travel (Truck & Auto) 0.00 208.80 -208.80 -100.0%
Utilities 600:00 600.00 0.00 0.0%
Workers Comp - Admin 66.90 108.56 -41.66 -38.4%
Workers Comp - Kitchen 379.10 615.19 -236.09 -38 4%
Total Expense 29,361.66 29,725.84 -364.18 -1.2%
Net Ordinary Income 88,907.92 14,872.35 74,035.57 497.8% Net Income 88,907.92 14,872.35 74,035.57 497.8%
' See Accountants Compilation Report Page 1

9:39 AM
02,06,2E
Accrual Basis

FIVE CITIES MEALS ON WHEELS
Profit & Loss Prev Year Comparison
July through December 2021
Ordinary IncomefExpense
Income
Client Payments
Contributions - Individual
Contributions - Corporate
Grants - Government
Interest Income
Special Events & Fundraising
Total Income
Cost of Goods Sold
Food Cost
Paper Goods
Total COGS
Gross Profit
Jul - Dec 21 Jul - Dec 20 $ Change °A Change
22,423.50 28,244.91-5,621.41 -20.6%
7,912.00 6,115.15 1.795.85 29.4%
123,870.79 12,215.35 111,855.44 914.1 %

0.00 18,000.00 -18,000.00 -100.0%
16,582.17 6,394.87 10,187.30 159.3%
5,530,00 33,850.00 -28,320.00 -83,7%
176,318.48 104,821,28 71,497.18 68.2%
22,301.15 20,222.04 2,079.11 10.3%
6,534.58 ' 5,568.62 965.96 17.4%
28,835.73 25,790.56 3,045.07 11.8%
147,482.73 79,030.62 68,452.11 86.6%
Expense .

Amortization 0.00 3,170.00-3,170.00-100.0%
Advertising 1,087.00 952.00 135.00 14.2%
Bank Service Charges 847.92 570.82 277.10 48.5%
Bookkeeping 3,075.00 1,680.00 1,395.00 83.0%
Depreciation 162.00 . 0.00 162.00 100 0°f°
Dues & Memberships 279.17 175.00 104,17 59.5%
Filing Fees 50.00 0.00 50.00 100.0%
Gen. Liability Insurance 429.24 598.24 -169.00 28.3%
Kitchen Supplies 80.84 321.72 -240.88 74.9%
Laundry 538.99 557.27 -18.28-3.3°l°
Office Expense 244.94 365.36-120.42-33.0°A
Payroll Taxes -Kitchen 2,917.07 2,828.6'f 88.46 3.1°la
Payroll Taxes - Admin 719.44 834.70-115.26 -13,8°
Repairs & Maintenance 522.70 1,337.43 -814.73 60.9°f°
Salaries - Administrative 9,404.39 10,660.44-1,256.05 -11.8% Salaries - Kitchen 36,754.67 35,196.16 1,558.51 4.4%
Security 210.00 210.00 0.00 0.0°f°
Telephone & Internet 2,186.94 2,015.64 171.30 8.5%
Travel (Truck & Auto) 0.00 208.80-208.80-1000°fa
Utilities 1,400.00 1,200.00 200.00 16.7%
Workers Comp -Admin 166.46 199.12 32.66 -16.4%
Workers Comp - Kitchen 943.29 1,128.38-185.09 -16.4%
Total Expense 62,020.06 64,209.69 -2,189.63 -3.4%
Net Ordinary Income 85,462.67 14,820.93 70,641.74 476.6% Net Income 85,462.67 14,820.93 70,641,74 476.6%
See Accountant's Compilation Report Page 1

Vital Healthcare for the Uninsured!
1428 Phillips Lane, Suite 203 | San Luis Obispo, CA 93401 | Phone: 805.439.1797 | Fax: 805.439.1799 SLONOORFOUNDATION.ORG

HEALTH C LINICS
April 29, 2022
City of Pismo Beach
Julia Goodman
760 Mattie Road
Pismo Beach, CA 93449
Dear Julia,
We would like to express our gratitude for the City of Pismo Beach’s ongoing support of the SLO Noor Foundation. The SLO Noor Foundation prioritizes the delivery of vital health and support services to a largely vulnerable and underserved patient population, with a mission to provide free medical, dental, and vision care services to uninsured adults in San Luis Obispo and northern Santa Barbara Counties, regardless of race, ethnicity, religion, gender, sexual orientation, or immigration status. In 2022, the Foundation plans to further promote availability and access to health and support services, focusing primarily on low-income communities and low-wage workers in service and business sectors facing the economic impacts of the COVID-19 pandemic.

According to 2021 US Census Bureau estimates, 40,000 residents in the Foundation’s service area are uninsured, disproportionately affecting low-income, low-wage, migrant, and Hispanic populations. According to the CDC, these populations experience up to a twofold risk of chronic conditions such as type-2 diabetes, hypertension, and hyperlipidemia with lower rates of healthcare access and health literacy. In 2021, the Foundation’s patient base reflected these findings: 89% were at or below 200% of the Federal Poverty Level, 83% Spanish-speaking, 82% Hispanic, 66% female, and 42% employed. Furthermore, 60% of patients were diagnosed with one or more high-risk chronic conditions, including type-2 diabetes and cardiovascular diseases. According to the Bureau of Labor Statistics, part-time workers and workers in service and sales industries are the least likely to be insured, often unable to afford high insurance premiums and copays; in 2021, healthcare access was 30% lower within these industries compared to the overall workforce and health insurance enrollment was 38% lower.

In response to these findings, the SLO Noor Foundation has prioritized the continued support of vulnerable and underserved patients through the following programs: (1) dental restoration and rehabilitation services for low-income adults in experiencing severe oral health; (2) comprehensive vision exams, including eyeglass prescriptions and screenings for diabetic retinopathy; (3) in-clinic and virtual diagnostics and treatment designed to prevent and manage high-risk chronic conditions, and; (4) screenings for mental health and social background (ie: food security, housing status, employment, etc.) to gauge patient social needs for consideration in individualized treatment and community referrals.

Because the SLO Noor Foundation serves a hard-to-reach patient base and target population that often faces obstacles to healthcare, its programs are meant to decrease the number of steps necessary to receive treatment and reduce the risk of hospitalization. SLO Noor Health Clinics work in tangent to provide medical, dental, vision, and specialty health and support services that serve as a safety-net for uninsured and underserved community members for the following purposes: (1) according to the CDC, 40% of adults have two or more chronic conditions, with even higher rates among low-income and hard-to-reach populations, requiring transdisciplinary healthcare to address symptoms and promote lifestyle changes, and; (2) failure to stabilize and monitor these conditions can result in a health emergency requiring a intensive hospital care and potentially life-threatening situations.

Since the Spring of 2021, funds from the City of Pismo Beach have helped to expand clinical days of operation to 4-5 days Board of Directors
James Scoolis, Ed.D.

Board President
Ron Barbieri, D.D.S.

James Brescia, Ed.D.

Eugene Keller, M.D., M.B.A.

Linda Minton
Ziyad Naccasha
Ahmad Nooristani, M.D.

Tom Nuckols
Suzanne Phelan, Ph.D.

Elizabeth Snyder, M.H.A.

John Thomas
Dean Wendt, Ph.D.

Robert J. Williams, M.S.

Executive Director
David Parro
Medical Director
Nancy O’Malley, M.D.

Dental Clinic Director
Bruce Whitcher, D.D.S.

Vision Clinic Director
Rupert Chowins, O.D.

Vital Healthcare for the Uninsured!
1428 Phillips Lane, Suite 203 | San Luis Obispo, CA 93401 | Phone: 805.439.1797 | Fax: 805.439.1799 SLONOORFOUNDATION.ORG
a week. As a result, SLO Noor Health Clinics saw 426 new patients in 2021 and increased 36% in clinical capacity from 2020, serving a total of 1,641 unique patients over 3,729 encounters and 14,597 diagnostics. Funding from the City of Pismo Beach has helped SLO Noor Health Clinics provide free comprehensive healthcare services to over 260 uninsured residents from Pismo Beach and the Five Cities area. Clinical records show that 518 laboratory diagnostic tests were provided to City residents, with 412 of those diagnostics delivered to patients with chronic conditions, including hyperlipidemia, hypertension, diabetes and prediabetes.

It is the SLO Noor Foundation’s goal to continue and expand upon these vital health and support services in 2022, and in order to achieve this, the Foundation is requesting funding in the amount of $15,000, which will be used to offset direct clinic expenses, including essential medical and dental supplies, laboratory and radiology diagnostics, personal protective equipment, and clinical support staff costs necessary to serve a projected 330 underserved and uninsured residents within Pismo Beach and the Five cities area, who will receive care over 780 encounters and 600 diagnostics. With the City’s generous contribution, SLO Noor Health Clinics can help to address inequity in healthcare access and quality affecting low-income communities and low-wage workers within the restaurant, hospitality, and labor industries during a period of financial instability with increasing costs of living.

Thank you for the City of Pismo Beach’s ongoing partnership with the SLO Noor Foundation and for future consideration of funding as the community adjusts to the evolving circumstances of the global health crisis. If you have any questions, please don’t hesitate to reach out to the Grants Manager, Rebecca Brogdon via phone at (805) 610-3085 or email at [email protected].

Sincerely,
David Parro
Executive Director

Accrual Basis Tuesday, January 4, 2022 12:22 PM GMT-08:00 1/2 SLO Noor Foundation
Profit and Loss
January - December 2021
TOTAL
Income
4000 Donations
4005-00 Donations-Restricted
4005-02 Restricted to Vision Clinic 6,048.62
4005-03 Restricted to Dental Clinic 16,248.04
4005-04 Restricted to Medical Clinic 21,438.97
Total 4005-00 Donations-Restricted 43,735.63
4020-00 Donations-Unrestricted 276,875.62
4021-00 Miracle 1000 11,112.14
Total 4020-00 Donations-Unrestricted 287,987.76
Total 4000 Donations 331,723.39
4505-00 Grant Money 41,702.83
4505-02 Restricted to Dental 15,000.00
4508-00 Restricted to Patient Care Expenses 55,500.07
4509-00 Restricted to Payroll/Operating Expenses 164,733.03 4509-01 Restricted to Medical Staff Payroll 28,191.93
4509-02 Restricted to Dental Staff Payroll 49,263.86
Total 4509-00 Restricted to Payroll/Operating Expenses 242,188.82 4510-00 Restricted to Supplies all Depts 48,163.86
Total 4505-00 Grant Money 402,555.58
Total Income $734,278.97
GROSS PROFIT $734,278.97
Expenses
6000-00 Advertising and Promotion 6,456.99
6040-00 Bank Service Charges 787.27
6040-01 Merchant Processing Charges 3,065.46
Total 6040-00 Bank Service Charges 3,852.73
6100-00 Business Licenses and Permits 4,948.32
6250-00 Dues and Subscriptions 1,971.90
6300-00 Insurance Expense 11,341.02
6340-00 Interest Expense 3,355.68
6450-00 Medical Expense 1,178.21
6450-01 Lab Expenses 20,171.73
6450-02 Pharmacy 198.48
6450-03 Imaging Expenses 10,388.03
6450-06 Hazardous Waste 1,013.39
6450-07 Medical supplies 7,182.56
Total 6450-00 Medical Expense 40,132.40

Accrual Basis Tuesday, January 4, 2022 12:22 PM GMT-08:00 2/2 TOTAL
6451-00 Dental Expenses 185.49
6451-01 Dental Supplies 5,781.17
Total 6451-00 Dental Expenses 5,966.66
6452-00 Vision Expense 291.27
6452-01 Medical supplies - vision 2,881.08
Total 6452-00 Vision Expense 3,172.35
6550-00 Office Expense and Supplies 6,352.06
6550-03 Office Expense and Supplies-Dental 1,200.33
6550-05 Office Expense and Supplies-Medical 5,516.28
Total 6550-00 Office Expense and Supplies 13,068.67
6600-00 Professional Fees
6601-00 Bookkeeping, Accounting 15,429.70
6606-00 6606-00 Americorps 10,000.00
Total 6600-00 Professional Fees 25,429.70
6710-00 Rent Expense
6710-01 Medical Clinic Rent 72,000.00
6710-03 Dental Clinic Rent 17,220.00
Total 6710-00 Rent Expense 89,220.00
6720-00 Repairs and Maintenance-Office 113.00
6960-00 Repair & Maintenance-Medical Equipment 441.50
Total 6720-00 Repairs and Maintenance-Office 554.50
6790-00 Travel 257.95
6810-00 Telephone/Internet Expense 5,434.85
6860-00 Utilities 6,078.44
6860-03 Utilities - Dental 68.73
Total 6860-00 Utilities 6,147.17
6920-00 Payroll Expenses
6921-00 Payroll Expenses-Employees 383,998.24
6923-00 Payroll Expenses-Taxes 34,797.83
Total 6920-00 Payroll Expenses 418,796.07
6930-00 Postage & Delivery 2,115.97
6945-00 Promotional Meals 70.05
6975-00 Storage 907.20
Software Expense 4,249.69
Total Expenses $647,449.87
NET OPERATING INCOME $86,829.10
Other Income
6990-00 Other Income 151,052.00
6991-00 Interest Income 171.14
Total Other Income $151,223.14
NET OTHER INCOME $151,223.14
NET INCOME $238,052.24

Accrual Basis Thursday, May 5, 2022 08:00 PM GMT-07:00 1/4 SLO Noor Foundation
Balance Sheet
As of December 31, 2021
TOTAL
ASSETS
Current Assets
Bank Accounts
1005-00 Petty Cash Fund 0.00
1013-00 Pacific Premier Bank Account 414,240.39
Total Bank Accounts $414,240.39
Accounts Receivable
1100-00 Accounts Receivable (A/R)0.00
1200-00 Grants Receivable 108,570.50
1201-00 United Way Grant 0.00
Total 1200-00 Grants Receivable 108,570.50
Total Accounts Receivable $108,570.50

Accrual Basis Thursday, May 5, 2022 08:00 PM GMT-07:00 2/4 TOTAL
Other Current Assets
1015-00 Edward Jones Reserve Account 112,271.69
1400-02 Inventory Asset 0.00
1402-02 Inventory - Lenses 0.00
1403-02 Inventory- Frames 0.00
Total 1400-02 Inventory Asset 0.00
1500-00 Prepaid Expenses 0.00
1501-00 Prepaid- Insurance 0.00
1505-00 Prepaid- Rent 0.00
1510-00 Undeposited Funds 0.00
Clearing Account 0.00
Donations Receivable 12,936.07
Payroll Refunds 0.00
Repayment
Payroll Over PMT 0.01
Total Repayment 0.01
Total Other Current Assets $125,207.77
Total Current Assets $648,018.66
Fixed Assets
1600-00 Office Equipment 41,614.31
1602-00 Computer Equip.6,233.03
1700-00 Furniture and Equipment 8,077.14
1700-01 Medical Equipment 137,478.94
1700-02 Frames 0.00
1799 Accumulated Depreciation -310,246.00
1799-02 Eye Equipment 142,815.13
1799-03 Dental Equipment 97,044.98
1800-00 Building Improvement 19,450.00
1800-03 Tenant Improvement- Dental Clinic 86,598.80
Total Fixed Assets $229,066.33
Other Assets
1900-00 Security Deposits Asset 0.00
Total Other Assets $0.00
TOTAL ASSETS $877,084.99

Accrual Basis Thursday, May 5, 2022 08:00 PM GMT-07:00 3/4 TOTAL

LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
2000-00 Accounts Payable 6,492.18
Total Accounts Payable $6,492.18
Credit Cards
2001-00 Capitol One Visa 6,148.09
Total Credit Cards $6,148.09
Other Current Liabilities
2002-00 Payroll Liabilities 0.00
CA PIT / SDI 647.26
CA SUI / ETT 723.45
Federal Taxes (941/944)5,343.67
Total 2002-00 Payroll Liabilities 6,714.38
2005-00 Accrued Payroll Tax Pay.0.00
2010-00 Payroll Accural 0.00
2011-00 Payroll Accrual-Employees 0.00
2012-00 Payroll Accrual-Fee 0.00
2013-00 Payroll Accrual-Taxes 0.00
Total 2010-00 Payroll Accural 0.00
2015-00 Unearned- Grant Revenue 0.00
2015-01 City of San Luis Obispo 0.00
2015-02 Dignity Health Grant 49,905.76
2015-03 United Way Grant 0.00
2015-04 City of Pismo Beach Grant 0.00
2015-06 Co. of SLO PHG 91,969.78
2015-07 City of Arroyo Grande Grant 0.00
2015-08 City of Grover Beach Grant 0.00
2015-09 The Community Foundation - SLO County 0.00
2015-10 The California Wellness Foundation Grant 141,666.66 2015-11 Santa Barbara Foundation 16,666.70
2015-12 2035 National Association of Free Clinics 5,000.08 2015-13 Delta Dental Community Care Foundation 15,000.00 2015-14 2015-14 Womens Legacy Fund 0.00
2015-15 CAFCC 87,299.67
Total 2015-00 Unearned- Grant Revenue 407,508.65
2025-00 Alliance For Pharmaceutical Access, Inc.0.00
2029-00 Eye Surgery - Restricted 15,750.00
Deferred In Kind Income 0.00
Direct Deposit Payable 0.00
Grants Payable
Peoples Self Help Housing 16,600.00
SLO Department of Public Health 5,372.25
Total Grants Payable 21,972.25
PPB LOC 56,550.84

Accrual Basis Thursday, May 5, 2022 08:00 PM GMT-07:00 4/4 TOTAL
Total Other Current Liabilities $508,496.12
Total Current Liabilities $521,136.39
Long-Term Liabilities
SBA Loan 0.00
Total Long-Term Liabilities $0.00
Total Liabilities $521,136.39
Equity
3200-00 Unrestricted Net Assets 47,587.99
3201-00 Board Reserved - Unrestricted Net Assets 61,280.24 Net Income 247,080.37
Total Equity $355,948.60
TOTAL LIABILITIES AND EQUITY $877,084.99

April 26, 2022

Attn: Julia Goodman
Administrative Services Department
760 Mattie Road
Pismo Beach, California 93449

Dear Julia Goodman and City of Pismo Beach City Council, People’s Self -Help Housing is pleased to submit this request for funding for Supportive Housing Program (SHP) services at our properties located in the City of Pismo Beach. Founded in 1970, the mission of PSHH is to build affordable homes with site -based services that offer opportu nities to change lives and strengthen communities on the Central Coast of California. Since founding, our services have evolved from providing paths to homeownership for first -time homeowners to the provision of in-house, attentive property management, clinical social services, and education programming at each of the 53 affordable rental properties we have developed and compassionately maintain. Believing that housing alone does not create long -term stability and resiliency, PSHH is committed to improving health outcomes and access to opportunity for the over 5,600 residents who return home to our rental properties each day. Our board of directors meets every two months and is chaired by Shelly Higginbotham, former mayor of Pismo Beach. Funds will directly support clinical social services provided to residents of our Pismo Beach properties.

In over 51 years of service to Central Coast communities, PSHH has helped over 1,200 low -income working families attain the American Dream through “sweat equity”. With a portfolio of over 1,800 affordable rental units throughout our geographical footprint from Ventura to San Luis Obispo, PSHH provides a variety of free, onsite health and education programs designed to promote housing stability and long-term resiliency.

The Supportive Housing Program, for which we are respectfully requesting funding in the amount of $5,000, provides clinical social services and case management to any of the 64 residents of its Pismo Beach affordable housing properties. Services may include: preventive health screenings, nutrition assistance, critical medical transportation, behavioral health counseling, financial literacy coaching, and administrative support, such as assistance securing disability accommodations, medical equipment, or SSI benefits. Services are provided free of charge, barrier, or restriction to the residents we serve. Our service demographic is primarily low-income families, seniors, persons with disabilities, veterans, farmworkers, and those transitioning out of homelessness.

Once a resident or household initiates services, a clinical social worker is assigned to the household.

An initial intake meeting is scheduled, during which the social worker conducts a needs assessment and works with the resident to address immediate needs, secure all available community resources, and co-develop a personalized clinical case management plan designed to help the resident move toward personal resiliency. Services are confidential, optional, and language-inclusive, provided in English, Spanish or additional languages as needed . Residents are never placed on a waiting list, helping to keep those at risk of homelessness stably housed.

1060 Kendall Rd, San Luis Obispo, CA 93401 Phone: (805) 781-3088 • Fax: (805) 544-1901 [email protected] • pshhc.org This request will support 26 households, and 64 residents, of Pismo Beach Bungalows and Sea Haven Apartments in Pismo Beach. Additionally, we anticipate that the second half of the grant period will include provision of services at PSHH’s newest property, Pismo Terrace Apartments, developed in collaboration with 5 Cities Homeless Coalition, which is expected to open in fall 2023. Comprising 50 units, the property will be dedicated to housing transitional youth, as well as adults and families making the transition out of homelessness. As our housing for recently homeless residents typically serves those most vulnerable among our resident population, we anticipate high utilization of SHP services within the first 6 months of the property’s opening .

Any of PSHH ’s Pismo Beach residents are eligible to receive services, and last year 2 5% of Pismo Beach households utilized SHP, receiving 129 hours of direct services and averaging 1.25 hours of face-to-face consultation per client . Clients received assistance in securing health insurance coverage and care, critical transportation, food assistance, counseling, medical equipment, legal assistance, personal finance coaching, homelessness prevention, and career access and placement services. Social workers continue to provide residents with regular wellness checks , assessing emerging needs and working to secure all available community resources and referrals at every stage to ensure residents remain on track to meeting personal health and resiliency goals.

PSHH property managers and clinical social workers are based onsite, enhancing responsiveness and efficiency in crisis situations by providing outreach. Social workers are typically also culturally representative of the residents they serve, establishing trust and cultivating long-term relationships with the household. This uniquely culturally-relevant and evidence-based practice has been shown to expedite referrals and interventive processes as residents are more inclined to accept assistance early in the timeline. Social workers are also trained in crisis response and trauma-informed frameworks, provid ing interim counseling services until referrals to partnering outside agencies are complete.

Households are certified as very-low -income at time of move-in, which typically means they earn 50% or less of Area Median Income, per HUD income limits. Most services are provided weekdays between 9 am and 6 pm. While hybrid and distance services are still available on an as -needed basis, programming has largely returned to in-person service provision.

This program addresses the City’s vision and goals identified for FY2023 by providing safe and healthy housing and investing in Pismo Beach’s neighborhoods . By providing quality supportive health services and preventing homelessness among City residents, the program preserves Pismo Beach’s “Classic California” charm and ensures an exceptional quality of life for residents, while contribut ing to the environment that fosters Pismo Beach’s character and economy. Thank you for your kind consideration of this request.

Sincerely,

Adriana Sousa
Grants Coordinator
[email protected]
(805) 548-2345

PEOPLE’S SELF-HELP HOUSING CORPORATION

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

AND OFFICE OF MANAGEMENT AND BUDGET

UNIFORM GUIDANCE REPORTS

FOR THE YEAR ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020

PEOPLE’S SELF-HELP HOUSING CORPORATION

AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020

TABLE OF CONTENTS

Audited Consolidated Financial Statements Page

Independent Auditor’s Report .............................................................................. 1-2 Consolidated Statements of Financial Position ........................................................ 3 Consolidated Statements of Activities ...................................................................... 4 Consolidated Statements of Cash Flows ................................................................. 5 Consolidated Statement of Functional Expenses .................................................... 6 Notes to the Consolidated Financial Statements ............................................... 7-26

Supplementary Information

Independent Auditor’s Report on Supplementary Information ............................... 27 Statement of Financial Position for Multifamily Properties ..................................... 28 Statement of Activities for Multifamily Properties ................................................... 29 Supplementary Contract Information for State of California Department of Housing and Community Development for Sea Haven Apartments ........ 30-38 Supplementary Contract Information for State of California Department of Housing and Community Development for Cawelti Apartments.............. 39-47 Supplementary Contract Information for USDA – Rural Development for Pacific View ........................................................................................... 48-51 Supplementary Contract Information for USDA – Rural Development for Los Adobes De Maria ............................................................................ 52-55 Supplementary Contract Information for Neighborworks America ......................... 56 Report on Schedule of Expenditures of Federal
Awards Required by the Uniform Guidance ......................................................... 57 Schedule of Expenditures of Federal Awards .................................................. 58-59 Independent Auditor’s Report on Internal Control over
Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed
Accordance with Government Auditing Standards ...................................... 60-61 Independent Auditor’s Report on Compliance with
Requirements That Could Have a Direct and Material
Effect on Each Major Federal Program and on Internal Control Over Compliance in Accordance with the Uniform Guidance ..................... 62-64 Schedule of Findings and Questioned Costs ......................................................... 65 Summary Schedule of Prior Audit Findings ........................................................... 66

Grant Bennett Associates

A PROFESSIONAL CORPORATION

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INDEPENDENT AUDITOR’S REPORT

Board of Directors
People’s Self-Help Housing Corporation
San Luis Obispo, California

We have audited the accompanying consolidated financial statements of People’s Self-Help Housing Corporation (PSHHC) and subsidiaries, which comprise the consolidated statement of financial position as of June 30, 2021, and the related consolidated statements of activities, functional expenses 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 did not audit the financial statements of El Patio, L.P., Schoolhouse Lane Apartments, L.P., Oak Forest Associates, L.P., Oceanside Gardens, L.P., Belridge Street Associates, L.P., Storke Ranch Apartments, L.P., Templeton Place, L.P., Sequoia Affordable Housing Associates, L.P., Mariposa Reale, L.P., Juniper Street Associates, L.P., Canyon Creek, L.P., Los Adobes De Maria II, Rio Vista Associates, and Heath House LLC, which statements reflect total assets of $5,248,464, $1,501,185, $1,533,916, $939,807, $711,588, $1,242,667, $1,267,489, $821,400, $4,330,718, $714,260, $11,225,183, $7,259,772, $8,184,354 and $1,818,230 respectively, as of June 30, 2021, and total support and revenues of $443,700, $198,760, $208,838, $174,287, $124,584, $512,850, $257,056, $105,938, $1,109,148, $136,446, $750,405, $796,991, $903,695, and $60,474 respectively, for the year then ended. Those statements were audited by other auditors whose report have been furnished to us, and our opinion, insofar as it relates to the amounts included for El Patio, L.P., Schoolhouse Lane Apartments, L.P., Oak Forest Associates, L.P., Oceanside Gardens, L.P., Belridge Street Associates, L.P., Storke Ranch Apartments, L.P., Templeton Place, L.P., Sequoia Affordable Housing Associates, L.P., Mariposa Reale, L.P., Juniper Street Associates, L.P., Canyon Creek, L.P., Los Adobes De Maria II, and Rio Vista Associates is based solely on the report of the other auditors. 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 Organization’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 Organization’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.

www.gbacpa.com
10850 Gold Center Drive, Suite 260 1970 Broadway, Suite 260 Rancho Cordova, CA 95670 Oakland, CA 94612 Princeville, HI 916/922-5109 FAX 916/641-5200 510/817-4886 888/763-7323

Together as One. Grant Bennett Associates is a Member of the Alliott Global Alliance of independent professional firms. -2-
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 People’s Self-Help Housing Corporation and subsidiaries as of June 30, 2021, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 30, 2021, on our consideration of People’s Self-Help Housing Corporation’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 People’s Self-Help Housing Corporation’s internal control over financial reporting and compliance.

Prior Period Financial Statements
The financial statements of People’s Self-Help Housing Corporation as of June 30, 2020, were audited by Izabal, Bernaciak & Company, who combined with Grant Bennett Associates as of January 1, 2021, and whose report dated September 28, 2020, expressed an unmodified opinion on those statements.

GRANT BENNETT ASSOCIATES

A PROFESSIONAL CORPORATION
Certified Public Accountants
Rancho Cordova, California
September 30, 2021

2021 2020
ASSETS
Current Assets
Cash and Cash Equivalents $16,065,759 $15,853,899
Cash - Resident Assistance 60,476 37,434
Grants Receivable 196,875 174,258
Accounts Receivable (Note C)2,060,940 3,902,132 Property in Development - Current Portion (Note B)16,309,490 2,905,307 Contracts Receivable - Current Portion (Note C)2,354,704 2,881,142 Prepaid Expenses 469,049 264,236
Total Current Assets 37,517,293 26,018,408
Other Assets
Cash - Property Reserves (Note O)5,120,502 4,821,172 Endowment Fund and Other Investments (Note R)188,993 187,368 Limited Partnership Deposits (Note N)5,847,177 5,010,232 Property in Development (Note B)24,851,719 26,705,218 Contracts Receivable - Long Term (Note C)2,411,075 3,878,074 Total Other Assets 38,419,466 40,602,064
Notes Receivable (Note F)28,471,012 21,276,268
Property and Equipment
Less: Accumulated Depreciation of
$56,822,503 & $57,150,766, respectively (Note D)62,827,472 67,496,685 TOTAL ASSETS $167,235,243 $155,393,425

LIABILITIES AND NET ASSETS
Current Liabilities
Accounts Payable / Accrued Liabilities $2,570,082 $3,101,202 Long-Term Debt-Current Portion (Note I)3,450,731 6,114,166 Security Deposits Payable 674,899 730,205
Deferred Revenue - Restricted (Note E)816,953 1,092,698 Total Current Liabilities 7,512,665 11,038,271
Other Liabilities
Construction Warranty Reserve (Note H)3,090,439 3,047,951 Property Development Reserves (Note G)267,358 624,298 Total Other Liabilities 3,357,797 3,672,249
Long-Term Debt, less Current Portion (Note I)74,375,234 68,324,940 TOTAL LIABILITIES 85,245,696 83,035,460

NET ASSETS
Without Donor Restrictions:

Undesignated 77,868,496 66,732,726
Board designated (Note L)2,122,667 2,122,667
Total Unrestricted 79,991,163 68,855,393
With Donor Restrictions:

Restricted for Specific Purposes (Note L)1,809,391 1,830,939 Endowment Fund (Note L)188,993 187,368
NeighborWorks America Capital Fund (Note L)- 1,484,265 Total Net Assets 81,989,547 72,357,965
TOTAL LIABILITIES AND NET ASSETS $167,235,243 $155,393,425

PEOPLE'S SELF-HELP HOUSING CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2021 AND 2020
See notes to the financial statements
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2020
Without Donor Restricted for Endowment
Restrictions Specific Purposes Funds Totals Totals
REVENUE, GAINS, & OTHER SUPPORT:

Grant/Contract Revenue $7,172,493 $70,700 $- $7,243,193 $8,600,987 Interest and Dividend Revenue (Note R)327,061 - 1,625 328,686 1,108,620 Rental Revenue 11,118,409 - - 11,118,409 10,711,809 Contributions 45,881 602,652 - 648,533 1,505,957 Other Revenue 2,919,460 - - 2,919,460 868,886 Gain/(Loss) on Sale of Property (Note J)7,558,164 - - 7,558,164 11,981 Release from restriction 2,179,165 (694,900) (1,484,265) - - Total revenue, gains and
other support 31,320,633 (21,548) (1,482,640) 29,816,445 22,808,240 EXPENSES:

Progam Services 17,390,387 - - 17,390,387 17,167,971 Supporting Services
Management and General 2,541,013 - - 2,541,013 2,532,778 Fund Development 423,663 - - 423,663 550,058 Total expenses 20,355,063 - - 20,355,063 20,250,807 Revenue Over Expenses 10,965,570 (21,548) (1,482,640) 9,461,382 2,557,433 Additional Capital Contributions/Withdrawals 170,200 - - 170,200 - Net assets at beginning of year 68,855,393 1,830,939 1,671,633 72,357,965 69,800,532 NET ASSETS AT END OF YEAR $79,991,163 $1,809,391 $188,993 $81,989,547 $72,357,965 WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
2021
With Donor Restrictions

PEOPLE'S SELF-HELP HOUSING CORPORATION

CONSOLIDATED STATEMENTS OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2021
See notes to financial statements
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2021 2020

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $9,461,382 $2,557,433
Add back non-cash item
Disposal of Fixed Assets 3,209,386 0
Depreciation 3,035,147 3,070,418
Accrued Interest (957,365)648,988
(Increase)/Decrease in:

Cash - Resident Assistance (23,042)(8,490)
Cash - Property Reserves (299,330)(272,933)
Grants Receivable (22,617)58,390
Accounts Receivable 1,841,192 (2,039,701)
Notes Receivable (7,194,744)530,681
Prepaid Expenses (204,813)63,566
Limited Partnership Deposits (836,945)(45,850)
Property in Development (11,550,684)(14,945,140)
Contracts Receivable 1,993,437 (1,078,920)
Increase/(Decrease) in:

Accounts Payable / Accrued Liabilities (531,120)1,123,095 Security Deposits Payable (55,306)661
Deferred Revenue (275,745)332,435
Reserves (314,452)(56,584)
Net Cash Provided (Used) by Operating Activities (2,725,619)(10,061,951)

CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Investments (1,625)(2,470)
Purchase of Property and Equipment (1,575,320)(163,858) Additional Capital Contributions 170,200 0
Net Cash Provided (Used) by Investing Activities (1,406,745)(166,328)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Notes Payable 12,847,080 7,404,656
Payments on Notes Payable (8,502,856)(1,287,595)
Net Cash Provided (Used) by Financing Activities 4,344,224 6,117,061 Net Increase/(Decrease) in Cash and Cash Equivalents 211,860 (4,111,218) Cash and cash equivalents at the beginning of the year 15,853,899 19,965,117 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR $16,065,759 $15,853,899

Supplementary Information:

Interest Paid $1,608,512 $1,183,835

PEOPLE'S SELF HELP HOUSING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2021 AND 2020
See notes to the financial statements
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2020
Program Management Fund
Services and General Development Totals Totals
Salaries $4,619,353 $1,345,541 $383,474 $6,348,368 $6,472,288 Fringe Benefits 1,741,581 440,917 - 2,182,498 2,442,495 Professional Fees 292,499 181,619 5,119 479,237 605,383 Mileage 27,295 1,047 437 28,779 46,536 Training/Workshops/Conferences 28,788 1,025 373 30,186 142,564 Dues/Subscriptions 3,427 28,003 6,333 37,763 36,118 Rent 1,903 190,619 - 192,522 187,266 Utilities 65,851 23,819 1,700 91,370 44,811 Supplies 389,764 47,139 4,628 441,531 293,520 Postage 7,643 5,763 1,509 14,915 14,348 Repairs & Maintenance 58,149 59,538 2,611 120,298 90,085 Telephone 64,873 59,341 5,373 129,587 133,298 Printing & Copying 4,854 9,334 2,098 16,286 24,632 Insurance 101,616 19,508 1,200 122,324 106,458 Rental Property Interest Expense 1,436,096 - - 1,436,096 1,343,569 Rental Property Operating Expense 7,114,239 - - 7,114,239 6,528,520 Interest Expense 59,582 32,243 2,702 94,527 101,266 Miscellaneous 54,918 51,618 1,010 107,546 244,376 Depreciation Expense 46,040 43,939 5,096 95,075 123,231 Depreciation - Rental Properties 2,940,072 - - 2,940,072 2,947,187 Warranty Expense 172,148 - - 172,148 411,256 Capital Expenses (1,840,304) - - (1,840,304) (2,088,400) Total Functional Expenses $17,390,387 $2,541,013 $423,663 $20,355,063 $20,250,807

PEOPLE'S SELF-HELP HOUSING CORPORATION

CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES
FOR THE YEAR ENDED JUNE 30, 2021 WITH
SUMMARIZED COMPARATIVE TOTALS FOR 2020
2021
See notes to financial statements
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PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
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Note A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Background
Incorporated in 1970, People’s Self-Help Housing is committed to its mission of building affordable homes with site-based services that offer opportunities to change lives and strengthen communities on the Central Coast of California. The organization serves low-income working families, farmworkers, seniors, and veterans and provides welcoming environments for those living with disabilities and the formerly homeless. Along with building and managing beautiful and accessible neighborhoods which its residents are proud to call home, PSHH also provides a wide range of supportive services which promote resiliency and self-sufficiency. Since its founding, the organization has additionally helped over 1200 households build their own home through a self-help program and with their combination of hard-work and low interest mortgages seen these owner-builders achieve the American dream.

PSHHC's board of directors also serves as board of directors for the following nonprofit corporations:

Ocean View Manor Incorporated, a California nonprofit corporation, was formed to own and operate the Ocean View Manor Apartments, a 40 -unit HUD section 202 housing project located in Morro Bay, California. In March 2016, for the purpose of resyndication and rehabilitation of the property, the project asset was sold to Ocean View Manor, L.P., a California limited partnership, and the HUD note was paid -off to convert the project into a low-income housing tax credit project.

Valentine Court Incorporated, a California nonprofit corporation, was formed to own and operate the Valentine Court Apartments, a 35 -unit HUD section 202 housing project located in Santa Maria, California. In May 2018, for the purpose of resyndication and rehabilitation of the property, the project asset was sold to Valentine Court, L.P., a California Limited Partnership and the HUD note was paid -off to convert the project into a low-income housing tax credit project.

Valentine Court II, Incorporated, a California nonprofit corporation, was formed to own and operate the Valentine Court II Apartments, a 18 -unit HUD section 202 housing project located in Santa Maria, California.

Valentine Court III, Inc., a California nonprofit corporation, was formed to own and operate the Valentine Court III apartment complex, a 9 -unit HUD section 811 housing project located in Santa Maria, California.

Los Robles Terrace Incorporated, a California nonprofit corporation, was formed to own and operate the Los Robles Terrace Apartments, a 40 -unit HUD section 202 housing project located in Paso Robles, California. In August 2017, for the purpose of resyndication and rehabilitation of the property, the project asset was sold to Los Robles Terrace, L.P., a California Limited Partnership and the HUD note was paid-off to convert the project into a low-income housing tax credit project.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-8-

Note A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

Background– Continued
Oceanside Gardens, Inc., Oak Forest Apartments, Inc., Schoolhouse Lane Apartments, Inc., and C-Court Inc. are nonprofit corporations that were formed to participate in low- income housing tax credit projects.

Oak Grove Housing, Inc., a California nonprofit corporation, was formed to own and operate the Creekside Gardens apartment complex, a 29 -unit HUD section 202 housing project located in Paso Robles, California.

Chapel Court Housing Corporation, a California nonprofit corporation, was formed to construct and operate the Chapel Court Apartments, a 28 -unit USDA section 515 housing project located in Carpinteria, California.

Goleta Valley Housing Committee, a California nonprofit corporation, was formed to provide housing for low and moderate income families in south Santa Barbara County.

The corporation previously owned and operated a 75 -unit HUD section 236 project located in Goleta, CA, known as Villa la Esperanza A partments. In December 2015, for the purpose of resyndication, rehabilitation and construction of additional new affordable units at the property, the project asset was sold to Villa la Esperanza, L.P., a California limited partnership established to own and operate the 83-unit low-income housing tax credit project referred to as Villa la Esperanza Apartments. People’s Self-Help Housing Corporation is the sponsor of the Organization and membership in the Organization is limited to individuals who are either directors or members of the Sponsor. In addition, Organization members must be approved by PSHHC’s board of directors . On August 16, 2017 the California Secretary of State recognized the dissolution of the Corporation.

Upon dissolving, Goleta Valley Housing Corporation’s Board of Directors, upon approval of the Attorney General for the State of California, approved the contribution of its remaining assets to People’s Self-Help Housing Corporation.

Basis of Accounting
PSHHC's financial statements are presented on the accrual basis of accounting and accordingly reflect all significant receivables, payables, and other liabilities.

Financial Statement Presentation
PSHHC is required to report information regarding its financial position and activities according to two classes of net assets: with donor restrictions and without donor restrictions.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-9-

Note A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

Revenue Recognition
Contributions are recognized when the donor makes a promise to give to the Organization that is, in substance, unconditional. Contributions that are restricted by the donor are reported as increases in net assets without restrictions if the restrictions expire in the fiscal year in which the contributions are recognized. All other donor restricted contributions are reported as increases in net assets with donor restrictions depending on the nature of the restrictions. When a restriction expires, net assets with donor restrictions are reclassified to net assets without donor restrictions.

Cost Allocation
The costs of providing the various programs and activities have been summarized on a functional basis in the statement of activities. Costs are allocated directly to the program or service that is benefited. Certain costs do not benefit a program directly and are classified as general and administrative expenses in the statement of activities.

Peoples’ Self-Help Housing allocates common costs based on the ratio of each activity’s direct salary & benefit cost to total salaries & benefits expenses. Salaries are based on employees’ timecards, which allocate the time and effort recorded to each program directly. Time and effort that does not benefit a program directly is considered a common cost.

Statement of Cash Flows and Cash and Cash Equivalents
For purposes of the statement of cash flows, PSHHC considers all short-term investments with an original maturity of three months or less to be cash equivalents.

Accounts / Notes / Grants and Contracts Receivables
PSHHC considers accounts receivable, grants receivable, notes receivable and contracts receivables to be fully collectible; accordingly, no allowance for doubtful accounts is required. If amounts become uncollectible, they will be charged to operations when that determination is made.

Income Tax Status
PSHHC is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and the California Franchise Tax Board code section 23701(d). The Internal Revenue Service has also determined that PSHHC is not a private foundation under IRS Code Section 509(a). Management believes PSHHC has no uncertain tax positions as of June 30, 2021.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
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Note A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported revenue and expenses.

Principles of Consolidation
The consolidated financial statements include the accounts of People’s Self-Help Housing Corporation, El Patio, L.P., Schoolhouse Lane Apartments, L.P., Oak Forest Associates, L.P., Oceanside Gardens, L.P., Belridge Street Associates, L.P., Storke Ranch Apartments, L.P., Templeton Place, L.P., Sequoia Affordable Housing Associates, L.P., Mariposa Reale Limited Partnership, Juniper Street Associates, L.P., Canyon Creek, L.P., Los Adobes De Maria II, and Rio Vista Associates. All significant interrelated items and transactions have been eliminated in the consolidation. Capitalization of Assets Assets purchased with unrestricted grant funds are not depreciated but expensed when purchased. Assets purchased with other unrestricted funds are recorded at cost and depreciated over the useful life of the asset.

The straight-line method of depreciation is applied to fixed assets using the following estimates of useful life.

Building and Improvement 32 or 40 years
Equipment 5 or 10 years
Vehicles 5 years

Acquisition of property and equipment in excess of $5,000 are capitalized. Property and equipment are carried at cost or, if donated, at the approximate fair value at the date of donation. Depreciation is computed using the straight-line method.

Comparative Financial Information
The financial statements include certain prior year summarized comparative information in total but not by classification of revenue, expenses, functional expenses and net assets.

Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principles. Accordingly, such information should be read in conjunction with PSHHC's consolidated financial statements for the year ended June 30, 2020, from which the summarized information was derived.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-11-

Note B: PROPERTY IN DEVELOPMENT
Property in Development represents the accumulated costs including Capitalized Expenses as of June 30, for property and improvements for the following projects:

Project Name 2021 2020
Current Portion
Mustang Court $ 0 $ 579,498
Templeton Place 2 473,376 1,379,859
Heath House 0 944,031
Future Site Research 99,473 1,919
Isla Vista 754,587 0
Broad Street Property 879,269 0
Pismo Terrace 4,182,475 0
PSH Corporate Office- construction 5,135,931 0
PSH Corporate Office- land & development 4,784,379 0
Total Current Portion 16,309,490 2,905,307
Long-Term Portion
NIPOMO- Branch Street Lots 546,034 450,744
Los Osos Self-Help Lots 437,852 430,032
Mission Garden Lots- Phase II 189,897 157,728 Isla Vista 0 258,795
Del Rio Ridge (Atascadero, CA) 2,118,962 1,666,254 Buellton Garden 2,024,211 1,663,446
Chapel Court Expansion 4,807 0
Cypress Place (Oxnard, CA) 5,244,922 229,405 Fillmore Terrace 2,693,313 2,380,775
Tiburon Place 1,656,474 1,389,112
Los Adobes De Maria I 578,100 60,185
Cambria Pines Apartments 1,974,272 1,364,670
Rolling Hills III 2,965,818 2,396,545
Broad Street Place 0 3,317,056
Pismo Terrace 0 3,291,120
PSH Corporate Office- construction 0 629,056 South Bay Apartments II 136,714 130,971
PSH Corporate Office- land & development 0 4,037,759 San Luis Ranch 145,431 95,970
Peoples' Place 3,203,711 2,344,595
Scattered Site SB- Dahlia Court 1 292,558 105,612 Scattered Site SB- Ladera 268,921 113,155
Scattered Site SB- Victoria Street 273,916 107,745 Future Site Research 95,806 84,488
Total Long Term Portion 24,851,719 26,705,218
TOTAL PROPERTY IN DEVELOPMENT $ 41,161,209 $ 29,610,525

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-12-

Note C: CONTRACTS RECEIVABLE AND ACCOUNTS RECEIVABLE
Contracts receivable consist of the following as of June 30,

Project Name 2021 2020
Current Portion
Atascadero Garden Rehab $ 10,805 $

10,799
Casa de las Flores 0

16,847
Sierra Madre Cottages 14,716

189,217
Guadalupe Court 61,862

91,692
Grover Beach 60,075

0 Ladera Redevelopment Grant 0

9,802
Rolling Hills II 16,856

0 Prepaid General Construction 810,430

213,459
Development Fees 1,379,960

2,349,326
Total Current Portion 2,354,704

2,881,142
Long-Term Portion
Prepaid General Construction 228,483

1,128,523
Development Fees 2,182,592

2,749,551
Total Long-Term Portion 2,411,075

3,878,074
TOTAL CONTRACTS RECEIVABLE $ 4,765,779 $

6,759,216

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-13-

Note C: CONTRACTS RECEIVABLE AND ACCOUNTS RECEIVABLE – Continued

Accounts receivable consist of the following as of June 30,

Note D: PROPERTY AND EQUIPMENT

Property and equipment as of June 30 consist of the following:
2021 2020
Land $ 17,892,201 $ 19,916,433
Buildings and Improvements 97,656,462 100,701,296
Furniture, Fixtures and Equipment 4,101,312 4,029,722 Accumulated Depreciation (56,822,503) (57,150,766)

TOTAL $ 62,827,472 $ 67,496,685

Property consists of 831 rental units in 27 projects and six administrative offices.

Description 2021 2020
The Duncan Group $ 65,838 $ 58,804
Due from Rental Properties 958,135 1,210,849
Construction Costs Advanced to Rental Properties 353,389 2,051,396 Frontline Fees 4,327 4,438
Partnership Management Fees 540,207 453,995
Self-Help Family Project Advances 63,804 51,925
Other 15,630 12,555
El Patio Hotel L.P. Consolidated A/R 7,767 4,807
Heath House LLC, consolidated A/R 50 0
Oceanside Gardens L.P. Consolidated A/R 437 1,194
Belridge L.P. Consolidated A/R 2,343 97
Storke Ranch L.P. Consolidated A/R 1,800 6,342
Schoolhouse Lane Apartments Consolidated A/R 535 2,481 Templeton Place L.P. Consolidated A/R 2,860 855
Sequoia Affording Housing Associates, L.P. Consolidated A/R 2,563 2,578 Mariposa Real L.P. Consolidated A/R 10,189 6,282
Juniper Street Associates L.P. Consolidated A/R 4,837 1,159 Los Adobes de Maria II L.P. Consolidated A/R 5,998 4,337 Rio Vista Associates L.P. Consolidated A/R 10,464 8,809 Canyon Creek L.P. Consolidated A/R 9,767 19,229

TOTAL ACCOUNTS RECEIVABLE $ 2,060,940 $ 3,902,132

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-14-

Note E: DEFERRED REVENUE

Deferred revenue, which represents grants and other income received but not yet earned, consists of the following at June 30:

Note F: NOTES RECEIVABLE

There are two classifications for People’s Self-Help Housing Corporations’ notes receivable. First, there are loans granted to low- and moderate-income households for assistance in the purchase of new homes and the rehabilitation of existing homes.

These loans are traditionally second trust deeds made in accordance with the restrictions of the lenders and grantors that fund these programs. Interest rates range from 0% to 4%. Terms are for up to 33 years. The loans are generally due on sale or refinance. All loans are secured by a deed of trust. No loans were delinquent as of June 30, 2021. As of June 30, 2021 and 2020, the balance of the family notes is $2,185,456 and $2,121,470, respectively. Second, PSHHC granted subordinate deferred payment notes to entities that own affordable housing apartments that rent to very low, low and moderate income households. These loans provided financing for the rehabilitation and construction of affordable housing units in San Luis Obispo and Santa Barbara counties. The principal and interest is deferred through maturity and residual cash receipts generated by these affordable housing projects may provide annual payments.

Typically, the interest rate ranges from 0% to 3%. All loans are secured by a deed of trust. As of June 30, 2021 and 2020, the balance of the affordable housing development notes is $26,285,556 and $19,154,798, respectively.

Note G: PROPERTY DEVELOPMENT WARRANTY RESERVE

The property development reserve was established to cover the exposure that PSHHC has to the limited partners of the tax credit projects for operating deficits and for certain economic projections as defined by the indemnification agreement. PSHHC’s policy was to set-up 15% of its developer fee for this exposure. As of June 30, 2021 and 2020, the balance of the property development reserve is $267,358 and $624,298, respectively. 2021 2020
Rent $ 32,337 $ 58,114
Tenant Grants 21,707 8,274
College Club 8,571 8,000
CII Program 15,000 0
Neighbor Works 656,414 1,018,310
Education Center – General 75,757 0
Education Center – MPT 2,000 0
Unrestricted 1,387 0
Misc. Grants 3,780 0
TOTAL DEFERRED REVENUE $ 816,953 $ 1,092,698

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-15-

Note H: CONSTRUCTION WARRANTY RESERVE

The construction warranty estimated liability as of June 30, 2021 and 2020 are $3,090,439 and $3,047,951, respectively, and are established as a reserve for possible construction repairs and additional costs associated with completed self-help projects.

Included in this balance is a general construction warranty estimated liability. As of June 30, 2021 and 2020 general contractors warranty reserve was $2,895,402 and $2,817,729, respectively, and was established in the prior fiscal years as a reserve for possible construction repairs and additional costs associated with performing as the general contractor on multi-family projects completed through June 30, 2021.

Note I: LONG-TERM DEBT
Long-term debt consists of the following as of June 30, 2021:

Maturity
Lending Institution Purpose Secured by Date Rate Balance Notes Payable – General Operating, Construction, and Development Bank of the Sierra PSHHC Empleo Office 3533 Empleo St. 4/5/2043 5.00% $ 1,688,232

Wells Fargo Bank General Operations Unsecured 5/22/2027 2.00% 500,000

Duncan Group Affordable Hsing Dev Unsecured LOC 12/31/2021 3.00% 500,000

Community Housing Capital, Inc. Purchase of Property Atascadero, CA (Land) 9/26/2022 6.00% 738,000 Community Housing Capital, Inc. Purchase of Property Pismo Terrace (Land) 11/1/2022 6.00% 1,413,300 Community Housing Capital, Inc. Purchase of Property Santa Paula, CA (Land) 6/2/2023 4.25% 1,872,000 Community Housing Capital, Inc Multifamily Project Atascadero, CA (Land) 9/26/2022 4.25% 250,000 Community Housing Capital, Inc Multifamily Project Santa Paula, CA (Land) 6/2/2023 4.25% 250,000 Community Housing Capital, Inc Multifamily Project
Pismo Beach, CA
(Land) 10/1/2022 4.25% 250,000

County of San Luis Obispo Cambria Land Cambria Land 7/17/2026 0.00% 540,000

United Methodist Church General Operations Unsecured None 0.00% 11,000 Premier Valley Bank New Office Construction
San Luis Obispo, CA
(Land) 2/14/2032 3.90% 4,402,106
Private Individual Social Impact Note
San Luis Obispo, CA
(Land) 4/1/2026 3.00% 1,000,000
Housing Trust Fund of Santa Barbara Buellton Land in Buellton, CA 6/25/2026 3.75% 1,600,000

Housing Trust Fund of San Luis Obispo County Multifamily Project Cambria Water Units 12/23/2022 5.00% 259,658

NW Capital – Fillmore Land Fillmore Land Land in Fillmore, CA 5/15/2022 5.25% 1,190,000

Housing Trust Fund of San Luis Obispo County Rollings Hills III Land in Templeton, CA 11/1/2023 5.50% 1,600,000

Housing Trust Fund of San Luis Obispo County Rollings Hills III Water Units Water Units 11/1/2023 5.50% 291,667 Housing Assistance Council SHH – Mustang Families Unsecured 3/13/2025 0.00% 94,500 Housing Trust Fund of San Luis Obispo County Self-Help Housing Devel Land in Nipomo, CA 9/1/2025 4.95% 400,000 NW Capital – Cypress Land Oxnard (Cypress) Land Land in Oxnard, CA 11/1/2023 5.75% 3,612,500 Housing Trust Fund of Ventura County Oxnard (Cypress) Acqui Land in Oxnard, CA 10/15/2023 4.00% 637,500 Housing Trust Fund of Ventura County Oxnard (Cypress) PreDev Land in Oxnard, CA 10/15/2023 4.00% 212,500 City of Pismo Beach Pismo Terrace Demo Pismo Beach, CA 9/24/2075 0.00% 160,341 City of Santa Maria CDBG LDM2 Rehab Capital Unsecured 7/1/2030 0.00% 245,800

Total Notes Payable – General Operating, Construction, and Development 23,719,104

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-16-

Note I: LONG-TERM DEBT – Continued
Lending Institution Purpose Secured by
Maturity
Date Rate Balance
Notes Payable (Rental Properties): Conventional Loans
US Department of Agriculture Atascadero Apartments Apt. Building/Land 8/1/2024 5.29% 137,318 Pacific Life Belridge Apt. Building/Land 3/1/2031 5.64% 133,556 JP Morgan Chase Canyon Creek Apts. Apt. Building/Land 7/1/2037 6.78% 1,217,813 US Department of Agriculture Canyon Creek Apts. Apt. Building/Land 12/1/2039 1.00% 238,723 Rural Community Assistance Corp. Canyon Creek Apts. Apt. Building/Land 2/1/2029 1.00% 566,316 Mechanics Bank Dahlia Court Apts. Apt. Building/Land 12/1/2029 3.25% 1,681,833 Rural Community Assistance Corp. Dahlia Court Apts. Apt. Building/Land 3/1/2029 1.00% 147,381 Montecito Bank & Trust Ellwood Apartments Apt. Building/Land 4/5/2036 5.25% 392,871 Pacific Life Juniper St Apts. Apt. Building/Land 6/1/2030 8.28% 140,523 Pacific Life La Brisa Apt. Building/Land 4/1/2032 7.09% 321,433 Union Bank Ladera Apartments Apt. Building/Land 3/1/2028 6.25% 1,269,739 US Department of Agriculture Los Adobes De Maria Apt. Building/Land 10/1/2029 8.05% 722,281 US Department of Agriculture Los Adobes De Maria II Apt. Building/Land 7/1/2037 1.00% 1,330,581 Greystone Servicing Corp. Mariposa Townhomes Apt. Building/Land 4/1/2031 4.75% 2,285,504 California Community Reinvestment Corp. Oak Forest Apt. Building/Land 1/1/2028 4.00% 113,294 US Department of Agriculture Pacific Views Apts. Apt. Building/Land 2/25/2041 8.75% 1,140,754 Rural Community Assistance Corp. Rio Vista Associates Apt. Building/Land 2/1/2029 1.00% 102,799 Berkadia River View Townhomes Apt. Building/Land 6/1/2034 5.44% 1,404,173 Pacific Life Schoolhouse Lane Apt. Building/Land 4/1/2028 4.11% 96,383 Mechanics Bank Sea Haven Apts. Apt. Building/Land 3/15/2028 9.50% 30,480 CA Housing Finance Agency Storke Ranch Apt. Building/Land 5/2/2030 6.75% 989,218 Union Bank Victoria Hotel Apt. Building/Land 8/19/2029 1.40% 387,635 Montecito Bank & Trust Victoria St. Bungalows Apt. Building/Land 5/1/2035 1.84% 583,478 Mechanics Bank Villas at Higuera Commercial Units 8/1/2029 6.00% 306,532 Total Notes Payable (Rental Properties): Conventional Loans 15,740,618

Notes Payable (Rental Properties): Deferred Principal Payments

County of San Luis Obispo (HOME) Belridge Apt. Building/Land 12/29/2039 5.00% 601,335 Bank of the West Canyon Creek Apts. Apt. Building/Land 6/18/2034 0.00% 400,000 California Department of HCD Canyon Creek Apts. Apt. Building/Land 6/1/2059 3.00% 1,514,083 County of San Luis Obispo HOME Canyon Creek Apts. Apt. Building/Land 6/1/2039 0.00% 550,000 City of Paso Robles Canyon Creek Apts. Apt. Building/Land 6/1/2059 3.00% 453,752 California Department of HCD (HOME) Cawelti Court Apt. Building/Land 8/31/2025 0.00% 899,612 City of Arroyo Grande – CDBG Cawelti Court Apt. Building/Land 8/13/2031 0.00% 340,359 California Department of HCD (FWHG) Dahlia Court Apts. Apt. Building/Land 10/24/2020 0.00% 500,000 City of Carpinteria Dahlia Court Apts. Apt. Building/Land 12/6/2029 3.00% 302,142 County of Santa Barbara (HOME) Dahlia Court Apts. Apt. Building/Land 10/24/2040 4.50% 568,232 County of Santa Barbara (CDBG) Dahlia Court Apts. Apt. Building/Land 9/12/2041 3.00% 254,968 CA Tax Credit Allocation Committee (TCAC) El Patio Hotel Apt. Building/Land 6/1/2065 0.00% 2,142,136 City of Ventura (HOME-CHDO) El Patio Hotel Apt. Building/Land 12/7/2064 3.00% 463,585 City of Ventura RDA El Patio Hotel Apt. Building/Land 12/9/2064 3.00% 462,867 California Department of HCD (FWHG) Ellwood Apartments Apt. Building/Land 12/31/2046 0.00% 220,000 City of Goleta (HOME) Ellwood Apartments Apt. Building/Land 5/3/2036 0.00% 200,000 City of Santa Barbara CDBG Ellwood Apartments Apt. Building/Land 5/3/2036 3.00% 407,210 City of Santa Barbara (HOME) Ellwood Apartments Apt. Building/Land 5/3/2036 3.00% 610,270

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-17-

Note I: LONG-TERM DEBT – Continued
Maturity
Lending Institution Purpose Secured by Date Rate Balance Housing Trust Fund of Santa Barbara County Health House LLC Apt. Building/Land 3/17/2060 4.38% 219,463 County of Santa Barbara of HCD Health House LLC Apt. Building/Land 3/10/2035 3.00% 547,418 California Department of HCD (FWHG) Isla Vista Apts. Apt. Building/Land 9/14/2021 0.00% 300,000 California Department of HCD (HOME-CHDO) Juniper Street Apts Apt. Building/Land 12/22/2028 3.00% 784,937 County of San Luis Obispo HOME La Brisa Apt. Building/Land 12/19/2040 5.05% 1,659,100 California Department of HCD (FWHG) La Brisa Apt. Building/Land 12/3/2041 0.00% 500,000 City of Santa Barbara (CDBG – HRLP) Ladera Apartments Apt. Building/Land 3/1/2028 3.00% 928,483 City of Santa Barbara RDA Ladera Apartments Apt. Building/Land 3/1/2028 3.00% 1,018,679 Mechanics Bank Los Adobes De Maria II Apt. Building/Land 7/22/2032 0.00% 260,000 County of Santa Barbara (HOME) Los Adobes De Maria II Apt. Building/Land 7/19/2057 3.00% 662,289 California Department of HCD (FWHG) Los Adobes De Maria II Apt. Building/Land 7/18/2057 3.00% 3,900,496 County of Santa Barbara (HOME) Mariposa Townhomes Apt. Building/Land 10/22/2038 3.00% 1,330,034 Montecito Bank & Trust Mariposa Townhomes Apt. Building/Land 10/1/2033 0.00% 258,381 California Department of HCD (HOME-CHDO) Oak Forest Apt. Building/Land 8/13/2026 3.00% 1,608,365 City of Arroyo Grande (CDBG) Oak Forest Apt. Building/Land 8/1/2026 0.00% 445,000 California Department of HCD (HOME-CHDO) Oceanside Gardens Apt. Building/Land 4/7/2025 0.00% 1,000,000 City of Morro Bay (CDBG) Oceanside Gardens Apt. Building/Land 12/15/2024 0.00% 40,000 City of Morro Bay (CDBG) Oceanside Gardens Apt. Building/Land 12/15/2024 0.00% 68,000 California Department of HCD (FWHG) Rio Vista Associates Apt. Building/Land 2/6/2042 3.00% 1,568,905 California Department of HCD (HOME) Rio Vista Associates Apt. Building/Land 5/20/2034 3.00% 1,344,919 County of San Luis Obispo (HOME) Schoolhouse Lane Apt. Building/Land 11/21/2026 0.00% 330,000 California Department of HCD (HOME-CHDO) Sea Haven Apts. Apt. Building/Land 3/9/2028 3.00% 1,426,772 City of Morro Bay (CDBG) Sequoia Apartments Apt. Building/Land 8/17/2028 0.00% 50,000 City of Morro Bay (CDBG) Sequoia Apartments Apt. Building/Land 10/1/2027 0.00% 425,500 CA Department of HCD (DDS) Storke Ranch Apt. Building/Land 5/21/2032 0.00% 186,830 County of Santa Barbara RDA Storke Ranch Apt. Building/Land 7/2/2033 0.00% 106,000 County of San Luis Obispo – CDBG Templeton Place Apts Apt. Building/land 1/14/2040 3.00% 328,783 County of San Luis Obispo – HOME Templeton Place Apts Apt. Building/Land 1/14/2040 3.00% 690,445 City of Santa Barbara (HOME) Victoria Hotel Apt. Building/Land 8/1/2029 3.00% 1,001,862 City of Santa Barbara (CDBG) Victoria Hotel Apt. Building/Land 8/1/2029 3.00% 695,471 City of Santa Barbara (HOME) Victoria St. Bungalows Apt. Building/Land 8/1/2033 3.00% 724,897 City of Santa Barbara (HOME-CHDO) Victoria St. Bungalows Apt. Building/Land 10/1/2027 3.00% 455,958 City of Santa Barbara RDA Victoria St. Bungalows Apt. Building/Land 10/1/2027 0.00% 295,000

Total Notes Payable (Rental Properties): Deferred Principal Payments 36,052,538

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-18-

Note I: LONG-TERM DEBT – Continued

Maturity
Lending Institution Purpose Secured by Date Rate Balance

Notes Payable (Rental Properties): Forgiven or Recoverable Grants County of San Luis Obispo (HOME) Atascadero Apts Apt. Building/Land 12/22/2028 0.00% 150,000 City of Atascadero (CDBG) Atascadero Apts Apt. Building/Land 10/25/2028 0.00% 80,000 County of San Luis Obispo (HOME) Brizzolara Apts. Apt. Building/Land 12/22/2027 0.00% 200,000 City of SB Home Recoverable Grant Health House LLC Apt. Building/Land 3/11/2030 0.00% 335,000 County of Santa Barbara HEAP Health House LLC Apt. Building/Land 6/1/2036 0.00% 506,316 Pacific Western Bank AHP El Patio Hotel Apt. Building/Land 1/20/2025 0.00% 352,000 County of Ventura El Patio Hotel Apt. Building/Land 12/4/2064 3.00% 201,935 Santa Barbara Bank & Trust (AHP) Ladera Apartments Apt. Building/Land 3/1/2013 0.00% 100,495 County of San Luis Obispo (CDBG) Sea Haven Apts. Apt. Building/Land 7/31/2027 0.00% 131,959 County of Santa Barbara (HOME) Storke Ranch Apt. Building/Land 7/2/2033 0.00% 74,000 Santa Barbara Bank & Trust (AHP) Victoria Hotel Apt. Building/Land 10/17/2015 0.00% 182,000 Total Notes Payable (Rental Properties): Forgiven or Recoverable Grants 2,313,705

Notes Payable – Rental Properties 54,106,861

Total Long-Term Debt 77,825,965
Current Portion (3,450,731)
Long Term Debt Less Current Portion $ 74,375,234

Aggregate Principal payments for the next five fiscal years are as follows:

2022 2023 2024 2025 2026 Thereafter
$3,450,731 $6,018,791 $7,557,538 $2,471,529 $4,881,052 $53,446,324 Note J: GAIN OR (LOSS) ON SALE OF PROPERTY

Gain or (Loss) on Sale of property for the year ended June 30 consists of the following:

2021 2020
Gross Sales $ 13,140,000 $ 27,489
Cost of Property Sold 5,581,836 15,508

GAIN OR (LOSS) ON SALE OF
PROPERTY $ 7,558,164 $ 11,981

In May 2021, People's Self-Help Housing sold the land and improvements located at 6660 Abrego Road in Goleta CA. The value of the property was $10,140,000 and the cost of the depreciated building and personal property was $2,770,094, which resulted in a gain on sale of $7,369,906. The property was sold to Isla Vista Apartments L.P.

Note K: PENSION PLAN

PSHHC established a defined contribution profit sharing pension plan, effective July 1, 2009. PSHHC contributes a percentage of compensation for all eligible employees.

Employees become vested 25% after two years of service, 50% after three years, 75% after four years, and 100% after five years. PSHHC’s contribution, which is included in fringe benefits, for the years ended June 30, 2021 and 2020 is $433,134 and $609,292, respectively. PSHHC also maintains a separate 403(b) plan to which employees may make voluntary contributions.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-19-

Note L: NET ASSETS

As of June 30, the board designated net assets consist of the following:

2021 2020
Land Development Fund $ 1,000,000 $ 1,000,000
Housing Development Fund 750,000 750,000
SLO County Affordable Housing Fund 372,667 372,667
TOTAL DESIGNATED NET ASSETS $ 2,122,667 $ 2,122,667

Net assets with donor restrictions are restricted for the following purposes:
2021 2020
Affordable Housing Development $ 1,606,534 $ 1,631,534
Scholarships 50,077 39,500
Education Programs 25,130 44,937
Resident Assistance Fund 80,146 67,734
Women’s Fund 9,246 6,977
Builder Games 5,177 7,177
Tenant Assistance- Grandview 33,081 33,080

TOTAL NET ASSETS RESTRICTED FOR
SPECIFIC PURPOSES $ 1,809,391 $ 1,830,939

Donor-restricted in perpetuity include the endowment funds and items of land, buildings or equipment which consist of gifts and bequests accepted with the donor stipulation that the principal or fixed asset item be restricted in perpetuity. PSHHC maintains an endowment fund. The earnings from the perpetual endowment will provide a permanent source of funding for educational and other support services for residents of PSHHC’s rental properties. The balance of endowment funds as of June 30, 2021 and 2020 is $188,993 and $187,368, respectively.

NeighborWorks America has provided a total of $1,484,265 in capital grants for building capital projects. This amount is donor restricted although proceeds on capital projects, or interest earned, over and above the corpus may be transferred to without donor restriction for furthering the Organization’s mission. However, should the Organization become defunct, all remaining grant funds, interest earnings, capital project proceeds, and the loan and capital projects portfolios representing the use of these funds will revert to NeighborWorks America. As of June 30, 2021, the capital grants provided by NeighborWorks America were converted to Unrestricted Grant Funds.

Endowment net assets consist of donor-restricted funds pertain to the following:

2021 2020
NeighborWorks America Capital Fund $ 0 $ 1,484,265
Donor Restricted Endowment Funds 188,993 187,368
TOTAL Endowment Funds $ 188,993 $ 1,671,633

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-20-
Note M: CONTINGENT LIABILITIES
Property Development and General Contractor Reserve
PSHHC is contingently liable to investors for the operations of low-income housing tax credit projects and unfunded operating deficit guarantees the amount of which cannot be reasonably determined. Management has accrued a reserve included as part of the Property Development Reserve (See Note H). Management is not aware of any current operational problems nor does it expect any in the future.

Federal and State Grants
PSHHC received state and federal funds for specific purposes that are subject to review and audit by grantor agencies. Although such audits could generate expenditure disallowances under terms of the grants, PSHHC does not expect that disallowed expenditures, if any, to materially affect the financial statements.

Administration of Section 523, Mutual Self-Help Program, Including Section 502 Loans As part of the duties of administering the Section 523, Mutual Self -Help Program, Peoples Self Help Housing manages a custodial bank account for all participants from which each individual participant’s construction costs are paid and into which loan proceeds are deposited. Each individual participant’s construction costs and loan balances are maintained outside of Peoples Self-Help Housings’ books. However, the total of the custodial account is included in the balance sheet of Peoples’ Self-Help Housing as restricted cash offset by the trust fund liability.

Peoples’ Self-Help Housing personnel prepare the checks, which can be written only for construction-related costs and require the signatures of two authorized representatives of the organization. All invoices are reviewed and approved by the construction supervisor and program manager, who also assign the expense to the applicable house. At monthly meetings between the construction supervisor , the program manager/502 bookkeeper and the participating borrowers, each participant’s construction expenses and loan draws are reviewed with them individually.

Note N: RELATED PARTIES
The following non-profit organizations are related to each other due to overlapping Board of Directors membership:

Due to PSHHC Due from PSHHC
Entity Name Type 6/30/2021 6/30/2021
The Duncan Group Property Management $ 65,838 $ 500,000 South Bay Improvement Association Controlled by PSHHC 0 0 Valentine Court, Inc. HUD Property 0 0
Valentine Court II, Inc. HUD Property 0 0
Valentine Court III, Inc. HUD Property 23,026 0
Los Robles Terrace, Inc. HUD Property 0 0 Ocean View Manor, Inc. HUD Property 0 0
Oak Grove Housing, Inc. HUD Property 0 0
Oceanside Gardens, Inc. General Partner in LP 0 0
Schoolhouse Lane Apartments, Inc. General Partner in LP 0 0 C-Court, Inc. General Partner in LP 0 0
Oak Forest Apartments, Inc. General Partner in LP 0 0 Health House LLC PSHHC is Single Member 0 0

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-21-

Note N: RELATED PARTIES – Continued

The non-profit organizations noted above serve as the general partner in some of the following tax credit limited partnerships:

Due to PSHHC Due from PSHHC
Entity Name Type 6/30/2021 6/30/2021
Storke Ranch Apartments, L.P. Tax Credit Limited Partnership $ 0 $ 0 Belridge Street Associates, L.P. Tax Credit Limited Partnership 0 0 El Patio, L.P. Tax Credit Limited Partnership 0 0
Templeton Place, L.P. Tax Credit Limited Partnership 0 0 Sequoia Housing Assoc., L.P. Tax Credit Limited Partnership 0 0 Mariposa Reale, L.P. Tax Credit Limited Partnership 0 0 Oak Forest, L.P. Tax Credit Limited Partnership 0 0
Juniper Street Associates, L.P. Tax Credit Limited Partnership 0 0 Oceano Apartments Associates, L.P. Tax Credit Limited Partnership 0 0 Oceanside Gardens, L.P. Tax Credit Limited Partnership 0 0 Schoolhouse Lane Apartments, L.P. Tax Credit Limited Partnership 0 0 Casa de las Flores, L.P. Tax Credit Limited Partnership 0 0 Casas Las Granadas, L.P. Tax Credit Limited Partnership 20,195 0 Canyon Creek, L.P. Tax Credit Limited Partnership 0 0 College Park, L.P. Tax Credit Limited Partnership 174,899 0 Creston Gardens, L.P. Tax Credit Limited Partnership 564,152 0 Dahlia Court II, L.P. Tax Credit Limited Partnership 0 0 Jardin de las Rosas, L.P. Tax Credit Limited Partnership 754,628 0 Lachen Tara, L.P. Tax Credit Limited Partnership 0 0
Los Adobes de Maria III, L.P. Tax Credit Limited Partnership 636,455 0 Los Robles Terrace, L.P. Tax Credit Limited Partnership 739,864 0 Ocean View Manor, L.P. Tax Credit Limited Partnership 5,627 0 Rio Vista Associates, L.P. Tax Credit Limited Partnership 0 0 Rolling Hills Housing Assoc., L.P. Tax Credit Limited Partnership 77,299 0 Rolling Hills II, L.P. Tax Credit Limited Partnership 21,218 0 Valentine Court I, L.P. Tax Credit Limited Partnership 30,998 0 Village at Los Carneros, L.P. Tax Credit Limited Partnership 0 0 Villas at Higuera, L.P. Tax Credit Limited Partnership 118,363 0 Villa La Esperanza, L.P. Tax Credit Limited Partnership 26,523 0 Cambria Pines Apartments, L.P. Tax Credit Limited Partnership 15,000 0 Courtland Street Apartments, L.P. Tax Credit Limited Partnership 0 0 Guadalupe Court, L.P. Tax Credit Limited Partnership 165,618 0 Pismo Creek, L.P. Tax Credit Limited Partnership

12,299 0
Sierra Madre Cottages, L.P. Tax Credit Limited Partnership 161,933 0 Los Adobes de Maria II, L.P. Tax Credit Limited Partnership 0 0 Isla Vista Tax Credit Limited Partnership 0 0
Broad Street Place Tax Credit Limited Partnership 0 0 Templeton Place II Tax Credit Limited Partnership 0 0

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-22-

Note N: RELATED PARTIES – Continued

PSHHC has limited partnership deposits in the following properties owned by the above related entities:
6/30/2021 6/30/2020
Casa de Las Flores L.P. $ 257,650 $ 257,650
Courtland LP 993,188 993,188
Creston Gradens, L.P. 100 100
Broad Street Place, L.P. 400,000 0
Dahlia Court II, L.P. 1,040,000 1,040,000
Guadalupe Court Apartments, L.P 213,333 213,333
PSHHC College Park, LLC 215,718 0
Jardin de las Rosas, L.P. 25,100 25,100
Los Adobes de Maria III 100 100
Los Robles Terrace, L.P. 100 100
Oak Forest Apts, Inc. (Storke LP) 222,009 222,009
Ocean View Manor, LP 100 100
Pismo Creek, L.P. 282 282
Rolling Hills II, L.P. 100 100
Sierra Madre Cottages, L.P. 100 100
Valentine Court III, Inc. 28,776 28,776
Villa at Higuera, L.P. 675,650 675,650
Village at Los Carneros, L.P. 690,000 690,000

The Company, or related parties, acts as the general partner in limited partnerships.

Under FASB Topic, Consolidation – Control of Partnerships and Similar Entities certain general partners are required to consolidate those partnerships. The Company believes that because it is subject to regulations and restrictions that limit their powers as general partner, these regulations and restrictions overcome the presumption of control by the general partner. Therefore, these limited partnerships have not been consolidated.

Note O: CASH – PROPERTY RESERVES
Cash – property reserves consist of cash account balances for building replacement reserves as required by the funding sources. Withdrawal from building replacement reserves requires approval from the funding sources. The reserve amounts are $5,120,502 and $4,821,172 for the year 2021 and 2020, respectively.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-23-

Note P: INDIRECT COST
A negotiated indirect cost agreement was approved by the U.S. Department of interior, National Business Center for the U.S. Department of Agriculture, Rural Housing Service on April 9, 2020. The method for calculating PSHHC’s indirect rate is the total indirect cost divided by the total direct salaries and fringe less unrestricted salary and fringe. The current year’s provisional indirect cost rate is 35.08%.

Note Q: ENDOWMENT FUND
The Organization’s endowment consists of one fund established to hold donor - restricted gifts in perpetuity. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions.

The Board of Directors of the Organization has interpreted the State Prudent Management of Institutional Funds Act (SPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Organization classifies as donor-restricted net assets (a) the original value of gifts donated to the permanent endowment, and (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in not subject to appropriation or expenditure is classified as subject to expenditure for specific purpose until those amounts are appropriated for expenditure by the Organization in a manner consistent with the standard of prudence prescribed by SPMIFA. In accordance with SPMIFA, the Organization considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds:
(1) the duration and preservation of the fund, (2) the purposes of the donor-restricted endowment fund, (3) general economic conditions, (4) the possible effect of inflation and deflation, (5) the expected total return from income and the appreciation of investments, (6) other resources of the Organization, and (7) the Organization’s investment policies.

Investment Return Objectives, Risk Parameters and Strategies. The Organization has adopted investment and spending policies, approved by the Board of Directors, for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment fund while also maintaining the purchasing power of those endowment assets over the long term. Accordingly, the investment process seeks to achieve an after- cost total real rate of return, including investment income as well as capital appreciation, which exceeds the annual distribution with acceptable levels of ri sk.

Endowment assets are invested in a well-diversified asset mix, which includes equity and debt securities, that is intended to result in a consistent inflation-protected rate of return that has sufficient liquidity to make an annual distribution of 5%, while growing the fund if possible. Therefore, the Organization expects its endowment assets, over time, to produce an average rate of return of approximately 8% annually. Actual returns in any given year may vary from this amount. Investment risk is measured in terms of the total endowment fund; investment assets and allocation between asset classes and strategies are managed to not expose the fund to unacceptable levels of risk.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-24-

Note Q: ENDOWMENT FUND – Continued

Spending Policy. The Organization has a policy of appropriating for each year 5% of the fund’s average fair value, measured at the end of the last three fiscal years. In establishing this policy, the Organization considered the long-term expected return on its investment assets, the nature and duration of the endowment fund, which must be maintained in perpetuity because of donor restrictions, and the possible effects of inflation. The Organization expects the current spending policy to allow its endowment funds to grow at a nominal average rate of 3% annually. This is consistent with the Organization’s objective to maintain the purchasing power of the endowment assets as well as provide additional real growth through new gifts and investment return.

Endowment Net Assets by Type of Fund as of June 30, 2021 is as follows:

Net Subject to
Appropriation or
Expenditure
Total Net
Endowment
Funds

Donor-Restricted
Endowment Funds
$ 188,993 $ 188,993

Changes in endowment net assets as of June 30, 2021 are as follows:

Net Subject to
Appropriation or
Expenditure
Total Net
Endowment
Assets
Endowment Net Assets, Beginning of Year $ 187,368 $ 187,368 Investment Income 1,625 1,625
Endowment Net Assets, End of Year $ 188,993 $ 188,993

Note R: INVESTMENTS
Investments, carried at fair value based on quoted prices in active markets (all Level 1 measurements), consist of the following at June 30:

2021 2020
Cash and cash equivalents, donor restricted –
Endowment Fund
$ 188,993 $ 187,368
Total Investments carried at market value $ 188,993 $ 187,368

Investment returns, which are reported under interest and dividend revenue in the Statement of Activities, for the years ended June 30, 2021 and 2020 are summarized as follows:
2021 2020
Investment income $ 1,625 $ 1,456
Net realized and unrealized gain/(loss) - -
Total investment return/(loss) $ 1,625 $ 1,456

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-25-

Note S: LIQUIDITY AND AVAILABILITY OF RESOURCES

The following reflects the Organization’s financial assets as of the balance sheet date, reduced by amounts not available for general use because of contractual or donor - imposed restrictions within one year of the balance sheet date. Donor -restricted amounts that are available for use within one year:

Cash and Cash Equivalents $ 16,065,759
Cash Resident Assistance Fund 60,476
Accounts Receivable 2,060,940
Grants Receivable 196,875
Contracts Receivable (Current) 2,354,704
Total Financial Assets 20,738,754

Less those unavailable for general expenditures within one year due to:

Board Designated Acquisition Fund (2,122,667)
SLO Community Foundation Endowment Fund (12,432) Donor Restricted Resident Assistance Fund (122,472)
Donor Restricted to Payments for Program Specific Costs (997,027) Reserves Restricted by Loans and Regulatory Agreements (1,622,690) Tenant Restricted Security Deposits (718,557)
Donor Restricted for Purchases of Land and Equipment (Capital) (1,606,534) Financial assets available to meet cash needs for general expenditures within one year $ 13,536,374

The Organization has $13,536,374 of financial assets available within one year of the balance sheet date to meet cash needs for general expenditures including cash of $7,426,604. In addition to the above amounts, the Organization has 3 separate operating lines of credit available for use on general expenditures. The first is a commitment from Wells Fargo Bank in the amount of $1,500,000 . The entire balance was available as of June 30, 2021. The second is a commitment from Premier Valley Bank in the amount of $1,500,000. The entire balance was available as of June 30, 2021. The final commitment is from The Duncan Group in the amount of $1,000,000 of which $500,000 was available at June 30, 2021.

Additionally, the Organization received a commitment from Community Housing Capital for a $7 million acquisition line of credit and a $1 million line of credit for pre- development entitlement costs related to the development of affordable housing projects within the Organization's charter. At June 30, 2021, there is a $2,976,700 balance on the acquisition line of credit and a $250,000 balance on the pre- development line of credit. The maturity date of the Line of Credit is July 10, 2021. The Organization does not plan on renewing the line of credit or extending the maturity date.

PEOPLE’S SELF-HELP HOUSING CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED JUNE 30, 2021
WITH SUMMARIZED COMPARATIVE TOTALS FOR 2020
-26-

Note S: LIQUIDITY AND AVAILABILITY OF RESOURCES – Continued The Organization has a goal to maintain financial assets, which consist of cash and short-term investments, on hand to meet 90 days of normal operating expenses, which are, on average, approximately $6,767,644.

Note T: NEIGHBORWORKS AMERICA GRANT

The following Neighborworks America Grants were in effect during the year ended June 30, 2021:

Unrestricted Support
Neighborworks America provided $392,000 of expendable grants during the year to support core operations.

Note U: CONCENTRATION OF CREDIT RISK ARISING FROM CASH DEPOSITS IN

EXCESS OF INSURED LIMITS

PSHHC maintains its cash balances in various financial institutions. The balances at the financial institutions are insured by the Federal Deposit Insurance Corporation up to $250,000. While PSHHC maintains cash in banks and financial institutions in amounts which at times, exceed the federally insured limits, PSHHC has not experienced any losses in such accounts and believes they are not exposed to any significant credit risk on cash.

Note V: SUBSEQUENT EVENTS

The Organization’s management has evaluated its subsequent events through September 28, 2021, the date the financial statements were available to be issued, and concluded that no additional adjustments to the financial statements or disclosures are required.

Grant Bennett Associates

A PROFESSIONAL CORPORATION

www.gbacpa.com
10850 Gold Center Drive, Suite 260 1970 Broadway, Suite 260 Rancho Cordova, CA 95670 Oakland, CA 94612 Princeville, HI 916/922-5109 FAX 916/641-5200 510/817-4886 888/763-7323

Together as One. Grant Bennett Associates is a Member of the Alliott Global Alliance of independent professional firms. 27 INDEPENDENT AUDITOR’S REPORT ON

ADDITIONAL INFORMATION

Board of Directors
People’s Self-Help Housing Corporation
San Luis Obispo, California

Our report on our audit of the basic consolidated financial statements of People’s Self- Help Housing Corporation for the year ended June 30, 2021 appears on page one. The audit was conducted for the purpose of forming an opinion on the basic consolidated financial statements taken as a whole. The following information is presented for purposes of additional analysis and is not a part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the examination of the general purpose financial statements and, in our opinion, the information is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole.

GRANT BENNETT ASSOCIATES

A PROFESSIONAL CORPORATION
Certified Public Accountants

Rancho Cordova, California
September 30, 2021

ASSETS 2021 2020
Current Assets:

Cash and cash equivalents $6,300,200 $6,730,956
Accounts Receivable 79,047 89,028
Prepaid Expense 348,475 129,022
Total Current Assets 6,727,722 6,949,006
Other Assets:

Cash - Property Reserves 5,120,502 4,821,172
Notes Receivable 7,365,235 0
Total Other Assets 12,485,737 4,821,172
Fixed Assets
Land 17,158,722 19,098,510
Building, Improvements, and Fixtures 42,730,204 46,066,688 (net of depreciation)
Amortizable assets, net 921,597 940,246
Total Fixed Assets 60,810,523 66,105,444
TOTAL ASSETS $80,023,982 $77,875,622

LIABILITIES AND NET ASSETS
Current Liabilities
Accounts Payable $1,368,945 $1,036,983
Accrued Expenses 117,607 81,295
Security Deposit Payable 672,499 727,806
Prepaid Rent 32,336 19,563
Current Portion of Long-Term Debt 1,760,730 1,783,921
Total Current Liabilities 3,952,117 3,649,568
Long-Term Debt, Net of Current Portion 52,469,739 57,661,666 Total Liabilities 56,421,856 61,311,234
Net Assets 23,602,126 16,564,388
TOTAL LIABILITIES AND NET ASSETS $80,023,982 $77,875,622

PEOPLE'S SELF-HELP HOUSING CORPORATION

CONSOLIDATED SCHEDULE OF FINANCIAL POSITION

MULTIFAMILY PROPERTIES
JUNE 30, 2021 AND 2020
-28-

2021 2020
Revenue
Rental Income, net $11,075,729 $10,711,809
Gain on Sale of Capital Contribution 7,226,610 0
Interest Income 25,275 41,613
Other Income 633,502 269,553
Total Revenue 18,961,116 11,022,975
Expenditures
Property Management & Administrative 2,397,424 2,372,350 Utilities 1,261,740 1,091,928
Repairs and Maintenance 2,133,940 2,050,743
Taxes and Insurance 1,189,422 1,010,925
Interest Expense 1,436,096 1,344,234
Social Services 116 2,572
Total Expenditures 8,418,738 7,872,752
Net Income before Depreciation and Amortization 10,542,378 3,150,223 Depreciation and Amortization 2,940,072 2,947,187
Net Income $7,602,306 $203,036

PEOPLE'S SELF-HELP HOUSING CORPORATION

CONSOLIDATED STATEMENT OF ACTIVITIES

MULTIFAMILY PROPERTIES
FOR THE YEAR ENDED JUNE 30, 2021 AND 2020
-29-

SUPPLEMENTARY CONTRACT INFORMATION FOR

STATE OF CALIFORNIA DEPARTMENT OF

HOUSING AND COMMUNITY DEVELOPMENT

FOR SEA HAVEN APARTMENTS

ASSETS
Acct No CURRENT ASSETS
1120 Cash Operations $89,215
1130 Tenant/Member Accounts Receivable 1,695
1200 Prepaid expenses 16,874
1100T Total Current Assets 107,784
1191 Tenant deposits held in trust 9,636

RESTRICTED DEPOSITS
1320 Replacement Reserves 76,999
1330 Other Reserves 78,077
1300T Total Deposits 155,076

PROPERTY AND EQUIPMENT
1410 Land 356,195
1420 Building and Improvements 762,148
1400T Total Fixed Assets 1,118,343
1495 Accumulated Depreciation 440,821
1400N Net Fixed Assets 677,522
1000T TOTAL ASSETS $950,018

LIABILITIES AND NET ASSETS (DEFICIT)

CURRENT LIABILITIES
2110 Accounts Payable - Operations $2,720
2170 Mortgage Payable - Current Portion 3,540
2122T Total Current Liabilities 6,260
2191 Tenant/Patient Deposits Held in Trust 9,635
2210 Prepaid Revenue 1,232
2320 Mortgage Payable, less current portion 1,585,671
2300T Total Long Term Liabilities 1,596,538
2000T TOTAL LIABILIITIES 1,602,798
3130 NET ASSETS (DEFICIT)(652,780)
2033T TOTAL LIABILITIES AND NET ASSETS (DEFICIT)$950,018

SEA HAVEN APARTMENTS

BALANCE SHEET DATA
FOR THE YEAR ENDED JUNE 30, 2021
-30-

Acct No RENTAL INCOME
5120 Rent Revenue - Gross Potential $106,168
5121 Tenant Assistance Payments 48,722 5100T Total Rent Revenue Potential at 100% Occupancy 154,890

VACANCIES
5220 Apartments -
5200T Total Vacancies -
5152N Net Revenue Less Vacancies 154,890

FINANCIAL REVENUE
5410 Financial Revenue - Project Operations 73
5400T Total Financial Revenue 73

OTHER REVENUE
5910 Laundry and Vending Revenue 1,606
5920 Tenant Charges 200
5990 Miscellaneous Revenue -
5900T Total Other Revenue 1,806
5000T Total Revenue 156,769

ADMINISTRATIVE EXPENSES
6203 Conventions and Meetings 297
6210 Advertising 159
6250 Other Renting Expense 399
6310 Office Salaries -
6311 Office Expense 3,292
6320 Management Fee 17,868
6330 Manager Salaries 17,384
6331 Administrative Rent Free Unit -
6340 Legal Expense - Project -
6350 Audit Expense 504
6351 Accounting Services 2,448
6370 Bad Debts 847
6390 Miscellaneous Administrative Expenses 8,546
Social Services Program and Supplies - $7,638
Bank Charges $858
Miscellaneous Expense - $50
6263T Total Administrative Expenses 51,744

UTILITIES EXPENSE
6450 Electricity 669
6451 Water 4,327
6452 Gas 289
6453 Sewer 4,663
6400T Total Utilities Expense 9,948

SEA HAVEN APARTMENTS

STATEMENT OF ACTIVITIES DATA
FOR THE YEAR ENDED JUNE 30, 2021
-31 -

Acct No OPERATING AND MAINTENANCE EXPENSES
6510 Payroll 11,197
6515 Supplies 561
6520 Contracts 6,738
6525 Garbage & Trash Removal 3,700
6580 Lease Expense -
6590 Miscellaneous Operating and Maintenance Expenses - 6500T Total Operating and Maintenance Expenses 22,196

TAXES AND INSURANCE
6710 Real Estate Taxes 1,570
6711 Payroll Taxes (Project's Share)1,577
6720 Property & Liability Insurance (Hazard)21,940
6722 Workmen's Compensation 919
6723 Health Insurance and other employment benefits 7,583 6790 Miscellaneous Taxes, Licenses, Permits, and Insurance - 6700T Total Taxes and Insurance 33,589

FINANCIAL EXPENSES
6820 Interest on Mortgage Payable 2,134
6830 Accrued Interest 26,836
6800T Total Financial Expenses 28,970
6000T Total Cost of Operations Before Depreciation 146,447 5060T Profit (Loss) before Depreciation 10,322
6600 Depreciation Expense 19,444
5060N Operating Profit or (Loss)(9,122)
3250 Change in Total Net Assets from Operations $(9,122)

SEA HAVEN APARTMENTS
STATEMENT OF ACTIVITIES DATA - Continued
FOR THE YEAR ENDED JUNE 30, 2021
-32 -

CASH FLOWS FROM OPERATING ACTIVITIES:

S1200-010 Rental receipts $155,397
S1200-020 Interest receipts 73
S1200-030 Other operating receipts 1,806
S1200-040 Total receipts 157,276
S1200-050 Administrative (16,493)
S1200-070 Management fee (17,868)
S1200-090 Utilities (9,947)
S1200-100 Salaries and wages (28,581)
S1200-110 Operating and maintenance (8,424)
S1200-120 Real estate taxes (1,570)
S1200-140 Property insurance (28,337)
S1200-150 Miscellaneous taxes and insurance (10,079)
S1200-180 Interest on First mortgage (2,134)
S1200-181 Interest on Second Mortgage - - S1200-230 Total disbursements (123,433)
S1200-240 NET CASH PROVIDED BY OPERATING ACTIVITIES 33,843 CASH FLOWS FROM INVESTING ACTIVITIES:

S1200-250 Net withdrawals from (deposits to) reserve for replacement (7,307) S1200-255 Net withdrawals from (deposits to) other reserves (2,576) S1200-330 Net Purchase of Fixed Assets -
S1200-350 NET CASH USED IN INVESTING ACTIVITIES (9,883) CASH FLOWS FROM FINANCING ACTIVITIES:

S1200-360 Mortgage principal payments (3,473)
S1200-460 NET CASH USED BY FINANCING ACTIVITIES (3,473) S1200-470 NET INCREASE IN CASH 20,487
S1200-480 BEGINNING OF PERIOD CASH 68,728
S1200T END OF PERIOD CASH $89,215

RECONCILIATION OF CHANGE IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
6600 Depreciation $19,444
S1200-490 (Increase) decrease in Accounts Receivable - Tenants 724 S1200-500 (Increase) decrease in Accounts Receivable - Other (1,232) S1200-520 (Increase) decrease in Prepaid Expense 6,397
S1200-540 Increase (decrease) in Accounts Payable - Trade (2,574) S1200-570 Increase (decrease) in Accrued Interest Payable 26,836 S1200-580 Increase (decrease) in Tenant Security Deposits Held In Trust - S1200-590 Increase (decrease) in Prepaid Revenue -
S1200-600 Other Adjustments to Reconcile Net profit (loss)- NET INCOME (LOSS)$(9,122)

SEA HAVEN APARTMENTS

STATEMENT OF CASH FLOWS DATA
FOR THE YEAR ENDED JUNE 30, 2021
-33-

Balance Balance
Land Structures and Equipment June 30, 2020 Additions Deductions Reclassification June 30, 2021 Land $356,195 $- $- $- $356,195 Building 756,198 - - - 756,198 Furnitures, Fixtures & Equipment - - - - - Fees 5,950 - - - 5,950 1,118,343 - - - 1,118,343 Accumulated Depreciation (421,377) (19,444) - - (440,821) Net Book Value $696,966 $(19,444) $- $- $677,522

SEA HAVEN APARTMENTS
ASSETS

CHANGES IN FIXED ASSETS
FOR THE YEAR ENDED JUNE 30, 2021
-34-

SEA HAVEN APARTMENTS

SUPPLEMENTRY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2021
Notes and Mortgage Payables
Notes payable are secured by the property unless otherwise noted and summarized as follows:

Interest Payable Principal
Interest
Payable Principal
Mechanic's Bank,bears simple interest at 9.5%per annum
with monthly payments of principal and interest in the
amount of $467.25,to be repaid in full by 2028.Interest expense was $2,134 for the year ended June 30, 2021.$- $30,480 $- $33,952 Department of Housing and Community Development Loan,
bears simple interest at 3%per annum.Annual payments
are made subject to available net cash flow.The principal and unpaid accrued interest is to be repaid in full by 2028.

Interest expense was $26,836 for the year ended June 30, 2021.532,249 894,523 505,414 894,523 County of San Luis Obispo Promissory Note,bears no
interest.No payments are due on this Note.The Term of
the Note is 30 years and ends July 31, 2027.- 131,959 - 131,959 Total $532,249 $1,056,962 $505,414 $1,060,434 2022 $3,540
2023 3,565
2024 3,590
2025 3,615
2026 3,640
Thereafter 1,571,261
Total Future Obligations $1,589,211
Cash on Hand and in Banks
Unrestricted checking account - operations $89,215
Total Unrestricted Cash $89,215
Restricted accounts
Replacement reserve $76,999
Other reserve 78,077
Tenant security deposits 9,636
Total restricted cash $164,712
2021 2020
Principal payments on notes payable for the next five years are subject to changes in net cash flow and are estimated as follows:

Tenant security deposits are maintained in a separate account and interest is earned on these deposits is credited to a liability account to be refunded or applied for the benefit of tenants. Interest earned during 2021 was $.97. -35-

SEA HAVEN APARTMENTS

SUPPLEMENTRY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2021
Reserves for Replacements and Operating Expenses
Replacement
Reserve Other Reserve
Balance, June 30, 2020 $69,692 $75,501 Monthly deposits:

Replacement Reserve deposits of $608.33 per month for
twelve months. Other reserves deposits of $214.00 per month for twelve months.7,300 2,568
Interest earned 7 8
Withdrawals (amount capitalized)- - Withdrawals (amount included in operating expenses)- - Balance, June 30, 2021 $76,999 $78,077 Operating Income
Total Income $156,769
Interest Earned on Restricted Reserve Accounts (15)
Adjusted Operating Income 156,754
Operating Expenses 115,584
Adjusted Net Income 41,170
Other Activity
Replacement Reserve Deposits (7,300)
Other Reserve Deposits per Agreement (2,568)
Replacement Reserve Withdrawals (expensed)-
Total Other Activity (9,868)
Operating Cash Flow/Surplus Cash 31,302
Total Cash Available for Distributions (net cash flow)$31,302 In accordance with the provisions of the regulatory agreement, restricted cash is held by PSHHC to be used for replacements of property or other reserve requirements with the approval of HCD/CalHFA as follows:

Operating Cash Flow/Surplus Cash Computation - per HCD/CalHFA Regulatory Agreements -36-

SEA HAVEN APARTMENTS
96-HOME-021 7

CERTIFICATION OF OFFICERS
FOR THE YEAR ENDED JUNE 30, 2021
We, as officers of People's Self -Help Housing Corporation, a California nonprofit public benefit corporation, herby certify that we have examined the accompanying financial statements and supplementary data of Sea Haven Apartments as of and for the year ended June 30, 2021 and to the best of our knowledge and believe, these financial statements and data are complete and accurate, �DocuSigned by:
6AAJA, .I , thotAur'b
'-E48ECO265CFC433...
}Cennein i riguerro CEO & President
V.A14)'; 1
Date
n�---_ '00va i
Griffin Moore
Chief Financial Officer Date
Employer Identification Number:
-37-

SEA HAVEN APARTMENTS
96-HOME 0217

MANAGEMENT AGENT CERTIFICATION
FOR THE YEAR ENDED JUNE 30, 2021
hereby certify that I have examined the accompanying financial statements and supplemental information of Sea Haven Apartments as of and for the year ended June 30, 2021, and to the hest of my knowledge and believe, the same is complete and accurate,
1—DocuSigned by:
kIn,vu,& trtoutur0
•--E48ECO265CFC433_.

The Duncan Group
Kenneth Trigueiro, Chief Executive Officer
(14 6/401m
Date
-38-

SUPPLEMENTARY CONTRACT INFORMATION FOR

STATE OF CALIFORNIA DEPARTMENT OF

HOUSING AND COMMUNITY DEVELOPMENT

FOR CAWELTI COURT APARTMENTS

ASSETS
Acct No CURRENT ASSETS
1120 Cash Operations $83,113
1130 Tenant/Member Accounts Receivable 506
1200 Prepaid expenses 8,046
1100T Total Current Assets 91,665
1191 Tenant deposits held in trust 18,501

RESTRICTED DEPOSITS
1320 Replacement Reserves 132,861
1330 Other Reserves 39,264
1300T Total Deposits 172,125

PROPERTY AND EQUIPMENT
1410 Land -
1420 Building and Improvements 1,301,250
1440 Building Equipment (Fixed)-
1460 Furnishings -
1480 Motor Vehicle -
1490 Miscellaneous Fixed Assets - Construction in Progress - 1400T Total Fixed Assets 1,301,250
1495 Accumulated Depreciation 333,915
1400N Net Fixed Assets 967,335
1000T TOTAL ASSETS $1,249,626

LIABILITIES AND NET ASSETS (DEFICIT)

CURRENT LIABILITIES
2110 Accounts Payable - Operations $10,222
2170 Mortgage Payable - Current Portion -
2122T Total Current Liabilities 10,222
2191 Tenant/Patient Deposits Held in Trust 18,500
2210 Prepaid Revenue 16
2320 Mortgage Payable, less current portion 1,239,971
2300T Total Long Term Liabilities 1,258,487
2000T TOTAL LIABILIITIES 1,268,709
3130 NET ASSETS (DEFICIT)(19,083)
2033T TOTAL LIABILITIES AND NET ASSETS (DEFICIT)$1,249,626

CAWELTI COURT APARTMENTS

BALANCE SHEET DATA
FOR THE YEAR ENDED JUNE 30, 2021
-39-

Acct No RENTAL INCOME
5120 Rent Revenue - Gross Potential $153,054
5121 Tenant Assistance Payments 138,620
5100T Total Rent Revenue Potential at 100% Occupancy 291,674

VACANCIES
5220 Apartments (3,514)
5200T Total Vacancies (3,514)
5152N Net Revenue Less Vacancies 288,160

FINANCIAL REVENUE
5410 Financial Revenue - Project Operations 97
5430 Revenue from Investments - Residual Receipts -
5440 Revenue from Investments - Reserve for Replacement - 5400T Total Financial Revenue 97

OTHER REVENUE
5910 Laundry and Vending Revenue 2,193
5920 Tenant Charges 325
5990 Miscellaneous Revenue 396
5900T Total Other Revenue 2,914
5000T Total Revenue 291,171

ADMINISTRATIVE EXPENSES
6203 Conventions and Meetings 616
6210 Advertising -
6250 Other Renting Expense 578
6310 Office Salaries -
6311 Office Expense 7,803
6320 Management Fee 36,192
6330 Manager Salaries 29,835
6331 Administrative Rent Free Unit -
6340 Legal Expense - Project -
6350 Audit Expense 504
6351 Accounting Services 5,712
6370 Bad Debts -
6390 Miscellaneous Administrative Expenses 40,100
Social Services Program and Supplies - $38,473
Bank Charges - $413
Misc Administrative Expenses $399
6263T Total Administrative Expenses 121,340

UTILITIES EXPENSE
6450 Electricity 4,735
6451 Water 12,037
6452 Gas 4,564
6453 Sewer 10,918
6400T Total Utilities Expense 32,254

CAWELTI COURT APARTMENTS

STATEMENT OF ACTIVITIES DATA
FOR THE YEAR ENDED JUNE 30, 2021
-40 -

Acct No OPERATING AND MAINTENANCE EXPENSES
6510 Payroll 30,299
6515 Supplies 5,338
6520 Contracts 29,896
6525 Garbage & Trash Removal 3,622
6500T Total Operating and Maintenance Expenses 69,155

TAXES AND INSURANCE
6710 Real Estate Taxes -
6711 Payroll Taxes (Project's Share)3,784
6720 Property & Liability Insurance (Hazard)9,913
6722 Workmen's Compensation 2,595
6723 Health Insurance and other employment benefits 14,150 6790 Miscellaneous Taxes, Licenses, Permits, and Insurance - 6700T Total Taxes and Insurance 30,442

FINANCIAL EXPENSES
6820 Interest on Mortgage Payable -
6830 Accrued Interest -
6800T Total Financial Expenses -
6000T Total Cost of Operations Before Depreciation 253,191 5060T Profit (Loss) before Depreciation 37,980
6600 Depreciation Expense 47,702
5060N Operating Profit or (Loss)(9,722)
3250 Change in Total Net Assets from Operations $(9,722)

CAWELTI COURT APARTMENTS
STATEMENT OF ACTIVITIES DATA - Continued
FOR THE YEAR ENDED JUNE 30, 2021
-41 -

CASH FLOWS FROM OPERATING ACTIVITIES:

S1200-010 Rental receipts $287,503
S1200-020 Interest receipts 96
S1200-030 Other operating receipts 2,915
S1200-040 Total receipts 290,514
S1200-050 Administrative (55,339)
S1200-070 Management fee (59,050)
S1200-090 Utilities (32,254)
S1200-100 Salaries and wages (29,835)
S1200-110 Operating and maintenance (65,446)
S1200-120 Real estate taxes -
S1200-140 Property insurance (16,317)
S1200-150 Miscellaneous taxes and insurance (20,529)
S1200-180 Interest on First mortgage -
S1200-181 Interest on Second Mortgage - - S1200-230 Total disbursements (278,770)
S1200-240 NET CASH PROVIDED BY OPERATING ACTIVITIES 11,744 CASH FLOWS FROM INVESTING ACTIVITIES:

S1200-250 Net withdrawals from (deposits to) reserve for replacement (8,493) S1200-255 Net withdrawals from (deposits to) other reserves (4) S1200-350 NET CASH USED IN INVESTING ACTIVITIES (8,497) CASH FLOWS FROM FINANCING ACTIVITIES:

S1200-360 Mortgage principal payments (29,600)
S1200-460 NET CASH USED BY FINANCING ACTIVITIES (29,600) S1200-470 NET INCREASE IN CASH (26,353)
S1200-480 BEGINNING OF PERIOD CASH 109,466
S1200T END OF PERIOD CASH $83,113

RECONCILIATION OF CHANGE IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
6600 Depreciation $47,702
S1200-490 (Increase) decrease in Accounts Receivable - Tenants 639 S1200-500 (Increase) decrease in Accounts Receivable - Other 18 S1200-520 (Increase) decrease in Prepaid Expense 6,404
S1200-540 Increase (decrease) in Accounts Payable - Trade 19,175 S1200-570 Increase (decrease) in Accrued Interest Payable - S1200-580 Increase (decrease) in Tenant Security Deposits Held In Trust - S1200-590 Increase (decrease) in Prepaid Revenue -
S1200-600 Other Adjustments to Reconcile Net profit (loss)- NET INCOME (LOSS)$(9,722)

CAWELTI COURT APARTMENTS

STATEMENT OF CASH FLOWS DATA
FOR THE YEAR ENDED JUNE 30, 2021
-42-

Balance Balance
Land Structures and Equipment June 30, 2020 Additions Deductions Reclassification June 30, 2021 Land $- $- $- $- $- Building 1,295,215 - - - 1,295,215 Fees 6,035 - - - 6,035 Total depreciable assets 1,301,250 - - - 1,301,250 Accumulated Depreciation (286,213) (47,702) - - (333,915) Net Book Value $1,015,037 $(47,702) $- $- $967,335

CAWELTI COURT APARTMENTS
ASSETS

CHANGES IN FIXED ASSETS
FOR THE YEAR ENDED JUNE 30, 2021
-43-

CAWELTI COURT APARTMENTS

SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2021
Notes and Mortgage Payables
Notes payable are secured by the property unless otherwise noted and summarized as follows:

Interest
Payable Principal
Interest
Payable Principal
City Of Arroyo Grande CDBG Loan,bears no interest.

Payments in full are due at maturity on August 13, 2026.$- $340,359 $- $344,040 Department of Housing and Community Development Loan,
bears no interest.Annual payments are made subject to
available net cash flow.The total principal is to be repaid in full by 2025.- 899,612 - 932,735 Total $- $1,239,971 $- $1,276,775 2022 $-
2023 -
2024 -
2025 -
2026 -
Thereafter 1,239,971
Total Future Obligations $1,239,971
Cash on Hand and in Banks
Unrestricted checking account - operations $83,113
Total Unrestricted Cash $83,113
Restricted accounts
Replacement reserve $132,861
Other reserve 39,264
Tenant security deposits 18,500
Total restricted cash $190,625
2021 2020
Principal payments on notes payable for the next five years are subject to changes in net cash flow and are estimated as follows:

Tenant security deposits are maintained in a separate account and interest earned on these deposits is credited to a liability account to be refunded or applied for the benefit of tenants. Interest earned during 2021 was $1.84. -44-

CAWELTI COURT APARTMENTS

SUPPLEMENTRY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2021
Reserves for Replacements and Operating Expenses
Replacement
Reserve Other Reserve
Balance, June 30, 2020 $124,367 $39,260 Monthly deposits:

Replacement Reserves - 12 months at $1,167 14,005 - Interest earned 13 4
Withdrawals (amount capitalized)- - Withdrawals (amount included in operating expenses)(5,524) - Balance, June 30, 2021 $132,861 $39,264 Operating Income
Total Income $291,171
Interest Earned on Restricted Reserve Accounts (17)
Adjusted Operating Income 291,154
Operating Expenses 241,191
Adjusted Net Income 49,963
Other Activity
Replacement Reserve Deposits (14,005)
Other Reserve Deposits per Agreement -
Replacement Reserve Withdrawals (expensed)5,524
Total Other Activity (8,481)
Operating Cash Flow/Surplus Cash 41,482
Total Cash Available for Distributions (net cash flow)$41,482 In accordance with the provisions of the regulatory agreement, restricted cash is held by PSHHC to be used for replacements of property or other reserve requirements with the approval of HCD as follows:

Operating Cash Flow/Surplus Cash Computation - per HCD/CalHFA Regulatory Agreements -45-

CAWELTI COURT APARTMENTS
93-HOME-0036

CERTIFICATION OF OFFICERS
FOR THE YEAR ENDED JUNE 30, 2021
hereby certify that I have examined the accompanying financial statements and supplemental information of Cawelti Court Apartments as of and for the year ended June 30, 2021, and to the best of my knowledge and believe, the same is complete and accurate.
p—DocuSigned by:
kVWI, , 1'n/ru
�E48ECO265CFC433...

Ken
CEO & President
/Lco/)0 i
Date
Ik�v-z-- 9/.4 u��
Griffin Moore Date
Chief Financial Officer
Employer Identification Number;
-46-

CAWELTI COURT APARTMENTS
93-HOME-0036

MANAGEMENT AGENT CERTIFICATION
FOR THE YEAR ENDED JUNE 30, 2021
I hereby certify that I have examined the accompanying financial statements and supplemental information of Cawelti Court Apartments as of and for the year ended June 30, 2021, and to the best of my knowledge and believe, the same is complete and accurate.
- DocuSigned by:
trtoutur
'-E48ECO265CFC433...

The Duncan Group
Kenneth, Chief Executive Officer
/A 46/ ac-)A1
Date
-47-

SUPPLEMENTARY CONTRACT INFORMATION FOR
USDA – RURAL DEVELOPMENT FOR PACIFIC VIEW

PROJECT NAME BORROWER NAME BORROWER ID OR PROJECT NO.

Loan/Transfer Amount $Note Rate Payment $IC Payment $-$ Reporting Period Budget Type Project Rental Type Profit Type I hereby request x Annual Initial x Family Full Profit Electricity 25 units of RA.

Quarterly Regular Report Elderly Limited Profit Gas 25 Current number of RA units.

Monthly x Rent Change Congregate x Non-Profit x Water
SMR Group Home x Sewer Borrower Accounting Method
Other Servicing Mixed Trash Cash
LH x Other: _Gas @ 495 Main________x Accrual

PART I -- CASH FLOW STATEMENT

CURRENT

BUDGET ACTUAL

PROPOSED
BUDGET COMMENTS or (YTD)
BEGINNING DATES>07/01/20 07/01/20
ENDING DATES>06/30/21 06/30/21

OPERATIONAL CASH SOURCES
1 277,438$ 108,064$
2 -$ 169,659$
3 -$ -$
4 3,000$ 3,327$
5 500$ 591$
6 300$ 43$ nsf, late & damages 7 253$ 649$
8 (2,774)$ (1,978)$
9 -$
10 278,716$ 280,355$

NON-OPERATIONAL CASH SOURCES
11 -$ -$
12 -$ -$
13 47,450$ -$ s/b same as line 26, from Pg 5 14 47,450$ -$
15 326,166$ 280,355$

OPERATIONAL CASH USES
16 217,601$ 210,543$
17 36,685$ 36,685$
18 .-$
19 -$
20 -$
21 22 20,000$ 20,000$
23 3,120$ 3,120$ Asset management fee 24 277,406$ 270,348$

NON-OPERATIONAL CASH USES
25 -$ -$
26 47,450$ -$
27 536$ 536$
28 47,986$ 536$
29 325,391$ 270,883$
30 774$ 9,471$

CASH BALANCE
31 147,182$ 140,825$
32 (5,275)$
33 147,956$ 145,021$
Following utilities are master metered:

According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information collection is 0575-0189. The time required to complete this information collection is estimated to average 2 1/2 hours per response, including the time for reveiwing instructions, searching exsiting data sources, gathering and maintaining the data needed, and completing and reviewing the collection information.

Pacific View Apartments Peoples Self-Help Housing Corp.04-40-305345064 4,420$
RENTAL INCOME…………………………………….

RHS RENTAL ASSISTANCE RECEIVED…………….

APPLICATION FEES RECEIVED……………………..

LAUNDRY AND VENDING……………………………..

INTEREST INCOME…………………………………..

TENANT CHARGES……………………………………
OTHER - PROJECT SOURCES………………………….

LESS (Vacancy and Contingency Allowance )…………
LESS (Agency Approved Incentive Allowance )……….

SUB-TOTAL [(1 thru 7 )-(8 &9 )]……………………
CASH - NON PROJECT………………………………….

AUTHORIZED LOAN (Non-RHS )…….………………
TRANSFER FROM RESERVE………………………..

SUB-TOTAL (11 thru 13 )…………………………….

TOTAL CASH SOURCES (10+14 )……………….

TOTAL O&M EXPENSES (From Part II )……………
RHS DEBT PAYMENT………………………………..

RHS PAYMENT (Overage )…………………………..

RHS PAYMENT (Late Fee )……….………………….

REDUCTION IN PRIOR YEAR PAYABLES (See Part IV )…
TENANT UTILITY PAYMENTS……………………..

TRANSFER TO RESERVE……………………………….

RETURN TO OWNER………………………………
SUB-TOTAL (16 thru 23 )…………………………….

AUTHORIZED DEBT PAYMENTS (Non-RHS)…….

LONG-TERM IMPROVEMENTS………………………
MISCELLANEOUS……………………………………..

SUB-TOTAL (25 thru 27 )……………………….……
ENDING CASH BALANCE (30+31+32 )……………..

NET CASH (DEFICIT) (15-29 )……………………..

TOTAL CASH USES (24+28 )………………………
BEGINNING CASH BALANCE………………………
ACCRUAL TO CASH ADJUSTMENT (see Part IV )....
-48

CURRENT
BUDGET
07/01/2020-
06/30/2021

PROPOSED
BUDGET COMMENTS or (YTD)
1 MAINTENANCE AND REPAIRS PAYROLL 29,172$ 31,264$ 2 MAINTENANCE AND REPAIRS SUPPLY 4,430$ 3,205$ Misc Plumbing, electrical, fire & safety repair parts 3 MAINTENANCE AND REPAIRS CONTRACT 1,691$ 5,060$ 4 PAINTING AND DECORATING 700$ -$
5 SNOW REMOVAL -$ -$
6 ELEVATOR MAINTENANCE/CONTRACT -$ -$
7 GROUNDS 5,415$ 4,903$ contract accruals adjusted and grounds eliminated due to COVID-19 8 SERVICES 904$ 270$ Fire & Safety $296, Janitorial $219 9 FURNITURES & FURNISHING REPLACEMENT 28,560$ 15,812$ see Part V for details 10 OTHER OPERATING EXPENSE (Itemize)-$ -$ 11 SUB-TOTAL MAINT. & OPERATING (1 thru 10)70,871$ 60,515$ 12 ELECTRICITY 1,811$ 2,657$ increased rates 13 WATER 14,030$ 14,417$ increased rates 14 SEWER 18,437$ 23,221$ increased rates 15 FUEL (Oil/Coal/Gas )5,504$ 7,413$ Natural gas 16 GARBAGE & TRASH REMOVAL 5,044$ 5,662$
17 OTHER UTILITIES -$ -$
18 SUB-TOTAL UTILITIES (12 thru 17)44,826$ 53,370$ 19 SITE MANAGEMENT PAYROLL 30,903$ 28,878$
20 MANAGEMENT FEE 21,000$ 20,192$
21 PROJECT AUDITING EXPENSE 5,496$ 5,496$ 22 PROJECT BOOKKEEPING/ACCOUNTING -$ -$ 23 LEGAL EXPENSES -$ 264$
24 ADVERTISING 150$ 158$
25 TELEPHONE & ANSWERING SERVICE 891$ 1,070$ 26 OFFICE SUPPLIES 700$ 1,055$
27 OFFICE FURNITURE & EQUIPMENT 786$ 1,209$ 28 TRAINING EXPENSE 932$ 3,507$
29 HEALTH INS. & OTHER EMP. BENEFITS 20,150$ 12,328$ one-time accrual adjustment reduced actual costs vs. budgeted expense 30 PAYROLL TAXES 5,106$ 4,729$
31 WORKMAN'S COMPENSATION 3,004$ 2,473$ one-time accrual adjustment reduced actual costs vs. budgeted expense 32 OTHER ADMINISTRATIVE EXPENSES (Itemize)4,048$ 6,349$ mileage/travel $1,080; $224 bank fees, Credit check fees $140; social svcs $622 33 SUB-TOTAL ADMINISTRATIVE (19 thru 32)93,167$ 87,708$ 34 REAL ESTATE TAXES -$ -$
35 SPECIAL ASSESSMENTS -$ -$
36 OTHER TAXES, LICENSES & PERMITS -$ 3$ 37 PROPERTY & LIABILITY INSURANCE 7,528$ 6,555$ moved fidelity and other insurance from property and liability insurance expense 38 FIDELITY COVERAGE INSURANCE 54$ 14$ from line 37 39 OTHER INSURANCE 1,154$ 2,376$ from line 37 40 SUB-TOTAL TAXES & INSURANCE (34 thru 39)8,736$ 8,949$ 41 TOTAL O&M EXPENSES (11+18+33+40)217,601$ 210,543$

PART II -- OPERATING AND MAINTENANCE EXPENSE SCHEDULE
If master metered ,
check box
on front.
-49

Position 3 FORM APPROVED
OMB NO. 0575-0189MULTI-FAMILY HOUSING

BORROWER BALANCE SHEET

PART I - BALANCE SHEET
Form RD 3560-10
(02-05)
PROJECT NAME BORROWER NAME BORROWER ID AND PROJECT NO.

CURRENT YEAR PRIOR YEAR COMMENTS
BEGINNING DATES>
ENDING DATES>
(())

ASSETS () ()

CURRENT ASSETS

1. GENERAL OPERATING ACCOUNT . . . . . . . . . . . . . . . . . . . .

2. R.E. TAX & INSURANCE ACCOUNT . . . . . . . . . . . . . . . . . . .

3. RESERVE ACCOUNT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. SECURITY DEPOSIT ACCOUNT . . . . . . . . . . . . . . . . . . . . . . .

5. OTHER CASH (identify) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. OTHER (identify) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. TOTAL ACCOUNTS RECEIVABLE (Attach list) . . . . . . . . . . . . . . . . . .

8. LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS. . . . . . .

9. INVENTORIES (supplies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. PREPAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. 12.TOTAL CURRENT ASSETS (Add 1 thru 11) . . . . . . . . . . . .

FIXED ASSETS

13. LAND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. BUILDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. LESS: ACCUMULATED DEPRECIATION . . . . . . . . . . . . . . .

16. FURNITURE & EQUIPMENT . . . . . . . . . . . . . . . . . . . . . . . . . .

17. LESS: ACCUMULATED DEPRECIATION . . . . . . . . . . . . . . . ()()

18. 19.TOTAL FIXED ASSETS ( Add 13 thru 18) . . . . . . . . . . . . .

OTHER ASSETS

20. 21.TOTAL ASSETS ( Add 12, 19, and 20) . . . . . . . . . . . . . . . . .

CURRENT LIABILITIES
ACCTS PAYABLE 0-30 DAYS

23. NOTES PAYABLE (Attach list) . . . . . . . . . . . . . . . . . . . . . . . . . .

24. SECURITY DEPOSITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25.TOTAL CURRENT LIABILITIES (Add 22 thru 24) . . . . . . .

According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information collection is 0575-0189. The time required to complete this information collection is estimated to average 2 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.

LIABILITIES AND OWNERS EQUITY

22. TOTAL ACCOUNTS PAYABLE (Attach list) . . . . . . . . . . . . . . . . . . . .

ACCTS PAYABLE 60-90 DAYS
ACCTS PAYABLE 30-60 DAYS
ACCTS PAYABLE OVER 90 DAYS
ACCTS RCVBL 0-30 DAYS
ACCTS RCVBL 30-60 DAYS
ACCTS RCVBL 60-90 DAYS
ACCTS RCVBL OVER 90 DAYS
()()
()()
$
$
$
$
$
$
$
$

LONG-TERM LIABILITIES

26. NOTES PAYABLE RURAL DEVELOPMENT

27. OTHER (Identify)

28. TOTAL LONG-TERM LIABILITIES (Add 26 and 2 7)

29. TOTAL LIABILITIES (Add 25 and 28)

30. OWNER'S EQUITY (Net Worth) (21 minus 29).......... .

31. TOTAL LIABILITIES AND OWNER'S EQUITY
(Add 29 and 30}
$1,140,753.80
1,140,753.80
$1,167,399.70
1,167,399. 70
1,161,864.12 1,187,636.25
(33,280.80) ~J( _(53,228.53)
$1,128,583.32 $1,134,407.72
Warning: Section 1001 of Title 18, United States Code provides: "Whoever, in any matter within the jurisdiction any ofdepartmdnpartment or agency of the United States knowingly and willfully falsifies, conceals or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined under this title or imprisoned not more than five years, or both.

I HAVE READ THE ABOVE WARNING STATEMENT AND I HEREBY CERTIFY THE FOREGOING INFORMATION IS COMPLETE AND ACCURATE TO THE BEST OF MY KNOWLEDGE.
€\ft(b/^^j^n^-(Date)(Signature of Borrower or Borrower' Representative) Trexvbuf^
(Title)

PART II - VERIFICATION OF REVIEW
I/We have reviewed the borrower's records. The accompanying balance sheet, and statement of actual budget and income on Form RD 1930-7, is a fair presentation of the borrower's records. lAVe certify that no identity of interest exists between me/us and any individual or organization doing business with the project or borrower.
(Date)(Signature)
(Name and Title)
(Address)
/ I In lieu of the above verification and signature, a review completed, dated and signed by a person or firm qualified by I license or certification is attached.
-51-

SUPPLEMENTARY CONTRACT INFORMATION FOR
USDA – RURAL DEVELOPMENT FOR

LOS ADOBES DE MARIA

USDA
Form RD 3560-7
(Rev. 02-05)MULTIPLE FAMILY HOUSING PROJECT BUDGET/

UTILITY ALLOWANCE

FORM APPROVED
OMB NO. 0575-0189
PROJECT NAME BORROWER NAME BORROWER ID OR PROJECT NO.

Loan/Transfer Amount $Note Rate Payment $IC Payment $-$ Reporting Period Budget Type Project Rental Type Profit Type I hereby request x Annual Initial x Family Full Profit Electricity 40 units of RA.

Quarterly Regular Report Elderly Limited Profit Gas 40 Current number of RA units.

Monthly x Rent Change Congregate x Non-Profit x Water
SMR Group Home ###Sewer Borrower Accounting Method
Other Servicing Mixed x Trash Cash
LH Other: __________x Accrual

PART I -- CASH FLOW STATEMENT

CURRENT

BUDGET ACTUAL

PROPOSED
BUDGET

COMMENTS
or (YTD)
BEGINNING DATES>07/01/20 07/01/20
ENDING DATES>06/30/21 06/30/21

OPERATIONAL CASH SOURCES
1 684,898$ 686,719$
2 -$ -$
3 -$
4 6,500$ 7,727$
5 70$ 4,771$
6 2,475$ 1,244$
7 5,008$ 6,516$
8 (10,273)$ (4,286)$
9 -$
10 688,678$ 702,690$ -$

NON-OPERATIONAL CASH SOURCES
11 -$
12 -$
13 37,250$ -$
14 37,250$ -$ -$
15 725,928$ 702,690$ -$

OPERATIONAL CASH USES
16 492,491$ 437,432$
17 133,372$ 155,601$
18 19
20 21
22 55,000$ 57,620$ includes interest 23 7,500$ 7,500$ asset management fee 24 688,363$ 658,152$ -$

NON-OPERATIONAL CASH USES
25 -$
26 37,250$ -$ see part V 27 -$ 133,414$ Capital Improvements (net) 28 37,250$ 133,414$ -$
29 725,613$ 791,566$ -$
30 315$ (88,876)$ -$

CASH BALANCE
31 125,913$ 176,606$
32 84,070$
33 126,228$ 171,800$ -$
SUB-TOTAL (25 thru 27 )……………………….……
ENDING CASH BALANCE (30+31+32 )……………..

NET CASH (DEFICIT) (15-29 )……………………..

TOTAL CASH USES (24+28 )………………………
BEGINNING CASH BALANCE………………………
ACCRUAL TO CASH ADJUSTMENT (see Part IV )....

SUB-TOTAL (16 thru 23 )…………………………….

AUTHORIZED DEBT PAYMENTS (Non-RHS)…….

LONG-TERM IMPROVEMENTS………………………
MISCELLANEOUS……………………………………..

REDUCTION IN PRIOR YEAR PAYABLES (See Part IV )…
TENANT UTILITY PAYMENTS……………………..

TRANSFER TO RESERVE……………………………….

RETURN TO OWNER………………………………
RHS PAYMENT (Late Fee )……….………………….

AUTHORIZED LOAN (Non-RHS )…….………………
TRANSFER FROM RESERVE………………………..

SUB-TOTAL (11 thru 13 )…………………………….

TOTAL CASH SOURCES (10+14 )……………….

TENANT CHARGES……………………………………
OTHER - PROJECT SOURCES………………………….

TOTAL O&M EXPENSES (From Part II )……………
RHS DEBT PAYMENT………………………………..

RHS PAYMENT (Overage )…………………………..

Following utilities are master metered:

According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information collection is 0575-0189. The time required to complete this information collection is estimated to average 2 1/2 hours per response, including the time for reveiwing instructions, searching exsiting data sources, gathering and maintaining the data needed, and completing and reviewing the collection information.

Los Adobes de Maria Peoples Self-Help Housing 040-92-270154 -$ -$
RENTAL INCOME…………………………………….

RHS RENTAL ASSISTANCE RECEIVED…………….

APPLICATION FEES RECEIVED……………………..

LESS (Vacancy and Contingency Allowance )…………
LESS (Agency Approved Incentive Allowance )……….

SUB-TOTAL [(1 thru 7 )-(8 &9 )]……………………
CASH - NON PROJECT………………………………….

LAUNDRY AND VENDING……………………………..

INTEREST INCOME…………………………………..
-52

CURRENT
BUDGET
7/1/2020 -
6/30/2021

PROPOSED

BUDGET COMMENTS
1 MAINTENANCE AND REPAIRS PAYROLL 70,980$ 43,316$ 2 MAINTENANCE AND REPAIRS SUPPLY 19,339$ 18,030$ 3 MAINTENANCE AND REPAIRS CONTRACT 18,075$ 12,422$ 4 PAINTING AND DECORATING 1,055$ 1,546$
5 SNOW REMOVAL -$ -$
6 ELEVATOR MAINTENANCE/CONTRACT -$ -$
7 GROUNDS 15,077$ 16,367$
8 SERVICES 16,424$ 9,990$
9 FURNITURES & FURNISHING REPLACEMENT 33,556$ 25,502$ see Part V - direct link in MINC for this field 10 OTHER OPERATING EXPENSE (Itemize)-$ -$ 11 SUB-TOTAL MAINT. & OPERATING (1 thru 10)174,506$ 127,173$ 12 ELECTRICITY 11,289$ 8,803$
13 WATER 36,498$ 45,692$
14 SEWER 12,935$ 12,327$
15 FUEL (Oil/Coal/Gas )1,409$ 2,003$
16 GARBAGE & TRASH REMOVAL 22,498$ 21,427$
17 OTHER UTILITIES -$ -$
18 SUB-TOTAL UTILITIES (12 thru 17)84,629$ 90,252$ 19 SITE MANAGEMENT PAYROLL 69,048$ 72,738$
20 MANAGEMENT FEE 52,080$ 51,279$
21 PROJECT AUDITING EXPENSE -$ 5,496$
22 PROJECT BOOKKEEPING/ACCOUNTING -$ -$
23 LEGAL EXPENSES 750$ -$
24 ADVERTISING 124$ 110$
25 TELEPHONE & ANSWERING SERVICE 1,920$ 3,025$ 26 OFFICE SUPPLIES 1,632$ 1,030$
27 OFFICE FURNITURE & EQUIPMENT 1,524$ 889$
28 TRAINING EXPENSE 2,102$ 848$
29 HEALTH INS. & OTHER EMP. BENEFITS 43,270$ 25,601$ 30 PAYROLL TAXES 13,303$ 6,040$
31 WORKMAN'S COMPENSATION 7,001$ 5,469$
32 OTHER ADMINISTRATIVE EXPENSES (Itemize)7,874$ 9,739$ 33 SUB-TOTAL ADMINISTRATIVE (19 thru 32)200,627$ 182,263$ 34 REAL ESTATE TAXES 8,521$ 10,239$ increase in units that did not qualify for exemption 35 SPECIAL ASSESSMENTS 666$ 648$ sewer assessment 36 OTHER TAXES, LICENSES & PERMITS 15$ 31$ CA use tax filing - items purchased online 37 PROPERTY & LIABILITY INSURANCE 22,319$ 24,434$ moved Board coverage 38 FIDELITY COVERAGE INSURANCE 54$ 14$ board insurance coverage 39 OTHER INSURANCE 1,154$ 2,376$ board insurance coverage 40 SUB-TOTAL TAXES & INSURANCE (34 thru 39)32,729$ 37,743$ 41 TOTAL O&M EXPENSES (11+18+33+40)492,491$ 437,432$

PART II -- OPERATING AND MAINTENANCE EXPENSE SCHEDULE
If master metered ,
check box
on front.
-53

Position 3 FORM APPROVED
OMB NO. 0575-0189MULTI-FAMILY HOUSING

BORROWER BALANCE SHEET

PART I - BALANCE SHEET
Form RD 3560-10
(02-05)
PROJECT NAME BORROWER NAME BORROWER ID AND PROJECT NO.

CURRENT YEAR PRIOR YEAR COMMENTS
BEGINNING DATES>
ENDING DATES>
(())

ASSETS () ()

CURRENT ASSETS

1. GENERAL OPERATING ACCOUNT . . . . . . . . . . . . . . . . . . . .

2. R.E. TAX & INSURANCE ACCOUNT . . . . . . . . . . . . . . . . . . .

3. RESERVE ACCOUNT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. SECURITY DEPOSIT ACCOUNT . . . . . . . . . . . . . . . . . . . . . . .

5. OTHER CASH (identify) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. OTHER (identify) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. TOTAL ACCOUNTS RECEIVABLE (Attach list) . . . . . . . . . . . . . . . . . .

8. LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS. . . . . . .

9. INVENTORIES (supplies) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10. PREPAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. 12.TOTAL CURRENT ASSETS (Add 1 thru 11) . . . . . . . . . . . .

FIXED ASSETS

13. LAND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. BUILDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. LESS: ACCUMULATED DEPRECIATION . . . . . . . . . . . . . . .

16. FURNITURE & EQUIPMENT . . . . . . . . . . . . . . . . . . . . . . . . . .

17. LESS: ACCUMULATED DEPRECIATION . . . . . . . . . . . . . . . ()()

18. 19.TOTAL FIXED ASSETS ( Add 13 thru 18) . . . . . . . . . . . . .

OTHER ASSETS

20. 21.TOTAL ASSETS ( Add 12, 19, and 20) . . . . . . . . . . . . . . . . .

CURRENT LIABILITIES
ACCTS PAYABLE 0-30 DAYS

23. NOTES PAYABLE (Attach list) . . . . . . . . . . . . . . . . . . . . . . . . . .

24. SECURITY DEPOSITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25.TOTAL CURRENT LIABILITIES (Add 22 thru 24) . . . . . . .

According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information collection is 0575-0189. The time required to complete this information collection is estimated to average 2 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.

LIABILITIES AND OWNERS EQUITY

22. TOTAL ACCOUNTS PAYABLE (Attach list) . . . . . . . . . . . . . . . . . . . .

ACCTS PAYABLE 60-90 DAYS
ACCTS PAYABLE 30-60 DAYS
ACCTS PAYABLE OVER 90 DAYS
ACCTS RCVBL 0-30 DAYS
ACCTS RCVBL 30-60 DAYS
ACCTS RCVBL 60-90 DAYS
ACCTS RCVBL OVER 90 DAYS
()()
()()
$
$
$
$
$
$
$
$

LONG-TERM LIABILITIES

26. NOTES PAYABLE RURAL DEVELOPMENT

27. OTHER (Identify)
$722,280.99
722,280.99
,223.30
i,223.3028. TOTAL LONG-TERM LIABILITIES (Add 26 and 2 7)

29. TOTAL LIABILITIES (Add 25 and 28)

30. OWNER'S EQUITY (Net Worth) (21 minus 29}.... ...... . ^ 3,593,713 .69 )|( 3,305,533.79)] 872,705.43 915,414.50

31. TOTAL LIABILITIES AND OWNER'S EQUITY
(Add 29 and 30)$4,466,419.12 $4,220,948.29
Warning: Section 1001 of Title 18, United States Code provides: "Whoever, in any matter within the jurisdiction any ofdepartmda^artment or agency of the United States knowingly and willfully falsifies, conceals or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined under this title or imprisoned not more than five years, or both.

I HAVE READ THE ABOVE WARNING STATEMENT AND I HEREBY CERTIFY THE FOREGOING FNFORMATION IS COMPLETE AND ACCURATE TO THE BEST OF MY KNOWLEDGE.
5/^0^^L^JOSL^
(Date)(Signature of Borrower or Borrower' Representative) "Tr^Lb-jre-T
(Title)

PART II - VERIFICATION OF REVIEW
I/We have reviewed the borrower's records. The accompanying balance sheet, and statement of actual budget and income on Form RD 1930-7, is a fair presentation of the borrower's records.

I/We certify that no identity of interest exists between me/us and any individual or organization doing business with the project 01- borrower.
(Date)(Signature)
(Name and Title)
(Address)
/ I In lieu of the above verification and signature, a review completed, dated and signed by a person or firm qualified by I license or certification is attached.

SUPPLEMENTARY CONTRACT INFORMATION FOR

NEIGHBORWORKS AMERICA

Capital Capital Capital Capital Capital Capital
Expendable Projects Projects Projects Projects Projects Projects Grants LADMIII CDLF TPII Guad Court IV, LADERA, AGA Del Rio Ridge Totals ASSETS
Cash $ 233,928 $ - $- $- - $- $- $ 233,928 Certificates of Deposit 74,929 - - - - 375,000 449,929 Other Investments - - - - 213,333 - - 213,333 Notes Receivable - 1,075,000 125,000 770,000 - - - 1,970,000 Building Improvements - - - - - 284,265 - 284,265 TOTAL ASSETS 308,857 1,075,000 125,000 770,000 213,333 284,265 375,000 3,151,455

LIABILITIES AND NET ASSETS
Liabilities:

Accounts Payable - - - - - - - - Total Liabilities - - - - - - - - Net Assets:

Without Donor Restrictions 308,857 1,075,000 125,000 770,000 213,333 284,265 375,000 3,151,455 With Donor Restrictions:

Restricted for Specific Purposes - - - - - - - - NeighborWorks America Capital Fund - - - - - - - - Total Net Assets 308,857 1,075,000 125,000 770,000 213,333 284,265 375,000 3,151,455 TOTAL LIABILITIES AND NET ASSETS $ 308,857 $ 1,075,000 $ 125,000 $ 770,000 213,333 $284,265 $375,000 $ 3,151,455 Capital Capital Capital Capital Capital Capital
Expendable Projects Projects Projects Projects Projects Projects Grants LADMIII CDLF TPII Guad Court IV, LADERA, AGA Del Rio Ridge Totals Balance at Beginning of Year $ 275,472 $ 1,075,000 $ 125,000 $ 770,000 213,333 $284,265 $- $ 2,743,070 Additions 392,000 - - - - 375,000 767,000 Applied (358,895) - - - - - - (358,895) Interest Earned 280 - - - - - - 280 Net Assets
Without Donor Restrictions 308,857 1,075,000 125,000 770,000 213,333 284,265 375,000 3,151,455 With Donor Restrictions:

Restricted for Specific Purposes - - - - - - - - NeighborWorks America Capital Fund - - - - - - - - Net Assets at End of Year $ 308,857 $ 1,075,000 $ 125,000 $ 770,000 213,333 $284,265 $375,000 $ 3,151,455 Interest income in the amount of $27,472 was earned on the net assets of the Neighborworks America Grant funds and was available for unrestricted use by the Organization.

NEIGHBORWORKS AMERICA EXPENDABLE GRANTS
JUNE 30, 2021

PEOPLE'S SELF-HELP HOUSING CORPORATION

SCHEDULE OF FINANCIAL POSITION

NEIGHBORWORKS AMERICA EXPENDABLE GRANTS
JUNE 30, 2021

PEOPLE'S SELF-HELP HOUSING CORPORATION

STATEMENT OF ACTIVITIES
-56-

Grant Bennett Associates

A PROFESSIONAL CORPORATION

www.gbacpa.com
10850 Gold Center Drive, Suite 260 1970 Broadway, Suite 260 Rancho Cordova, CA 95670 Oakland, CA 94612 Princeville, HI 916/922-5109 FAX 916/641-5200 510/817-4886 888/763-7323

Together as One. Grant Bennett Associates is a Member of the Alliott Global Alliance of independent professional firms. -57-

INDEPENDENT AUDITOR’S REPORT ON

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

REQUIRED BY THE UNIFORM GUIDANCE

Board of Directors
People’s Self-Help Housing Corporation
San Luis Obispo, California

We have audited the financial statements of People’s Self-Help Housing Corporation as of and for the year ended June 30, 2021, and have issued our report thereon dated September 30, 2021, which contained an unmodified opinion on those financial statements.

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is n ot a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and their 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 schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole.

GRANT BENNETT ASSOCIATES

A PROFESSIONAL CORPORATION
Certified Public Accountants

Rancho Cordova, California
September 30, 2021

PEOPLE'S SELF-HELP HOUSING CORPORATION

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2021
Federal Disbursements/
GRANTOR Grant Number CFDA Number Expenditures
U. S. DEPARTMENT OF AGRICULTURE
Direct:

Rural Self-Help Housing Technical Assistance N/A 10.420 $ 348,121 Subtotal 10.420 348,121
Rural Rental Assistance Payments - Pacific View N/A 10.427 169,659 Rural Rental Assistance Payments - Los Adobes de Maria N/A 10.427 67,552 Subtotal 10.427 237,211
TOTAL U.S. DEPARTMENT OF AGRICULTURE 585,332
U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Passed through:

City of Ventura - Community Development Block Grant - El Patio N/A 14.218 1,999 City of Ventura - Community Development Block Grant - El Patio N/A 14.218 7,552 County of Santa Barbara - Community Development Block Grant - Carpenteria N/A 14.218 7,842 County of Ventura - Community Development Block Grant - El Patio N/A 14.218 30,000 County of Ventura - Community Development Block Grant - Rancho Sespe N/A 14.218 20,000 Subtotal 14.218 CDBG - Entitlement Grants Cluster 67,393 Direct:

Supportive Housing MFSC189883-01-02 14.191 60,595
Supportive Housing MFSC189883-01-03 14.191 61,976
Supportive Housing MSCC210472-01-01 14.191 11,368
Subtotal 14.191 133,939
TOTAL U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 201,332 U. S. DEPARTMENT OF TREASURY
Direct:

NeighborWorks America - Operating Grant - Expendable N/A 21.000 182,500 NeighborWorks America - Operating Grant - Expendable N/A 21.000 190,000 NeighborWorks America - Operating Grant - Expendable N/A 21.000 290,000 NeighborWorks America - Operating Grant - Expendable N/A 21.000 290,000 NeighborWorks America - Operating Grant - Expendable N/A 21.000 1,395 NeighborWorks America - Operating Grant - Expendable N/A 21.000 100,000 NeighborWorks America - Operating Grant - Expendable N/A 21.000 5,000 NeighborWorks America - Operating Grant - Expendable N/A 21.000 17,500 NeighborWorks America - Operating Grant - Expendable N/A 21.000 15,000 NeighborWorks America - Operating Grant - Expendable N/A 21.000 20,000 NeighborWorks America - Operating Grant - Expendable N/A 21.000 1,500 NeighborWorks America - Operating Grant - Expendable N/A 21.000 4,000 Subtotal 21.000 1,116,895
TOTAL U. S. DEPARTMENT OF TREASURY 1,116,895
U. S. DEPARTMENT OF HEALTH AND HUMAN SERVICES
Passed through:

California Coalition for Rural Housing - Assets for Independence N/A 93.602 13,430 TOTAL U. S. DEPARTMENT OF HEALTH AND HUMAN SERVICES 13,430 TOTAL EXPENDITURES 1,916,989

LOANS
U. S. DEPARTMENT OF AGRICULTURE
Rural Rental Housing Loans - Pacific View 10.415 1,140,754 Rural Rental Housing Loans - Los Adobes de Maria 10.415 722,289 Subtotal 10.415 1,863,043
TOTAL U.S. DEPARTMENT OF AGRICULTURE LOANS 1,863,043
- 58 -

PEOPLE'S SELF-HELP HOUSING CORPORATION

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2021
Federal Disbursements/
GRANTOR Grant Number CFDA Number Expenditures

LOANS - CONTINUED
U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
County of San Luis Obispo- Sea Haven 14.218 131,959
City of Santa Barbara - Victoria Hotel 14.218 430,000
City of Santa Barbara- Ladera 14.218 910,937
County of Santa Barbara - Dahlia Court 14.218 250,800
City of Atascadero - Atascadero Gardens 14.218 80,000
County of Santa Barbara - Ellwood 14.218 277,500
City of Santa Maria - LDM2 14.218 245,800
City of Arroyo Grande - Cawelti Court 14.218 340,359
Subtotal 14.218 & CDBG - Entitlement Grants Cluster 2,667,355 County of San Luis Obispo- Schoolhouse Lane Land 14.239 540,000 Department of Housing and Community Development - Sea Haven 14.239 894,523 City of Santa Barbara - Victoria Street Apartments 14.239 378,464 City of Santa Barbara - Victoria Street Apartments 14.239 480,000 County of San Luis Obispo - La Brisa 14.239 615,675
County of San Luis Obispo - Brizzolara 14.239 200,000
County of San Luis Obispo- Atascadero Gardens 14.239 150,000 County of Santa Barbara - Dahlia Court 14.239 422,000
City of Santa Barbara - Victoria Hotel 14.239 700,000
County of Santa Barbara - Ellwood 14.239 425,000
City of Goleta - Ellwood 14.239 200,000
Department of Housing and Community Development - Cawelti Court 14.239 899,612 Subtotal 14.239 5,905,274
TOTAL U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOANS 8,572,629 TOTAL LOANS 10,435,672

TOTAL EXPENDITURES OF FEDERAL AWARDS $12,352,661
Note A: Basis of Presentation
Note B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note C: LOANS OUTSTANDING
Program Title CFDA #June 30, 2020 June 30, 2021
Rural Rental Housing Loans 10.415 $ 3,677,859 $ 1,863,043 Community Development Block Grants/Entitlement Grants 14.218 $ 2,489,299 $ 2,667,355 Home Investment Partnerships Program 14.239 $ 7,063,704 $ 5,905,274 The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of People's Self-Help Housing Corportion under programs of the federal government for the year ended June 30, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of People's Self-Help Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of People's Self- Help Housing Corportion.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) People's Self-Help Housing Corportion has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.

The following program had federally-funded loans outstanding at June 30, 2021:

Amounts Outstanding
- 59 -

Grant Bennett Associates

A PROFESSIONAL CORPORATION

-60-

INDEPENDENT AUDITOR’S 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

Board of Directors
People’s Self-Help Housing Corporation
San Luis Obispo, California

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 financial statements of People’s Self-Help Housing Corporation, which comprise the statement of financial position as of June 30, 2021, and the related statements of activities, functional expenses and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated September 30, 2021.

Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered Organization’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 Organization’s internal control. Accordingly, we do not express an opinion on the effectiveness of Organization’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 t imely basis. A material weakness is a deficiency, or 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 limitat ions, 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.

www.gbacpa.com
10850 Gold Center Drive, Suite 260 1970 Broadway, Suite 260 Rancho Cordova, CA 95670 Oakland, CA 94612 Princeville, HI 916/922-5109 FAX 916/641-5200 510/817-4886 888/763-7323

Together as One. Grant Bennett Associates is a Member of the Alliott Global Alliance of independent professional firms.

-61-
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Organization’s financial statements are free of 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.

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.

GRANT BENNETT ASSOCIATES

A PROFESSIONAL CORPORATION
Certified Public Accountants

Rancho Cordova, California
September 30, 2021

Grant Bennett Associates

A PROFESSIONAL CORPORATION

-62-
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE

FOR EACH MAJOR PROGRAM AND ON INTERNAL

CONTROL OVER COMPLIANCE REQUIRED BY

THE UNIFORM GUIDANCE

Board of Directors
People’s Self-Help Housing Corporation
San Luis Obispo, California

Report on Compliance for Each Major Federal Program
We have audited People’s Self-Help Housing Corporation’s compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of People’s Self-Help Housing Corporation’s major federal programs for the year ended June 30, 2021. People’s Self-Help Housing Corporation’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.

Management’s Responsibility
Management is responsible for compliance with federal statues, regulations, and the terms and conditions of its federal awards applicable to its federal programs.

Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of People’s Self-Help Housing Corporation’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types compliance requirements referred to above that could have a direct and material effect on a major federal programs occurred. An audit includes examining, on a test basis, evidence about People’s Self-Help Housing Corporation’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of People’s Self-Help Housing Corporation’s compliance.

-63-

Opinion on Each Major Federal Program
In our opinion, People’s Self-Help Housing Corporation complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2021.

Report on Internal Control Over Compliance
Management of People’s Self-Help Housing Corporation is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered People’s Self-Help Housing Corporation’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of int ernal control over compliance. Accordingly, we do not express an opinion on the effectiveness of People’s Self-Help Housing Corporation’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirements of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal contro l over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

www.gbacpa.com
10850 Gold Center Drive, Suite 260 1970 Broadway, Suite 260 Rancho Cordova, CA 95670 Oakland, CA 94612 Princeville, HI 916/922-5109 FAX 916/641-5200 510/817-4886 888/763-7323

Together as One. Grant Bennett Associates is a Member of the Alliott Global Alliance of independent professional firms.

-64-
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.

GRANT BENNETT ASSOCIATES

A PROFESSIONAL CORPORATION
Certified Public Accountants

Rancho Cordova, California
September 30, 2021

-65-
PEOPLE’S SELF-HELP HOUSING CORPORATION

SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30, 2021

A. SUMMARY OF AUDITOR’S RESULTS
Financial Statements

1. Type of Audit Report Issued

UNMODIFIED

2. Internal Control Over Financial Reporting:

Material Weakness(es) Identified
Significant Deficiency(ies) Identified

NONE

NONE REPORTED

3. Noncompliance Material to Financial Statements

NONE REPORTED
Federal Awards

1. Internal Control Over Major Programs:

Material Weakness(es) Identified
Significant Deficiency(ies) Identified

NONE

NONE REPORTED

2. Type of Auditor’s Report Issued on Compliance
for Major Programs

UNMODIFIED

2. Uniform Guidance Audit Finding
Disclosed by Audit

NONE REPORTED

4. Major Programs:

21.000 – NeighborWorks America

10.415 – Rural Rental Housing
Loans

5. Dollar Threshold for Type A Programs

$750,000

6. Auditee Qualification

LOW RISK
B. Findings Relating to the Financial Statements which
are Required to be Reported in Accordance with
GAGAS

NONE REPORTED

C. Findings and Questioned Costs for Federal Awards
Including Audit Findings Defined in
the Uniform Guidance

NONE REPORTED

-66-

PEOPLE’S SELF-HELP HOUSING CORPORATION

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FOR THE YEAR ENDED JUNE 30, 2021

There were no prior year findings.

April 4, 2022

To: The City of Pismo Beach

Shower the People (STP) is an all-volunteer mobile shower program that provides access to a free hot shower to the homeless in our community. We have provided just under 8,000 showers at our 4 shower sites since October 2018. The need for mobile showers for our communities homeless individuals remains great; in just the first quarter of this year STP has already provided 1,111 showers at our shower sites.

The goal of our program is to provide sites that are welcoming, safe, clean and reliable. We believe that an opportunity to take a shower gives homeless individuals the opportunity to be and feel clean, healthy and presentable. Our volunteers have seen the difference that a hot shower makes to an individual’s physical presence as well as to their overall outlook on life.

The cost of our shower program has grown as our customer base has grown. STP volunteers continue to use masks, gloves and strong disinfectant to combat the spread of disease. Every shower guest receives a 2oz bottle of hand disinfectant, a packet of biodegradable outdoor wipes, a new face mask, as well new boxers, a new t-shirt and socks, toothbrush/toothpaste and a comb. Our mobile unit and van are aging with use but are kept in great condition both inside and outside by our Operations Manager. And, to no surprise, our gas costs have now skyrocketed.

Our funding request to the City of Pismo Beach is for $7,500. This funding will allow us to continue our shower program for the homeless at our current busy sites in South County, and in San Luis Obispo.

Thank you,
Gwen Watkins

President of the Board
Shower the People

showerthepeopleslo.org

SHOWER THE PEOPLE
Statement of Financial Position
As of December 31, 2021
Cash Basis Friday, January 7, 2022 08:53 PM GMT-08:00 1/1 TOTAL
ASSETS
Current Assets
Bank Accounts
1000 Pacific Premier - Daily Operations 23,256.43
1100 Pacific Premier - Vehicle / Trailer Reserve Funds 51,176.14 1200 QuickBooks Checking Account - Operating Reserve Fund 100,556.01 Total Bank Accounts $174,988.58
Total Current Assets $174,988.58
Fixed Assets
6000 Mobile Shower Unit - Rich Trailers 41,769.46
6001 2018 Chev Express Van VIN 25880 25,157.95
6007 Accum depr -27,791.00
Total Fixed Assets $39,136.41
TOTAL ASSETS $214,124.99

LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
suspense 0.00
Total Other Current Liabilities $0.00
Total Current Liabilities $0.00
Total Liabilities $0.00
Equity
Prior Years Equity 162,831.94
Net Revenue 51,293.05
Total Equity $214,124.99
TOTAL LIABILITIES AND EQUITY $214,124.99

SHOWER THE PEOPLE
Statement of Revenue and Expenses
January - December 2021
JAN - DEC 2021 TOTAL
Revenue
2000 Individual Donations 33,880.04 $33,880.04
2100 Corporate Contributions 460.50 $460.50
2200 Government Contributions 30,000.00 $30,000.00
2300 Foundation Contributions 23,585.00 $23,585.00
2400 Church Contributions 6,223.00 $6,223.00
2500 Misc Interest Income 579.88 $579.88
Total Revenue $94,728.42 $94,728.42
GROSS PROFIT $94,728.42 $94,728.42
Expenditures
3000 Tshirts 4,401.40 $4,401.40
3010 Boxers / Underwear 3,150.60 $3,150.60
3020 Socks 400.00 $400.00
3030 Toothbrush/Toothpaste/Comb/Razor/Feminine 584.35 $584.35 3040 Propane 332.24 $332.24
3050 Cleaning Supplies / Gloves 1,125.34 $1,125.34
3060 Soap/Shampoo/Toilet Paper 150.47 $150.47
3070 Van/Trailer Maintenance and Repairs 2,370.54 $2,370.54 3080 Gasoline 3,190.51 $3,190.51
3110 Van / Trailer Insurance 5,467.36 $5,467.36
3130 Volunteer Recognition / Training 201.56 $201.56
3140 Volunteer Tshirts 613.31 $613.31
3150 General Liability Insurance 5,504.63 $5,504.63
3160 Communications / Internet / Software 1,517.34 $1,517.34 3170 Office/General Administrative Expenditures 1,559.23 $1,559.23 3180 COVID PPE EXPENSES 3,918.38 $3,918.38
3190 Biodegradable Body Wipes 8,948.11 $8,948.11
Total Expenditures $43,435.37 $43,435.37
NET OPERATING REVENUE $51,293.05 $51,293.05
NET REVENUE $51,293.05 $51,293.05

Cash Basis Friday, January 7, 2022 09:00 PM GMT-08:00 1/1

San Luis Obispo Coast Wine Collective
PO Box 607
Pismo Beach, CA, 93448
P: (805) 550-2506

[email protected]
slocoastwine.com

Mr. Jim Lewis and Council
City of Pismo Beach
760 Mattie Road
Pismo Beach, CA 93449

RE: Outside Agency Funds Request for 2023

Dear Mr. Lewis and Council,
Thank you for the opportunity to be considered for support from the City of Pismo Beach.

The San Luis Obispo Wine Collective came to inception in 1997 with the specific purpose to improve business conditions of the grape growing and wine producing industry in our region. Since then, our mission has evolved to include establishing the San Luis Obispo Coast as a premier California wine region, committed to promoting our wines and vineyards among consumers, trade and media. To do so, we need to expand our reach by partnering with our local communities to create exciting, educational, and elevated coastal wine experiences for consumers. Our Collective is currently comprised of 38 wineries and growers who are all committed to this goal. Due to our limited size, we need support from partners like Pismo Beach to establish new events that will entice visitors to come and experience all we have to offer on the SLO Coast.

Our inaugural SLO Coast Wine Classic held on April 2, 2022, at Dinosaur Caves Park was a great success.

The costs associated with establishing a new event are higher than ever, but we believe it can grow into a new signature event and encourage visitation early in the year when winery and tourism traffic is at its slowest. The attendance for 2022 was 120 guests. We intend to double that for 2023 and include wine dinners and wine tastings with restaurant partners in Pismo Beach the weekend of the event to extend our reach over multiple days. The ADR for April 2nd was $250 a night. Historically, about 50% of attendees for our events are from outside the county. If we can double attendance in 2023, and expect attendees to stay two nights, it could provide 120 night stays for 2023.

The SLO Coast Wine Collective is requesting $26,000 from the City of Pismo Beach. The funding will go towards the hard costs of hosting the event including site fees, tenting, restrooms, shuttle services, and security. Assistance with these costs will support the growth of the event and help to create a new annual, elevated, coastal wine experience that our region has longed for. A contribution from Pismo Beach will give us the jumpstart we need to execute the event and expand our fundraising efforts for our organization.

We believe that the SLO Coast Wine Classic is consistent with the mission and interests of Pismo Beach, specifically to enhance a vibrant tourist-based economy, while becoming a world-renowned tourist destination. This mission aligns perfectly with our goals in establishing the SLO Coast as a premier California Wine region, while preserving the charming and down-to-earth character of our communities. The SLO Coast Wine Classic would be the first potentially annual wine event that our organization would be hosting in Pismo Beach and will encourage visitors to the SLO Coast AVA to stay in Pismo Beach and continue the “Wine and Waves” campaign that is already established.

San Luis Obispo Coast Wine Collective
PO Box 607
Pismo Beach, CA, 93448
P: (805) 550-2506

[email protected]
slocoastwine.com

Thank you, again, for your consideration. If I can provide additional information to encourage consideration of our request, please feel free to contact me. I would also be happy to personally meet with your committee to present this proposal.

Sincerely,

Kathleen Naughton
Executive Director
San Luis Obispo Coast Wine Collective

Dec 31, 21 Dec 31, 20
ASSETS
Current Assets
Checking/Savings
1013 · Pacific Premier #7348 -1,895.95 11,422.55
Total Checking/Savings -1,895.95 11,422.55
Accounts Receivable
1200 · Accounts receivable 1,450.00 2,700.00
Total Accounts Receivable 1,450.00 2,700.00
Other Current Assets
Inventory 1,656.50 1,656.50
1281 · PrePaid Insurance-Worker Comp 277.50 431.50
1280 · PrePaid Insurance-Liability 437.38 176.75
Total Other Current Assets 2,371.38 2,264.75
Total Current Assets 1,925.43 16,387.30
Fixed Assets
1430 · Computers and peripherals 1,604.67 1,604.67
Total Fixed Assets 1,604.67 1,604.67
TOTAL ASSETS 3,530.10 17,991.97

LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
2000 · Accounts Payable 1,962.87 1,092.55
Total Accounts Payable 1,962.87 1,092.55
Credit Cards
2090 · Elan/ Visa Rabo Bank #6857 302.97 87.99
Total Credit Cards 302.97 87.99
Other Current Liabilities
SBA PPP Loan 16,005.00 0.00
Accrued Payroll 3,270.44 3,276.36
Total Other Current Liabilities 19,275.44 3,276.36
Total Current Liabilities 21,541.28 4,456.90
Long Term Liabilities
Line of credit - Pacific Premie 0.00 24,000.00
Total Long Term Liabilities 0.00 24,000.00
Total Liabilities 21,541.28 28,456.90
Equity
3900 · Fund balance -10,464.93 -13,419.94
Net Income -7,546.25 2,955.01
Total Equity -18,011.18 -10,464.93
TOTAL LIABILITIES & EQUITY 3,530.10 17,991.97
2:46 PM SLO Coast Wine Collective
04/27/22 Balance Sheet
Accrual Basis As of December 31, 2021

Jan - Dec 21 Jan - Dec 20 $ Change
Ordinary Income/Expense
Income
3000 · Income 139,752.86 205,580.63 -65,827.77
Total Income 139,752.86 205,580.63 -65,827.77
Gross Profit 139,752.86 205,580.63 -65,827.77
Expense
Dues and Taxes 0.00 25.00 -25.00
5069 · PERSONNEL 79,362.50 81,633.62 -2,271.12
Payroll Fees 42.00 54.25 -12.25
5000 · Expenses
5300 · CONTRACTORS 43,065.00 43,752.91 -687.91
5005 · ADVERTISING 7,414.00 14,000.00 -6,586.00
5010 · Associate Member BBQ 300.00 0.00 300.00
5015 · Auction Expense 12,785.00 11,300.00 1,485.00
5025 · Bank and Credit Card Fees 348.93 2,694.75 -2,345.82 5030 · Brochure 5,948.46 0.00 5,948.46
5040 · Computer 205.14 375.65 -170.51
5045 · CONFERENCE & EDUCATION 0.00 1,590.00 -1,590.00
5050 · Dinner Expense 2,666.97 0.00 2,666.97
5055 · Dues 349.00 349.00 0.00
5060 · ENTERTAINMENT 46.33 199.26 -152.93
5085 · Graphic Design 5,739.63 0.00 5,739.63
5090 · Insurance (Liability & Liquor)1,979.97 2,058.44 -78.47 5095 · Insurance (D&O)192.00 557.00 -365.00
5100 · Interest Expense 628.93 4,859.98 -4,231.05
5125 · Postage & Freight 188.00 171.60 16.40
5140 · Map/Brochure - Distribution 0.00 9,882.93 -9,882.93 5145 · Map/Brochure - Printing 790.00 9,295.30 -8,505.30 5170 · Sign Posts 0.00 2,918.00 -2,918.00
5177 · Rental Storage 3,808.00 3,547.00 261.00
5178 · Strategic Planning 0.00 4,250.00 -4,250.00
5180 · Supplies 500.00 2,395.02 -1,895.02
5200 · Telephone 1,428.47 1,492.64 -64.17
5205 · TRAVEL / MILEAGE 1,125.60 2,034.01 -908.41
5215 · Website 3,280.91 2,757.76 523.15
5220 · Workers Comp 656.00 431.50 224.50
Total 5000 · Expenses 93,446.34 120,912.75 -27,466.41
Merchant deposit fees 193.27 0.00 193.27
Total Expense 173,044.11 202,625.62 -29,581.51
Net Ordinary Income -33,291.25 2,955.01 -36,246.26
Other Income/Expense
Other Income
California Relief Program Grant 15,000.00 0.00 15,000.00 9000 · In kind donations 10,745.00 0.00 10,745.00
Total Other Income 25,745.00 0.00 25,745.00
Net Other Income 25,745.00 0.00 25,745.00
Net Income -7,546.25 2,955.01 -10,501.26
2:46 PM SLO Coast Wine Collective
04/27/22 Profit & Loss
Accrual Basis January through December 2021

Jan - Dec 21

OPERATING ACTIVITIES
Net Income -7,546.25
Adjustments to reconcile Net Income
to net cash provided by operations:
1200 · Accounts receivable 1,250.00
1281 · PrePaid Insurance-Worker Comp 154.00
1280 · PrePaid Insurance-Liability -260.63
2000 · Accounts Payable 870.32
2090 · Elan/ Visa Rabo Bank #6857 214.98
SBA PPP Loan 16,005.00
Accrued Payroll -5.92
Net cash provided by Operating Activities 10,681.50

FINANCING ACTIVITIES
Line of credit - Pacific Premie -24,000.00
Net cash provided by Financing Activities -24,000.00
Net cash increase for period -13,318.50
Cash at beginning of period 11,422.55
Cash at end of period -1,895.95
2:46 PM SLO Coast Wine Collective
04/27/22 Statement of Cash Flows
January through December 2021

Jan - Dec 22
Ordinary Income/Expense
Income
3000 · Income 465,724.00
Total Income 465,724.00
Gross Profit 465,724.00
Expense
5069 · PERSONNEL 84,507.50
Payroll Fees 0.00
5000 · Expenses
5300 · CONTRACTORS 117,500.00
5005 · ADVERTISING 27,500.00
5007 · Grant Expense 2,500.00
5015 · Auction Expense 3,340.00
5025 · Bank and Credit Card Fees 5,376.00
5030 · Brochure 18,400.00
5040 · Computer 2,000.00
5045 · CONFERENCE & EDUCATION 8,875.00
5055 · Dues 500.00
5060 · ENTERTAINMENT 4,500.00
5075 · Food 23,000.00
5080 · Glasses 6,210.00
5085 · Graphic Design 16,500.00
5090 · Insurance (Liability & Liquor)2,700.00
5095 · Insurance (D&O)600.00
5100 · Interest Expense 1,200.00
5110 · License 425.00
5125 · Postage & Freight 1,500.00
5127 · PR Travel 4,200.00
5140 · Map/Brochure - Distribution 0.00
5145 · Map/Brochure - Printing 790.00
5152 · ReBranding 1,000.00
5155 · Rental Supplies 56,665.00
5165 · Security 2,800.00
5175 · Signage 2,900.00
5177 · Rental Storage 3,636.00
5178 · Strategic Planning 0.00
5180 · Supplies 4,350.00
5190 · T-Shirt Costs 1,000.00
5200 · Telephone 1,620.00
5205 · TRAVEL / MILEAGE 9,224.00
5215 · Website 1,920.00
5220 · Workers Comp 656.00
Total 5000 · Expenses 333,387.00
Total Expense 417,894.50
Net Ordinary Income 47,829.50
Net Income 47,829.50
2:49 PM SLO Coast Wine Collective
04/27/22 Profit & Loss Budget Overview
Accrual Basis January through December 2022

Trust Fund
j-Tousing
r f LUIS oeISPO COUN ry
April 5, 2022
Delivered via email to TGoodman@l'ismoBeach.org
City of Pismo Beach
Attn: Julia Goodman
760 Mattie Road
Pismo Beach, CA 93449
Re: Request for Contribution
Dear Mr. Lewis, Mayor Waage, and Members of the Council:

The San Luis Obispo County Housing Trust Fund (HTF) requests a $3.000 contribution from the City of Pismo Beach for FY 2022-2023.

The HTF is a nonprofit organization whose mission is to increase the supply of affordable housing throughout San Luis Obispo County. We also serve our mission by providing financing and technical assistance for affordable housing projects. Since we began lending in 2005, our local lending activity has been quite robust. In fact, we currently have over $3 million in five committed loans in our pipeline; one of which will finance a 50-unit project that is located in Pismo Beach (Pismo Terrace). Over the years, our closed loans have created or preserved over 1,200 affordable homes throughout San Luis Obispo County.

These loans have also assisted in the generation of more than $300 million of economic activity throughout the County.

1. The Goals and Challenges We Have Met this Year.

The primary challenge faced by the organization again in 2021 was our continuing positive reaction to challenges of the pandemic. Clearly, this even was not anticipated, but our prompt corrective actions have greatly limited the impact of the pandemic on our business operations. As a result of swift organizational actions as the pandemic unfolded, we were again able to adjust our business operations and exceed our budget projections for 2021.

Our greatest continuing challenge is our pursuit of additional lending capital (both debt rind equity) so that we can better serve our stated mission "to increase the local supply of affordable housing for very low, low and moderate individuals and families of San Luis Obispo County, including households with special needs". Simply stated, we consistently have an abundance of very good quality loan demand that is currently going unmet. With additional lending capital, we could be offering commitments to fund even more loans — which is our clear goal.

2. Purpose of the Requested Funds.

This request is being made to cover a small portion (less than one-half of oiw percent) of our $657,600 annual operating budget. The requested funds will be combined with funds from other sources to pay a portion of our costs for salaries, professional services (mostly accounting and legal), interest on our borrowed loan funds, and other operating costs. Without sufficient operating revenues, we cannot provide financing or technical assistance to our communities. Our general operating costs are anticipated to be higher this year due to rising interest rates and economic pressures as well as the lingering impact of the pandemic. 71 Zaca Lane, Suite 130, San Luis Obispo, CA 93401 • (805) 543-5970 ♦ www_slochtf org

San Luis Obispo County Housing Trust Fund
INCOME
Local Government Grants
Corporate Contributions
Federal/State Grants
In -Kind Contributions
Loan Interest Income
Loan Fee Income
Interest on Deposits
Total Income
2022
Budge)
jinni
$38,000
$32,500
$20,000
$0
$539,400
$21,200
$6,500
$657,600
2022
Budget
,final

EXPENSES
Personnel Expenses
Salaries and Wages $293,800
Payroll Tax l Emp Benefit; $79,000
Professional Services $58,000
Non -Personnel Expenses
Rent & Utilities $21,000
Office Expenses $70,800
Loan Fund Expenses
Interest Expenses $135,000
Total Expenses
S657,600
Change in Assets so

San Luis Obispo County Housing Trust Fund
Financial Statements
Year Ended December 31, 2021

San Luis Obispo County Housing Trust Fund
Financial Statements
Year Ended December 31, 2021
Table of Contents
Page
Independent Auditors' Report 3-5
Statement of Financial Position 6
Statement of Activities and Changes in Net Assets 7
Statement of Functional Expenses 8
Statement of Cash Flows 9
Notes to Financial Statements 10-22
Federal Awards
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
Independent Auditors' Report on Compliance For Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance Schedule of Expenditures of Federal Awards
Notes to Schedule of Expenditures of Federal Awards
Schedule of Findings and Questioned Costs
Status of Prior Year Findings and Questioned Costs — December 31, 2020 24-25
26-28
29 30
31 32
2 CERTIFIE❑ PUBLIC ACCOUNTANTS
0 GLENN BURDETTE
Independent Auditors' Report
To the Board of Directors of
San Luis Obispo County Housing Trust Fund
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of San Luis Obispo County Housing Trust Fund (a nonprofit organization), which comprise the statement of financial position as of December 31, 2021, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of San Luis Obispo County Housing Trust Fund as of December 31, 2021, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
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 Unites States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of San Luis Obispo County Housing Trust Fund and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements 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 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. 6LENH9UROETTE.COM
3 SAN LUIS OBISPO
1150 Palm Street
San Luis Obispo, CA 93401
p 805 544 1441
805 544 4351

PASO ROBLES
102 South Vine Street, Ste. A
Paso Robles, CA 93446
p 805 232 3995
1 805 239 9332

SANTA MARIA
2222 South Broadway. Ste. A
Santa Maria, CA 93454
p 805 922 4010
805 922 4286

San Luis Obispo County Housing Trust Fund

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about San Luis Obispo County Housing Trust Fund's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

Auditor's Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 San Luis Obispo County Housing Trust Fund's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about San Luis Obispo County Housing Trust Fund's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
4 San Luis Obispo County Housing Trust Fund

Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is not a required part of the 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. 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 schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 14, 2022, on our consideration of San Luis Obispo County Housing Trust Fund's internal control 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 solely 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 the effectiveness of San Luis Obispo County Housing Trust Fund's 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 San Luis Obispo County Housing Trust Fund's internal control over financial reporting and compliance. (,e,PE-41. &J€a2 A6tz<r
Glenn Burdette Attest Corporation
San Luis Obispo, California
March 14, 2022
5 San Luis Obispo County Housing Trust Fund
Statement of Financial Position
December 31, 2021
Assets
Current assets:

Cash and cash equivalents $ 2,469,779
Contributions and grants receivable 108,405
Interest receivable 12,539
Notes and accrued interest receivable, current portion 1,067,183 Prepaid expenses 3,509
Total current assets 3,661,415
Notes and accrued interest receivable, net of current portion and allowance 12,733,299 Total assets $ 16,394,714
Liabilities and Net Assets
Current liabilities:

Accounts payable $ 9,079
Accrued payroll liabilities 11,328
Accrued interest payable 11,577
Accrued vacation payable 19,483
Current portion of notes payable 230,553
Total current liabilities 282,020
Long-term liabilities:

Lines of credit 1,500,000
Notes payable, net of current portion 3,012,441
Total long-term liabilities 4,512,441
Total liabilities 4,794,461
Net assets:

Without donor restrictions 7,326,320
With donor restrictions 4,273,933
Total net assets 11,600,253
Total liabilities and net assets $ 16,394,714
The accompanying notes are an integral part of these financial statements. 6 San Luis Obispo County Housing Trust Fund
Statement of Activities and Changes in Net Assets
December 31, 2021
Revenues and other support:

Federal grants
Contributions and grants
Fee income
Interest income - program
Interest income - cash
In -kind contributed services
Total revenues and other support
Net assets released from restrictions
Expenses:

Program Services
Supporting Services:

General and administration
Fundraising
Total expenses
Change in net assets
Net assets - beginning of year
Net assets - end of year
Without Donor
Restrictions
With Donor
Restrictions
$ $ 1,826,265
247,996 350
32,886
528,328
11,728
11,000
831,938
267,800
356,640
148,977
38,297
543,914
555,824
6,770,496
1,826,615
(267,800)
1,558,815
2,715,118
Total
$ 1,826,265
248,346
32,886
528,328
11,728
11,000
2,658,553
356,640
148,977
38,297
543,914
2,114,639
9,485,614
$ 7,326,320 $ 4,273,933 $ 11,600,253
The accompanying notes are an integral part of these financial statements. 7 San Luis Obispo County Housing Trust Fund
Statement of Functional Expenses
December 31, 2021
Supporting Services
Program General and Fund -
Services Administration Raising Total
Personnel costs:

Salaries and wages $ 156,264 $ 69,451 $ 22,323 $ 248,038 Payroll taxes and benefits 42,616 18,941 6,088 67,645
Total personnel costs 198,880 88,392 28,411 315,683
Dues and subscriptions 4,010 802 535 5,347
Education and training 566 113 76 755
Insurance 4,445 889 593 5,927
Interest 131,524 131,524
Loan origination 850 850
Occupancy 12,393 2,479 1,652 16,524
Office expense 1,642 329 219 2,190
Professional services 55,507 6,500 62,007
Telephone and communications 2,330 466 311 3,107
$ 356,640 $ 148,977 $ 38,297 $ 543,914
The accompanying notes are an integral part of these financial statements. 8 San Luis Obispo County Housing Trust Fund
Statement of Cash Flows
December 31, 2021
Cash flows from operating activities:

Change in net assets $ 2,114,639
Changes in operating assets and liabilities:

Contributions and grants receivable (29,850)
Interest receivable (5,197)
Notes and accrued interest receivable (1,742,091)
Prepaid expenses 814
Accounts payable 1,966
Accrued payroll liabilities (6,471)
Accrued interest payable (11,106)
Accrued vacation payable 3,768
Net cash provided by operating activities 326,472
Cash flows from financing activities:

Proceeds from borrowing on line of credit 1,000,000
Repayment of line of credit (1,500,000)
Repayment of notes payable (66,842)
Net cash used in financing activities (566,842)
Net decrease in cash
Cash and cash equivalents - beginning of year 2,710,149 Cash and cash equivalents - end of year $ 2,469,779
Supplemental schedule of investing and financing activities:

Cash paid for interest during the year $ 122,405
(240,370)
The accompanying notes are an integral part of these financial statements. 9 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021
Note 1: Nature of Business
The San Luis Obispo County Housing Trust Fund (the Organization) is a nonprofit corporation, incorporated in 2003 under the laws of the State of California. The mission of the Organization is to increase the supply of affordable housing for very low, low, and moderate -income residents of San Luis Obispo County, including households with special needs. Rather than directly develop or manage affordable housing, the Organization provides financing and technical assistance to private developers, non-profit corporations and local governments to support the creation and preservation of affordable housing.

The Organization is governed by the board of directors and its elected officers who are responsible for the development of policies. The Executive Director and staff conduct the Organization's activities in accordance with board -established policy.

Note 2: Summary of Significant Accounting Policies
Basis of Accounting
The financial statements have been prepared on the accrual basis of accounting which requires that revenues be recorded when earned and expenses be recorded when incurred and accordingly reflect all significant receivables, payables, and other liabilities.

Revenue and Revenue Recognition
The Organization recognizes contributions when cash, securities, or other assets; an unconditional promise to give; or a notification of a beneficial interest is received. Conditional promises to give, that is, those with a measurable performance or other barrier and a right of return, are not recognized until the conditions on which they depend have been met.

A portion of the Organization's revenue is derived from cost -reimbursable local contracts and grants, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenses.

Amounts received are recognized as revenue when the Organization has incurred expenditures in compliance with specific contract or grant provisions. Amounts received prior to incurring qualifying expenditures are reported as refundable advances in the statement of financial position.

Additionally, revenue is derived from the interest income related to notes receivable that the Organization has outstanding. Interest on the notes receivable is recognized over the term of the note and is calculated using the contractual interest rates indicated on each note on principal amounts outstanding. 10 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 2: Summary of Significant Accounting Policies (Continued) Cash and Cash Equivalents
The Organization considers all cash and highly liquid financial instruments with original maturities of three months or less, which are neither held for nor restricted by donors for long-term purposes, to be cash and cash equivalents. Cash and highly liquid financial instruments restricted to building projects, endowments that are perpetual in nature, or other long-term purposes are excluded from this definition. At December 31, 2021, there was $1,885,207 in cash equivalents.

Contributions, Grants and Accounts Receivable
It is the policy of management to review the outstanding contributions, grants and accounts receivable at year-end, as well as historical bad debt write-offs and aging analysis, and establish an allowance for doubtful accounts for estimated uncollectible amounts. At December 31, 2021, management believed that no allowance for doubtful accounts was necessary for contributions, grants or accounts receivable.

Notes and Accrued Interest Receivable
Notes and accrued interest receivable are carried at unpaid principal and accrued interest balances, net of any allowance for note losses. Management's periodic evaluation of the adequacy of the allowance is based on past loan experience. Currently, management has determined that an allowance of $19,500 for doubtful accounts would be adequate based on the Organization's credit policies, prior collection experience, grant requirements and current economic conditions; however, the Organization has established a board designated reserve of net assets of $850,000 for potential future losses as of December 31, 2021. Loans are considered impaired if full principal interest payments are not anticipated in accordance with the contractual terms. The Organization's practice would be to charge off any note or portion of a note when the loan is determined by management to be uncollectible due to the borrower's failure to meet repayment terms, the borrower's deteriorating financial condition, or other reasons.

Donated Services and Assets
The Organization records the value of donated goods and services when there is an objective basis available to measure their fair market value. Donated services are recognized as contributions if the services (a) create or enhance nonfinancial assets or (b) require specialized skills, are performed by people with these skills, and would otherwise be purchased by the Organization.

During the year ended December 31, 2021, the Organization recorded $11,000 of donated professional services. 11 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 2: Summary of Significant Accounting Policies (Continued) Net Assets
Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or grantor -imposed restrictions. Accordingly, net assets and changes therein are classified and reported as follows:

Net Assets Without Donor Restrictions — Net assets available for use in general operations and not subject to donor (or certain grantor) restrictions. The governing board has designated, from net assets without donor restrictions, net assets for an operating reserve and loan loss reserve.

Net Assets With Donor Restrictions — Net assets subject to donor (or certain grantor) imposed restrictions. Some donor -imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor -imposed restrictions are perpetual in nature, where the donor stipulates that resources be maintained in perpetuity. Gifts of long-lived assets and gifts of cash restricted for the acquisition of long-lived assets are recognized as revenue when the assets are placed in service.

The Organization reports contributions restricted by donors as increases in net assets without donor restrictions if the restrictions expire (that is, when a stipulated time restriction ends or purpose restriction is accomplished) in the reporting period in which the revenue is recognized. All other donor -restricted contributions are reported as increases in net assets with donor restrictions, depending on the nature of the restrictions. When a restriction expires, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the statements of activities as net assets released from restrictions.

Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and those differences could be material.

Financial Instruments and Credit Risk
The Organization manages deposit concentration risk by placing cash, money market accounts, and certificates of deposit with financial institutions believed to be creditworthy. At times, amounts on deposit may exceed insured limits or include uninsured investments in money market mutual funds. To date, the Organization has not experienced losses in any of these accounts. Credit risk associated with notes receivable is considered to be limited due to high historical collection rates and because over 99% of the notes are secured by real property. At December 31, 2021, three borrowers covering 25 separate projects make up 77% of notes receivable. 12 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 2: Summary of Significant Accounting Policies (Continued) Income Taxes
The Organization is organized as a California nonprofit corporation and has been recognized by the IRS as exempt from federal income taxes under IRC Section 501(a) as organizations described in IRC Section 501(c)(3), qualify for the charitable contribution deduction under IRC Sections 170(b)(1)(A)(vi) and (viii). The Organization is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. In addition, the Organization is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. Management has determined that the Organization is not subject to unrelated business income tax and have not filed an Exempt Organization Business Income Tax Return (Form 990-T) with the IRS.

Functional Expense Allocations
The costs of program and supporting services activities have been summarized on a functional basis in the statement of activities. The statement of functional expenses presents the natural classification detail of expenses by function.

Allocations are made based upon hours worked as well as estimated usage of supplies and other expenses.

Accordingly, certain costs have been allocated among the programs and supporting services benefited.

Advertising
The Organization expenses advertising costs as incurred. There was no advertising expense for the year ended December 31, 2021.

Note 3: Liquidity and Availability
Financial assets available for general expenditures, that is, without donor or other restrictions limiting their use, within one year of the balance sheet date, comprise the following:

Cash and cash equivalents $ 2,469,779
Contributions and grants receivable 108,405
Interest receivable 12,539
Notes and accrued interest receivable, current portion 1,067,183 Less:

Cash and cash equivalents to support program net asset restrictions (340,201) Cash and cash equivalents to support program commitments (3,020,000) $ 297,705
13 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 3: Liquidity and Availability (Continued)
The Organization has an operating reserve policy and occasionally the Board designates a portion of any operating surplus to its operating and loan loss reserves. The Organization has established a board designated reserve of net assets of $325,000 for potential operating losses at December 31, 2021, which in management's opinion would be sufficient to cover any potential losses, including any losses on interest receivables, lower grant revenues than budgeted, and greater expenses than budgeted. In addition, the Organization has a board restriction on $850,000 of unrestricted net assets for future loan losses. See Note 2 and Note 9.

The current contributions and grants receivable balance of $108,405 consist of a contracts and grants with the County of San Luis Obispo. These balances as well as accounts receivable, interest receivable and notes and accrued interest receivable, current portion are expected to be collected in 2022.

The Organization has seven lines of credit, see Note 5. At December 31, 2021, only $1,500,000 was outstanding on all lines of credit. One of the lines of credit had restrictive covenants at December 31, 2021 which limited the total availability under that line of credit resulting in an unrestricted borrowing capacity of $4,250,000 at December 31, 2021. In January 2022, the bank lifted the restrictive covenant which resulted in an increase of the unrestricted borrowing capacity to $7,250,000 subsequent to year-end. As part of its liquidity management, the Organization has a policy to structure its notes receivable so that maturities generally correspond with the maturity dates of its loans payable to ensure adequate cash to satisfy its financial obligations.

The Organization has investment policies which allow a portion of its cash to be invested for up to 24 months based on anticipated need or use. In practice, the majority of the Organization's cash has been placed in money market and savings accounts at banks and credit unions.

Note 4: Notes and Accrued Interest Receivable
At December 31, 2021, notes and accrued interest receivable consisted of the following:

Loan #5001, collateralized by deed of trust, with a fixed interest rate of 4.25%, payable in monthly installments of principal and interest at $1,575, with the final payment due July 2025. $ 62,721
Loan #5013, collateralized by deed of trust, with a fixed interest rate of 5.50%, payable in 179 monthly installments of principal and interest at $1,990, with one final payment estimated at $244,243 due July 2027.

Loan #5014, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, payable in one installment of principal and interest due December 2031.
290,970
271,773
14 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 4: Notes and Accrued Interest Receivable (Continued) Loan #5016, collateralized by deed of trust, with a simple fixed interest rate of

5.00%, payable in one installment of principal and interest due December 2022.

Loan #5020, collateralized by deed of trust, with a fixed interest rate of 5.50%, payable in 179 monthly installments of principal and interest at $852, with one final payment estimated at $104,700 due May 2029.
$ 266,154
132,559
Loan #5023, collateralized by deed of trust, with a simple fixed interest rate of

4.50%, payable in one installment of principal and interest due June 2022. 542,700 Loan #5025, collateralized by deed of trust, with a fixed interest rate of 5.50%, payable in 92 monthly installments of principal and interest at $2,500, with one final payment estimated at $330,866 due August 2022.

Loan #5026, collateralized by deed of trust, with a simple fixed interest rate of

4.00% to be accrued, with annual payments of 50% of residual receipts beginning May 2017 and one final principal and interest payment due December 2036.

Loan #5027, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, with annual payments of 50% of residual receipts beginning June 2018 and a final principal and interest payment due June 2037.

Loan #5028, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due June 2037.

Loan #5030, collateralized by deed of trust, with a simple fixed interest rate of

2.50%, payable in 115 monthly installments of principal and interest at $500, due May 2026.

Loan #5031, 1/3 participant in underlying $3,000,000 note issued by Coast National Bank, collateralized by deed of trust, with a fixed interest rate of

5.70%, payable in 119 monthly installments of principal and interest at $18,934, with on final payment estimated at $2,292,435 due April 2027. 336,962
255,150
499,444
571,912
24,390
696,918

San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 4: Notes and Accrued Interest Receivable (Continued) Loan #5032, collateralized by

4.00%, with annual payments
following construction period
March 2034.

Loan #5035, collateralized by

4.00%, with annual payments
following construction period
May 2036.

Loan #5036, collateralized by

4.00%, with annual payments
following construction period
November 2036.

Loan #5037, collateralized by

4.00%, with annual payments
following construction period
March 2037.
deed of trust, with a simple fixed interest rate of
of 50% of residual receipts beginning 1-year
and a final principal and interest payment due
deed of trust, with a simple fixed interest rate of
of 50% of residual receipts beginning 1-year
and a final principal and interest payment due
deed of trust, with a simple fixed interest rate of
of 50% of residual receipts beginning 1-year
and a final principal and interest payment due
deed of trust, with a simple fixed interest rate of
of 50% of residual receipts beginning 1-year
and a final principal and interest payment due
Loan #5038, collateralized by deed of trust, with a fixed interest rate of 2.00%, payable in one installment of principal and interest due May 2023.

Loan #5040, collateralized by deed of trust, with a fixed interest rate of 2.00%, payable in monthly installments of principal and interest at $1,116 with the final payment due September 2048.

Loan #5041, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, accrued interest due at completion of construction, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2038.

Loan #5042, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, accrued interest due at completion of construction, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2038.

Loan #5043, collateralized by deed of trust, with a fixed interest rate of 5.50%, interest payable monthly, with principal due November 2023.

Loan #5044, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due March 2039.
$ 221,526
509,629
425,468
364,070
285,484
275,122
366,036
622,685
1,600,000
204,690
16 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 4: Notes and Accrued Interest Receivable (Continued) Loan #5045, collateralized by deed of trust, with a fixed interest rate of 5.50%, interest payable monthly, with principal due November 2023.

Loan #5046, collateralized by deed of trust, with a fixed interest rate of 3.00%, interest payable monthly, with principal due October 2024. $ 291,667
300,000
Loan #5047, collateralized by deed of trust, with a fixed interest rate of 5.00%, payable in monthly installments of principal and interest at $1,116 with the final payment due June 2037. 361,300
Loan #5048, collateralized by deed of trust, with a fixed interest rate of 4.95%, interest payable monthly, with principal due September 2025. 400,000 Loan #5049, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due December 2040.
834,630
Loan #5050, collateralized by deed of trust, with a simple fixed interest rate of

4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2040. 751,877
Loan #5051, collateralized by deed of trust, with a fixed interest rate of 4.25%, interest payable monthly, with principal due August 2026. 1,000,000 Loan #5052, collateralized by deed of trust, with a simple fixed interest rate of

3.00%, with interest deferred until conversion. After conversion, annual payment of 1% loan monitoring fee, then residual receipts beginning one year following construction period with final principal and interest payment due October 2041.

Loan #5052, collateralized by deed of trust, with a simple fixed interest rate of

3.00%, with interest deferred until conversion. After conversion, annual payment of 1% loan monitoring fee, then residual receipts beginning one year following construction period with final principal and interest payment due November 2041.

Less allowance
Less current portion
352,838
701,307
13,819,982
(19,500)
13,800,482
(1,067,183)
Notes and accrued interest receivable, net of current portion $ 12,733,299 17 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 4: Notes and Accrued Interest Receivable (Continued) At December 31, 2021, aggregate maturities of notes and accrued interest receivable were as follows:

For the Year Ending December 31,
2022 $ 1,067,183
2023 2,495,428
2024 436,402
2025 540,324
2026 1,134,163
Thereafter 8,146,482
Total $ 13,819,982
Note 5: Lines of Credit
During the year ended December 31, 2021, the Organization maintained an unsecured line of credit agreement with Pacific Premier Bank. The line of credit limit allows for borrowings up to $3,000,000 with a maturity date of July 11, 2025. Interest accrues at a fixed rate of 3.25% per annum and is payable in annual installments beginning July 11, 2020. There was no outstanding balance on the line of credit at December 31, 2021. The line of credit has a business debt coverage ratio covenant which was met as of December 31, 2021.

The Organization continued to maintain an unsecured line of credit agreement with Pacific Western Bank in 2021. The line of credit allows for borrowings up to $750,000 with a maturity date of July 15, 2024. Interest accrues at the fixed rate of 2.25% per annum and is payable in quarterly installments beginning June 1, 2019. There was $750,000 outstanding on the line of credit as of December 31, 2021.

The Organization continued to maintain an unsecured, revolving line of credit agreement with Premier Valley Bank/Founders Community Bank in 2021. The line of credit allows for borrowings up to $250,000 and has a maturity date of October 1, 2025. Interest accrues at the fixed rate of 3.25% per annum and is payable in monthly installments beginning November 1, 2020. There was no balance outstanding on the line of credit as of December 31, 2021.

The Organization continued to maintain an unsecured, revolving line of credit agreement with 1st Capital Bank in 2021. The line of credit allows for borrowings up to $3,000,000, subject to various loan covenants which were met as of December 31, 2021. The line of credit has a maturity date of October 19, 2025. Interest accrues at the fixed rate of

3.25% per annum and is payable in annual installments beginning October 19, 2020. There was no balance outstanding on the line of credit as of December 31, 2021.

The Organization continued to maintain an unsecured, revolving line of credit agreement with Mission Bank in 2021.

The line of credit allows for borrowings up to $500,000, subject to various loan covenants which were met as of 18 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 5: Lines of Credit (Continued)
December 31, 2021. This line of credit has a maturity date of August 5, 2025. Interest accrues at the fixed rate of

3.25% per annum and is payable in monthly installments beginning September 5, 2020. There was $500,000 outstanding on the line of credit as of December 31, 2021.

The Organization continued to maintain an unsecured, revolving line of credit agreement with American Riviera Bank in 2021. The line of credit allows for borrowings up to $250,000 and has a maturity date of May 15, 2026. Interest accrues at the fixed rate of 2.50% per annum and is payable in monthly installments beginning June 15, 2020. There was $250,000 outstanding on the line of credit as of December 31, 2021.

The Organization entered into an unsecured, revolving line of credit agreement with Bank of the Sierra in 2021. The line of credit allows for borrowings up to $1,000,000, subject to various loan covenants which were met as of December 31, 2021. The line of credit has a maturity date of October 5, 2026. Interest accrues at a variable rate of prime (3.25% at December 31, 2021) per annum and is payable in monthly installments beginning November 1, 2021.

There was no balance outstanding on the line of credit as of December 31, 2021.

Note 6: Notes Payable
At December 31, 2021 notes payable consisted of the following:

Note payable to the Sisters of Charity of Cincinnati, Inc., dated May 1, 2016, payable in quarterly payments of $5,554, including interest accrued at 3.00% per annum, and one final payment of principal and interest at the maturity date of May 1, 2026. $ 67,994
Note payable to the United States Department of Agriculture, dated May 1, 2018, payable in annual interest -only payments at 1.00% per annum beginning May 1, 2019, and one final payment of principal and interest on May 1, 2048.

Note payable to Mechanics' Bank, dated July 21, 2014, with quarterly interest only payments calculated at 2.68% per annum, with one final principal and interest payment on August 1, 2024.

Note payable to Adrian Dominican Sisters, dated June 15, 2020, payable in quarterly interest only payments at 2.00% interest, with one final principal payment of $200,000 on June 15, 2025.

Note payable to Mechanics' Bank, dated May 13, 2015, with quarterly interest only payments calculated at 2.250% per annum, with one final principal and interest payment on May 15, 2025.
325,000
500,000
200,000
500,000
19 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 6: Notes Payable (Continued)
Note payable to Mechanics' Bank, dated September 22, 2016, with quarterly interest only payments calculated at 2.25% per annum, with one final principal and interest payment on September 30, 2022.

Note payable to Dignity Health, dated March 1, 2016, with quarterly interest only payments calculated at 2.00% per annum, with one final principal and interest payment on March 1, 2023.

Note payable to Dignity Health, dated June 1, 2016, with quarterly interest only payments calculated at 3.00% per annum, with one final principal and interest payment on June 1, 2023.

Note payable to the Community Foundation of San Luis Obispo County, dated August 31, 2018, with quarterly interest only payments calculated at 3.00% per annum, with one final principal and interest payment on August 31, 2023.

Note payable to Community Foundation of San Luis Obispo County, dated July 1, 2019, with quarterly interest only payments calculated at 3.00% per annum, with one final principal and interest payment on July 15, 2024.

Less current portion
$ 200,000
500,000
500,000
350,000
100,000
3,242,994
(230,553)
Notes payable, net of current portion $ 3,012,441
At December 31, 2021, aggregate maturities of notes payable were as follows:

For the Year Ending December 31,
2022 $ 230,553
2023 1,380,987
2024 631,435
2025 731,897
2026 24,237
Thereafter 243,885
Total $ 3,242,994
Note 7: Grant Requirements and Agreements
The Organization receives grants from various local, state, and federal governmental agencies. These grants are subject to audit by the corresponding oversight agency as to allowable costs paid with governmental funds and as to the share of costs contributed by the Organization. The Organization could be liable for as much as the full amount of governmental funds expended for the year if, under audit, the oversight agency was to determine that all costs 20 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2021

Note 7: Grant Requirements and Agreements (Continued)
charged to the project were disallowed. Management believes it is unlikely that the various agencies would disallow a significant portion of the costs.

During the year ended December 31, 2021, the Organization was awarded California Department of Housing and Community Development for the Local Housing Trust Fund (LHTF) grants in the amounts of $2,670,644 and a County of San Luis Obispo Housing Grant in the amount of $436,251. In accordance with FASB ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, the Organization will recognize this as grant revenue in the period in which it has substantially met the conditions of the grant and are eligible for reimbursement. The Organization has determined under this guidance that these grants will be unconditional and eligible for reimbursement when the related promissory notes from borrowers have been executed.

Note 8: Commitments and Contingencies
Operating Leases
The Organization has a lease for its office facility, which is classified as an operating lease. The original term of the lease was extended through December 31, 2022 with options to extend for one additional one-year term. The Organization shares the facility with another tenant through December 31, 2022, who also shares 50% of the cost of the rent and other monthly occupancy charges. The sublease may be extended for one additional one-year term.

Occupancy expense, which includes rent and utilities, relating to this lease (net of the other tenant's 50%) was $16,524 for the year ended December 31, 2021.

At December 31, 2021, future minimum lease payments of 100% of the rental obligation under this lease agreement are as follows:

For the Year Ending December 31,
2022 $ 31,344
2023 32,280
Total
$ 63,624
21 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2020

Note 9: Designations and Restrictions on Net Assets
At December 31, 2021, the Organization had the following net assets without donor restrictions:

Undesignated $ 6,151,320
Designated by the Board for loan losses 850,000
Designated by the Board for operating reserve 325,000
$ 7,326,320
At December 31, 2021, the Organization had the following net assets with donor restrictions:

Purpose restrictions:

Restricted loan funds - permanently restricted $ 232,467 Time -restricted for future periods:

Capital Magnet Fund 2,465,201
Subject to appropriation and expenditure when a specified event occurs:

CDFI Rapid Response Program 1,576,265
$ 4,273,933
Note 10: COVID-19 Pandemic
The Company has been impacted by the COVID-19 pandemic. The extent to which COVID-19 will impact business will depend on future developments and public health advancements, which are highly uncertain and cannot be predicted with confidence. Due to this uncertainty surrounding the on -going pandemic, the length and severity of the outbreak, and the disruption across supply chains, economies and financial markets, there is uncertainty as to how these events will affect results of operations in the future.

Note 11: Subsequent Events
Events subsequent to December 31, 2021 have been evaluated through March 14, 2022, which is the date the financial statements were available to be issued. Management identified the following subsequent event for disclosure.

In January 2022, one of the lines of credit had the restrictive covenants lifted by the lender allowing the total unrestricted availability under that line of credit to increase by $3,000,000. See Note 3 for more discussion on liquidity and availability.
22 Federal Awards
23 CERTIFIE❑ PUBLIC ACCOUNTANTS
0 GLENN BURDETTE
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 Directors of
San Luis Obispo County Housing Trust Fund
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 financial statements of San Luis Obispo County Housing Trust Fund (a nonprofit organization), which comprise the statement of financial position as of December 31, 2021, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated March 14, 2022.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered San Luis Obispo County Housing Trust Fund'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 opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of San Luis Obispo County Housing Trust Fund's internal control. Accordingly, we do not express an opinion on the effectiveness of San Luis Obispo County Housing Trust Fund'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 misstatement 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. 6LENH9UROETTE.COM
24 SAN LUIS OBISPO
1150 Palm Street
San Luis Obispo, CA 93401
p 805 544 1441
805 544 4351

PASO ROBLES
102 South Vine Street, Ste. A
Paso Robles, CA 93446
p 805 232 3995
1 805 239 9332

SANTA MARIA
2222 South Broadway. Ste. A
Santa Maria, CA 93454
p 805 922 4010
805 922 4286

Board of Directors
San Luis Obispo County Housing Trust Fund

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether San Luis Obispo County Housing Trust Fund's financial statements are free of 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 financial statements. 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.

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 Organization'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 Organization's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
dumofeete_ eiper-444--)
Glenn Burdette Attest Corporation
San Luis Obispo, California
March 14, 2022
25 CERTIFIE❑ PUBLIC ACCOUNTANTS
0 GLENN BURDETTE
Independent Auditors' Report on Compliance for Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance To the Board of Directors of
San Luis Obispo County Housing Trust Fund
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited San Luis Obispo County Housing Trust Fund's compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the San Luis Obispo County Housing Trust Fund's major federal programs for the year ended December 31, 2021.

San Luis Obispo County Housing Trust Fund's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of finding and questioned costs.

In our opinion, San Luis Obispo County Housing Trust Fund complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended December 31, 2021.

Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Unites States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of San Luis Obispo County Housing Trust Fund and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of San Luis Obispo County Housing Trust Fund's compliance with the compliance requirements referred to above. 6LENH9UROETTE.CO M
26 SAN LUIS OBISPO
1150 Palm Street
San Luis Obispo, CA 93401
p 805 544 1441
805 544 4351

PASO ROBLES
102 South Vine Street, Ste. A
Paso Robles, CA 93446
p 805 232 3995
1 805 239 9332

SANTA MARIA
2222 South Broadway. Ste. A
Santa Maria, CA 93454
p 805 922 4010
805 922 4286

Board of Directors
San Luis Obispo County Housing Trust Fund

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to San Luis Obispo County Housing Trust Fund's federal programs.

Auditor's Responsibility for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on San Luis Obispo County Housing Trust Fund's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about San Luis Obispo County Housing Trust Fund's compliance with the requirements of each major federal program as a whole.

In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, and the Uniform Guidance, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding San Luis Obispo County Housing Trust Fund's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of San Luis Obispo County Housing Trust Fund's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of San Luis Obispo County Housing Trust Fund's internal control over compliance. Accordingly, no such opinion is expressed. 27 Board of Directors
San Luis Obispo County Housing Trust Fund

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance.

Accordingly, this report is not suitable for any other purpose. (te41.4,7 &wild& Attet-e-
Glenn Burdette Attest Corporation
San Luis Obispo, California
March 14, 2022
28 San Luis Obispo County Housing Trust Fund
Schedule of Expenditure of Federal Awards
Year Ended December 31, 2021
Federal
Federal Grantor/ CFDA Federal
Program Title Number Expenditures
US Department of the Treasury
Capital Magnet Fund 21.011 $ 2,159,799
Community Development Financial Institutions Rapid Response Program 21.024 250,000 Subtotal US Department of the Treasury 2,409,799
US Department of Agriculture
Intermediary Relending Program

10.767 325,000
Total expenditures of federal awards $ 2,734,799
The accompanying notes are an integral part of this schedule. 29 San Luis Obispo County Housing Trust Fund
Notes to the Schedule of Expenditures of Federal Awards Year Ended December 31, 2021
Note 1: Basis of Presentation
The purpose of the accompanying schedule of expenditures of federal awards (the schedule) is to present a summary of those activities of the San Luis Obispo County Housing Trust Fund (Organization) for the year ended December 31, 2021, which have been financed by federal awards. For purposes of the schedule, federal awards include all federal grants received directly from the federal government and sub -awards from nonfederal organizations made under federally sponsored agreements. Because the schedule presents only a selected portion of the activities of the Organization, it is not intended to and does not present either the financial position or changes in net position of the Organization.

The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in the basic financial statements.

Note 2: Expenditures
The expenditures reported in the schedule follow the cost principles contained in the Uniform Guidance. The cost principles indicate that certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement. There were no subrecipients for the year ended December 31, 2021.

Note 3: Indirect Cost Rate
The Organization has elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance but has no grants in the current year that allow indirect costs.

Note 4: Loans Outstanding
The Organization had $325,000 in total loans outstanding under the USDA Intermediary Relending Program (CFDS —

10.767).
30 San Luis Obispo County Housing Trust Fund
Schedule of Findings and Questioned Costs
Year Ended December 31, 2021
Section I: Summary of Auditors' Results
Financial Statements
(a) Type of auditors' report issued on financial statements: Unmodified. (b) Internal control over financial reporting:
• Material weakness(es) identified? No.
• Significant deficiencies identified not considered to be material weaknesses? None reported. (c) Noncompliance material to financial statements noted? No.

Federal Awards
(d) Internal control over major programs:
• Material weakness(es) identified? No.
• Significant deficiencies identified not considered to be material weaknesses? None reported. (e) Type of auditors' report issued on compliance for major programs: Unmodified. (f) Any audit findings disclosed that are required to be reported in accordance with Section 2 CFR 200.516(a)? No. (g) Dollar threshold used to distinguish between Type A and Type B programs: $750,000. (h) Major program(s):
• US Department of the Treasury: Capital Magnet Fund (CFDA 21.011) (i) Auditee qualified as low -risk auditee? Yes.

Section II: Findings Relating to the Financial Statements Which are Required to be Reported in Accordance with Generally Accepted Government Auditing Standards None.

Section III: Findings and Questioned Costs for Federal Awards None.
31 San Luis Obispo County Housing Trust Fund
Status of Prior Year Findings and Questioned Costs — December 31, 2020 Year Ended December 31, 2021
Section IV: Status of Prior Year Findings and Questioned Costs There were no findings in the prior year.

April 25, 2022

City of Pismo Beach
Attn: Julia Goodman
760 Mattie Road
Pismo Beach, CA 93449
[email protected]

Dear Ms. Goodman,

The SLO County Y is requesting $3,500 from the City of Pismo Beach to support our financial assistance fund for program scholarships. All funds will support low-income families attending YMCA programs, including day camps, sports, and before- and after-school programs.

Access to safe and affordable childcare continues to be a critical need for families during and after the pandemic. When enrolled in Y enrichment programs, working families can feel secure knowing that their child not only has a safe place to go, but that they are educated and supported. With a commitment to nurturing the potential of children and teens, promoting healthy living, and fostering a sense of social responsibility, Y camps and after school programs ensure that every individual has access to the essentials needed to learn, grow and thrive.

In the past year, families from Pismo Beach participated in our after -school programs, summer camps, and sports programs. The Y provides a safe, thriving environment for young people to explore personal interests, build self-esteem, develop interpersonal skills, discover the creativity and health benefits of the outdoors, and make lasting friendships and memories.

Children enrolled in our after-school program not only receive help with their schoolwork, but our skilled staff create curriculum in all programs that includes components of character development. As summer approaches, the Y continues to fill the childcare gap through our summer camp programs. The Y serves families across SLO County, with enhanced curriculum addressing the achievement gap, social emotional wellbeing, and healthy eating and physical activity.

The Y offers a variety of safe and fun sports camps and leagues, including Futsal, Basketball, and Roller Hockey. Additionally, Bitty Sports invites parent participation, emphasizing parent-child relationship building, along with basic sports play. Y sports programs not only focus on skills, but character development, and instilling the values of respect, trustworthiness, responsibility, fairness, and caring. Youth sports programs promote healthy development, encourage self-esteem and positive peer interaction, along with growing sportsmanship and teamwork.

Social Emotional wellness has been incorporated into our youth programs through the expertise of a dedicated mental health intern from Transitions-Mental Health

Association, working alongside Y staff. In a survey, parents responded that Y programs provided a positive social atmosphere, especially after the pandemic left many children in isolation.

The Y is committed to being an affordable, inclusive, and accessible option for all families. At the Y, no one is turned away for lack of ability to pay. Our program fees are affordable, and we provide assistance for those who have additional need. On average, eligible families receive 45% off of their program fees. For many families, that savings is $400-$500 per year, and no one is turned away for inability to pay. Foster families receive an automatic assistance of 50%, and some Y programs are offered for free, essentially providing 100% financial assistance to those enrolled.

Thank you to the City of Pismo Beach for your consideration.

Sincerely,

Thomas “Tommy” Speidel
Regional Executive Director

San Luis Obispo County YMCA, Inc.

Financial Statements

December 31, 2020 and 2019

C O N T E N T S

Page(s)

Independent Auditors’ Report on the Financial Statements 1 - 2

Financial Statements

Statements of financial position 3 - 4
Statements of activities and changes in net assets 5 - 6 Statements of functional expenses 7 - 8
Statements of cash flows 9 - 10
Notes to financial statements 11 - 28

Independent Auditors’ Report on the Supplementary Information 29

Schedules of program service expenses 30 - 31

CALIBER

AUDIT & ATTEST, LLP
Independent Auditors' Report on the Financial Statements To the Board of Directors
San Luis Obispo County YMCA, Inc.

San Luis Obispo, California
We have audited the accompanying financial statements of the San Luis Obispo Comity YMCA, Inc. ("the Association"), a non-profit organization, which comprise the statements of financial position as of December 31, 2020 and 2019, and the related statements of activities and changes in net assets, functional expenses, 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 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 audits. We conducted our audits 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 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 auditors' 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.
805 Aerovista PI, Ste 103, San Luis Obispo, CA 93401 Phone: (805) 888-0200 Fax: (805) 888-0201

1 CALIBER

AUDIT & ATTEST, LLP
Independent Auditors' Report on the Financial Statements — Continued Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the San Luis Obispo County YMCA, Inc., as of December 31, 2020 and 2019, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

CabiteiGA-Litkeif A1+44 LA-P
San Luis Obispo, California
May 18, 2021
-2-
805 Aerovista PI, Ste 103, San Luis Obispo, CA 93401 Phone: (805) 888-0200 Fax: (805) 888-020'1

- 3 -
ASSETS 2020 2019
Current Assets
Cash and cash equivalents 1,001,264$ 948,075$
Investments - certificates of deposits 415,024 200,213 Accounts receivable, net of allowance for doubtful
accounts of $6,519 and $6,519 9,183 33,872 Promises-to-give receivable, net of allowance for doubtful promises of $8,817 and $17,780 63,750 40,587 Promise-to-give land lease receivable, current 2,686 2,686 Contracts and grants receivable 14,750 28,760 Prepaid expenses 28,733 22,805
Total current assets 1,535,390 1,276,998
Long-term Assets
Cash restricted for capital expenditures - 20,000 Promise-to-give receivables, less current portion 40,000 75,000 Promise-to-give land lease receivable, less current portion 29,994 32,680 Property and equipment, net of accumulated depreciation 962,111 977,479 Total long-term assets 1,032,105 1,105,159
Total assets 2,567,495$ 2,382,157$
See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statements of Financial Position
December 31, 2020 and 2019

- 4 -
LIABILITIES AND NET ASSETS 2020 2019
Current Liabilities
Accounts payable 127,542$ 63,823$
Accrued compensation 82,201 109,998
Deferred revenue 45,097 111,403
Current maturities of capital lease obligations 17,967 10,325 Current maturities of note payable 23,435 21,862 Total current liabilities 296,242 317,411
Long-term Liabilities
Capital lease obligations, less current maturities 7,586 13,150 Note payable, less current maturities 164,372 188,236 Total long-term liabilities 171,958 201,386
Total liabilities 468,200 518,797
Commitments and Contingencies
Net Assets
Without donor restrictions
Board designated - capital fund 95,789 45,833 Invested in property and equipment 962,111 977,479 Undesignated, including operating reserve 713,837 467,230 Total without donor restrictions 1,771,737 1,490,542
With donor restrictions
Purpose restrictions 199,878 212,452
Restricted for capital expenditures 95,000 125,000 Time-restricted for future periods 32,680 35,366 Total with donor restrictions 327,558 372,818 Total net assets 2,099,295 1,863,360
Total liabilities and net assets 2,567,495$ 2,382,157$ See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statements of Financial Position - Continued
December 31, 2020 and 2019

- 5 -
Without Donor With Donor
Restrictions Restrictions Total
Public Support and Revenue:

Public support:

Contributions 298,627$ 252,102$ 550,729$ Government grants and contracts -
state and local 122,340 - 122,340 Government grant - federal PPP funds 410,600 - 410,600 In-kind contributions 50,425 - 50,425 Total public support 881,992 252,102 1,134,094 Revenue:

Program fees 1,004,281 - 1,004,281 Membership fees 475,373 - 475,373 Other income 15,062 - 15,062 Total revenue 1,494,716 - 1,494,716 Net assets released from restrictions 297,362 (297,362) - Total public support and revenues 2,674,070 (45,260) 2,628,810 Functional Expenses:

Program services 1,725,198 - 1,725,198 Management and general 578,322 - 578,322 Fundraising 89,355 - 89,355 Total functional expenses 2,392,875 - 2,392,875 Change in net assets 281,195 (45,260) 235,935 Net assets - beginning of year 1,490,542 372,818 1,863,360 Net assets - end of year 1,771,737$ 327,558$ 2,099,295$ See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statement of Activities and Changes in Net Assets
Year Ended December 31, 2020

- 6 -
Without Donor With Donor
Restrictions Restrictions Total
Public Support and Revenue:

Public support:

Donations 304,110$ 395,869$ 699,979$
Government grants and contracts -
state and local 292,300 - 292,300 Government grants and contracts -
federal 2,214 - 2,214
In-kind contributions 59,636 - 59,636 Total public support 658,260 395,869 1,054,129 Revenue:

Program fees 2,143,211 - 2,143,211 Membership fees 688,958 - 688,958 Other income 16,260 - 16,260 Total revenue 2,848,429 - 2,848,429 Net assets released from restrictions 237,037 (237,037) - Total public support and revenues 3,743,726 158,832 3,902,558 Functional Expenses:

Program services 2,647,741 - 2,647,741 Management and general 640,886 - 640,886 Fundraising 97,599 - 97,599 Total functional expenses 3,386,226 - 3,386,226 Change in net assets 357,500 158,832 516,332 Net assets - beginning of year 1,133,042 213,986 1,347,028 Net assets - end of year 1,490,542$ 372,818$ 1,863,360$ See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statement of Activities and Changes in Net Assets
Year Ended December 31, 2019

- 7 -
Program Management
Services and General Fundraising Total
Personnel costs:

Salaries and wages 1,002,325$ 144,095$ 58,065$ 1,204,485$ Employee benefits 107,614 33,754 5,241 146,609 Payroll taxes 204,255 29,042 4,902 238,199 Total personnel costs 1,314,194 206,891 68,208 1,589,293 Bad debt - 21,159 - 21,159 Contract services 139,946 140,180 1,151 281,277 Depreciation 74,039 3,897 - 77,936 Dues and national fair share fee 24,538 5,646 5,160 35,344 Field trip admissions and supplies 5,421 3,141 133 8,695 Field trip travel 9,051 3,141 125 12,317 Insurance 24,197 8,066 - 32,263 Interest - 11,589 - 11,589 Miscellaneous - 4,796 - 4,796 Occupancy 45,990 124,619 - 170,609 Postage - 1,369 - 1,369 Program fees 9,761 - - 9,761 Promotion and printing 13,029 1,659 3,402 18,090 Small equipment 7,280 5,098 - 12,378 Supplies 50,136 21,525 11,176 82,837 Telephone 7,616 15,546 - 23,162 Total non-personnel costs 411,004 371,431 21,147 803,582 Total functional expenses 1,725,198$ 578,322$ 89,355$ 2,392,875$ See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statement of Functional Expenses
Year Ended December 31, 2020
Supporting Services

- 8 -
Program Management
Services and General Fundraising Total
Personnel costs:

Salaries and wages 1,584,190$ 175,090$ 56,098$ 1,815,378$ Employee benefits 183,708 54,197 5,442 243,347 Payroll taxes 183,118 15,882 2,643 201,643 Total personnel costs 1,951,016 245,169 64,183 2,260,368 Bad debt - (7,427) - (7,427) Contract services 147,210 143,631 3,115 293,956 Depreciation 67,567 3,556 - 71,123 Dues and national fair share fee 55,270 (792) 5,168 59,646 Field trip admissions and supplies 51,281 12,675 995 64,951 Field trip travel 66,399 9,299 455 76,153 Insurance 28,655 9,552 - 38,207 Interest - 11,101 - 11,101 Miscellaneous - (1,331) - (1,331) Occupancy 96,410 157,946 - 254,356 Postage 860 2,673 491 4,024 Program fees 42,289 - - 42,289 Promotion and printing 22,849 7,744 4,087 34,680 Small equipment 13,667 1,780 - 15,447 Supplies 95,993 27,990 19,105 143,088 Telephone 8,275 17,320 - 25,595 Total non-personnel costs 696,725 395,717 33,416 1,125,858 Total functional expenses 2,647,741$ 640,886$ 97,599$ 3,386,226$ See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statement of Functional Expenses
Year Ended December 31, 2019
Supporting Services

- 9 -
2020 2019
Cash flows from operating activities:

Change in net assets 235,935$ 516,332$
Adjustments to reconcile the change in net assets to net cash provided by operating activities:

Depreciation 77,936 71,123
Bad debt expense 21,159 (7,427)
Amortization and adjustment of promise-to-give
receivable, land lease 2,686 2,686
Changes in operating assets and liabilities:

Accounts receivable 24,689 1,099
Promises-to-give receivable (9,322) (100,046) Contracts and grants receivable 14,010 59,567 Prepaid expenses (5,928)32,361
Accounts payable 63,719 (70,836)
Accrued compensation (27,797) 17,146
Deferred revenue (66,306) (58,618)
Net cash provided by operating activities 330,781 463,387 Cash flows from investing activities:

Purchase of investments (214,811) (200,213)
Purchase of property and equipment (41,739) (167,433) Net cash used in operating activities (256,550) (367,646) See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statements of Cash Flows
Years Ended December 31, 2020 and 2019

- 10 -
2020 2019
Cash flows from financing activities:

Principal payments on capital lease obligations (18,751)$ (20,622)$ Principal payments on note payable (22,291) (20,768) Net cash used in financing activities (41,042) (41,390) Net increase in cash and cash equivalents 33,189 54,351 Cash and cash equivalents, beginning of year 968,075 913,724 Cash and cash equivalents, end of year 1,001,264$ 968,075$ Supplementary disclosures of cash flow information:

Cash and cash equivalents 1,001,264$ 948,075$
Cash restricted for capital expenditures - 20,000 Total cash 1,001,264$ 968,075$
Interest paid 11,589$ 12,361$
Noncash investing and financing activities:

In-kind donations of services and use of facilities 50,425$ 59,636$ Purchases through capital leases 20,829$ -$
Use of restricted cash for capital purchases 20,000$ -$ See Notes to Financial Statements.

San Luis Obispo County YMCA, Inc.

Statements of Cash Flows - Continued
Years Ended December 31, 2020 and 2019

San Luis Obispo County YMCA, Inc.

Notes to Financial Statements
- 11 -
Note 1. Operations and Summary of Significant Accounting Policies Nature of operations:

The San Luis Obispo County YMCA, Inc. (“the Association” or the “YMCA”) is a California non-profit corporation with a mission of developing the total person – spirit, mind, and body – through values based programs that build strong kids, strong families, and strong communities in San Luis Obispo County. Established in August of 1956, the Association offers programs which benefit a variety of audiences through education in the development of interpersonal skills, the exploration of personal interests, and the cultivation of values and skills which lead to positive behaviors.

Youth Development - These program focus areas include youth development programs, which are committed to nurturing the potential of every child and teen. The Association believes that all kids deserve the opportunity to discover who they are and what they can achieve. That is why the Association helps young people cultivate the values, skills and relationships that lead to positive behaviors, better health and educational achievement. The YMCA programs, such as teens, after school, day camps, and youth activities, offer a range of experiences that enrich cognitive, social, physical and emotional growth.

Healthy Living - In addition, the Association is an advocate for healthy lifestyles and well- being in order to bring families closer together, encourage good health and foster connections through fitness, sports, fun and shared interests. As a result, people in the community are receiving the support, guidance and resources they need to achieve greater health in spirit, mind and body. The Association’s membership and enterprise operations are aimed at providing adults and families with the support, guidance, and resources needed to achieve greater health. Members are provided with access to fitness facilities, classes, and a variety of other amenities.

As part of the mission, the Association’s programs are accessible, affordable and open to all faiths, backgrounds, abilities and income levels. The Association provides financial assistance to people who otherwise may not have been able to afford to participate. The Association is governed by an elected board of directors and officers responsible for the development of policies. The Chief Executive Officer and staff conduct the Association’s activities in accordance with board-established policy.

Basis of accounting:

The financial statements are presented on an accrual basis, which recognizes income when performance obligations are met, and expenses when incurred, and in accordance with accounting principles generally accepted in the United States of America.

Financial statement presentation and net assets:

To ensure the observance of limitations and restrictions placed on the use of resources, the accounts of the Association are maintained in accordance with the principles of fund accounting. The Association has presented its financial statements in accordance with generally accepted accounting principles for not-for profit organizations. Under this guidance, the Association is required to report information regarding its financial position

San Luis Obispo County YMCA, Inc.

Notes to Financial Statements
- 12 -
and activities according to two classes of net assets: without donor restrictions or with donor restrictions.

The Association reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or a purpose restriction is accomplished, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the statement of activities as net assets released from restrictions.

Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or grantor imposed restrictions. Accordingly, net assets and changes therein are classified and reported as follows:

Net Assets Without Donor Restrictions: Net assets available for use in general operations and not subject to donor (or certain grantor) restrictions. The governing board has designated, from net assets without donor restrictions, net assets for a capital and operating reserve.

Net Assets With Donor Restrictions: Net assets subject to donor- (or certain grantor-) imposed restrictions. Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor.

Other donor-imposed restrictions can be perpetual in nature, where the donor stipulates that resources be maintained in perpetuity.

Gifts of long-lived assets and gifts of cash restricted for the acquisition of long-lived assets are recognized as revenue when the assets are placed in service. Donor-imposed restrictions are released when a restriction expires, that is, when the stipulated time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both.

Public support:

All public support revenue is considered to be available for unrestricted use unless specifically restricted by the donor or the terms of a grant. Revenue from public support is recognized at the time an unconditional promise to give or transfer of assets is made.

Contributions: The Association receives contributions to support operating activities and capital projects. These contributions can be from individuals, foundations, corporations, or trusts. The Association records contributions receivable, net of allowances for estimated uncollectible amounts, when there is sufficient evidence in the form of verifiable documentation that an unconditional promise was received. Conditional gifts, with a measurable performance or other barrier and right of return, are not recognized until the conditions on which they depend are substantially met or explicitly waived by the donor.

The Association discounts multi-year promises-to-give that are expected to be collected after one year using a risk adjusted discount rate, if that discount would be material.

Government grants and contracts: The Association receives grant and contract funding from various state and local governments to provide a variety of program services to the public based on specific requirements included in the agreement, including eligibility,

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procurement, reimbursement, curriculum, staffing and other requirements. These program services range from child care after school programs, camps, and family programs related programs. Such government grants and contracts are nonreciprocal transactions and include conditions stipulated by the government agencies and are, therefore, accounted for as conditional contributions. Public support is recognized as conditions are satisfied, primarily as expenses are incurred. Cash received on government grants and contracts prior to incurring allowable expenses are recorded as advances upon receipt.

Government grants and contracts receivable are recorded in contracts and grants receivables. All other contributions are recorded in promises-to-give receivables. The allowance for doubtful accounts is determined by the age of the balance, historical collection rates, and specific identification of uncollectible accounts. Uncollectible receivables are charged to the allowance. An expense is recorded at the time the allowance is adjusted.

In-kind contributions: The Association recognizes contributions of services received if such services: (a) create or enhance nonfinancial assets (b) require specialized skills (c) are provided by individuals possessing those skills, and (d) would typically need to be purchased if not contributed. Such amounts totaled $19,375 and $18,700, for the years ended December 31, 2020 and 2019, respectively.

The Association receives services from many volunteers who give significant amounts of their time to the programs of the Association. No amounts have been reflected for these types of donated services, as there is no objective basis available to measure the value of such services.

Contributions of assets other than cash are recorded at estimated fair value.

Revenue recognition:

The Association has multiple revenue streams that are accounted for as reciprocal exchange transactions including membership and program fees.

Because the Association’s performance obligations relate to contracts with a duration of less than one year, the Association has elected to apply the optional exemption provided in the revenue recognition guidance, and, therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. There are no incremental costs of obtaining a contract and no significant financing components.

Membership dues and program fees: Membership dues and program fees consist of amounts that families and individuals pay to participate in health, fitness, education and recreation activities and programs. Members join for varying lengths of time and may cancel with notice. Members generally pay a onetime joining fee plus monthly dues in advance. Memberships provide use of the recreation facilities, access to free classes, programs and activities, and discounts to fee-based programs. The Association offers a variety of programs including family, child care, day camp, resident camp, teen, scholastic, fitness, aquatics, and other services. Fee-based programs are available to the public.

Program fees for short duration programs of two months or less, such as youth sports

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programs, are typically paid in advance at the time of registration. Program fees for longer duration programs, such as fee-based childcare, are usually paid monthly in advance.

Cancellation provisions vary by program, but most transactions are cancellable with written notice. Refunds may be available for services not provided. Financial assistance is available to members and program participants. Such financial assistance is reflected as a reduction of gross membership dues and program fees.

Membership dues and program fees are recognized ratably over the period the membership or program service is provided on a straight-line basis in an amount that reflects the consideration the Association expects to be entitled to in exchange for those services. All the Association’s revenue from contracts with customers are from performance obligations satisfied over time. Prices are specific to a distinct performance obligation and do not consist of multiple transactions. Membership joining fees are recognized at the time of sign up, primarily due to the fact that they are non-refundable, orientation services are provided upfront, and members can cancel at any time with a month’s notice.

Membership dues and program fees paid to the Association in advance represent contract liabilities and are recorded as other deferred revenue. Amounts billed but unpaid are contract assets and recorded as accounts receivable.

Use of donated facilities:

In some cases, nominal or no rents are paid by the Association under the terms of various agreements with local municipalities for programs such as after school care, teen centers, and day camps. These agreements require the Association to fulfill certain conditions annually. The Association recognizes in-kind contribution revenue and a corresponding expense in an amount approximating the annual estimated fair-value rental of the properties. The fair value of donated facilities is determined based on the amount of rent charged for comparative facilities in the area. Such amounts totaled $31,050 and $40,936 for the years ended December 31, 2020 and 2019, respectively.

Financial assistance and scholarships:

The Association awards scholarships to deserving individuals, families, and groups to enable them to participate in the programs and use the facilities. These scholarships are awarded based upon financial need and are provided by a fee reduction. Total revenue is reported net of scholarships awarded.

Use of estimates:

The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates, and those differences could be material.

Fair value measurements:

The Fair Value Measurements topic of the FASB ASC, establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the

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inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

The three levels of the fair value hierarchy are described below:

Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Association has the ability to access.

Level 2 – Inputs to the valuation methodology include:
 quoted prices for similar assets or liabilities in active markets;  quoted prices for identical or similar assets or liabilities in inactive markets;
 inputs other than quoted prices that are observable for the asset or liability;  inputs that are derived principally from or corroborated by observable market data by correlation or by other means.

Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following are descriptions of the recurring valuation methods and assumptions used by the Association to estimate the fair values of certain financial instruments:

Cash and cash equivalents: Fair values of money market funds are estimated to approximate deposit account balances, payable on demand, as no discounts for credit quality or liquidity were determined to be applicable (considered Level 1).

Investments – certificates of deposit: Fixed income securities, including certificates of deposit, which are one to three years in duration. The fair values of these investments are readily marketable and are determined by obtaining quoted prices on a nationally recognized securities exchange or by using discounted cost, which approximates fair value (considered Level 1).

The donated services, assets, and use of facilities recorded by the Association have been recorded at fair values, based on management’s estimate of fair value on a non-recurring basis from comparisons of similar assets or services or from the value as provided by the donor. This is considered Level 2 of the fair value hierarchy.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Association believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain donated services, assets and use of facilities could result in a different fair value measurement at the reporting date.

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Cash and cash equivalents:

The Association considers cash equivalents to be all short-term securities purchased with a maturity of three months or less.

The Association maintains cash balances with financial institutions located in California.

Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. As of December 31, 2020 and 2019, the Association held cash in financial institutions in excess of federally insured limits.

Cash balances held for long-term donor restricted purposes are shown as restricted cash on the balance sheet and are excluded from the definition of cash and cash equivalents.

Investments:

Investments are reported at fair value and are based primarily on quoted market prices or estimated fair value. Investments represent assets that have original maturities over 3 months and thus are not cash equivalents. Even though some of the certificates of deposits original maturity dates are beyond one year, the Association classifies the investments as available for sale and considered short-term for classification purposes.

Accounts receivable:

Accounts receivable consist primarily of non-interest bearing amounts due for program services. The Association’s policy is to send all 90 day past due accounts three notices.

After the third notice and a hard deadline in which either payment is received or a payment plan signed, the past due accounts are sent to collections, of which if paid, the Association will receive 50%. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance and credit to the receivable balance. In evaluating the collectability of individual receivable balances, the Association considers many factors, including the age of the balance, the customer’s payment history, customer current credit worthiness, customer payment terms and current economic trends. The remaining balance is expected to be fully collectible within one year of the year end.

Promises-to-give receivable:

Promises-to-give receivables are recognized at fair market value as revenues in the period in which there is sufficient evidence in the form of verifiable documentation that an unconditional promise was received. Conditional promises are recognized when the conditions on which they depend are substantially met. Unconditional promises to give that are expected to be collected within one year are recorded at their net realizable value.

Unconditional promises to give that are expected to be collected over periods in excess of one year are recorded at the present value of estimated cash flows beyond one year, or at net realizable value if not materially different from the present value. Amortization of the discount, if any, is included in donation revenue. The allowance for uncollectible amounts is estimated based upon historical collection rates and specific identification of uncollectible amounts.

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Promise-to-give land lease receivable:

The promise to give and lease receivable is based on the 55-year land lease with the City of San Luis Obispo and represents donated use of facilities (See Note 10).

Contracts and grants receivable:

Contracts and grants receivable are mainly from governmental agencies. The Association has determined that an uncollectible allowance is not required, and the balance is expected to be fully collectible within one year of the year end.

Property and equipment:

Purchased property and equipment are stated at cost and donated assets are valued at their estimated fair value on the date donated. Property and equipment additions over $1,000 are capitalized. All assets are depreciated over estimated useful lives on a straight line basis.

Repairs and maintenance and small equipment purchases are expensed as incurred.

Expenditures that significantly increase asset values or extend useful lives are capitalized.

Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts and gains or losses are included on the statement of activities.

Estimated useful lives are as follows:

Years
Building 50
Leasehold improvements 5 – 39
Furniture, fixtures and equipment 5 – 25
Website 5
Facility upgrades 5 – 39
Compensated absences:

The Association allows full-time employees to receive compensation for vacation leave.

The estimate related to compensated absences is based on vacation hours available and current pay rates. The obligation for compensated absences has been recorded to accrued compensation.

Income tax status:

The Association’s activities are generally exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Franchise Tax Code. Since the Association is exempt from federal and state income tax liability, no provision is made for current or deferred income tax expense. The Association is not a private foundation. Management has determined that the Association is not subject to unrelated business income tax. Management is not aware of any transactions that would impact the Association’s tax-exempt status.

For the years ended December 31, 2020 and 2019, management of the Association is not aware of any material uncertain tax positions to be accounted for in the financial statements

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under the principles of the Income Taxes topic of the FASB (ASC). The Association recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense.

All tax exempt entities are subject to review and audit by federal, state and other applicable agencies. Such agencies may review the taxability of unrelated business income, or the qualification of the tax-exempt entity under the Internal Revenue Code and applicable state statutes.

Functional expense allocations:

The costs of program and supporting services activities have been summarized on a functional basis in the statements of activities. The statements of functional expenses present the natural classification detail of expenses by function. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Expenses that can be identified with a specific program or supporting service are charged directly to the program or supporting service. Expenses which apply to more than one functional category have been allocated based on estimates made by management.

Advertising:

The Association expenses advertising costs as incurred. Promotion and printing expense for the year ended December 31, 2020 and 2019 was $18,090 and $34,680, respectively.

Accounting pronouncements adopted:

The FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).

This update supersedes nearly all existing revenue recognition guidance under U.S. GAAP.

The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle. Additionally, the guidance requires the entity to disclose further quantitative and qualitative information regarding the nature and amount of revenues arising from contracts with customers, as well as other information about the significant judgements and estimates used in recognizing revenues from contracts with customers. The Association adopted Topic 606 in 2019 using the modified retrospective method. The adoption of this Topic 606 did not have a material impact on the timing and measurement of revenue recognition.

Recent accounting pronouncements:

The FASB issued ASU 2016-02, Leases (Topic 842). This new standard amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. The new standard is now effective for private companies for fiscal years beginning after December 15, 2021, which means that it will be effective for the Association for the year beginning January 1, 2022. Early adoption is permitted. The new standard is required to be adopted using a modified retrospective approach. Management will be evaluating the potential

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impact of the new guidance and is currently uncertain what impact the pronouncement will have on the financial statements, if any.

Note 2. Liquidity and Availability
Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the balance sheet date, comprise the following:

Cash and cash equivalents 1,001,264$
Investments - certificates of deposit 415,024
Accounts receivable 9,183
Promises-to-give receivable 63,750
Contracts and grants receivable 14,750
1,503,971$

Occasionally, the Board designates a portion of excess cash to its capital reserves, which are held in money market accounts and total $289,634 as of December 31, 2020, and is included in cash and cash equivalents above. Also, management invests cash in excess of daily requirements into investments - certificates of deposit. As part of the Association’s liquidity management, financial assets are structured to be available as its general expenditures, liabilities and other obligations come due. Currently, cash in excess of daily requirements is currently invested in money market accounts (cash equivalents) or investments (certificates of deposit). To help manage unanticipated liquidity needs, the Association has a line of credit (see Note 6), which it could draw upon. In addition, the Association has an over-draft protection (see Note 6), which it could draw upon.

Note 3. Promises-to-Give Receivable
Unconditional promises-to-give receivable at December 31, 2020 and 2019 are estimated to be collected as follows:
2020 2019
Expected to be collected within one year $ 72,567 $ 58,367 Expected to be collected in one to five years 40,000 75,000 Total promises-to-give 112,567 133,367 Less discount to present value at 0% - - Less allowance for doubtful promises (8,817) (17,780) Total promises-to-give, net 103,750 115,587 Less current portion (63,750) (40,587) Total long-term promises-to-give
receivable $ 40,000 $ 75,000

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Note 4. Property and Equipment
Major classes of property and equipment and accumulated depreciation are as follows at December 31, 2020 and 2019:
2020 2019
Building $ 669,856 $ 669,856
Leasehold improvements 518,654 518,654 Furniture, fixtures and equipment 345,005 316,556 Website 18,160 16,960
Facility upgrades 524,107 506,877 Construction in progress 15,689 - 2,091,471 2,028,903
Less accumulated depreciation (1,129,360) (1,051,424) Total property and equipment $ 962,111 $ 977,479

Depreciation expense for the years ended December 31, 2020 and 2019 was $77,936 and $71,123, respectively.

Note 5. Deferred Revenue
At December 31, 2020 and 2019, deferred revenue consists of the following:
2020 2019
Contracts and grants $ - $ 5,904 Events and miscellaneous 8,983 1,086 Membership 7,498 27,821
Program 28,616 76,592
Total deferred revenue $ 45,097 $ 111,403

Note 6. Line of Credit and Overdraft Protection
During the years ended December 31, 2020 and 2019, the Association had an overdraft protection agreement with Mechanics Bank (Rabobank, N.A in 2019). The agreement allows for borrowings up to $50,000 with a maturity date of September 15, 2043. Interest accrues at the Wall Street Journal Prime Rate (3.25% and 4.75% at December 31, 2020 and 2019, respectively) plus 3%. There was no outstanding balance as of December 31, 2020 and 2019. The agreement is unsecured.

During the years ended December 31, 2020 and 2019, the Association had a revolving line of credit with Mechanics Bank (Rabobank, N.A in 2019). The agreement allows for borrowings up to $200,000 with a maturity date of June 25, 2021. The interest rate is at the bank’s index rate plus a margin of 2.25%, with a minimum interest rate of 4.00%. The line

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of credit is collateralized by assets of the Association. At December 31, 2020 and 2019, the interest rate was 5.75% and 6.75%, respectively. There was no outstanding balance as of December 31, 2020 and 2019.

Note 7. Capital Lease Obligations
The Association leases fitness equipment under capital lease obligations. The capital lease obligations have been recorded in the accompanying financial statements at the present value of future minimum lease payments. The cost of assets acquired under the outstanding capital leases totaled $54,108 and $74,427 at December 31, 2020 and 2019, respectively.

Accumulated depreciation on assets under the capital lease totaled $23,786 and $36,629 at December 31, 2020 and 2019, respectively. Depreciation expense on assets recorded under the capital lease totaled $10,474 and $14,885 for both years ended December 31, 2020 and 2019, respectively.

Capital lease obligations consist of the following at December 31, 2020 and 2019:
2020 2019
Jules & Associates, 3.73% implicit rate of
interest at time of signing, payable in 36
monthly installments of $1,210, paid off
March 31, 2020. $ - $ 2,974 Jules & Associates, 4.13% implicit rate of
interest at time of signing, payable in 60
monthly installments of $626, due November
30, 2022. 13,705 20,501
Jules & Associates, 11.03% implicit rate of
interest at time of signing, payable in 24
monthly installments of $971, due January
31, 2022. 11,848 -
25,553 23,475
Less current maturities (17,967) (10,325) Total capital lease obligation,
less current maturities $ 7,586 $ 13,150

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At December 31, 2020, future minimum lease payments under the capital lease obligations and the net present value of the future minimum lease payments are as follows:

Years Ending
December 31,
2021 $ 19,167
2022 7,859
Total future minimum lease payments 27,026 Less amount representing interest (1,473) Present value of future
minimum lease payments $ 25,553

Note 8. Note Payable
Note payable consists of the following at December 31, 2020 and 2019:
2020 2019
Mortgage payable, collateralized by
building, with a fixed interest rate of 5.00%
(changed to 4.5%, effective December 2019),
payable in 180 monthly installments of
$2,656, with the final payment due
December 20, 2027. $ 187,807 $ 210,098 Less current maturities (23,435) (21,862) Total note payable,
less current maturities $ 164,372 $ 188,236

Aggregate maturities of note payable at December 31, 2020, are as follows:

Years Ending
December 31,
2021 $ 23,435
2022 24,512
2023 25,638
2024 26,816
2025 28,047
Thereafter 59,359
$ 187,807

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Note 9. Grant Requirements
The Association receives funds through grants from various local and state governmental agencies. The afterschool government contracts are awarded to the school districts and the Association is a subcontractor to the school districts. Grants are subject to audit by the corresponding oversight agency as to allowable costs paid with governmental funds and as to the share of costs contributed by the Association.

Note 10. Commitments and Contingencies
Employment related claims:

The Association is subject to employment related claims, such as workers compensation claims. Management believes that any current claims will be covered by insurance and does not anticipate any out of pocket costs beyond the insurance deductibles, if any.

Operating leases:

The Association leases childcare and youth facilities under annual agreements. The payments or donated use of facilities related to these agreements are recorded as a component of occupancy expense.

The Association leases the land under the footprint of the main facilities building that is owned by the Association from the City of San Luis Obispo for a basic minimum annual rent of $1. The land lease has a term of 55 years and was originally executed as of December 31, 1977 (expires February 28, 2033). In 2012, the land lease was valued using an appraisal performed by an independent firm, which was based on factors such as the subject’s size, location, and zoning and also considered the current economic rent of several comparable ground leases and consultations with leasing agents and brokers. The original contribution was recorded as donor restricted, due to the time restriction. As the time restrictions are met, an amount is reclassified on the statement of activities and changes in net assets as net assets released from restrictions. The rent expense related to this land lease for both years ended December 31, 2020 and 2019 was $2,686. In 2016, the lease time period was clarified and the receivable was adjusted. The promise to give land lease receivable balance related to this land lease was $32,680 and $35,366 as of December 31, 2020 and 2019, respectively, and is expected to be collected through use of the land as follows:
2020 2019
Within one year $ 2,686 $ 2,686 In one to five years 13,430 13,430 Thereafter 16,564 19,250
Total land lease receivable $ 32,680 $ 35,366

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The Association has multiple equipment leases, which are classified as operating leases.

Rent expense relating to the leases was $5,112 and $5,292 for the years ended December 31, 2020 and 2019, respectively. Future minimum lease payments under long-term equipment lease agreements as of December 31, 2020 are as follows:

Years Ending
December 31,
2021 $ 5,112
2022 5,112
2023 1,711
2024 116
$ 12,051

Note 11. Net Assets with Donor Restrictions
As of December 31, 2020 and 2019, net assets with donor restrictions are restricted for the following purposes or periods:
2020 2019
Subject to expenditure for specified purpose:

Youth development $ 114,589 $ 111,983 Capital fund (included in promises-to-give) 95,000 125,000 Youth development-food and fun program 3,500 26,000 Youth development-basketball 5,000 4,500 After school child care - 5,000 Operational costs 76,789 64,969 294,878 337,452
Subject to the passage of time:

Promise-to-give - land lease unavailable until
time passes 32,680 35,366
$ 327,558 $ 372,818

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Net assets were released from donor restrictions by incurring expenses satisfying the restricted purpose or by occurrence of the passage of time or other events specified by the donors as follows for the years ended December 31, 2020 and 2019:
2020 2019
Expiration of time restrictions $ 2,686 $ 2,686 Satisfaction of purpose restrictions
Youth development 51,394 102,038 Capital fund 70,000 40,000
Financial assistance - 9,720 Youth development-food and fun program 26,803 26,481 Youth development-basketball 4,500 400 After school child care 7,000 - Operational costs 134,979 55,712 $ 297,362 $ 237,037

Note 12. Functionalized Expenses – Methods used for Allocations The financial statements report certain categories of expenses that are attributed to more than one program or supporting function. Therefore, expenses require allocation on a reasonable basis that is consistently applied. The expenses that are allocated include insurance, depreciation, contract services, promotion and publication, salaries, benefits, and payroll taxes, which are allocated on the basis of estimates of time and effort. Most expenses are directly tracked by program or function.

Note 13. Retirement Plan
The Association participates in the YMCA Retirement Fund Retirement Plan, since July 1, 1988, which is a defined contribution, money purchase, church plan that is intended to satisfy the qualification requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended and The YMCA Retirement Fund Tax-Deferred Savings Plan which is a retirement income account plan as defined in section 403(b)(9) of the code. Both Plans are sponsored by The Young Men’s Christian Association Retirement Fund (Fund). The Fund is a not-for-profit, tax-exempt pension fund incorporated in the State of New York (1922) organized and operated for the purpose of providing retirement and other benefits for employees of YMCAs throughout the United States. The plans are operated as church pension plans. Participation is available to all duly organized and reorganized YMCAs and their eligible employees. As a defined contribution plan, the Retirement Plan and Tax- Deferred Savings Plan have no unfunded benefit obligations.

Contributions under the defined contribution plan are paid jointly by the participating employees and the Association, with 1% paid by the employees through payroll deductions and 7% (effective in 2020) paid by the Association. Qualified participants are employees who are at least age twenty-one and who have completed 1,000 hours of service in each of

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two 12-month periods. Total retirement plan contributions for the years ended December 31, 2020 and 2019 was $45,808 and $73,291, respectively, and the retirement payable balance was $3,864 and $5,619 at December 31, 2020 and 2019, respectively.

The Association also maintains a tax deferred savings plan covering all eligible employees.

The plan includes a deferred arrangement under section 403(b) of the Internal Revenue Code. The elective contributions to the 403(b) portion of the plan are funded by salary reductions of the participants. The Association did not make any contributions to the plan for the years ended December 31, 2020 and 2019.

Note 14. Related Party Transactions
The Association has a relationship with the YMCA of the USA, the national affiliate to which they are required to remit a 1.75% fair share portion of their revenues based on certain criteria. The Association is also required to pay a fee to the California State Alliance of YMCAs. The YMCA of the USA payable balance at December 31, 2020 and 2019 was $5,663 and $4,953, respectively. The total related party expense to national and state YMCA affiliated organizations for the years ended December 31, 2020 and 2019 was $33,231 and $56,650, respectively.

The Association receives donations from board members, who are considered related parties to the Association. The Association also holds cash accounts at a bank, in which an executive at the bank is a board member.

Note 15. Concentrations
A significant portion of the Association’s revenues and contracts and grants receivable consists of State of California and local government grants and contracts. These revenues and grants are earned by the Association based on its services to clients in San Luis Obispo County. For the years ended December 31, 2020 and 2019, the Association’s total public support and revenue provided by government contracts was approximately 36% and 10%, respectively.

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Note 16. Financial Assistance Provided
The Association provide financial assistance, through contributions and other fundraising, to help defray the costs of membership and program and other fees for individuals with need. Membership dues and program fees are recorded net of such assistance in the accompanying statements of activities. Such amounts were as follows for the years ended December 31:
2020 2019
Membership dues $ 480,478 $ 699,580
Less financial assistance provided (5,105) (10,622) Membership dues, net $ 475,373 $ 688,958 Program fees $ 1,023,334 $ 2,336,332
Less financial assistance provided (19,053) (193,121) Program fees, net $ 1,004,281 $ 2,143,211

Note 17. Payroll Protection Program Funds, COVID-19, and Management’s Plan The COVID-19 pandemic has caused disruption in operations for the YMCA and adversely impacted the results of operations in 2020. In an effort to minimize the spread of COVID- 19 at its facilities, the YMCA, in March 2020, suspended all in person programs and transitioned to online instruction for the balance of the spring, and various programs and facility access were modified or cancelled through the remainder of the year and into 2021.

Based on the reduction in programs, employees were furloughed or terminated at various periods throughout the year.

In April 2020, the YMCA was granted a $410,600 forgivable loan under the Paycheck Protection Program (PPP) of the CARES Act to manage cash flows and meet expenditures as they come due. In April 2021, the YMCA was given official forgiveness of the loan amount as the funds were used for qualifying expenses. The YMCA is accounting for the loan as a conditional contribution under the accounting guidance. The YMCA substantially met all conditions for forgiveness during the year ended December 31, 2020, and recorded contribution revenue in connection with the forgiven PPP loan during 2020.

Subsequent to the year ended December 31, 2020, the second round of PPP funds became available and the YMCA received a loan of $410,645 in February 2021. Management expects to use the funds for qualifying expenditures and expects to receive full forgiveness on this second round PPP loan. If not forgiven, the loan bears interest at 1% and is due in February 2026.

While the YMCA feels this disruption will be temporary, there is considerable uncertainty as to whether, and when, the YMCA will re-institute in-person programs to the same level as before the COVID-19 outbreak. These uncertainties cast substantial doubt on the YMCA’s ability to continue as a going concern through the period ending twelve months from the date of this report. However, management has alleviated this uncertainty by

San Luis Obispo County YMCA, Inc.

Notes to Financial Statements
- 28 -
reducing operating costs to address the loss in program revenue. In addition, the YMCA has been able to maintain sufficient reserves as a result of the close monitoring of the budget and operational costs, as well as receiving PPP funds, in response to the pandemic’s impact.

The YMCA will continue to work with its stakeholders to develop solutions and strategies for addressing these financial and operational challenges, though the outcome of these matters cannot be predicted at this time.

While the situation is improving in Spring 2021 and restrictions are being lifted, the YMCA cannot at this time accurately predict the full extent to which the COVID-19 outbreak will continue to affect the YMCA’s finances and operations in 2021 and beyond. Other adverse consequences of COVID-19 or any other similar outbreaks in the future may include a decline in demand for in-person programming, increased operating costs, and/or a decline in revenues and contributions resulting from fewer available programs due to social distancing mandates. The YMCA continues to monitor developments and the directives of federal, state and local officials to determine what additional precautions and procedures need to be implemented by the YMCA.

Note 18. Subsequent Events
The date to which events occurring after December 31, 2020 have been evaluated for possible adjustment to the financial statements or disclosure is May 18, 2021, which is the date on which the financial statements were available to be issued.

CALIBER
AUDIT dt ATTEST, LLP
Independent Audr"tors' Report on the Supplementary Information To the Board of Directors
San Luis Obispo County YMCA, Inc.

San Luis Obispo, California
We have audited the financial statements of San Luis Obispo County YMCA, Inc. as of and for the years ended December 31, 2020 and 2019, and our report thereon dated May 18, 2021 which contained an unmodified opinion on those financial statements, appears on page one. Our audit was performed for the purpose of forming an opinion on the financial statements as a whole.

The schedules of program service expenses on pages 30 and 3 I are presented for purposes of additional analysis and is not a required part of the 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. 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.

CALartiLiA-uall&, LLP
San Luis Obispo, California
May 18, 2021
-29-
805 Aerovista PI, Ste 103, San Luis Obispo, CA 93401 Phone: (805) 888-0200 Fax: (805) 888-0201

- 30 -

Healthy
Living
Youth
Teens After School Day Camp Activities Membership Total Personnel costs:

Salaries and wages 2,210$ 315,917$ 356,259$ 71,626$ 256,313$ 1,002,325$ Employee benefits 251 55,068 15,773 9,751 26,771 107,614 Payroll taxes 156 69,547 66,475 15,284 52,793 204,255 Total personnel costs 2,617 440,532 438,507 96,661 335,877 1,314,194 Contract services 64 39,680 52,777 9,495 37,930 139,946 Depreciation 126 20,941 27,875 5,126 19,971 74,039 Dues and national fair share fee 27 6,013 9,842 1,635 7,021 24,538 Field trip admissions and supplies - 865 3,300 484 772 5,421 Field trip travel 9 4,252 3,860 930 - 9,051 Insurance 41 6,844 9,110 1,675 6,527 24,197 Occupancy - 9,280 9,002 8,197 19,511 45,990 Postage - - - - - - Program fees - - - 9,761 - 9,761 Promotion and printing 3 384 705 115 11,822 13,029 Small equipment - 1,463 1,801 90 3,926 7,280 Supplies 531 9,878 13,943 20,941 4,843 50,136 Telephone - 4,347 1,605 789 875 7,616 Total non-personnel costs 801 103,947 133,820 59,238 113,198 411,004 Total program service expenses 3,418$ 544,479$ 572,327$ 155,899$ 449,075$ 1,725,198$ San Luis Obispo County YMCA, Inc.

Schedule of Program Service Expenses
Year Ended December 31, 2020
Youth Development

- 31 -
Healthy
Living
Youth
Teens After School Day Camp Activities Membership Total Personnel costs:

Salaries and wages 9,507$ 810,996$ 293,680$ 153,937$ 316,070$ 1,584,190$ Employee benefits 1,144 128,237 13,876 12,325 28,126 183,708 Payroll taxes 1,459 99,182 29,496 18,713 34,268 183,118 Total personnel costs 12,110 1,038,415 337,052 184,975 378,464 1,951,016 Contract services 983 69,419 27,933 15,687 33,188 147,210 Depreciation 463 32,650 13,140 5,987 15,327 67,567 Dues and national fair share fee 431 24,924 11,314 4,365 14,236 55,270 Field trip admissions and supplies 938 8,094 37,859 1,473 2,917 51,281 Field trip travel 12,372 17,077 35,229 1,286 435 66,399 Insurance 196 13,847 5,573 2,539 6,500 28,655 Occupancy - 32,237 18,561 4,738 40,874 96,410 Postage - - - - 860 860 Program fees 6,560 - - 35,729 - 42,289 Promotion and printing 53 4,053 1,849 721 16,173 22,849 Small equipment - 7,009 1,681 1,096 3,881 13,667 Supplies 794 34,141 23,946 31,132 5,980 95,993 Telephone - 5,718 707 1,010 840 8,275 Total non-personnel costs 22,790 249,169 177,792 105,763 141,211 696,725 Total program service expenses 34,900$ 1,287,584$ 514,844$ 290,738$ 519,675$ 2,647,741$ San Luis Obispo County YMCA, Inc.

Schedule of Program Service Expenses
Year Ended December 31, 2019
Youth Development

P.O. Box 1449 • San Luis Obispo CA 93406 • 805-546-3456 • www.slofilmfest.org

May 05, 2022

Mr. James Lewis
City Manager
City of Pismo Beach
760 Mattie Road
Pismo Beach, CA 93449

Dear Jim,

Thank you for your loyal support of the San Luis Obispo International Film Festival again this year. Because of the City of Pismo’s support, we were able to host our historic Surf Nite at the Sunset Drive-In for the second year. It was a major success — a safe and fun event for our community that sold out and drew more than 220 cars with an estimated 600-700 people. This year we also hosted the Boomer Surf Band and it was a joy to see the love of surfing bring families and friends together for a one-of-a-kind evening. I know all those who attended appreciated seeing the short video promoting Pismo Beach too!

The next few years will be different for us to navigate but we are determined to press on, hoping that in 2023 we’ll be able to host an in-person festival, with virtual offerings.

Given this, we are asking for your generous support once again. We rely heavily on sponsorship support from San Luis Obispo County agencies, businesses and individuals and are very grateful to the City of Pismo Beach for recognizing the value the SLO Film Fest brings to our community.

The SLO Film Fest respectfully requests a $5,000 grant from the City of Pismo Beach for the 28th annual Festival, scheduled for April 2023.

Now, more than ever, events such as the SLO Film Festival have become a significant cultural event that we cannot afford to lose. Our mission is still to expand minds, open hearts and entertain people through worldwide independent cinema. Furthermore, the SLO Film Fest has grown to become an important economic engine driving tourism revenue to the Central Coast.

For the eighth time, we were just named one of the “Top 50 Film Festivals Worth the Entry Fee” in MovieMaker Magazine. This renewed honor in this popular national magazine is exciting, and we expect film submissions to increase again this year.

Our in-person festival after three years was a major success! We had an incredible lineup of international films and continued our popular Central Coast Filmmaker Showcase along with new categories in Music Videos and Animation.

The City of Pismo Beach Conference & Visitors Bureau grant would allow the SLO Film Fest to increase marketing efforts in partnerships with hotels and wineries, enabling us to start promoting the Festival as early as this summer. We also use these funds to help launch and market our Festival. Sponsorship money will be spent on venue rental costs, annual brochure, advertising and PR. We also know that City of Pismo Beach has undergone many changes and we to continue promoting its new pier and attractions as well as hotels.

To honor the City of Pismo Beach’s support of the 2023 festival, we would continue to make the City of Pismo Beach CVB a major Festival sponsor and a co-sponsor of Surf Nite, consistently our most popular special event since 2006.

This sponsorship is promoted in a variety of ways, including a prominent logo and link on our website, on-screen logo at all virtual screenings, verbal recognition at Surf Nite (attendance is normally 800-900 people), and logos on our print Festival guide, banner and virtual festival. We will also provide festival passes to City Council members so they can attend the Festival. We aim to provide the event within a model that follows current state restrictions and a virtual screening at the same time.

As background, the SLO Film Fest continued to expand its tourism partnerships even during the pandemic this year with a variety of sponsorships:

n SLO County hotels (including Inn at The Cove, SeaCrest Oceanfront Hotel and SeaVenture Resort, Madonna Inn, Sycamore, Hotel San Luis Obispo, Hotel Cerro, Vespera Resort and Inn at the Kinney) hosted visiting filmmakers and tourists. n 14 media outlets (print, radio and TV)

These co-promotional partnerships featured shared web links and an attractive sponsorship benefits package including film passes and multi-tiered recognition to sponsors. Sponsors’ names, including the City of Pismo Beach, were also played repeatedly on our sponsorship reel before each film during the festival and virtual festival. Another 200+ retailers, individuals and businesses donated either cash or in-kind support to the Festival’s operating budget, celebrity and filmmaker swag bags and raffles.

Thank you in advance for your consideration of our grant request. We would love to continue our mutually beneficial partnership with the City of Pismo Beach.

Sincerely,

Skye McLennan
SLO Film Fest Director

San Luis Obispo International Film Festival, Inc.

Profit and Loss by Tag Group
May 2021 - March 2022
TOTAL
MAY 2021 - MAR 2022 MAY 31, 2020 - MAR 31, 2021 (PP)
Revenue
4000 FESTIVAL SPONSORS
4010 Film Sponsor $125 - Critic
4015 Film Sponsor $300 - Crew
4020 Film sponsor $750 - SupportCast
4030 Film sponsor $1000
4040 Film sponsor $1500 - LeadActor
4060 Film sponsor $2500 - Cinematogr
4070 Film sponsor $5000 - Director
4080 Executive Producer
4090 Presenting Sponsor
Total 4000 FESTIVAL SPONSORS
4001 SLO Film Fest Endowment
4100 ENTRY FEES
4200 FUNDRAISING
4300 GRANTS
4301 Film society member
4302 DONATIONS
4400 MISC INCOME
4446 Merchandise Revenue
Total 4400 MISC INCOME
4460 MID YEAR EVENTS
4461 Mid -Year Event #1
4462 Mid -Year Event #2
4464 Other Mid Year Events
Total 4460 MID YEAR EVENTS
4500 TICKET SALES
4501 Other ticket sales
4505 Opening Night
4510 Opening Night Reception
4515 Closing Night / KV Awards
4525 Surf Night
4531 Fan Pack 4
4533 SLOFiImFest@Home Virtual
4545 Festival pass - Star
4550 Festival pass - Mogul
4555 Festival pass - Fanatic
4556 Extras
4600 Venue Income
4610 Mission Cinemas
Total 4600 Venue Income
King Vidor
350.00
13,000.00
30,750.00
26,400.00
14,000.00
10,000.00
40,000.00
134,500.00
20,000.00
23,345.92
4,500.00
31,500.00
5,885.42
3,963.34

11.06 231.06
242.12
1,621.00
-15.00
500.00
755.00
859.80
2,124.83
4,319.21
3,039.67
180.00
2,900.00
2,350.00
9,875.00
2,000.00
28,500.00
17, 500.00
4,000.00
10,000.00
77,125.00
21,289.93
17, 000.00
602.29
8,443.67
175.20
2,211.00
148.50
2,534.70

60.00 7,796.09
559.00
4,204.09
7,765.22
12,110.00
8,140.00
6,910.00
1,590.00

12.00 12.00
Accrual Basis Friday, April 8, 2022 01:45 PM GMT-07:00 1/3

San Luis Obispo International Film Festival, Inc.

Profit and Loss by Tag Group
May 2021 - March 2022
TOTAL
MAY 2021 - MAR 2022 MAY 31, 2020 - MAR 31, 2021 (PP)
Total 4500 TICKET SALES 13,384.51 49,146.40
5900 Refunds -2,022.52
Total Revenue $237,321.31 $174,119.47
GROSS PROFIT $237,321.31 $174,119.47
Expenditures
6100 FUNDRAISING EXPENSES 4,108.02
6104 Mailing 2,486.97 210.98
6105 Other fundraising expenses 85.51 329.61
6106 Printing 788.09
Fundraising expenses 19.54
Total 6100 FUNDRAISING EXPENSES 6,700.04 1,328.68
6200 GRANT EXPENSES
6240 DEI Grant 4,050.00
Total 6200 GRANT EXPENSES 4,050.00
6300 PROGRAM EXPENSES 20.74
6310 Advertising / Promotion 23,120.01 25,789.76
6400 EVENT EXPENSES
6422 Surf Night 1,611.49
6445 SLO Brew Rock 600.00
6481 Trivia 250.00
6490 Other events expense
6491 Mid-Yr Event #1 Exp 294.29
Total 6490 Other events expense 294.29
Total 6400 EVENT EXPENSES 2,755.78
6500 Film competition
6501 Awards 526.34 4,000.00
Total 6500 Film competition 526.34 4,000.00
6530 Film rental 3,782.03 2,647.99
6540 Film shipping 67.91
6560 Miscellaneous expenses
6561 Tote / Swag Bags 892.67 1,207.55
Total 6560 Miscellaneous expenses 892.67 1,207.55
6590 Planning / Research 513.49 423.52
6620 Stipend/ Salaries
6600 Payroll Taxes 1,488.22 12,754.81
6601 Payroll Expenses 0.00 21,173.64
6602 Workers Comp Insurance 738.00 877.00
6603 Payroll Processing Fee 119.00 87.50
6621 Salaries - Festival Director 49,229.22 22,749.96
6622 Salaries - Filmmaker Guest Coor 3,600.00 11,475.00 6623 Salaries - Artistic Director 4,827.00 19,308.00
Accrual Basis Friday, April 8, 2022 01:45 PM GMT-07:00 2/3

San Luis Obispo International Film Festival, Inc.

Profit and Loss by Tag Group
May 2021 - March 2022
TOTAL
MAY 2021 - MAR 2022 MAY 31, 2020 - MAR 31, 2021 (PP)
6624 Salaries - Associate Director
6625 Salaries - Development/Sponsors
6626 Stipend- Bookkeeper
6627 Salaries - Box Office/Assistant
Total 6620 Stipend/ Salaries
6630 Venue Expenses/Rental
6643 Sunset Drive -In
6650 Virtual Screening Room/CineSend
Total 6630 Venue Expenses/Rental
Total 6300 PROGRAM EXPENSES
6700 Professional fees
6800 GENERAL / ADMIN EXPENSES
6810 Bank charges
6811 Stripe Transfer Fees
6820 PO Box rental
6825 Taxes, licenses and fees
6840 Dues / Subscriptions
6858 Storage Rental
6860 Insurance
6875 Interest
6880 Office supplies
6890 Telephone expenses
6895 Misc
Total 6800 GENERAL / ADMIN EXPENSES
Total Expenditures

NET OPERATING REVENUE

NET REVENUE
24,700.00
238.28
1,750.00
11,328.00
98,017.72
840.00
840.00
127,713.00
3,873.00

8.50 1,542.85

1.63 215.77
180.00
1,826.27
1,865.00
2,668.00

0.11 1,881.04
432.63
173.08
10,794.88
$149,080.92
$88,240.39
$88,240.39
1,861.72
1,400.00
1,451.25
93,138.88
899.00
1,000.00
708.18
2,607.18
132,638.57
3,660.00

1.00 360.36
4,080.05
410.00
110.00
1,387.45
2,568.00

14.84 1,568.85
542.86
11,043.41
$152,720.66
$21,398.81
$21,398.81
Accrual Basis Friday, April 8, 2022 01:45 PM GMT-07:00 3/3

San Luis Obispo International Film Festival, Inc.

Statement of Financial Position
As of March 31, 2022
TOTAL
AS OF MAR 31, 2022 AS OF MAR 31, 2021 (PY)
ASSETS
Current Assets
Bank Accounts
1020 Checking (2904)
1020 Mechanics Bank 7911 (Checking) (deleted)
1050 Petty Cash
1060 Union Bank (Savings)
1080 Deposit Clearing
PayPal
Total Bank Accounts
Accounts Receivable
11000 Accounts Receivable
Total Accounts Receivable
Other Current Assets
12000 Undeposited Funds
1800 PrePaid Expenses
Total Other Current Assets
Total Current Assets
Fixed Assets
1500 Machinery and Equipment
1505 Accumulated Depreciation M&E
Total Fixed Assets
Other Assets

TOTAL ASSETS
217,209.76
199,309.62
300.00
33,966.49
1,080.61

10.65 $451,877.13

0.00 $0.00

0.00 0.00
$0.00
$451,877.13
12,967.69
-12,967.69
$0.00
$0.00
$451,877.13
208,811.94
300.00
33,966.49

0.00 1,333.65
$244,412.08

0.00 $0.00

0.00 0.00
$0.00
$244,412.08
12,967.69
-12,967.69
$0.00
$0.00
$244,412.08
Accrual Basis Friday, April 8, 2022 01:41 PM GMT-07:00 1/2

San Luis Obispo International Film Festival, Inc.

Statement of Financial Position
As of March 31, 2022
TOTAL
AS OF MAR 31, 2022 AS OF MAR 31, 2021 (PY)

LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
2000 Accounts Payable
Total Accounts Payable
Credit Cards
1100 Capital One 0327 (deleted)
1100 Credit card (6848)
Total Credit Cards
Other Current Liabilities
2110 Direct Deposit Liabilities
24000 Payroll Liabilities
EIDL Loan
Total Other Current Liabilities
Total Current Liabilities
Total Liabilities
Equity
3900 Retained earnings
Opening Bal Equity
Net Revenue
Total Equity

TOTAL LIABILITIES AND EQUITY

0.00 $0.00

0.00 315.35
$315.35

0.00 15,905.08
47,400.00
$63,305.08
$63,620.43
$63,620.43
127, 718.29
204,866.27
55,672.14
$388,256.70
$451,877.13
5,134.48
$5,134.48

78.93 $78.93
-46,760.60
57,007.33
99,900.00
$110,146.73
$115,360.14
$115,360.14
135,482.84
1,333.65
-7,764.55
$129,051.94
$244,412.08
Accrual Basis Friday, April 8, 2022 01:41 PM GMT-07:00 2/2

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION TYPE
NUM

NAME MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
Ordinary Revenue/Expenditures
Revenue
4000 FESTIVAL SPONSORS
4010 Film Sponsor $125 - Critic
02/17/2022 Deposit
Total tor 4010 Film Sponsor $125 - Critic
4020 Film sponsor $750 - SupportCast
11/17/2021 Deposit
11/30/2021 Journal Entry
11/30/2021 Deposit
11/30/2021 Deposit
11/30/2021 Deposit
12/17/2021 Deposit
12/31/2021 Journal Entry
01/31/2022 Journal Entry
03/09/2022 Deposit
03/09/2022 Deposit
03/09/2022 Deposit
03/22/2022 Deposit
03/22/2022 Deposit
03/22/2022 Deposit
03/22/2022 Deposit
03/22/2022 Deposit
Total for 4020 Film sponsor $750 - SupportCast
4040 Film sponsor $1500 - LeadActor
11/17/2021 Deposit
11/30/2021 Deposit
11/30/2021 Deposit
11/30/2021 Deposit
11/30/2021 Journal Entry
12/17/2021 Deposit
12/17/2021 Deposit
12/17/2021 Deposit
12/31/2021 Journal Entry
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/25/2022 Deposit
01/25/2022 Deposit
01/25/2022 Deposit
03/09/2022 Deposit
03/09/2022 Deposit
03/09/2022 Deposit
03/22/2022 Deposit
03/22/2022 Deposit
03/22/2022 Deposit
Nov-Elevant
Dec-Elevant
Jan-Elevant
Nov-Elevant
Dec-Elevant
David Hardberger & Maggie Means
1020 Checking (2904)
350.00 350.00
To report Sales November
Victoria Grostick
To report Sales December
To report Sales January
1020 Mechanics Bank 7911 (Checking) (deleted)
-Split-
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
-Split-
-Split-
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
To report Sales November
Pat & Diane McKeague
Med-Stop Brian & Jeri Roberts
Jerry & Kim Scott
To report Sales December
Women's Legacy Fund
Growing Together Initiative
Cal Poly Shirt Cuts 1st Payment
Minke WinklerPrins & Pete Peterson
Mechanics Bank
Cal Poly Short Cuts 2nd half of payment
Tom & Pam Brown
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
-Split-
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
-Split-
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
$350.00
750.00
2,250.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
1,000.00
750.00
1,000.00
750.00
250.00
250.00
$13,000.00
1,500.00
1,500.00
1,500.00
1,500.00
1,500.00
1,500.00
1,500.00
1,500.00
3,000.00
1,500.00
1,500.00
750.00
1,500.00
1,500.00
750.00
1,500.00
250.00
500.00
1,500.00
1,500.00
1,500.00
1,500.00
750.00
3,000.00
3,750.00
4,500.00
5,250.00
6,000.00
6,750.00
7,500.00
8,250.00
9,000.00
10,000.00
10,750.00
11,750.00
12,500.00
12,750.00
13,000.00
1,500.00
3,000.00
4,500.00
6,000.00
7,500.00
9,000.00
10,500.00
12,000.00
15,000.00
16,500.00
18,000.00
18,750.00
20,250.00
21,750.00
22,500.00
24,000.00
24,250.00
24,750.00
26,250.00
27,750.00
29,250.00
30,750.00
Total for 4040 Film sponsor $1500 - LeadActor
4060 Film sponsor $2500 - Cinematogr
11/17/2021
12/17/2021
01/13/2022
01/13/2022
02/17/2022
02/28/2022
03/09/2022
03/22/2022
03/22/2022
03/31/2022
Deposit
Deposit
Deposit
Deposit
Deposit
Journal Entry
Deposit
Deposit
Deposit
Journal Entry
Feb- Elevent
March Elevent
James & Felicia Cashin
Covelop, Inc.

Franklin M. Seiple, Architect
Bob & Christine Williams
To report Sales February
To report Sales March
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Checking (2904)
-Split-
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
-Split-
$30,750.00
2,500.00
2,500.00
2,500.00
2,400.00
2,500.00
2,500.00
2,500.00
3,000.00
3,500.00
2,500.00
2,500.00
5,000.00
7,500.00
9,900.00
12,400.00
14,900.00
17,400.00
20,400.00
23,900.00
26,400.00
Total for 4060 Film sponsor $2500 - Clnematogr
4070 Film sponsor $5000 - Director
07/13/2021
11/30/2021
03/22/2022
Deposit
Deposit
Deposit
Susan Hirsch & Tom Sant
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Checking (2904)
$26,400.00
5,000.00
5,000.00
4,000.00
5,000.00
10,000.00
14,000.00
Total for 4070 Rim sponsor $5000 - Director
4080 Executive Producer
02/17/2022 Deposit
BHE Renewables
1020 Checking (2904)
$14,000.00
10,000.00 10,000.00
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00
1/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION TYPE NUM
NAME

MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
Total for 4080 Executive Producer
4090 Presenting Sponsor
12/17/2021 Deposit
01/25/2022 Deposit
Total for 4090 Presenting Sponsor
Total for 4000 FESTIVAL SPONSORS
4001 SLO Film Fest Endowment
11/08/2021 Deposit
Bern Singsen
Couch Family Fund
Alfano Motocars Mercedes-Benz
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
$10,000.00
25,000.00
15,000.00
$40,000.00
$134,500.00
25,000.00
40,000.00
20,000.00 20,000.00
Total for 4001 SLO Film Fest Endowment
4100 ENTRY FEES
09/07/2021 Deposit
09/13/2021 Deposit
10/08/2021 Deposit
11/15/2021 Deposit
12/10/2021 Deposit
Total for 4100 ENTRY FEES
4200 FUNDRAISING
03/09/2022 Deposit
Filmfreeway
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
Fall Fundraiser- Tribute to Julia Child 1020 Checking (2904) $20,000.00
2,566.23
3,075.68
5,761.99
4,548.38
7,393.64
$23,345.92
2,566.23
5,641.91
11,403.90
15,952.28
23,345.92
4,500.00 4,500.00
Total for 4200 FUNDRAISING
4300 GRANTS
05/07/2021
07/13/2021
12/17/2021
01/13/2022
01/13/2022
Deposit
Deposit
Deposit
Deposit
Deposit
Total for 4300 GRANTS
4301 Film society member
11/17/2021 Deposit
11/17/2021 Deposit
11/17/2021 Deposit
11/30/2021 Deposit
11/30/2021 Deposit
12/17/2021 Deposit
12/17/2021 Deposit
12/17/2021 Deposit
12/17/2021 Deposit
12/17/2021 Deposit
12/17/2021 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/13/2022 Deposit
01/31/2022 Journal Entry
03/31/2022 Journal Entry
Total for 4301 Film society member
4302 DONATIONS
05/07/2021 Deposit
05/07/2021 Deposit
05/24/2021 Deposit
07/13/2021 Deposit
07/13/2021 Deposit
07/14/2021 Deposit
08/18/2021 Deposit
09/07/2021 Deposit
11/22/2021 Deposit
11/30/2021 Deposit
11/30/2021 Journal Entry
12/31/2021 Journal Entry
01/31/2022 Journal Entry
02/17/2022 Deposit
02/28/2022 Journal Entry
03/09/2022 Deposit
03/31/2022 Journal Entry
Total for 4302 DONATIONS
Jan-Elevant
March Elevent
Nov-Elevant
Dec-Elevant
Jan-Elevant
Feb- Elevent
March Elevent
CA Relief Program
1020 Mechanics Bank 7911 (Checking) (deleted)
2022 Surf Night Grant 1020 Mechanics Bank 7911 (Checking) (deleted) Cultural Grants in Aid Grant 1020 Mechanics Bank 7911 (Checking) (deleted) County Board of Supervisors 1020 Mechanics Bank 7911 (Checking) (deleted) Travel Paso 1020 Mechanics Bank 7911 (Checking) (deleted) 1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
Isaac Shafran 1020 Mechanics Bank 7911 (Checking) (deleted) Sarah Beth Coyote Foundation 1020 Mechanics Bank 7911 (Checking) (deleted) Wheeler Smith Mortuary 1020 Mechanics Bank 7911 (Checking) (deleted) Vita Miller 1020 Mechanics Bank 7911 (Checking) (deleted) Gini & Robert Griffin 1020 Mechanics Bank 7911 (Checking) (deleted) William Siembieda 1020 Mechanics Bank 7911 (Checking) (deleted) Arlene Winn 1020 Mechanics Bank 7911 (Checking) (deleted) Philbin, Judy & DK 1020 Mechanics Bank 7911 (Checking) (deleted) Wayne Hansen Jr 1020 Mechanics Bank 7911 (Checking) (deleted) Mary Walker 1020 Mechanics Bank 7911 (Checking) (deleted) Vintage Properties 1020 Mechanics Bank 7911 (Checking) (deleted) William Pendergrass, 1020 Mechanics Bank 7911 (Checking) (deleted) Central Coast Women's League 1020 Mechanics Bank 7911 (Checking) (deleted) Marcia Alter, 1020 Mechanics Bank 7911 (Checking) (deleted) To report Sales January -Split-
To report Sales March -Split-
AmazonSmiles
Stripe Transfer Bernhard Singsen
AmazonSmiles
To report Sales December
To report Sales January
Facebook
To report Sales February
Facebook
To report Sales March
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
-Split-
-Split-
-Split-
1020 Checking (2904)
-Split-
1020 Checking (2904)
-Split-
$4,500.00
15,000.00
5,000.00
4,000.00
3,750.00
3,750.00
15,000.00
20,000.00
24,000.00
27,750.00
31,500.00
$31,500.00

60.00 30.00

50.00 200.00
300.00
100.00
500.00
300.00

55.00 500.00

50.00 100.00
400.00

10.00 75.00
300.00
250.00
400.00
250.00
411.98
1,543.44
$5,885.42
100.00
105.00

5.68 375.00
500.00

50.00 11.88
980.00

8.17 25.00

60.82 234.19

26.37 85.00

25.61 195.00
1,175.62
$3,963.34

60.00 90.00
140.00
340.00
640.00
740.00
1,240.00
1,540.00
1,595.00
2,095.00
2,145.00
2,245.00
2,645.00
2,655.00
2,730.00
3,030.00
3,280.00
3,680.00
3,930.00
4,341.98
5,885.42
100.00
205.00
210.68
585.68
1,085.68
1,135.68
1,147.56
2,127.56
2,135.73
2,160.73
2,221.55
2,455.74
2,482.11
2,567.11
2,592.72
2,787.72
3,963.34
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00 2/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION TYPE NUM
NAME

MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
4400 MISC INCOME
09/07/2021 Deposit
Total for 4400 MISC INCOME
4446 Merchandise Revenue
05/07/2021 Deposit
Total for 4446 Merchandise Revenue
Total for 4400 MISC INCOME with sub -accounts
4500 TICKET SALES
03/31/2022 Journal Entry
Total for 4500 TICKET SALES
4501 Other ticket sales
06/16/2021 Bill
Total for 4501 Other ticket sales
4505 Opening Night
03/31/2022 Journal Entry
Total for 4505 Opening Night
4525 Surf Night
03/31/2022 Journal Entry
Total for 4525 Surf Night
4531 Fan Pack 4
11/30/2021 Journal Entry
12/31/2021 Journal Entry
02/28/2022 Journal Entry
03/31/2022 Journal Entry
Total for 4531 Fan Pack 4
4533 SLOFiImFest@Home Virtual
11/30/2021
12/31/2021
01/31/2022
02/28/2022
03/31/2022
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
March Elevent
Stripe Transfer
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
To report Sales March
Katie Franklin- Refund
March Elevent
March Elevent
Nov-Elevant
Dec-Elevant
Feb- Elevent
March Elevent
Nov-Elevant
Dec-Elevant
Jan-Elevant
Feb- Elevent
March Elevent
Total for 4533 SLOFIImFest@Home Virtual
4545 Festival pass - Star
11/30/2021 Journal Entry
12/31/2021 Journal Entry
02/28/2022 Journal Entry
03/31/2022 Journal Entry
Nov-Elevant
Dec-Elevant
Feb- Elevent
March Elevent
To report Sales March
To report Sales March
To report Sales November
To report Sales December
To report Sales February
To report Sales March
-Split-

11.06 11.06
$11.06
231 .06
$231.06
$242.12
231.06
1,621.00 1,621.00
2000 Accounts Payable
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
$1,621.00
-15.00 -15.00
$ -15.00
500.00 500.00
$500.00
755.00 755.00
$755.00

85.98 386.91
128.97
257.94

85.98 472.89
601.86
859.80
To report Sales November- SLOFiImFest@Home
To report Sales December
To report Sales January
To report Sales February
To report Sales March
To report Sales November
To report Sales December
To report Sales February
To report Sales March
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
$859.80
249.98
1,499.88
-124.99
124.99
374.97
$2,124.83
413.98
2,276.89
465.24
1,163.10
249.98
1,749.86
1,624.87
1,749.86
2,124.83
413.98
2,690.87
3,156.11
4,319.21
Total for 4545 Festival pass - Star
4550 Festival pass - Mogul
11/30/2021 Journal Entry
12/31/2021 Journal Entry
01/31/2022 Journal Entry
03/31/2022 Journal Entry
Total for 4550 Festival pass - Mogul
King Vidor
03/31/2022 Journal Entry
Nov-Elevant
Dec-Elevant
Jan-Elevant
March Elevent
March Elevent
To report Sales November
To report Sales December
To report Sales January
To report Sales March
To report Sales March
-Split-
-Split-
-Split-
-Split-
-Split-
$4,319.21
360.74
1,082.22
360.74
1,235.97
$3,039.67
360.74
1,442.96
1,803.70
3,039.67
180.00 180.00
Total for King Vidor
Total for 4500 TICKET SALES with sub -accounts
Total for Revenue
Expenditures
6100 FUNDRAISING EXPENSES
01/15/2022 Check 1806 Slo Brew Rock
03/07/2022 Expenditure SLO Brewing Co. LLC Sponsor Night 1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Checking (2904)
$180.00
$13,384.51
$237,321.31
2,131.96 2,131.96
1,976.06 4,108.02
Total for 6100 FUNDRAISING EXPENSES
6104 Mailing
11/12/2021 Check
12/17/2021 Expenditure
Total for 6104 Mailing
6105 Other fundraising expenses
07/26/2021 Expenditure
11/05/2021 Expenditure
Total for 6105 Other fundraising expenses
Fundraising expenses
03/02/2022 Expenditure
1800
Boone Graphics
UPS
SLO Provisions
Thai Delight Cuisine
Trader Joe's
1020 Mechanics Bank 7911 (Checking) (deleted)
1100 Credit card (6848)

FLOWERS FOR SPONSORSHIP PARTY
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Credit card (6848)
64,108.02
2,340.52 2,340.52
146.45 2,486.97
$2,486.97

42.49 43.02
$85.51

42.49 85.51

19.54 19.54
Total for Fundraising expenses
$19.54
Total for 6100 FUNDRAISING EXPENSES with sub -accounts
$6,700.04
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00
3/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022
DATE

TRANSACTION NUM
TYPE
NAME

MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
6300 PROGRAM EXPENSES
12/11/2021 Expenditure
SLo Motion Film
1100 Credit card (6848)

20.74 20.74
Total for 6300 PROGRAM EXPENSES
6310 Advertising / Promotion
06/06/2021 Bill
06/06/2021
06/09/2021
06/29/2021
06/30/2021
06/30/2021
07/12/2021
07/16/2021
08/04/2021
08/09/2021
09/04/2021
09/09/2021
Bill
Bill
Bill
Bill
Bill
Bill
Bill
Expenditure
Bill
Expenditure
Check
09/15/2021 Journal Entry CC
10/04/2021 Expenditure
10/12/2021 Check
11/01/2021
11/04/2021
11/09/2021
11/13/2021
11/13/2021
11/16/2021
11/26/2021
11/28/2021
11/28/2021
11/28/2021
12/01/2021
12/04/2021
12/08/2021
01/04/2022
01/06/2022
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
Bill
Expenditure
Expenditure
Expenditure
Check
02/04/2022 Expenditure
02/17/2022 Expenditure
02/18/2022 Check
02/23/2022 Expenditure
03/04/2022 Expenditure
03/08/2022 Expenditure
03/17/2022 Expenditure
03/18/2022 Expenditure
03/23/2022 Expenditure
03/24/2022 Expenditure
03/26/2022 Expenditure
03/29/2022 Expenditure
03/29/2022 Expenditure
03/30/2022 Expenditure
Design
Inv#2
1804
1809
Total for 6310 Advertising / Promotion
6500 Film competition
6501 Awards
06/06/2021 Bill
06/06/2021 Bill
10/01/2021 Check
1497
Capital One
Capital One
Elevent
Elizabeth Kurrels
Capital One
Capital One
Elevent
Capital One
Mailchimp.com
Elevent
Mailchimp.com
Elevent
Mailchimp.com
Elevent
Facebook
Mailchimp.com
Vista Print
Facebook
Facebook
Facebook
New Times
Vista Print
Vista Print
Vista Print
Elizabeth Kurrels
Mailchimp.com
Facebook
Mailchimp.com
Wildman, John
Poster Brain
Casey Printing &
Marketing
Casey Printing &
Marketing
Facebook
Sticker Mule
Facebook
Facebook
New Times
Elizabeth Kurrels
Facebook
Capital One
Capital One
Maximillian Guen
Total for 6501 Awards
MailChimp
SLO Chamber of Commerce - Flyer
Monthly Fee
G u id/Swag/Ads/Poster/SI ides/M iscellaneous
Zoom
MailChimp
Monthly Fee
MailChimp Promotion
Monthly Fee
to clear duplicate cc charges from 2020
Moviemaker Ad, Misc, Business card & Letterhead, basic Merch, poster
PR Promotion
MailChimp

POSTER BRAIN
CHECK 1809 50% Advance
MailChimp
Facebook Social Media Ads

STICKER MULE
FACEBK J3N4YA3D22
FACEBK RNUZ9CBZE2
SLO Downtown Banners

NEW TIMES
CHECK 1866
The Tribune -Adveristing
FACEBK Z6UWVDB2F2
USPS
The UPS Store
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
1100 Capital One 0327 (deleted)
2000 Accounts Payable
1100 Capital One 0327 (deleted)
1020 Mechanics Bank 7911 (Checking)
(deleted)
-Split-
1100 Capital One 0327 (deleted)
1020 Mechanics Bank 7911 (Checking)
(deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
2000 Accounts Payable
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1020 Mechanics Bank 7911 (Checking)
(deleted)
1100 Credit card (6848)
1100 Credit card (6848)
1020 Mechanics Bank 7911 (Checking)
(deleted)
1020 Checking (2904)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1020 Checking (2904)
1100 Credit card (6848)
1020 Checking (2904)
1020 Checking (2904)
1100 Credit card (6848)
$20.74

67.14 125.00

50.00 2,250.00

29.98 67.14

50.00 67.14

67.14 50.00

67.14 50.00

67.14 192.14
242.14
2,492.14
2,522.12
2,589.26
2,639.26
2,706.40
2,773.54
2,823.54
2,890.68
2,940.68
-59.47 2,881.21

67.14 2,948.35

50.00 2,998.35

25.00 67.14

94.86 71.69

25.00 25.00
500.00

30.43 25.02

51.25 3,150.00
3,023.35
3,090.49
3,185.35
3,257.04
3,282.04
3,307.04
3,807.04
3,837.47
3,862.49
3,913.74
7,063.74

67.14 7,130.88

25.00 7,155.88

67.14 7,223.02
2,000.00 9,223.02

73.95 9,296.97
135.95 9,432.92
3,373.00 12,805.92
3,373.00 16,178.92

73.95 16,252.87

19.90 16,272.77
249.54 16,522.31

7.31 16,529.62

35.00 16,564.62
2,750.00 19,314.62
250.00 19,564.62
2,317.50 21,882.12
1,202.64 23,084.76

35.25 23,120.01
2000 Accounts Payable
2000 Accounts Payable
1020 Mechanics Bank 7911 (Checking)
(deleted)
$23,120.01

1.40 24.94
500.00

1.40 26.34
526.34
$526.34
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00
4/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION TYPE NUM
NAME

MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
Total for 6500 Film competition
6530 Film rental
09/30/2021
10/21/2021
02/04/2022
02/04/2022
02/05/2022
02/17/2022
02/18/2022
02/23/2022
02/28/2022
03/07/2022
03/24/2022
03/25/2022
03/31/2022
Journal Entry
Deposit
Expenditure
Expenditure
Expenditure
Expenditure
Check
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
Expenditure
ETA
Warner Brothers Distributing
The Film Collaborative
Lisa Hurwitz
Salaud Morisset
The Film Collaborative
1864 Park Circus, Inc.

Park Circus, Inc.

Total for 6530 Film rental
6560 Miscellaneous expenses
6561 Tote / Swag Bags
03/04/2022 Expenditure
03/04/2022 Expenditure
Total for 6561 Tote / Swag Bags
Total for 6560 Miscellaneous expenses
6590 Planning / Research
06/30/2021 Bill
07/16/2021 Bill
07/16/2021 Bill
08/26/2021 Expenditure
09/30/2021 Journal Entry ETA
01/07/2022 Expenditure
01/07/2022 Expenditure
01/10/2022 Expenditure
01/27/2022 Expenditure
01/27/2022 Expenditure
Total for 6590 Planning / Research
6620 Stipend/ Salaries
6600 Payroll Taxes
05/17/2021 Bill
05/17/2021 Bill
06/15/2021 Bill
06/15/2021 Bill
07/15/2021 Bill
07/15/2021 Bill
07/30/2021 Bill
08/16/2021 Bill
08/16/2021 Bill
08/31/2021 Journal Entry 18
09/09/2021 Journal Entry 9/09/21 PR
09/20/2021 Journal Entry 9/20/21 PR
10/05/2021 Journal Entry 10/05/21 PR
10/20/2021 Journal Entry 10/20/21 PR
11/05/2021 Journal Entry 11/05/21 PR
11/20/2021 Journal Entry 11/20/21 PR
12/03/2021 Journal Entry 12/03/21 PR
12/20/2021 Journal Entry 12/20/21 PR
01/05/2022 Journal Entry 1/05/22 PR
01/20/2022 Journal Entry 1/20/22 PR
02/04/2022 Journal Entry 2/04/22 PR
02/18/2022 Journal Entry 2.18.22 Payroll
03/04/2022 Journal Entry 3.04.22 Payroll
03/18/2022 Journal Entry 3.18.22 Payroll
Total for 6600 Payroll Taxes
6601 Payroll Expenses
08/07/2021 Journal Entry 15
08/31/2021 Journal Entry 18
Total for 6601 Payroll Expenses
6602 Workers Comp Insurance
07/16/2021 Bill
07/16/2021 Bill
Capital One
Capital One
Capital One
Tiff Industry Torton
Slamdance
Slamdance
Slamdance
Slamdance
Slamdance
IRS (Internal Revenue Service)
EDD
EDD
IRS (Internal Revenue Service)
EDD
IRS (Internal Revenue Service)
EDD
EDD
IRS (Internal Revenue Service)
Capital One
Capital One
to clear outstading transactions
cancellation for a film booking
Homebody/Payment to The Film Collaborative
The Automat- Virtual Screening fees
Hard Shell/Soft Shell- Salaud Morisset
Sirens
CHECK 1864
Samuel Goldwyn Films - Blind Ambition

TOGETHER FILMS - FREE RENTY

LA PERLA
Egungun fee
LA PERLA S 22686180

TOTE -BAG -FACTORY
Patches
Tribec Film Festival
Film Exchange Conference
Alice Street Screening
to clear outstading transactions

SLAMDANCE

SLAMDANCE
Federal Taxes
State Taxes
State Taxes
Federal Taxes
State Taxes
Federal Taxes
State Taxes
State Taxes
Federal Taxes
Adj PR to match Summary
9/09/21 Payroll
9/20/21 Payroll
10/05/21 Payroll
10/20/21 Payroll
11/05/21 Payroll
11/20/21 Payroll
12/03/21 Payroll
12/20/21 Payroll
1/05/22 Payroll
1/20/22 Payroll
2/04/22 Payroll
2/18/22 Payroll
3/04/22 Payroll
3/18/22 Payroll
Recode Payments to Correct Accounts
Adj PR to match Summary
-Split-
1020 Mechanics Bank 7911 (Checking) (deleted)
PayPal
PayPal
PayPal
PayPal
1020 Mechanics Bank 7911 (Checking) (deleted)
1020 Checking (2904)
1020 Checking (2904)
1100 Credit card (6848)
1020 Checking (2904)
1020 Checking (2904)
1020 Checking (2904)
1100 Credit card (6848)
1100 Credit card (6848)
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
1100 Capital One 0327 (deleted)
-Split-
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
Hartford Insurance - Workers Comp Adj 2000 Accounts Payable Employers Preferred - Workers Comp Insurance 2000 Accounts Payable $526.34
-400.00 -400.00
-250.00 -650.00
500.00 -150.00
250.00 100.00
840.00 940.00
400.00 1,340.00
350.00 1,690.00
350.00 2,040.00
500.00 2,540.00
250.00 2,790.00
692.03 3,482.03
200.00 3,682.03
100.00 3,782.03
$3,782.03
683.67 683.67
209.00 892.67
$892.67
$892.67
125.00 125.00
128.00 253.00

24.48 277.48
233.49 510.97
-50.00 460.97

10.84 471.81

10.84 482.65

10.84 493.49

10.00 503.49

10.00 513.49
$513.49
4,383.40 4,383.40
517.10 4,900.50
222.75 5,123.25
1,586.46 6,709.71
104.26 6,813.97
562.64 7,376.61

3.06 7,379.67
243.78 7,623.45
1,381.82 9,005.27
-13,543.90 -4,538.63
267.11 -4,271.52
267.12 -4,004.40
328.31 -3,676.09
319.82 -3,356.27
328.65 -3,027.62
333.07 -2,694.55
345.44 -2,349.11
404.70 -1,944.41
683.11 -1,261.30
590.85 -670.45
598.31 -72.14
540.99 468.85
484.18 953.03
535.19 1,488.22
$1,488.22
-21,173.64 -21,173.64
21,173.64 0.00
$0.00
167.00 167.00
571.00 738.00
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00 5/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022
DATE

TRANSACTION TYPE
NUM

NAME MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
Total for 6602 Workers Comp Insurance
6603 Payroll Processing Fee
05/16/2021
07/14/2021
07/14/2021
07/16/2021
08/07/2021
08/07/2021
08/10/2021
08/18/2021
09/09/2021
09/20/2021
10/05/2021
10/20/2021
11/05/2021
11/20/2021
12/03/2021
12/20/2021
01/05/2022
01/20/2022
02/04/2022
02/18/2022
03/04/2022
03/18/2022
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
12 14
14 13
15 15
16 17
9/09/21 PR
9/20/21 PR
10/05/21 PR
10/20/21 PR
11/05/21 PR
11/20/21 PR
12/03/21 PR
12/20/21 PR
1/05/22 PR
1/20/22 PR
2/04/22 PR

2.18.22 Payroll

3.04.22 Payroll

3.18.22 Payroll
05/15/21 Direct Deposit Fee (2 Deposits)
07/15/21 Direct Deposit Fee (2 Deposits)
06/30/21 Direct Deposit Fee (1 Deposit)
06/15/21 Direct Deposit Fee (1 Deposit
06/12/20 Direct Deposit Fee (2 Deposits)
06/29/20 Direct Deposit Fee (2 Deposits)
07/31/20 Direct Deposit Fee (2 Deposits)
08/15/21 Direct Deposit Fee (2 Deposits)
9/09/21 Payroll
9/20/21 Payroll
10/05/21 Payroll
10/20/21 Payroll
11/05/21 Payroll
11/20/21 Payroll
12/03/21 Payroll
12/20/21 Payroll
1/05/22 Payroll
1/20/22 Payroll
2/04/22 Payroll
2/18/22 Payroll
3/04/22 Payroll
3/18/22 Payroll
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
$738.00

3.50 3.50

1.75 1.75

3.50 3.50

3.50 3.50

3.50 3.50

3.50 5.25

5.25 5.25

7.00 8.75

8.75 8.75

8.75 8.75

8.75 8.75

3.50 7.00

8.75 10.50

14.00 17.50

21.00 24.50

28.00 31.50

35.00 40.25

45.50 50.75

57.75 66.50

75.25 84.00

92.75 101.50
110.25
119.00
Total for 6603 Payroll Processing Fee
6621 Salaries - Festival Director
05/16/2021 Journal Entry
07/14/2021 Journal Entry
07/14/2021 Journal Entry
07/16/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/10/2021 Journal Entry
08/18/2021 Journal Entry
08/31/2021 Journal Entry
09/09/2021 Journal Entry
09/20/2021 Journal Entry
10/05/2021 Journal Entry
10/20/2021 Journal Entry
11/05/2021 Journal Entry
11/20/2021 Journal Entry
12/03/2021 Journal Entry
12/20/2021 Journal Entry
01/05/2022 Journal Entry
01/20/2022 Journal Entry
02/04/2022 Journal Entry
02/18/2022 Journal Entry
03/04/2022 Journal Entry
03/18/2022 Journal Entry
12 14
14 13
15 15
15 15
15 15
15 16
17 18
9/09/21 PR
9/20/21 PR
10/05/21 PR
10/20/21 PR
11/05/21 PR
11/20/21 PR
12/03/21 PR
12/20/21 PR
1/05/22 PR
1/20/22 PR
2/04/22 PR

2.18.22 Payroll

3.04.22 Payroll

3.18.22 Payroll
05/15/21 Skye McLennan CK #192
07/15/21 Skye McLennan CK #197
06/30/21 Skye McLennan CK #195
06/15/21 Skye McLennan CK #194
06/15/20 Skye McLennan CK #119
09/30/20 Skye McLennan CK #135
09/15/20 Skye McLennan CK #131
08/31/20 Skye McLennan CK #129
07/31/20 Skye McLennan CK #125
07/15/20 Skye McLennan CK #123
06/30/20 Skye McLennan CK #121
07/31/21 Skye McLennan CK #199
08/15/21 Skye McLennan CK #201
Adj PR to match Summary
9/09/21 Payroll
9/20/21 Payroll
10/05/21 Payroll
10/20/21 Payroll
11/05/21 Payroll
11/20/21 Payroll
12/03/21 Payroll
12/20/21 Payroll
1/05/22 Payroll
1/20/22 Payroll
2/04/22 Payroll
2/18/22 Payroll
3/04/22 Payroll
3/18/22 Payroll
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
$119.00
1,895.83
2,291.67
2,291.67
2,291.67
1,895.83
1,895.83
1,895.83
1,895.83
1,895.83
1,895.83
1,895.83
2,291.67
2,291.67
-9,479.15
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
2,291.67
1,895.83
4,187.50
6,479.17
8,770.84
10,666.67
12,562.50
14,458.33
16,354.16
18,249.99
20,145.82
22,041.65
24,333.32
26,624.99
17,145.84
19,437.51
21,729.18
24,020.85
26,312.52
28,604.19
30,895.86
33,187.53
35,479.20
37,770.87
40,062.54
42,354.21
44,645.88
46,937.55
49,229.22
Total for 6621 Salaries - Festival Director
6622 Salaries - Filmmaker Guest Coor
07/14/2021 Journal Entry
08/31/2021 Journal Entry
Total for 6622 Salaries - Filmmaker Guest Coor
6623 Salaries - Artistic Director
05/16/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021 Journal Entry
08/07/2021
08/07/2021
08/07/2021
08/07/2021
08/07/2021
08/07/2021
08/31/2021
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
Journal Entry
14 18
12 15
15 15
15 15
15 15
15 15
18 07/15/21 Grace Tucker CK #196
Adj PR to match Summary
-Split-
-Split-
$49,229.22
1,200.00
2,400.00
1,200.00
3,600.00
05/15/21 Wendy Eidson CK #193
09/30/20 Wendy Eidson CK #136
08/14/20 Skye McLennan CK #127
08/14/20 Wendy Eidson CK #128
07/15/20 Wendy Eidson CK #124
06/30/20 Wendy Eidson CK #122
06/15/20 Wendy Eidson CK #120
09/15/20 Wendy Eidson CK #132
08/31/20 Wendy Eidson CK #130
07/31/20 Wendy Eidson CK #126
Adj PR to match Summary
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
-Split-
$3,600.00
1,609.00
750.00
1,895.83
750.00
750.00
750.00
750.00
750.00
750.00
750.00
-4,677.83
1,609.00
2,359.00
4,254.83
5,004.83
5,754.83
6,504.83
7,254.83
8,004.83
8,754.83
9,504.83
4,827.00
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00 6/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION TYPE NUM NAME MEMO/DESCRIPTION SPLIT AMOUNT BALANCE Total for 6623 Salaries - Artistic Director $4,827.00
6624 Salaries - Associate Director
08/10/2021 Journal Entry 16 07/31/21 Grace Tucker CK #198 -Split- 1,200.00 1,200.00 08/18/2021 Journal Entry 17 08/15/21 Grace Tucker CK #200 -Split- 1,200.00 2,400.00 09/09/2021 Journal Entry 9/09/21 PR 9/09/21 Payroll -Split- 1,200.00 3,600.00 09/20/2021 Journal Entry 9/20/21 PR 9/20/21 Payroll -Split- 1,200.00 4,800.00 10/05/2021 Journal Entry 10/05/21 PR 10/05/21 Payroll -Split- 2,000.00 6,800.00 10/20/2021 Journal Entry 10/20/21 PR 10/20/21 Payroll -Split- 1,600.00 8,400.00 11/05/2021 Journal Entry 11/05/21 PR 11/05/21 Payroll -Split- 1,600.00 10,000.00 11/20/2021 Journal Entry 11/20/21 PR 11/20/21 Payroll -Split- 1,600.00 11,600.00 12/03/2021 Journal Entry 12/03/21 PR 12/03/21 Payroll -Split- 1,600.00 13,200.00 12/20/2021 Journal Entry 12/20/21 PR 12/20/21 Payroll -Split- 1,600.00 14,800.00 01/05/2022 Journal Entry 1/05/22 PR 1/05/22 Payroll -Split- 1,600.00 16,400.00 01/20/2022 Journal Entry 1/20/22 PR 1/20/22 Payroll -Split- 1,600.00 18,000.00 02/04/2022 Journal Entry 2/04/22 PR 2/04/22 Payroll -Split- 1,600.00 19,600.00 02/18/2022 Journal Entry 2.18.22 Payroll 2/18/22 Payroll -Split- 1,600.00 21,200.00 03/04/2022 Journal Entry 3.04.22 Payroll 3/04/22 Payroll -Split- 1,750.00 22,950.00 03/18/2022 Journal Entry 3.18.22 Payroll 3/18/22 Payroll -Split- 1,750.00 24,700.00 Total for 6624 Salaries - Associate Director $24,700.00 6625 Salaries - Development/Sponsors
08/31/2021 Journal Entry 18 Adj PR to match Summary -Split- 238.28 238.28 Total for 6625 Salaries - Development/Sponsors $238.28
6626 Stipend- Bookkeeper
06/12/2021 Bill Margaret O. C. Means April & May 2021 2000 Accounts Payable 700.00 700.00 08/10/2021 Bill 081021 Margaret O. C. Means June & July 2021 2000 Accounts Payable 700.00 1,400.00 09/15/2021 Check 1636 Margaret O. C. Means 1020 Mechanics Bank 7911 (Checking) (deleted) 350.00 1,750.00 Total for 6626 Stipend- Bookkeeper $1,750.00
6627 Salaries - Box Office/Assistant
10/20/2021 Journal Entry 10/20/21 PR 10/20/21 Payroll -Split- 200.00 200.00 11/05/2021 Journal Entry 11/05/21 PR 11/05/21 Payroll -Split- 280.00 480.00 11/20/2021 Journal Entry 11/20/21 PR 11/20/21 Payroll -Split- 320.00 800.00 12/03/2021 Journal Entry 12/03/21 PR 12/03/21 Payroll -Split- 96.00 896.00 12/03/2021 Journal Entry 12/03/21 PR 12/03/21 Payroll -Split- 336.00 1,232.00 12/20/2021 Journal Entry 12/20/21 PR -Split- 192.00 1,424.00 12/20/2021 Journal Entry 12/20/21 PR 12/20/21 Payroll -Split- 168.00 1,592.00 12/20/2021 Journal Entry 12/20/21 PR 12/20/21 Payroll -Split- 608.00 2,200.00 01/05/2022 Journal Entry 1/05/22 PR 1/05/22 Payroll -Split- 596.00 2,796.00 01/05/2022 Journal Entry 1/05/22 PR 1/05/22 Payroll -Split- 496.00 3,292.00 01/05/2022 Journal Entry 1/05/22 PR 1/05/22 Payroll -Split- 880.00 4,172.00 01/20/2022 Journal Entry 1/20/22 PR 1/20/22 Payroll -Split- 80.00 4,252.00 01/20/2022 Journal Entry 1/20/22 PR 1/20/22 Payroll -Split- 460.00 4,712.00 01/20/2022 Journal Entry 1/20/22 PR 1/20/22 Payroll -Split- 640.00 5,352.00 02/04/2022 Journal Entry 2/04/22 PR 2/04/22 Payroll -Split- 364.00 5,716.00 02/04/2022 Journal Entry 2/04/22 PR 2/04/22 Payroll -Split- 704.00 6,420.00 02/04/2022 Journal Entry 2/04/22 PR 2/04/22 Payroll -Split- 176.00 6,596.00 02/18/2022 Journal Entry 2.18.22 Payroll 2/18/22 Payroll -Split- 584.00 7,180.00 02/18/2022 Journal Entry 2.18.22 Payroll 2/18/22 Payroll -Split- 160.00 7,340.00 02/18/2022 Journal Entry 2.18.22 Payroll 2/18/22 Payroll -Split- 752.00 8,092.00 03/04/2022 Journal Entry 3.04.22 Payroll 3/04/22 Payroll -Split- 160.00 8,252.00 03/04/2022 Journal Entry 3.04.22 Payroll 3/04/22 Payroll -Split- 704.00 8,956.00 03/04/2022 Journal Entry 3.04.22 Payroll 3/04/22 Payroll -Split- 432.00 9,388.00 03/18/2022 Journal Entry 3.18.22 Payroll 3/18/22 Payroll -Split- 752.00 10,140.00 03/18/2022 Journal Entry 3.18.22 Payroll 3/18/22 Payroll -Split- 980.00 11,120.00 03/18/2022 Journal Entry 3.18.22 Payroll 3/18/22 Payroll -Split- 208.00 11,328.00 Total for 6627 Salaries - Box Office/Assistant $11,328.00 Total for 6620 Stipend/ Salaries $98,017.72
6630 Venue Expenses/Rental
6650 Virtual Screening Room/CineSend
02/05/2022 Expenditure Payment to Salaud Morisset PayPal 840.00 840.00 Total for 6650 Virtual Screening Room/CineSend $840.00
Total for 6630 Venue Expenses/Rental
$840.00
Total for 6300 PROGRAM EXPENSES with sub -accounts
6700 Professional fees
06/10/2021 Bill Ekmanian Tax & Accounting May Payroll Processing Fee 2000 Accounts Payable 06/30/2021 Bill Ekmanian Tax & Accounting June Payroll Processing Fee 2000 Accounts Payable 08/09/2021 Bill Ekmanian Tax & Accounting July Payroll Processing Fee 2000 Accounts Payable 09/10/2021 Check Ekmanian Tax & Accounting 1020 Mechanics Bank 7911 (Checking) (deleted) 10/08/2021 Check 1798 Ekmanian Tax & Accounting 1020 Mechanics Bank 7911 (Checking) (deleted) 11/10/2021 Check 1799 Ekmanian Tax & Accounting 1020 Mechanics Bank 7911 (Checking) (deleted) $127,713.00
100.00
100.00
100.00
100.00
175.00
550.00
100.00
200.00
300.00
400.00
575.00
1,125.00
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00 7/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION NUM
TYPE
NAME

MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
11/15/2021 Check
Ekmanian Tax & Accounting
11/16/2021 Expenditure Bambee HR
11/16/2021 Expenditure Bambee HR
01/12/2022 Check 1805 Ekmanian Tax & Accounting
02/14/2022 Expenditure
03/14/2022 Expenditure
Ekmanian Tax & Accounting
Ekmanian Tax & Accounting
CHECK 1807
CHECK 1867
1020 Mechanics Bank 7911 (Checking)
(deleted)
1100 Credit card (6848)
1100 Credit card (6848)
1020 Mechanics Bank 7911 (Checking)
(deleted)
1020 Checking (2904)
1020 Checking (2904)
550.00 1,675.00

80.00 1,755.00
1,188.00 2,943.00
325.00 3,268.00
130.00 3,398.00
475.00 3,873.00
Total for 6700 Professional fees
6800 GENERAL / ADMIN EXPENSES
12/17/2021 Expenditure Field Day Coffee
Total for 6800 GENERAL / ADMIN EXPENSES
6810 Bank charges
09/15/2021 Expenditure
11/09/2021 Check Elevent
11/30/2021 Journal Entry
11/30/2021 Journal Entry
11/30/2021 Journal Entry
12/10/2021 Check
12/31/2021 Journal Entry
12/31/2021 Journal Entry
12/31/2021 Journal Entry
01/10/2022 Check
01/10/2022 Check
01/13/2022 Check
01/31/2022 Journal Entry
01/31/2022 Journal Entry
01/31/2022 Journal Entry
02/09/2022 Expenditure
02/18/2022 Expenditure
02/28/2022 Journal Entry Feb-
Elevent
02/28/2022 Journal Entry Feb-
Elevent
02/28/2022 Journal Entry Feb-
Elevent
Nov-
Elevant
Nov-
Elevant
Nov-
Elevant
Dec-
Elevant
Dec-
Elevant
Dec-
Elevant
03/14/2022 Expenditure
03/18/2022 Expenditure
03/24/2022 Expenditure
03/24/2022 Expenditure
03/31/2022 Journal Entry
03/31/2022 Journal Entry
03/31/2022 Journal Entry
Total for 6810 Bank charges
6811 Stripe Transfer Fees
06/16/2021 Bill
07/14/2021 Deposit
Jan-Elevant
Jan-Elevant
Jan-Elevant
March
Elevent
March
Elevent
March
Elevent
Total for 6811 Stripe Transfer Fees
Elevent
Stripe Transfer
Elevent
Elevent
Elevent
QuickBooks
Elevent
QuickBooks
Stripe Transfer
Stripe Transfer
6820 PO Box rental
03/07/2022 Expenditure UPS
Total for 6820 PO Box rental
6825 Taxes, licenses and fees
06/01/2021 Bill CA State Attorney General
08/09/2021 Bill Franchise Tax Board
08/13/2021 Expenditure CA Secretary of State
11/23/2021 Check 1801 Franchise Tax Board
02/28/2022 Expenditure
Total for 6825 Taxes, licenses and fees
6840 Dues / Subscriptions
Service Charge
To report February Sales- Elevant
To report Sales November
To report Sales December
To report Sales December
To report Sales December
To report Sales January
To report Sales January
To report Sales January
GC<>ELEVENT SOL EL-SM94HMY PNW7
18004INTUIT QuickBooks 5540166
To report Sales February
To report Sales February
To report Sales February
GC<>ELEVENT SOL EL-SM94HMY C6P5
18004INTUIT QuickBooks 5977883
Wise US Inc.

CASH ADVANCE FEE
To report Sales March
To report Sales March
To report Sales March
Kaite Franklin - Refund
Bernhard Singsen

THE UPS STORE
Non -Profit Registration Fee
Tax Year 2019
In Branch Wire Fee 592727
1100 Credit card (6848)
1100 Capital One 0327 (deleted)
1020 Mechanics Bank 7911 (Checking)
(deleted)
-Split-
-Split-
-Split-
1020 Mechanics Bank 7911 (Checking)
(deleted)
-Split-
-Split-
-Split-
1020 Mechanics Bank 7911 (Checking)
(deleted)
1020 Mechanics Bank 7911 (Checking)
(deleted)
1020 Mechanics Bank 7911 (Checking)
(deleted)
-Split-
-Split-
-Split-
1020 Checking (2904)
1020 Checking (2904)
-Split-
-Split-
-Split-
1020 Checking (2904)
1020 Checking (2904)
1100 Credit card (6848)
1100 Credit card (6848)
-Split-
-Split-
-Split-
2000 Accounts Payable
1020 Mechanics Bank 7911 (Checking)
(deleted)
$3,873.00

8.50 8.50
$8.50

7.11 7.11

50.00 57.11
121.84
150.62
-168.70

50.00 252.31
225.67
-308.00
320.00

50.00 67.50

86.37 71.28
-59.50

50.00 24.00
-111.65
178.95
329.57
160.87
210.87
463.18
688.85
380.85
700.85
750.85
818.35
904.72
976.00
916.50
966.50
990.50
878.85
100.44 979.29

52.93 1,032.22

50.00 24.00

31.00 10.00
-348.46
1,082.22
1,106.22
1,137.22
1,147.22
798.76
336.62 1,135.38
407.47 1,542.85
$1,542.85
1100 Credit card (6848)
2000 Accounts Payable
2000 Accounts Payable
1100 Capital One 0327 (deleted)
1020 Mechanics Bank 7911 (Checking)
(deleted)
1020 Checking (2904)
-1.37 -1.37

3.00 1.63
$1.63
215.77 215.77
$215.77

50.00 50.00

25.00 25.00

50.00 100.00
125.00
150.00

30.00 180.00
$180.00
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00 8/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION NUM NAME
TYPE

MEMO/DESCRIPTION

SPLIT AMOUNT BALANCE
05/10/2021 Bill Elevent Monthly Fee 2000 Accounts Payable 50.00 50.00 06/30/2021 Bill Capital One Spokes 2000 Accounts Payable 300.00 350.00 07/19/2021 Expenditure Paso Robles Chamber of 1100 Capital One 0327 (deleted) 245.00 595.00 Commerce
07/26/2021 Expenditure Adobe Systems 1100 Capital One 0327 (deleted) 29.99 624.99 08/04/2021 Expenditure Paddle.Net 1100 Capital One 0327 (deleted) 99.00 723.99 10/18/2021 Expenditure Film Festival Alliance 1100 Capital One 0327 (deleted) 250.00 973.99 10/18/2021 Expenditure Chamber of Commerce - AG 1100 Capital One 0327 (deleted) 250.00 1,223.99 11/15/2021 Expenditure SLO Downtown Associatioin 1100 Credit card (6848) 50.00 1,273.99 11/29/2021 Expenditure Film Festival Alliance 1100 Credit card (6848) 263.89 1,537.88 01/04/2022 Expenditure IMDB.com 1100 Credit card (6848) 149.99 1,687.87 01/10/2022 Expenditure Chamber of Commerce - Pismo 1100 Credit card (6848) 150.00 1,837.87 Beach
03/02/2022 Deposit AmazonSmil AMZNPH4DLU7B payments.amazon.com 1020 Checking (2904) -11.60 1,826.27 ID#3KA2CJIKH1 VWP7J
Total for 6840 Dues / Subscriptions
6858 Storage Rental
06/30/2021 Bill Capital One SLO Self Storage
$1,826.27
2000 Accounts Payable 1,865.00 1,865.00
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00 9/10

San Luis Obispo International Film Festival, Inc.

Statement of Activity Detail
May 2021 - March 2022

DATE TRANSACTION TYPE NUM NAME

MEMO/DESCRIPTION
SPLIT

AMOUNT BALANCE
Total for 6858 Storage Rental
6860 Insurance
11/02/2021 Expenditure
12/21/2021 Check
Total for 6860 Insurance
6875 Interest
03/26/2022 Expenditure
Alliance Member Services
Alliance Member Services
1100 Capital One 0327 (deleted)
1020 Mechanics Bank 7911 (Checking) (deleted)
INTEREST CHARGE:CASH ADVANCES 1100 Credit card (6848)
$1,865.00
513.60
2,154.40
$2,668.00

0.11 513.60
2,668.00

0.11 Total for 6875 Interest
6880 Office supplies
06/06/2021 Bill
06/06/2021 Bill
06/30/2021 Bill
06/30/2021 Bill
06/30/2021 Bill
07/16/2021 Bill
07/16/2021 Bill
07/16/2021 Bill
08/02/2021 Expenditure
08/05/2021 Expenditure
08/15/2021 Expenditure
08/26/2021 Expenditure
09/05/2021 Expenditure
09/15/2021 Journal Entry
09/18/2021 Expenditure
09/25/2021 Expenditure
10/05/2021 Expenditure
10/26/2021 Expenditure
11/05/2021 Expenditure
11/26/2021 Expenditure
12/13/2021 Expenditure
12/26/2021 Expenditure
01/04/2022 Expenditure
01/26/2022 Expenditure
02/07/2022 Expenditure
02/26/2022 Expenditure
03/07/2022 Expenditure
03/19/2022 Expenditure
03/26/2022 Expenditure
CC
Capital One
Capital One
Capital One
Capital One
Capital One
Capital One
Capital One
Capital One
Google
Zoom
LISPS
Adobe Systems
Zoom
Adobe Systems
Adobe Systems
Zoom
Adobe Systems
Zoom
Adobe Systems
Zoom
Adobe Systems
Zoom
Adobe Systems
Zoom
Zoom
Zoom
Total for 6880 Office supplies
6890 Telephone expenses
06/06/2021 Bill
06/30/2021 Bill
07/16/2021 Bill
07/16/2021 Bill
08/05/2021 Expenditure
09/02/2021 Expenditure
09/02/2021 Expenditure
09/15/2021 Journal Entry
10/02/2021 Expenditure
10/23/2021 Expenditure
11/01/2021 Expenditure
12/02/2021 Expenditure
01/02/2022 Expenditure
02/02/2022 Expenditure
02/05/2022 Expenditure
03/02/2022 Expenditure
03/24/2022 Expenditure
Total for 6890 Telephone expenses
6895 Misc
05/26/2021 Bill
Total for 6895 Misc
Total for 6800 GENERAL / ADMIN EXPENSES with sub -accounts Total for Expenditures
Net Revenue
CC
Capital One
Capital One
Capital One
Capital One
Digital West Networks, Inc.

Google
Digital West Networks, Inc.

Google
Digital West Networks, Inc.

Google
Google
Google
Google
Digital West Networks, Inc.

Google
Digital West Networks, Inc.

Adobe
Zoom
Google
Adobe Stock
Kudo Boards
Survey Monkey - Survey
Zoom
Adobe Stock
to clear duplicate cc charges from 2020
ZOOM.US XXX-XXX-XXX6
ADOBE *XXX-XXX-XXX7
ZOOM.US
ZOOM.US XXX-XXX-XXX6
ADOBE *XXX-XXX-XXX7
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
-Split-
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
$0.11

29.99 29.98

19.51 29.99

5.99 99.00

29.98 29.99

25.96 29.98
424.00

29.99 29.98
-1.99
599.88

29.99 29.98

29.99 29.98

29.99 29.98

29.99 29.98

29.99 29.98

29.99 29.98

79.00 29.99
Digital West
Digital West
Digital West - Voice Mail
Google - Voice Mail
to clear duplicate cc charges from 2020
GOOGLE *SVCSslofilmfes

WAVE / DIGITAL WEST
GOOGLE Voice

DIGITAL WEST
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
2000 Accounts Payable
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
-Split-
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Capital One 0327 (deleted)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
1100 Credit card (6848)
Bar Kismet LTD
2000 Accounts Payable
$1,881.04

17.63 17.63

17.63 26.16

17.63 25.94

17.63 -17.47

25.94 17.60

25.57 38.22

38.60 37.90

70.40 38.02

17.60 29.99

59.97 79.48
109.47
115.46
214.46
244.44
274.43
300.39
330.37
754.37
784.36
814.34
812.35
1,412.23
1,442.22
1,472.20
1,502.19
1,532.17
1,562.16
1,592.14
1,622.13
1,652.11
1,682.10
1,712.08
1,742.07
1,772.05
1,851.05
1,881.04

17.63 35.26

52.89 79.05

96.68 122.62
140.25
122.78
148.72
166.32
191.89
230.11
268.71
306.61
377.01
415.03
432.63
$432.63
173.08 173.08
$173.08
$10,794.88
$149,080.92
$88,240.39
Accrual Basis Friday, April 8, 2022 01:47 PM GMT-07:00
10/10

___________________________________________________________________________________________ PO BOX 5416, San Luis Obispo, CA 93403
Ph: 805 547-0779 www.sloscore.org

April XX, 2022

Outside Agency Funding Application for FY 2023

Purpose of the Request

On behalf of the SCORE San Luis Obispo Chapter, we wish to thank the city of Pismo Beach for your continuing support of our efforts in FY 2022. We are again seeking your support for a $2,000 grant that will be used to enhance the Pismo Beach economy by giving free services to business owners to start, run and grow a successful business.

We will be using your Economic Development funds in the following ways:

• Continue to provide free mentoring and workshops to businesses in Pismo Beach. In FY2021 we mentored 683 clients. Additionally, 760 clients attended live webinar workshops and 300 clients attended recorded webinars. Our total services last year were 1,743 clients.

• Partner with the City, South County Chamber, and service organizations to create, market and deliver free workshops targeting existing Pismo Beach businesses. Subjects will include: How to Begin Your Business, How to Prepare a Business Plan, Business Model Canvas, Google productivity tools and workshops on all aspects of marketing.

• We will continue our outreach campaign to minority and woman owed businesses. Historically these businesses have not had equal access to funding sources and educational opportunities.

In FY2021 59% of our clients were women, 44% were minorities and 9% were veterans. It is our goal to continue to reach those individuals and provide free mentoring, workshops and/or webinars.

Benefit to the City of Pismo Beach

Starting a new business can be often daunting. That is where Score can help. We never turn a client away. We differ from other organizations in that if a client has new business idea, no matter how early they are in the process, our Score mentors will listen and help. This includes helping a new business owner get a business license from the City of Pismo Beach to making sure new owners have the fundamental knowledge to start a business. Our mentors will help all businesses understand how to define their business concept, manage cashflow and market their business.

PO BOX 5416 San Luis Obispo, CA 93403

___________________________________________________________________________________________ PO BOX 5416, San Luis Obispo, CA 93403
Ph: 805 547-0779 www.sloscore.org

How the requested funds help achieve the Fiscal Year 2022 & 2023 City Goals

Score can help with your third goal “Enhance a vibrant tourist-based economy, while becoming a world- renowned tourist destination”. To meet this goal, existing business need to thrive and there needs to be new businesses with fresh new ideas.

When we meet with a client for the first time, we always assign two mentors. At their first meeting, the client and mentors engage in an interactive dialogue which begins with the mentors listening while the client describes their business idea or issue with their existing business. The mentors ask questions and together they determine a strategy. The first meeting usually lasts an hour, and we always try to set actions for the client to execute. At the end of the first meeting, we schedule a follow-on session.

Studies have found that if you meet with a client more than three times it can lead to greater client success. No matter how many times we meet with a client all meetings are free to the client.

Summary

Providing the highest quality mentoring has always been the hallmark of our chapter. We are committed to work closely with the City of Pismo Beach to support local businesses. As our motto states, Score will be there for the life of your business.

Respectively Submitted,
Horace Morana
Horace Morana
Chapter Chair
San Luis Obispo Chapter 597
(805) 471-3881
[email protected]

SCORE 0597 CHAPTER FISCAL YEAR TO DATE March 31, 2022
% OF
Grants AMOUNT BUDGET BUDGET
U.S. BANK Dec-21 15,000.00 15,000.00 100.0%
SCORE NATIONAL 1-Feb 7,500.00 7,500.00 0.0%
CHEVRON 25-Jan 1,500.00 0.00 0.0%
CITY OF MORRO BAY 25-Jan 1,000.00 0.00 0.0%
HOMELIGHT, INC. Feb 22 1,000.00 0.00 0.0%
TOTAL INCOME 26,000.00 22,500.00 100%%
EXPENSES YTD 9/30/22
% OF
PAID TO A/C #OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP YTD BUD BUDGET WORKSHOP EXPENSES 50070
PINWHEEL 50070 150.00 150.00 0.00 0.00 150.00 160.00 50.00 660.00 TOTAL WORKSHOP 50070 150.00 150.00 0.00 0.00 150.00 160.00 50.00 660.00 3,900.00 16.9% THE PANTHER GROUP 50080
Workshop-Molly 50080 26.04 483.60 545.60 644.80 545.60 223.20 2,468.84 6,000.00 41.1% THE PANTHER GROUP 50080
MOLLY-MARKETING 50080 33.48 539.40 620.00 570.40 570.40 248.00 2,581.68 6,000.00 43.0% ZOHO 50200 0.00 0.00 816.48 0.00 0.00 0.00 816.48
ECROPOLIS 50200 600.00 0.00 600.00 0.00 0.00 600.00 1,800.00 SOUTH County C OF C 50200 250.00 250.00 250.00 750.00
MARKETING TOTAL 50200 600.00 0.00 1,416.48 0.00 250.00 850.00 250.00 0.00 0.00 0.00 0.00 0.00 3,366.48 5,900.00 57.1% ROCK SAFE SELF STORAGE 51000 51.00 51.00 51.00 51.00 109.00 313.00

OFFICE RENT
RENT TOTAL 51000 51.00 51.00 51.00 51.00 109.00 313.00 2,400.00 13.0% TELECOMMUNICATION 52000 136.86 140.52 155.33 155.35 155.37 140.06 140.23 1,023.72 1,900.00 53.9% TECHNOLOGY-INTERNET 53000 12.00 12.00 12.00 12.00 12.00 12.00 72.00 250.00 28.8% OFFICE EXPENSES 54000 0.00 100.00 0.0%
PRINTING 55000 0.00 0.00
POSTAGE 55050 0.00 200.00 0.0%
MEETINGS 57000 0.00 350.00 0.0%

0.00 0.00

0.00 VOLUNTEER TRAIN 57500 0.00 0.00
Paso Robles C of C 57040 0.00
Templeton C of C 57040 0.00
South County C of C 57040 130.00 130.00
Morro Bay C of C 57040 150.00 150.00
Pismo Beach C of C 57040 150.00 150.00
Atascadero C of C 57040 260.00 260.00
Santa Maria Valley C of C 57040 775.00 775.00
CHAMBER C OF C TOTAL 57040 0.00 775.00 0.00 410.00 0.00 280.00 0.00 0.00 0.00 0.00 0.00 0.00 1,465.00 2,200.00 66.6% MISCELLANEOUS 59900 0.00 0.00 0.00 0.00 350.00 0.0%
TOTAL FOR MONTH 958.38 2,151.52 2,800.41 1,843.55 1,734.37 2,022.26 440.23 0.00 0.00 0.00 0.00 0.00 11,950.72 29,550.00 40.4% NET INCOME/ LOSS 14,049.28 (7,500.00)
CASH IN BANK-- MARCH 31, 2022 64,002.00

IRSCC Department of the Treasury
Internal Revenue Service
021757
OGDEN ,UT 84201-0038-

SERVICE CORPS OF RETIRED EXECUTIVES

ASSOCIATION
1175 HERNDON PKWY STE 900
HERNDON VA 20170-5532
Employer ID number:

Form 990 required: Yes____
Dear Taxpayer:

In reply refer to: 0438077500
Jan. 06, 2020 LTR 4168C 0
000000 00
00026008
BODC: TE
We're responding to your request dated Dec. 27, 2019, about your tax-exempt status.

We issued you a determination letter in July 1976, recognizing you as tax-exempt under Internal Revenue Code (IRC) Section 501(c) (3).

Donors can deduct contributions they make to you as provided in IRC Section 170. You're also qualified to receive tax deductible bequests, legacies, devises, transfers, or gifts under IRC Sections 2055, 2106, and 2522.

In the heading of this letter, we indicated whether you must file an annual information return. If you're required to file a return, you must file one of the following by the 15th day of the 5th month after the end of your annual accounting period:
- Form 990, Return of Organization Exempt From Income Tax - Form 990EZ, Short Form Return of Organization Exempt From Income Tax
- Form 990-N, Electronic Notice (e-Postcard) for Tax -Exempt Organizations Not Required to File Form 990 or Form 990-EZ- - Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation
According to IRC Section 6033(j), if you don't file a required annual information return or notice for 3 consecutive years, we'll revoke your tax-exempt status on the due date of the 3rd required return or notice.

You can get IRS forms or publications you need from our website at www.irs.gov/forms-pubs or by calling 800-TAX-FORM (800-829-3676).

If you have questions, call 877-829-5500 between 8 a.m. and 5 p.m., local time, Monday through Friday (Alaska and Hawaii follow Pacific time).

Thank you for your cooperation.

0438077500
Jan. 06', 2020' LTR 4168C 0
000000 00
00026009

SERVICE CORPS OF RETIRED EXECUTIVES

ASSOCIATION
1175 HERNDON PKWY STE 900
HERNDON VA 20170-5532
Sincerely yours,
Sharon Davies
Program Manager, AM OPS 2
rr_ •
■

Surfing for Hope Foundation
1304 Woodside Drive
San Luis Obispo, CA 93401
www.surfingforhope.org
[email protected]
Tax ID:

To the City of Pismo Beach,

Surfing For Hope is a local 501c3 nonprofit created to help inspire people challenged by cancer through the positivity of surfing and the ocean. We have been hosting events in Pismo Beach for over 10 years that include our annual longboard surf contest and monthly Pure Stoke Youth Camps and Survivor Camps. Surfing For Hope has raised over $700,000 during that time to help families along the central coast in the fight against cancer and help with cancer recovery.

From January 25th – 29th of 2023, we will be hosting the 5th Annual SLO CAL Open at Pismo Beach. This will be a World Surf League sanctioned professional surf contest held at the Pismo Beach Pier featuring Male and Female professional surfers from all over North America. The event is broadcast live on the World Surf League’s YouTube channel and mobile app, which is viewed by surf fans around the world. Our last event in January of this year attracted almost 400,000 viewers to the live webcast and had very impressive social media numbers (see attached media report). This event is attended in person nicely, but the live webcast really shines a spotlight on Pismo Beach like no other event does. The 2023 event will feature approximately 40 hours of live action viewed by people around the world. Event Title Sponsor Visit SLO CAL, the City of Pismo Beach, and other sponsors get their 30 second commercials spots played during the breaks in the surf competition (about every 25 minutes). The SLO CAL Open at Pismo Beach is basically a 5 day/40-hour tourism commercial for the City of Pismo Beach.

The total event budget for 2023 event is approximately $120K. This includes a $30K prize purse (each) for the Male and Female divisions, webcast fees, WSL fees, event staff fees, food, lodgings, and insurance.

We are requesting $20K from the City of Pismo Beach to be one of the major sponsors of the event. We expect our Title Sponsor, Visit SLO CAL, to return in 2023 along with other major sponsors such as Dignity Health, 805 Beer, Vespera Resort, and Mid-State Containers.

We believe this event benefits the City of Pismo Beach immensely by being part of the World Surf League’s Qualifying Series tour. In 2022, Pismo Beach was one of only 8 destinations that were part of the WSL QS tour.

The other locations included Barbados, Dominican Republic, Florida, Huntington Beach, Morro Bay, North Carolina, and Virginia Beach. The Pismo Beach media numbers were among the highest according to the WSL’s media manager Andrew Nichols. The value of hosting such a globally watched event only enhances Pismo Beach’s outreach to potential tourists around the world.

Since 2017, we have worked closely with the Pismo Beach Conference and Visitors Bureau to grow this event. We are hosting the event once again in January, which the CVB considers the “Off-Season” and when downtown businesses need more help. We feel the SLO CAL Open at Pismo Beach ticks off just about everything the City of Pismo Beach needs for an incoming event. It is a unique, well-attended in person event that is also watched online by people around the world. It receives lots of local press and the social media for the contest is impressive. We take up a very small footprint on the Pismo Beach Pier and it is appealing to the hard-core surf fans and everyday tourists that just happen to show up.

Thank you so much for your consideration and we look forward to any questions you may have.

Sincerely,

Andy McKay
Surfing For Hope - Director

1 EVENT MEDIA RECAP

SLO CAL OPEN AT PISMO BEACH

PRESENTED BY FRENCH HOSPITAL MEDICAL CENTER

1 Event Details
2 Audience Overview
3 Website
4 Social Media
5 Videos
6 Press

CONTENTS

1 EVENT DETAILS
Jan. 27 -30
Pismo Beach, California
Men’s Winner:John Mel
Women’s Winner:Alyssa Spencer
WSL North America Qualifying Series Event #4*
SLO CAL Open at Pismo Beach
presented by French Hospital Medical Center
*WSL North America Qualifying Series Event #2 for men

AUDIENCE OVERVIEW
Total reach on Facebook,
Twitter & Instagram
SOCIAL
363K+
Total Video Views on all
channels, LIVE & VOD
PRESS
The 2022 SLO CAL Open at Pismo Beach pres. by French Hospital Medical Center witnessed notable coverage throughout the event window with local, and regional, TV picking up multiple spots along with a very good live webcast audience. The total views across our multiple platforms earned an impressive 321K total with spikes in viewership at the event start..

Different media hits
relating to the event.VIDEO
394K
2 EVENT PAGES
279K+
Total Views on all
content for event pages
38 Mentions

DIGITAL PLATFORM ANALYTICS

EVENT PAGE VISITS

ALL CONTENT
201K UNIQUE EVENT PAGEVIEWS
137K
No.1 COUNTRY
USA

MOBILE USERS
30%
3SOURCE: GOOGLE ANALYTICS
(covering both men’s and women’s pages)

4 SOCIAL MEDIA
3 15k

1.6K
152k 3.2K

93.1k185.3K
249.7K
total posts (on each channel)
impressions
350K interactions/reach
298.2K
29 TOTAL EXPOSURE

48.5K
143.6K
reach
(reach)

WSL QS PLATFORMS
WSL_QS

51.8K

VIDEO VIEWS
LIVE
Views
101K+ (131
total)
LIVE Views Content

37.6K 2.7K
LIVE Views VOD
-149.9K+
321.2K+VIDEO VIEWS ACROSS

YOUTUBE, WSL PLAYER & SOCIAL MEDIA
5 PRESS
Our new database helped eliminate duplicate and spam coverage to give us more accurate results and the SLO CAL Open Pismo Beach pres. by French Hospital Medical Center received great TV coverage from local and regional news. KSBY, KCOY, and KEYT all picked up event news over three out of four days. Regional winners kept coverage majorly to California news but with an immaculate over 1million reach among the coverage.

Total press picked up
Press Mentions
38 6SOURCE: CISION

-WSL North America Team
Thank You
Tour ManagerBrian Robbins
[email protected]
Regional ManagerMeg Bernardo
[email protected]
Communications Manager(Contractor)Andrew [email protected]

Accrual Basis Thursday, May 5, 2022 03:16 PM GMT-07:00 1/1 Surfing for Hope Foundation
Balance Sheet
As of December 31, 2021
TOTAL
ASSETS
Current Assets
Bank Accounts
PURE STOKE CAMP FUND (3851)10,029.79
SURFING FOR HOPE (7839)56,681.78
Total Bank Accounts $66,711.57
Other Current Assets
Uncategorized Asset 0.00
Total Other Current Assets $0.00
Total Current Assets $66,711.57
TOTAL ASSETS $66,711.57

LIABILITIES AND EQUITY
Total Liabilities
Equity
Opening Balance Equity 0.00
Owner's Investment 0.00
Retained Earnings 72,814.61
Net Income -6,103.04
Total Equity $66,711.57
TOTAL LIABILITIES AND EQUITY $66,711.57

Oct '21 - Mar '22
Ordinary Income/Expense
Income
Event Contributions
Corporate Contributions 116,500.00
Individual Contributions 1,100.00
Total Event Contributions 117,600.00
Interest Income 1.44
Total Income 117,601.44
Cost of Goods Sold
Competitor Jerseys 859.85
Sanction Fees 6,000.00
Total COGS 6,859.85
Gross Profit 110,741.59
Expense
Business Expenses
Insurance 1,957.87
O!ce Supplies 256.64
Total Business Expenses 2,214.51
Event Costs
Advertising/Marketing
Graphic Arts 13,270.53
Total Advertising/Marke...13,270.53
Comp Scoring 3,440.00
Contest Announcers 6,000.00
Judging Fees 14,880.00
Photographers 3,400.00
Prize Money 40,000.00
Security 4,261.25
Sta" Fees 500.00
Trophies 1,200.00
Webcast 20,400.00
Total Event Costs 107,351.78
Federal Tax Withheld 0.33
Total Expense 109,566.62
Net Ordinary Income 1,174.97
Surfing For Hope
05/06/22 Profit and Loss Standard
October 2021 through March 2022