Support Fiscal 2027 City Goals: The City of Pismo Beach has been a valued and generous donor and partner for over 20 years. We are grateful for your past and continuing support. Our requested funds help achieve the Fiscal Year 2026/ 2027 City Goals to build on community strengths, protect and enhance the city's quality of life in two key ways: 1. Five Cities Meals on Wheels shares your vision of a primary goal to "Provide a Safe Place" forthe community of Pismo Beach by prioritizing safety and well being. This aligns with our mission to deliver the services and care that help our neighbors remain safely and securely in their own homes. 2. By offering hot meals without regard to age or income, we assist with investment in theneighborhood by strengthening in-home stability, providing essential nutrition and regular check-ins that support residents who may otherwise be at risk of food insecurity or isolation.
Priority of Needs: Our highest priority is stable, ongoing funding to offset rising food costs and ensure we can continue purchasing the nutritious ingredients required to prepare meals for our clients. This grant will help us purchase the food and essential supplies needed to bridge the gap between community and client donations and the full cost of producing and delivering meals. After private and NGO food donations, we must purchase 80% of our food supplies to meet ongoing demand.
Program Description: Since 1975, Five Cities Meals on Wheels has improved health and quality of life for homebound neighbors by delivering nutritious meals paired with meaningful social connection. We serve individuals of all ages and income levels who need help meeting dietary needs; supporting independence, well-being, and a sense of community. With dedicated volunteers and staff, we provide reliable, compassionate service that helps clients remain safely in their own homes. As a community- supported nonprofit, we rely on charitable contributions to sustain and expand this essential service.
Your generosity helps purchase, prepare, package, and deliver hot meals to approximately 80–100 homebound residents each week, providing consistent nutrition and regular wellness check-ins.
Point of Contact: Nicole Molacek
intaenai Revenue Service Department of the Treasury
©.strict
Director
.FIVE CITIES MEALS ON WHEELS, INC
P _ 0 _ BOX. 3"1=5-1
PLSMC BEACH, CA 93448
P.Q. flax 2350 Los Angeles, Calls. 9005.3
Verson to Contact:
L t3ARRAGAN
Telephone Mumber:
(213) 894-2336
Refer Reply to:
1,0(0625)96
Date:
JUNE 28, 1996
EIN
Dear Taxpayer!
This letter is in response to your request for a copy of the determination letter for the above named organization.
Our records indicate this organization wag recognized to be exempt from Federal Income Tax in AUGUST 1975 as described in Internal Revenue Code section 501 tc) (3) . It is further classified as as organization that is not a private foundation as defined in Section 509(a) of the Code, because it is an organization described in Section 170W) (1) (A) (vi) -
The exempt status for the determination letter issued
in AUCUCT 1975 continues to be effect.
If you need further assistance, please contact our office at the above address or telephone number_
infernalRevenue Service
BlstF sot
Oh -actor
Signed,
Px1)\,‘,V
Disclosure Assistant
Department of the Treasury
P.fl. Box, 2350 Los Angeles, C-2111.90053
Person to Contact:
Fiscal Year 2027 Outside Agency Request
Organization: SLO Noor Foundation
Requested Funding: $20,000
Previously Received Funding: Yes
Direct Benefit to the City of Pismo Beach: Last year, the SLONF provided almost 100 free healthcare appointments to Pismo Beach residents. In the Five Cities, the SLONF treated 202 unique patients via 771 free healthcare visits in 2025. This care, provided free to patients, is valued at approximately $213,614 in vital medical, dental, vision, & mental health services for Pismo Beach alone.
In 2026-27, the SLONF will increase its free, accessible healthcare to Pismo Beach residents & workforce by holding bimonthly mobile clinics.As recently published by the National Library of Medicine, a 2024 study found that the SLONF’s 2022 healthcare services resulted in $11.5 millionin cost savings for the Central Coast, as well as a return on investment of $13.18 per $1 invested. Through this, the SLONF saved an estimated 146 QALYs (quality-of-life-years saved) for patients, including the City of Pismo Beach residents.
Support Fiscal 2027 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 goals and allows Pismo Beach to "enhance a vibrant tourist-based economy." 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 2026-27. The SLO Noor Free Mobile Health Clinic travels three days/week to underserved locales, including Arroyo Grande, Grover Beach & Oceano. The demand for services has only grown, and in 2026, the SLO Noor Free Mobile Clinic hopes to visit Pismo Beach regularly. Increasing clinical capacity allows the SLO Noor Free Mobile Health Clinic to travel more frequently to Pismo Beach. To meet this need – and continue to serve existing patients – the SLONF will use the $20,000 in requested funding toward patient costs:
laboratory diagnostics, medical & dental supplies, radiology imaging, medical equipment, and healthcare professionals. By improving awareness and access to healthcare via mobile health and outreach, the SLONF will strengthen the City of Pismo Beach’s well being & health.
Program Description: The SLO Noor Foundation (SLONF) provides free medical, dental, vision, and mental health care services to uninsured and underinsured adults in San Luis Obispo County, 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) 2026-27. Specifically, these funds will pay directly for uninsured residents of the City of Pismo Beach to receive free healthcare and support services via the SLO Noor Free Clinics.
Point of Contact: Elaina Smolin
Statement of Activity
SLO Noor Foundation
January 1-December 31, 2025
Accrual Basis Friday, April 24, 2026 06:03 PM GMTZ 1/2 TOTAL
Revenue
4000 Donations $603,106.59
4010-00 Miracle 1000 5,875.00
Total for 4000 Donations $608,981.59
4500 Rental income 39,800.00
5000 Grant Money $310,078.37
5020 Restricted to Payroll 142,441.16
5030 Restricted to Operating Expenses 44,718.34
5040 Unrestricted or Indirect Expense Income 19,180.37
Total for 5000 Grant Money $516,418.24
Total for Revenue $1,165,199.83
Gross Profit $1,165,199.83
Expenditures
6000-00 Operating Expenses
6010-00 Advertising and Promotion 1,499.61
6020-00 Alarm Service 920.48
6030-00 Bank Service Charges 17.53
6040 Merchant Processing Charges 1,326.30
6050-00 Business Licenses and Permits 4,129.86
6060-00 Dues and Subscriptions 2,168.68
6070-00 Insurance Expense 29,894.18
6080-00 Office Supplies 10,672.45
6090-00 Rent Expense 184,289.10
6100-00 Legal, Professional and Accounting 65,323.16
6110-00 Utilities, Telephone, Internet 15,396.49
6120-00 Postage & Delivery 1,828.98
6130-00 Volunteer and Staff Support 4,006.48
6140-00 Software Expense 7,363.13
6150-00 Repairs and Maintenance 2,066.83
6170-00 Staff Mileage 7,383.02
6180-00 Trave, Lodging, Per Diem, Accommodation 1,766.04 Total for 6000-00 Operating Expenses $340,052.32
6981-00 Uncategorized Expense 0.00
7000-00 Patient Care Expenses
7020-00 Clinic supplies 16,319.77
7030-00 Hazardous Waste 1,026.92
7050-00 Imaging Expenses 15,214.84
7070-00 Lab Expenses 24,068.67
Total for 7000-00 Patient Care Expenses $56,630.20
Statement of Activity
SLO Noor Foundation
January 1-December 31, 2025
Accrual Basis Friday, April 24, 2026 06:03 PM GMTZ 2/2 TOTAL
8000-00 Payroll Expenses
8010-00 Payroll Expenses-Taxes 50,941.71
8020-00 Payroll Expenses-Employees 632,870.30
Total for 8000-00 Payroll Expenses $683,812.01
Total for Expenditures $1,080,494.53
Net Operating Revenue $84,705.30
Other Revenue
9000-00 Other Income 6,850.00
9020-00 Interest Income 23,629.03
Total for Other Revenue $30,479.03
Net Other Revenue $30,479.03
Net Revenue $115,184.33
Statement of Financial Position
SLO Noor Foundation
As of Dec 31, 2025
Accrual Basis Friday, April 24, 2026 06:01 PM GMTZ 1/3 TOTAL
Assets
Current Assets
Bank Accounts
1005-00 Petty Cash Fund 0.00
1013-00 Pacific Premier Bank Account 0.00
Operating 8664 161,132.12
Total for Bank Accounts $161,132.12
Accounts Receivable
1100-00 Accounts Receivable (A/R)0.00
1200-00 Grants Receivable $74,917.31
1201-00 United Way Grant 0.00
Total for 1200-00 Grants Receivable $74,917.31
Total for Accounts Receivable $74,917.31
Other Current Assets
1015-00 Edward Jones Reserve Account 181,318.32
1400-02 Inventory Asset $0.00
1402-02 Inventory - Lenses 0.00
1403-02 Inventory- Frames 0.00
Total for 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 0.00
Certificate of Deposit 0.00
Clearing Account 0.00
Donations Receivable 0.00
Payroll Refunds 0.00
QuickBooks Tax Holding Account 43.21
Repayment
Payroll Over PMT 0.00
Total for Repayment $0.00
Total for Other Current Assets $181,361.53
Total for Current Assets $417,410.96
Fixed Assets
1600-00 Office Equipment 41,614.31
1602-00 Computer Equip.15,782.58
1700-00 Furniture and Equipment 8,077.14
1700-01 Medical Equipment 137,478.94
1700-02 Frames 0.00
1799-02 Eye Equipment 163,455.76
1799-03 Dental Equipment 97,044.98
1799 Accumulated Depreciation -310,246.00
1800-00 Building Improvement 19,450.00
1800-03 Tenant Improvement- Dental Clinic 86,598.80
Statement of Financial Position
SLO Noor Foundation
As of Dec 31, 2025
Accrual Basis Friday, April 24, 2026 06:01 PM GMTZ 2/3 TOTAL
Mobile Health Clinic (MHC)202,402.54
Total for Fixed Assets $461,659.05
Other Assets
1900-00 Security Deposits Asset 9,000.00
1900-01 Money Market Account 423,920.13
Total for Other Assets $432,920.13
Total for Assets $1,311,990.14
Liabilities and Equity
Liabilities
Current Liabilities
Accounts Payable
2000-00 Accounts Payable 18,509.52
Total for Accounts Payable $18,509.52
Credit Cards
2001-00 Capitol One Visa 6,960.14
Total for Credit Cards $6,960.14
Other Current Liabilities
2002-00 Payroll Liabilities $0.10
CALSAVERS 0.00
CA PIT / SDI 0.00
CA SUI / ETT 43.18
Federal Taxes (941/944)0.00
Support Witholding 0.00
Total for 2002-00 Payroll Liabilities $43.28
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 for 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 0.00
SLO Department of Public Health 377.40
Total for Grants Payable $377.40
PPB LOC 0.00
Tenant Prepaid Rent 0.00
Total for Other Current Liabilities $16,170.68
Total for Current Liabilities $41,640.34
Statement of Financial Position
SLO Noor Foundation
As of Dec 31, 2025
Accrual Basis Friday, April 24, 2026 06:01 PM GMTZ 3/3 TOTAL
Long-term Liabilities
Advance on Mobile Clinic 0.00
SBA Loan 0.00
Total for Long-term Liabilities $0.00
Total for Liabilities $41,640.34
Equity
3201-00 Board Reserved - Unrestricted Net Assets 61,280.24 3200-00 Unrestricted Net Assets 1,093,885.23
Net Income 115,184.33
Total for Equity $1,270,349.80
Total for Liabilities and Equity $1,311,990.14
INTERNAL REVENUE SERVICE
P. O. BOX 2508
CINCINNATI, OH 45201
OCT 04 2010
Date:
SLO NOOR FOUNDATION A NON PROFIT
CORPORATION
C/O JADE M KELLEY
CHRISTIAN & AUER
225 S LAKE STE 860
PASADENA, CA 91101
Dear Applicant:
DEPARTMENT OF THE TREASURY
to er Identification Number:
DLN:
Contact Person:
MITCHELL P STEELE
Contact Telephone Number:
(877) 829-5500
Accounting Period Ending:
December 31
Public Charity Status:
170(b) (1) (A).(iii)
Form 990 Required:
Yes
Effective Date of Exemption:
November 19, 2009
Contribution Deductibility:
Yes
Addendum Applies:
No
ID# 31360
We are pleased to inform you that upon review of your application for tax exempt status we have determined that you are exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code. Contributions. to you are deductible under section 170 of the Code. You are also qualified to receive tax deductible bequests, devises, transfers or gifts under section 2055, 2106 or 2522 of the Code. Because this letter could help resolve any questions regarding your exempt status, you should keep it in your permanent records.
Organizations exempt under
as either public charities
a public charity under the
letter.
section 501(c)(3) of the Code are further classified
or private foundations. We determined that you are
Code section(s) listed in the heading of this
Please see enclosed Publication 4221 -PC, Compliance Guide for 501(C)(3) Public Charities, for some helpful information about your responsibilities as an exempt organization.
Letter 947 (DO/CG)
SLO NOOR FOUNDATION A NON PROFIT
We have sent a copy of this letter to your representative as indicated in your power of attorney.
Sincerely,
Robert Choi
Director, Exempt Organizations
Rulings and Agreements
Enclosure: Publication 4221 -PC
Letter 947 (DO/CG)
Fiscal Year 2027 Outside Agency Request
Organization: Peoples' Self-Help Housing
Requested Funding: $5,000
Previously Received Funding: Yes
Direct Benefit to the City of Pismo Beach: In FY 2025, City funding helped PSHH deliver onsite clinical case management to 140 Pismo Beach residents (twice the number of units served) at Pismo Creek Bungalows, Sea Haven Apartments, and Pismo Terrace. Services included mental health counseling, Medi-Cal and CalFresh enrollment, medical transportation, and crisis intervention for households at risk of eviction or homelessness recidivism, all delivered free and onsite by licensed clinical social workers.
FY 2027 funds will sustain this same service level for an estimated 140 residents across 70 units, with intensified support for the 24 homeless set-aside units at Pismo Terrace participating in the SLO County Continuum of Care. Of those, 5 units (8 residents) are designated for Transitional Age Youth: young adults exiting foster care or homelessness who require coordinated clinical, educational, and benefits navigation support to achieve stable adulthood within Pismo Beach.
Support Fiscal 2027 City Goals: SHP directly advances two FY 2026 & 2027 Major City Goals. Under Quality of Life ("invest in neighborhoods"), SHP stabilizes 70 PSHH householdsacross three Pismo Beach properties, preserving the residential character and cleanliness outcomes the City's beautification strategies are designed to protect. Stable, well-supported neighbors are foundational to the small beach town character the City's vision prioritizes.
Under Development and Housing Access ("invest in housing and homelessness assistance where feasible"), SHP provides the clinical wraparound services that make Pismo Terrace's 24 homeless set- aside units, including 5 TAY units, a successful Continuum of Care placement rather than a temporary one. By preventing homelessness recidivism and intervening early when housing stability is threatened, SHP is the City's most cost-efficient homelessness assistance investment.
Priority of Needs: PSHH's highest funding priority is the Supportive Housing Program. SHP is an 22-year- old clinical social services program embedded across 62 PSHH properties in 22 Central Coast communities, staffed by licensed and associate clinical social workers (LCSWs, ACSWs, LMFTs, AMFTs).
Since the COVID-19 pandemic, annual program utilization has climbed from approximately 50% to 62% across the portfolio, reflecting growing resident reliance on clinical case management to maintain housing stability.
Demand is especially acute at properties with homeless set-aside units, like Pismo Terrace, where households entering through the Continuum of Care typically present with complex behavioral health, medical, and benefits navigation needs from day one. Sustaining clinical staffing at the required ratio across the tri-county portfolio, and at Pismo Beach properties specifically, is the most pressing funding need PSHH faces and the most direct path to preventing returns to homelessness.
Program Description: People’s Self-Help Housing's Supportive Housing Program (SHP) delivers free, voluntary, bilingual clinical case management to residents of three PSHH affordable rental properties in Pismo Beach: Pismo Creek Bungalows, Sea Haven Apartments, and Pismo Terrace. Licensed clinical social workers provide crisis intervention, healthcare navigation, behavioral health counseling, benefits enrollment, food and transportation assistance, and housing-stability support to about 140 residents across 70 units. Funds will sustain onsite SHP services across all three Pismo Beach properties throughout FY 2027, with priority service delivery to the 24 homeless set-aside units at Pismo Terrace participating in the San Luis Obispo County Continuum of Care, including 5 Transitional Age Youth (TAY) units serving 8 youth residents and 19 additional units for households exiting homelessness. SHP is the clinical complement to PSHH's affordable housing, helping residents stabilize, heal, and remain housed Point of Contact: June Eastham
SUPPLEMENTARY CONTRACT INFORMATION
STATE OF CALIFORNIA DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT
FOR MULTIFAMILY HOUSING APARTMENTS
SUPPLEMENTARY CONTRACT INFORMATION FOR
STATE OF CALIFORNIA DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT
FOR SEA HAVEN APARTMENTS
SEA HAVEN APARTMENTS
BALANCE SHEET DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No
1120
1130
1135
1140
1200
1100T
ASSETS
CURRENT ASSETS
Cash Operations
Tenant/Member Accounts Receivable
Accounts Receivable - HUD
Accounts Receivable - Others
Prepaid expenses
Total Current Assets
1191 Tenant deposits held in trust
RESTRICTED DEPOSITS
1320 Replacement Reserves
1330 Other Reserves
1300T Total Deposits
PROPERTY AND EQUIPMENT
1410 Land
1420 Building and Improvements
1400T Total Fixed Assets
1495 Accumulated Depreciation
1400N Net Fixed Assets
1000T TOTAL ASSETS
$ 11,154 25,934
832 412
16,520 15,659
28,506 42,005
10,007 9,836
58,295
77,350
59,407
73,481
135,645 132,888
356,195
1,279,671
1,635,866
539,785
356,195
1,131,276
1,487,470
510,493
1,096,081 976,977
$ 1,270,240 $ 1,161,706
LIABILITIES AND NET ASSETS (DEFICIT)
CURRENT LIABILITIES
2110 Accounts Payable - Operations $ 15,660 233,866
2170 Mortgage Payable - Current Portion 4.750 4,552
2122T Total Current Liabilities 20,410 238,418
2191 Tenant/Patient Deposits Held in Trust 8,835 8,285
2210 Prepaid Revenue 30
2320 Mortgage Payable, less current portion 2,048,662 1,652,918 2300T Total Long Term Liabilities 2,057,527 1,661,203
2000T TOTAL LIABILIITIES 2,077,937 1,899,621
3130 NET ASSETS (DEFICIT) (807,697) (737,915)
2033T TOTAL LIABILITIES AND NET ASSETS (DEFICIT) $ 1,270,240 $ 1,161,706 35 SEA HAVEN APARTMENTS
STATEMENT OF ACTIVITIES DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No RENTAL INCOME
5120 Rent Revenue - Gross Potential
5121 Tenant Assistance Payments
5100T Total Rent Revenue Potential at 100% Occupancy
VACANCIES
5220 Apartments
5200T Total Vacancies
5152N Net Revenue Less Vacancies
FINANCIAL REVENUE
5410 Financial Revenue - Project Operations
5400T Total Financial Revenue
OTHER REVENUE
5910 Laundry and Vending Revenue
5920 Tenant Charges
5990 Miscellaneous Revenue
5900T Total Other Revenue
5000T Total Revenue
ADMINISTRATIVE EXPENSES
6203 Conventions and Meetings
6204 Mangement Consultants
6210 Advertising
6250 Other Renting Expense
6311 Office Expense
6320 Management Fee
6330 Manager Salaries
6340 Legal Expense - Project
6350 Audit Expense
6351 Accounting Services
6390 Miscellaneous Administrative Expenses:
6390 Bank Charges
6263T Total Administrative Expenses
$ 133,164
41,631
134,244
35,159
174,795 169,403
(19,485) ;27,132;
(19,485) (27,132)
155,310 142,271
2,543 2,792
2,543 2,792
1,926
176
250
1,783
202
2,352 1,985
160,204 147,048
1,208 738
3,387 -
78 -
249 1,108
4,335 4,707
11,952 19,698
25,116 26,276
4,251 8,082
1,030 1,200
1,368 1,368
4,285 55
57,259 75,231
36 SEA HAVEN APARTMENTS
STATEMENT OF ACTIVITIES DATA - Continued
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No UTILITIES EXPENSE
6450 Electricity 2,343 1,358
6451 Water 4,815 5,770
6452 Gas 922 806
6453 Sewer 5,376 5,007
6400T Total Utilities Expense 13,456 12,941
OPERATING AND MAINTENANCE EXPENSES
6510 Payroll 7,990 8,027
6515 Supplies 10,335 11,407
6520 Contracts 24,511 15,843
6525 Garbage & Trash Removal 5,320 5,176
6546 Heating/Cooling Repairs and Maintenance -
6500T Total Operating and Maintenance Expenses 48,155 40,453
TAXES AND INSURANCE
6710 Real Estate Taxes 726 704
6711 Payroll Taxes (Project's Share) 2,294 2,344
6720 Property & Liability Insurance (Hazard) 23,295 20,992 6722 Workmen's Compensation 1,244 1,330
6723 Health Insurance and other employment benefits 5,740 5,903 6790 Miscellaneous Taxes, Licenses, Permits, and Insurance - - 6700T Total Taxes and Insurance 33,298 31,273
FINANCIAL EXPENSES
6820 Interest on Mortgage Payable 850 888
6830 Accrued Interest 26,836 26,909
6800T Total Financial Expenses 27,686 27,797
Supportive Services Cost
6990 Service Coordinator Salaries & Benefits 12,566 12,000 6990T Total Supportive Service Costs 12,566 12,000
6000T Total Cost of Operations Before Depreciation 192,421 199,695 5060T Profit (Loss) before Depreciation (32,216) (40,647) 6600 Depreciation Expense 29,291 27,420
5060N Operating Profit or (Loss) (61,508) (68,068)
3250 Change in Total Net Assets from Operations $ (61,508) (68,068) 37 SEA HAVEN APARTMENTS
STATEMENT OF CASH FLOWS DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES'
S1200-010 Rental receipts $ 155,299 141,017
S1200-020 Interest receipts 2,543 2,792
S1200-030 Other operating receipts 2,352 1,985
S1200-040 Total receipts 160,193 145,795
S1200-050 Administrative (20,192) (17,257)
S1200-070 Management fee (11,952) (19,698)
S1200-090 Utilities (13,456) (12,941)
S1200-100 Salaries and wages (33,106) (34,303)
S1200-110 Operating and maintenance (258,372) 89,685
S1200-120 Real estate taxes (726) (704)
S1200-140 Property insurance (24,156) (22,936)
S1200-150 Miscellaneous taxes and insurance (9,277) (9,577) S1200-180 Interest on First mortgage (850) (888)
S1200-190 Supportive Services (12,566) (12,000)
S1200-230 Total disbursements (384,652) (40,620)
S1200-240 NET CASH PROVIDED BY OPERATING ACTIVITIES (224,459) 105,176 CASH FLOWS FROM INVESTING ACTIVITIES:
S1200-250
S1200-255
S1200-330
S 1200-350
Net withdrawals from (deposits in) reserve for replacement Net withdrawals from (deposits in) other reserves
Net Purchase of Fixed Assets
1,112 (9,610)
(3,869) 9,788
(148,396, (100,214)
NET CASH USED IN INVESTING ACTIVITIES (151,153) (100,036) CASH FLOWS FROM FINANCING ACTIVITIES:
S1200-360 Mortgage principal payments
S1200-360 Proceeds from PSHH loan
S1200-450 Asset Management Fees Paid
S1200-460 NET CASH USED BY FINANCING ACTIVITIES
S1200-470 NET INCREASE IN CASH
S1200-480 BEGINNING OF PERIOD CASH
S1200T END OF PERIOD CASH
(4,488) (4,363)
373,594 -
(8,275)
360,832 (4,363)
(14,780) 777
25,934 25,157
$ 11,154 $ 25,934
RECONCILIATION OF CHANGE IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
6600 Depreciation 29,291 27,420
S1200-490 (Increase) decrease in Accounts Receivable - Tenants 420 240 S1200-500 (Increase) decrease in Accounts Receivable - Other (30) 20 S1200-520 (Increase) decrease in Prepaid Expense 861 1,945 S1200-540 Increase (decrease) in Accounts Payable - Trade 218,207 (122,111) S1200-570 Increase (decrease) in Accrued Interest Payable 26,836 26,909 S1200-580 Increase (decrease) in Tenant Security Deposits Held In Trust (629) 993.6 S1200-590 Increase (decrease) in Prepaid Revenue 250
S1200-600 Other Adjustments to Reconcile Net profit (loss) NET INCOME (LOSS) $ (61,508) $ (68,068
38 SEA HAVEN APARTMENTS
CHANGES IN FIXED ASSETS
FOR THE YEAR ENDED JUNE 30, 2025
ASSETS
Land Structures and Equipment
Land
Building
Furnitures, Fixtures & Equipment
Fees
Accumulated Depreciation
Net Book Value
Balance Balance
June 30, 2024 Additions Deductions Reclassification June 30, 2025 $ 356,195 $ - $ - $ - $ 356,195
1,125, 326 148,396 1,273,721
5,950 - - 5,950
1,487,470 148,396
(510,493) (29,291,
$ 976,977 $ 119,104 $
- - 1,635,866
- - (539,785)
$ $ 1,096,081
39 Notes and Mortgage Payables
2025 2024
Notes payable are secured by the property unless
otherwise noted and summarized as follows:
Interest
Interest Payable Principal Payable Principal
Mechanic's Bank, bears simple interest at 4.25% per
annum with monthly payments of principal and interest in the amount of $467.55, to be repaid in full by 2028.
Interest expense was $850 for the year ended June 30,
2025.
Department of Housing and Community Development
Loan, bears simple interest at 3% per annum. Annual
payments are made subject to available net cash flow.
The principal and unpaid accrued interest is to be repaid in full by 2028. Interest expense was $26,836 for the
year ended June 30, 2025.
In June 2025 People's Self Help Housing lent $373,954
to complete significant emergency unit repairs. Details of the note are still being finalized.
County of San Luis Obispo Promissory Note, bears no
interest. No payments are due on this Note. The note is forgiveable after 30 years and ends July 31, 2027.
Total
13,670 18,158
639,666 894,523 612,830 894.523
373,594
131,959 131,959
639,666 1,413,746
612,830 1,044,640
Principal & Interest payments on notes payable for the next four years are subject to changes in net cash flow and are estimated as follows:
2026
2027
2028
2029
Thereafter
Total Future Obligations
Cash on Hand and in Banks
Unrestricted checking account - operations
Total Unrestricted Cash
Restricted accounts
Replacement reserve
Other reserve
Tenant security deposits
Total restricted cash
4,750
4,956
135,924
1,534,189
373,594
2,053,413
S 11,154
S 11,154
$ 58,295
77,350
10,007
S 145,653
Tenant security deposits are maintained in a separate account and interest is earned on these deposits is credited to a liability account to be refunded or applied for the benefit of tenants. Interest earned during 2025 was $171.36.
Reserves for Replacements and Operating Expenses
In accordance with the provisions of the regulatory agreement, restricted cash is held by PSHHC to be used for replacements of property or other reserve requirements with the approval of HCD/CaIHFA as follows:
Balance, June 30, 2024
Monthly deposits:
Replacement Reserve deposits of $608.33 per month for
twelve months. Other reserves deposits of $214.00 per
month for twelve months.
Interest earned
Withdrawals (amount capitalized)
Withdrawals (amount included in operating expenses)
Balance, June 30, 2025
Replacement
Reserve
Other Reserve
$ 59,407 $ 73,481
7,300 2,568
1,071 1,301
(9,482)
$ 58,295 $ 77,350
Operating Cash Flow/Surplus Cash Computation - per HCD/CaIHFA Regulatory Agreements Operating Income
Total Income
Interest Earned on Restricted Reserve Accounts
Adjusted Operating Income
Cost of Operations Before Depreciation
Plus HCD Debt payment
Accrued Interest
Operting Cash Used in Operations
S 160,204
(2,371)
157,833
192,421
4,488
(26,836)
170,073
Adjusted Net Income (3,964)
Other Activity
Replacement Reserve Deposits
Other Reserve Deposits per Agreement
Replacement Reserve Withdrawals (in Opex)
Total Other Activity
Operating Cash Flow/Surplus Cash
Total Cash Available for Distributions (net cash flow)
(7,300)
(2,568)
9,482
(386)
(4,350)
$ (4,350)
41 SEA HAVEN APARTMENTS
96 -HOME -0217
MANAGEMENT AGENT CERTIFICATION
FOR THE YEAR ENDED JUNE 30, 2025
I hereby certify that I have examined the accompanying financial statements and supplemental information of Sea Haven Apartments as of and for the year ended June 30, 2025, and to the best of my knowledge and believe, the same is complete and accurate.
Th ncan Group
Anna Miller, Chief Operating Officer
08/22/2025
Date
42 SEA HAVEN APARTMENTS
96 -HOME -0217
CERTIFICATION OF OFFICERS
FOR THE YEAR ENDED JUNE 30, 2025
We, as officers of People's Self -Help Housing Corporation, a California nonprofit public benefit corporation, hereby certify that we have examined the accompanying financial statements and supplementary data of Sea Haven Apartments as of and for the year ended June 30, 2025 and to the best of our knowledge and believe, these financial statements and data are complete and accurate.
Kenneth Trigueiro CEO/President
Griffin Moore
Employer Identification Number: 95-2750154
08/22/25
Date
08/22/25
CFO/Treasurer Date
43 SUPPLEMENTARY CONTRACT INFORMATION FOR
STATE OF CALIFORNIA DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT
FOR CAWELTI COURT APARTMENTS
CAWELTI COURT APARTMENTS
BALANCE SHEET DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No
1120
1130
1135
1140
1200
1100T
ASSETS
CURRENT ASSETS
Cash Operations
Tenant/Member Accounts Receivable
Accounts Receivable - HUD
Accounts Receivable - Others
Prepaid expenses
Total Current Assets
1191 Tenant deposits held in trust
RESTRICTED DEPOSITS
1320 Replacement Reserves
1330 Other Reserves
1300T Total Deposits
PROPERTY AND EQUIPMENT
1410 Land
1420 Building and Improvements
1400T Total Fixed Assets
1495 Accumulated Depreciation
1400N Net Fixed Assets
1000T TOTAL ASSETS
LIABILITIES AND NET ASSETS (DEFICIT)
CURRENT LIABILITIES
2110 Accounts Payable - Operations
2122T Total Current Liabilities
2191 Tenant/Patient Deposits Held in Trust
2210 Prepaid Revenue
2320 Notes Payable, less current portion
$ 83,265 118,687
194 488
11,333 10,220
94,792 129,395
18,512 18,508
118,499
39,292
101,677
39,285
157,791 140,962
1,333,911 1,333,911
1,333,911
540,451
1.333,911
486,820
793,460 847,092
$ 1.064, 555 $ 1,135, 956
$ 7,459 9,113
7,459
18,350
1,181,741
9,113
15,050
174
1,194,199
2300T Total Long Term Liabilities 1,200,091 1,209,423
2000T TOTAL LIABILIITIES 1,207,550
3130 NET ASSETS (DEFICIT) (142,995)
2033T TOTAL LIABILITIES AND NET ASSETS (DEFICIT) $ 1,064,555 $ 1,135,956 1,218,536
(82,580)
45 CAWELTI COURT APARTMENTS
STATEMENT OF ACTIVITIES DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No RENTAL INCOME
5120 Rent Revenue - Gross Potential
5121 Tenant Assistance Payments
5100T Total Rent Revenue Potential at 100% Occupancy
VACANCIES
5220 Apartments
5250 Rental Concessions
5200T Total Vacancies
5152N Net Revenue Less Vacancies
FINANCIAL REVENUE
5410 Financial Revenue - Project Operations
5400T Total Financial Revenue
OTHER REVENUE
5910 Laundry and Vending Revenue
5920 Tenant Charges
5990 Miscellaneous Revenue
5900T Total Other Revenue
5000T Total Revenue
ADMINISTRATIVE EXPENSES
6203 Conventions and Meetings
6204 Management Consultants
6210 Advertising
6250 Other Renting Expense
6310 Office Salaries
6311 Office Expense
6320 Management Fee
6330 Manager Salaries
6340 Legal Expense - Project
6350 Audit Expense
6351 Accounting Services
6370 Bad Debts
6390 Miscellaneous Administrative Expenses
Bank Charges
6263T Total Administrative Expenses
UTILITIES EXPENSE
6450 Electricity
6451 Water
6452 Gas
6453 Sewer
6400T Total Utilities Expense
$ 221,327 221,605
160,199 129,341
381,526 350,946
(34,802)
(4,779)
(39,581) (28,310)
(28,310)
341,945 322,636
33 31
33 31
2,641 2,349
910 3,128
700 551
4,251 6,029
346,229 328,696
1,059 1,588
1,467 -
208 -
492 777
10,755 6,000
12,883 12,721
27,888 41,326
46,244 21,638
5,339 4
7,200 2,400
3,192 3,192
2,980
196 239
196 239
116,923 92,865
6,962
15,341
4,712
11,610
38,624 35,562
4,543
15,087
4,502
11,431
46 CAWELTI COURT APARTMENTS
STATEMENT OF ACTIVITIES DATA - Continued
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No OPERATING AND MAINTENANCE EXPENSES
6510 Payroll 35,139 33,017
6515 Supplies 11,488 15,422
6520 Contracts 40,542 45,042
6525 Garbage & Trash Removal 5,230 5,044
6546 Heating/Cooling Repairs and Maintenance
6500T Total Operating and Maintenance Expenses 92,399 98,524
TAXES AND INSURANCE
6710 Real Estate Taxes -
6711 Payroll Taxes (Project's Share) 6,751 4,153
6720 Property & Liability Insurance (Hazard) 14,430 12,251 6722 Workmen's Compensation 4,329 3,121
6723 Health Insurance and other employment benefits 17,158 15.980 6790 Miscellaneous Taxes, Licenses, Permits, and Insurance - - 6700T Total Taxes and Insurance 42,667 35,506
Supportive Services Cost
6990 Onsite Coordinator Salaries & Benefits 48,000 46,213 6900T Total Supportive Services 48,000 46,213
6000T Total Cost of Operations Before Depreciation 338,613 308,670 5060T Profit (Loss) before Depreciation 7,616 20,026
6600 Depreciation Expense 53,631 54,235
5060N Operating Profit or (Loss) (46,015) (34,209)
3250 Change in Total Net Assets from Operations $ (46,015) $ (34,209) 47 CAWELTI COURT APARTMENTS
STATEMENT OF CASH FLOWS DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
S1200-010 Rental receipts
S1200-020 Interest receipts
S1200-030 Other operating receipts
S1200-040 Total receipts
S1200-050 Administrative
S1200-070 Management fee
S1200-090 Utilities
S1200-100 Salaries and wages
S1200-110 Operating and maintenance
S1200-140 Property insurance
S1200-150 Miscellaneous taxes and insurance
S1200-160 Supportive Services Cost
S1200-230
S1200-240
Total disbursements
NET CASH PROVIDED BY OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES:
S1200-250
S1200-255
S1200-330
Net withdrawals from (deposits in) reserve for replacement Net withdrawals from (deposits in) other reserves
Net Purchase of Fixed Assets
S1200-350 NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES:
S1200-360 Mortgage principal payments
S1200-450 Asset Management Fees Paid
S1200-460 NET CASH USED BY FINANCING ACTIVITIES
S1200-470 NET INCREASE IN CASH
S1200-480 BEGINNING OF PERIOD CASH
S1200T END OF PERIOD CASH
$ 342,061
33 4,251
321,954
31 6,029
346,346 328,014
(42,791) (29,901)
(27,888) (41,326)
(38,624) (35,562)
(81,382) (54,655)
(55,614) (70,317)
(15,542) (14,041)
(28,237) (23,255)
(48,000) (46,213)
(338,080 (315,268)
8,266
(16, 822)
(8)
12,744
(6,973)
(8)
(16,830) (6,981)
(12,458)
(14,400)
21,437)
(26,858) (21,437)
(35,422)
118,687
(15,674)
134,361
$ 83,265 $ 118,687
RECONCILIATION OF CHANGE IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
6600 Depreciation 53,631 54,235
S1200-490 (Increase) decrease in Accounts Receivable - Tenants (702) (912) S1200-500 (Increase) decrease in Accounts Receivable - Other 582 (510) S1200-520 (Increase) decrease in Prepaid Expense 1,113 1,790 S1200-540 Increase (decrease) in Accounts Payable - Trade (1,646) 4,810 S1200-580 Increase (decrease) in Tenant Security Deposits Held In Trust 4 2104 NET INCOME (LOSS) $ (46,015) $ (34,209)
48 CAWELTI COURT APARTMENTS
CHANGES IN FIXED ASSETS
FOR THE YEAR ENDED JUNE 30, 2025
ASSETS
Land Structures and Equipment
Land
Building
Furnitures, Fixtures & Equipment
Fees
Accumulated Depreciation
Net Book Value
Balance Balance
June 30, 2024 Additions Deductions Reclassification June 30, 2025 $ - $
1,327,876
$ - $
1,327,876
6,035 - - - 6,035
1,333,911 - - 1,333,911
(486,820) (53,631) - - (540,451)
$ 847,091 $ (53,631) $ - $ $ 793,460
49 Notes and Mortgage Payables
2025 2024
Notes payable are secured by the property unless
otherwise noted and summarized as follows:
City Of Arroyo Grande CDBG Loan, bears no interest.
Payments in full are due at maturity on August 13, 2026.
Department of Housing and Community Development
Loan, bears no interest. Annual payments are made
subject to available net cash flow. The total principal is to be repaid in full by 2025. Asset Mgmt is working with HCD on renewal.
Total
Interest
Payable
Principal
Interest
Payable Principal
340,359 340,359
841,382 853,840
1,181,741 1,194,199
Principal payments on notes payable for the next five years are subject to changes in net cash flow and are estimated as 2026
2027
2028
2029
2030
Thereafter
Total Future Obligations
Cash on Hand and in Banks
Unrestricted checking account - operations
Total Unrestricted Cash
Restricted accounts
Replacement reserve
Other reserve
Tenant security deposits
Total restricted cash
$ 841,382
340, 359
$ 1,181,741
$
83,265
83,265
$ 118,499
39,292
18,512
$ 176,303
Tenant security deposits are maintained in a separate account and interest earned on these deposits is credited to a liability account to be refunded or applied for the benefit of tenants. Interest earned during fiscal year 2025 was $3.70.
Reserves for Replacements and Operating Expenses
In accordance with the provisions of the regulatory agreement, restricted cash is held by PSHHC to be used for replacements of property or other reserve requirements with the approval of HCD as follows:
Balance, June 30, 2024
Monthly deposits:
Replacement Reserves - 12 months at $1,400
Interest earned
Withdrawals (amount capitalized)
Withdrawals (amount included in operating expenses)
Balance, June 30, 2025
Replacement
Reserve
Other Reserve
$ 101,677 $ 39,285
16,800
19 8
$ 118,496 $ 39,292
Operating Cash Flow/Surplus Cash Computation - per HCD/CaIHFA Regulatory Agreements Operating Income
Total Income
Interest Earned on Restricted Reserve Accounts
Adjusted Operating Income
Cost of Operations Before Depreciation
Plus HCD Debt payment
Operting Cash Used in Operations
$ 346,229
(27)
346,202
338,613
12,458
351,071
Adjusted Net Income 7,589
Other Activity
Replacement Reserve Deposits
Other Reserve Deposits per Agreement
Replacement Reserve Withdrawals (expensed)
Total Other Activity
Operating Cash Flow/Surplus Cash
Total Cash Available for Distributions (net cash flow)
(16, 800)
16,800)
(9,211)
$ (9,211)
51 CAWELTI COURT APARTMENTS
93 -HOME -0036
MANAGEMENT AGENT CERTIFICATION
FOR THE YEAR ENDED JUNE 30, 2025
I hereby certify that I have examined the accompanying financial statements and supplemental information of Cawelti Court Apartments as of and for the year ended June 30, 2025, and to the best of my knowledge and believe, the same is complete and accurate.
The Du n Group
Anna Miller, Chief Operating Officer
08/22/25
Date
CAWELTI COURT APARTMENTS
93 -HOME -0036
CERTIFICATION OF OFFICERS
FOR THE YEAR ENDED JUNE 30, 2025
We, as officers of People's Self -Help Housing Corporation, a California nonprofit public benefit corporation, hereby certify that we have examined the accompanying financial statements and supplementary data of Cawelti Court Apartments as of and for the year ended June 30, 2025 and to the best of our knowledge and believe, these financial statements and data are complete and accurate. 8/22/25
Kenneth Trigueiro
CEO/President Date
Griffin Moore
Employer Identification Number: 95-2750154
8/22/25
CFO/Treasurer Date
53 SUPPLEMENTARY CONTRACT INFORMATION FOR
STATE OF CALIFORNIA DEPARTMENT OF
HOUSING AND COMMUNITY DEVELOPMENT
FOR BRIZZOLARA STREET APARTMENTS
BRIZZOLARA STREET APARTMENTS
BALANCE SHEET DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No
1120
1130
1135
1140
1200
1100T
ASSETS
CURRENT ASSETS
Cash Operations
Tenant/Member Accounts Receivable
Accounts Receivable - HUD
Accounts Receivable - Others
Prepaid expenses
Total Current Assets
1191 Tenant deposits held in trust
1320
1330
1300T
RESTRICTED DEPOSITS
Replacement Reserves
Other Reserves
Total Deposits
PROPERTY AND EQUIPMENT
1410 Land
1420 Building and Improvements
1400T Total Fixed Assets
1495 Accumulated Depreciation
1400N Net Fixed Assets
1000T TOTAL ASSETS
$ 92,917 88,072
1,298 256
7,481 6,898
101,696 95,226
3,546 3,545
11,020 26,699
1,500 17,495
12,520 44,194
226,100
257,105
226,100
200,808
483,204
146,749
426,907
139,870
336.455 287,037
$ 454,217 $ 430,003
LIABILITIES AND NET ASSETS (DEFICIT)
CURRENT LIABILITIES
2110 Accounts Payable - Operations $ 2,122 13,620
2122T Total Current Liabilities 2,122 13,620
2191 Tenant/Patient Deposits Held in Trust 3,544 3,544
2210 Prepaid Revenue 400 1,781
2320 Notes Payable, less current portion 200,000 200,000 2300T Total Long Term Liabilities 203,944 205,325
2000T TOTAL LIABILIITIES 206,066 218,945
3130 NET ASSETS (DEFICIT) 248,151 211,058
2033T TOTAL LIABILITIES AND NET ASSETS (DEFICIT) $ 454,217 $ 430,003 55 BRIZZOLARA STREET APARTMENTS
STATEMENT OF ACTIVITIES DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No RENTAL INCOME
5120 Rent Revenue - Gross Potential $ 71,804 69,819
5121 Tenant Assistance Payments 8,388 7,017
5100T Total Rent Revenue Potential at 100% Occupancy 80,192 76,836
VACANCIES
5220 Apartments
5250 Rental Concessions
5200T Total Vacancies
5152N Net Revenue Less Vacancies 80,192 76,836
FINANCIAL REVENUE
5410 Financial Revenue - Project Operations 7 9
5400T Total Financial Revenue 7 9
OTHER REVENUE
5910 Laundry and Vending Revenue 1,962 2,285
5920 Tenant Charges 14,750 350
5990 Miscellaneous Revenue
5900T Total Other Revenue 16,712 2,635
5000T Total Revenue 96,911 79,480
ADMINISTRATIVE EXPENSES
6203 Conventions and Meetings 260 181
6204 Management Consultants 180
6210 Advertising
6250 Other Renting Expense 370 486
6310 Office Salaries
6311 Office Expense 3,100 1,676
6320 Management Fee 5,256 5,847
6330 Manager Salaries 6,464 6,312
6340 Legal Expense - Project 5 1
6350 Audit Expense 630 600
6351 Accounting Services 570 570
6370 Bad Debts
6390 Miscellaneous Administrative Expenses 15 141
Bank Charges 15 141
6263T Total Administrative Expenses 16,849 15.814
UTILITIES EXPENSE
6450 Electricity 646 496
6451 Water 2,917 2,515
6452 Gas 3,580 3,089
6453 Sewer 1,967 2,074
6400T Total Utilities Expense 9,110 8,175
56 BRIZZOLARA STREET APARTMENTS
STATEMENT OF ACTIVITIES DATA - Continued
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
Acct No OPERATING AND MAINTENANCE EXPENSES
6510 Payroll 6,349 6,360
6515 Supplies 1,105 834
6520 Contracts 1.236 1,518
6525 Garbage & Trash Removal 2,634 2,480
6500T Total Operating and Maintenance Expenses 11,323 11,191
TAXES AND INSURANCE
6710 Real Estate Taxes - 1,031
6711 Payroll Taxes (Project's Share) 925 922
6720 Property & Liability Insurance (Hazard) 10,379 9,330 6722 Workmen's Compensation 564 737
6723 Health Insurance and other employment benefits 2,525 2,007 6790 Miscellaneous Taxes, Licenses, Permits, and Insurance - - 6700T Total Taxes and Insurance 14,393 14,026
FINANCIAL EXPENSES
6820 Interest on Mortgage Payable
6830 Accrued Interest
6800T Total Financial Expenses
SUPPORTIVE SERVICE COSTS
6990 Service Coordinator Salaries & Benefits 497 482
6990T Total Supportive Service Costs 497 482
6000T Total Cost of Operations Before Depreciation 52,172 49,689 5060T Profit (Loss) before Depreciation 44,739 29,791
6600 Depreciation Expense 6,880 4,885
5060N Operating Profit or (Loss) 37,859 24,906
3250 Change in Total Net Assets from Operations $ 37,859 $ 24,906 57 BRIZZOLARA STREET APARTMENTS
STATEMENT OF CASH FLOWS DATA
FOR THE YEARS ENDED JUNE 30, 2025 AND 2024
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
S1200-010 Rental receipts
S1200-020 Interest receipts
S1200-030 Other operating receipts
S1200-040 Total receipts
S1200-050 Administrative
S1200-070 Management fee
S1200-090 Utilities
S1200-100 Salaries and wages
S1200-110 Operating and maintenance
S1200-140 Property insurance
S1200-150 Miscellaneous taxes and insurance
S1200-190 Supportive Services
S1200-230 Total disbursements
S1200-240 NET CASH PROVIDED BY OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES:
S1200-250
S 1200-255
S1200-330
S 1200-350
Net withdrawals from (deposits in) reserve for replacement Net withdrawals from (deposits in) other reserves
Net Purchase of Fixed Assets
NET CASH USED IN INVESTING ACTIVITIES
$ 77,768 76,656
7 9
16,712 2,635
94,487 79,300
(5,129) (3,655)
(5,256) (5,847)
(9,110) (8,175)
(12,813) (12,672)
(16,472) (2,976)
(10,961) (10,117)
(4,014) (4,697)
(497) (482)
(64,252) (48,621)
30,235 30,679
15,679 (2,039)
15,994 (4)
(56,297)
(24,623) (2,043)
CASH FLOWS FROM FINANCING ACTIVITIES:
S1200-360 Mortgage principal payments
S1200-450 Asset Management fees paid (766)
S1200-460 NET CASH USED BY FINANCING ACTIVITIES (766)
S1200-470 NET INCREASE IN CASH 4,845 28,637
S1200-480 BEGINNING OF PERIOD CASH 88,072 59,435
S1200T END OF PERIOD CASH $ 92,917 $ 88,072
RECONCILIATION OF CHANGE IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
6600 Depreciation 6,880 4,885
S1200-490 (Increase) decrease in Accounts Receivable - Tenants 1,042 234 S1200-500 (Increase) decrease in Accounts Receivable - Other 1,381 (55) S1200-520 (Increase) decrease in Prepaid Expense 583 788 S1200-540 Increase (decrease) in Accounts Payable - Trade 11,498 (1,856) S1200-580 Increase (decrease) in Tenant Security Deposits Held In Trust 1 1 NET INCOME (LOSS) 37,859 $ 24,906
58 BRIZZOLARA STREET APARTMENTS
CHANGES IN FIXED ASSETS
FOR THE YEAR ENDED JUNE 30, 2025
ASSETS
Land Structures and Equipment
Land
Building
Furnitures, Fixtures & Equipment
Fees
Accumulated Depreciation
Net Book Value
Balance Balance
June 30, 2024 Additions Deductions Reclassification June 30, 2025 $ 226,100 $ - $ - $ - $ 226,100
195,419 41,547 - - 236,966
1,254 14,750 16,004
4,134 - - 4,134
426,907 56,297
(139,870) (6,880,
$ 287,037 $ 49,417 $
- - 483,204
- - (146,749)
$ - $ 336,455
59 Notes and Mortgage Payables
2025 2024
Notes payable are secured by the property unless
otherwise noted and summarized as follows:
Interest Interest
Payable Principal Payable Principal
County of San Luis Obispo HOME Loan, bears no
interest. Annual payments are made subject to available net cash flow. The total principal is to be repaid in full by 2028,
Total
200,000 - 200,000
200,000 200,000
Principal payments on notes payable for the next five years are subject to changes in net cash flow and are estimated as 2026
2027
2028
2029
2030
Thereafter
Total Future Obligations
Cash on Hand and in Banks
200,000
$ 200,000
Unrestricted checking account - operations $ 92,917
Total Unrestricted Cash $ 92,917
Restricted accounts
Replacement reserve
Other reserve
Tenant security deposits
Total restricted cash
$ 11,020
1,500
3.546
$ 16,066
Tenant security deposits are maintained in a separate account and interest earned on these deposits is credited to a liability account to be refunded or applied for the benefit of tenants. Interest earned during fiscal year 2025 was $0.71.
60 Reserves for Replacements and Operating Expenses
In accordance with the provisions of the regulatory agreement, restricted cash is held by PSHHC to be used for replacements of property or other reserve requirements with the approval of HCD as follows:
Balance, June 30, 2024
Monthly deposits:
Replacement Reserves - 12 months at $169.50
Interest earned
Withdrawals (amount capitalized)
Withdrawals (amount included in operating expenses)
Balance, June 30, 2025
Replacement
Reserve
Other Reserve
$ 26,699 $ 17,495
2,034
5 (17,717)
2 (15,996)
$ 11,021 $ 1,500
Operating Cash Flow/Surplus Cash Computation - per HCD/CaIHFA Regulatory Agreements Operating Income
Total Income
Interest Earned on Restricted Reserve Accounts
Adjusted Operating Income
Operating Expenses
Adjusted Operating Expenses
Adjusted Net Income
Other Activity
Replacement Reserve Deposits
Other Reserve Deposits Withdrawal (capitalized)
Replacement Reserve Withdrawals (capitalized)
Capitalized Assets
Total Other Activity
Operating Cash Flow/Surplus Cash
Total Cash Available for Distributions (net cash flow)
$ 96,911
(7)
96,903
52,172
52,172
44,732
(2,034)
(15,996)
17,717
(56,297)
(56,610)
(11,878)
$ ;11,878)
61 BRIZZOLARA STREET APARTMENTS
95 -DDS -R-008
Management Agent Certification
For The Year Ended June 30, 2025
I hereby certify that I have examined the accompanying financial statements and supplementary information of Brizzolara Street Apartments, as of and for the year ended June 30, 2025 and to the best of my knowledge and belief, the same is complete and accurate.
The Duncan Group
Jane Renahan, Director of Property Management
8/22/2025
Date
62 Kenneth Trigueiro
BRIZZOLARA STREET APARTMENTS
95 -DDS -R-008
Certification of Officers
For The Year Ended June 30, 2025
We, as officers of People's Self Help Housing, a California nonprofit public benefit corporation, hereby certify that we have examined the accompanying financial statements and supplementary data of Brizzolara Street Apartments as of and for the year ended June 30, 2025 and to the best of our knowledge and belief, these financial statements and data are complete and accurate.
Griffin Moore
8/22/2025
CEO & President Date
Chief Financial Officer
Employer Identification Number: 95-2750154
8/22/2025
Date
63 USDA
Form RD 3560-7
(Rev. 02-05)
MULTI -FAMILY HOUSING
PROJECT BUDGET WORKSHEET
FORM APPROVED
OMB NO. 0575-0189
PROJECT NAME
Pacific View Apartments
BORROWER NAME
Peoples Self -Help Housing Corp.
BORROWER ID OR PROJECT NO.
04.40.305345064
Loan/Transfer Amount S
Note Rate Payment $ S
4,420
IC Payment $
S •
Reporting
x
_
Period
Annual
Quarterly
Monthly
Budget
_
x
_—
_
Type
Initial
Regular Report
Rent Change
SMR
Other Servicing
Project
x
_
_
_
_
Rental Type
Family
Elderly
Congregate
Group Home
Mixed
LH
Profit
_
_
x
Type
Full Profit
Limited Profit
Non -Profit
rour.la
—
—
x
x
_
x
fee emexw..
Electricity
Gas
Water
Sewer
Trash
Other: Gras&/'-
!`
I hereby
is
is
request
units of RA.
Current number of RA units.
Borrower
-Cash
x
Accounting Method
Accrual
PART I -- CASH FLOW STATEMENT
BEGINNING DATES>
ENDING DATES>
CURRENT
BUDGET
ACTUAL
PROPOSED
BUDGET
COMMENTS or (YTD)
07/01/24
06/30/25
07/01/24
06/30/25
OPERATIONAL CASH SOURCES
I RENTAL INCOME.. . ... ... . .. ...... .. . .. ... .. . ..... .. • - 2 RHS RENTAL ASSISTANCE RECEIVED
3 APPLICATION FEES RECEIVED
4 LAUNDRY AND VENDING
5 INTEREST INCOME
6 TENANT CHARGES
7 OTHER - PROJECT SOURCES
8 LESS (Vacancy and Contingency Allowance)... ... ...
9 LESS (Agency Approved Incentive Allowance)
10 SUB -TOTAL [(1 thru 7)-(8 &9)]
NON -OPERATIONAL CASH SOURCES
1 I CASH - NON PROJECT
12 AUTHORIZED LOAN (Non-RHS)
13 TRANSFER FROM RESERVE
14 SUB -TOTAL (11 thru 13) ... ... . .. ............... ... ....... 15 TOTAL CASH SOURCES (10+ 14)..
OPERATIONAL CASH USES
16 TOTAL O&M EXPENSES (From Part 11).... ..... ....
17 RHS DEBT PAYMENT. .. ..... ... .. ..... ..
18 RHS PAYMENT (Overage)
19 RHS PAYMENT (Late Fee) ...... ....... .. . ......... ... .... 20 REDUCTION IN PRIOR YEAR PAYABLES (See Part IV)...
21 TENANT UTILITY PAYMENTS
22 TRANSFER TO RESERVE
23 RETURN TO OWNER
24 SUB -TOTAL (16 thru 23)
NON -OPERATIONAL CASH USES
25 AUTHORIZED DEBT PAYMENTS (Non -RI -IS)
26 LONG-TERM IMPROVEMENTS
27 MISCELLANEOUS
28 SUB -TOTAL (25 thru 27)
29 TOTAL CASH USES (24+28)
30 NET CASH (DEFICIT) (15-29)
CASH BALANCE
31 BEGINNING CASH BALANCE
32 ACCRUAL TO CASH ADJUSTMENT (see Port IV)....
33 ENDING CASH BALANCE (30+31+32) .................
$ 353,472
3,678
930
1,103
687
(3,534)
$ 356,336
60,400
$ 60,400
$ 416,736
$ 280,392
$ 36,685
$ 20,000
3,546
$
340,623
$ 60,400
$ 2,520
$ 62,920
$ 403,543
$ 13,193
$ 147,956
$ 161,149
352,505.00
2,777.94
813.98
769.96
356,866.88
4,425.48
4,425.48
361,292.36
319,981.57
36,685.08
24,810.19
3,545.64
385,022.48
4,425.48
2,520.00
6,945.48
391,967.96
(30,675.60)
183,275.51
(25,109.18)
127,490.73
Charter rev share
No vacancy
sib same as line 71, fiom Pg 5
USDA loan payment P&I
Asset management fcc
ties to pg 3, line 4 and page S line 71
Ten:utt supportive services
According to the Paperwork Reduction Act 011995, an agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information collection is 0575.0189. The time required to complete this information collection is estimated to average 21/2 hours per response, Including the time for reveiwing instructions, searching exsiting data sources, gathering and maintaining the data needed, and completing and reviewing the collection information. 65 USDA
Form RD 3560-7
(Rev. 02-05)
MULTI -FAMILY HOUSING
PROJECT BUDGET WORKSHEET
FORM APPROVED
OMB NO. 0575-0189
PART II -- OPERATING AND MAINTENANCE EXPENSE SCHEDULE
CURRENT
BUDGET
07/0l/2024-
06/30/2025
PROPOSED
BUDGET
COMMENTS
or (YID)
1 MAINTENANCE AND REPAIRS PAYROLL
2 MAINTENANCE AND REPAIRS SUPPLY
S 29,763
38,623.14
On -site mainteancc personnel
S 18,048
7,044.01
3 MAINTENANCE AND REPAIRS CONTRACT
4 PAINTING AND DECORATING
S 3.898
40,105.55
various plumbing repairs. Install new Futnace, asbctos !eating and relocation of tenants S 1,050
-
5 SNOW REMOVAL
6 ELEVATOR MAINTENANCE/CONTRACT
S -
-
S -
-
7 GROUNDS
8 SERVICES
S 6,350
6,000.00
landscaping service
S 1.463
1,830.00
9 FURNITURES & FURNISHING REPLACEMENT
10 OTHER OPERATING EXPENSE l/rrnnm)
S 34,344
21,715.36
see Page 5 for details
$ -
-
11 SUB -TOTAL MANY. & OPERATING (1 rhnt 10)
$ 94,916 115,318.06
12 ELECTRICITY
13 WATER
1Imaster mewed ,
check box
on front.
S 4,068
3,930.29
S 15,648
13,790.20
14 SEWER
15 FUEL (Oi/Coal/Gas)
S 24,422
22,818.10
$ 11,281
8.741.78
16 GARBAGE & TRASH REMOVAL
17 OTHER UTILITIES
S 6,959
7,849.88
$ •
-
18 SUB -TOTAL UTILITIES (12 flies 17)
S 62,378
57,130.25
19 SITE MANAGEMENT PAYROLL
20 MANAGEMENT FEE
S 36,635
57,322.59
On -site mgr & asst mgr and compliance
S 24,900
25,896.00
21 PROJECT AUDITING EXPENSE
22 PROJECT BOOKKEEPLNG/ACCOUNTING
S 6,300
6,300.00
S
-
23 LEGAL EXPENSES
24 ADVERTISING
S •
24.79 S 200
•
25 TELEPHONE & ANSWERING SERVICE
26 OFFICE SUPPLIES
S 1,578
1,569.44
S 1,577
920.99
27 OFFICE FURNITURE & EQUIPMENT
28 TRAINING EXPENSE
S 791
865.23
S 2.435
2,543.02
29 HEALTH INS. & OTHER EMP. BENEFITS
30 PAYROLL TAXES
$ I7.94I
16,616.44
24% of total compensation
S 4,919
6,410.42
8.5% of total compensation
31 WORKMAN'S COMPENSATION
32 OTHER ADMINISTRATIVE EXPENSES Rnnn:r)
S 2,894
4,830.96
S 9,720
11,900.03
Credit checks, Consulting &Prof Fees, Sofwue, Internet & bank charges -See tab Misc 33 SUB -TOTAL ADMINISTRATIVE (19 three 32) $ 109,890
135,199.91
34 REAL ESTATE TAXES
35 SPECIAL ASSESSMENTS
S -
-
100% Welfare tax exemption
S -
-
36 OTHER TAXES, LICENSES & PERMITS
37 PROPERTY & LIABILITY INSURANCE
$ -
170.00
City of MD Business License
S 9,469
8,949.99
38 FIDELITY COVERAGE INSURANCE
39 OTHER INSURANCE
S 20
31.84 S 3,719
3,181.52
40 SUB -TOTAL TAXES & INSURANCE (34 rhm 39)
S 13,208
12,333.35
41 TOTAL O&M EXPENSES (11418,33+40)
S 280,392
319,981.57
66 FORM APPROVED
OMB NO. 0575-0189
USDA
Form RD 3560-7
(Rev. 02-05)
MULTI -FAMILY HOUSING
PROJECT BUDGET WORKSHEET
PART III -- ACCOUNT BUDGETING/STATUS
RESERVE ACCOUNT:
I BEGINNING BALANCE
2 TRANSFER TO RESERVE
TRANSFER FROM RESERVE
3 OPERATING DEFICIT
4 BUILDING REPAIR & IMPROVEMENTS
5 EQUIPMENT REPAIR & REPLACEMENT
6 OTHER NON -OPERATING EXPENSES
7 TOTAL (3 thru 6)
8 ENDING BALANCE [(1 +2)-7]
GENERAL OPERATING ACCOUNT:*
BEGINNING BALANCE
ENDING BALANCE
CURRENT
BUDGET
Actual as of
06/30/2025
PROPOSED
BUDGET
COMMENTS
or (YTD)
$ 198,383
159,227.25
$ 20,000
24,810.19
incl. int income
$
$ 60,400
4,425.48
withdrawal
$
$ 60,400
4,425.48
$ 157,983
179,611.96
REAL ESTATE TAX AND INSURANCE ESCROW ACCOUNT:*
BEGINNING BALANCE
ENDING BALANCE
TENANT SECURITY DEPOSIT ACCOUNT:*
BEGINNING BALANCE
ENDING BALANCE
*(Complete upon submission of actual expenses)
183,275.51
127,490.73
18,788.61
18,792.40
NUMBER OF APPLICANTS ON WAITING LIST...
NUMBER OF APPLICANTS NEEDING RA..
334
146
RESERVE ACCT. REQ. BALANCE
AMOUNT AHEAD/BEHIND
$ 157,983
$ 21,629
67 FORM APPROVED
OMB NO. 0575-0189
USDA
Form RD 3560-7
(Rev. 02-05)
MULTI -FAMILY HOUSING
PROJECT BUDGET WORKSHEET
PART IV -- RENT SCHEDULE
A. CURRENT APPROVED RENTS 7/1/2023
UNIT DESCRIPTION
RENTAL RATES
POTENTIAL INCOME FROM EACH
RATE
UTILITY
ALLOW
ANCE
BR SIZE
UNIT
TYPE
NUMBER
BASIC
NOTE
RATE
HUD
BASIC
NOTE RATE
HUD
495 M-pv l b40
1 a
6 $ 1,040
$ 1,215
$ -
$ 74,880
$ 87,480
$ -
$ 21
495 M-pv l b4
1 b
1 $ 1,040
$ 1,215
$ -
$ 12,480
$ 14,580
$ -
$ -
495 M-pv2b4
2a
6 $ 1,107
$ 1,310
$ -
$ 79,704
$ 94,320
$ -
$ 48
500 M-pv I b5
lc
4 $ 1,048
$ 1,240
$ -
$ 50,304
$ 59,520
$ -
$ 76
500 M-pv2b5
2b
8 $ 1,083
$ 1,297
S -
$ 103,968
$ 124,512
$ -
$ 73
495, mgr-pv 1 b4
2b
n/a
n/a
n/a
$ -
$ -
-
-
$
$
$
$
$
$
$ -
25 CURRENT RENT TOTALS
$ 321,336
$ 380,412
$ -
BASIC
NOTE
HUD
B. PROPOSED RENTS 7/1/2024
Effective Date:
UNIT DESCRIPTION
RENTAL RATES
POTENTIAL INCOME FROM EACH
RATE
UA
BR SIZE/ yardi
UNIT
NOTE
NOTE RATE
HUD
unit type
TYPE
NUMBER
BASIC
RATE
HUD
BASIC
495 M-pvlb40
Ia
6 $ 1,144
$ 1,319
$ -
$ 82,368
$ 94,968
$ 28
495 M-pvlb4
lb
I
$ 1,144
$ 1,319
$ -
$ 13,728
$ 15,828
$ -
495 M-pv2b4
2a
6 $ 1,218
$ 1,421
$ -
$ 87,696
$ 102,312
$ 50
500 M-pvlb5
lc
4 $ 1,153
$ 1,345
$ -
$ 55,344
$ 64,560
$ 88
500 M-pv2b5
2b
8 $ 1,191
S 1,394
$ -
$ 114,336
$ 133,824
$ 81
495, mgr-pv I b4
2b
-
$ -
excluding
mgr unit
25 CURRENT RENT
TOTALS
$ 353,472
$ 411,492
$ -
$ -
BASIC
NOTE
I -IUD
UA
C. PROPOSED UTILITY ALLOWANCE - Effective Date: 7/1/2024
MONTHLY DOLLAR ALLOWANCES
BR SIZE
UNIT
TYPE
NUMBER
ELECTRIC
GAS
WATER
SEWER
TRASH
OTHER
TOTAL
495 M-pvlb40
la
6 $ 21
$ -
$ -
$ -
$ -
$ 21
495 M-pvlb4
lb
1 $ -
$ -
$ -
$ -
$ -
$ -
495 M-pv2b4
2a
6 $ 42
$ 31
$ -
$ -
$ -
$ 73
500 M-pvlb5
lc
4 $ 45
$ 31
$ -
$ -
$ -
S -
$ 76
500 M-pv2b5
2b
8 $ 48
$ -
$ -
$ -
$ 48
495, mgr-pv 1 b4
2b
n/a
n/a
n/a
$ -
$ -
S -
$ -
$ -
excluding mgr unit
25 68
USDA
Form RD 3560-7
(Rev. 02-05)
MULTI -FAMILY HOUSING
PROJECT BUDGET WORKSHEET
FORM APPROVED
OMB NO. 0575-0189
PART V -- ANNUAL CAPITAL BUDGET
Proposed
Number of
Units/Items
Proposed from
Reserves
Actual from
Reserve
Actual from
Operating
Actual from
Operating
Actual Total
Cost
Total Actual
Units/Items
Appliances:
I Range
4 $ -
-
-
1,376.29
1,376.29
5 2 Refrigerator
4 5 -
-
-
852.60
852.60
-
3 Range hood
0 S -
-
-
-
-
-
4 Washers & dryers
0 $ -
-
-
-
-
-
5 Other: disposal
0 $ -
-
-
-
-
-
Carpet and Vinyl:
6 I Br
7 2 Br.
83Br.
94Br.
10 Other: Laundry Room
I
S -
3,140.00
-
-
3,140.00
-
2 $ 10,400
-
-
-
-
-
0 $ -
-
-
-
-
-
0 $ -
-
-
-
-
0 S -
-
-
-
-
-
Cabinets:
II Kitchen
12 Bathroom
13 Other:
0 0
0 $
S
Doors:
14 Exterior
15 Interior
16 Other:
0 0
0 S
S
S
Window Coverings:
17 Window Blinds
18 Other. Screens
18 S
S
688.91
68891
0 Heating & Air Conditioning:
19 Ileating
20 Air conditioning
21 Other: replace board
0 $ -
-
-
-
-
4 5 -
-
16,611.00
16,611.00
-
0 $ -
-
-
-
-
-
Plumbing:
22 Water heater
23 Bath Sinks
24 Kitchen sinks
25 Faucets
26 Toilets
27 Other: repairs, sewer inc
1 $ -
-
-
780.83
780.83
0 $ -
-
-
-
-
-
0 $-
-
-
-
-
-
0 $ -
-
-
-
-
0 S -
-
-
-
-
0 $ -
-
-
-
-
-
Major Electrical:
28 List:
29 Other:
0 0
S
_S
Structures:
30 Windows
31 Screens
32 Walls
33 Roofing
34 Siding
35 Exterior painting bldg 2
36 Other: Staircases/Landings
0 S -
-
-
-
-
-
5 5 -
-
-
380.73
380.73
-
0 S -
-
-
-
-
-
0 S -
-
-
-
-
-
0 $ -
-
-
-
-
-
0 $ -
-
-
-
-
-
0 $ 50,000
-
-
-
-
Paving:
37 Asphalt Pave and Reatripe
0 $ -
-
-
-
-
-
38 Concrete
0 S -
-
-
-
-
-
39 Seal and stripe
0 S -
-
-
-
-
-
40 Other:
0 $ -
-
-
-
Landsc pe and grounds:
41 Landscaping
42 Lawn equip.
43 Fencing
44 Recreation area
45 Signs
46 Other:
I
S -
-
-
1,025.00
1,025.00
-
0 S -
-
-
-
-
-
0 $ -
-
-
-
-
-
0 $ -
-
-
-
-
-
0 S -
-
-
-
-
0 S -
-
-
-
-
Accessibility features:
47 List:
48 Other.
0 0
S
S
Automation equipment:
49 Site management
50 Common area
51 Other.
0 0
0 S
S
S
Other:
52 List: Fire Safety Equip
53 List: Extennination
0 0
S
S
1,285 48
1,285 48
TOTAL CAPITAL EXPENSES:
40 S 60,400
4,425.48
21,715.36
26,140.84
same to Page 1, line 13 & 26
69 Form RD 3560-10
(02-05)
Position 3
MULTI -FAMILY HOUSING
BORROWER BALANCE SHEET
PART 1- BALANCE SHEET
FORM APPROVED
OMB NO. 0575-0189
PROJECT NAME
Pacific View Apartments
BORROWER NAME
People's Self -Help Housing Corp.
BORROWER ID AND PROJECT NO.
ASSETS
BEGINNING DATES>
ENDING DATES>
CURRENT ASSETS
I. GENERAL OPERATING ACCOUNT
2. R.E. TAX & INSURANCE ACCOUNT
3. RESERVE ACCOUNT
4. SECURITY DEPOSIT ACCOUNT
5. OTHER CASH (identify)
6. OTHER (Identify)
7. TOTAL ACCOUNTS RECEIVABLE (Attach Est)
ACCTS RCVBL 0-30 DAYS $ 1,719.00
ACCTS RCVBL 30-60 DAYS $k
ACCTS RCVBL 60-90 DAYS $
ACCTS RCVBL OVER 90 DAYS $
8. LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS
9. INVENTORIES (supplies)
10. PREPAYMENTS
11. 12. TOTAL CURRENT ASSETS (Add I thru 11)
CURRENT YEAR
( 07-01-202M )
( 06-30-20AM )
PRIOR YEAR
( (7-01-2043 )
( 06-30-202d )
COMMENTS
127,491.00
$183,276.00
179,612.00
159,227.00
18,792.00
18,789.00
1,719.00
302.00
9,553.00
8,740.00
FIXED ASSETS
13. LAND
14. BUILDINGS
15. LESS: ACCUMULATED DEPRECIATION ..
16. FURNITURE & EQUIPMENT
17. LESS: ACCUMULATED DEPRECIATION
18. 19. TOTAL FIXED ASSETS ( Add 13 thru 18)
OTHER ASSETS
20. 21. TOTAL ASSETS (Add 12, 19, and 20)
LIABILITIES AND OWNERS EOUITY
CURRENT LIABILITIES
22. TOTAL ACCOUNTS PAYABLE (Attach list)
ACCTS PAYABLE 0-30 DAYS $ 23, 338.00
ACCTS PAYABLE 30-60 DAYS $
ACCTS PAYABLE 60-90 DAYS $
ACCTS PAYABLE OVER 90 DAYS $
23. NOTES PAYABLE (Attach list)
24. SECURITY DEPOSITS
25. TOTAL CURRENT LIABILITIES (Add 22 thru 24)
337,167.00
370,334.00
619,483.00
619,483.00
1,270,614.00
1,270,614.00
( 1,165,531.00)(
1,154,890.00 )
2,800.00
2,800.00
( 2,800.00)(
2,800.00 )
$724,566.00
$735,207.00
$1,061,733.00
$1,105,541.00
$23,338.00
$46,213.00
18,788.00
18,788.00
$42,126.00
$65,001.00
According to the Paperwork Reduction Act of 1995, an agency may not condrel or sponsor, and a person is not required to respond to a collection of infomtation unless ti displays a valid OMB control mauber. The valid OMB control number far this information calkctien Is 057J-0189. The time required to complete this Information collection is estimated to average 2 hour per response, including the tints for reviewing instructions, searching existing data sources, gathering and maintaining the data needed and completing and reviewing the onlle Linn of i.jnn.atinn 70 LONG-TERM LIABILITIES
26. NOTES PAYABLE RURAL DEVELOPMENT
27. OTHER (Identifi)
28. TOTAL LONG-TERM LIABILITIES (Add 26 and 2 7)
29. TOTAL LIABILITIES (Add 25 and 28)
30. OWNER'S EQUITY (Net Worth) (21 minus 29)
31. TOTAL LIABILITIES AND OWNER'S EQUITY
(Add 29 and 30)
$1,007,303.00
$1,045,333.00
1,007,303.00
1,045,333.00
1,049,429.00
1,110,334.00
( 12,304.00 )
(
(4,793.00) )
$1,061,733.00
$1,105,541.00
Warning: Section 1001 of Title 18, United States Code provides: "Whoever, in any matter within the jurisdiction any ofdepartmdopartment or agency of the United States knowingly and willfully falsifies, conceals or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined under this title or imprisoned not more than five years, or both.
I HAVE READ THE ABOVE WARNING STATEMENT AND I HEREBY CERTIFY THE FOREGOING INFORMATION IS COMPLETE AND ACCURATE TO THE BEST OF MY KNOWLEDGE.
(Date)
(Signature of Borrower or Borrower' Representative)
CFu
PART H - VERIFICATION OF REVIEW
(Title)
I/We have reviewed the borrower's records. The accompanying balance sheet, and statement of actual budget and income on Form RD 1930-7, is a fair presentation of the borrower's records.
I/We certify that no identity of interest exists between me/us and any individual or organization doing business with the project or borrower.
(Date) (Signature)
(Name and Title)
(Address)
✓Q In lieu of the above verification and signature, a review completed, dated and signed by a person or firm qualified by I license or certification is attached.
71 SUPPLEMENTARY CONTRACT INFORMATION FOR
NEIGHBORWORKS AMERICA
IRS
ncparhncnt ol'the Treasury
Internal Revenue Service
038765
CINCINNATI OH 45999-0038
PEOPLES SELF-HELP ROUSING
CORPORATION
1060 KENDALL RD
SN LUIS OBISP CA 93401
In reply refer to: 0256432397
Dec. 22, 2021 LTR 4168C 0
000000 00
00008958
BODC: TE
Employer ID number:
Form 990 required: YES
Dear Taxpayer:
We're responding to your request dated Dec. 15, 2021, about your tax-exempt status.
We issued you a determination letter in July 1971, recognizing you as tax exempt under Internal Revenue Code (IRC) Section 501(c) (US).
We also show you're not a private foundation as defined under IRC Section 509(a) because you're described in IRC Sections 509(x)(1) and 170(b)(1)(A)(vi).
Donors can deduct contributions they make to you as provided in IRC Section 170. You're also qualified to receive tax deductible bequests, legacies, devises, transfers, or gifts under IRC Sections 2055, 2106, and 2522.
In the heading of this letter, we indicated whether you must file an annual information return. If you're required to file a return, you must file one of the following by the 15th day of the 5th month after the end of your annual accounting period:
- Form 990, Return of Organization Exempt From Income Tax - Form 990E1, Short Form Return of Organization Exempt From Income Tax
- Form 990-N, Flectronic Notice (e -Postcard) for Tax -Exempt Organizations Not Required to File Form 990 or Form 990-EZ - Form 990-PF, Return of Private Foundation or Section 'i947(a)(1) Trust lreated as Private Foundation
According to IRC Section 6033(j), if you don't file a required annual information return or notice for 3 consecutive years, we'll revoke your tax-exempt status on the due date of the 3rd required return or notice.
You can get IRS forms or publications you need trom our website at www.irs.gov/forms-puhs or by calling 800 -TAX -FORM (800-829-3676).
If you have questions, call 877-829-5500 between 8 a.m. and 5 p.m.,
0?56432397
Dec. 22 2021 LTR 4168C 0
IIIIIIIIIII 000000 00
00008959
PEOPLES SELF-HELP HOUSING
CORPORATION
1060 KENDAII. RD
SN LUIS OBISP CA 93401
local time, Monday through Friday (Alaska and Hawaii follow Pacific time).
Thank you for your cooperation.
Sincerely yours,
Steve M. Brown, Operations Manager
Operations 3-CIN
Fiscal Year 2027 Outside Agency Request
Organization: Shower the People
Requested Funding: $5,000
Previously Received Funding: Yes
Direct Benefit to the City of Pismo Beach: Shower the People has been unable to identify a location in Pismo Beach City limits to offer showers to the unhoused. STP remains open to showering within Pismo City limits if a suitable location can be identified, and for now STP invites all unhoused individuals in South County to shower at the Grover Beach location at People’s Kitchen. It would be remiss to assume that the comparatively higher numbers of unhoused individuals in need of services reported at STP sites, particularly the Grover site, are irrelevant to the state of homelessness in Pismo Beach. It is highly likely that many individuals served at the STP site in Grover Beach travel from Pismo Beach for shower access.
The benefit the program offers the city of Pismo Beach is apparent by the sustained increase in individuals seeking services.
Support Fiscal 2027 City Goals: Shower the People’s funding request supports Pismo Beach’s goals for “Development of housing access” by “Investing in housing and homelessness assistance where feasible.” And improving the Quality of Life by connecting the homeless with services to navigate their path back to being housed and being fully integrated back into the community. Showers support the health of unhoused community members and makes Pismo Beach a safer and more enjoyable place to live by helping to stop the spread of communicable disease, preserve public spaces and prevent crisis health situations.
Priority of Needs: STP is accustomed to prioritizing needs within the shower program and all listed expenses on the attached budget reflect necessary operational costs. Grant money received from the City of Pismo Beach will be directed towards the ability to provide clean underclothes and toiletries before guests shower
Program Description: Shower the People's (STP) all volunteer mobile shower program aims to offer one of Pismo Beaches most vulnerable populations the opportunity to regularly access valuable hygiene infrastructure, such as shower facilities, with privacy and dignity. The 2026-2027 goal of STP is to continue its successful shower program in south county with a dedicated Van and Shower Trailer and starting in June 2026, offer showers 2 days each week.
In addition to connecting guests with available community resources, we supply guests with a towel and washcloth, new pair of underwear, socks, a T-shirt, a comb, toiletries and hand sanitizer for their 15- minute hot shower.
Point of Contact: Gary Petersen
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Statement of Financial Position
SHOWER THE PEOPLE
As of Apr 22, 2026
TOTAL
Assets
Current Assets
Bank Accounts
1000 Columbia Bank - Daily Operations
1001 Chase - Daily Operating Funds
7873-3362 Charles Schwab
Total for Bank Accounts
Total for Current Assets
Fixed Assets
6000 2018 Mobile Shower Unit - Rich Trailers
6001 2018 Chev Express Van VIN 25880
6002 2026 Mobile Shower Unit - Rich Trailers
6003 2024 Chev Express Van
6007 Accum depr
Total for Fixed Assets
Total for Assets
775.51
31,450.00
314,384.30
$346,609.81
$346,609.81
41,769.46
25,157.95
75,529.48
48,295.58
-66,388.00
$124,364.47
$470,974.28
Liabilities and Equity
Liabilities
Current Liabilities
Credit Cards
1501 SLO Maintenance - Rob
1502 Operating Expenses - Gary
Total for Credit Cards
Total for Current Liabilities
Total for Liabilities
Equity
Prior Years Equity
Net Income
Total for Equity
Total for Liabilities and Equity
121.07
4,702.77
$4,823.84
$4,823.84
$4,823.84
472,185.91
-6,035.47
$466,150.44
$470,974.28
Cash Basis Thursday, April 23, 2026 12:03 AM GMTZ
1/1
INTERNAL REVENUE SERVICE
P. O. BOX 2508
CINCINNATI, OH 45201
Date: MAY 24 2177
SHOWER THE PEOPLE
1133 YARD LOOMIS LN
ARROYO GRANDE, CA 93420-0000
Dear Applicant:
DEPARTMENT OF THE TREASURY
Employer Identification Number:
DLN:
Contact Person:
CUSTOMER SERVICE
Contact Telephone Number:
(877) 829-5500
Accounting Period Ending:
December 31
Form 990-PF Required:
Yes
Effective Date of Exemption:
May 16, 2017
Addendum Applies:
No
ID# 31954
We're pleased to tell you we determined you're exempt from federal income tax under Internal Revenue Code (IRC) Section 501(c)(3). Donors can deduct contributions they make to you under IRC Section 170. You're also qualified to receive tax deductible bequests, devises, transfers or gifts under Section 2055, 2106, or 2522. This letter could help resolve questions on your exempt status. Please keep it for your records.
Organizations exempt under IRC Section 501(c)(3) are further classified as either public charities or private foundations. We determined you're a private foundation within the meaning of Section 509(a).
You're required to file Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation, annually, whether or not you have income or activity during the year. If you don't file a required return or notice for three consecutive years, your exempt status will be automatically revoked.
If we indicated at the top of this letter that an addendum applies, the enclosed addendum is an integral part of this letter.
For important information about your responsibilities as a tax-exempt organization, go to www.irs.gov/charities . Enter "4221-PF" in the search bar to view Publication 4221-PF, Compliance Guide tor 501(c)(3) Private Foundations, which describes your recordkeeping, reporting, and disclosure requirements.
Letter 1076
Fiscal Year 2027 Outside Agency Request
Organization: San Luis Obispo County Housing Trust Fund Requested Funding: $6,000
Previously Received Funding: Yes
Direct Benefit to the City of Pismo Beach: This request is being made to cover a portion of our $1,300,000 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 communities. Our operating costs have increased due to higher interest rates, inflation, in the increase in our loan volume.
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 manyworkforce 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 2027 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: Our Loan Fund: We continue to have very 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 80 loans totaling about $50 million creating or preserving over 1950 affordable housing units in our county.
In Pismo Beach, we funded the Pismo Terrace development resulting in 50 units of affordable housing.
Our loans have contributed to over $420 million of economic activity via affordable housing development throughout SLO County
Point of Contact: Jefferson Eckles
San Luis Obispo County
Housing Trust Fund
Audited Financial Statements
Year Ended December 31, 2025
0 GLENN BURDETTE
2 San Luis Obispo County Housing Trust Fund
Financial Statements
Year Ended December 31, 2025
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
GGLENN BURDETTE
Independent Auditors' Report
To the Board of Directors of
San Luis Obispo County Housing Trust Fund
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of San Luis Obispo County Housing Trust Fund (a nonprofit organization), which comprise the statement of financial position as of December 31, 2025, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of San Luis Obispo County Housing Trust Fund as of December 31, 2025, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Unites States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of San Luis Obispo County Housing Trust Fund and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 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. 3 GLENNBURDETTE.COM
p ( 805 ) 544 -1441
f ( 805 ) 544 - 4351
SAN LUIS OBISPO
1150 Palm Street
San Luis Obispo, CA 93401
PASO ROBLES
102 South Vine Street
Paso Robles, CA 93446
SANTA MARIA
2222 South Broadway, Ste. A
Santa Maria, CA 93454
4 Board of Directors
San Luis Obispo County Housing Trust Fund
Auditor's Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of San Luis Obispo County Housing Trust Fund’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about San Luis Obispo County Housing Trust Fund’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
5 Board of Directors
San Luis Obispo County Housing Trust Fund
Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 10, 2026, 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
April 10, 2026
6 San Luis Obispo County Housing Trust Fund
Statement of Financial Position
December 31, 2025
Cash and cash equivalents 6,913,801$
Investments 1,400,000
Contributions and grants receivable 58,555
Accounts receivable 2,716
Interest receivable 15,278
Notes and accrued interest receivable, current portion 5,197,259 Prepaid expenses 9,952
Total current assets 13,597,561
Notes and accrued interest receivable, net of current portion 19,350,414 Allowance for credit losses (1,400,000)
Operating lease right-of-use asset 65,860
Total non-current assets 18,016,274
Total assets 31,613,835$
Accounts payable 8,901$
Accrued payroll liabilities 19,739
Accrued interest payable 10,055
Accrued vacation payable 35,891
Current portion of lines of credit 250,000
Current portion of notes payable 26,718
Current portion of operating lease liability 37,797
Total current liabilities 389,101
Lines of credit 3,494,910
Notes payable, net of current portion 5,463,305
Operating lease liability, net of current portion 29,906 Total long-term liabilities 8,988,121
Total liabilities 9,377,222
Without donor restrictions 9,634,688
With donor restrictions 12,601,925
Total net assets 22,236,613
Total liabilities and net assets 31,613,835$
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, 2025
Contributions and grants 302,870 1,444,639 1,747,509 Fee income 54,025 54,025
Interest income - program 999,933 999,933 Interest income - cash 221,403 221,403
Net assets released from restrictions
Expenses:
Net assets - beginning of year
Net assets - end of year
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, 2025
Program General and Fund-
Services Administration Raising Total
Personnel costs:
Salaries and wages 301,078$ 115,799$ 46,320$ 463,197$ Total personnel costs 301,078 115,799 46,320 463,197 Dues and subscriptions 5,932 1,186 791 7,909 Insurance 5,624 1,125 750 7,499 Interest 226,303 226,303 Loan fees 7,044 7,044 Marketing and promotion 20,181 4,036 2,691 26,908 Occupancy 10,559 2,112 1,408 14,079 Office expense 7,082 1,416 944 9,442 Professional services 77,340 77,340 Provision for credit losses 200,000 200,000 Telephone and communications
Travel and entertainment 16,104 3,221 2,147 21,472 799,907$ 206,235$ 55,051$ 1,061,193$ 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, 2025
Cash flows from operating activities:
Change in net assets 1,966,177$
Adjustments to reconcile change in net assets to
net cash used in operating activities:
Lease expense - operating lease 38,786
Allowance for credit losses 200,000
Changes in operating assets and liabilities:
Contributions and grants receivable 456,445
Accounts receivable
Interest receivable 4,252
Notes and accrued interest receivable
Prepaid expenses 14,328
Accounts payable
Accrued payroll liabilities 2,374
Accrued interest payable 5,746
Accrued vacation payable 11,089
Operating lease liabilities
Net cash used in operating activities
Cash flows from investing activities:
Purchases of investments
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from borrowing on line of credit 7,085,000
Repayment of line of credit
Proceeds from borrowing on notes payable 4,244,910
Repayment of notes payable
Net cash provided by financing activities 3,981,719
Net increase in cash 2,311,449
Cash and cash equivalents - beginning of year 4,602,352 Cash and cash equivalents - end of year 6,913,801$
Supplemental schedule of investing and financing activities:
Cash paid for interest during the year 220,557$
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, 2025
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 in San Luis Obispo County for extremely low to moderate income residents and households of people with disabilities. 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, 2025
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, 2025, there was $1,692,522 of 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, 2025, the Organization received contributions of nonfinancial assets for professional services of $4,500. 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 allowance for credit losses.
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, 2025
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, 2025, there was $1,399,813 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, 2025.
13 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
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. The certificates of deposit mature at various dates through August 2026.
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, 2025
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, 2025:
Level 1 Level 2 Level 3 Total
Investments:
Certificates of deposit $ 1,320,759$ $ 1,320,759$ -$ 1,320,759$ -$ 1,320,759$
Leases
The Organization leases office space. The determination of whether an arrangement is a lease is made at the lease’s inception. Under FASB ASU 2016-02, Leases (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, 2025. 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, 2025
Note 2: Summary of Significant Accounting Policies (Continued) 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, 2025 notes receivable, net of accrued interest was $24,513,833. As of January 1, 2025, notes receivable net of accrued interest was $20,276,235.
At each balance sheet date, the Organization recognizes an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist. The allowance estimate is derived from a review of the Organization’s historical losses based on the aging of receivables. This estimate is adjusted for management’s assessment of current conditions, reasonable and supportable forecasts regarding future events, and other factors deemed relevant by the Organization. The Organization believes historical loss information is a reasonable starting point in which to calculate the expected allowance for credit losses as the Organization’s portfolio segments have remained constant since the Organization’s Inception. The Organization also compares the current allowance for credit losses to a percentage of the loan receivable portfolio balance to identify if any increases are warranted.
The Organization writes off receivable notes when there is information that indicates the borrower is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income or an offset to credit loss expense in the year of recovery, in accordance with the Organization’s accounting policy election. The allowance for credit losses for accounts receivable by portfolio segment and the related activity are as follows:
1,200,000$
Provision for credit losses 200,000
Ending Balance 1,400,000$
16 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
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 6,913,801$
Investments 1,400,000
Contributions and grants receivable 58,555
Accounts receivable 2,716
Interest receivable 15,278
Notes and accrued interest receivable, current portion 5,197,259 (Less):
Cash and cash equivalents to support program net asset restrictions Cash and cash equivalents to support program commitments 6,858,622$
The Organization has an operating reserve policy and occasionally the Board designates a portion of any operating surplus to its operating reserve and allowance for credit losses. The Organization has established a board designated reserve of net assets of $500,000 for potential operating losses at December 31, 2025, 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 Organization has been awarded various state and local grants that will provide a total of $1,336,654 in revenue when the Organization funds the loans that have been identified under the terms of the grants. See Note 7.
The Organization has five lines of credit, see Note 5. At December 31, 2025, $3,744,910 was outstanding on all lines of credit with $4,005,090 remaining in borrowing capacity. As part of its liquidity management, the Organization has a policy to structure its notes receivable so that maturities generally correspond with the maturity dates of its loans payable to ensure adequate cash to satisfy its financial obligations.
The Organization has investment policies which allow a portion of its cash to be invested for up to 24 months based on anticipated need or use. In practice, the majority of the Organization’s cash has been placed in certificates of deposit, money market and savings accounts at banks and credit unions.
17 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 4: Notes and Accrued Interest Receivable
At December 31, 2025, notes and accrued interest receivable consisted of the following:
256,796$
308,225
310,503
119,935
556,675
288,750
263,410
370,515
1,720
380,386
253,526
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. 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 April 2026.
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.
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 3%, payable in one installment of principal and interest due June 2043. one final principal and interest payment due August 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 monthly installments of principal and interest at $18,934, with on final payment estimated at $2,292,435 due April 2027.
Loan #5032, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due March 2034.
18 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 4: Notes and Accrued Interest Receivable (Continued)
508,239$
418,507
242,283
423,676
1,600,000
163,382
1,264,691
300,000
292,933
886,093
762,450
359,571
with interest deferred until conversion. After conversion, annual payment of 1% loan with final principal and interest payment due October 2041. in monthly installments of principal and interest at $1,116 with the final payment due September 2048.
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. 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.
payable monthly, with principal due March 2026.
in monthly installments of principal and interest at $1,116 with the final payment due June 2037.
Loan #5050, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2040.
Loan #5049, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due December 2040. payable monthly, with principal due March 2026.
payable monthly, with principal due October 2025.
Loan #5037, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due March 2037.
Loan #5035, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due May 2036.
19 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 4: Notes and Accrued Interest Receivable (Continued)
736,084$
508,328
285,879
1,600,000
400,000
877,120
1,353,692
1,162,346
1,057,707
492,625
1,672,971
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. interest deferred until conversion. After conversion, annual payment of 1% loan 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 with final principal and interest payment due June 2043. principal and interest due monthly, with final principal and interest payment due March 2042.
principal and interest due monthly, with final principal and interest payment due August 2039.
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.
Loan #5053, collateralized by deed of trust, with a simple fixed interest rate of 3.00%, with interest deferred until conversion. After conversion, annual payment of 1% loan with final principal and interest payment due November 2041.
Loan #5062, 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 with final principal and interest payment due January 2049. interest deferred until conversion. After conversion, annual payment of 1% loan with final principal and interest payment due January 2044. principal and interest due monthly, with final principal and interest payment due September 2033.
Loan #5065, collateralized by deed of trust, with a fixed interest rate of 6.00%, with interest due monthly, with final principal and interest payment due October 2026.
20 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 4: Notes and Accrued Interest Receivable (Continued)
401,871$
1,551,822
808,188
734,913
171,291
400,570
24,547,673
principal and interest due monthly, with final principal and interest payment due September 2029.
Loan #5069, collateralized by deed of trust, with a fixed interest rate of 6.00%, with interest due monthly, with final principal and interest payment due May 2027.
Loan #5070, collateralized by deed of trust, with a fixed interest rate of 3.00%, with and interest payment due June 2045.
Loan #5071, collateralized by deed of trust, with a fixed interest rate of 2.5%, with principal and interest due monthly, with final principal and interest payment due November 2051.
Loan #5072, collateralized by deed of trust, with a fixed interest rate of 3.00%, with interest deferred until converstion. After conversion, annual payment of 1% loan monitoring fee, with residual receipts beginning one year following the construction period with final principal and interest payment due December 2050.
Loan #5067, 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 with final principal and interest payment due November 2054.
At December 31, 2025, aggregate maturities of notes and accrued interest receivable were as follows:
For the Year Ending December 31,
2029 595,815
2030 113,238
Thereafter 17,074,523
21 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 5: Lines of Credit
The Organization continued to maintain an unsecured, revolving line of credit agreement with Mission Bank in 2025.
The line of credit allows for borrowings up to $1,000,000, subject to various loan covenants which were met as of December 31, 2025. Interest accrues at the fixed rate of 5.00% per annum and is payable in monthly installments until maturity on August 5, 2028. As of December 31, 2025, there was $1,000,000 outstanding on the line of credit.
The Organization continued to maintain an unsecured, revolving line of credit agreement with American Riviera Bank in 2025. The line of credit allows for borrowings up to $250,000 and has a maturity date of May 15, 2026. Interest accrues at the variable rate of 2.50% per annum and is payable in monthly installments until maturity. As of December 31, 2025, there was $250,000 outstanding on the line of credit.
The Organization entered into a revolving line of credit agreement with West Coast Community Bank in 2025. The line of credit allows for borrowings up to $2,500,000 and has a maturity date of December 23, 2028. Interest accrues at the fixed rate of 5.70% per annum and is payable in monthly installments until maturity. As of December 31, 2025, there was $2,494,910 outstanding on the line of credit.
The Organization continued to maintain an unsecured, revolving line of credit agreement with Columbia Bank in 2025.
The line of credit allows for borrowings up to $3,000,000 and has a maturity date of July 11, 2030. Interest accrues at the variable rate of 5.75% per annum and is payable in monthly installments until maturity. As of December 31, 2025, there was $0 outstanding on the line of credit.
The Organization continued to maintain an unsecured, revolving line of credit agreement with Banc of California in 2025. The line of credit allows for borrowings up to $1,000,000 and has a maturity date of December 6, 2031.
Interest accrues at the variable rate of 5.45% per annum and is payable in monthly installments until maturity. As of December 31, 2025, there was $0 outstanding on the line of credit.
Note 6: Notes Payable
At December 31, 2025 notes payable consisted of the following:
8,013$
252,010
Note payable to the Sisters of Charity of Cincinnati, Inc., dated May 1, 2016, annum, and one final payment of principal and interest at the maturity date of May 1, 2026.
May 1, 2022, with one final payment of principal and interest on May 1, 2048.
22 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 6: Notes Payable (Continued)
1,250,000$
250,000
730,000
3,000,000
interest only payments calculated at 3.00% per annum, with one final principal and interest payment on December 15, 2033.
Note payable to Mechanics' Bank, dated June 30, 2025, with quarterly interest only payments calculated at 4.00% per annum, with one final principal and interest payment on June 30, 2028.
quarterly interest only payments at 2.50% interest, with one final principal payment of $200,000 on June 15, 2030.
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 September 15, 2028.
At December 31, 2025, aggregate maturities of notes payable were as follows:
For the Year Ending December 31,
2029 23,275
2030 259,464
Thereafter 3,156,595
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.
23 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 7: Grant Requirements and Agreements (Continued) During the year ended December 31, 2021, the Organization was awarded a Local Housing Trust Fund (LHTF) grant in the amount of $1,500,000. Total funds drawn as of December 31, 2025 were $9000,000 with a remaining amount still to be drawn of $600,000. During the year ended December 31, 2023, the Organization was awarded an LHTF grant in the amount of $1,200,000. Total funds drawn as of December 31, 2025 were $750,000 with a remaining amount still to be drawn of $450,000. Since December 31, 2022, the Organization has obtained seven Permanent Local Housing Authority (PLHA) grants and three LHTF grants for a total amount of $7,351,912. Total funds drawn as of December 31, 2025 were $6,015,258 with a remaining amount still to be drawn of $1,336,654. Under the terms of the grant agreements, the Organization has reporting requirements related to the various projects through the year 2036.
Restricted net assets related to these grants are $5,579,007 as of December 31, 2025.
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, 2025, the Organization recognized grant revenue of $1,444,639 when they executed promissory notes from borrowers.
Note 8: Leases
The Organization leases a building in San Luis Obispo, California, with a minimum monthly rent of $3,264, 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, 2025 through December 31, 2025. Mission Community Services renewed their sublease agreement effective January 1, 2026 through December 31, 2026. Base rent to be paid to the Organization is $2,285 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 $38,786 for the year ended December 31, 2025.
Cash paid for amounts included in the measurement of lease liabilities Weighted-average remaining lease term in years for operating leases 1.75 Weighted-average discount rate for operating leases 3.52%
24 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 8: Leases (Continued)
The other required information for the year ended December 31, 2025, is as follows:
Cash paid for amounts included in the measurement of lease liabilities Weighted-average remaining lease term in years for operating leases 1.75 Weighted-average discount rate for operating leases 3.52% The future minimum lease payments and reconciliation to the statement of net position at December 31, 2025 is as follows:
2026 39,462$
2027 30,258
Total undiscounted cash flows 69,720
Less: present value discount
Total lease liabilities 67,703$
Note 9: Designations and Restrictions on Net Assets
At December 31, 2025, the Organization had the following net assets without donor restrictions:
Undesignated 9,134,688$
Designated by the Board for operating reserve 500,000
9,634,688$
At December 31, 2025, 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 6,790,000
Local Housing Trust Fund Program 2,820,644
Permanent Local Housing Allocation 2,758,364
12,601,925$
25 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2025
Note 10: Subsequent Events
Events subsequent to December 31, 2025 have been evaluated through April 15, 2026, 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, 2025, 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 April 10, 2026.
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.
28 Board of Directors
San Luis Obispo County Housing Trust Fund
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether San Luis Obispo County Housing Trust Fund’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Organization’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Organization’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Glenn Burdette Attest Corporation
San Luis Obispo, California
April 10, 2026
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, 2025.
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, 2025.
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
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.
31 Board of Directors
San Luis Obispo County Housing Trust Fund
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance.
Accordingly, this report is not suitable for any other purpose.
Glenn Burdette Attest Corporation
San Luis Obispo, California
April 10, 2026
32 San Luis Obispo County Housing Trust Fund
Schedule of Expenditure of Federal Awards
Year Ended December 31, 2025
Federal
Assistance Listing Federal
Number Expenditures
US Department of the Treasury
Capital Magnet Fund 21.011 7,000,000$
US Department of Agriculture
Intermediary Relending Program 10.767 233,306
Total expenditures of federal awards 7,233,306$
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, 2025
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, 2025, 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, 2025.
Note 3: Indirect Cost Rate
The Organization has elected to use the 15% 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 $233,306 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, 2025
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: $1,000,000.
(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 2027 Outside Agency Request
Organization: Service Corps of Retired Executives (SCORE) 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 provide 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 help businesses understand how to define their business concept, manage cashflow and market their business. Research showsuse of SCORE mentoring improves the chances of business success. Working with the City, we are prepared to jointly sponsor and produce local workshops of interest to Pismo's business constituency on current topics, e.g. AI: possible applications and pitfalls.
Support Fiscal 2027 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 overall quality of life for residents and enhancing a vibrant tourist-based economy, both focus areas of the 2026/27 goals Priority of Needs: In 2025, SCORE lost federal funding support along with many other non-profit organizations. Since then, local SCORE Chapters (SLO included) have had to reimburse the National office for services provided: accounting, marketing, IT, etc. This is the greatest need for funding support. As a consequence of the above change, we have worked hard to reduce local expenses, but that need is not zero, and that would be the 2nd use of funds, e.g. for community outreach and special projects.
Program Description: SCORE’s mission is to foster the establishment, development and growth of small business. In furtherance of this mission, SCORE offers a range of services to small business owners: FREE Mentoring, Webinars 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. SCORE's services are available to all interested parties, no limitations or prior qualifications.
Point of Contact: Tom Thompson
Supplementary Information
23 ra IRS Department of the Treasury fMJ/1 Internal Revenue Service 021757
OGDEN .UT 84201-0 0 38-
SERVICE CORPS OF RETIRED EXECUTIVES ASSOCIATION 1175 HERNDON PKWY STE 900 HERNDON VA 20170-5532 Employer ID number: £orm 9J_�-��qulre�:
Dear Taxpayer:
Yes
In reply refer to: 0438077500 Jan. 06, 2020 LTR 4168C 0 000000 00 00026008 BODC: TE
We're responding to your request dated Dec. 27, 2019, about your tax-exempt status.
We issued you a determination letter in July 1976, recognizing you as tax-exempt �nder Internal Revenue Code CIRC> Section 501Cc) ( 3)•
Donors can deduct contributions they make to you as provided in IRC Section 170. You'.re also qualified to receive tax deductible bequests, legacies, devises, transfers, or gifts under IRC Sections 2055, 2106, and 2522.
In the heading of this letter, we indicated whether you must file an annual information return. If you're required to file a return, you must file one of the following by the 15th day of the 5th month after the end of your annual accounting period:
-Form 990, Return of Organization Exempt From Income Tax-Form 990EZ, Short Form Return of Organization Exempt From IncomeTax-Form 990-N, Electronic Notice Ce-Po�tcard) ·for Tax-ExemptOr'ganizations Not Required to File Form 990 or Form 990-EZ •-Form 990-PF, Return of Private Foundation or Section 4947Ca>Cl)Trust Treated as Private Foundation According to IRC Section 6033Cj), if you don't file a required annual information return or notice for 3 consecutive years, we'll revoke your tax-exempt status on the due dafe of the 3rd required return or notice.
You can get IRS forms or publications you need from our website at www.irs.gov/forms-pubs or by calling 800-TAX-FORM CB00-829-3676).
If you have questions, call 877-829-5�00 between 8 a.m. and 5 p.m., local time, Monday through Friday (Alaska and Hawaii f�llow Pacific time).
Thank you for your cooperation.
0438077500
Jan. 06, 2020 LTR 4168C 0
000000 00
00026009
SERVICE CORPS OF RETIRED EXECUTIVES
ASSOCIATION
1175 HERNDON PKWY STE 900
HERNDON VA 20170-5532
Sincerely yours,
Sharon Davies
Program Manager, AM OPS 2
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