03.C Attach 4 Outside Agencies Funding Requests - With Financials (ONLINE ONLY) — Pismo Beach City Council, May 13, 2025 (part 1 of 2)

Fiscal Year 2026 Outside Agency Request
Organization: Association Of Amputee Surfers
Requested Funding: $15,000
Previously Received Funding: Yes
Direct Benefit to the City of Pismo Beach: Last year we combined these funds with other sponsorships and donations to run events here in Pismo Beach that benefit the local disabled community including disabled children, adults, Veterans, and First Responders.

Last year through our programs here in Pismo Beach we were able to engage 341 of these individuals and had over 300 community volunteers involved as well. Through these programs we are able to benefit the city of Pismo Beach by providing safe, engaging, welcoming activities for the disabled populations we serve and by providing a resource in the community for those that wish to serve. By having the city of Pismo Beach as a partner in these efforts, we showcase the cities dedication to its goals of providing a safe place for its citizens while maintaining the small beach town feel and encouraging those with disabilities to become part of our vibrant tourist based economy.

Support Fiscal 2026 City Goals: The requested funds will help achieve the cities 2026 fiscal goals by being prioritized for 2 things. 1. Adaptive surfing gear to help those with disabilities take part in activities on our beaches in the safest way possible. 2. Training for staff and volunteers to better serve those with disabilities. These two priorities for these funds will enhance the safety of our operations in the community, will allow us to provide safe fun beach activities that showcase our small beach town environment and will encourage those with disabilities to become returning visitors, staying in our community which will to our add our vibrant tourist economy.

Priority of Needs: Our current greatest need for funding is for the adaptive gear we use every time we are at the beach that gives us the ability to serve those living with disabilities.

Program Description: These funds will be used to promote and conduct oour programs here in Pismo Beach. we will use these funds towards our Surf on Saturdays program our VetSurf program our Operation Restoration Program and our contest programs. All of which enguage local residents and those living with disabilities.

Point of Contact: Dana Cummings

For management use only
Management Report
Association of Amputee Surfers (DBA AmpSurf/PSL)
For the period ended December 31, 2024
Prepared on
March 27, 2025

2/8
Table of Contents
Statement of Activity .............................................................................................................................................3 Statement of Financial Position ............................................................................................................................7 Statement of Cash Flows......................................................................................................................................8

Association of Amputee Surfers (DBA AmpSurf/PSL)3/8
Statement of Activity
January - December 2024
Total
INCOME
CONTRIBUTIONS - UNRESTRICED 47,908.43
Donation 33,875.00
Donations thru PayPal 1,838.98
PayPal Giving Fund 100.00
Total CONTRIBUTIONS - UNRESTRICED 83,722.41

GRANTS - RESTRICTED FUNDS
Federal Government Grants 28,785.00
Total GRANTS - RESTRICTED FUNDS 28,785.00
MERCHANDISE SALES 40,294.71

PRGSERV -INC

CLINICS
Surf Clinics
CA - EVENTBRITE REGISTRATION INCOME 3,700.00
Surf Clinic deposit refund -50.00
Total Surf Clinics 3,650.00
Total CLINICS 3,650.00

INSTR SERV INCOME
Discounts given -25,100.00
Fees for Instructor Services 31,375.00
Total INSTR SERV INCOME 6,275.00
Total PRGSERV -INC 9,925.00
Total Income 162,727.12
GROSS PROFIT 162,727.12

EXPENSES

ADMIN & OPERATIONS
Administrative Overhead
Payroll Expenses
CA - Suta Expense 32.18
Fed - Social Security Expense 70.33
Total Payroll Expenses 102.51
Total Administrative Overhead 102.51
Total ADMIN & OPERATIONS 102.51
Payroll Expenses
Wages 919.36
Total Payroll Expenses 919.36
PRGSERV - EXP 2,401.00
CLINICS - PRG 3,100.57
Surf Clinic Admin 608.65

Association of Amputee Surfers (DBA AmpSurf/PSL)4/8
Total
Surf Clinic Equipment.

Equip rental & maintenance 94.30
Total Surf Clinic Equipment.94.30
Surf Clinic Operations 4,114.26
Surf Clinic Personnel Admin 1,107.12
Surf Clinic Personnel Operations 1,292.00
Surf Clinic Supplies 438.37
Surf Clinic Travel 29,397.64
Total CLINICS - PRG 40,152.91
CONTEST - PRG 1,222.61
CONTEST - TRAVEL 495.00
Total CONTEST - PRG 1,717.61
Contest PSL Operations 12,546.27
Contest PSL Travel 1,657.60
Other expenses 8,611.98
Program Expenses - Misc
Program Expenses - Misc 300.00
Auto 502.22
Business Memberships 462.80
Legal fees 251.00
Payroll Expenses
CA - Suta Expense 269.01
Fed - Social Security Expense 588.03
Total Payroll Expenses 857.04
Total Program Expenses - Misc 2,373.06
Total Program Expenses - Misc 2,373.06

VETPRGS
CA PRG 11,737.62
CA - Admin 760.91
CA - Admin Personnel 3.64
CA - Equipment 600.00
CA - Oper Personnel 3.64
CA - Operations 6,728.50
CA - Supplies 1,928.83
CA - Travel 4,203.24
CA Store - Shipping Fees 78.29
CA Store - Supplies 429.00
Total CA PRG 26,473.67
Contest VA PRG
Contest Operations 1,564.26
Contest Personnel Admin 3.64
Contest Personnel Operations 3.64
Total Contest VA PRG 1,571.54

Association of Amputee Surfers (DBA AmpSurf/PSL)5/8
Total

INSTR-PRG
Instructor Operations 1,564.26
Instructor Personnel Admin 3.64
Instructor Personnel Operations 3.64
Total INSTR-PRG 1,571.54
NE PRG 9,948.85
NE - Admin 77.00
NE - Admin Personnel 3.64
NE - Oper Personnel 3.64
NE - Operations 3,354.97
NE - Travel 100.00
Total NE PRG 13,488.10
NY PRG 10,014.90
NY - Admin 77.00
NY - Admin Personnel 3.64
NY - Oper Personnel 3.64
NY- Operations 2,193.34
Total NY PRG 12,292.52
Operation Restoration Expenses 1,743.97
PNW PRG 9,631.18
PNW - Admin 241.86
PNW - Admin Personnel 3.64
PNW - Oper Personnel 3.64
PNW - Operations 1,934.50
PNW - Travel 531.05
Total PNW PRG 12,345.87
PR PRG 2,888.00
PR - ADMIN PERSONNEL 3.64
PR - OPER PERSONNEL 3.64
PR - OPERATIONS 314.32
PR - TRAVEL 3,706.04
Total PR PRG 6,915.64
VetSurf PRG
Payroll Expenses 6,880.00
Wages 7,905.70
Total Payroll Expenses 14,785.70
VetSurf - PERS-Admin 3.64
VetSurf - Personnel Operations 3.53
VetSurf Admin 1,610.08
VetSurf Operations 1,778.50
Total VetSurf PRG 18,181.45
Total VETPRGS 94,584.30
Total PRGSERV - EXP 164,044.73

Association of Amputee Surfers (DBA AmpSurf/PSL)6/8
Total
Uncategorized Expense

Z -FOR DANA TO ALLOCATE
Program Expenses
Outreach 500.00
PayPal Expenses 70.91
Total Program Expenses 570.91
Total Z -FOR DANA TO ALLOCATE 570.91
Total Uncategorized Expense 570.91
Total Expenses 165,637.51
NET OPERATING INCOME -2,910.39
NET INCOME $ -2,910.39

Association of Amputee Surfers (DBA AmpSurf/PSL)7/8
Statement of Financial Position
As of December 31, 2024
Total
ASSETS
Current Assets
Bank Accounts
1001 Checking (B of A 325076683644)103,852.14
1002 Cash (PayPal)22,575.44
1003 Cash (Venmo)7,435.71
Total Bank Accounts 133,863.29
Accounts Receivable
1200 Accounts receivable 12,175.00
Total Accounts Receivable 12,175.00
Total Current Assets 146,038.29
Fixed Assets
1840 Trailers 11,000.00
1850 Vehicles 7,000.00
1899 Accumulated depreciation -13,633.33
Total Fixed Assets 4,366.67
TOTAL ASSETS $150,404.96

LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts payable 251.00
Total Accounts Payable 251.00
Other Current Liabilities
Direct Deposit Payable 465.38
Payroll Liabilities 0.00
CA PIT / SDI 20.22
CA SUI / ETT 64.36
Federal Taxes (941/944)281.34
Total Payroll Liabilities 365.92
Total Other Current Liabilities 831.30
Total Current Liabilities 1,082.30
Total Liabilities 1,082.30
Equity
Unrestrict Net Assets 152,233.05
Net Income -2,910.39
Total Equity 149,322.66
TOTAL LIABILITIES AND EQUITY $150,404.96

Association of Amputee Surfers (DBA AmpSurf/PSL)8/8
Statement of Cash Flows
January - December 2024
Total

OPERATING ACTIVITIES
Net Income -2,910.39
Adjustments to reconcile Net Income to Net Cash provided by operations:
1200 Accounts receivable -6,275.00
Accounts payable 251.00
Direct Deposit Payable -922.71
Payroll Liabilities:CA PIT / SDI -27.89
Payroll Liabilities:CA SUI / ETT -109.90
Payroll Liabilities:Federal Taxes (941/944)-536.44
Total Adjustments to reconcile Net Income to Net Cash provided by operations:-7,620.94 Net cash provided by operating activities -10,531.33
NET CASH INCREASE FOR PERIOD -10,531.33
Cash at beginning of period 144,394.62
CASH AT END OF PERIOD $133,863.29

Fiscal Year 2026 Outside Agency Request
Organization: CAPSLO, Energy Services
Requested Funding: $4,200
Previously Received Funding: Yes
Direct Benefit to the City of Pismo Beach: Requested funds will benefit the City of Pismo Beach by providing low-income and disabled residents with home repairs so they can stay safely in their homes, gain increased accessibility throughout their homes, and live independent lives. These enhancements improve quality of life and help seniors avoid living with their children or costly assisted living. Energy Services brings Pismo Beach homes up to health and safety standards, addresses building code violations, constructs and installs handicapped access improvements, and removes architectural barriers. In 2024, Energy Services provided 44 Pismo Beach households with Energy Services. Twenty- eight households received assistance with their utility bills; four households received weatherization services; five households received assistance with minor home repair with Area Agency on Aging, County CDBG, and Department of Energy funds. Seven home repair jobs were completed with City of Pismo Beach Funds.

Support Fiscal 2026 City Goals: CAPSLO’s Energy Services aligns with the City of Pismo Beach’s 2026 goal of “Provide a safe place” by making Pismo Beach residents’ homes up to safety codes and more accessible. By addressing health and safety standards, building code violations, handicapped access improvements, and architectural barriers, Minor Home Repair helps to mitigate falls, enable residents to remain safe and independent in their homes, and maintain the longevity and quality of homes and Pismo Beach neighborhoods. Clients are first interviewed to assess their needs and can be cross- referred to other CAPSLO programs and resources in the community. Priority is given to clients who are severely disabled, lower income, or who do not have other resources or family members to assist them. Repairs will be carried out by Energy staff who work under CAPSLO’s contractor’s license #623259.

Priority of Needs: The needs of those we serve are greatly impacted by inflation, cost of housing, and other necessities. Living on a fixed income of Social Security, which Minor Home Repair clients do, exacerbates the ability to meet these needs. These issues are compounded by the ever-changing funding we receive to meet those needs, especially in light of recent federal changes. Each of the programs we apply for are impacted differently

by these changes. At this point in time, we see the needs for senior home repair being the greatest, followed by homeless services, and health and prevention.

Program Description: CAPSLO operates the Minor Home Repair Program, which provides assistance with basic home repairs for lower income residents in San Luis Obispo County.

The program targets low-income individuals, seniors, and disabled residents who lack sufficient resources to have repairs completed in their home. When screening clients in need, several factors are considered including health and safety, disability, economic need, and age. Home repair services include installation of safety devices, such as wheelchair ramps and lifts, grab bars, handrails, smoke alarms, carbon monoxide (CO) detectors, widening of entryways and hallways, as well as handheld showerheads, minor plumbing, carpentry, electrical, and drywall. Funding from the City of Pismo Beach will enable the Minor Home Repair Program to assist those who cannot be served by Area Agency on Aging funds and increases accessibility in individual homes.

Point of Contact: Elizabeth "Biz" Steinberg

Government Auditing Standards
Government Auditing Standards
Government Auditing Standards

Leases (Topic 842)

GOVERNMENT AUDITING STANDARDS
Government Auditing Standards
deficiency in internal control
material weakness
significant deficiency

Government Auditing Standards
Government Auditing Standards

Opinion on Each Major Federal Program
Compliance Supplement
Basis for Opinion on Each Major Federal Program
Government Auditing
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Code of Federal Regulations Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
Responsibilities of Management for Compliance

Fiscal Year 2026 Outside Agency Request

Organization: CAPSLO, Homeless Services Division
Requested Funding: $5,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: CAPSLO’s Homeless Services Division directly benefits the City of Pismo Beach by reducing the experience of homelessness or the threat of homelessness for its citizens (homelessness prevention). For individuals living unsheltered in the streets, in vehicles, or in parks, CAPSLO offers shelter as well as the wide array of services offered at 40 Prado Homeless Services Center, including case management and individualized housing plans to set them on the path to be stably housed.

For some, stable housing could be transportation to reunify with family or friends. To prevent people from falling into homelessness, CAPSLO can assist with first month’s rent and/or a security deposit. The requested funding helps to meet the unprecedented numbers of individuals and households needing assistance. In 2024, CAPSLO was able to serve 19 homeless households whose city of origin was Pismo Beach, Shell Beach, or Avila Beach. CAPSLO helps to make the City of Pismo Beach safer for the whole community.

Support Fiscal 2026 City Goals: The requested funds will help achieve the 2025 City Goals of 1) Maintaining a Focus on Public Safety, and 2) Housing and Homelessness. To ensure the safety of both the housed and unhoused citizens of the City of Pismo Beach, CAPSLO routinely works closely with local law enforcement agencies, including countywide Community Action Teams, as well as collaborating with numerous community groups and agencies that serve homeless individuals and families as well as those at risk of homelessness with homelessness prevention. These efforts help make the City of Pismo Beach an outstanding community in which to live or visit.

Priority of Needs: CAPSLO’s Homeless Services Division directly benefits the City of Pismo Beach by reducing the experience of homelessness or the threat of homelessness for its citizens (homelessness prevention). For individuals living unsheltered in the streets, in vehicles, or in parks, CAPSLO offers shelter as well as the wide array of services offered at 40 Prado Homeless Services Center, including case management and individualized housing plans to set them on the path to be stably housed. For some, stable housing could be transportation to reunify with family or friends. To prevent people from falling into homelessness, CAPSLO can assist with first month’s rent and/or a security deposit. The

requested funding helps to meet the unprecedented numbers of individuals and households needing assistance. In 2024, CAPSLO was able to serve 19 homeless households whose city of origin was Pismo Beach, Shell Beach, or Avila Beach. CAPSLO helps to make the City of Pismo Beach safer for the whole community.

Program Description: CAPSLO's request is to fund support the 40 Prado Homeless Services Center’s operational expenses. Located in the City of San Luis Obispo, 40 Prado offers day and night emergency shelter services, meals, showers, health screenings at the CHC on-site clinic, behavioral health services, recuperative care for those recently released from the hospital, animal kennels, a community garden, laundry facilities, internet access, Safe Parking, a year-round Warming Center during inclement weather, and a mail and message center to facilitate job and housing searches for up to 1,500 individuals and households per year. Costs of operating the center are ongoing as the number of homeless individuals and those at risk of homelessness rises with the housing crisis. It is critical to maintain funding for current program costs and staffing. Funds will be used for program expenses of staff, maintenance, utilities, building and equipment repair, breakfasts and dinners, laundry, and administrative costs.

Point of Contact: Elizabeth "Biz" Steinberg

Fiscal Year 2026 Outside Agency Request

Organization: CAPSLO, Health and Prevention Services
Requested Funding: $5,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: The Center’s goal is to use funding to increase the overall health and wellbeing of low-income Pismo Beach residents, serving those most vulnerable populations by providing easy access to essential reproductive health care, including additional support services. Funding will support clinic services offered, including sexual health education; pregnancy testing and counseling; testing for cervical/testicular cancers; all contraceptive methods and emergency contraception; testing and treatment for sexually transmitted infections (STIs); HIV/Hepatitis C testing and referrals; menopausal services; pap smears; treatment for abnormal pap tests; and referrals for no cost mammograms. Also, fresh and non-perishable Food Bank foods are distributed through the AG and mobile clinics. These services are fundamental and critical to Pismo Beach’s low-income residents’ reproductive health. In calendar year 2024, The Center served 72 unduplicated City of Pismo Beach residents with 85 clinic visits.

Support Fiscal 2026 City Goals: Requested funds will help achieve the City’s Goal of “Maintaining a Focus on Public Safety” by providing low-income individuals who otherwise may not access health services, the ability to get tested and treated for critical, or potentially critical, health issues. The Center educates and counsels patients on pregnancy, family planning, and sexual health; identifies and treats individuals with STIs preventing the spread of infection; and prevents serious health issues, such as reproductive cancers. The Center’s services will help create a safer community, by increasing the overall health and well-being of those served – improving the health of one sector of the community benefits the public health of the entire community! In addition, The Center is now a CalBenefits approved organization and can use the state’s universal application to enroll qualifying patients in public benefits programs (i.e., MediCal, CalFresh), providing access to services to help stabilize low-income families.

Priority of Needs: At this point in time, CAPSLO sees the needs for 1) Senior Home Repair being the greatest, followed by 2) Homeless Services, and 3) The Center for Health and Prevention. The needs of those we serve are greatly impacted by inflation, cost of housing, and other necessities. These issues are compounded by the ever-changing funding we

receive to meet those needs, especially in light of recent federal changes. Each of the programs we apply for are impacted differently by these changes.

Program Description: CAPSLO's The Center for Health and Prevention (The Center) has been a provider of quality, caring, confidential reproductive health services for low-income, uninsured, and underserved members of our community for over 50 years. This funding will specifically be used to support The Center’s clinic in Arroyo Grande (AG), which serves the Five Cities communities, and its mobile clinic, Health Care on Wheels. The AG clinic hours are Monday through Friday, from 8:30 am to 5:30 pm. Health Care on Wheels began operating one year ago and brings care directly to individuals where they live, work, and access services, including the Pismo Terrace affordable housing complex located in the City of Pismo Beach. At all clinic locations, walk-ins are welcome and same-day appointments are available. No one is turned away for inability to pay! The clinics are also ADA accessible and have bilingual/bicultural staff.

Point of Contact: Elizabeth “Biz” Steinberg

Fiscal Year 2026 Outside Agency Request

Organization: Environmental Center of San Luis Obispo (ECOSLO) Requested Funding: $5,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: The Creeks to Coast Cleanup Day event restores and preserves public spaces in Pismo Beach and San Luis Obispo County. We are requesting $5,000 to support ECOSLO’s Volunteer Coordinator for event coordination. In past years, we’ve removed an average of 125 lbs of trash (147 pounds from 2024, 45 pounds from 2023, 184 pounds from 2022) annually from Pismo Beach, involving 136 volunteers (number from past 3 years totaled). Since 2015, 1,798 lbs of litter have been removed with 1,210 volunteers. For the 2025 event, four priority cleanup sites in Pismo Beach will include Downtown, the Pier, Ocean View Ave, and Palisades Park. Funds will cover volunteer recruitment, training, and coordination, as well as provide cleanup kits for volunteers who wish to clean independently. The Volunteer Coordinator will dedicate 160 hours ($33/hr) to ensure the success of this event, with a total cost of $5,280. Your support will help preserve our environment and engage the community in stewardship efforts.

Support Fiscal 2026 City Goals: The Creeks to Coast Cleanup Day supports the City of Pismo Beach’s goals by enhancing community character, beautifying public spaces, and improving the quality of life for residents. The event helps maintain Pismo Beach’s “Classic California” charm by removing litter from high-traffic areas, contributing to community beautification strategies and preserving the city’s small beach town character. It also supports the city's goal of becoming a world-renowned tourist destination by keeping public spaces pristine, thus attracting more visitors and benefiting the local economy. By cleaning beaches, creeks, and coastal areas, the cleanup day contributes to the city’s efforts to preserve coastal access and protect the environment. Through these efforts, the event aligns with the city’s priorities to invest in neighborhoods, enhance public spaces, and maintain a safe and clean environment, ensuring both residents and tourists can enjoy Pismo Beach’s natural beauty.

Priority of Needs: ECOSLO’s success is built on the dedication of volunteers, and our Creeks to Coast Cleanup Day relies heavily on effective coordination. The Volunteer Coordinator position is essential for recruiting, training, and managing the large number of local volunteers who make the event possible. This role is our top funding priority, as it

directly impacts the success of this key initiative. Creeks to Coast Cleanup Day is our largest and most visible annual event, attracting widespread community attention and aligning with ECOSLO’s mission to protect the environment across San Luis Obispo County. Supporting this position ensures the event’s continued growth and impact, fostering greater community involvement in our conservation efforts.

Program Description: Founded in 1972, the Environmental Center of San Luis Obispo (ECOSLO) is a 501(c)(3) nonprofit dedicated to preserving the county’s natural resources.

We seek support for our Creeks to Coast Cleanup Day, an annual event focused on pollution prevention and environmental stewardship. This event benefits Pismo Beach by removing waste to protect wildlife and the community, beautifying public spaces, and empowering residents to preserve the environment. Since 2005, this countywide initiative has engaged over 23,000 volunteers and removed 155,000 pounds of trash from local ecosystems. Many cleanup sites urgently need litter removal to restore ecological health and maintain public value. ECOSLO requests grant funding to support our Volunteer Coordinator and purchase supplies for volunteers, ensuring active participation in preserving San Luis Obispo County’s natural beauty.

Point of Contact: Kendra Paulding

For board review only
Monthly Financials
EcoSlo
For the period ending December 31, 2024
Prepared by
CG Bookkeeping
Prepared on
February 4, 2025

2/9
Table of Contents
Balance Sheet.......................................................................................................................................................3 Profit & Loss..........................................................................................................................................................5 Budget vs. Actuals 2024.......................................................................................................................................7

3/9
Balance Sheet
As of December 31, 2024
Total
ASSETS
Current Assets
Bank Accounts
Checking - CoastHills 95,659.52
Paypal 976.21
Savings - CoastHills 55.05
Total Bank Accounts 96,690.78
Accounts Receivable
Accounts Receivable 22,493.82
Total Accounts Receivable 22,493.82
Other Current Assets
CALFIRE Advance 18,095.97
DRD Advance 889.00
Total Other Current Assets 18,984.97
Total Current Assets 138,169.57
Fixed Assets
Equip Office - Accum Depreciati -10,456.00
Equip Office - Orig Cost 10,456.00
Equipment 126,864.18
N/R-M. Rafferty (Restitution)20,215.67
Allowance for doubtful accounts -20,000.00
Total N/R-M. Rafferty (Restitution)215.67
Total Fixed Assets 127,079.85
Other Assets
Security Deposit 2,200.00
Total Other Assets 2,200.00
TOTAL ASSETS $267,449.42

LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Credit Cards
Commerce Bank 2,225.11
Total Credit Cards 2,225.11
Other Current Liabilities
Payroll Liabilities 853.94
Total Other Current Liabilities 853.94

4/9
Total
Total Current Liabilities 3,079.05
Total Liabilities 3,079.05
Equity
Opening Bal Equity 12,738.83
Retained Earnings 288,083.93
Net Revenue -36,452.39
Total Equity 264,370.37
TOTAL LIABILITIES AND EQUITY $267,449.42

5/9
Profit & Loss
December 2024
Total

REVENUE
Donations 14,504.54
Fundraiser 2,608.17
Interest/Dividend Income 8.17
Service Fee 1,988.82
Total Revenue 19,109.70
GROSS PROFIT 19,109.70

EXPENDITURES
GENERAL & ADMIN 0.00
Dues, Fees & Subscriptions 100.00
Insurance - Liability & D&O 333.30
Office Supplies & Expense 29.86
Professional Development 150.00
Professional Services 0.00
Bookkeeping Services 250.00
Total Professional Services 250.00
Rent - Office 2,050.00
Staff Expenses 0.00
Direct Deposit Costs 160.00
Insurance - Workers Comp 1,211.33
Taxes 1,037.34
Wages - Staff #2 4,917.00
Wages - Staff ED 4,940.00
Total Staff Expenses 12,265.67
Taxes/License/Permits 21.00
Telephone, Internet 399.05
Utilities 171.61
Website, E-Newsletter 78.20
Total GENERAL & ADMIN 15,848.69
PROGRAM EXPENSES 0.00
Car Rental,Cleaning,Fuel, Parki 237.46
Contract - CAL FIRE Full Circle 0.00
Contract Labor 5,790.60
Total Contract - CAL FIRE Full Circle 5,790.60
Fundraising 450.00
Licenses, Permits, Fees 153.00
Processing Fee 34.28
Staff Expenses 0.00
Mileage 80.53
Wages - Staff #2 3,483.00

6/9
Total
Wages - Staff ED 220.00
Total Staff Expenses 3,783.53
Supplies & Expenses 497.74
Total PROGRAM EXPENSES 10,946.61
Total Expenditures 26,795.30
NET OPERATING REVENUE -7,685.60

OTHER EXPENDITURES
Suspense 4,800.00
Total Other Expenditures 4,800.00
NET OTHER REVENUE -4,800.00
NET REVENUE $ -12,485.60

7/9
Budget vs. Actuals 2024
January - December 2024
Total
Actual Budget over Budget % of Budget

REVENUE
Donations 49,467.96 80,000.00 -30,532.04 61.83 %
Fundraiser 9,364.25 4,000.00 5,364.25 234.11 %
Grants 17,000.00 5,000.00 12,000.00 340.00 %
CAL FIRE - Full Circle 32,769.96 40,460.00 -7,690.04 80.99 % Total Grants 49,769.96 45,460.00 4,309.96 109.48 %
Interest/Dividend Income 337.40 1,600.00 -1,262.60 21.09 % IWMA Contract 20,000.00 -20,000.00
Service Fee 20,543.82 20,543.82
SLO City Contract 32,250.00 40,000.00 -7,750.00 80.63 % SLO County 3C-REN Contract 70,000.00 -70,000.00
SLO County Green Business Prog.34,500.00 34,500.00
SLO County Parks Contract 27,796.85 15,000.00 12,796.85 185.31 % Sponsorships 21,550.00 19,000.00 2,550.00 113.42 %
Swag-Bamboo cutlery, Cali-Karts 75.00 75.00
Total Revenue 245,655.24 295,060.00 -49,404.76 83.26 %
GROSS PROFIT 245,655.24 295,060.00 -49,404.76 83.26 %

EXPENDITURES

GENERAL & ADMIN
Advertising 180.80 180.80
Bank Fees 14.03 100.00 -85.97 14.03 %
Car Rental,Cleaning,Fuel, Parki 12.00 12.00
Dues, Fees & Subscriptions 725.70 2,000.00 -1,274.30 36.29 % Insurance - Liability & D&O 2,620.96 3,000.00 -379.04 87.37 % Meals & Entertainment 207.86 207.86
Office Supplies & Expense 3,704.83 2,000.00 1,704.83 185.24 % Postage & Delivery 200.00 -200.00
Printing 400.00 -400.00
Professional Development 150.00 150.00
Professional Services
Bookkeeping Services 4,040.00 4,000.00 40.00 101.00 %
Grants - Contractor 6,350.50 15,000.00 -8,649.50 42.34 % Tax Preparation 4,060.00 1,200.00 2,860.00 338.33 %

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Total
Actual Budget over Budget % of Budget
Total Professional Services 14,450.50 20,200.00 -5,749.50 71.54 % Rent - Office 24,600.00 24,600.00 0.00 100.00 %
Staff Expenses
Direct Deposit Costs 2,452.90 1,000.00 1,452.90 245.29 % Insurance - Workers Comp 9,461.99 2,500.00 6,961.99 378.48 % Mileage 495.27 0.00 495.27
Taxes 11,939.25 8,000.00 3,939.25 149.24 %
Wages - Staff #2 42,615.16 44,720.50 -2,105.34 95.29 %
Wages - Staff ED 32,324.13 22,360.25 9,963.88 144.56 %
Total Staff Expenses 99,288.70 78,580.75 20,707.95 126.35 % Taxes/License/Permits 292.16 100.00 192.16 292.16 %
Telephone, Internet 2,343.17 2,000.00 343.17 117.16 %
Utilities 1,260.97 700.00 560.97 180.14 %
Website, E-Newsletter 1,482.36 1,400.00 82.36 105.88 %
Website- Contractor 516.00 1,000.00 -484.00 51.60 %
Total GENERAL & ADMIN 151,850.04 136,280.75 15,569.29 111.42 %

PROGRAM EXPENSES
Advertising 587.20 2,500.00 -1,912.80 23.49 %
Car Rental,Cleaning,Fuel, Parki 3,617.15 1,500.00 2,117.15 241.14 % Contract - CAL FIRE Full Circle
Contract Labor 45,307.42 28,630.00 16,677.42 158.25 %
Overhead/Indirect 4,650.00 -4,650.00
Supplies 7,605.15 7,180.00 425.15 105.92 %
Total Contract - CAL FIRE Full Circle 52,912.57 40,460.00 12,452.57 130.78 % Fundraising 450.00 450.00
Licenses, Permits, Fees 420.86 500.00 -79.14 84.17 %
Meals & Entertainment 1,109.53 1,000.00 109.53 110.95 % Membership Dues 200.00 -200.00
Postage & Delivery 750.00 -750.00
Printing & Graphic Design 2,500.00 -2,500.00
Processing Fee 592.39 750.00 -157.61 78.99 %
Prof Dev/Meetings/Workshops 500.00 -500.00
Staff Expenses
Mileage 310.46 1,000.00 -689.54 31.05 %
Wages - Staff #2 60,264.92 89,441.00 -29,176.08 67.38 % Wages - Staff ED 4,652.75 22,360.25 -17,707.50 20.81 %
Total Staff Expenses 65,228.13 112,801.25 -47,573.12 57.83 %

9/9
Total
Actual Budget over Budget % of Budget
Supplies & Expenses 3,880.61 12,500.00 -8,619.39 31.04 % Website, Internet 90.34 250.00 -159.66 36.14 %
Total PROGRAM EXPENSES 128,888.78 176,211.25 -47,322.47 73.14 % Total Expenditures 280,738.82 312,492.00 -31,753.18 89.84 % NET OPERATING REVENUE -35,083.58 -17,432.00 -17,651.58 201.26 %

OTHER EXPENDITURES
Penalty and Interest 1,368.81 1,368.81
Suspense 0.00 0.00
Total Other Expenditures 1,368.81 0.00 1,368.81 0.00%
NET OTHER REVENUE -1,368.81 0.00 -1,368.81 0.00%
NET REVENUE $ -36,452.39 $ -17,432.00 $ -19,020.39 209.11 %

Fiscal Year 2026 Outside Agency Request

Organization: Five Cities Meals on Wheels, Inc
Requested Funding: $13,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: In the past year, your funds helped us provide over 20,000 meals to needy residents in Pismo Beach and the surrounding 5 cities.

Although our program is available to persons of all ages, a majority of our clients are over the age of 65, homebound and financially or physically challenged to source and prepare meals for themselves. The Public Policy Institute of California (2015) projects that by 2030 slightly more than one million California seniors will require some assistance with self- care. US Census QuickFacts (2024) statistics reflect that 25% of the Five Cities population is 65 or older, with Pismo Beach at 32%. These statistics suggest a strong need and a continuing demand for our services. Five Cities Meals on Wheels is prepared to meet these needs in our communities with your help.

Support Fiscal 2026 City Goals: The City of Pismo Beach has been a valued and generous donor for almost 20 years. We are grateful for your past and continuing support. Our requested funds help achieve the Fiscal Year 2026 City Goals and deliver exceptional services to the public in two key ways: 1. Five Cities Meals on Wheels shares your vison that “Provide a Safe Place” is a primary goal for the City of Pismo Beach. This coincides with our Mission of providing services and care needed to allow our neighbors to remain in the safety and security of their home. 2. By offering hot meals without regard to age or income, we believe our service is a great example of in-kind housing assistance in the form of healthy nutrition that our clients may not otherwise be able to access.

Priority of Needs: Our greatest need is for continued funding to cover the increasing cost of nutritional groceries needed to prepare meals for our clients. Your grant will allow us to continue purchasing the food and supplies needed to fill the gap between NGO and client donations and the total amount of food and supplies we need to keep our agency moving forward.

Program Description: For 50 years, our mission at Five Cities Meals on Wheels has been to provide nutritious meals and social interaction to homebound individuals of all ages and economic levels who need assistance in meeting dietary requirements. We strive to

promote independence, well-being and a sense of connection for those we serve. Our dedicated team of volunteers and staff work tirelessly to ensure that every individual receives the care and support they need to remain in the comfort and security of their home. In partnership with our donors, we are committed to making a positive impact on the lives of those in need in our community. Five Cities Meals on Wheels is dependent on financial donations to remain viable. Your generous funding will allow us to continue purchasing, preparing, packaging and delivering hot meals to 80 – 100 homebound residents every week.

Point of Contact: Julie Harper

Fiscal Year 2026 Outside Agency Request

Organization: Pismo Beach Chamber of Commerce
Requested Funding: $10,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: These funds will be used to organize events for both the residents and guests. These events include but are not limited to resource events to bring vital information to our community in the areas of emergency preparedness, senior resources and business growth. This funding allows us to continue with the annual Veteran's Day Celebration. This year we are planning a veterans family day that provide not only a day of community for these families but information on valuable resources for our veterans. This will also help support our annual Taste of Pismo, Clam Festival Wine Walk and our Christmas By The Sea Small Business Saturday Shop Local Incentive.

Support Fiscal 2026 City Goals: Both in the areas of enhancing our small beach town character with engaging events for residents and guests. We also enhance tourism through our events and promoting Pismo Beach as the place to make your memories and enjoy our community.

Priority of Needs: Overall funding of the Chamber will allow us to allocate resources to each specific community or funding raising event as needed.

Program Description: Funding for the Pismo Beach Chamber of Commerce will go towards supporting specific community and business events, and helping to provide support for the ongoing operations of the Pismo Beach Chamber.

Point of Contact: Jeanette Vierra

Application pending
OMB No. 1545-0047
Department of the Treasury
Internal Revenue Service
Check if applicable:

Address change
Name change
Initial returnFinal return/terminated
Amended return
332171 12-21-23
Open to Public
Inspection
For the 2023 calendar year, or tax year beginning , and endingA B D Employer identification numberC
E
F
G H
I
J
Website:not
Tax-exempt status
K
L
1 2
3 4
5 6
7 8
9 1
2 3
4 5c
a
b
c
5a
a
b
c
d
a
b
c
6a
6b
6c
6d
7a
7b
7c
8 9
10 11
12 13
14 15
16 17
18 19
20 21
Total revenue.
10 11
12 13
14 15
16 17 Total expenses.
18 19
20 21
For Paperwork Reduction Act Notice, see the separate instructions.

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations) Do not enter social security numbers on this form, as it may be made public.

Go to www.irs.gov/Form990EZ for instructions and the latest information.

Re
v
e
n
u
e
Ex
p
e
n
s
e
s
Ne
t

A
s
s
e
t
s
Form
Name of organization
Number and street (or P.O. box if mail is not delivered to street address)Telephone numberRoom/suite City or town, state or province, country, and ZIP or foreign postal code Group Exemption Number
Cash AccrualAccounting Method:Other (specify) Check if the organization is required to attach Schedule B
(Form 990).(check only one) 501(c)(3) 501(c) ( ) (insert no.) 4947(a)(1) or 527 Form of organization: Corporation Trust Association Other Add lines 5b, 6c, and 7b to line 9 to determine gross receipts. If gross receipts are $200,000 or more, or if total assets (Part II, column (B)) are $500,000 or more, file Form 990 instead of Form 990-EZ $ (see the instructions for Part I)
Check if the organization used Schedule O to respond to any question in this Part I Contributions, gifts, grants, and similar amounts received Program service revenue including government fees and contracts ~~~~~~~~~~~~~ ~~~~~~~~~~~
~~~~~~~ ~~~ ~~~~~~~~~~~
Membership dues and assessments
Investment income
~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~

Gross amount from sale of assets other than inventory
Less: cost or other basis and sales expenses
~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~
Gain or (loss) from sale of assets other than inventory (subtract line 5b from li 5a) ~~~~~~~~~~~~~~ Gaming and fundraising events:

Gross income from gaming (attach Schedule G if greater than $15,000) ~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~ ~
Gross income from fundraising events (not including $
from fundraising events reported on line 1) (attach Schedule G if the sum of such gross income and contributions exceeds $15,000)
of contributions
~~~~~~~~~~~~~~
Less: direct expenses from gaming and fundraising events Net income or (loss) from gaming and fundraising events (add lines 6a and 6b and subtract line 6c) ~~~~~~~~~~
~~~~~~~~~
Gross sales of inventory, less returns and allowances
Less: cost of goods sold
~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~
Gross profit or (loss) from sales of inventory (subtract line 7b from line 7a) Other revenue (describe in Schedule O)
~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Add lines 1, 2, 3, 4, 5c, 6d, 7c, and 8 Grants and similar amounts paid (list in Schedule O)
Benefits paid to or for members
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Salaries, other compensation, and employee benefits
Professional fees and other payments to independent contractors ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~
Occupancy, rent, utilities, and maintenance
Printing, publications, postage, and shipping
Other expenses (describe in Schedule O)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Add lines 10 through 16 Excess or (deficit) for the year (subtract line 17 from line 9) Net assets or fund balances at beginning of year (from line 27, column (A)) (must agree with end-of-year figure reported on prior year's return) Other changes in net assets or fund balances (explain in Schedule O) ~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~
Net assets or fund balances at end of year. Combine lines 18 through 20 Form (2023)
LHA
Revenue, Expenses, and Changes in Net Assets or Fund BalancePart I 990-EZ
Short Form
Return of Organization Exempt From Income Tax990-EZ 2023

CO
P
Y
649 DOLLIVER AVE
X 6
X
138,589.

SEE SCHEDULE O
22,948.
132.
23,456.
51,361.
17,175.
11,500.
32,577.
77,337.
66,120.
11,217.
72,469.
4,825.
21,108.
75,618.

0. 96,726.

PISMO BEACH CHAMBER OF COMMERCE
EXTENDED TO NOVEMBER 15, 2024
805-773-4382
WWW.PISMOCHAMBER.COM
PISMO BEACH, CA 93449
X
X

Describe the organization's program service accomplishments for each of its three largest program services, as measured by expenses. In a clear and concise manner, describe the services provided, the number of persons benefited, and other relevant information for each program title. (list each one even if not compensated - see the instructions for Part IV) Reportablecompensation (FormsW-2/1099-MISC/1099-NEC)(if not paid, enter -0-) Health benefits,contributions toemployee benefitplans, and deferredcompensation 332172 12-21-23
2 (A)(B)
22 23
24 25
26 22
23 24
25 26
27 Total assets
Total liabilities
27 Net assets or fund balances must
Expenses
28 28a
29a
30a
31a
32 29
30 31
32 (c) (d) ( (e)
(a)
Total program service expenses
Page Form 990-EZ (2023)
Beginning of year End of year
Cash, savings, and investments
Land and buildings
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Other assets (describe in Schedule O) ~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
(describe in Schedule O) ~~~~~~~~~~~~~~~~~~~~~~~~
(line 27 of column (B) agree with line 21)
(Required for section501(c)(3) and 501(c)(4)organizations; optional forothers.) What is the organization's primary exempt purpose?

Average hours
er week devoted to
position
Estimated
amount of other
compensationName and title
Form (2023)

(Grants $) If this amount includes foreign grants, check here (Grants $) If this amount includes foreign grants, check here (Grants $) If this amount includes foreign grants, check her Other program services (describe in Schedule O) ~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~ (Grants $) If this amount includes foreign gran check h e (add lines 28a through 31a)

Balance SheetsPart II
Statement of Program Service AccomplishmentsPart III
List of Officers, Directors, Trustees, and Key E ployePart IV 990-EZ
(see the instructions for Part II)
Check if the organization used Schedule O to respond to any question in this Part II (see the instructions for Part III)
Check if the organization used Schedule O to respond to any question in this Part III Check if the organization used Schedule O to espond o any question in this Part IV

CO
P
Y

DENISE HOLT WASSON

SHELLY VAN ROZEBOOM

JAMES DAVISON

0. 0.

0. TOM BECKER
DIRECTOR 0.00 0. 0. 0.

0.00 0.00

0.00 DANA CUMMINGS

PISMO BEACH CHAMBER OF COMMERCE

DIRECTOR

DIRECTOR
DIRECTOR 0.00 0. 0. 0.

BOBBY LYNCH
DIRECTOR 0.00 0. 0. 0.

ALAN BARTIMAEUS
DIRECTOR 0.00 0. 0. 0.

CHRISTINE FLORIANI
DIRECTOR 0.00 0. 0. 0.

MIKE COTTA
DIRECTOR 0.00 0. 0. 0.

JUDY COTTA
TREASURER 1.00 0. 0. 0.

TIFFANY STEPPS HERNANDEZ
VICE CHAIR / VICE PRESIDENT 1.00 0. 0. 0.

DARRYL BUCK
SECRETARY 1.00 0. 0. 0.

X
X
X

SEE SCHEDULE O

THE PURPOSE OF THE PISMO BEACH CHAMBER OF COMMERCE IS TO

REPRESENT COMMERCIAL, INDUSTRIAL AND PROFESSIONAL
BUSINESSES BY PROMOTING THE ECONOMIC WELFARE OF THE AREA. 75,618.95,955.

SEE SCHEDULE O 0.771.
75,618.96,726.

0.0. 75,618.96,726.

323452 12-26-23 Schedule B (Form 990) (2023)
Employer identification number
(a)
No.
(b)
Name, address, and ZIP + 4
(c)
Total contributions
(d)
Type of contribution
Person
Payroll
Noncash
(a)
No.
(b)
Name, address, and ZIP + 4
(c)
Total contributions
(d)
Type of contribution
Person
Payroll
Noncash
(a)
No.
(b)
Name, address, and ZIP + 4
(c)
Total contributions
(d)
Type of contribution
Person
Payroll
Noncash
(a)
No.
(b)
Name, address, and ZIP + 4
(c)
Total contributions
(d)
Type of contribution
Person
Payroll
Noncash
(a)
No.
(b)
Name, address, and ZIP + 4
(c)
Total contributions
(d)
Type of contribution
Person
Payroll
Noncash
(a)
No.
(b)
Name, address, and ZIP + 4
(c)
Total contributions
(d)
Type of contribution
Person
Payroll
Noncash
Schedule B (Form 990) (2023)Page
Name of organization
(see instructions). Use duplicate copies of Part I if additional space is needed. $
(Complete Part II for
noncash contributions.)
$
(Complete Part II for
noncash contributions.)
$
(Complete Part II for
noncash contributions.)
$
(Complete Part II for
noncash contributions.)
$
(Complete Part II for
noncash contributions.)
$
(Complete Part II for
noncash contributions.)
2 Part I Contributors

CO
P
Y
1 X
17,000.

N/A

PISMO BEACH CHAMBER OF COMMERCE

Department of the Treasury
Internal Revenue Service
323451 12-26-23
For Paperwork Reduction Act Notice, see the instructions for Form 990, 990-EZ, or 990-PF.Schedule B (Form 990) (2023) OMB No. 1545-0047
(Form 990)Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

Employer identification number
Organization type
Filers of:Section:
not
General Rule Special Rule.

Note:

General Rule
Special Rules
(1) (2)
General Rule
Caution: must
exclusively
exclusively
exclusively
nonexclusively
Name of the organization
(check one):

Form 990 or 990-EZ 501(c)( ) (enter number) organization 4947(a)(1) nonexempt charitable trust treated as a private foundation 527 political organization
Form 990-PF 501(c)(3) exempt private foundation
4947(a)(1) nonexempt charitable trust treated as a private foundation 501(c)(3) taxable private foundation
Check if your organization is covered by the or a
Only a section 501(c)(7), (8), or (10) organization can check boxes for both the G eral ule and a Special Rule. See instructions.

For an organization filing Form 990, 990-EZ, or 990-PF that received, d ing the ear, contributions totaling $5,000 or more (in money or property) from any one contributor. Complete Parts I and II. Se n tructions for determining a contributor's total contributions.

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33 1/3% support test of the regulations under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of $5,000; or 2% of the amount on (i) Form 990, Part VIII, line 1h; or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor, during the year, total contributions of more than $1,000 for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I (entering "N/A" in column (b) instead of the contributor name and address), II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor, during the year, contributions for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an religious, charitable, etc., purpose. Don't complete any of the parts unless the applies to this organization because it received religious, charitable, etc., contributions totaling $5,000 or more during the year ~~~~~~~~~~~~~~~~~ $ An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990), but it answer "No" on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ or on its Form 990-PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990).

LHA
Schedule B Schedule of Contributors
2023

CO
P
Y

PISMO BEACH CHAMBER OF COMMERCE
X 6
X

Conv
AssetNo.LineNo.
328111 04-01-23
2023 DEPRECIATION AND AMORTIZATION REPORT
DateAcquired UnadjustedCost Or Basis Bus%Excl
Section 179Expense Reduction In Basis Basis ForDepreciation BeginningAccumulatedDepreciation CurrentSec 179Expense
Current YearDeduction EndingAccumulatedDepreciation
Description Method Life
*
(D) - Asset disposed * ITC, Salvage, Bonus, Commercial Revitalization Deduction, GO Zone COP
Y

FURNITURE & FIXTURES
FORM 990-EZ PAGE 1 990-EZ
2 HOTEL BOARD 12/13/99 200DB 5.00 HY17 1,260.1,260. 1,260.0. 1,260. 3 FILE CABINETS 09/13/00 200DB 5.00 HY17 322.322. 322.0. 322. 4 CEO OFFICE FURNIUTRE 08/03/03 200DB 7.00 HY17 536.536. 536.0. 536. 5 TENT 10 BY 26 07/06/12 200DB 5.00 HY17 473.237. 236. 236.0. 236. 6 TENT SMALL AND LARGE 11/27/12 200DB 5.00 HY17 745.745. 745.0. 745.

FURNITURE & FIXTURES
* 990-EZ PG 1 TOTAL
3,336.237. 3,099. 3,099.0. 3,099.

OTHER
1 OFFICE REMODEL 09/11/07 SL 15.00 HY17 14,226.14,226. 14,226.0. 14,226. 7 AVAYA PARTNER PHONE SYSTEM 09/09/10 200DB 5.00 HY17 5,374.5,374. 5,374.0. 5,374. 8 TRAILER 03/11/14 200DB 7.00 HY17 700.700. 700.0. 700. 9 COMPUTER 07/01/14 200DB 5.00 HY17 1,000.1,000. 1,000.0. 1,000. 10 MONITOR 07/15/12 200DB 5.00 HY17 1,000.1,000. 1,000.0. 1,000. 11 COMPUTER 07/23/14 200DB 5.00 HY17 1,000.1,000. 1,000.0. 1,000. 12 COMPUTER 08/18/14 200DB 5.00 HY17 1,000.1,000. 1,000.0. 1,000. 13 SOFTWARE 06/10/14 200DB 3.00 HY17 1,395.1,395. 1,395.0. 1,395. 14 SERVER 08/25/15 200DB 5.00 HY17 2,541.2,541. 2,541.0. 2,541. 15 OFFICE EQUIPMENT 06/30/21 200DB 5.00 HY17 12,940.12,940.0.

FORM 990-EZ PAGE 1 990-EZ
3,858. 964.4,051. 193.
* 990-EZ PG 1 TOTAL OTHER 45,998.16,798. 29,200. 28,236.4,051. 28,429.

DEPR
* GRAND TOTAL 990-EZ PG 1
49,334.17,035. 32,299. 31,335.4,051. 31,528.

CURRENT YEAR ACTIVITY
BEGINNING BALANCE 44,512.13,177. 31,335. 31,335.31,335.

ACQUISITIONS 4,822.3,858. 964. 0.193.

DISPOSITIONS/RETIRED 0.0. 0. 0.0.

ENDING BALANCE 49,334.17,035. 32,299. 31,335.31,528.

ENDING ACCUM DEPR 48,563.

ENDING BOOK VALUE 771.

OMB No. 1545-0047
Department of the Treasury
Internal Revenue Service
332211 11-14-23
Complete to provide information for responses to specific questions onForm 990 or 990-EZ or to provide any additional information.Attach to Form 990 or Form 990-EZ.Go to www.irs.gov/Form990 for the latest information.

Open to PublicInspection
Employer identification number
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.Schedule O (Form 990) 2023 Name of the organization
LHA
(Form 990)
SCHEDULE O Supplemental Information to Form 990 or 990-EZ 2023 CO
P
Y
FORM 990-EZ, PART I, LINE 16, OTHER EXPENSES:

DESCRIPTION OF OTHER EXPENSES: AMOUNT:

CHAMBERMASTER FEES 7,232.

DUES AND SUBSCRIPTIONS 1,910.

INSURANCE 3,208.

OFFICE EXPENSES 1,645.

TAXES AND LICENSES 244.

SUPPLIES 310.

BANK FEES 12.

STORAGE 1,283.

MEALS 370.

WEBSITE 48.

PROGRAM SERVICES COST 3,143.

DEPRECIATION 4,051.

TOTAL TO FORM 990-EZ, LINE 16 23,456.

FORM 990-EZ, PART II, LINE 24, OTHER ASSETS:

DESCRIPTION BEG. OF YEAR END OF YEAR OTHER DEPRECIABLE ASSETS 0. 771.

FORM 990-EZ, PART III, PRIMARY EXEMPT PURPOSE - PROMOTE TOURISM AND OTHER BUISNESS THROUGHOUT THE PISMO BEACH COMMUNITY.

FORM 990-EZ, PART V, INFORMATION REGARDING PERSONAL BENEFIT CONTRACTS:

THE ORGANIZATION DID NOT, DURING THE YEAR, RECEIVE ANY FUNDS, DIRECTLY, OR INDIRECTLY, TO PAY PREMIUMS ON A PERSONAL BENEFIT CONTRACT.

PISMO BEACH CHAMBER OF COMMERCE

332212 11-14-23
2 Employer identification number
Schedule O (Form 990) 2023
Schedule O (Form 990) 2023 Page
Name of the organization
CO
P
Y

THE ORGANIZATION, DID NOT, DURING THE YEAR, PAY ANY PREMIUMS, DIRECTLY, OR INDIRECTLY, ON A PERSONAL BENEFIT CONTRACT.

PISMO BEACH CHAMBER OF COMMERCE

List each one even if not compensated. (see the instructions for Part IV.) Health benefits,contributions toemployee benefitplans, and deferredcompensation Reportable
compensation (Forms
W-2/1099-MISC)
(If not paid, enter -0-)
332471 04-01-23
(d) (b) (c) (e)
(a)
2 Employer identification number
Schedule O (Form 990)
Average hours
per week devoted to
position
Estimated
amount of other
compensationName and title
Page Schedule O (Form 990)
Name of the organization
List of Officers, Directors, Trustees, and Key Employees.Part IV CO
P
Y

JEANETTE VIERRA
CHAIRPERSON / PRESIDENT 0. 0. 0.1.00

PISMO BEACH CHAMBER OF COMMERCE

OMB No. 1545-0172
Form
Attachment
Sequence No.Department of the Treasury
Internal Revenue Service
Name(s) shown on return Business or activity to which this form relates Identifying number Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see instructions (a) Description of property (b) Cost (business use only)(c) Elected cost If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here (c) Basis for depreciation(business/investment useonly - see instructions) (b) Month andyear placedin service
(d) Recoveryperiod(a) Classification of property (e) Convention (f) Method (g) Depreciation deduction 316251 12-20-23
Election To Expense Certain Property Under Section 179 Note:

Attach to your tax return.
179Go to www.irs.gov/Form4562 for instructions and the latest information. 1 2
3 4
5 1
2 3
4 5
6 7
8 9
10 11
12 13
smaller
7 8
9 10
11 12
3 Note:

Special Depreciation Allowance and Other Depreciation (Don't ) 14 15
16 14
15 16
MACRS Depreciation (Don't
Section A
1717
18 Section B - Assets Placed in Service During 2023 Tax Year Using the General Depreciation System 19a
b
c
d
e
f
g
h
i
Section C - Assets Placed in Service During 2023 Tax Year Using the Alternative Depreciation System 20a
b
c
d
Summary
21 21
22 23
Total.
22 23
4562 For Paperwork Reduction Act Notice, see separate instructions.

If you have any listed property, complete Part V before you complete Part I.

Maximum amount (see instructions)
Total cost of section 179 property placed in service (see instructions) Threshold cost of section 179 property before reduction in limitation Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~

Listed property. Enter the amount from line 29
Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 Tentative deduction. Enter the of line 5 or line 8
~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~ ~~~~~~~~~
Carryover of disallowed deduction from line 13 of your 2022 Form 4562 Business income limitation. Enter the smaller of business income (not less than zero) or Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11 Carryover of disallowed deduction to 2024. Add lines 9 and 10, less line 12 ~~~~~~~~~~~~~~~~~~~
~~~~~~~

Don't use Part II or Part III below for listed property. Instead, use Part V. include lis d property.

Special depreciation allowance for qualified property (other than listed prop ty) pla d in service during the tax year ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~ Property subject to section 168(f)(1) election
Other depreciation (including ACRS)
~~~~~~~~~~~~~~~ ~ ~~~~~~~~~~~~~~

include listed property. Se instructi s.)
MACRS deductions for assets placed in service in tax years beginning e 2023
3-year property
5-year property
7-year property
10-year property
15-year property
20-year property
25-year property 25 yrs.S/L
S/L
S/L
S/L
S/L

27.5 yrs.

MM
MM
MM
MM
/
/
/
/
Residential rental property
39 yrs.Nonresidential real property
Class life
12-year
30-year
40-year
S/L
S/L
S/L
S/L
12 yrs.
30 yrs.
40 yrs.

MM
MM
/
/
(See instructions.)
Listed property. Enter amount from line 28 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21.

Enter here and on the appropriate lines of your return. Partnerships and S corporations - see instr. For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs Form (2023)LHA
(Including Information on Listed Property)
Part I
Part II
Part III
Part IV
Depreciation and Amortization4562 2023
CO
P
Y
FORM 990-EZ PAGE 1
964. 5 YRS. HY 200DB 193.
4,051.
1,160,000.

PISMO BEACH CHAMBER OF COMMERCE
990-EZ
3,858.
2,890,000.

Date amortization
begins
Amortization
period or percentage
Basis for depreciation
(business/investment
use only)
Description of costs Amortizableamount Codesection Amortizationfor this year 316252 12-20-23
don't
2 Listed Property
Note: only
Section A - Depreciation and Other Information (Caution: ) 24a Yes No 24b Yes No
25 (b)(c)(i)(e)(f)(g)(h)(a)(d)
25 26
27 2828
29 29
Section B - Information on Use of Vehicles
(a)(b)(c)(d)(e)(f)
30 31
32 33
34 35
36 Yes No No Yes No Yes No Yes No Yes No
Section C - Questions for Employers Who Provide Vehicles for Use by Their Employees aren't
37 38
39 40
41 Yes No
Note:

Amortization
(a)(b)(c)(d)(e)(f)
42 43
44 43
44 Total.
4562

Do you have evidence to support the business/investment use claimed? Dateplaced inservice
Business/investmentuse percentage
Electedsection 179cost
Recoveryperiod DepreciationdeductionType of property(list vehicles first)Method/Convention Cost orother basis Total business/investment miles driven during the
year ( include commuting miles)
Vehicle 1 Vehicle 2 hicle 3 Vehicle 4 Vehicle 5 Vehicle 6 Form (2023)
Form 4562 (2023)Page
(Include automobiles, certain other vehicles, certain aircraft, and property used forentertainment, recreation, or amusement.) For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete 24a,24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable.

See the instructions for limits for passenger automobiles.

If "Yes," is the evidence written?
Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a qualified business use Property used more than 50% in a qualified business use:
%
%
%
Property used 50% or less in a qualified business use:
%
%
S/L -
S/L -
S/L -%
Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1 ~~~~~~~~~~~~ Add amounts in column (i), line 26. Enter here and on line 7, page 1 Complete this section for vehicles used by a sole proprietor, partner, or other "more than 5% r related person. If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception completing this section for those vehicles. ~~~~~~~
Total commuting miles driven during the year ~
Total other personal (noncommuting) miles
driven~~~~~~~~~~~~~~~~~~~~~
Total miles driven during the year.

Add lines 30 through 32~~~~~~~~~~~~
Was the vehicle available for personal use
during off-duty hours? ~~~~~~~~~~~~
Was the vehicle used primarily by a more
than 5% owner or related person? ~~~~~~
Is another vehicle available for personal
use?
Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who more than 5% owners or related persons.

Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees?~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners ~~~~~~~~~~~~ Do you treat all use of vehicles by employees as personal use? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Do you provide more than five vehicles to your employees, obtain information from your employees about the use of the vehicles, and retain the information received? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Do you meet the requirements concerning qualified automobile demonstration use?~~~~~~~~~~~~~~~~~~~~~~~ If your answer to 37, 38, 39, 40, or 41 is "Yes," don't complete Section B for the covered vehicles.

Amortization of costs that begins during your 2023 tax year:

Amortization of costs that began before your 2023 tax year ~~~~~~~~~~~~~~~~~~~~~~~~~~ Add amounts in column (f). See the instructions for where to report Part V
Part VI

! !! !! !! !! !! !!
! !! !
CO
P
Y

PISMO BEACH CHAMBER OF COMMERCE

328941 12-26-23
Corporation/Organization name California corporation number FEINAdditional information. See instructions.

PMB no.Street address (suite or room)
City State ZIP code
Foreign country name Foreign province/state/county Foreign postal code Dissolved Surrendered (Withdrawn) Merged/Reorganized
Enter date: (mm/dd/yyyy)
Cash Accrual Other
990T 990PF Sch H ( 990)
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief,it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Title Date TelephoneSignatureof officer
Date PTINCheck if
self-employedPreparer'ssignature
Firm's FEINFirm's name
(or yours,
if self-
employed)
and address
Telephone
Yes No
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
Complete Part I unless not required to file this form. See General Informat B and C 1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
1 2
3 This line must be completed.Receipts
and
Revenues
4 5
6 7
8 9
10Expenses
11 12
13 14
15 16
Payments
Balance due.

Sign
Here
Paid
Preparer's
Use Only
Side 1

FORMTAXABLE YEAR
, and ending (mm/dd/yyyy)Calendar Year 2023 or fiscal year beginning (mm/dd/yyyy).

First return ~~~~~~~~~~~~~~~~~~~ Yes No Did the organization have any changes to its guidelines not reported to the FTB? See instructionsAmended return ~~~~~~~~~~~~~~~~ ¥ Yes No ~~~~~~~ ¥ Yes No Yes NoIRC Section 4947(a)(1) trust ~~~~~~~~~~~~If exempt under R&TC Section 23701d, has the organization engaged in political activities? See instructions.Final information return?~~~~ ¥ Yes No ¥Is the organization exempt under R&TC Section 23701g?
If "Yes," enter the gros receipts from nonmember sources ¥ Yes No
¥
Check accounting method: (1)(2)(3)Is the organization a lim ed liability company? ~~~~~ ¥ Yes No Federal return filed? (1)¥ (2)¥(3)¥Did the organiz m 100 or Form 109 to report taxable ome?(4) Other 990 series ~~~~~~~~~~~~~~~ ¥ Yes No Is this a group filing? See instructions ~~~~~~~ ¥ Yes No Is the org izatio nder audit by the IRS or has the IRS audit in a ior year?Is this organization in a group exemption If "Yes," what is the parent's name?
~~~~~~ Yes No ~~~~~~~~~~~~~ ¥ Yes No
Is federal Form 023/1024 pending?
D te filed h IRS
Yes No
Gross sales or receipts from other sources. From Side 2, Pa , ne 8 Gross dues and assessments from members and affiliates
Gross contributions, gifts, grants, and similar amounts rec ed ~~~~~~~~~~~~~~~~ ¥
¥
¥
~~~~~ ~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~
Total gross receipts for filing requirement test. Add line 1 throu 3.

If the result is less than $50,000, see General Information B ¥ Cost of goods sold
Cost or other basis, and sales expenses of assets sold
Total costs. Add line 5 and line 6
¥
¥
~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Total gross income. Subtract line 7 from line 4 ¥
¥
¥
¥
¥
¥

Total expenses and disbursements. From Side 2, Part II, line 18 ~~~~~~~~~~~~~~~~~~ Excess of receipts over expenses and disbursements. Subtract line 9 from line 8 Total payments ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Use tax. See General Information K ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Payments balance. If line 11 is more than line 12, subtract line 12 from line 11 Use tax balance. If line 12 is more than line 11, subtract line 11 from line 12 ~~~~~~~~~~~~
~~~~~~~~~~~~~ ¥
¥
Penalties and interest. See General Information J ~~~~~~~~~~~~~~~~~~~~~~~~~~ Add line 12 and line 15. Then subtract line 11 from the result ¥
|
¥
||
¥
|¥
May the FTB discuss this return with the preparer shown above? See instructions ¥ For Privacy Notice, get FTB 1131 EN-SP.Form 199 2023
$
~~~~~~~~
00 00
00 00
00 00
00 00
00 00
00 00
00 00
00 00
Part I
California Exempt Organization
Annual Information Return2023 199
022 3651234

CO
P
Y
STMT 1
X
X
X
X
649 DOLLIVER AVE

PISMO BEACH
88,837
X
06/20/24
X
805-543-6876TREASURER
X

MCDERMOTT & APKARIAN, LLP
241 SOUTH BROADWAY, #201
ORCUTT, CA 93455 805-925-8729
32,577
17,175
138,589
138,589
116,396
22,193
X

PISMO BEACH CHAMBER OF COMMERCE
X
X
X
X
X
CA 93449
X
X

328951 12-26-23
Paid-in or capital surplus. Attach reconciliation
Organizations with gross receipts of more than $50,000 and private foundations regardless of amount of gross receipts - complete Part II or furnish substitute information. 1 2
3 4
5 6
7 8
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
Receipts
from
Other
Sources
Total
9 10
11 12
13 14
15 16
17 Expenses
and
Disburse-
ments
18 Total
End of taxable yearBalance Sheet Beginning of taxable year (a)(b)(c)(d)Assets
1 2
3 4
5 6
7 8
9 10
11 12
13 a
b
Total assets
Liabilities and net worth
14 15
16 17
18 19
20 21
22 Total liabilities and net worth
Reconciliation of income per books with income per return 1 2
3 4
5 6
7 8
9 10
Side 2
Gross sales or receipts from all business activities. See instructions ~~~~~~~~~~~~~~~~~~~ Interest
Dividends
Gross rents
Gross royalties
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Gross amount received from sale of assets (See instructions) Other income
gross sales or receipts from other sources. Add line 1 through line 7. Enter here and on Side 1, Part I, line 1 ~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Contributions, gifts, grants, and similar amounts paid
Disbursements to or for members
Compensation of officers, directors, and trustees
~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Other salaries and wages
Interest
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Taxes
Rents
Depreciation and depletion (See instructions)
Other expenses and disbursements
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
expenses and disbursements. Add line 9 through line 17. Enter here and on Side 1, Pa I, line 9 Cash
Net accounts receivable
Net notes receivable
Inventories
~~~~~~~~~~~~~~~~
~~~~~~~~
~~~~~~~~~~
~~~~~~~~~~~~~~
Federal and state government obligations
Investments in other bonds
Investments in stock
~~~~~~
~~~~~~~~~
Mortgage loans ~~~~~~~~~~~
Other investments ~~~~~~~~~~
Depreciable assets
Less accumulated depreciation
~~~~~~~~~
~~~~
~~~~~~~~~~~~~~~~Land
Other assets ~~~~~~~~~~~~~
~~~~~~~~~~~~~
Accounts payable
Contributions, gifts, or grants payable
Bonds and notes payable
~~~~~~~~~~~
~~
~~~~~~~
Mortgages payable
Other liabilities
Capital stock or principal fund
~~~~~~~~~~
~~~~~~~~~~~~
~~~~~
~
Retained earnings or income fund ~~~~

Do not complete this schedule if the amount on Schedule L, line 13, column (d), is less than $50,000.

Net income per books
Federal income tax
~~~~~~~~~~~~Income recorded on books this year
not included in this return. Attach schedule~~~~~~~~~~~~~~ Excess of capital losses over capital gains
Income not recorded on books this year.

Attach schedule
~~~Deductions in this return not charged
against book income this year.

Attach schedule~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Expenses recorded on books this year not
deducted in this return. Attach schedule
Total. Add line 7 and line 8
Net income per return.

Subtract line 9 from line 6
~~~~~~~~
~~~~
Total. Add line 1 through line 5
Form 199 2023
¥
¥
¥
¥
¥
¥
¥
00 00
00 00
00 00
00 00
00 00
00 00
00 00
00 00
00 00
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
¥
Part II
Schedule L
Schedule M-1
022 3652234
CO
P
Y
SEE STATEMENT 2
SEE STATEMENT 3
SEE STATEMENT 4
77,337
75,618 95,955
21,108
1,085
22,193 22,193
44,512
44,512
49,334
48,563
75,618 96,726
11,500
88,837
0 22,948
2,966
90,482
116,396
75,618 96,726
75,618 96,726
771

PISMO BEACH CHAMBER OF COMMERCE
*
* SEE STATEMENT

CO
P
Y
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} PISMO BEACH CHAMBER OF COMMERCE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ STATEMENT 1CA 199 CASH CONTRIBUTIONS INCLUDED ON PART I, LINE 3
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

DATE OF

CONTRIBUTOR'S NAME CONTRIBUTOR'S ADDRESS GIFT AMOUNT }}}}}}}}}}}}}}}}}} }}}}}}}}}}}}}}}}}}}}} }}}}}}}} }}}}}}}}}}} CITY OF PISMO BEACH 760 MATTIE ROAD PISMO BEACH,
CA 93449 17,000.
}}}}}}}}}}}
TOTAL INCLUDED ON LINE 3 17,000.
~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ STATEMENT 2CA 199 OTHER INCOME }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

DESCRIPTION AMOUNT }}}}}}}}}}} }}}}}}}}}}}}}} PROGRAM SERVICE REVENUE 11,500.
}}}}}}}}}}}}}}
TOTAL TO FORM 199, PART II, LINE 7 11,500.
~~~~~~~~~~~~~~
STATEMENT(S) 1, 2

CO
P
Y
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} PISMO BEACH CHAMBER OF COMMERCE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ STATEMENT 3CA 199 COMPENSATION OF OFFICERS, DIRECTORS AND TRUSTEES }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

TITLE AND

NAME AND ADDRESS AVERAGE HRS WORKED/WK COMPENSATION }}}}}}}}}}}}}}}} }}}}}}}}}}}}}}}}}}}}} }}}}}}}}}}}} DENISE HOLT WASSON DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
SHELLY VAN ROZEBOOM DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
JAMES DAVISON DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
TOM BECKER DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
DANA CUMMINGS DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
BOBBY LYNCH DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
ALAN BARTIMAEUS DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
CHRISTINE FLORIANI DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
STATEMENT(S) 3

CO
P
Y
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} PISMO BEACH CHAMBER OF COMMERCE MIKE COTTA DIRECTOR 0.
649 DOLLIVER AVE 0.00
PISMO, CA 93449
JUDY COTTA TREASURER 0.
649 DOLLIVER AVE 1.00
PISMO, CA 93449
TIFFANY STEPPS HERNANDEZ VICE CHAIR / VICE PRESIDEN 0.
649 DOLLIVER AVE 1.00
PISMO, CA 93449
DARRYL BUCK SECRETARY 0.
649 DOLLIVER AVE 1.00
PISMO, CA 93449
JEANETTE VIERRA CHAIRPERSON / PRESIDENT 0.
649 DOLLIVER AVE 1.00
PISMO, CA 93449
}}}}}}}}}}}}
TOTAL TO FORM 199, PART II, LINE 11 0.
~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ STATEMENT 4CA 199 OTHER EXPENSES }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

DESCRIPTION AMOUNT }}}}}}}}}}} }}}}}}}}}}}}}} CHAMBERMASTER FEES 7,232.

DUES AND SUBSCRIPTIONS 1,910.

INSURANCE 3,208.

OFFICE EXPENSES 1,645.

TAXES AND LICENSES 244.

SUPPLIES 310.

BANK FEES 12.

STORAGE 1,283.

MEALS 370.

WEBSITE 48.

PROGRAM SERVICES COST 3,143.

DIRECT EXPENSES FROM FUNDRAISING AND GAMING EVENTS 66,120.

PROFESSIONAL FEES AND OTHER PAYMENTS TO INDEPENDENT
CONTRACTORS 4,825.

PRINTING, PUBLICATIONS, POSTAGE AND SHIPPING 132.
}}}}}}}}}}}}}}
TOTAL TO FORM 199, PART II, LINE 17 90,482.
~~~~~~~~~~~~~~

STATEMENT(S) 3, 4

CO
P
Y
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} PISMO BEACH CHAMBER OF COMMERCE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ STATEMENT 5CA 199 EXPENSES RECORDED ON BOOKS THIS YEAR

NOT DEDUCTED IN THIS RETURN
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

DESCRIPTION AMOUNT }}}}}}}}}}} }}}}}}}}}}}}}} DEPRECIATION 1,085.
}}}}}}}}}}}}}}
TOTAL TO FORM 199, SCHEDULE M-1, LINE 5 1,085.
~~~~~~~~~~~~~~
STATEMENT(S) 5

(see instructions)
Additionalfirst yeardepreciation
D reciation
method
339281 12-06-23
Part I Election To Expense Certain Property Under IRC Section 179 1 2
3 4
5 6
7 8
9 10
11 12
13 1
2 3
4 5
8 9
10 11
12 (a) (b) (c)
smaller
7 3
(a)
Part II Depreciation and Election of Additional First Year Depreciation Deduction Under R&TC Secti (b)(c)(e)(f)(g)(h)(d)
14 15
15 Part III Summary
or or
16 17
18 16
17 18
Part IV Amortization
(e)(a)(b)(c)(d)(f)(g)
19 20
21 22
20 21
22 TAXABLE YEAR CALIFORNIA FORM
Attach to Form 100 or Form 100W.

Corporation name California corporation number
Maximum deduction under IRC Section 179 for California
Total cost of IRC Section 179 property placed in service Threshold cost of IRC Section 179 property before reduction in limitation Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- Dollar limitation for taxable year. Subtract line 4 from line 1. If zero or less, enter -0- ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$25,000
$200,000
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~

Description of property Cost (business use only) Elected cost Listed property (elected IRC Section 179 cost)
Total elected cost of IRC Section 179 property. Add amounts in column (c), line 6 and line 7 Tentative deduction. Enter the of line 5 or line 8
Carryover of disallowed deduction from prior taxable years Business income limitation. Enter the smaller of business income (not less than zero) or line 5 IRC Section 179 expense deduction. Add line 9 and line 10, but do not enter more than line 11 ~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~

Carryover of disallowed deduction to 2024. Add line 9 and line 10, less line 12 Description of property Date acquired
(mm/dd/yyyy)
Cost or
other basis
Life orrate Depreciationfor this yearDepreciation allowed o allowable in earlier y s
Add the amounts in column (g) and column (h). The total of column (h) may no d $2,000.

See instructions for line 14, column (h) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Total: If the corporation is electing:IRC Section 179 expense, add the amount on line 12 and line 15, column (g) Additional first year depreciation under R&TC Section 24356, add the amounts on line 15, columns (g) and (h) Depreciation (if no election is made), enter the amount from line 15, column (g)~~~~~~~~~~~~~~~~~~~~~ ¥ ¥
¥
Total depreciation claimed for federal purposes from federal Form 4562, line 22 Depreciation adjustment. If line 17 is greater than line 16, enter the difference here and on Form 100 or Form 100W, Side 1, line 6.

If line 17 is less than line 16, enter the difference here and on Form 100 or Form 100W, Side 2, line 12. (If California depreciation amounts are used to determine net income before state adjustments on Form 100 or Form 100W, no adjustment is necessary.) ~~~~~~~~~~~~~~~~~~~~~
R&TCSectionDescription of property Date acquired
(mm/dd/yyyy)
Cost or
other basis
Amortization allowed or
allowable in earlier years
Period or
percentage
Amortization
for this year
Total. Add the amounts in column (g)
Total amortization claimed for federal purposes from federal Form 4562, line 44 Amortization adjustment. If line 21 is greater than line 20, enter the difference here and on Form 100 or Form 100W, Side 1, line 6. If line 21 is less than line 20, enter the difference here and on Form 100 or Form 100W, Side 2, line 12 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~
¥
FTB 3885 2023
Corporation Depreciationand Amortization 38852023
022 7621234
jj
j
j
CO
P
Y
SEE STATEMENT 6

PISMO BEACH CHAMBER OF COMMERCE
2,966
-1,085
2,966
4,051
FORM 199
49,334. 38,301.

FEIN

CO
P
Y
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} PISMO BEACH CHAMBER OF COMMERCE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ STATEMENT 6CA 3885 DEPRECIATION }}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}} ASSET NO./ DATE IN COST OR PRIOR DEPRE-

DESCRIPTION SERVICE BASIS DEPR METHOD LIFE CIATION BONUS }}}}}}}}}}} }}}}}}}} }}}}}}}}}}} }}}}}}}}} }}}}}} }}}} }}}}}}}}} }}}}}}} 1 OFFICE REMODEL
09/11/07 14,226. 14,226. SL 15.00 0.
2 HOTEL BOARD
12/13/99 1,260. 1,260. 200DB 5.00 0.
3 FILE CABINETS
09/13/00 322. 322. 200DB 5.00 0.
4 CEO OFFICE FURNIUTRE
08/03/03 536. 536. 200DB 7.00 0.
5 TENT 10 BY 26
07/06/12 473. 473. 200DB 5.00 0.
6 TENT SMALL AND LARGE
11/27/12 745. 745. 200DB 5.00 0.
7 AVAYA PARTNER PHONE SYSTEM
09/09/10 5,374. 5,374. 200DB 5.00 0.
8 TRAILER
03/11/14 700. 700. 200DB 7.00 0.
9 COMPUTER
07/01/14 1,000. 1,000. 200DB 5.00 0.
10 MONITOR
07/15/12 1,000. 1,000. 200DB 5.00 0.
11 COMPUTER
07/23/14 1,000. 1,000. 200DB 5.00 0.
12 COMPUTER
08/18/14 1,000. 1,000. 200DB 5.00 0.
13 SOFTWARE
06/10/14 1,395. 1,395. 200DB 3.00 0.
14 SERVER
08/25/15 2,541. 2,541. 200DB 5.00 0.
15 OFFICE EQUIPMENT
06/30/21 12,940. 6,729. 200DB 5.00 2,484.
16 OFFICE EQUIPMENT
06/30/23 4,822.200DB 10.00 482.
}}}}}}}}}}} }}}}}}}}}}}}}}}}}} }}}}}}}
TOTAL TO FORM 3885 49,334. 38,301.2,966.
~~~~~~~~~~~ ~~~~~~~~~ ~~~~~~~~~ ~~~~~~~
STATEMENT(S) 6

Exempt Organization name Identifying number
Signature of officer Date Title
Date Check if
also paid
preparer
Check
if self-
employed
ERO's PTINERO'ssignature
Firm's name (or yours
if self-employed)
and address
Firm's FEIN
ZIP code
Checkif self-employed
Paid preparer's PTINPaid preparer'ssignature
Date
Firm's name (or yours
if self-employed)
and address
Firm's FEIN
ZIP code
329021 12-27-23
Schedule of Estimated Tax Payments for Taxable Year 2024 If the processing of the exempt organization's return or refund is delayed, I authorize the FTB to disclose to the ERO or intermediate service prov th eason(s) for the delay or the date when the refund was sent. four four
Part I Electronic Return Information
1 2
3 4
5 1
2 3
4 5
Part II Settle Your Account Electronically for Taxable Year 2023 6 7 7a 7b
Part III
8 9
Part IV Banking Information
10 11 12
Part V Declaration of Officer
Part VI Declaration of Electronic Return Originator (ERO) and Paid Preparer. (These are NOT installment payments for the current amount the exempt organization owes.) I authorize the exempt organization's account to be settled as designated in Part II. If I check Part ll, bo I declare that the bank account specified in Part IV for thedirect deposit refund agrees with the authorization stated on my return. If I check Part II, b 7, I horize n electronic funds withdrawal for the amount listed on line 7a and any estimated payment amounts listed on Part III, line 8 from the bank account spec ed in Part Under penalties of perjury, I declare that I am an officer of the above exempt organization nd that the nformation I provided to my electronic return originator (ERO),transmitter, or intermediate service provider and the amounts in Part I above agree with th mount on the corresponding lines of the exempt organization's 2023 California electronic return. To the best of my knowledge and belief, the exempt o zation s re urn is true, correct, and complete. If the exempt organization is filinga balance due return, I understand that if the Franchise Tax Board (FTB) does n receive fu and timely payment of the exempt organization's tax liability, the exemptorganization will remain liable for the tax liability and all applicable interest and enalties. I a horize the exempt organization return and accompanying schedules andstatements be transmitted to the FTB by the ERO, transmitter, or intermediate s vice provid .

I declare that I have reviewed the above exempt organization's return and that the entries on form FTB 8453-EO are complete and correct to the best of my knowledge. (If I am only an intermediate service provider, I understand that I am not responsible for reviewing the exempt organization's return. I declare, however, that form FTB 8453-EO accurately reflects the data on the return.) I have obtained the organization officer's signature on form FTB 8453-EO before transmitting this return to the FTB. I haveprovided the organization officer with a copy of all forms and information that I will file with the FTB, and I have followed all other requirements described in FTB Pub. 1345, 2023 Handbook for Authorized e-file Providers. I will keep form FTB 8453-EO on file for years from the due date of the return or years from the date the exempt organization return is filed, whichever is later, and I will make a copy available to the FTB upon request. If I am also the paid preparer, under penalties of perjury, I declare that I have examined the above exempt organization's return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. I make this declaration based on all information of which I have knowledge.

Under penalties of perjury, I declare that I have examined the above organization's return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. I make this declaration based on all information of which I have knowledge. 022
Date Accepted

TAXABLE YEAR FORM
(whole dollars only)
Total gross receipts or unrelated business taxable income (Form 199, line 4 or Form 109, line 5) Total gross income or total tax (Form 199, line 8 or Form 109, line 14) Total expenses and disbursements (Form 199, line 9)
~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~
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Tax due (Form 109, line 23)
Overpayment (Form 109, line 24)
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Direct Deposit of refund (Form 109 only.)
Electronic funds withdrawal Amount Withdrawal date (mm/dd/yyyy)

First Payment Second Payment Third Payment Fourth Payment Amount
Withdrawal Date
(Have you verified the exempt organization's banking inform Routing number
Account number Ty e of count: Checking Savings
FTB 8453-EO 2023

DO NOT MAIL THIS FORM TO THE FTB
Sign
Here
ERO
Must
Sign
Paid
Preparer
Must
Sign
California e-file Return Authorization for
Exempt Organizations2023 8453-EO

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CO
P
Y

PISMO BEACH CHAMBER OF COMMERCE
138,589
138,589
116,396

TREASURER
X X

MCDERMOTT & APKARIAN, LLP
241 SOUTH BROADWAY, #201
93455ORCUTT, CA

Fiscal Year 2026 Outside Agency Request

Organization: San Luis Obispo County Housing Trust Fund Requested Funding: $5,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: This request is being made to cover a small portion of our $1,003,000.00 annual operating budget. The requested funds will be combined with funds from other sources to pay a portion of our operating and lending expenses. Without sufficient operating revenues, we cannot provide financing or technical assistance to our SLO County communities. Our operating costs have increased due to higher interest rates, inflation, and the increase in loan volume due to higher demand. The primary benefit to the city of supporting the SLOCHTF is that we tirelessly work to increase the supply of affordable housing in Pismo Beach and throughout the county, benefitting the many workforce employees in Pismo Beach who both live in and outside of city limits. We also provide technical assistance to your Community Development Department on housing policies and programs.

Support Fiscal 2026 City Goals: The requested funds will directly help the city achieve its goals related to HOUSING, specifically, increasing the supply of affordable housing. The SLOCHTF service area is limited to the County of SLO and fosters a regional and collaborative approach to fulfill its mission. We are proud to partner with the city of Pismo Beach in this endeavor.

Priority of Needs: INCREASING OUR LOAN FUND CAPITAL: We continue to have strong demand for our loans that finance affordable housing units. Every dollar we bring in adds to our loan fund and allows us to lend that much more.

Program Description: The SLOCHTF (San Luis Obispo County Housing Trust Fund) is a 501C3 Nonprofit Community Revolving Loan Fund with the mission of increasing the supply of affordable housing within SLO County. We fulfill our mission by providing financing and technical assistance for affordable housing developments. Since our founding in 2003, our local lending activity has been robust: we have closed 70 loans totaling $44.8 million creating or preserving 1732 affordable housing units in our county. In Pismo Beach, we participated in funding the Pismo Terrace development resulting in 50

units of affordable housing. Our loans have contributed to over $568 million of economic activity via affordable housing development throughout SLO County.

Point of Contact: Jeff Eckles

35 San Luis Obispo County Housing Trust Fund
Status of Prior Year Findings and Questioned Costs – December 31, 2022 Year Ended December 31, 2023
Section IV: Status of Prior Year Findings and Questioned Costs There were no findings in the prior year.

2 San Luis Obispo County Housing Trust Fund
Financial Statements
Year Ended December 31, 2023
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 10-25

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 27-28

Independent Auditors’ Report on Compliance For Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance 29-31

Schedule of Expenditures of Federal Awards 32

Notes to Schedule of Expenditures of Federal Awards 33

Schedule of Findings and Questioned Costs 34

Status of Prior Year Findings and Questioned Costs – December 31, 2022 35

4 Board of Directors
San Luis Obispo County Housing Trust Fund

Page 2 ends

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.

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.

5 Board of Directors
San Luis Obispo County Housing Trust Fund

Page 3 ends

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.

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 June 28, 2024, 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.

Glenn Burdette Attest Corporation
San Luis Obispo, California

June 28, 2024

6 San Luis Obispo County Housing Trust Fund
Statement of Financial Position
December 31, 2023
Assets
Current assets:

Cash and cash equivalents 1,458,100$
Investments 250,000
Contributions and grants receivable 38,555
Interest receivable 19,096
Notes and accrued interest receivable, current portion 2,680,766 Prepaid expenses 4,495
Total current assets 4,451,012
Non-current assets:

Notes and accrued interest receivable, net of current portion 18,006,170 Allowance for credit losses (869,500)
Right of use asset 96,340
Total non-current assets 17,233,010
Total assets 21,684,022$
Liabilities and Net Assets
Current liabilities:

Accounts payable 6,267$
Accrued payroll liabilities 13,521
Accrued interest payable 67,857
Accrued vacation payable 19,354
Current portion of notes payable 633,367
Current portion of operating lease liability 30,009
Total current liabilities 770,375
Long-term liabilities:

Lines of credit 6,708,992
Notes payable, net of current portion 1,474,404
Operating lease liability, net of current portion 66,896 Total long-term liabilities 8,250,292
Total liabilities 9,020,667
Net assets:

Without donor restrictions 8,648,045
With donor restrictions 4,015,310
Total net assets 12,663,355
Total liabilities and net assets 21,684,022$

The accompanying notes are an integral part of these financial statements.

7 San Luis Obispo County Housing Trust Fund
Statement of Activities and Changes in Net Assets
Year Ended December 31, 2023
Without Donor With Donor
Restrictions Restrictions Total
Revenues and other support:

Contributions and grants 143,627$ 1,336,576$ 1,480,203$ Fee income 65,100 65,100
Interest income - program 795,007 795,007 Interest income - cash 23,799 23,799
Contributions of nonfinancial assets 4,500 4,500 Total revenues and other support 1,032,033 1,336,576 2,368,609 Net assets released from restrictions 37,717 (37,717) - Expenses:

Program Services 476,935 476,935
Supporting Services:

General and administration 184,188 184,188 Fundraising 43,341 43,341
Total expenses 704,464 704,464
Change in net assets 365,286 1,298,859 1,664,145 Net assets - beginning of year 9,132,759 2,716,451 11,849,210 Cumulative effect of change in
accounting principle (850,000) (850,000)
Net assets - beginning of year, restated 8,282,759 2,716,451 10,999,210 Net assets - end of year 8,648,045$ 4,015,310$ 12,663,355$

The accompanying notes are an integral part of these financial statements.

8 San Luis Obispo County Housing Trust Fund
Statement of Functional Expenses
Year Ended December 31, 2023
Program General and Fund-
Services Administration Raising Total
Personnel costs:

Salaries and wages 171,640$ 66,015$ 26,406$ 264,061$ Payroll taxes and benefits 37,894 14,575 5,830 58,299 Total personnel costs 209,534 80,590 32,236 322,360 Dues and subscriptions 4,955 991 661 6,607 Education and training 4,215 843 562 5,620 Insurance 3,432 686 458 4,576 Interest 232,870 232,870 Occupancy 10,017 2,003 1,336 13,356 Office expense 9,668 1,934 1,289 12,891 Professional services 96,692 6,500 103,192 Telephone and communications 2,244 449 299 2,992 476,935$ 184,188$ 43,341$ 704,464$ Supporting Services

The accompanying notes are an integral part of these financial statements.

9 San Luis Obispo County Housing Trust Fund
Statement of Cash Flows
December 31, 2023
Cash flows from operating activities:

Change in net assets 1,664,145$
Adjustments to reconcile change in net assets to
net cash used in operating activities:

Lease expense - operating lease 32,377
Changes in operating assets and liabilities:

Contributions and grants receivable 3,770
Interest receivable 4,380
Notes and accrued interest receivable (3,909,207)
Prepaid expenses 1,792
Accounts payable (3,943)
Accrued payroll liabilities 1,886
Accrued interest payable 49,407
Accrued vacation payable 7,964
Operating lease liabilites (32,280)
Net cash used in operating activities (2,179,709)
Cash flows from investing activities:

Purchases of investments (250,000)
Net cash used in investing activities (250,000)
Cash flows from financing activities:

Proceeds from borrowing on line of credit 2,821,000
Repayment of line of credit (600,000)
Proceeds from borrowing on notes payable 480,000
Repayment of notes payable (1,382,919)
Net cash provided by financing activities 1,318,081
Net decrease in cash (1,111,628)
Cash and cash equivalents - beginning of year 2,569,728 Cash and cash equivalents - end of year 1,458,100$

Supplemental schedule of investing and financing activities:

Cash paid for interest during the year 183,463$
ROU assets obtained in exchange for new operating lease liabilities 95,911$ Supplemental schedule of non-cash activities:

Implementation of accounting principle - increase in loan loss reserve 850,000$ Acquisition of ROU asset and operating lease liability 95,911$

The accompanying notes are an integral part of these financial statements.

10 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
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 Chief Executive Officer (CEO) 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.

11 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
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, 2023, there were no cash equivalents.

Contribution of Nonfinancial 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, 2023, the Organization received contributions of nonfinancial assets for professional services of $5,000. There were no donor-imposed restrictions associated with these donations.

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 those 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.

12 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 2: Summary of Significant Accounting Policies (Continued) 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 Limit 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. At December 31, 2023, there was $35,571 in excess of the FDIC limit. To date, the Organization has not experienced losses in any of these accounts.

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, 2023.

13 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 2: Summary of Significant Accounting Policies (Continued) Fair Value Measurements
The Organization records its financial assets and liabilities at fair value in accordance with the Fair Value Measurements and Disclosures Topic of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). This Topic provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. This Topic also establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

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

Level 2: Inputs to the valuation methodology include:

Quoted prices for similar assets and 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 other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

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

The following is a description of the valuation methodologies used for assets measured at fair value:

Certificates of deposit: recorded at amortized cost plus accrued interest, which approximates fair value based upon observable market inputs for similar securities, including valuation models based upon prices paid for similar assets with similar yields from issuers with similar credit ratings and are included in Level 2.

This hierarchy requires the Organization to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

14 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 2: Summary of Significant Accounting Policies (Continued) The following sets forth by level, within the fair value hierarchy, the Organization’s assets at fair value as of June 30, 2023:

Level 1 Level 2 Level 3 Total
Investments:

Certificates of deposit $ 250,000$ $ 250,000$ Total assets at fair value -$ 250,000$ -$ 250,000$ Leases

The Organization leases office space. The determination of whether an arrangement is a lease is made at the lease’s inception. Under Topic 842, a contract is (or contains) a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is defined under the standard as having both the right to obtain substantially all of the economic benefits from use of the asset and the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are changed. The Organization has elected the practical expedient for short-term leases with terms of 12 months or less. For short-term leases the Organization recognizes the lease payments in the income statement on a straight-line basis over the term of the lease.

For leases with a lease term greater than one year, the Organization recognizes a lease asset for its right to use the underlying leased asset and a lease liability for the corresponding lease obligation.

Operating leases with a duration greater than one year are included in operating lease right-of-use (ROU) assets, current portion operating lease liabilities, and operating lease liabilities, net of current portion in the Organization’s balance sheet at December 31, 2023. Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Organization uses the risk-free rate of a period comparable with that of the lease term.

The Organization considers the lease term to be the noncancelable period that it has the right to use the underlying asset, including all periods covered by an option to (1) extend the lease if the Organization is reasonably certain to exercise the option, (2) terminate the lease if the Organization is reasonably certain not to exercise that option, and (3) extend, or not to terminate, the lease in which exercise of the option is controlled by the lessor.

The operating lease right-of-use assets also include any lease payments made and exclude lease incentives received or receivable. Lease expense is recognized on a straight-line basis over the expected lease term. Variable lease expenses are recorded when incurred. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

15 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 2: Summary of Significant Accounting Policies (Continued) Change in Accounting Principle
Effective January 1, 2023, the Organization adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses on Financial Instruments, as amended, which modified the measurement of expected credit losses on certain financial instruments that aren’t measured at fair value through net income. The most significant change in this standard is a shift from the incurred loss model to the expected loss model. Under the standard, disclosures are required to provide users of the financial statements with useful information in analyzing an entity’s exposure to credit risk and the measurement of credit losses. Financial assets held by the organization that are subject to the guidance in Topic 326 were trade accounts receivable and notes receivable. The adoption of Topic 326 had an impact on the Organization’s financial statements with a cumulative effect of change in accounting principle to increase the allowance for credit losses by $850,000. In previous years, the Organization’s board had designated a percentage of net assets for future loan losses.

Notes Receivable, Accounts Receivable and Allowance for Credit Losses The Organization operates in the non-profit affordable housing industry and its notes receivables are primarily derived from qualified borrowers. Notes receivables are recorded when funds are transferred to the borrower and are presented on the balance sheet. As of December 31, 2023 notes receivable, net of accrued interest was $20,663,104. As of January 1, 2022, notes receivable net of accrued interest was $16,758,189.

At each balance sheet date, the Organization recognizes an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist. The allowance estimate is derived from a review of the Organization’s historical losses based on the aging of receivables. This estimate is adjusted for management’s assessment of current conditions, reasonable and supportable forecasts regarding future events, and other factors deemed relevant by the Organization. The Organization believes historical loss information is a reasonable starting point in which to calculate the expected allowance for credit losses as the Organization’s portfolio segments have remained constant since the Organization’s Inception. The Organization also compares the current allowance for credit losses to a percentage of the loan receivable portfolio balance to identify if any increases are warranted.

The Organization writes off receivable notes when there is information that indicates the borrower is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income or an offset to credit loss expense in the year of recovery, in accordance with the Organization’s accounting policy election. For the year ended December 31, 2023, there were no write-offs and the allowance for credit losses was $869,500.

16 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
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 1,458,100$
Investments 250,000
Contributions and grants receivable 38,555
Interest receivable 19,096
Notes and accrued interest receivable, current portion 2,680,766 (Less):

Cash and cash equivalents to support program net asset restrictions (21,143) Cash and cash equivalents to support program commitments (3,620,000) 805,374$

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, 2023, 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.

The investments balance of $250,000 is comprised of a short-term certificate of deposit that matures in 2024.

The current contributions and grants receivable balance of $38,555 consist of a contract and grant 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 2024.

The Organization has been awarded various state and local grants that will provide a total of $4,871,460 in revenue when the Organization funds the loans that have been identified under the terms of the grants. See Note 7.

17 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023

Note 3: Liquidity and Availability (Continued)
The Organization has eight lines of credit, see Note 5. At December 31, 2023, $6,708,992 was outstanding on all lines of credit with a remaining borrowing capacity of $4,041,008. 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, 2023, notes and accrued interest receivable consisted of the following:

28,893$
274,811
289,986
287,372
126,588
571,847
271,950
438,426
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 August 2025.

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.

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 Februrary 2025.

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 #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.

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 2043.

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 August 2036.

18 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 4: Notes and Accrued Interest Receivable (Continued)

548,534$
12,862
545,849
237,526
508,557
62,285
391,270
258,346
394,836
156,966
1,600,000
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 February 2025.

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 #5036, 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 2036.

Loan #5037, 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 2038.

Loan #5035, 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 May 2036.

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.

Loan #5032, 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 2034.

19 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 4: Notes and Accrued Interest Receivable (Continued)

188,334$
291,667
300,000
328,820
898,630
809,477
1,000,000
380,838
757,304
544,766
1,000,000
312,815
Loan #5054, collateralized by deed of trust, with a fixed interest rate of 5.50%, with principal and interest due monthly, with final principal and interest payment due March 2042.

Loan #5055, collateralized by deed of trust, with a fixed interest rate of 4.75%, with interest due monthly, with final principal and interest payment due September 2027.

Loan #5056, collateralized by deed of trust, with a fixed interest rate of 5.50%, with principal and interest due monthly, with final principal and interest payment due August 2039.

Loan #5051, collateralized by deed of trust, with a fixed interest rate of 4.25%, interest payable monthly, with principal due August 2026.

Loan #5052, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, 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 #5053, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, 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.

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.

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.

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.

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.

Loan #5045, collateralized by deed of trust, with a fixed interest rate of 5.50%, interest payable monthly, with principal due Februrary 2025.

Loan #5046, collateralized by deed of trust, with a fixed interest rate of 3.00%, interest payable monthly, with principal due October 2024.

20 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 4: Notes and Accrued Interest Receivable (Continued)

2,200,000$
400,000
812,625
1,254,756
2,200,000
20,686,936
Less current portion (2,680,766)
Notes and accrued interest receivable, net of current portion 18,006,170$

Future minimum notes receivable principal payments are as follows:

Loan #5058, collateralized by deed of trust, with a fixed interest rate of 3.00%, with interest due monthly, with final principal and interest payment due May 2029.

Loan #5059, collateralized by deed of trust, with a 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 June 2043.

Loan #5060, collateralized by deed of trust, with a 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 June 2043.

Loan #5061, collateralized by deed of trust, with a fixed interest rate of 7.50%, with interest due monthly, with final principal and interest payment due February 2024.

Loan #5057, collateralized by deed of trust, with a fixed interest rate of 4.25%, with interest due monthly, with final principal and interest payment due December 2025.

At December 31, 2023, aggregate maturities of notes and accrued interest receivable were as follows:

For the Year Ending December 31,
2024 2,680,766$
2025 2,672,758
2026 2,356,260
2027 1,162,700
Thereafter 11,814,452
Total 20,686,936$

Note 5: Lines of Credit
During the year ended December 31, 2023, 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 $2,400,000 outstanding on the line of credit as of December 31, 2023. The line of credit has a business debt coverage ratio covenant which was met as of December 31, 2023.

21 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 5: Lines of Credit (Continued)
The Organization continued to maintain an unsecured line of credit agreement with Pacific Western Bank in 2023. 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, 2023.

The Organization continued to maintain an unsecured, revolving line of credit agreement with Premier Valley Bank/Founders Community Bank in 2023. 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, 2023.

The Organization continued to maintain an unsecured, revolving line of credit agreement with 1st Capital Bank in 2023. The line of credit allows for borrowings up to $3,000,000, subject to various loan covenants which were met as of December 31, 2023. 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 $3,000,000 outstanding on the line of credit as of December 31, 2023.

The Organization continued to maintain an unsecured, revolving line of credit agreement with Mission Bank in 2023.

The line of credit allows for borrowings up to $500,000, subject to various loan covenants which were met as of December 31, 2023. 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 $308,992 outstanding on the line of credit as of December 31, 2023.

The Organization continued to maintain an unsecured, revolving line of credit agreement with American Riviera Bank in 2023. 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, 2023.

The Organization entered into an unsecured, revolving line of credit agreement with Bank of the Sierra in 2023. The line of credit allows for borrowings up to $1,000,000, subject to various loan covenants which were met as of December 31, 2023. The line of credit has a maturity date of October 5, 2026. Interest accrues at a variable rate of prime (5.5% at December 31, 2023) per annum and is payable in monthly installments beginning November 1, 2023.

There was no balance outstanding on the line of credit as of December 31, 2023.

22 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 5: Lines of Credit (Continued)
The Organization entered into an unsecured, revolving line of credit agreement with 1 st Capital Bank in 2023. The line of credit allows for borrowings up to $2,000,000, subject to various loan covenants which were met as of December 31, 2023. The line of credit has a maturity date of October 19, 2025. Interest accrues at a fixed rate of

5.5% per annum and is payable upon maturity. There was no balance outstanding on the line of credit as of December 31, 2023.

Note 6: Notes Payable
At December 31, 2023 notes payable consisted of the following:

38,901$
288,870
500,000
500,000
200,000
100,000
480,000
2,107,771
Less current portion (633,367)
Notes payable, net of current portion 1,474,404$

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.

Note payable to the United States Department of Agriculture, dated May 1, 2018, payable in annual principal and interest payments at 1.00% per annum beginning May 1, 2022, with 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 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.

Note payable to Community Foundation of San Luis Obispo County, dated Novebmer 1, 2023, with quarterly interest only payments calculated at 3.00% per annum, with one final principal and interest payment on November 1, 2028.

Note payable to Mechanics' Bank, dated May 13, 2015, with quarterly interest only payments calculated at 2.50% per annum, with one final principal and interest payment on May 15, 2025.

23 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 6: Notes Payable (Continued)
At December 31, 2023, aggregate maturities of notes payable were as follows:

For the Year Ending December 31,
2024 633,367$
2025 733,829
2026 26,169
2027 18,155
Thereafter 696,251
Total 2,107,771$
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 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 Permanent Local Housing Allocation (PLHA) grant from the County of San Luis Obispo in the amount of $436,251.

During the year ended December 31, 2022, the Organization was awarded a PLHA grant in the amounts of $678,069.

During the year ended December 31, 2023, the Organization was awarded a LHTF grant in the amount of $1,200,000 and PLHA grants in the amounts of $1,222,747. Under the terms of the grant agreements, the Organization has reporting requirements related to the various projects through the year 2035.

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. During the year ended December 31, 2023, the Organization recognized grant revenue of $1,336,251 when they executed promissory notes from borrowers.

24 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023

Note 8: Leases
The Organization leases a building in San Luis Obispo, California, with a minimum monthly rent of $2,651, with a 3% increase every year. The lease expired on December 31, 2023, where the Organization exercised the 3-year option to renew through December 31, 2026.

Additionally, the Organization entered into a sublease agreement with Mission Community Services Corporation effective January 1, 2023 through December 31, 2023. Base rent paid to the Organization is $1,749 per month in exchange for 65% of the office space. Mission Community Services Corporation is obligated to pay 65% of total occupancy expenses, including utilities, janitorial services, supplies, and other expenses required under the master lease agreement. Mission Community Services renewed their sublease agreement effective January 1, 2024 through December 31, 2024. Base rent to be paid to the Organization is $1,940 per month in exchange for 70% of the office space. Mission Community Services Corporation is obligated to pay 70% of total occupancy expenses noted above.

Quantitative Disclosures

The lease expense for operating leases was $32,377 for the year ended December 31, 2023.

The other required information for the years ended December 31, 2023, is as follows:

Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 32,280$
ROU assets obtained in exchange for new operating lease liabilities 95,911$ Weighted-average remaining lease term in years for operating leases 3.00 Weighted-average discount rate for operating leases 4.03%

The future minimum lease payments and reconciliation to the statement of net position at December 31, 2023 is as follows:

For the Year Ending December 31,
2024 33,252$
2025 34,248
2026 35,280
Total undiscounted cash flows 102,780
Less: present value discount (5,875)
Total lease liabilities 96,905$

25 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2023
Note 9: Designations and Restrictions on Net Assets (Continued) At December 31, 2023, the Organization had the following net assets without donor restrictions:

Undesignated 8,323,045$
Designated by the Board for operating reserve 325,000
8,648,045$
At December 31, 2023, the Organization had the following net assets with donor restrictions:

Purpose restrictions:

Restricted loan funds - permanently restricted 232,917$ Time-restricted for future periods:

Capital Magnet Fund 2,446,143
Local Housing Trust Fund Program 700,000
Permanent Local Housing Allocation 636,250
4,015,310$

Note 10: Subsequent Events

Events subsequent to December 31, 2023 have been evaluated through June 28, 2024, which is the date the financial statements were available to be issued. Management did not identify any subsequent events requiring disclosure.

26 Federal Awards

27 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, 2023, 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 June 28, 2024.

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.

29 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, 2023.

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, 2023.

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.

30 Board of Directors
San Luis Obispo County Housing Trust Fund

Page 2 ends

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.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

32 San Luis Obispo County Housing Trust Fund
Schedule of Expenditure of Federal Awards
Year Ended December 31, 2023
Federal
Assistance Listing Federal
Number Expenditures
US Department of the Treasury
Capital Magnet Fund 21.011 2,478,858$
Community Development Financial Institutions Rapid Response Program 21.024 18,658 Subtotal US Department of the Treasury 2,497,516
US Department of Agriculture
Intermediary Relending Program 10.767 307,025
Total expenditures of federal awards 2,804,541$
Federal Grantor/
Program Title

The accompanying notes are an integral part of this schedule.

33 San Luis Obispo County Housing Trust Fund
Notes to the Schedule of Expenditures of Federal Awards Year Ended December 31, 2023
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, 2023, 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
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years.

There were no subrecipients for the year ended December 31, 2023.

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 $307,025 in total loans outstanding under the USDA Intermediary Relending Program (ALN –

10.767).

34 San Luis Obispo County Housing Trust Fund
Schedule of Findings and Questioned Costs
Year Ended December 31, 2023
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 (ALN 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.

Fiscal Year 2026 Outside Agency Request

Organization: San Luis Obispo County YMCA
Requested Funding: $3,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: Access to safe and affordable childcare continues to be a critical need for families in the City of Pismo Beach. When enrolled in Y youth programs, working families can feel secure knowing their child has a safe place to go where they are educated and supported. Requested funds will help support low-income families in the Pismo Beach community who participate in the Y youth programs All funds directly pay for financial aid scholarships and subsidize the costs incurred for providing our programs.

Support Fiscal 2026 City Goals: The San Luis Obispo County YMCA is committed to providing a safe place for youth to be when school is out, and to helping improve and support the quality of life for the residents of the City of Pismo Beach.

Priority of Needs: Our greatest funding need is to subsidize the costs for providing our youth programs.

Program Description: In SLO County, the Y is committed to serving the Pismo Beach community by providing life changing programs. Families from Pismo Beach participate in the Y after school, summer, and sports programs. Within our after school programs, we integrate SCALED (STEM, Career Connected Learning, hands-on Arts, Literacy, Education, Diversity and Global Learning) to help kids grow in the classroom and out in the world. We also include our Social-Emotional, Healthy Eating, and Physical Activity programs. And we fill the childcare gap through our summer camp programs. The Y offers youth sports camps and leagues, including Futsal (indoor soccer), Basketball, and Bitty Sports for the young ones. Youth sports programs promote healthy development, self-esteem, positive peer interaction, sportsmanship, and teamwork. The Y is committed to being an affordable, inclusive, and accessible option for all families. No one is turned away for lack of ability to pay. All can apply for financial aid scholarships.

Point of Contact: Douglas Trawick

CHANNEL ISLANDS
YOUNG MEN’S CHRISTIAN

ASSOCIATION
(YMCA)

REPORT ON AUDIT OF

FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

TABLE OF CONTENTS

Page

FINANCIAL SECTION

Independent Auditors' Report 1-1
Financial Statements:

Statement of Financial Position 1-4
Statement of Activities 1-5
Statement of Functional Expenses 1-6
Statement of Cash Flows 1-7
Notes to Financial Statements 1-8

SUPPLEMENTAL INFORMATION

Independent Auditors' Report on Internal Control Over
Financial Reporting on Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards 2-1

1-1

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors of
Channel Islands Young Men’s Christian Association (YMCA) (A California Non-Profit Corporation)
Carpinteria, California

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Channel Islands Young Men’s Christian Association (YMCA) (A California Non-Profit Corporation), which comprise the statement of financial position as of June 30, 2024, 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 Channel Islands Young Men’s Christian Association as of June 30, 2024, 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 United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Channel Islands Young Men’s Christian Association 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.

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INDEPENDENT AUDITORS’ REPORT - Continued

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.

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 Channel Islands Young Men’s Christian Association’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

Auditors’ Responsibilities 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 auditors’ 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 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, including omissions, 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 the financial statements.

In performing an audit in accordance with generally accepted 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 Channel Islands Young Men’s Christian Association’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 Channel Islands Young Men’s Christian Association’s ability to continue as a going concern for a reasonable period of time.

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INDEPENDENT AUDITORS’ REPORT - Continued

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 4, 2024, on our consideration of Channel Islands Young Men’s Christian Association’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 solely 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 Channel Islands Young Men’s Christian Association’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 Channel Islands Young Men’s Christian Association’s internal control over financial reporting and compliance.

Calabasas, California
December 4, 2024

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

STATEMENT OF FINANCIAL POSITION
JUNE 30, 2024
See accompanying auditors’ reports and notes to financial statements.

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Without Donor With Donor Total
Restrictions Restrictions 2024
ASSETS
Current assets:

Cash and cash equivalents 8,985,409$ 1,099,475$ 10,084,884$ Grants and contracts receivable 543,236 - 543,236 Accounts receivable, net of allowance 558,015 - 558,015 Promises to give, net of allowance - 189,187 189,187 Prepaid expenses and other assets 417,244 - 417,244 Total current assets 10,503,904 1,288,662 11,792,566 Endowment assets:

Cash and cash equivalents 1,522,405 - 1,522,405 Bequests receivable, net of allowance - 352,593 352,593 Investments 8,000,479 6,238,366 14,238,845
Total endowment assets 9,522,884 6,590,959 16,113,843 Right-of-use assets, net of accumulated amortization 639,506 - 639,506 Property and equipment, net 19,406,958 - 19,406,958 Total assets 40,073,252$ 7,879,621$ 47,952,873$

LIABILITIES
Current liabilities:

Accounts payable 622,197$ -$ 622,197$ Accrued expenses 1,371,280 - 1,371,280 Deferred revenue 1,033,442 - 1,033,442 Right-of-use lease liabilities, current 132,592 - 132,592 Note payable, current 126,523 - 126,523 Total current liabilities 3,286,034 - 3,286,034 Noncurrent liabilities:

Right-of-use lease liabilities, net of current portion 697,496 - 697,496 Note payable, net of current portion 1,516,465 - 1,516,465 Total noncurrent assets 2,213,961 - 2,213,961 Total liabilities 5,499,995 - 5,499,995

COMMITMENTS AND CONTINGENCIES

NET ASSETS
Without donor restrictions:

Board-designated 12,843,151 - 12,843,151 Other net assets without donor restrictions 21,730,106 - 21,730,106 Total without donor restrictions 34,573,257 - 34,573,257 With donor restrictions - 7,879,621 7,879,621 Total net assets 34,573,257 7,879,621 42,452,878 Total liabilities and net assets 40,073,252$ 7,879,621$ 47,952,873$

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
See accompanying auditors’ reports and notes to financial statements.

1-5

Without Donor With Donor Total
Restrictions Restrictions 2024

REVENUE AND SUPPORT
Public Support:

Contributions - annual campaign 1,425,624$ -$ 1,425,624$ Contributions - other - 1,221,083 1,221,083 In-kind contributions 5,002,939 - 5,002,939 Government funds 4,597,429 - 4,597,429 Special events, net of direct costs of $104,140 171,082 - 171,082 Total public support 11,197,074 1,221,083 12,418,157 Revenue:

Membership dues 8,533,101 - 8,533,101 Joining fees 183,590 - 183,590 Program fees 2,217,928 - 2,217,928 Day camp 1,563,932 - 1,563,932 Sleep away camp 129,084 - 129,084 Childcare 3,468,275 - 3,468,275 Merchandise sales and rentals 37,481 - 37,481 Investment income 62,925 366,197 429,122 Realized gain on investments 433,250 - 433,250 Unrealized gain on investments 1,159,232 - 1,159,232 Miscellaneous revenue 130,278 - 130,278 Total revenue and support 29,116,150 1,587,280 30,703,430 Released from restrictions 978,010 (978,010) - Total revenue, support, and restrictions released 30,094,160 609,270 30,703,430

EXPENSES
Program services:

Youth development 10,412,504 - 10,412,504
Healthy living 8,026,736 - 8,026,736
Social responsibility 1,744,783 - 1,744,783 Total program services 20,184,023 - 20,184,023 Supporting services:

Management and general 2,759,613 - 2,759,613 Fundraising 810,977 - 810,977
Total supporting services 3,570,590 - 3,570,590 Total expenses 23,754,613 - 23,754,613 CHANGE IN NET ASSETS 6,339,547 609,270 6,948,817 NET ASSETS - beginning of year 28,206,733 7,270,351 35,477,084 Restatement adjustment (Note 18)26,977 - 26,977 NET ASSETS - beginning of year, as restated 28,233,710 7,270,351 35,504,061 NET ASSETS - end of year 34,573,257$ 7,879,621$ 42,452,878$

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

STATEMENT OF FUNCTIONAL EXPENSES
FOR THE YEAR ENDED JUNE 30, 2024
See accompanying auditors’ reports and notes to financial statements.

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Youth Healthy Social Total Program Management
Devlopment Living Responsibility Services and General Fundraising Total Salaries 5,339,630$ 3,447,777$ 799,101$ 9,586,508$ 1,345,801$ 389,898$ 11,322,207$ Employee Benefits 711,127 421,420 127,347 1,259,894 320,905 95,499 1,676,298 Payroll Taxes 499,338 320,028 75,422 894,788 123,713 37,781 1,056,282 6,550,095 4,189,225 1,001,870 11,741,190 1,790,419 523,178 14,054,787 Advertising 76,817 95,285 20,998 193,100 - 32,026 225,126 Awards 1,259 532 544 2,335 7,581 10,121 20,037 Communications 92,655 28,826 20,835 142,316 20,666 7,059 170,041 Conference 48,506 37,766 2,463 88,735 50,366 12,259 151,360 Equipment 312,868 490,693 35,167 838,728 155,400 32,671 1,026,799 Fair Share 108,448 130,083 9,704 248,235 1,555 20,197 269,987 Financing Costs 185,927 137,213 944 324,084 68,009 38,120 430,213 Miscellaneous 50,205 43,846 4,588 98,639 11,656 9,344 119,639 Occupancy 1,457,466 1,759,834 236,518 3,453,818 179,618 27,519 3,660,955 Other Employee 126,279 46,799 9,588 182,666 31,904 6,635 221,205 Other Insurance 110,065 174,988 8,873 293,926 8,979 1,060 303,965 Postage 5,541 4,265 67 9,873 2,381 2,384 14,638 Professional Fees 166,006 31,721 64,299 262,026 258,770 19,067 539,863 Program Costs 239,192 29,137 186,646 454,975 -105 455,080 Supplies 399,019 77,122 37,775 513,916 12,036 53,820 579,772 Travel et al 106,374 35,158 17,381 158,913 35,556 6,882 201,351 Total before depreciation and amortization 10,036,722 7,312,493 1,658,260 19,007,475 2,634,896 802,447 22,444,818 Depreciation and amortization 375,782 714,243 86,523 1,176,548 124,717 8,530 1,309,795 Total expenses 10,412,504$ 8,026,736$ 1,744,783$ 20,184,023$ 2,759,613$ 810,977$ 23,754,613$ Program Services

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
See accompanying auditors’ reports and notes to financial statements.

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2024
CASH FLOWS FROM OPERATING ACTIVITIES:

Change in net assets 6,948,817$
Adjustments to reconcile change in net assets to net
cash provided by operating activities
Depreciation and amortization 1,151,915
Restatement adjustment 26,977
Realized gain on investments (433,250)
Unrealized gain on investments (1,159,232)
Reduction in carrying amount of right-of-use assets - operating (117,799) Contributions for endowment (5,000)
(Increase) decrease in:

Grants and contracts receivable (193,337)
Accounts receivable (279,155)
Promises to give (76,184)
Bequests receivable 21,862
Prepaid expenses and other assets (9,809)
Increase (decrease) in:

Accounts payable 205,143
Accrued expenses 230,252
Deferred revenue 133,026
Right-of-use lease liabilities 262,687
Total adjustments (241,904)
Net Cash Provided by Operating Activities 6,706,913
CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition of property and equipment (3,691,389)
Proceeds from sale of investments 4,354,520
Purchase of investments, net of expenses (3,243,149)
Net Cash Used by Investing Activities (2,580,018)
CASH FLOWS FROM FINANCING ACTIVITIES:

Payments related to note payable (121,948)
Contributions for endowment 5,000
Net Cash Used by Financing Activities (116,948)
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,009,947
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 7,597,342 CASH AND CASH EQUIVALENTS AT END OF YEAR 11,607,289$
SUPPLEMENTAL NON-CASH DISCLOSURE:

AGGLWLRQ RI ULJKWRIXVH DVVHW²RSHUDWLQJ 77,543$
SUPPLEMENTAL DISCLOSURE:

Cash paid for interest 61,643$

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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1. ORGANIZATION

Channel Islands Young Men’s Christian Association (YMCA) is a charitable organization providing programs based upon Christian principles to people of all ages, races, religious beliefs and economic status to promote Youth Development, Healthy Living and Social Responsibility.

“Santa Barbara Young Men’s Christian Association" was established in September 1899. Since its establishment it has started or absorbed operations of several YMCAs in neighboring cities and counties. In January 1981 it adopted the current name. The YMCA maintained its principal place of business at 1180 Eugenia Place, Suite #104, Carpinteria, California as of year-end.

As a voluntary health and welfare organization qualifying under Internal Revenue Code Section 501(c)(3), the YMCA is generally exempt from federal and state income taxes. The YMCA is not considered a private foundation for income tax purposes.

The YMCA is governed by an elected board of directors and officers responsible for the development of policies. Management and staff conduct YMCA activities in accordance with board-established policy.

The YMCA is committed to strengthening communities in San Luis Obispo, Santa Barbara and Ventura counties through programs focused on:

Youth Development - Nurturing the potential of every child and teen.

These programs include youth sports, before and after school care, preschool, summer day camps, leadership development, civic engagement, swimming, recreation and off-premise overnight or week-long camping activities.

Healthy Living - Improving our communities’ health and well-being.

These programs promote family time, health, well-being, fitness, sports, recreation, spiritual development and group interests for adults and families.

Social Responsibility - Giving back and providing support to our neighbors.

These programs include a youth shelter and teen centers for at-risk youth.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Classification of Current and Noncurrent Assets and Liabilities

The YMCA considers assets to be current that can reasonably be expected, as part of its normal business operations, to be converted to cash and be available for liquidation of current liabilities within 12 months of the statement of net position date. Liabilities that reasonably can be expected, as part of normal organization business operations, to be liquidated within 12 months of the statement of net position date are considered to be current. All other assets and liabilities are considered to be noncurrent.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-9

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Basis of Presentation

The YMCA prepares its financial statements in accordance with generally accepted accounting principles (GAAP) promulgated in the United States of America. The accompanying financial statements of the YMCA have been prepared on the accrual basis of accounting. The YMCA is comprised of facility branches located in San Luis Obispo, Santa Barbara, Montecito, Ventura, Camarillo, Lompoc and Santa Ynez. These branches also operate childcare programs and day camps at school sites. In addition to the facility branches, the Youth and Family Services branch operates programs in Santa Barbara and Isla Vista. This branch primarily serves youth and young adults at a youth shelter, a teen center, a navigation center and as part of a supportive transitional housing program. All significant balances and transactions among the branches have been eliminated. The significant accounting and reporting policies used by the YMCA are described below to enhance the usefulness and understandability of the financial statements.

Net Assets

The financial statements report net assets and changes in net assets in two classes that are based upon the existence or absence of restrictions on use that are placed by its donors, as follows:

 Net assets without donor restrictions. Net assets without donor restrictions represent net assets that are not subject to donor-imposed time or use restrictions. Net assets without donor restrictions include board designated funds.
 Net assets with donor restrictions. Net assets with donor restrictions are resources that are restricted by a donor for use for a particular purpose or in a particular future period or are limited by donor- imposed restrictions that neither expire by being used in accordance with a donor’s restriction nor by the passage of time. The YMCA’s unspent contributions are classified in this class if the donor limited their use, as are the unspent appreciation of its donor-restricted endowment funds. When a donor’s restriction is satisfied, either by using the resources in the manner specified by the donor or by the passage of time, the expiration of the restriction is reported in the financial statements by reclassifying the net assets from net assets with donor restrictions to net assets without donor restrictions. Net assets restricted for acquisition of buildings or equipment (or less commonly, the contribution of those assets directly) are reported as donor restricted until the specified asset is placed in service by the YMCA, unless the donor provides more specific directions about the period of its use.

All revenues and net gains are reported as increases in net assets without donor restrictions in the statement of activities unless the use of the related resources is subject to donor restrictions. All expenses and net losses other than losses on endowment investments are reported as decreases in net assets without donor restrictions.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-10

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Cash and cash equivalents

For purposes of the statement of cash flows, the YMCA considers all highly-liquid investments with an initial maturity of twelve months or less to be cash equivalents. The YMCA maintains several cash accounts to separately hold cash which may not be available for operating purposes as required by certain granting agencies and donors.

Grants, Contracts, Accounts, and Bequests Receivables

Receivables consist of grants, contracts, and other accounts receivables and are stated at the amount management expects to collect from outstanding balances. The YMCA uses the allowance method of accounting for receivables determined to be potentially uncollectable. An allowance for doubtful accounts was established for receivables at June 30, 2024 totaling $27,154.

Promises to Give

Unconditional promises to give are recognized as revenues in the period received and as assets, decreases of liabilities, or expenses depending on the form of the benefits received. The YMCA does not record conditional promises to give. The YMCA has been named as a charitable beneficiary in the wills of various donors. However, the donors have retained the right to change charitable beneficiaries; therefore, these intentions have not been recorded as an asset of the YMCA.

Deposits and Prepaid Expenses

Prepaid insurance, deposits, and other costs are expensed ratably over their respective terms of agreement.

Investments

Investments are recorded at fair market value. Changes in unrealized gains or losses are recorded as a change in the appropriate class of net assets.

Property and Equipment, Net

Acquisition of property and equipment in excess of $5,000 is capitalized at cost or, if donated, at the approximate fair value at the date of donation. Repairs and maintenance are charged to operations as incurred.

When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the respective assets ranging from three to fifty years on the straight-line method. Leasehold improvements are being amortized over the shorter of the lease term or useful life.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-11

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Impairment of long-lived assets

Management reviews each asset or asset group for impairment whenever events or circumstances indicate that the carrying value of an asset or asset group may not be recoverable , but at least annually. No impairment provision was recorded by the YMCA during the year ended June 30, 2024.

Accrued Vacation

Accrued vacation benefits are accrued as earned. Regular full-time employees accrue vacation time at the rate of 5 hours per pay period for a maximum of 15 days for your first year of service; an additional day is accrued per year of service and caps at ten years of service for a maximum of 25 days.

Unused accrued vacation is paid at the time of termination. Total accrued vacation at June 30, 2024 was $351,401.

Deferred Revenue

Revenues from membership dues are recognized over the terms of the memberships. Revenues from childcare fees are recognized over periods of childcare service provided. Revenues from program fees are recognized over the terms of the program. Amounts collected but unearned are reflected in the statement of financial position as unearned revenue.

Accounting for Contributions

Contributions, including unconditional promises to give, are recognized when received. All contributions are reported as increases in net assets without donor restrictions unless use of the contributed assets is specifically restricted by the donor. Amounts received that are restricted by the donor to use in future periods or for specific purposes are reported as increases in net assets with donor restrictions consistent with the nature of the restriction. Unconditional promises with payments due in future years have an implied restriction to be used in the year the payment is due, and therefore are reported as net assets with donor restrictions until the payment is due unless the contribution is clearly intended to support activities of the current fiscal year or is received with donor restrictions. Conditional promises, such as matching grants, are not recognized until they become unconditional, that is, until all conditions on which they depend are substantially met.

Contributed Goods and Services

Contributions of goods received that are measurable are recorded as revenue at their estimated fair value when received. Contributions of services are recognized if the services received meet any of these criteria: (1) if they create or enhance nonfinancial assets and (2) if they require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-12

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Contributed Goods and Services (Continued)

A substantial number of volunteers have donated significant amounts of their time performing services to the YMCA during fiscal year ended June 30, 2024. For the year ended, the YMCA estimates that approximately 14,000 hours were contributed by policy, advisory, fundraising and program volunteers. Valued at the most recent Independent Sector volunteer rate for California, the YMCA received benefits estimated at $469,000 for 2024. These estimated benefits are not recorded in the financial statements.

Allocation of Functional Expenses

Expenses that can be identified with a specific program or supporting service are charged directly to the related program or supporting service. Certain expenses that are associated with program and supporting services have been allocated between the program and supporting services benefited based on management's estimate of time spent on the program and services.

Use of Estimates

Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from these estimates.

Income Tax Status

The YMCA is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code and California income taxes under section 23701(d) of the California Revenue and Taxation Code. The IRS classified the organization as one that is not a private foundation within the meaning of section 509(a) of the Code because it is an organization described in section(s) 509(a)(1) and 170(b)(1)(A)(vi).

The YMCA has adopted Financial Accounting Standards Board Accounting Standards Codification (ASC) Section 740-10, which clarifies the accounting for uncertainty in income taxes. ASC Section 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Section 740-10 requires that an organization recognize in the financial statements the impact of the tax position if that position will more likely than not be sustained on audit, based on the technical merits of the position. As of and for the year ended June 30, 2024, the YMCA had no material unrecognized tax benefits, tax penalties or interest.

The YMCA’s Forms 990, Return of Organization Exempt from Income Tax, for each of the tax years ended June 30, 2023, 2022, and 2021, are subject to examination by the IRS, generally for 3 years after they were filed.

The YMCA’s Forms 199, California Exempt Organization Return, for each of the tax years ended June 30, 2023, 2022, 2021, and 2020 are subject to examination by the Franchise Tax Board, generally for 4 years after they were filed.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-13

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

Fair Value Measurements

The YMCA reports its fair value measures using a three-level hierarchy that prioritizes the inputs used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal or most advantageous market at the measurement date under current market conditions regardless of whether that price is directly observable or estimated using another valuation technique. Inputs used to determine fair value refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity.

Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available. This hierarchy, established by GAAP, requires that entities maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows:

• Level 1 - Quoted prices for identical assets or liabilities in active markets to which the YMCA has access on the measurement date.
• Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include
- quoted prices for similar assets or liabilities in active markets; - quoted prices for identical or similar assets in markets that are not active; - observable inputs other than quoted prices for the asset or liability (for example, interest rates and yield curves); and
- inputs derived principally from, or corroborated by, observable market data by correlation or by other means.
• Level 3 - Unobservable inputs for the asset or liability. Unobservable inputs should be used to measure the fair value to the extent that observable inputs are not available.

The carrying amounts of cash and cash equivalents and receivables approximate fair value because of the terms and relatively short maturity of these financial instruments. The certificates of deposit, equities, international and mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the YMCA at year end.

The carrying amounts of liabilities approximate fair value because of the relatively short maturity of these financial instruments.

When available, the YMCA measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-14
(CONTINUED)

3. PROMISES TO GIVE

Unconditional promises to give at June 30, 2024, are as follows:

Amount
Receivable in less than one year $ 202,617
Less allowance for uncollectible promises (13,430) Total current receivables 189,187

Receivable in more than one year 400,001
Less allowance for uncollectible promises (47,408) Total non-current receivables 352,593
Total promises to give, net of allowance $ 541,780

4. INVESTMENTS

The YMCA measures fair value in accordance with FASB ASC 820-10. FASB ASC 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority, Level 2 inputs, other than the quoted prices in active markets, are observable either directly or indirectly, and Level 3 unobservable inputs in which there is little or no market data, which requires the YMCA to develop its own assumptions. The YMCA uses appropriate valuation techniques based on the available inputs to measure the fair value of its investments. When available, the YMCA measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. Level 3 inputs are only used when Level 1 or Level 2 inputs are not available.

All assets reported at fair value at June 30, 2024, are Level 1 inputs.

Investments consist of the following at June 30, 2024:

Level 1 Fair Value
Certificates of deposit $ 317,939 $ 317,939 Domestic equities 10,267,759 10,267,759
International 3,241,160 3,241,160
Mutual funds 411,987 411,987
Total investments $ 14,238,845 $ 14,238,845

The composition of the investment return reported in the statement of activities is follows:

Interest and dividends $ 429,122
Realized gain on investments 433,250
Unrealized gain investments 1,159,232
$ 2,021,604

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-15
(CONTINUED)

5. PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following at June 30, 2024:

Amount
Buildings and improvements $ 29,730,724
Constructions in progress 808,797
Equipment and fixtures 2,338,231
Land 5,687,608
Land improvements 3,995,992
Vehicles 148,425
42,709,777
Less accumulated depreciation (23,302,819)
Property and equipment, net $ 19,406,958

Depreciation and amortization expense for the year ended June 30, 2024 was $1,151,915.

6. LONG-TERM DEBT

Note Payable

The YMCA has a commercial loan with a fixed interest rate of 3.50%. The loan is secured by real property, and is payable over a 25-year period with a maturity date of December 25, 2045. The balance at June 30, 2024, for the loan, which is secured by the Santa Barbara Branch real property, was $1,642,988. Aggregate maturities of long-term debt over the next five years and thereafter are as follows:

For the Year Ending June 30, Amount
2025 $ 126,523
2026 131,084
2027 135,811
2028 140,596
2029 145,783
Thereafter 963,191
Total $ 1,642,988

Line of Credit

The YMCA also obtained a $2,500,000 revolving line of credit with a bank. The line of credit is secured by the Santa Barbara branch real property and expires December 25, 2030. The loan terms require monthly interest payments at a variable annual rate of the Wall Street Journal Prime rate plus .25%. As of June 30, 2024, there was no outstanding balance.

Total interest expense for loans payable for the year ended June 30, 2024, was $61,643. The YMCA was in compliance with all applicable debt covenants as of June 30, 2024.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-16
(CONTINUED)

7. SPECIAL EVENTS REVENUE, NET

Income and expenses from special events for the year ended June 30, 2024 are as follows:

Event Revenue Expenses Net Revenue
Dancing Through the Decades $ 98,743 $ (27,770) $ 70,973 Golf Tournaments 25,036 (9,318) 15,718 Good Friday Breakfast 27,153 (30,129) (2,976) Reaching for Stars Dinner 118,610 (32,613) 85,997 Miscellaneous 5,680 (4,310) 1,370 Total special events revenue, net $ 275,222 $ (104,140) $ 171,082

8. NET ASSETS WITH DONOR RESTRICTIONS

Net assets with donor restrictions are part of the net assets of the YMCA resulting from contributions and other inflows of assets whose use by the YMCA is limited by donor imposed stipulations that are either permanent in nature or expire by passage of time or can be fulfilled and removed by actions of the YMCA pursuant to those stipulations. Net assets with donor restrictions at June 30, 2024, consist of amounts restricted by donor-imposed stipulations; the activity for the year ended is as follows:

2024
Facility improvements $ 231,601
Subsequent years’ activities 1,409,653
Permanently Restricted Endowment 3,555,857
Unappropriated endowment earnings 2,682,510
Total $ 7,879,621

9. BOARD DESIGNATED NET ASSETS

The YMCA’s Board of Directors has designated a portion of net assets without donor restrictions to function as an endowment and to purchase a building. Board designated net assets at June 30, 2024 was $12,843,151 and consist of $9,522,885 for an Endowment Fund, and $3,320,266 for the purchase of a building.

10. ENDOWMENT

The YMCA's endowment consists of several individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds, and funds designated by the Board of Directors to function as endowments. As required by U.S. GAAP, net assets associated with endowment funds, including funds designated by the Board to function as endowments, are classified and reported based on the existence or absence of donor- imposed restrictions.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-17

10. ENDOWMENT - Continued

Interpretation of relevant law

The YMCA's Board has interpreted the California enacted Uniform Prudent Management of Institutional Funds Act ("UPMIFA") 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 YMCA classifies as net assets with donor restrictions (a) the original value of gifts donated to the permanent endowment, (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. Donor-restricted endowment funds not retained in perpetuity are subject to appropriation for expenditure by the YMCA in a manner consistent with the standard of prudence prescribed by UPMIFA.

In accordance with UPMIFA, the YMCA 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 YMCA and 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 YMCA

(7) The investment policies of the YMCA

Return objectives and risk parameters

The YMCA has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the YMCA must hold in perpetuity for donor-specified periods as well as board-designated funds. The endowment assets are invested in a manner that is intended to produce results that provide a reasonable balance between the quest for growth and the need to protect principal. The investment policy calls for a diverse portfolio utilizing various asset classes with a goal of reducing volatility and risk. The YMCA expects its endowment funds, over time, to provide an average rate of return of approximately 7% annually. Actual returns in any given year may vary from this amount.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-18

10. ENDOWMENT - Continued

Spending policy

The YMCA has a policy of appropriating for expenditure each year an amount not to exceed 5% of the average past twelve quarterly asset market value balances as of December 31. In establishing this policy, the YMCA considered the long-term expected return on its endowment. Accordingly, over the long-term, the YMCA expects the current spending policy to allow its endowment to grow at an average of 2% annually.

This is consistent with the YMCA’s objective to maintain the purchasing power of the endowment assets held in perpetuity for a specified term as well as to provide additional real growth through new gifts and investment return. During 2024, $156,941 of appropriations for expenditures were made.

Endowment Funds with Deficiencies

From time to time, the fair value of the assets associated with individual donor-restricted funds may fall below the level that current law requires the YMCA to retain for a fund of perpetual duration. In accordance with accounting principles generally accepted in the United States of America, these deficiencies are reported as a reduction in net assets with donor restrictions. Such deficiencies may result from unfavorable market fluctuations. As of June 30, 2024, the endowment fund had no deficiencies.

Endowment composition

Changes in endowment net assets for the year ended June 30, 2024, are as follows:

Without Donor
Restrictions
With Donor
Restrictions

Total
Endowment net assets, beginning of year $ 6,703,641 $ 5,963,013 $ 12,666,654 Contributions 1,419,374 - 1,419,374
Investment income 1,448,746 383,419 1,832,165
Appropriation of endowment assets
for expenditure or transfer

(48,876)

(108,065)

(156,941)
Balance, June 30, 2024 $ 9,522,885 $ 6,238,367 $ 15,761,252

11. RETIREMENT PLAN

The YMCA has a 401(a) defined contribution retirement plan provided through the YMCA Retirement Fund.

To be eligible, an employee must be age twenty-one or older and work 1,000 hours in each of two years. Once eligible, the employee is immediately vested and remains in the plan. Employees who transfer from another YMCA, where they participated in the Retirement Fund, will continue to participate without interruption. The YMCA contributed 8% of eligible employee wages to the Retirement Fund through October 15, 2023, and then 9% thereafter. Retirement contribution expense was $467,064 for the year ended June 30, 2024.

The YMCA also offers a 403(b) retirement savings plan to all employees, regardless of age or hours worked, which allows employees to invest on a pre-tax basis through payroll deductions.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-19
(CONTINUED)

12. RIGHT-OF-USE OPERATING LEASES

The YMCA leases office space on Eugenia Place in Carpinteria under an operating lease which is payable in monthly installments of $10,125, terminating October 31, 2028. The implementation Topic842, Leases resulted in recording a non-cash transitional adjustment to operating lease ROU assets and operating lease liabilities of $666,797 and $666,797, respectively, as of October 1, 2022. The YMCA has elected to use their incremental borrowing rate of 5.50% to discount the lease payments.

The YMCA leases land in Ventura under an operating lease which is payable in monthly installments of $3,396, terminating June 30, 2031. The implementation of Topic 842, Leases resulted in recording a non-cash transitional adjustment to operating lease ROU assets and operating lease liabilities of $351,389 and $351,389, respectively, as of July 1, 2022. The YMCA has elected to use their incremental borrowing rate of

5.50% to discount the lease payments.

The components of lease cost for the year ended June 30, 2024 were as follows:

Operating lease cost $ 352,649
Right-of-use assets, operating lease $ 639,506 Lease liability $ 830,088

Other information related to leases at June 30, 2024 was as follows:

Supplemental cash flow information –

Cash paid for amount included in the measurement of lease liabilities:

Operating cash flow from operating leases $ 166,900

ROU assets obtained in exchange for lease obligations:

Operating leases $ 1,018,186

Reductions to ROU assets resulting from reductions to lease obligations:

Operating leases $ (188,098)

Weighted average remaining lease term: 6 years

Weighted average discount rate: 3.50%

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-20

12. RIGHT-OF-USE OPERATING LEASES - Continued

Maturities of lease liabilities under noncancellable operating leases as of June 30, 2024, are as follows:

For the Year Ending June 30, Amount
2025 $ 174,963
2026 179,291
2027 188,493
2028 198,168
2029 104,963
Thereafter 119,794
Total undiscounted lease payments 965,672
Less present value discount (135,584)
Lease liability $ 830,088

13. IN-KIND CONTRIBUTIONS

On August 10, 2023, the YMCA signed an Asset Transfer Agreement with San Luis Obispo County YMCA (SLO YMCA). In accordance with this agreement, all assets and certain liabilities will transfer from SLO YMCA to the YMCA effective January 1, 2024. On that date, the SLO YMCA became a branch of the YMCA. A net total of $5,002,939 of SLO YMCA’s assets and liabilities have been transferred to the YMCA and recorded in the Statement of Activities as in-kind contributions.

14. RELATED PARTY TRANSACTIONS

During 2024, several bank accounts, the commercial loan, and line of credit were held and/or provided by a bank whose president is a board member of the YMCA.

During 2024, the YMCA was charged legal expenses of $18,973 by a local law firm for various matters. A partner of this local law firm is also a member of the YMCA’s board of directors.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-21
(CONTINUED)

15. LIQUIDITY AND FUNDS AVAILABLE

Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the statement of financial position dated June 30, 2024 comprise the following:

Amount
Financial assets:

Cash and cash equivalents $ 10,084,884
Grants and contracts receivable 543,236
Accounts receivable, net of allowance 558,015
Promises to give, net of allowance 189,187
11,375,322
Less cash unavailable for general expenditures within
one year:

Board-designated for building purchase (3,320,266) Investments with donor restrictions (6,238,366)
9,558,632

Financial assets available to meet cash needs for general expenditures within one year
$ 1,816,690

Financial assets available to meet cash needs for general expenditure for the following year are comprised of current assets and investments, adjusted for amounts unavailable due to illiquidity, endowments and other funds spending policy appropriations beyond one year, and current liabilities payable to vendors, financial institutions, and nonprofit organizations.

16. CONCENTRATION RISK

Credit Risk

The YMCA maintains cash balances at several financial institutions. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000 for each insured financial institution. At June 30, 2023, the YMCA had uninsured cash balances of approximately $3,684,585.

Concentrations

One source of the YMCA’s revenue is from membership income for its physical education programs.

Revenue generated from this source is approximately 28% of its operating revenue and derived largely from the local region.

CHANNEL ISLANDS YOUNG MEN’S CHRISTIAN ASSOCIATION (YMCA) (A California Non-Profit Corporation)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
1-22
(CONTINUED)

17. CONTINGENCIES

Governmental Funding

The YMCA received a number of grants from various 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 YMCA. For 2024, the YMCA could be liable for as much as the full amount of federal governmental funds expended up to approximately $676,541 if, under audit, the oversight agency were to determine that all costs charged to the project were disallowed. Management believes it is unlikely that the various agencies would disallow a significant portion of the costs.

18. RESTATEMENT ADJUSTMENT

During the year ended June 30, 2024, the YMCA made an adjustment for membership dues effective as of June 30, 2023. The effect of this adjustment was to increase net assets without donor restrictions by $26,977 as of June 30, 2023, and decrease membership dues as of June 30, 2024.

19. SUBSEQUENT EVENTS

The YMCA has evaluated events subsequent to June 30, 2024, to assess the need for potential recognition or disclosure in the financial statements. Such events were evaluated through December 4, 2024, the date the financial statements were available to be issued. Events occurring after that date have not been evaluated to determine whether a change in the financial statements would be required. Based upon this evaluation, it was determined that no other subsequent events occurred that require recognition or additional disclosure in the financial statements.

SUPPLEMENTAL INFORMATION

2-1
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
Channel Islands Youth Men’s Christian Association (the YMCA) (A California Non-Profit Corporation)
Carpinteria, 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 Channel Islands Young Men’s Christian Association (A California Non- Profit Corporation), which comprise the statement of financial position as of June 30, 2024, 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 December 4, 2024.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered Channel Islands Young Men’s Christian Association’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for effectiveness of Channel Islands Young Men’s Christian Association’s internal control.

Accordingly, we do not express an opinion on the effectiveness of the Channel Islands Young Men’s Christian Association’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

2-2
Compliance and Other Matters

As part of obtaining reasonable assurance about whether Channel Islands Young Men’s Christian Association’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the 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 Channel Islands Young Men’s Christian Association’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 Channel Islands Young Men’s Christian Association’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Calabasas, California
December 4, 2024

Fiscal Year 2026 Outside Agency Request

Organization: Service Corps of Retired Executives Association Requested Funding: $1,500
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: Starting a new business can often seem daunting. SCORE’s role is to mentoring expertise, tools and reference resources and encouragement for the entrepreneurial pursuit. We never turn a client away. 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. All mentors are volunteers. We have demonstrated in the past our commitment to working closely with the City of Pismo Beach to support local businesses.

Support Fiscal 2026 City Goals: SCORE’s mission is to foster the establishment, development, and growth of small business. Pismo Beach benefits from the successful execution of this mission in: • economic growth and diversity, • local job creation, and • an increase in tax and related revenues. A vibrant local business community is a direct contributor to quality of life for residents and enhancing a vibrant tourist-based economy, both focus areas of the 2024/25 goals.

Priority of Needs: Community outreach, marketing, and chapter administrative support Program Description: SCORE’s mission is to foster the establish, development and growth of small business. In furtherance of this mission, SCORE offers a range of FREE services to small business owners: • Mentoring, • Webinars and workshops on a wide range of topics pertinent to small business; and • Via SCORE.org, maintenance of a massive library of on-demand webinars, business tools and other archival resources covering all aspects of starting, operating and exiting small businesses.

Point of Contact: Tom Thompson

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED SEPTEMBER 30, 2023 AND 2022

TABLE OF CONTENTS

Page
Independent Auditor's Report ....................................................................................................................... 1 Consolidated Financial Statements
Consolidated Statements of Financial Position ................................................................................ 4 Consolidated Statements of Activities ............................................................................................. 5 Consolidated Statements of Cash Flows .......................................................................................... 6 Notes to Consolidated Financial Statements .................................................................................... 7 Supplementary Information
Consolidating Schedules of Financial Position .............................................................................. 24 Consolidating Schedules of Activities ........................................................................................... 26

4550 Forbes Blvd.

Suite 130
Lanham, MD 20706
www.watsonrice.com
Telephone: (202) 778-3450

Independent Auditors' Report

Board of Directors
Service Corps of Retired Executives Association and Affiliate

Opinion
We have audited the accompanying consolidated financial statements of Service Corps of Retired Executives Association and Affiliate (the Organization) (nonprofit organization), which comprise the consolidated statements of financial position as of September 30, 2023 and 2022, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Service Corps of Retired Executives Association and Affiliate as of September 30, 2023 and 2022, and the change in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Organization and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated 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.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Organization’s ability to continue as a going concern for one year from the date of our report.

2 Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated 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 GAAS 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 the consolidated financial statements.

In performing an audit in accordance with GAAS, we:

▪ Exercise professional judgment and maintain professional skepticism throughout the audit.
▪ Identify and assess the risks of material misstatement of the consolidated 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 consolidated 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 the Association’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 consolidated financial statements.
▪ Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Organization’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.

Supplementary Information
Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating schedules of financial position and activities are presented for purposes of additional analysis of the consolidated financial statements rather than to present the financial position and changes in net assets of the individual entities, and they are not a required part of the consolidated 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 consolidated financial statements. The consolidating information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the

3 consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the consolidating information is fairly stated in all material respects in relation to the consolidated financial statements as a whole.

Lanham, Maryland
December 28, 2023

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

STATEMENTS OF FINANCIAL POSITION
SEPTEMBER 30, 2023 AND 2022

See accompanying notes to financial statements
4 2023 2022
ASSETS
Current assets:

Cash and cash equivalents 6,226,431$ 7,561,932$
Investments 1,259,762 916,386
Grant receivable 4,452,994 3,126,320
Accounts receivable 16,379 70,040
Promises to give, net 415,396 250,891
Prepaid expenses and deposits 751,284 602,978 Total current assets 13,122,246 12,528,547
Noncurrent assets:

Promises to give after one year, net 462,908 99,906 Property, plant, and equipment, net 694,799 522,380 ROU lease asset, net 347,947 350,103
Total noncurrent assets 1,505,654 972,389
14,627,900$ 13,500,936$

LIABILITIES AND NET ASSETS
Current liabilities:

Accounts payable and accrued expenses 1,602,912$ 1,243,761$ Accrued payroll and related liabilities 52,102 22,506 Accrued vacation 331,222 208,792
ROU lease liability, current 102,812 122,043
Deferred revenue 118,852 100,924
Total current liabilities 2,207,900 1,698,026
Noncurrent liabilities:

ROU lease liability 245,135 228,060
Pledges Payable 2,326 -
Total noncurrent liabilities 247,461 228,060
Net assets:

Net assets without donor restrictions 10,953,950 11,148,500 Net assets with donor restrictions 1,218,589 426,350 Total net assets 12,172,539 11,574,850
14,627,900$ 13,500,936$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

STATEMENTS OF ACTIVITIES
YEARS ENDED SEPTEMBER 30, 2023 AND 2022

See accompanying notes to financial statements
5 2023 2022
Without Donor With Donor Without Donor With Donor
Restrictions Restrictions Total Restrictions Restrictions Total Revenue and support:

U.S. government grant 16,825,979$ -$ 16,825,979$ 13,699,997$ -$ 13,699,997$ Chapter program revenue - 853,716 853,716 - 1,023,247 1,023,247 Donated facilities, goods and services 3,838,870 -3,838,870 3,869,975 -3,869,975 Gifts and grants 2,146,078 103,158 2,249,236 3,082,590 103,158 3,185,748 Events and special projects - 1,732,300 1,732,300 - 699,500 699,500 Interest and other 1,352,014 - 1,352,014 693,539 - 693,539 Net assets released from restrictions 1,036,691 (1,036,691) - 1,036,691 (1,036,691) - Total revenue and support 25,199,632 1,652,483 26,852,115 22,382,792 789,214 23,172,006 Expenses:

Field expenses 6,008,072 -6,008,072 5,209,704 -5,209,704 Donated facilities, goods and services 3,838,870 -3,838,870 3,869,975 -3,869,975 Salaries and fringe benefits 7,420,585 -7,420,585 6,452,007 -6,452,007 Chapter clerical support 2,373,708 -2,373,708 2,224,837 -2,224,837 Technology and website 1,852,449 -1,852,449 1,486,272 -1,486,272 Marketing 1,554,757 -1,554,757 734,227 -734,227 Professional services 202,560 -202,560 267,093 -267,093 Board expenses 40,213 -40,213 29,783 -29,783 Staff travel 82,603 -82,603 43,519 -43,519 Volunteer services and field staff 345,475 -345,475 478,568 -478,568 Government relations 127,500 - 127,500 15,000 - 15,000 Office supplies 146,248 - 146,248 146,167 - 146,167 National leadership conference 690,387 - 690,387 115,149 - 115,149 Other 889,303 -889,303 571,138 -571,138 Printing and supplies 1,391 - 1,391 624 - 624 Postage 139 - 139 350 - 350 Bad debt expense 18,548 - 18,548 2,767 - 2,767 Licenses and registrations 24,981 - 24,981 9,015 - 9,015 Software license 24,762 - 24,762 21,671 - 21,671 Bank fees 12,581 - 12,581 7,278 - 7,278 Insurance 59,958 - 59,958 64,384 - 64,384 Prospect research 1,896 - 1,896 2,275 -2,275 SCORE program support 537,440 - 537,440 777,042 - 777,042 Total expenses 26,254,426 - 26,254,426 22,528,845 - 22,528,845 Change in net assets (1,054,794) 1,652,483 597,689 (146,053) 789,214 643,161 Net assets, beginning of year 9,517,321 2,057,529 11,574,850 9,663,374 1,268,315 10,931,689 Net assets, end of year 8,462,527$ 3,710,012$ 12,172,539$ 9,517,321$ 2,057,529$ 11,574,850$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

STATEMENTS OF CASH FLOWS
YEARS ENDED SEPTEMBER 30, 2023 AND 2022

See accompanying notes to financial statements
6 2023 2022
Cash flows from operating activities:

Change in net assets 597,689$ 643,161$
Adjustments to reconcile change in net assets to
net cash from operating activities:

Depreciation expense 127,317 -
Bad debt expense 18,548 2,767
Net unrealized (gain) loss on investments (58,517) 87,523 Change in:

Grant receivable (1,345,222) (1,487,907)
Accounts receivable 53,662 10,500
Promises to give (527,507) 23,076
Prepaid expenses and deposits (148,306) (75,821) Accounts payable and accrued expenses 513,503 (26,292) Deferred revenue 17,928 62,354
Net cash from operating activities (750,905) (760,639) Cash flows from investing activities:

Purchase of property, plant, and equipment (299,736) (522,380) Cash flows from financing activities:

Sale of investments 304,143 9,656
Purchase of investments (589,003) (1,003,909)
Net cash from financing activities (284,860) (994,253) Net change in cash and cash equivalents (1,335,501) (2,277,272) Cash and cash equivalents, beginning of year 7,561,932 9,839,204 Cash and cash equivalents, end of year 6,226,431$ 7,561,932$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

7 NOTE 1. ORGANIZATION AND NATURE OF ACTIVITIES

The consolidated financial statements include the accounts of Service Corps of Retired Executives Association (SCORE) and the SCORE Foundation (Foundation), collectively referred to as “Organization.” Each entity has a separate governing Board as defined by their Bylaws. The financial statements are consolidated in accordance with accounting standards because of SCORE’s voting and economic interest in the Foundation, and the purpose of the Foundation which is serving as the philanthropic arm of SCORE in assisting SCORE to achieve its objectives. Accordingly, the SCORE financial statements have been consolidated with the statements of SCORE Foundation and intercompany accounts and transactions have been eliminated in the consolidated financial statements.

SCORE is a not-for-profit organization chartered by an Act of the U.S. Congress in 1964 to provide technical and managerial guidance to the business community, profit and not-for-profit organizations, and prospective entrepreneurs through the use of volunteer counselors. SCORE is primarily supported by a government grant, workshop fees and contributions. SCORE receives a majority of its financial support from the U.S. Small Business Administration (SBA). If SCORE were to experience a reduction in funding from the grant, SCORE’s operations could be affected significantly.

SCORE is headquartered in Herndon, Virginia, with over 233 chapters which are located throughout the United States, its territories and possessions, serving the small business community.

The affiliate, SCORE Foundation, is a not-for-profit organization whose primary purpose is to ensure a lasting legacy of business counseling and training for successful American small businesses, by supporting SCORE and its volunteer corps. The Foundation is primarily supported by contributions.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of accounting
The financial statements have been prepared on the accrual basis of accounting.

Accordingly, income is recognized when earned and expenses when incurred, regardless of the timing of receipts and payments.

Basis of presentation
The organization is required to report information regarding its financial position and activities based on the existence or absence of donor-imposed restrictions.

Accordingly, the financial statements report separately by class of net assets as follows:

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

8 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net assets without donor restrictions – not subject to donor-imposed restrictions and may be expended for any purpose in performing the primary objectives of the organization. These net assets may be used at the discretion of SCORE’s management and the board of directors.

Net assets with donor restrictions – subject to stipulations imposed by donors, and grantors. Some donor restrictions are temporary in nature; those restrictions will be met by actions of SCORE or by the passage of time.

Other donor restrictions are perpetual in nature, whereby the donor has stipulated the funds be maintained in perpetuity.

Public support and revenue
The Organization receives contributions from the general public. Contributions are generally available for unrestricted use unless specifically restricted by the donor.

Unconditional promises to give are recorded as revenue in the period promised.

Unconditional promises to give due in the next year are reflected as current promises to give and are recorded at their net realizable value. Unconditional promises to give due in subsequent years are reflected as long-term promises to give and are recorded at the present value of their net realizable value. An allowance for uncollectible promises to give is provided based on management’s evaluation of potential uncollectible promises receivable at year-end.

The Organization receives grant funding from a federal agency for various purposes. Grant revenues not yet received are accrued to the extent unreimbursed expenses have been incurred for the purposes specified by an approved grant. The Organization defers grant revenues or advances received under approved awards from grantors to the extent they exceed expenses incurred for the purposes specified under the grant restrictions.

Grants and other contributions of cash and other assets are reported as temporarily 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 purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the consolidated statements of activities as net assets released from restrictions. Certain contributions from members of chapters are to be used for programs specific to districts and chapters. These contributions are held in the District Annual Fund temporarily restricted net asset account. Contributions received with donor- imposed restrictions that are met in the same year in which the contributions are received are classified as unrestricted contributions.

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

9 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In-kind contributions
The donated use of buildings or other facilities is reflected in the consolidated financial statements as revenue and expense at the fair value of facilities that the Organization would otherwise rent if the contributed facilities were not available.

The estimated fair value of donated goods is recorded as revenue and expense at the time of the gift. Contributed services that create or enhance nonfinancial assets or that require specialized skills, that are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation, are recorded as revenue and expense at their fair values in the period received.

Contributed services are received in various capacities from volunteers to help accomplish the Organization’s program objectives. The estimated value of these donated services is not reflected in the consolidated financial statements as the services do not meet the criteria for recognition as contributed services.

Cash and cash equivalents
For purposes of reporting cash flows, the Organization considers all short-term debt securities purchased with an original maturity of three months or less to be cash equivalents.

Investment in equities
Marketable securities with readily determinable fair value are valued at their fair value in the statement of financial position. Equities are valued at their quoted prices in active markets at the year end. Unrealized gains and losses are included in the change of net assets.

Accounts receivable
Accounts receivable represents amounts due primarily from costs in excess of amounts billed on federal grants. Such recoverable costs are billable when expenditures are incurred. The Organization classifies all accounts receivable as current assets and provides an allowance for doubtful accounts based upon a review of outstanding invoices, historical collection information, and existing economic conditions. Accounts deemed uncollectible are charged off based on credit evaluation and specific circumstances of the parties involved. At September 30, 2023 and 2022, management’s assessment was that all outstanding balances were collectible.

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

10 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Property, Plant and Equipment
SCORE capitalizes property and equipment acquired with a value greater than $5,000. Maintenance and repairs that do not improve or extend the lives of property and equipment are charged to expense as incurred. Property, plant and equipment are depreciated on a straight-line basis over the useful life of the asset. Depreciation expense was $127,317 and $-0- for the years ended September 30, 2023 and 2022, respectively.

Impairment of long-lived assets
SCORE continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. SCORE’s long-lived assets include internal-use computer software. Management considers the following events or changes in circumstances to indicate that the carrying amount of its internal-use computer software may not be recoverable: a) internal- use computer software is not expected to provide substantive service potential; b) a significant change occurs in the extent or manner in which the software is used or is expected to be used; c) a significant change is made or will be made to the software program; d) costs of developing or modifying internal-use computer software significantly exceed the amount originally expected to develop or modify the software. Impaired assets are recorded at the lower of carrying cost or fair value.

Field funds
Certain program generated funds maintained at the chapter level are considered donor restricted by purpose for program activities in accordance with the SBA contract.

Income taxes
The Organization is exempt from federal and state income taxes on income other than unrelated business income under the provisions of Section 501(c)(3) of the Internal Revenue Code. No provision for federal and state income taxes is required at September 30, 2023 and 2022, as the Organization had no net unrelated business income.

The Organization recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The Organization has determined that it does not have any material unrecognized tax benefits or obligations as of September 30, 2023 and 2022.

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

11 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Functional expense
The costs of providing various programs and other activities have been summarized on a functional basis in the consolidated statement of activities. Accordingly, certain costs have been allocated among the program and supporting services.

Personnel costs are allocated on a time and effort basis. All other expenses are directly charged to the applicable functional category.

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

Subsequent events
In preparing these consolidated financial statements, the Organization has evaluated events and transactions for potential recognition or disclosure through December 28, 2023, the date the consolidated financial statements were available to be issued.

New accounting pronouncement

Leases
In February 2016, the FASB issued ASU 2016-02, Leases. Under the new standards, lessees will need to recognize a right-of-use asset and a lease liability for virtually all their leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. For income statement purposes, the FASB continued the dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied to current lease accounting. Extensive quantitative and qualitative disclosures will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. The new standard was effective for the Organization commencing October 1, 2022. This has been adopted; therefore, a ROU asset and the related liability is now reflected in the financial statements.

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

12 NOTE 3. CASH AND CASH EQUIVALENTS

Cash and cash equivalents consisted of the following:

2023 2022
Cash held by SCORE headquarters $ 5,947,692 $ 7,061,944 Cash held by SCORE Foundation 278,739 499,988 $ 6,226,431 $ 7,561,932

Concentration of credit risk
Financial instruments which potentially subject the Organization to concentrations of credit risk consist principally of cash and cash equivalents.

The Organization maintains cash in bank deposit accounts, which at times, may exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit. At September 30, 2023 and 2022, $5,392,209 and $6,504,522 were in excess of the Federal Deposit Insurance Corporation (FDIC) insurance limit, respectively. The Organization has not experienced any losses as a result of the concentration.

NOTE 4. PROMISES TO GIVE

Promises to give that are expected to be received within one year are reported at their net realizable value.

The Organization anticipates collection of outstanding promises to give as follows:

2023 2022
Receivable in less than one year $ 437,487 $ 254,434 Receivable in one to five years 462,908 99,906 Total promises to give 900,395 354,340 Less - discounts to net present value (22,091) (3,543) Less - allowance for uncollectible promises - - $ 878,304 $ 350,797

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

13 NOTE 4. PROMISES TO GIVE (Continued)

The Organization’s change in the allowance for uncollectible promises is as follows:

2023 2022
Beginning of year $ 3,543 $ 3,777 Additions - bad debt expense 18,548 2,767 Less - promises to give write-offs - (3,001) End of year $ 22,091 $ 3,543

NOTE 5. LINE OF CREDIT

SCORE has a $3,000,000 unsecured bank line of credit with a maturity date of January 31, 2024. Amounts borrowed under these agreements bear interest at the interest rate of the BBA LIBOR Daily Floating Rate plus 2.25% (5.47% and

2.63% at September 30, 2023 and 2022, respectively). As of September 30, 2023 and 2022, $0 was drawn on the line of credit.

NOTE 6. FAIR VALUE MEASUREMENT

The Organization follows FASB ASC 820, Fair Value Measurements & Disclosures. In accordance with ASC 820, fair value is defined as the price that the Foundation would have received upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. FASB ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs, and to establish classification of fair value measurements for disclosure purposes.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

▪ Level 1 – quoted in active markets for identical investments

▪ Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

▪ Level 3 – significant unobservable inputs (including the Organization’s own assumptions in determining the fair value of investments)

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

14 NOTE 6. FAIR VALUE MEASUREMENT (Continued)

The asset’s 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 Organization’s investments consist of equities and are categorized as Level 1 inputs according to the fair value hierarchy. Equities are valued at their quoted prices in principal active markets. The following tables present the Organization’s financial assets that are measured at fair value on a recurring basis at September 30, 2023 and 2022, consistent with the fair value hierarchy of FASB ASC 820.

Fair Value Measurerment at September 30, 2023 Using
Quoted prices
in active Significant
markets for other Significant
identical observable unobservable
assets inputs inputs
(Level 1) (Level 2) (Level 3) Total
Investments
Exchange-traded funds 162,284 - - 162,284 Bond funds 478,951 - - 478,951 Equity funds - 614,786 - 614,786 641,235$ 614,786$ -$ 1,256,021$

Fair Value Measurerment at September 30, 2022 Using
Quoted prices
in active Significant
markets for other Significant
identical observable unobservable
assets inputs inputs
(Level 1) (Level 2) (Level 3) Total
Investments
Exchange-traded funds 66,768 - - 66,768 Bond funds 647,061 - - 647,061 Equity funds - 202,557 - 202,557 713,829$ 202,557$ -$ 916,386$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

15 NOTE 7. NET ASSETS WITH DONOR RESTRICTIONS

Net assets with donor restrictions for fiscal year 2023 are as follows:

Beginning of
Year Additions Released End of Year
Purpose restricted:

Special projects 368,000$ 1,602,300$ (850,888)$ 1,119,412$ Excellence fund - 30,000 (2,052) 27,948 District Annual Fund 7,037 217,368 (224,405) - SBA grant provisions 51,313 853,716 (833,801) 71,228 Time restricted - - - - 426,350$ 2,703,384$ (1,911,146)$ 1,218,588$

Net assets with donor restrictions for fiscal year 2022 are as follows:

Beginning of
Year Additions Released End of Year
Purpose restricted:

Special projects 1,148,700$ 699,500$ (1,480,200)$ 368,000$ District Annual Fund 55,129 103,158 (151,250) 7,037 SBA grant provisions 64,757 1,023,247 (1,036,691) 51,313 Time restricted - - - - 1,268,586$ 1,825,905$ (2,668,141)$ 426,350$

All chapter funds raised by program activities are considered donor restricted for purpose in accordance with the SBA Notice of Award and all other revenues have no restrictions. In fiscal year 2023 and 2022, the release of temporarily restricted net assets reflects this determination.

NOTE 8. FUNCTIONAL EXPENSES

The costs of the Organization have been summarized on a natural classification basis. For functional expense purposes, costs have been allocated among the program and supporting services as follows for the year ended September 30, 2023:

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

16 NOTE 8. FUNCTIONAL EXPENSES (Continued)

Element of Cost
Program
Services
Management
and General Fundraising Total
Association
Field expenses 4,408,419$ 1,599,653$ -$ 6,008,072$ Donated facilities, goods and services 2,720,992 1,117,878 - 3,838,870 Salaries and fringe benefits 5,400,612 1,222,201 - 6,622,813 Technology and website 1,674,438 178,011 - 1,852,449 Chapter clerical support 1,186,854 1,186,854 - 2,373,708 National leader conference 690,387 - - 690,387 Professional services 80,123 59,874 - 139,997 Marketing 1,554,757 - - 1,554,757 Board expenses - 40,213 - 40,213 Office supplies 126,135 20,113 - 146,248 Staff travel 55,461 - - 55,461 Other 836,389 - - 836,389 Volunteer services 345,475 - - 345,475 Insurance - 58,788 - 58,788 Total 19,080,042$ 5,483,585$ -$ 24,563,627$ Foundation
SCORE program support:

National Leadership Conference 108,830$ -$ -$ 108,830$ Educational 167,469 - - 167,469 Promotion and support of SCORE Progr 220,883 - - 220,883 Roundtables and Pitch Events 45,000 - - 45,000 Chapter Workshop Grants 269,868 - - 269,868 Other General Research and Support 15,308 - - 15,308 Salaries and benefits 312,892 378,602 106,277 797,771 Professional services - 93,245 21,861 115,106 Government relations - 127,500 - 127,500 Software - 5,927 18,836 24,763 Travel and registration - 27,142 - 27,142 Insurance - 1,170 - 1,170 Bad debt - 18,548 - 18,548 Other - 41,149 210 41,359 Total 1,140,250$ 693,283$ 147,184$ 1,980,717$ Consolidation elimination (289,918) - - (289,918) Total 19,930,374$ 6,176,868$ 147,184$ 26,254,426$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

17 NOTE 8. FUNCTIONAL EXPENSES (Continued)

The Organization’s consolidated functional expenses for purposes of reporting gross program and supporting services for the year ended September 30, 2022 were allocated as follows:

Element of Cost
Program
Services
Management
and General Fundraising Total
Association
Field expenses 3,822,617$ 1,387,087$ -$ 5,209,704$ Donated facilities, goods and services 2,657,578 1,212,397 - 3,869,975 Salaries and fringe benefits 4,369,061 1,159,668 - 5,528,729 Technology and website 1,260,857 225,415 - 1,486,272 Chapter clerical support 1,112,418 1,112,420 - 2,224,838 National leader conference 115,149 - - 115,149 Professional services 59,491 75,629 - 135,120 Marketing 734,227 - - 734,227 Board expenses - 29,783 - 29,783 Office supplies 128,088 18,078 - 146,166 Staff travel 38,803 - - 38,803 Other 561,492 - - 561,492 Volunteer services 478,568 - - 478,568 Insurance - 61,600 - 61,600 Association total 15,338,349$ 5,282,077$ -$ 20,620,426$ Program
Management
and General Fundraising Total
Foundation
SCORE program support:

Board functions 7,954$ -$ -$ 7,954$ National Leadership Conference 160,000 - - 160,000 Educational Content 398,820 - - 398,820 Chapter Workshop Grant 477,818 - - 477,818 Research 107,500 107,500
Other General Research and Support 30,970 - - 30,970 Salaries and benefits 178,708 588,634 155,936 923,278 Professional services - 112,976 18,997 131,973 Government relations - 15,000 - 15,000 Software - 6,126 15,545 21,671 Travel and registration - 4,716 - 4,716 Insurance - 2,784 - 2,784 Bad debt - 2,767 - 2,767 Other - 26,289 2,899 29,188 Foundation total 1,361,770$ 759,292$ 193,377$ 2,314,439$ Consolidation elimination (406,020) - - (406,020) Total 16,294,099$ 6,041,369$ 193,377$ 22,528,845$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

18 NOTE 9. DONATED FACILITIES, GOODS AND SERVICES

SCORE operates out of space donated by the SBA and other organizations.

Contributions of goods and services are received throughout the year. Fair value of in-kind contributions recognized as unrestricted support and as expenses in the statements of activities is as follows:

2023 2022
Program services 19,930,374$ 16,294,099$
Management and general 6,176,868 6,041,369
Fundraising 147,184 193,377
26,254,426$ 22,528,845$

NOTE 10. CONCENTRATION OF REVENUE

During fiscal year 2023 and 2022, 63% and 59% of the Organization’s revenue was derived from an SBA grant.

NOTE 11. CONTINGENCIES

SCORE receives federal funding, which is subject to periodic audit by the SBA, its cognizant agency. As such, there exists a contingent liability for potential questioned costs that may result from such an audit. During fiscal 2019, the SBA's Office of Inspector General (SBA-OIG) performed a review of the SBA's oversight of SCORE and provided a report with findings regarding the administration of the grant. As a result of the SBA-OIG report, SCORE agreed to refund to the SBA for the questioned cost noted in the report. All asserted claims for questioned cost have been significantly repaid by SCORE. As of September 30, 2023 and 2022, the amount of $5,885 and $4,233 remained outstanding to the SBA.

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

19 NOTE 12. RELATED PARTY TRANSACTIONS

SCORE is affiliated with the SCORE Foundation, a not-for-profit organization with which it has three common members of the Board of Directors. SCORE receives grants from the Foundation in support of SCORE activities. SCORE program support is comprised of expenditures by the Foundation in support of SCORE goals and objectives.

Beginning in fiscal year 2022, the Foundation classified funds held for the SCORE field as a liability. These funds were raised by the field leadership and must be used in their area. The field leadership will determine the specific use of the funds within SCORE and the Foundations mission.

The Foundation secures funding and develops special projects and educational resources to meet annually identified strategic objectives. These programs and resources provide program support for SCORE educational initiatives. During fiscal year 2023 and 2022, Foundation program support was for the following initiatives:

2023 2022
National Leadership Conference 108,830$ 160,000$
Educational Content 167,469 398,820
Small Business Resiliency Program 220,883 -
Board Functions 45,000 -
Chapter Workshop Grant - 7,954
Research 269,868 477,818
Diversity and Inclusion Programs - 107,500 Other General Research and Support 15,308 30,970 827,358$ 1,183,062$

During fiscal year 2023 and 2022, payments received from the Foundation totaled $269,868 and 406,020, respectively. At September 30, 2023 and 2022, the amount due from the Foundation was $765,304 and $484,310, respectively. For purposes of the consolidated financial statements, the effects of these intercompany transactions and balances have been eliminated.

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

20 NOTE 13. RETIREMENT PLAN

SCORE maintains a tax-deferred annuity plan (Plan) under Section 403(b) of the Internal Revenue Code. All employees are eligible to participate in the Plan and to contribute any percentage of their annual compensation to the maximum permitted by law. SCORE matches 100% of each employee’s contribution, up to 3% of the employee’s gross salary. SCORE also makes a discretionary contribution of 3% of each employee’s salary regardless of the employee’s contribution. Employer contributions vest at 20% per year over a five-year period. Contributions to the Plan for 2023 and 2022 were $293,974 and $260,542, respectively.

The Foundation sponsors a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code that covers all eligible employees. The Foundation provides a discretionary matching contribution equal to an employee’s elective deferral up to a maximum deferral rate of 3%, with an additional 3% qualified matching contribution. Matching contributions vest at the rate of 20% per year over a five-year period. Contributions to the plan were $32,848 and $32,198 for fiscal year 2023 and 2022, respectively.

NOTE 14. LEASES

The Organization recognizes right-of-use (ROU) asset and lease liability in the accompany statement of financial position in accordance with FASB ASC Topic 842, Leases. For leases greater than twelve (12) months, the Organization records the related right-of-use asset and liability at the present value of the lease payments over the contract term using a rate implicit in the lease. The ROU asset is amortized over their estimated useful life and the interest is recognized using the effective interest method.

The weighted average remaining lease term and discount rate are as follows as of September 30, 2023 and 2022:

2023 2022
Weighted-average lease term 5.54 years 3.98 years
Weighted-average discount rate 6.00% 6.00%

Lease expenses totaled $189,644 and $179,691 for the years ended September 30, 2023 and 2022, respectively.

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

21 NOTE 14. LEASES (Continued)

The following table summarizes the maturity of right-of-use lease liabilities for subsequent fiscal years as of September 30, 2023:

2024 123,289$
2025 83,301
2026 61,552
2027 35,543
2028 30,097
Remaining 81,996
415,778
Less: amount representing interest (67,791)
Total lease liabilities 347,987
Less: current portion, lease liabilities 102,812
Long-term portion, lease liabilities 245,175$

NOTE 15. LIQUIDITY AND AVAILABILITY

The following represents SCORE’s financial assets at September 30, 2023 and 2022:

2023 2022
Assets:

Cash and cash equivalents $ 5,947,692 7,061,944$
Accounts receivable, net 4,469,373 3,165,035
Total financial assets $ 10,417,065 $ 10,226,979
Financial assets available to meet general
expenditures over the next twelve months $ 10,417,065 $ 10,226,979

SCORE’s goal is generally to maintain financial assets to meet 90 days of operating expenses (approximately $6,140,907). SCORE also maintains lines of credit arrangements to meet cash flow needs. At September 30, 2023 and 2022, $3,000,000 were available on the lines of credit. (See Note 5).

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2023 AND 2022

22 NOTE 15. LIQUIDITY AND AVAILABILITY (Continued)

The following reflects the Foundation’s financial assets as of September 30, 2023 and 2022, reduced by amounts not available for general use because of contractual or donor-imposed restrictions within one year of the balance sheet date.

2023 2022
Financial assets:

Cash and cash equivalents $ 278,739 $ 499,988 Investment in equities 1,259,762 916,386 Accounts and pledges receivable, net 878,304 382,122 Prepaid expenses 1,226 19,943 Total financial assets 2,418,031 1,818,439 Less: amounts not available to be used within one year:

Net assets with donor restrictions (1,147,361) (375,037) Financial assets available to meet general expenditures over the next twelve months $ 1,270,670 $ 1,443,402

The Foundation is substantially supported by donor-restricted contributions.

Because a donor’s restriction requires resources to be used in a particular manner or in a future period, the Foundation must maintain sufficient resources to meet those responsibilities to its donors. Thus, financial assets may not be available for general expenditures within one year. As part of the Foundation’s liquidity management, it has a policy to structure its financial assets to be available as its general expenditures, liabilities, and other obligations come due. In addition, the Foundation invests cash in excess of daily requirements in short-term investments.

23 Supplementary Information

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

CONSOLIDATED SCHEDULE OF FINANCIAL POSITION
SEPTEMBER 30, 2023

See independent auditors' report.
24 SCORE
SCORE
Foundation
Eliminating
Adjustments Total
ASSETS
Current assets:

Cash and cash equivalents 5,947,692$ 278,739$ -$ 6,226,431$ Investments - 1,259,762 - 1,259,762 Grant receivable 4,452,994 - - 4,452,994 Accounts receivable 16,379 - - 16,379 Promises to give, net - 415,396 - 415,396 Due to SCORE Foundation 765,304 - (765,304) - Prepaid expenses and deposits 750,058 1,226 - 751,284 Total current assets 11,932,427 1,955,123 (765,304) 13,122,246 Noncurrent assets:

Promises to give due after one year, net - 462,908 - 462,908 Property, plant, and equipment, net 694,799 - - 694,799 ROU lease asset, net 347,947 - - 347,947 Total noncurrent assets 1,042,746 462,908 - 1,505,654 12,975,173$ 2,418,031$ (765,304)$ 14,627,900$

LIABILITIES AND NET ASSETS
Current liabilities:

Accounts payable and accrued expenses 1,451,325$ 151,587$ -$ 1,602,912$ Due to SCORE Association - 765,304 (765,304) - Accrued payroll and related liabilities 52,102 - - 52,102 Accrued vacation 331,222 - - 331,222 ROU lease liability, current portion 102,812 - - 102,812 Deferred revenue 118,852 - - 118,852 Total current liabilities 2,056,313 916,891 (765,304) 2,207,900 Noncurrent liabilities:

ROU lease liability 245,135 - - 245,135 Pledges Payable 2,326 - - 2,326 Total noncurrent liabilities 247,461 - - 247,461 Net assets:

Without donor restrictions 10,600,171 353,779 - 10,953,950 With donor restrictions 71,228 1,147,361 - 1,218,589 Total net assets 10,671,399 1,501,140 - 12,172,539 12,975,173$ 2,418,031$ (765,304)$ 14,627,900$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

CONSOLIDATED SCHEDULE OF FINANCIAL POSITION
SEPTEMBER 30, 2022

See independent auditors' report.
25 SCORE
SCORE
Foundation
Eliminating
Adjustments Total
ASSETS
Current assets:

Cash and cash equivalents 7,061,944$ 499,988$ -$ 7,561,932$ Investments - 916,386 - 916,386 Grant receivable 3,126,320 - - 3,126,320 Accounts receivable 38,715 31,325 - 70,040 Promises to give, net - 250,891 - 250,891 Due from SCORE Foundation 484,310 - (484,310) - Prepaid expenses and deposits 583,035 19,943 - 602,978 Total current assets 11,294,324 1,718,533 (484,310) 12,528,547 Noncurrent assets:

Promises to give due after one year, net - 99,906 - 99,906 Property, plant, and equipment 522,380 - - 522,380 ROU lease asset, net 350,103 - - 350,103 12,166,807$ 1,818,439$ (484,310)$ 13,500,936$

LIABILITIES AND NET ASSETS
Current liabilities:

Accounts payable and accrued expenses 1,097,852$ 145,909$ -$ 1,243,761$ Due to SCORE Association and Chapters - 484,310 (484,310) - Accrued payroll and related liabilities 22,506 - - 22,506 Accrued vacation 208,792 - - 208,792 ROU lease liability, current portion 122,043 - - 122,043 Deferred revenue 100,924 - - 100,924 Total current liabilities 1,552,117 630,219 (484,310) 1,698,026 Noncurrent liabilities:

ROU lease liability 228,060 - - 228,060 Net assets:

Without donor restrictions 10,335,317 813,183 - 11,148,500 With donor restrictions 51,313 375,037 - 426,350 Total net assets 10,386,630 1,188,220 - 11,574,850 12,166,807$ 1,818,439$ (484,310)$ 13,500,936$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

CONSOLIDATED SCHEDULE OF ACTIVITIES
SEPTEMBER 30, 2023

See independent auditors' report.
26 SCORE
SCORE
Foundation
Eliminating
Adjustments Total
Revenues and support:

U.S. government grant 16,825,979$ -$ -$ 16,825,979$ Chapter program revenue 853,716 - - 853,716 Donated facilities, goods and services 3,838,870 -- 3,838,870 Gifts and grants 2,188,242 350,912 (289,918) 2,249,236 Events and special projects 1,732,300 - 1,732,300 Interest and other 1,141,589 210,425 - 1,352,014 Total revenue and support 24,848,396 2,293,637 (289,918) 26,852,115 Expenses:

Field expenses 6,008,072 - 6,008,072 Donated facilities, goods and services 3,838,870 -- 3,838,870 Salaries and fringe benefits 6,622,813 797,772 - 7,420,585 Chapter clerical support 2,373,708 -- 2,373,708 Technology and website 1,852,449 -- 1,852,449 Marketing 1,554,757 -- 1,554,757 Professional services 139,998 62,562 - 202,560 Board expenses 40,213 - 40,213 Staff travel 55,461 27,142 - 82,603 Volunteer services and field staff 345,475 -- 345,475 Government relations - 127,500 - 127,500 Office supplies 146,248 - 146,248 National leadership conference 690,387 - 690,387 Other 836,388 52,915 - 889,303 Printing and supplies - 1,391 - 1,391 Postage - 139 - 139 Bad debt expense - 18,548 - 18,548 Licenses and registrations - 24,981 - 24,981 Software license - 24,762 - 24,762 Bank fees - 12,581 - 12,581 Insurance 58,788 1,170 - 59,958 Prospect research - 1,896 - 1,896 SCORE program support - 827,358 (289,918) 537,440 Grants to SCORE - - - - Total expenses 24,563,627 1,980,717 (289,918) 26,254,426 Change in net assets 284,769 312,920 - 597,689 Net assets, beginning of year 10,386,630 1,188,220 - 11,574,850 Net assets, end of year 10,671,399$ 1,501,140$ -$ 12,172,539$

SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION AND AFFILIATE

CONSOLIDATED SCHEDULE OF ACTIVITIES
SEPTEMBER 30, 2022

See independent auditors' report.
27 SCORE
SCORE
Foundation
Eliminating
Adjustments Total
Revenues and support:

U.S. government grant 13,699,997$ -$ -$ 13,699,997$ Chapter program revenue 1,023,247 - - 1,023,247 Donated facilities, goods and services 3,869,975 -- 3,869,975 Gifts and grants 2,298,745 887,003 - 3,185,748 Events and special projects - 699,500 - 699,500 Interest and other 1,170,119 (70,560) (406,020) 693,539 Total revenue and support 22,062,083 1,515,943 (406,020) 23,172,006 Expenses:

Field expenses 5,209,704 - - 5,209,704 Donated facilities, goods and services 3,869,975 -- 3,869,975 Salaries and fringe benefits 5,528,729 923,278 - 6,452,007 Chapter clerical support 2,224,837 -- 2,224,837 Technology and website 1,486,272 -- 1,486,272 Marketing 734,227 -- 734,227 Professional services 135,120 131,973 - 267,093 Board expenses 29,783 - - 29,783 Staff travel 38,803 4,716 - 43,519 Volunteer services and field staff 478,568 -- 478,568 Government relations - 15,000 - 15,000 Office supplies 146,167 - - 146,167 National leadership conference 115,149 - - 115,149 Other 561,492 9,646 - 571,138 Printing and supplies - 624 - 624 Postage - 350 - 350 Bad debt expense - 2,767 - 2,767 Licenses and registrations - 9,015 - 9,015 Software license - 21,671 - 21,671 Bank fees - 7,278 - 7,278 Insurance 61,600 2,784 - 64,384 Prospect research - 2,275 - 2,275 SCORE program support - 777,042 - 777,042 Grants to SCORE - 406,020 (406,020) - Total expenses 20,620,426 2,314,439 (406,020) 22,528,845 Change in net assets 1,441,657 (798,496) - 643,161 Net assets, beginning of year 8,944,973 1,986,716 - 10,931,689 Net assets, end of year 10,386,630$ 1,188,220$ -$ 11,574,850$

Soap/Shampoo/Toilet Paper 1,250; Van/Trailer Maintenance and Repairs 10,000; Gasoline 4,000; Van/Trailer Insurance 5,000; Volunteer Training/T-shirt 3,000; General Liability Insurance 6,000; Communications 3,000; General Administrative Expenditures 3,000. STP is accustomed to prioritizing needs within the shower program for grantors and all listed expenses reflect necessary operational costs. Grant money received from the City of Pismo Beach will be directed towards one or more of the budgeted items listed above, with priority placed on essential functional costs.

Program Description: Shower the People's (STP) mobile shower program aims to offer one of San Luis Obispo County's most vulnerable populations the opportunity to regularly access valuable hygiene infrastructure, such as shower facilities, with privacy and dignity.

The 2025-2026 goal of STP is to continue its successful shower program across five existing sites. The program will continue to supply shower guests with a new pair of underwear, socks, a T-shirt, a comb, and hand sanitizer. STP will additionally continue to coordinate with organizations that utilize STP sites to provide vital homeless services such as healthcare access. In 2024 alone, Shower the People served 7,856 individuals and provided 6,642 showers. STP served 281 "first-timers" 396 veterans across its five sites. STP expects to give 8,000 showers in 2025. Requested funding from the city of Pismo Beach will be directed toward the continued funding of the organization’s already phenomenally successful shower program in the Five Cities area.

Point of Contact: Gary Petersen

For management use only
Management Report

SHOWER THE PEOPLE
For the period ended March 30, 2025
Prepared on
March 30, 2025

2/4
Table of Contents
Statement of Activity .............................................................................................................................................3 Statement of Financial Position ............................................................................................................................4

SHOWER THE PEOPLE 3/4
Statement of Activity
January 1 - March 30, 2025
Total

REVENUE
2000 Individual Donations 9,307.42
2300 Foundation Contributions 250.00
2400 Church Contributions 1,885.00
2500 Misc Interest Income 1,539.09
Total Revenue 12,981.51
GROSS PROFIT 12,981.51

EXPENDITURES
3000 Tshirts 5,470.40
3010 Boxers / Underwear 85.20
3040 Propane 202.55
3050 Cleaning Supplies / Gloves 2,011.80
3060 Soap/Shampoo/Toilet Paper 694.03
3070 Van/Trailer Maintenance and Repairs 1,470.06
3080 Gasoline 632.22
3110 Van / Trailer Insurance 469.00
3160 Communications / Internet / Software 667.12
3170 Office/General Administrative Expenditures 1,246.28 Total Expenditures 12,948.66
NET OPERATING REVENUE 32.85
NET REVENUE $32.85

SHOWER THE PEOPLE 4/4
Statement of Financial Position
As of March 30, 2025
Total
ASSETS
Current Assets
Bank Accounts
1000 Pacific Premier - Daily Operations 8,920.22
1070 Pacific Premier CD - Capital Reserves (6 Mo. 4.3% Due 4/25)53,926.43 1080 Pacific Premier CD - Capital Reserves (6 Mo. 4.3% Due 5/25)53,074.47 7873-3362 Charles Schwab 300,101.35
Total Bank Accounts 416,022.47
Total Current Assets 416,022.47
Fixed Assets
6000 Mobile Shower Unit - Rich Trailers 41,769.46
6001 2018 Chev Express Van VIN 25880 25,157.95
6007 Accum depr -66,388.00
Total Fixed Assets 539.41
TOTAL ASSETS $416,561.88

LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Credit Cards
Daily Operations - Gary (8565)65.18
Total Credit Cards 65.18
Total Current Liabilities 65.18
Total Liabilities 65.18
Equity
9001 Opening Balance Equity 101.35
Prior Years Equity 416,362.50
Net Revenue 32.85
Total Equity 416,496.70
TOTAL LIABILITIES AND EQUITY $416,561.88

SHOWER THE PEOPLE
Budget vs. Actuals: Budget_FY25_P&L - FY25 P&L
January - December 2025
Cash Basis Friday, April 4, 2025 08:17 PM GMT-06:00 1/1 TOTAL
ACTUAL BUDGET OVER BUDGET % OF BUDGET
Revenue
2000 Individual Donations 9,358.95 12,000.00 -2,641.05 77.99 % 2100 Corporate Contributions 2,000.00 -2,000.00
2200 Government Contributions 35,000.00 -35,000.00
2300 Foundation Contributions 250.00 1,000.00 -750.00 25.00 % 2400 Church Contributions 1,885.00 7,500.00 -5,615.00 25.13 % 2500 Misc Interest Income 2,982.36 12,000.00 -9,017.64 24.85 % Total Revenue $14,476.31 $69,500.00 $ -55,023.69 20.83 % GROSS PROFIT $14,476.31 $69,500.00 $ -55,023.69 20.83 % Expenditures
3000 Tshirts 5,470.40 12,000.00 -6,529.60 45.59 %
3010 Boxers / Underwear 261.26 12,000.00 -11,738.74 2.18 % 3020 Socks 1,500.00 -1,500.00
3030 Toothbrush/Toothpaste/Comb/Razor/Feminine 1,000.00 -1,000.00 3040 Propane 202.55 1,250.00 -1,047.45 16.20 %
3050 Cleaning Supplies / Gloves 2,116.80 6,500.00 -4,383.20 32.57 % 3060 Soap/Shampoo/Toilet Paper 694.03 1,250.00 -555.97 55.52 % 3070 Van/Trailer Maintenance and Repairs 2,502.76 10,000.00 -7,497.24 25.03 % 3080 Gasoline 632.22 4,000.00 -3,367.78 15.81 %
3110 Van / Trailer Insurance 469.00 5,000.00 -4,531.00 9.38 % 3130 Volunteer Recognition / Training 1,500.00 -1,500.00 3140 Volunteer Tshirts 1,500.00 -1,500.00
3150 General Liability Insurance 6,000.00 -6,000.00
3160 Communications / Internet / Software 582.11 3,000.00 -2,417.89 19.40 % 3170 Office/General Administrative Expenditures 1,246.28 3,000.00 -1,753.72 41.54 % 3190 Biodegradable Body Wipes 0.00 0.00
Total Expenditures $14,177.41 $69,500.00 $ -55,322.59 20.40 % NET OPERATING REVENUE $298.90 $0.00 $298.90 0.00%
NET REVENUE $298.90 $0.00 $298.90 0.00%

Fiscal Year 2026 Outside Agency Request

Organization: SLO Noor Foundation
Requested Funding: $20,000
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: The SLONF serves the Central Coast as the only HRSA-recognized 501(c)3 free clinic and safety-net organization in its service area.

Currently, the SLONF operates two locations in San Luis Obispo, the SLO Noor Free Mobile Health Clinic, the Telehealth Care & Virtual Support Program, and the Women’s Mobile Health Unit, which serves the Santa Maria Valley with the Cal Poly Health Research Center.

In 2024, the SLONF served 1,873 patients over 6,035 encounters. Pismo Beach residents received nearly 100 SLONF healthcare appointments in 2024. In the surrounding Five Cities area, the SLONF treated 192 patients over 747 encounters. This care, provided free to patients, is valued at approximately $89,837 in vital medical, dental, vision, and mental health services. In the upcoming year, the SLONF will increase its free, accessible healthcare to Pismo Beach residents and workforce by holding bimonthly pop-up mobile medical clinics in the Five Cities area.

Support Fiscal 2026 City Goals: As a popular tourist destination, the City of Pismo Beach relies on a strong workforce, particularly those in the hospitality industry. Yet, many vital employees remain unable to afford and/or access healthcare services. Physical and mental health are key to a robust community & workforce. The SLONF, by offering free healthcare, directly vitalizes Pismo Beach’s tourism & workforce goals. Further, these services “ensure an exceptional quality of life for residents,” as sought by the Fiscal Year 2026 City Goals. The SLONF also aids the City’s goal to address homelessness.

Burgeoning medical debt and untreated health issues, including mental health disorders, can give rise to unhoused populations. The SLONF and its support services directly counteract medical debt and untreated health conditions by offering free & preventative healthcare. Access to health care may make the difference between a Pismo Beach community member being healthy enough to work, pay rent, and maintain their family.

Priority of Needs: Increased clinical capacity remains the driving goal for the SLONF in 2025-26. After successfully launching the SLO Noor Mobile Health Clinic in 2024 and traveling three days/week to underserved locales, includingArroyo Grande, Grover Beach & Oceano, the demand for services has only grown. To meet this need – and continue to

serve both new and existing patients – the SLONF will use the $20,000 in requested funding toward clinical capacity costs: laboratory diagnostics, medical & dental supplies, radiology imaging, medical equipment, healthcare professionals, informational materials, and other patient essentials. Increasing clinical capacity also allows the SLO Noor Mobile Health Clinic to travel more frequently to more underserved communities, including Pismo Beach.

By improving awareness and access to healthcare via mobile health and outreach, the SLONF will strengthen community-wide wellbeing & health.

Program Description: The SLO Noor Foundation (SLONF) is a community-supported, volunteer-based organization recently selected by California Assemblymember Dawn Addis as 2025 California Nonprofit of the Year for District 30. Our mission is to provide free medical, dental, and vision care services to uninsured and underinsured adults in San Luis Obispo and northern Santa Barbara Counties, regardless of race, ethnicity, religion, gender, sexual orientation, or immigration status. The SLONF is committed to advancing diversity and inclusion by helping ensure that all people, including those who work, reside, and congregate in the City of Pismo Beach, feel valued and have equal access to healthcare.

The requested $20,000 will be used to offset direct clinic expenses, including clinical support staff, essential medical and dental supplies, and laboratory and radiology diagnostics necessary to serve a projected 1,900 patients over 6,000 in-clinic, mobile, and telehealth encounters in the fiscal year (FY) 2025-26.

Point of Contact: Elaina Smolin

A !"#$ %#&'& ()"!&*#+, -./!"#!+ 01, 0102 13402 56 76(819411 :;0
SLO Noor Foundation
Profit and Loss
January - December 2024
TOTAL
Income
4000 Donations 387,098.36
4010-00 Miracle 1000 7,020.00
Total 4000 Donations 394,118.36
4500 Rental income 31,550.00
5000 Grant Money 346,451.48
5020 Restricted to Payroll 239,498.76
5030 Restricted to Operating Expenses 70,781.28
5040 Unrestricted or Indirect Expense Income 12,647.17
Total 5000 Grant Money 669,378.69
Total Income $1,095,047.05
GROSS PROFIT $1,095,047.05
Expenses
6000-00 Operating Expenses
6010-00 Advertising and Promotion 8,385.53
6020-00 Alarm Service 991.00
6030-00 Bank Service Charges 1,084.49
6040 Merchant Processing Charges 2,496.96
6050-00 Business Licenses and Permits 5,568.50
6060-00 Dues and Subscriptions 3,800.16
6070-00 Insurance Expense 22,996.52
6080-00 Office Supplies 8,837.19
6090-00 Rent Expense 183,226.54
6100-00 Legal, Professional and Accounting 30,728.36
6110-00 Utilities, Telephone, Internet 20,078.48
6120-00 Postage & Delivery 1,090.83
6130-00 Volunteer and Staff Support 2,846.86
6140-00 Software Expense 7,732.79
6150-00 Repairs and Maintenance 2,768.48
6160 Event Expense 457.64
6170-00 Staff Mileage 4,166.50
Total 6000-00 Operating Expenses 307,256.83
6340-00 Interest Expense 3.57
6981-00 Uncategorized Expense 0.00
7000-00 Patient Care Expenses
7020-00 Clinic supplies 20,983.01
7030-00 Hazardous Waste 1,026.92
7050-00 Imaging Expenses 14,507.79
7070-00 Lab Expenses 26,690.24
Total 7000-00 Patient Care Expenses 63,207.96

A !"#$ %#&'& ()"!&*#+, -./!"#!+ 01, 0102 13402 56 76(819411 0;0
TOTAL
8000-00 Payroll Expenses
8010-00 Payroll Expenses-Taxes 51,638.31
8020-00 Payroll Expenses-Employees 623,398.46
Total 8000-00 Payroll Expenses 675,036.77
Total Expenses $1,045,505.13
NET OPERATING INCOME $49,541.92
Other Income
7100-00 Unrealized gain/loss on investments 18,928.51
9000-00 Other Income 300.00
9020-00 Interest Income 13,230.49
Total Other Income $32,459.00
NET OTHER INCOME $32,459.00
NET INCOME $82,000.92

A !"#$ %#&'& ()"!&*#+, -./!"#!+ 01, 0102 13405 67 87(91:411 ;<3
SLO Noor Foundation
Balance Sheet
As of December 31, 2024
TOTAL
ASSETS
Current Assets
Bank Accounts
1005-00 Petty Cash Fund 0.00
1013-00 Pacific Premier Bank Account 0.00
Operating 8664 304,401.43
Total Bank Accounts $304,401.43
Accounts Receivable
1100-00 Accounts Receivable (A/R)0.00
1200-00 Grants Receivable 57,708.40
1201-00 United Way Grant 0.00
Total 1200-00 Grants Receivable 57,708.40
Total Accounts Receivable $57,708.40
Other Current Assets
1015-00 Edward Jones Reserve Account 154,694.60
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
1506-00 Uncategorized Asset 0.00
1510-00 Undeposited Funds 8,709.95
Certificate of Deposit 0.00
Clearing Account 0.00
Donations Receivable 0.00
Payroll Refunds 0.00
Repayment
Payroll Over PMT 0.00
Total Repayment 0.00
Total Other Current Assets $163,404.55
Total Current Assets $525,514.38
Fixed Assets
1600-00 Office Equipment 41,614.31
1602-00 Computer Equip.10,282.58
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

A !"#$ %#&'& ()"!&*#+, -./!"#!+ 01, 0102 13405 67 87(91:411 0<3
TOTAL
1799-03 Dental Equipment 97,044.98
1800-00 Building Improvement 19,450.00
1800-03 Tenant Improvement- Dental Clinic 86,598.80
Mobile Health Clinic (MHC)197,700.00
Total Fixed Assets $430,815.88
Other Assets
1900-00 Security Deposits Asset 9,000.00
1900-01 Money Market Account 228,057.48
Total Other Assets $237,057.48
TOTAL ASSETS $1,193,387.74

LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
2000-00 Accounts Payable 5,964.40
Total Accounts Payable $5,964.40
Credit Cards
2001-00 Capitol One Visa 1,103.81
Total Credit Cards $1,103.81
Other Current Liabilities
2002-00 Payroll Liabilities 0.00
CA PIT / SDI 0.00
CA SUI / ETT -320.70
CALSAVERS 479.59
Federal Taxes (941/944)1,909.77
Support Witholding 0.00
Total 2002-00 Payroll Liabilities 2,068.66
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
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 0.00
Center For Family Strengthening 0.00
Peoples Self Help Housing 6,600.00
SLO Department of Public Health 377.40
Total Grants Payable 6,977.40
PPB LOC 0.00
Tenant Prepaid Rent 2,350.00
Total Other Current Liabilities $27,146.06
Total Current Liabilities $34,214.27

A !"#$ %#&'& ()"!&*#+, -./!"#!+ 01, 0102 13405 67 87(91:411 3<3
TOTAL
Long-Term Liabilities
Advance on Mobile Clinic -0.12
SBA Loan 0.00
Total Long-Term Liabilities $ -0.12
Total Liabilities $34,214.15
Equity
3200-00 Unrestricted Net Assets 1,015,892.43
3201-00 Board Reserved - Unrestricted Net Assets 61,280.24 Net Income 82,000.92
Total Equity $1,159,173.59
TOTAL LIABILITIES AND EQUITY $1,193,387.74

Fiscal Year 2026 Outside Agency Request

Organization: Smart Share Housing Solutions, Inc.

Requested Funding: $3,500
Previously Received Funding: Yes

Direct Benefit to the City of Pismo Beach: Pismo Beach has a 67% home ownership rate, with more than 30% of residents age 65+, including 165 single women homeowners, many with extra space, creating strong homesharing potential. With a median rent of $2200/month, renting a room for $1000/month, could recoup the grant funds in the form of rent savings alone in under four months. In addition, many residents interested in building an ADU don’t know where to start. Smart Share’s workshops provide education and inspiration, as well as a forum for developing social support and a sense of community among single homeowners, many of whom may be isolated. Along with the online resources that can be accessed anytime, staff will provide mentoring–answering questions, and assisting with technical needs. With 95% of homes having computer access, an online course will allow Smart Share to track demographics and identify where clients need more support.

Support Fiscal 2026 City Goals: This program supports the City's housing and homeless prevention goals by helping homeowners provide affordable housing in the form of extra rooms and accessory dwelling units--and helping senior homeowners age in place. The typical HomeShare SLO client is a woman over 60 years old with low or very low income.

Homesharing helps the homeowner stay in their home by creating an income stream with very minimal cost. Renting a room rather than an apartment allows those on limited income to have a place to stay and keeps them from becoming housing-insecure and creates diversity in housing stock otherwise not provided. Smart Share has helped Pismo Beach residents both find extra income to be able to stay in their homes, and find a more affordable place to live, as well as helping residents find housing outside of the city. Smart Share operates collaboratively countywide, meeting the City's collaboration goals, to enhance the regional supply of affordable housing.

Priority of Needs: Smart Share’s goal is to provide more affordable housing by helping more people share homes using the new online resources, and inspiring more homeowners to build ADUs. The free online homesharing course is the last major tool remaining to be developed. Once the class is available to the public, promoting it will be

key to its success. These workshops will both help to promote the online course offerings and other homesharing/ADU resources.

Program Description: Homesharing and ADUs are efficient ways to provide affordable housing using existing infrastructure. Smart Share’s Home Share SLO program seeks to empower a broad group of residents to find and manage their own homeshares. The ADU SLO program provides inspiration and technical assistance to property owners interested in building ADUs . Smart Share will promote their homesharing and ADU resources at 2 in- person meetings in the city. Each event will require approximately 6 hours of staff time @$30/hr, $100 for supplies and $200 for rental fees, for a total of $960 for two events. $1000 will be spent on targeted mailers and online advertising. A free online course will provide a step-by-step guide to finding a housemate. The course can be completed with 40 hours of staff time at $30/hr ($1200). The remaining $340 will be used to provide one-on- one technical support for clients navigating shared housing or thinking about building an ADU (11 hrs at $30/hr). Total grant request: $3500.

Point of Contact: Vicki van den Eikhof

Smart Share Housing Solutions, Inc.

Financial Statements
December 31, 2018

Smart Share Housing Solutions, Inc.

December 31, 2018

CONTENTS
Page
Financial Statements
Audit Report of Independent Accountant 1
Statement of Financial Position 3
Statement of Activities and Changes in Net Assets 4
Statement of Functional Expenses 5
Statement of Cash Flows 6
Notes to Financial Statements 7

Audit Report of Independent Accountant
To the Board of Directors
Smart Share Housing Solutions, Inc.

San Luis Obispo, California
I have audited the accompanying financial statements of Smart Share Housing Solutions, Inc. (a nonprofit corporation), which comprise the statement of financial position as of December 31, 2018 and the related statements of activities and changes in net assets, 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
My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, I 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.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. 1 Audit Report of Independent Accountant
Opinion
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Smart Share Housing Solutions, Inc. as of December 31, 2018 and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Kenneth J Filipponi
Certified Public Accountant
January 13, 2020
2 Smart Share Housing Solutions, Inc.

Statement of Financial Position
December 31, 2018
Note 2018
Assets
Current Assets
Cash and cash equivalents 1.d. $ 17,857
Other current assets 3. 355
Total Current Assets 18,212
Total Assets $18,212
Liabilities and Net Assets
Current Liabilities
Accounts payable $ 478
Payroll taxes payable 1,906
Total Current Liabilities 2,384
Contingencies 6. -
Total Liabilities 2,384
Net Assets
Without donor restrictions
Undesignated 1.b. (3,997)
With donor restrictions
Purpose restricted 1.b. 19,825
Total Net Assets 15,828
Total Liabilities and Net Assets $18,212
See notes to financial statements.
3 Smart Share Housing Solutions, Inc.

Statement of Activities and Changes in Net Assets
For the Year Ended December 31, 2018
Without Donor
Restrictions
With Donor
Restrictions Totals
Revenues, Gains, and Other Support
Local government financial assistance $ 15,825 $ 19,825 $ 35,650 Private donations 48,346 48,346
Service fees 15,500 15,500
Other revenue 776 776
Subtotals 80,447 19,825 100,272
Total Revenues, Gains, and Other Support 80,447 19,825 100,272 Expenses
Program services 85,848 85,848
Fundraising, net of direct costs 7,049 7,049
Management and general 8,208 8,208

Total Expenses 101,105 101,105
Change in Net Assets from Operating Activities (20,658)19,825 (833) Net Assets, Beginning 16,661 16,661
Net Assets, Ending $ (3,997)$ 19,825 $ 15,828
See notes to financial statements.
4 Smart Share Housing Solutions, Inc.

Statement of Functional Expenses
For the Year Ended December 31, 2018
Programs Fundraising
Management and
General Totals
Payroll $ 63,347 $ 6,473 $ 6,473 $ 76,293
payroll taxes 5,419 576 576 6,571
Subtotals 68,766 7,049 7,049 82,864
Advertising 1,548 1,548
Memberships and licenses 300 300
Bank charges 95 95
Office 467 467
Background screening 9,368 9,368
Insurance 3,937 437 4,374
Other operating expense 1,023 1,023
Professional fees 114 114
Travel 492 492
Utilities 414 46 460
Subtotals 85,848 7,049 8,208 101,105
Totals $ 85,848 $ 7,049 $ 8,208 $ 101,105
See notes to financial statements.
5 Smart Share Housing Solutions, Inc.

Statement of Cash Flows
For the Year Ended December 31, 2018
Note 2018
Cash Flows From Operating Activities:

Change in net assets $ (833)
Adjustments to reconcile change in net assets to net cash provided by operating activities:

Changes in assets and liabilities:
(Increase) decrease in other current assets 1,239
Increase (decrease) in accounts payable and accrued liabilities (19,347) Increase (decrease) in payroll taxes payable 1,906
Increase (decrease) in other current liabilities 17,955 Total Cash Flows From Operating Activities 920
Cash Flows From Investing Activities:

Net cash increase (decreases) in cash and cash equivalents 920 Cash and Cash Equivalents at Beginning of Period 16,937 Cash and Cash Equivalents at End of Period $17,857
Cash and cash equivalents at June 30 are as follows:

Cash in financial institutions without donor restrictions 1., d. $ 17,857 Cash and cash equivalents $17,857
Supplemental data:

Interest paid -
Income taxes paid -
See notes to financial statements.
6 Smart Share Housing Solutions, Inc.

Notes to Financial Statements
For the Year Ended December 31, 2018

1. Significant Accounting Policies
a. Date and place of incorporation, commencement of operations Smart Share Housing Solutions, Inc. is a not-for-profit, non-stock corporation organized under the laws of the state of California on November 15, 2017. The Organization began as HomeShareSLO in 2016 with the mission to develop inovative housing solutions, to facilitate matches between people with extra room and people seeking housing. b. Basis of Presentation
The accompanying financial statements include a statement of financial position, a statement of activities, a statement of functional expenses, and a statement of cash flows. The Organization is required to report information regarding its financial position and activities according to two classes of net assets as follows:

Net Assets without Donor Restrictions - Represents those resources that are not subject to donor-imposed restrictions (donors include other types of contributions, including makers of certain grants), and can be used for any purpose designated by the Organization’s governing board.

Net Assets with Donor Restrictions - Represents resources and the portion of net assets resulting from contributions and other inflows of assets whose use is subject to donor-imposed restrictions. c. Basis of Accounting
The financial statements are presented using the accrual basis of accounting that recognizes revenue when earned and operating expenses when incurred.
d. Cash and Cash Equivalents
For purposes of the statement of cash flows, the Organization considers all unrestricted, highly liquid investments with an initial maturity of three months or less to be cash equivalents. It considers temporarily restricted agency and endowment funds to be cash equivalents as the Organization's governing body may decide to use the funds for certain programs at any time.
e. Income taxes
The organization is a not-for-profit organization exempt from income tax under Section 501(c)(3) of the Internal Revenue Code. The Internal Revenue Service classifies the Organization as other than a private foundation. Although the Organization was granted income tax exemption by the Internal Revenue Service, such exemption does not apply to "unrelated business taxable income." Such income, pursuant to the Internal Revenue Code and related regulations, includes investment income such as interest received from investment sources. The Organization was not required to report unrelated business taxable income during the period.

For the year ended December 31, 2018, the Organization has no material uncertain tax positions to be accounted for in the consolidated financial statements under the principles of the Income Taxes topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).

See audit report of independent accountant. 7

Smart Share Housing Solutions, Inc.

Notes to Financial Statements
For the Year Ended December 31, 2018

1.Significant Accounting Policies
e.Income taxes
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. With few exceptions, the tax returns remain subject to examination by the Internal Revenue Service for three years after the filing due date of the return (without extensions), and by the California Franchise Tax Board for four years after the due date of the return (without extensions). f. Use of estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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 may have impact on future periods.
g. Financial instruments
The Organization's financial instruments consist of accounts receivable, short term investments, accounts payable, and other accrued liabilities. The organization has determined that the estimated fair value of the financial assets and liabilities do not differ considerably from their book value.
h. Contributions and Support
The Organization accounts for contributions in accordance with FASB ASC Revenue Recognition, contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor restrictions. Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. Restricted net assets are reclassified to unrestricted net assets and are reported in the statement of activities as net assets released from restriction when the donor stipulated time restriction expires or the restricted purpose is accomplished. i. Revenue Recognition
Service revenue is recognized in accordance with industry practice which is when all the risks and benefits of the services have been transferred to customers under executed service agreements.

See audit report of independent accountant. 8

Smart Share Housing Solutions, Inc.

Notes to Financial Statements
For the Year Ended December 31, 2018

1.Significant Accounting Policies
j.Functional expenses
i. The expenses that are allocated include the following:

Expense
Basis of
Allocation
Salaries and wages Time and effort
Payroll taxes Time and effort
Office Time and effort
k. Allocation of Functional Expenses
The cost of providing the Organization’s programs and other activities is summarized on a functional basis in the statement of activities and statement of functional expenses. Expenses that can be identified with a specific program or support service are charged directly to that program or support service. Costs common to multiple functions have been allocated among the various functions benefited in reasonable ratios determined by management.

General and administrative expenses include those costs that are not directly identifiable with any specific program, but which provide for the overall support and direction of the Organization.

Fundraising costs are expensed as incurred, even though they may result in contributions received in future years. The Organization generally does not conduct its fundraising activities in conjunction with its other activities. l. Advertising Costs
Advertising costs are expensed as incurred.
m. New accounting pronouncement
On August 18, 2016, FASB issued ASU 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities. The update addresses the complexity and understandability of net asset classification, deficiencies in information about liquidity and availability of resources, and the lack of consistency in the type of information provided about expenses and investment return. Smart Share Housing Solutions, Inc. has adjusted the presentation of these statements accordingly.

See audit report of independent accountant. 9

Smart Share Housing Solutions, Inc.

Notes to Financial Statements
For the Year Ended December 31, 2018

2. Accounts Receivable
Accounts receivable consists of maintenance fees charged to Project Lifesaver clients. Management considers the accounts to be fully collectible and has not established an allowance for doubtful accounts.

3. Other Current Assets
Other current assets at June 30 are as follows:
2018
Prepaid workers' compensation insurance $ 355
Total $355

4. Programs
The organization's programs are as follow:

HomeShareSLO – a facilitated housemate-matching program serving mostly lower-income seniors..

Tiny House Consulting – the program assists the community to understand and implement the new rules allowing tiny homes on wheels in shared backyards
Co-Living Collaborative – the program seeks to explore ownership opportunities to provide deed-restricted affordable, sustainability focused, community-centered housing.

5.Concentration of Credit Risk
The Organization maintains accounts at one bank. The Federal Deposit Insurance Corporation (FDIC) insures each depositor at a member financial institution up to $250,000. As of December 31, 2018 there were no uninsured cash balances held by the banks.

6. Contingencies
Certain grants from donors are subject to audit by the donor. Such audits could result in claims against the Organization for disallowed costs or noncompliance with grantor restrictions. No provision has been made for any liabilities that may arise from such audits since the amounts, if any, cannot be determined at this time.

See audit report of independent accountant. 10

Smart Share Housing Solutions, Inc.

Notes to Financial Statements
For the Year Ended December 31, 2018

7. Liquidity
a. The organization's financial assets available within one year of the balance sheet date for general expenditure are as follows:

The Organization regularly monitors liquidity required to meet its operating needs and other financial commitments, while also striving to maximize the investment of its available funds. The Organization maintains financial resources policy that outlines acceptable investment vehicles for working capital, which includes reserves to be spent in the short-term on current activities, donor restricted funds meant to be spent down over a relatively short period of time to fund programs, and operating cash, which includes gifts without donor restrictions and with restriction or funds for operating needs. Per the policy, the Organization may invest available cash needed for its general expenditures, liabilities, and other obligations in short-term investments, specifically interest bearing checking accounts, money market funds, and money market mutual funds.
2018
Cash and cash equivalents $ 17,857
Accounts receivable 1,210
Subtotal 19,067
Less: those unavailable for general expenditures within one year, due to:

Purpose restriction (19,825)
Total $ (758)

8. Subsequent Events
Subsequent events are events or transactions that occur after the statement of financial position date but before financial statements are available to be issued. The Organization recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the statement of financial position, including the estimates inherent in the process of preparing the financial statements. The Organization's financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the statement of financial position but arose after the statement of financial position date and before financial statements are available to be issued.

The date to which events occurring after December 31, 2018 have been evaluated for possible adjustment to the financial statements or disclosure is the same as the report date, which is the date on which the financial statements were available to be issued.

See audit report of independent accountant. 11

Dec 24 Budget $ Over Bud...Jan - De...YTD Budget $ Over Bud...Annual Bu...

Ordinary Income/Expense
Income
ADU/THOW Workshops 0.00 0.00 0.00 26,300.00 27,187.00 -887.00 27,187.00 HomeShare SLO Revenue 375.00 416.66 -41.66 3,500.00 5,000.00 -1,500.00 5,000.00 Contributions 3,825.00 1,250.00 2,575.00 32,507.18 25,500.00 7,007.18 25,500.00 County of SLO CBO 0.00 0.00 0.00 0.00 5,000.00 -5,000.00 5,000.00 Government Grants 892.29 1,791.67 -899.38 12,270.87 21,500.00 -9,229.13 21,500.00 Total Income 5,092.29 3,458.33 1,633.96 74,578.05 84,187.00 -9,608.95 84,187.00 Cost of Goods Sold
Tiny House/ADU Project 0.00 166.67 -166.67 0.00 2,000.00 -2,000.00 2,000.00 HomeShare SLO Expenses 0.00 250.00 -250.00 1,577.38 3,500.00 -1,922.62 3,500.00 Total COGS 0.00 416.67 -416.67 1,577.38 5,500.00 -3,922.62 5,500.00 Gross Profit 5,092.29 3,041.66 2,050.63 73,000.67 78,687.00 -5,686.33 78,687.00 Expense
Marketing and Promotion 33.36 416.67 -383.31 1,826.88 6,500.00 -4,673.12 6,500.00 Administrative Overhead 1,124.01 500.00 624.01 8,042.26 8,199.92 -157.66 8,199.92 Payroll Expenses 7,051.92 8,485.30 -1,433.38 81,886.72 101,823.50 -19,936.78 101,823.50 Total Expense 8,209.29 9,401.97 -1,192.68 91,755.86 116,523.42 -24,767.56 116,523.42 Net Ordinary Income -3,117.00 -6,360.31 3,243.31 -18,755.19 -37,836.42 19,081.23 -37,836.42 Other Income/Expense
Other Income
Investment Income 1,126.52 0.00 1,126.52 11,148.67 0.00 11,148.67 0.00 Waterman Village Income 0.00 4,000,000.00 -4,000,000.00 81,062.60 4,000,000.00 -3,918,937.40 4,000,000.00 Total Other Income 1,126.52 4,000,000.00 -3,998,873.48 92,211.27 4,000,000.00 -3,907,788.73 4,000,000.00 Other Expense
Waterman Village Expenses 2,916.75 100,000.00 -97,083.25 34,421.47 100,000.00 -65,578.53 100,000.00 Total Other Expense 2,916.75 100,000.00 -97,083.25 34,421.47 100,000.00 -65,578.53 100,000.00 Net Other Income -1,790.23 3,900,000.00 -3,901,790.23 57,789.80 3,900,000.00 -3,842,210.20 3,900,000.00 Net Income -4,907.23 3,893,639.69 -3,898,546.92 39,034.61 3,862,163.58 -3,823,128.97 3,862,163.58 5:16 PM Smart Share Housing Solutions
01/22/25 Profit & Loss Budget Performance
Accrual Basis December 2024

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Pismo Beach City CouncilMay 13, 2025

Pismo Beach City Council
May 13, 2025