Santa Monica City Council
January 11, 2022

Compliance and Other Matters
As part of obtaining reasonable assurance about whether HCD Properties' financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of HCD Properties' internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering HCD Properties' internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

October 9, 2017 Dauby O’Connor & Zaleski, LLC
Carmel, Indiana Certified Public Accountants
85 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUMMARY OF AUDIT FINDINGS AND RECOMMENDATIONS
YEAR ENDED JUNE 30, 2017
Schedule of Current Year Findings and Recommendations
Our audit disclosed no findings or questioned costs that are required to be reported.

Status of Prior Year Findings and Recommendations
There were no open findings, questioned costs or recommendations from the prior audit report.

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

REPORT ON AUDIT OF CONSOLIDATED FINANCIAL

STATEMENTS AND SUPPLEMENTARY INFORMATION

AND COMPLIANCE AND INTERNAL CONTROL
WITH ACCOMPANYING INFORMATION REQUIRED BY:

THE CALIFORNIA DEPARTMENT OF HOUSING AND

COMMUNITY DEVELOPMENT
YEAR ENDED JUNE 30, 2016

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

TABLE OF CONTENTS
Page
Independent auditor’s report 1-2
Financial statements
Consolidated statement of financial position 3-4
Consolidated statement of activities 5-6
Consolidated statement of changes in net assets (deficit) 7 Consolidated statement of cash flows 8-9
Notes to consolidated financial statements 10-30
Supplementary information - properties and subsidiaries Combining statements of financial position by property 31-40 Combining statements of activities and changes in net assets (deficit) by property 41-46
Mortgage schedule by property 47-50
Combining statements of financial position by subsidiary 51-52 Combining statements of activities and changes in net assets (deficit) by subsidiary 53-54
Mortgage schedule by subsidiary 55
Supplementary information - HCD 56-85
Independent auditor's report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with Government Auditing Standards 86-87
Summary of audit findings and recommendations 88
Certificate of officer 89
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors of
Community Corporation of Santa Monica and Subsidiaries
(A California Not-For-Profit Corporation)
Report on the Financial Statements
We have audited the accompanying financial statements of Community Corporation of Santa Monica and Subsidiaries, which comprise the consolidated statement of financial position as of June 30, 2016, and the related consolidated statements of activities, changes in net assets (deficit), and cash flows for the year then ended, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to Community Corporation of Santa Monica and Subsidiaries' preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Community Corporation of Santa Monica and Subsidiaries' internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
2 Community Corporation of Santa Monica and Subsidiaries

Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Community Corporation of Santa Monica and Subsidiaries as of June 30, 2016, and the results of its activities and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters
Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise Community Corporation of Santa Monica and Subsidiaries' basic financial statements. The accompanying supplementary information – properties and subsidiaries shown on pages 31 to 55 is presented for purposes of additional analysis, and is not a required part of the basic financial statements. The accompanying supplementary information – HCD shown on pages 56 to 81 is presented for purposes of additional analysis as required by the Audited Financial Statement Handbook for Multi-Family Rental Housing issued by the California Department of Housing and Community Development and California Housing Finance Agency ("HCD/CalHFA") for the properties financed by HCD, and is not a required part of the basic financial statements.

The accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic 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 basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

The accompanying supplementary information - HCD shown on pages 82 to 85 are presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards and the requirements of the Audited Financial Statement Handbook for Multi-Family Rental Housing of the California Department of Housing and Community Development and the California Housing Finance Agency, we have also issued our report dated October 10, 2016 on our consideration of 502 Colorado, 815 Ashland, Garcia, Virginia Village and 1937 18th Street's (the "HCD Properties") internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and the requirements of the Audited Financial Statement Handbook for Multi-Family Rental Housing of the California Department of Housing and Community Development and the California Housing Finance Agency, in considering HCD Properties' internal control over financial reporting and compliance.

October 10, 2016 Dauby O’Connor & Zaleski, LLC
Carmel, Indiana Certified Public Accountants
See notes to consolidated financial statements 3

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) ASSETS
General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Eliminations Subsidiaries Current assets
Cash and cash equivalents 8,327,503 $ 13,620,827 $ 21,948,330 $ 1,119,082 $ - $ 23,067,412 $Restricted cash 3,381 9,165,969 9,169,350 3,085,541 - 12,254,891Accounts receivable, net 12,823 105,167 117,990 4,268 - 122,258Prepaid expenses and other current assets 58,414 800 59,214 22,743 - 81,957
Total current assets 8,402,121 22,892,763 31,294,884 4,231,634 - 35,526,518 Property and equipment
Land 850,871 58,899,111 59,749,982 7,719,147 - 67,469,129Buildings and improvements 921,215 95,893,352 96,814,567 18,610,319 - 115,424,886Furniture, fixtures and equipment 326,635 30,528 357,163 125,848 - 483,011
Construction in progress 1,219,580 783,465 2,003,045 2,640 - 2,005,685 3,318,301 155,606,456 158,924,757 26,457,954 - 185,382,711 Less: Accumulated depreciation (620,570) (28,668,275) (29,288,845) (4,185,053) - (33,473,898) Property and equipment, net 2,697,731 126,938,181 129,635,912 22,272,901 - 151,908,813 Other assets
Investments in Partnerships 1,000,115 - 1,000,115 - (412,437) 587,678Unamortized costs, net - 192,811 192,811 81,292 - 274,103Due from Partnerships 443,762 - 443,762 - - 443,762Due (to) from Subsidiaries and Properties 878,410 (146,841) 731,569 (731,569) - - Note receivable 190,065 - 190,065 - - 190,065 Other assets 15,000 - 15,000 200,868 - 215,868
Total other assets 2,527,352 45,970 2,573,322 (449,409) (412,437) 1,711,476 13,627,204 $ 149,876,914 $ 163,504,118 $ 26,055,126 $ (412,437) $ 189,146,807 $

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
JUNE 30, 2016
See notes to consolidated financial statements 4

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

LIABILITIES AND NET ASSETS (DEFICIT)
General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Eliminations Subsidiaries Current liabilities
Accounts payable and accrued
expenses 242,652 $ 377,657 $ 620,309 $ 96,829 $ - $ 717,138 $ Construction payable - 95,316 95,316 - - 95,316Accrued interest payable - 34,149 34,149 11,315 - 45,464Security deposits 9,971 666,581 676,552 171,271 - 847,823Current portion of long-term debt - 851,885 851,885 222,517 - 1,074,402 Total current liabilities 252,623 2,025,588 2,278,211 501,932 - 2,780,143 Long-term liabilities
Long-term debt, net of current
portion - 127,216,595 127,216,595 21,912,992 - 149,129,587 Deferred interest - 1,183,538 1,183,538 6,697,259 - 7,880,797 Total long-term liabilities - 128,400,133 128,400,133 28,610,251 - 157,010,384 Total liabilities 252,623 130,425,721 130,678,344 29,112,183 - 159,790,527 Net assets (deficit) - unrestricted 13,374,581 19,451,193 32,825,774 (3,057,057) (412,437) 29,356,280 13,627,204 $ 149,876,914 $ 163,504,118 $ 26,055,126 $ (412,437) $ 189,146,807 $

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) JUNE 30, 2016
See notes to consolidated financial statements 5

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Eliminations Subsidiaries Revenues
Rental fees, net of vacancy - $ 11,538,712 $ 11,538,712 $ 2,215,027 $ - $ 13,753,739 $Developer fees 596,801 - 596,801 - - 596,801Property management fees 550,828 - 550,828 4,119 - 554,947Resident service fees 365,461 - 365,461 - - 365,461Maintenance service fees 258,784 - 258,784 - - 258,784Bookkeeping fees 72,283 - 72,283 - - 72,283Commercial rental income, net of concessions 181,035 - 181,035 98,646 (98,646) 181,035 Debt forgiveness - 53,998 53,998 - - 53,998Grants 82,657 - 82,657 - - 82,657Interest 3,464 12,346 15,810 2,147 - 17,957Other 299,130 451,563 750,693 27,775 (16,685) 761,783 Total revenues 2,410,443 12,056,619 14,467,062 2,347,714 (115,331) 16,699,445 Expenses
Salaries 2,299,146 667,454 2,966,600 14,507 - 2,981,107Payroll taxes 171,649 51,528 223,177 1,257 - 224,434Employee benefits 153,816 55,724 209,540 - - 209,540Legal and professional 28,726 61,943 90,669 52,111 - 142,780Loss on disposal of buildings - and improvements - 20,838 20,838 - - 20,838Consultants 303,381 28,579 331,960 12,099 - 344,059Office and administration 370,356 183,016 553,372 86,254 - 639,626Insurance 88,767 235,337 324,104 55,058 - 379,162Rent 135,046 - 135,046 - (98,646) 36,400Maintenance and repairs 39,856 1,661,644 1,701,500 411,760 (67,638) 2,045,622Maintenance service fees interfund (876,178) 641,919 (234,259) 166,621 67,638 - Property management fees interfund (1,521,800) 969,006 (552,794) 552,794 - - Bookkeeping fees interfund (237,558) 201,066 (36,492) 36,492 - - Resident service fees interfund (72,558) 51,204 (21,354) 21,354 - - Gardening and grounds - 293,928 293,928 63,206 - 357,134Pest control 516 107,462 107,978 32,085 - 140,063Utilities 19,357 987,552 1,006,909 269,733 (16,685) 1,259,957Property taxes 23,412 577,729 601,141 64,438 - 665,579Rent control fees - 52,899 52,899 - - 52,899Workers compensation 90,906 26,646 117,552 1,340 - 118,892 Total expenses before interest,
depreciation and amortization 1,016,840 6,875,474 7,892,314 1,841,109 (115,331) 9,618,092 Net operating income 1,393,603 5,181,145 6,574,748 506,605 - 7,081,353

CONSOLIDATED STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2016
See notes to consolidated financial statements 6

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Eliminations Subsidiaries Interest - $ 1,470,722 $ 1,470,722 $ 480,150 $ - $ 1,950,872 $Depreciation 77,782 2,114,387 2,192,169 645,442 - 2,837,611Amortization - 17,735 17,735 4,210 - 21,945 Total interest, depreciation and
amortization 77,782 3,602,844 3,680,626 1,129,802 - 4,810,428 Changes in net assets (deficit) -unrestricted 1,315,821 $ 1,578,301 $ 2,894,122 $ (623,197) $ - $ 2,270,925 $

CONSOLIDATED STATEMENT OF ACTIVITIES (CONTINUED)
YEAR ENDED JUNE 30, 2016
See notes to consolidated financial statements 7

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Eliminations Subsidiaries Balance, July 1, 2015 11,105,615 $ 18,431,545 $ 29,537,160 $ (2,044,989) $ (406,816) $ 27,085,355 $ Contributions (distributions) (100) - (100) 5,721 (5,621) - Intercompany transfer 953,245 (881,748) 71,497 (71,497) - - Intercompany transfer of property and equipment - 323,095 323,095 (323,095) - - Changes in unrestricted net assets(deficit) 1,315,821 1,578,301 2,894,122 (623,197) - 2,270,925 Balance, June 30, 2016 13,374,581 $ 19,451,193 $ 32,825,774 $ (3,057,057) $ (412,437) $ 29,356,280 $

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (DEFICIT) YEAR ENDED JUNE 30, 2016
See notes to consolidated financial statements 8

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Eliminations Subsidiaries Cash flow from operating activities
Changes in unrestricted net assets (deficit) 1,315,821 $ 1,578,301 $ 2,894,122 $ (623,197) $ - $ 2,270,925 $Adjustments to reconcile changes in unrestrictednet assets (deficit) to net cash provided by(used in) operating activities:

Depreciation 77,782 2,114,387 2,192,169 645,442 - 2,837,611Amortization - 17,735 17,735 4,210 - 21,945Amortization of other assets - - - 21,367 - 21,367Debt forgiveness - (53,998) (53,998) - - (53,998)Loss on disposal of building and improvements - 8,107 8,107 - - 8,107Noncash decrease in long term debt - (403,491) (403,491) - - (403,491)Changes in assets and liabilities:Accounts receivable, net (1,018) (48,126) (49,144) (4,136) - (53,280)Other receivable 78,630 - 78,630 - - 78,630Prepaid expenses and other current assets (12,057) (800) (12,857) (13,330) - (26,187)Due from Partnerships (383,850) - (383,850) (310,309) - (694,159)Due (to) from Subsidiaries and Properties (722,159) 47,960 (674,199) 674,199 - - Accounts payable and accrued expenses (4,346) (13,830) (18,176) (43,029) - (61,205)Security deposits (4,277) 18,505 14,228 430 - 14,658Deferred interest - 117,019 117,019 227,425 - 344,444 Net cash provided by (used in) operatingactivities 344,526 3,381,769 3,726,295 579,072 - 4,305,367Cash flow from investing activities Change in restricted cash 1,338 (492,790) (491,452) (165,599) - (657,051)Purchase of property and equipment (29,130) (4,793,444) (4,822,574) (364,768) - (5,187,342)Change in construction in progress (154,316) (688,149) (842,465) (315,740) - (1,158,205)Change in other assets 25,000 - 25,000 2,050 - 27,050Payment for purchase of subsidiaries, net of cash and restricted cash required - - - 387,445 - 387,445 Change in investment in Partnerships (39,954) - (39,954) - - (39,954) Net cash provided by (used in) investingactivities (197,062) (5,974,383) (6,171,445) (456,612) - (6,628,057)

CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED JUNE 30, 2016
See notes to consolidated financial statements 9

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Eliminations Subsidiaries Cash flow from financing activities
Proceeds from long-term debt - $ 4,000,000 $ 4,000,000 $ 96,809 $ - $ 4,096,809 $Principal payments on long-term debt - (874,228) (874,228) (157,104) - (1,031,332)Draws on construction loan - 632,531 632,531 - - 632,531Contribution (distribution) (100) - (100) 100 - - Intercompany transfer 953,245 (881,748) 71,497 (71,497) - - Change in unamortized costs - - - (85) - (85)Refund of note receivable 984 - 984 - - 984 Net cash provided by (used in)financing activities 954,129 2,876,555 3,830,684 (131,777) - 3,698,907Net change in cash and cash equivalents 1,101,593 283,941 1,385,534 (9,317) - 1,376,217Cash and cash equivalents - beginning 7,225,910 13,336,886 20,562,796 1,128,399 - 21,691,195Cash and cash equivalents - ending 8,327,503 $ 13,620,827 $ 21,948,330 $ 1,119,082 $ - $ 23,067,412 $Supplemental disclosures of cash flowinformation Cash paid during the year for interest - $ 1,353,703 $ 1,353,703 $ 252,725 $ - $ 1,606,428 $ Supplemental disclosures of non-cash investing and financing activities Cash flow from investing activities related to purchase of land, buildings and improvements and change in construction in progress excludes $323,095,which is recognized as an intercompany transfer of property and equipment as of June 30, 2016.

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
YEAR ENDED JUNE 30, 2016
During the year ended June 30, 2016, CCSM acquired two subsidiaries. In conjunction with the acquisition, property and equipment of $2,258,902,unamortized costs of $20,036, and other assets of $3,215 were acquired, and long term debt of $2,059,232, deferred interest of $252,186, other liabilitiesof $352,599, and equity of $5,621 were assumed.Cash flow from investing activities related to the purchase of property and equipment and change in construction in progress excludes $196,337 and$95,316, which is included in accounts payable and accrued expense and construction payable as of June 30, 2016. 10 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
Community Corporation of Santa Monica (A California Not-For-Profit Corporation) (“CCSM”) was formed on August 19, 1982, to expand opportunities to obtain affordable housing by purchasing, constructing, or rehabilitating and managing rental properties in the City of Santa Monica (the "City"). CCSM was organized under Section 501(c)(3) of the Internal Revenue Code.

The consolidated financial statements include the transactions and accounts of CCSM, and also sc Community Corporation ("scCC"), Cloverfield Community Partners ("Cloverfield"), Virginia Village Partnership ("Virginia Village"), Garcia Apartments Partnership ("Garcia"), 815 Ashland Limited Partnership ("815 Ashland"), Second Street Center Partnership ("SSC"), CCSM Village, LLC ("CCSM Village"), 16th Street Apartment Limited Partnership (“16th Street"), Fifth and Wilshire Apartments Limited Partnership (“5th and Wilshire”), CCSM ESCO, LLC (“ESCO”), 2407 Fourth Street, Ltd. (“2407 4
th Street”), 708 Pico, L.P. (“708 Pico”), and CCSM Arroyo, LLC (“Arroyo”) (collectively, the "Subsidiaries"). CCSM and the Subsidiaries are reported collectively as Community Corporation of Santa Monica and Subsidiaries (the “Corporation”).

In addition to CCSM's ownership in the Subsidiaries, CCSM owns and manages 69 affordable housing properties (the "Properties"), of which four are financed by mortgages insured or provided by California Department of Housing and Community Development ("HCD"). These Properties have also entered into regulatory agreements with the City which governs the operation of the properties and restricts the persons eligible to reside at the properties. CCSM also holds general partner interests in 11 entities that operate affordable housing (collectively, the "Partnerships"). CCSM manages these properties but does not consolidate these equity investments (see Investments in Partnerships).
scCC is a California not-for-profit corporation, which was formed on November 30, 2004 for the purpose of assisting CCSM in the development and management of rental properties located throughout California, principally in the Los Angeles area, in order to further affordable housing. scCC is a wholly-owned subsidiary of CCSM.

Cloverfield is a California limited partnership, which was formed on April 5, 1988 for the purpose of acquiring, rehabilitating and operating a 32-unit affordable housing property located in Santa Monica, California. CCSM holds a 98% limited partner ownership interest and a 1% general partner ownership interest, and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2104, unless sooner terminated as provided in the partnership agreement. Cloverfield entered into a regulatory agreement with HCD and the City which governs the operation of the property and restricts the persons eligible to reside at the property.
11 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

ORGANIZATION (CONTINUED)
Virginia Village is a California limited partnership, which was formed on May 27, 1991 for the purpose of constructing a 12-unit affordable housing property located in Santa Monica, California.

CCSM holds a 99% general partner ownership interest, and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2031, unless sooner terminated as provided in the partnership agreement. Virginia Village entered into a regulatory agreement with the HCD and the City which governs the operation of the property and restricts the persons eligible to reside at the property.

Garcia is a California limited partnership, which was formed on April 4, 1991 for the purpose of acquiring, developing and operating a 30-unit affordable housing property located in Santa Monica, California. CCSM holds a 99% general partner ownership interest, and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until June 30, 2033, unless sooner terminated as provided in the partnership agreement. Garcia entered into a regulatory agreement with the HCD and the City which governs the operation of the property and restricts the persons eligible to reside at the property. 815 Ashland is a California limited partnership, which was formed on March 12, 1992 for the purpose of developing and operating a 45-unit affordable housing property located in Santa Monica, California. CCSM held a 1% general partner ownership interest, and scCC held a 99% limited partner ownership interest. Effective June 30, 2016, CCSM holds a 99% general partner ownership interest, and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2071, unless sooner terminated as provided in the partnership agreement. 815 Ashland entered into a regulatory agreement with the HCD and the City which governs the operation of the property and restricts the persons eligible to reside at the property.

SSC is a California limited partnership, which was formed on May 1, 1992 for the purpose of developing and operating a 44-unit affordable housing property with commercial premises located in Santa Monica, California. CCSM held a 1% general partner ownership interest, and scCC held a 99% limited partner ownership interest. Effective June 30, 2016, CCSM holds a 99% general partner ownership interest, and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2071, unless sooner terminated as provided in the partnership agreement. SSC entered into a regulatory agreement with the City which governs the operation of the property and restricts the persons eligible to reside at the property.

CCSM Village is a California limited liability company, which was formed on February 2, 2012 to maintain a 0.005% general partnership interest in Santa Monica Housing Partners Limited Partnership ("SMHP"). SMHP was formed to acquire, develop and provide affordable housing and acquire and develop a ground leasehold estate for affordable housing. The term of the limited liability company shall extend until December 31, 2066, unless sooner terminated as provided in the operating agreement.
12 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

ORGANIZATION (CONTINUED)
16th Street is a California limited partnership, which was formed on February 25, 1998 for the purpose of developing and operating a 17-unit affordable housing property located in Santa Monica, California. CCSM holds a 99% general partner ownership interest, and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2071, unless sooner terminated as provided in the partnership agreement. 16th Street entered into a regulatory agreement with the City which governs the operation of the property and restricts the persons eligible to reside at the property. 5 th and Wilshire is a California limited partnership, which was formed on October 31, 1996 for the purpose of developing and operating a 32-unit affordable housing property located in Santa Monica, California. CCSM holds a 99% general partner ownership interest, and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2055, unless sooner terminated as provided in the partnership agreement. 5th and Wilshire entered into a regulatory agreement with the City which governs the operation of the property and restricts the persons eligible to reside at the property.

ESCO is a California limited liability company, which was formed on September 8, 2014 for the purpose of completing, constructing, installing, maintaining, and measuring energy efficiency measures and undertaking retrofits to reduce energy costs and related expenses for certain Properties and Subsidiaries located in Santa Monica, California. Upon completion of the retrofits improvements, ESCO transferred title to the Properties or Subsidiaries at cost. CCSM holds a 100% ownership interest in ESCO. The term of the company shall extend indefinitely until terminated.
2407 4
th Street is a California limited partnership, which was formed on January 26, 1987 for the purpose of developing and operating a 10-unit affordable housing property located in Santa Monica, California. CCSM holds a 99% general partner ownership interest and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2086, unless sooner terminated as provided in the partnership agreement. 2407 4 th Street
entered into a regulatory agreement with the City which governs the operation of the property and restricts the persons eligible to reside at the property. 708 Pico is a California limited partnership, which was formed on May 31, 1999 for the purpose of developing and operating a 20-unit affordable housing property located in Santa Monica, California. CCSM holds a 99% general partner ownership interest and scCC holds a 1% limited partner ownership interest. The term of the partnership shall extend until December 31, 2071, unless sooner terminated as provided in the partnership agreement. 708 Pico entered into a regulatory agreement with the City which governs the operation of the property and restricts the persons eligible to reside at the property.
13 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

ORGANIZATION (CONTINUED)
Arroyo is a limited liability company, which was formed on June 1, 2016 to maintain a 1% general partnership interest in 1626 Lincoln, L.P. Arroyo was formed for the purpose of financing acquisition and development activities related to affordable housing developments, entering into agreements with building owners to provide energy services and investing capital in equipment that will reduce a building's energy usage, and providing a pledge of funds, or other guaranty, for certain lines of credit secured by CCSM. CCSM is the sole member. The term of limited liability company shall extend into perpetuity, unless sooner terminated as provided in the operating agreement.
1626 Lincoln, L.P. ("1626 Lincoln") is a California limited partnership, which was formed on June 9, 2016 for the purpose of developing and operating a 64-unit affordable housing property located in Santa Monica, California. Arroyo holds a 1% general partner ownership interest and scCC holds a 99% limited partner ownership interest. The term of the partnership shall extend until December 31, 2070, unless sooner terminated as provided in the partnership agreement.

The activities of 1626 Lincoln are included within CCSM General and Administrative on the financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Financial reporting
The consolidated financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America, and are in conformity with the provisions required by the Not-for-Profit Entities Presentation of Financial Statements topic of the FASB Accounting Standards Codification (“ASC”) 958-205. This topic established standards for external financial reporting for Not-for-Profit Organizations.

The Not-for-Profit Entities Presentation of Financial Statements topic primarily affects the display of the consolidated financial statements and requires that the amounts for each of the classes of net assets – unrestricted, temporarily restricted and permanently restricted – be displayed in the consolidated statement of financial position and the amounts of the change in each of those classes of net assets be displayed in a consolidated statement of changes in net assets.

Accordingly, assets of the Corporation and changes therein are classified and reported as follows:

Unrestricted assets – Assets that are not subject to donor-imposed stipulations. These are available to support the Corporation’s activities and operations at the discretion of the Board of Directors.

Temporarily restricted assets – Assets subject to donor-imposed stipulations that will be met either by actions of the donor, the Corporation and/or the passage of time. 14 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial reporting (continued)
Permanently restricted assets – Assets that are subject to donor-imposed stipulations that the corpus must be maintained permanently by the Corporation. The donors of these assets permit the Corporation to use all or part of the income or gains earned on the related investments for general (unrestricted) or specific purposes (temporarily restricted).

All assets held by the Corporation as of June 30, 2016 are classified as unrestricted.

Consolidation
In accordance with FASB ASC 810, the consolidated financial statements include the accounts of the Corporation and its wholly owned partnerships and limited liability companies, after elimination of all material intercompany accounts, transactions, and profits.

Cash and cash equivalents
For the consolidated statement of cash flows, all unrestricted investments with original maturities of three months or less are cash equivalents. At June 30, 2016, cash and cash equivalents consist of unrestricted checking and savings accounts held at numerous banks.

Accounts receivables and bad debt policy
Resident rent charges for the current month are due on the first of the month. Residents who are evicted or move-out are charged with damages or cleaning fees, if applicable. Accounts receivables consist of amounts due for rental income or the charges for damages and cleaning fees. The Corporation does not accrue interest on the accounts receivable balances.

Management periodically reviews accounts receivables and uses an allowance for doubtful accounts to recognize bad debts. Accounts receivable on the consolidated statement of financial position is shown net of the allowance for doubtful accounts, which totaled $42,189 at June 30, 2016. Bad debts included in office and administration expense in the consolidated statement of activities expensed for the year ended June 30, 2016 totaled $61,678.

Property and equipment
Property and equipment consists of land, buildings, improvements and furniture and fixtures and equipment. Property and equipment is recorded at cost. All direct and indirect costs of developing housing properties, including planning, architectural services, rehabilitation costs and interest prior to occupancy, are capitalized to real estate during development. The allocation of acquisition costs between land and building is based on assessed value as determined by the County Assessor for real estate tax purposes or on values determined by a real estate appraiser.

Depreciation is computed using straight-line method over the estimated useful life of 3 to 55 years commencing with the day the assets are placed into service. Costs that are deemed to increase the useful life of the property or equipment are capitalized. When assets are sold or otherwise disposed of, the costs and related depreciation are removed from the accounts, and any resulting gain or loss is included in operations.
15 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property and equipment (continued)
The Corporation is subject to the provisions of the Impairment or Disposal of Long-Lived Assets topic of the FASB ASC 360-10. The standard requires impairment losses to be recorded on longlived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets (excluding interest) are less than the carrying amount of the assets. In such cases, the carrying value of assets to be held and used are adjusted to their estimated fair value and assets held for sale are adjusted to their estimated fair value less selling expenses. No impairment losses were recognized during the year ended June 30, 2016.

Investment in Partnerships
The Corporation does not consolidate the accounts and activities of the equity investments, which are considered Variable Interest Entities under ASC 810-10 Consolidation, because the Corporation is not considered the primary beneficiary. The Corporation accounts for its equity investments in accordance with the equity method of accounting, under which the equity investment is carried at cost and is adjusted for the Corporation’s share of net income or loss and by cash distributions received. Equity in loss of each equity investment allocated to the Corporation is recognized to the extent of the Corporation’s equity investment balance.

Previously unrecognized equity in loss is recognized in the year in which equity in income is earned by such equity investment or additional investment is made by the Corporation.

Distributions received subsequent to the elimination of an equity investment balance will be recorded as other income. Advances and additional capital contributions will be recorded as additional equity investments if repayment is deemed unlikely. The Corporation assesses the carrying value of its equity investments whenever there are indications that a permanent impairment may have occurred. No impairment losses were recognized during the year ended June 30, 2016.

Many of the Partnerships are financed by mortgages provided by the City, mortgages from other lending institutions, state agencies or granting agencies, or investor equity received as a result of the creation of low income housing tax credits allocated to the Partnerships pursuant to Section 42 of the Internal Revenue Code. In addition, many of the Partnerships are subject to certain operating requirements or restrictions in the underlying financing or regulatory agreements.

Unamortized costs
The Corporation incurred financing costs in connection with the financing of the affordable housing properties. These costs have been capitalized and are being amortized using the straight-line method over the term of the related loans. Accounting principles generally accepted in the United States of America require that the effective yield method be used to amortize financing costs; however, the effect of using the straight-line method is not material to the consolidated financial statements for the year ended June 30, 2016. 16 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Due from Partnerships and bad debt policy
Amounts due from Partnerships are stated at unpaid balances, less an allowance for doubtful accounts. Partnership receivables consist of revenues from management fees and reimbursable management services such as payroll due from the Partnerships. The Corporation does not accrue interest on the Partnership receivable balances.

Management periodically reviews Partnership receivables and uses and allowance for doubtful accounts to recognize bad debts. Due from Partnerships on the consolidated statement of financial position is shown net of the allowance for doubtful accounts. There were no bad debts expensed for the year ended June 30, 2016. There is no allowance for doubtful accounts as of June 30, 2016.

Other assets
Other assets consist of a prepaid ground lease, parking assessment fee, debt service deposit, and escrow deposit. The ground lease is with the City, commenced on June 22, 1994, and is for a period of fifty-five years. The prepaid ground lease is amortized on a straight-line basis over the term of the lease.

The City established annual fees for developments that do not provide onsite parking. The parking assessment fee, which was prepaid through 2016, is amortized on a straight-line basis over the term of the agreement.

Deferred interest
Deferred interest consists of interest due upon maturity of the long term debt.

Rental fee and commercial income
Rental income is recognized as rents become due. Rental payments received in advance are deferred until earned. All leases between the Corporation and the residents or commercial tenants of the properties are operating leases.

Developer fee income
CCSM earns developer fees primarily for facilitating the financing and construction of affordable housing, generally in its capacity as general partner or managing member of various real estate partnerships and limited liability companies. Fees are recognized based on completion of various phases of the development, as specified in the respective agreements. Certain fees are deferred and payable from the properties' available operating cash flow. 17 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property management fee income
Management fee income is earned based on the terms as outlined in the management agreements. Management fees are typically paid by the properties monthly.

Leases
In accordance with the provisions of Accounting for Leases topic of the FASB ASC 840-20, the Corporation is required to recognize rental income on a straight-line basis over the terms of the leases, however; the effect of recognizing rental income received instead is not material to the consolidated financial statements for the year ended June 30, 2016.

Advertising costs
Advertising costs incurred by the Corporation are expensed as incurred and are included in office and administrative expenses in the consolidated statement of activities.

Property taxes
The Corporation is exempt from some, but not all real property taxes. For those properties that are required to pay property taxes, property taxes are expensed in the year of the lien on the property such that twelve months of expense are charged to operations each year.

Accounting for uncertainty in income taxes
CCSM is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and state income tax and has been classified as an other than private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying consolidated financial statements.

Even though CCSM is recognized as tax exempt, it still may be liable for tax on its unrelated business income (UBI). CCSM evaluates uncertain tax positions through its review of the sources of income to identify UBI and certain other matters, including those which may affect its tax exempt status. The effect of the uncertainty would be recorded if the outcome was considered probable and reasonably estimable. As of June 30, 2016, CCSM had no uncertain tax positions requiring accrual.
scCC applied for an exemption from federal income tax under Section 501(c)(3) of the Internal Revenue Code and state income tax. According to an Internal Revenue Service (IRS) letter dated November 18, 2005, scCC was not granted the tax exempt status under IRC Section 501(c)(3).

Effective April 1, 2015, scCC was granted the tax exempt status under IRC Section 501(c)(3). 18 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
CCSM Village elected to be taxed as a corporation for federal and state income tax purposes. As a result, CCSM Village accounts for income taxes under the asset and liability method in accordance with ASC 740-10.

ESCO and Arroyo are single member LLCs; therefore, these entities are disregarded for federal tax purposes.

The consolidated financial statements do not present a liability for income taxes incurred but not yet paid as of the year-end dates or any deferred tax assets or liabilities that might arise from differences between pretax income on the consolidated financial statements, and taxable income on partners' tax returns, as well as differences between carrying values of assets and liabilities and their tax bases. However, since these entities are doing business in California, these entities are subject to California minimum tax of $800 and an annual franchise fee, which is calculated based on total gross receipts.

Cloverfield, Virginia Village, Garcia, 815 Ashland, SSC, 16th Street, 5 th and Wilshire, 2407 4th
Street and 708 Pico are treated as pass-through entities for income tax purposes and, as such, are not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by their owners on their respective income tax returns.

These Subsidiaries' federal tax statuses as pass-through entities are based on their legal status as limited partnerships. Accordingly, these Subsidiaries are not required to take any tax positions in order to qualify as pass-through entities. These Subsidiaries are required to file and do file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these consolidated financial statements do not reflect a provision for income taxes and these Subsidiaries have no other tax positions which they must consider for disclosure. There has been no interest or penalties recognized in the consolidated statement activities or consolidated statement of financial position for the year ended June 30, 2016.

Generally, the Federal returns were subject to examinations from the three years after the later of the original or extended due date or the date filed with the applicable tax authority. Generally the State tax returns were subject to examinations from the four years after the later of the original or extended due date or the date filed with the applicable tax authority.

Concentration of credit risk
The Corporation maintains various cash balances with various regional and national financial institutions. The balances in the accounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2016, the cash balances held at some of these financial institutions exceeded the FDIC insurance limit. The Corporation has not experienced any losses in such accounts. Management believes that the Corporation is not exposed to any significant credit risk on cash and cash equivalents. 19 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Concentration of credit risk (continued)
The Corporation’s operations are concentrated in the multifamily real estate market and all rental properties are located in the city of Santa Monica. In addition, the Corporation operates in a heavily regulated environment. The operations of the Corporation, specifically, the Properties, are subject to the administrative directives, rules and regulations of federal, state and local regulatory agencies. Such administrative directives, rules and regulations are subject to change.

Such changes may occur with little notice or inadequate funding to pay for the related cost, including the additional administrative burden, if any, to comply with a change.

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

Fair value
The Corporation is subject to the provisions of the Fair Value Measurement top of the FASB ASC 820-10 which provides guidance for assets and liabilities which are required to be measured at fair value and requires expanded disclosure for fair value measurement. The standard applies whenever other standards require or permit assets or liabilities to be measured at fair value and does not require any new fair value measurements. The Fair Value Measurement did not have a material impact on the Corporation’s consolidated financial statements for the year ended June 30, 2016.

The standard establishes a fair value hierarchy based on three levels:

Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets or liabilities in active markets Level 3 - Unobservable inputs for the asset or liability based on the best available information
When the Corporation acquires interests in Partnerships, the Corporation imputes a value of each acquisition using the purchase price in relation to the assets and liabilities acquired. Acquisitions are typically arm’s length transactions or contractually agreed amounts, and as such, the purchase price is deemed to approximate fair value of the interest acquired. It is common the application of fair value results in an increase or decrease in the carrying value of the property and equipment of the Partnerships acquired. The valuation technique is classified as Level 3 under the fair value measurements fair value hierarchy. 20 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Subsequent events
Management performed an evaluation of the Corporation’s activity through October 10, 2016, the audit report date, and has concluded that there are no significant subsequent events requiring disclosure through the date these consolidated financial statements were available to be issued, except as described in Note 15.

NOTE 2–RESTRICTED CASH
The Corporation has various cash balances which are restricted consisting of operating reserves, replacement reserves, resident security deposits, flexible benefit plans, and other loan/advances required to be maintained by various operating, regulatory, or lending agreements. The Corporation has designated restricted cash as follows:

General and Rental CCSM CCSM and
Administrative Operations Subtotal Subsidiaries Subsidiaries Operating reserves $ - $ 1,404,274 $ 1,404,274 $ 1,505,312 $ 2,909,586 Replacement, affordability
and other reserves - 6,841,090 6,841,090 1,353,424 8,194,514 Resident security deposits - 920,605 920,605 226,805 1,147,410 Flexible benefit plan 3,381 - 3,381 - 3,381
$ 3,381 $ 9,165,969 $ 9,169,350 $ 3,085,541 $12,254,891 NOTE 3-UNAMORTIZED COSTS
The Properties and Subsidiaries incurred financing costs of $700,038 in connection with the financing of the affordable housing properties and energy efficiency measures. Amortization expense for the year ended June 30, 2016 totaled $21,945. Accumulated amortization was $425,935.

Estimated amortization expense for each of the next five years and thereafter is as follows:
2017 $ 23,880
2018 23,880
2019 23,880
2020 23,880
2021 23,880
Thereafter 154,703
$ 274,103
21 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 4-NOTE RECEIVABLE
On December 16, 2014, the Corporation entered into a note with Mercy Loan Fund that funded a portion of a loan to ESCO in the original principal amount of $191,049. The note was amended during the year ended June 30, 2016 to a principal balance of $190,065. The note is non-interest bearing and is due May 1, 2025. At June 30, 2016, the outstanding balance of the note is $190,065.

NOTE 5-OTHER ASSETS
SSC entered into a second amended ground lease agreement for the land on which the apartment complex was constructed for a term of fifty five years expiring in June 2048. The original land lease was prepaid in 1993 in the amount of $223,462. These costs are being amortized over the term of the land lease using the straight-line method. Amortization expense for the year ended June 30, 2016 was $5,729. At June 30, 2016, accumulated amortization is $33,902.

CCSM prepaid parking assessment fees in October 1994 in the amount of $93,832 through 2016.

These costs are being amortized over the term of the parking assessment fee term using the straight-line method. Amortization expense for the year ended June 30, 2016 was $15,638. At June 30, 2016, accumulated amortization is $92,528.

Estimated amortization expense for each of the next five years and thereafter is as follows:
2017 $ 7,033
2018 5,729
2019 5,729
2020 5,729
2021 5,729
Thereafter 160,919
$ 190,868
A debt service deposit at $10,000 is held with the trustee for long term debt at 16th Street.

An escrow deposit of $15,000 to purchase land located at 419 and 1616 Ocean Avenue. See Note 15.
22 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 6-INVESTMENT IN PARTNERSHIPS
As of June 30, 2016, the Corporation has ownership interests in the following entities which own affordable housing properties. The Partnerships' purpose is to acquire, rehabilitate, develop and operate affordable housing properties:

Percentage of
Entity Units Interest
1424 Broadway Apartments Limited Partnership 41 0.01%
26th and Santa Monica Family Housing Limited Partnership 44 0.01% Pacific Court Limited Partnership 44 0.01%
Berkeley Place Limited Partnership 47 0.01%
The Tahiti Limited Partnership 36 0.01%
2602 Broadway Limited Partnership 33 0.01%
High Place West Limited Partnership 47 0.01%
2802 Pico Limited Partnership 33 0.01%
430 Pico Limited Partnership 32 0.01%
High Place East Limited Partnership 44 0.01%
Santa Monica Housing Partners Limited Partnership 160 0.005% The investment in Partnerships as of June 30, 2016 is carried on the equity method, as follows:

Capital, beginning $ 553,345
Distributions -
Contributions 40,000
Gains (losses) in Partnerships, net (46)
Reduction of investment value - acquisitions (5,621)
Capital, ending $ 587,678
NOTE 7-ACQUISITIONS
Effective July 31, 2015, CCSM (former general partner in 708 Pico Limited Partnership) acquired the 99% limited partner interest for $44,507 from the previous limited partner of 708 Pico.

Concurrently, scCC was assigned a 1% limited partner interest, while CCSM remained a 99% general partner.

Effective February 29, 2016, CCSM (former general partner in 2407 Fourth Street Limited Partnership) acquired the 99% limited partner interest for $550,000 from the previous limited partner of 2407 4
th Street. Concurrently, scCC was assigned a 1% limited partner interest, while CCSM remained a 99% general partner.
23 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 7-ACQUISITIONS (CONTINUED)
In recording the acquisitions, the Corporation used external and internal resources to appraise the fair value of the property and equipment. The carrying values of assets and liabilities at the date of acquisition are presented below:

Cash $ 603,596
Restricted cash 378,356
Accounts receivable, net 132
Due to (from) subsidiaries (354,816)
Prepaid expenses and other current assets 3,083
Land, buildings and improvements 2,211,956
Furniture, fixtures and equipment 46,946
Unamortized costs, net 20,036
Accounts payable and accrued expenses (565,788)
Security deposits (26,462)
Long-term debt (2,059,232)
Deferred interest (252,186)
Net assets acquired $ 5,621
NOTE 8-LONG-TERM DEBT
The following mortgage loans payable are collateralized by various trust deeds covering all land, buildings, and improvements:

CCSM
Loans from various banks, interest ranging from 2.95% to

10.25% per annum, maturing from January 2017 through
March 2034. $ 10,375,818
Loans from the City, interest ranging from 0.00% to

12.00% per annum, subject to regulatory agreements (See Note 11), maturing from August 2016 through May 2066. 115,035,951 Loans from the State of California, Department of Housing and Community Development, interest ranging from 0.00%
to 3.00% per annum, maturing from December 2018
through July 2058. 2,460,188
Loan from Bank of America/Affordable Housing Program,
interest payable at 0.00% per annum, maturing in June
2020. 196,523
CCSM long-term debt 128,068,480
24 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 8-LONG-TERM DEBT (CONTINUED)
CCSM (continued)
Subsidiaries
Loans from various banks, interest ranging from 1.00% to

8.23% per annum, maturing from April 2021 through July
2031. $ 2,235,455
Loans from the City, interest ranging from 0.00% to

10.44% per annum, subject to regulatory agreements (See Note 11), maturing from March 2017 through June 2051. 14,949,466 Loans from the State of California, Department of Housing and Community Development, interest payable at 3.00%
per annum, maturing from January 2021 through October
2050. 4,662,263
Loan from Citibank/Affordable Housing Program, interest payable at 0.00% per annum, maturing in October 2027. 111,608 Loan from Mercy Loan Fund, payable at 5.00% per annum,
principal due based on energy dollar savings, maturing May 2025. See Note 4. 176,717
Subsidiaries long-term debt 22,135,509
Total long-term debt 150,203,989
Less: current portion (1,074,402)
Long-term portion $ 149,129,587
Subsequent to June 30, 2016, principal maturities of mortgage loans payable are as follows:

Year Ending CCSM and
June 30, CCSM Subsidiaries Subsidiaries
2016 $ 851,885 $ 222,517 $ 1,074,402
2017 865,599 125,082 990,681
2018 846,519 150,863 997,382
2019 883,137 159,068 1,042,205
2020 913,081 162,584 1,075,665
Thereafter 123,708,259 21,315,395 145,023,654
$128,068,480 $ 22,135,509 $150,203,989
25 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 8-LONG-TERM DEBT (CONTINUED)
For the year ended June 30, 2016, the total interest expense amounted to $1,950,872.

Mortgage loans payable to the City and to the State of California described above are collateralized by various trust deeds on real property and improvements thereon. No monthly payments of principal or interest are required. The principal and interest on these loans are due based on residual receipts or at maturity, but may be forgiven, subject to regulatory agreement requirements, ten to twenty five years beyond due dates (see Note 11). The term residual receipts is the net of cash remaining at the end of an annual fiscal year as defined in each Properties and Subsidiaries regulatory agreement.

For the year ended June 30, 2016, the total loan forgiveness amounted to $53,998.

During the year ended June 30, 2016, the City confirmed the Corporation's long term debt balances should be reduced to account for payments in previous years originally applied against interest, and therefore, the Corporation recognized a $403,491 decrease in long term debt on the consolidated statement of financial position and an increase of the same amount in other revenues on the consolidated statement of activities.

NOTE 9-COMMITMENTS
Related Parties Commercial and Office Leases
CCSM entered into a commercial retail space lease agreement with Pacific Court Limited Partnership requiring aggregate monthly payments of $2,581 through April 2039 plus common area maintenance charges and an annual increase of no less than 2.00% or greater than 6.00% depending on the change in Consumer Price Index. CCSM is the general partner in Pacific Court Limited Partnership.

CCSM, the general partner in 2802 Pico, Limited Partnership, entered into a lease agreement with 2802 Pico, Limited Partnership requiring annual payment of $1 through February 2045.

Effective January 7, 2016 the lease was modified to include an annual contingent rent in addition to the base rent of $1. CCSM then subleases space to DG Services, Inc., an unrelated party.

See Note 10.

CCSM also entered into an office facility lease agreement with SSC requiring a monthly payment of $8,336, plus insurance and real property taxes, through October 2021.

As of June 30, 2016, the future minimum rental payments are as follows:
2017 $ 136,503
2018 137,232
2019 137,976
2020 138,735
2021 72,821
Thereafter 847,905
$ 1,471,172
26 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 9-COMMITMENTS (CONTINUED)
For the year ended June 30, 2016, rent expense after consideration of intercompany eliminations amounted to $36,400. In the normal course of business, commercial and office leases are generally renewed or replaced by other leases.

Development costs
The Corporation has several properties under rehabilitation, two properties in development, and the CCSM corporate office remodel in the planning stages. As of June 30, 2016, total rehabilitation costs amounted to $847,009, total development costs amounted to $174,935, land cost in development amounted to $900,000, and CCSM office remodel in the planning stages amounted to $83,741. Rehabilitation costs, developments costs, and remodeling costs are included in the construction in progress in the accompanying consolidated financial statements.

The estimated budget for the properties under rehabilitation is approximately $4,500,000, the estimated budget for the properties in development is approximately $260,000, and the estimated budget for the CCSM office remodel is $1,400,000.

Other
CCSM entered into agreements with the City and developed properties located at 2402 Fifth Street, 2207 Sixth Street, and Ocean Park 43. The agreements’ terms stipulate that the City has contributed land and partial construction funds in return for the properties’ development as affordable housing. Furthermore, the properties are subject to restrictive covenants and conditions for fifty years, at which time the City has the right to purchase the properties from CCSM for a nominal amount. As of June 30, 2016, the net carrying amount of these properties amounted to $3,441,853 and is included in property and equipment in the accompanying consolidated financial statements.

NOTE 10-COMMERCIAL SUBLEASES
CCSM subleased certain commercial spaces to unrelated parties pursuant to lease agreements requiring monthly payments of $13,884, subject to annual increases, through July 2019. CCSM also leases a commercial space to an unrelated party on a month to month basis.

As of June 30, 2016, the future minimum rental payments due to CCSM are as follows:
2017 $ 142,540
2018 135,338
2019 24,415
2020 1,185
2021 -
Thereafter -
$ 303,478
27 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 10-COMMERCIAL SUBLEASES (CONTINUED)
For the year ended June 30, 2016, rent and common area maintenance income under these commercial leases amounted to $181,035.

NOTE 11-CONTINGENCIES
Low income housing tax credits
Certain properties have received allocations of low-income housing tax credits. The tax credits are contingent on the applicable partnerships' ability to maintain compliance with applicable sections of Internal Revenue Code Section 42. Failure to maintain compliance with occupant eligibility, and/or unit gross rent, or to correct non-compliance within a specified time period could result in recapture of previously taken tax credits. In addition, such potential noncompliance may require adjustments as disclosed in the properties' partnership or operating agreements.

CCSM
Regulatory agreements between CCSM and the City provide for the City to forgive interest and/or principal on certain mortgage loans payable if the related properties are operated and maintained as affordable housing for the loans’ duration and for extended periods of ten to twenty-five years beyond the loans’ due date, and CCSM complies with certain other provisions of the agreements.

Certain regulatory agreements state forgiveness is subject to the City's discretion, and the remaining state explicitly the forgiveness is available if CCSM complies with the applicable provisions in the agreements. CCSM is currently not required to make principal or interest payments on these loans. CCSM has not recorded any interest expense or liability related to the interest on the loans subject to forgiveness. Certain interest on other mortgage loans payable for which interest is due at maturity is reflected on the accompanying consolidated financial statements as deferred interest.

In the event that the properties are not maintained as affordable housing, or if there were other material violations of the regulatory agreements, the mortgage loans (principal and all unpaid and accrued interest) become due and payable. Although this is a possibility, management deems the contingency remote and plans to meet the conditions set forth in the regulatory agreements.

As of June 30, 2016, the cumulative amount of principal and accrued but unpaid and unrecorded interest on these loans amounted to approximately $109,627,000 and $173,537,000, respectively.
28 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 11-CONTINGENCIES (CONTINUED)
CCSM (continued)
CCSM has provided loan and operating deficit guarantees as well as indemnifications with regard to tax benefits for certain limited partnerships. CCSM may be responsible for repaying a loan if the respective limited partnership defaults on the loan. CCSM will cover operating deficits as needed up to a stated limit. A reasonable estimate of the outstanding operating deficit guarantees and outstanding loan guarantees at June 30, 2016 amounted to approximately $1,258,000 and $-0, respectively. In addition, CCSM has guaranteed an aggregate amount of approximately $5,482,000 to the limited investors for tax credits for various limited partnerships as of June 30, 2016. Management believes that the likelihood CCSM will be required to fund a material amount of any of the guarantees is remote.

In connection with the development of certain affordable housing properties, which are owned by limited partnerships, CCSM has the option to purchase the properties at the close of the properties’ 15-year compliance period.

Subsidiaries
Regulatory agreements between certain Subsidiaries and the City provide for the City to forgive principal on certain mortgage loans payable if the related properties are operated and maintained as affordable housing for the loans’ duration and for extended periods of fifteen to twenty-five years beyond the loans’ due dates, and the applicable Subsidiaries comply with certain other provisions of the regulatory agreements. Certain regulatory agreements state forgiveness is subject to the City's discretion, and the remaining state explicitly the forgiveness is available if the Subsidiaries comply with the applicable provisions in the agreements. The applicable Subsidiaries are currently not required to make principal or interest payments on these loans.

The applicable Subsidiaries have not recorded any interest expense or liability related to the interest on the loans subject to forgiveness. Certain interest on other mortgage loans payable for which interest is due at maturity is reflected on the accompanying consolidated financial statements as deferred interest.

In the event that the properties are not maintained as affordable housing, or if there were other material violations of the regulatory agreements, the mortgage loans (principal and all unpaid and accrued interest) become due and payable. Although this is a possibility, management deems the contingency remote and plans to meet the conditions set forth in the regulatory agreements.

As of June 30, 2016, the cumulative amount of principal and accrued but unpaid and unrecorded interest on these loans amounted to approximately $4,162,000 and $16,564,000, respectively. 29 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 12-RELATED PARTIES
Revenue from Partnerships
In connection with the ownership interests in the Partnerships listed in Note 1, CCSM also earns property management fees, resident service fees, maintenance service fees, bookkeeping fees, general partner fees, and reimbursement of leasing fees in accordance with the respective agreements. During the year ended June 30, 2016, CCSM received revenue as follows:
2407 Fourth Street LP (through February 29, 2016) $ 15,513 708 Pico LP (through July 31, 2015) 4,867
1424 Broadway Apartments LP 151,676
26th and Santa Monica Family Housing LP 200,462
Pacific Court LP 102,381
Berkeley Place LP 133,281
The Tahiti LP 98,999
2602 Broadway LP 94,176
High Place West LP 125,310
2802 Pico LP 106,461
430 Pico LP 94,472
High Place East LP 112,557
Santa Monica Housing Partners LP 24,120
$ 1,264,275
Developer fee income
In connection with the development of the Partnerships, the CCSM earns a developer fee in accordance with the developer fee agreement. During the year ended June 30, 2016, developer fee revenue totaled $596,801, and at June 30, 2016, $483,594 remained receivable and is included in Due from Partnerships.

Due from Partnerships
The Corporation has made advances to various Partnerships in order to fund improvements, related party fees, property costs, operating shortfalls or pre-development costs. Amounts due from Partnerships are to be repaid as funds are available at the Partnerships. The Partnerships’ ability to pay may be restricted by various operating, regulatory, or lending agreements. Further, the Partnerships may be unable to pay due to cash flow shortages. These unsecured amounts do not bear interest. At June 30, 2016, outstanding amounts due from Partnerships totaled $443,762.

Due (to) from Subsidiaries
CCSM and the Subsidiaries consistently exchange funds throughout the year for the funding of operations. At June 30, 2016, $731,569 remained payable to CCSM. 30 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED JUNE 30, 2016
NOTE 13-CONSTRUCTION CONTRACTS
ESCO has entered into construction contracts for energy upgrades at five Properties in the total original amount plus change orders of $1,285,476. As of June 30, 2016, $1,217,570 has been incurred and capitalized into property and equipment, and $67,906 has been incurred and capitalized into property and equipment at 1424 Broadway Apartments Limited Partnership. As of June 30, 2016, no amounts remain payable.

CCSM has entered into construction contract for rehabilitation at 2520 Euclid in the total amount plus change orders of $906,218. As of June 30, 2016, $639,712 has been incurred and included in construction in progress. As of June 30, 2016, $95,316 remains payable.

NOTE 14-SUBSIDIARY CASH FLOW INFORMATION
During the year ended June 30, 2016, the Subsidiaries had the following transactions:
815 Ashland - Paid $59,801 and $59,801 to the State of California Department of Housing and Community Development - RHCP and to the City, respectively.

SSC - Paid $28,425 to the City.
16th Street – Paid $18,014 to the City and $15,450 to CCSM for accrued property management fees.

Cloverfield - Approved replacement reserve withdrawal of $54,986 for 14-15 FY expenses, and a second approved replacement reserve withdrawal of $32,700 for an expense not incurred before year end.
815 Ashland - Approved replacement reserve withdrawal of $79,888 for 14-15 FY expenses.

NOTE 15-SUBSEQUENT EVENTS
On July 1, 2016, CCSM purchased a property located at 419 and 1616 Ocean Avenue for a purchase price of $1. CCSM entered into a loan agreement with City of Santa Monica in the amount of $2,997,834 to fund the acquisition and rehabilitation of the property. The loan agreement has an interest rate payable at 3.84% per annum compounded annually and principal and interest due based on residual receipts, maturing in July 2071, subject to possible principal and interest forgiveness provisions.

SUPPLEMENTARY INFORMATION - PROPERTIES AND SUBSIDIARIES 31 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY
JUNE 30, 2016
3 217 225 420 502 504 724
3 Vicente 217-225 225 420 502 Ocean 724
Terrace Bicknell Ave San Vicente Pico Blvd. Colorado Park 43 Pacific Street # of Units 24 13 36 25 44 43 8
Assets
Cash and cash equivalents 319,670 $ 37,665 $ 72,790 $ (9,152) $ 1,697 $ 984,947 $ 207,673 $Restricted cash 230,043 94,088 290,157 97,263 242,490 677,035 134,902Accounts receivable, net 3,456 849 1,402 1,270 3,286 3,014 23Prepaid expenses and other current assets - - - - - - - Land 500,000 2,204,368 2,929,997 1,355,304 - 1,278,900 267,362Buildings and improvements 1,325,845 2,289,792 3,668,263 1,975,369 5,528,471 4,492,666 406,691Furniture, fixtures and equipment - - - - - - - Construction in progress - - - - - - - 1,825,845 4,494,160 6,598,260 3,330,673 5,528,471 5,771,566 674,053Less: Accumulated depreciation (707,761) (245,696) (849,098) (531,172) (1,393,699) (3,079,570) (289,444) Property and equipment, net 1,118,084 4,248,464 5,749,162 2,799,501 4,134,772 2,691,996 384,609 Unamortized costs, net 416 - 17,221 4,701 3,205 15,671 4,183Due (to) from Subsidiaries and Properties (1,865) (1,498) (2,042) (1,377) (2,494) (8,972) (335) Total assets 1,669,804 $ 4,379,568 $ 6,128,690 $ 2,892,206 $ 4,382,956 $ 4,363,691 $ 731,055 $ Liabilities and net assets (deficit)
Accounts payable and accrued expenses 36,342 $ 2,211 $ 40,227 $ 2,314 $ 5,956 $ 18,590 $ 1,036 $Accrued and deferred interest payable 165,458 - 3,076 2,379 554,321 80,553 482Security deposits 13,409 9,284 18,699 15,986 18,209 37,504 5,546Long-term debt 1,135,983 4,468,551 5,885,696 2,743,543 5,451,767 1,740,410 291,837 Total liabilities 1,351,192 4,480,046 5,947,698 2,764,222 6,030,253 1,877,057 298,901 Net assets (deficit) - unrestricted 318,612 (100,478) 180,992 127,984 (1,647,297) 2,486,634 432,154 Total liabilities and net assets (deficit) 1,669,804 $ 4,379,568 $ 6,128,690 $ 2,892,206 $ 4,382,956 $ 4,363,691 $ 731,055 $ 32 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
750 807 813 821 844 855 911
750-752 807 813 821 844 855 911
Marine 4th Street 9th Street 11th Street Lincoln Blvd. Bay Street 2nd Street 8 17 10 10 10 14 16
142,110 $ 274,450 $ 102,654 $ 61,161 $ 116,945 $ 173,171 $ 216,153 $ 62,398 168,962 59,032 77,974 70,212 181,892 168,065
67 87 422 381 - 112 1,020 - - - - - - - 1,304,343 631,004 927,889 580,644 1,504,257 807,124 751,917 1,782,150 1,151,257 733,601 616,033 2,086,888 784,137 903,108 - 5,248 - - - - - - - - - - - - 3,086,493 1,787,509 1,661,490 1,196,677 3,591,145 1,591,261 1,655,025 (229,919) (429,341) (193,304) (194,578) (261,701) (280,298) (283,885) 2,856,574 1,358,168 1,468,186 1,002,099 3,329,444 1,310,963 1,371,140 - 6,108 1,114 5,891 - 5,125 2,659 (291) (1,110) (514) (681) (2,442) (497) (578)
3,060,858 $ 1,806,665 $ 1,630,894 $ 1,146,825 $ 3,514,159 $ 1,670,766 $ 1,758,459 $ 493 $ 3,430 $ 1,107 $ 371 $ 1,101 $ 3,184 $ 258 $ - 540 363 618 - 352 330 6,817 12,472 3,515 5,940 5,515 9,592 10,386
3,026,525 867,366 1,581,510 1,103,490 3,565,399 1,459,625 1,479,028 3,033,835 883,808 1,586,495 1,110,419 3,572,015 1,472,753 1,490,002 27,023 922,857 44,399 36,406 (57,856) 198,013 268,457
3,060,858 $ 1,806,665 $ 1,630,894 $ 1,146,825 $ 3,514,159 $ 1,670,766 $ 1,758,459 $ 33 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
914 915 937 1017 1038 1118 1143914 915-929 Ozone/ 937 1017 1038 1118 1143 4th Street 1002 Marine 11th Street 4th Street 2nd Street 5th Street 12th Street 16 30 11 16 15 10 11
260,396 $ 175,797 $ 70,303 $ 146,995 $ 29,824 $ 124,445 $ 161,874 $102,966 195,780 101,700 129,945 130,511 81,363 116,189 8 1,378 15 685 150 87 299 - - - - - - - 3,006,235 702,294 346,733 752,024 900,000 351,760 400,975 3,193,649 1,590,801 776,701 1,110,441 937,023 683,763 717,252 - 5,584 3,035 3,315 - 1,496 2,818 - 700 - - - - - 6,199,884 2,299,379 1,126,469 1,865,780 1,837,023 1,037,019 1,121,045 (371,283) (662,986) (277,285) (354,384) (337,981) (242,691) (254,649) 5,828,601 1,636,393 849,184 1,511,396 1,499,042 794,328 866,396 - - 4,362 5,372 - 3,281 4,454 (2,367) (3,541) (3,028) (1,508) (1,059) (1,088) (895)
6,189,604 $ 2,005,807 $ 1,022,536 $ 1,792,885 $ 1,658,468 $ 1,002,416 $ 1,148,317 $ 2,304 $ 16,982 $ 15,202 $ 509 $ 2,012 $ 1,085 $ 1,627 $ - - 312 909 157,737 269 371 14,036 11,650 8,510 10,653 10,627 4,275 7,650
6,052,795 1,312,962 764,442 1,588,848 1,278,456 788,970 645,563 6,069,135 1,341,594 788,466 1,600,919 1,448,832 794,599 655,211 120,469 664,213 234,070 191,966 209,636 207,817 493,106 6,189,604 $ 2,005,807 $ 1,022,536 $ 1,792,885 $ 1,658,468 $ 1,002,416 $ 1,148,317 $ 34 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
1149 1206 1227 1314 1343 1344 14271149 1206 1227 1314 1343-45 1344 1427 12th Street Pico Blvd. 9th Street 18th Street 11th Street 14th Street Berkeley 14 26 10 6 8 11 7
184,617 $ 24,519 $ 53,089 $ 318,701 $ 79,618 $ 112,563 $ 276,748 $128,519 80,222 134,496 111,645 85,695 98,768 118,385 706 798 2,010 17,244 157 119 23 - - - - - - - 280,975 669,480 601,432 195,000 251,915 482,012 140,000 1,007,478 1,023,536 363,785 483,878 476,251 528,652 590,802 5,038 - - - - - - - - - - - 963 - 1,293,491 1,693,016 965,217 678,878 728,166 1,011,627 730,802 (350,913) (328,700) (136,860) (285,926) (121,308) (166,974) (370,519) 942,578 1,364,316 828,357 392,952 606,858 844,653 360,283 2,888 4,924 4,829 2,616 - 5,477 3,066
(399) (1,388) (504) (629) (447) (1,977) (278)
1,258,909 $ 1,473,391 $ 1,022,277 $ 842,529 $ 771,881 $ 1,059,603 $ 758,227 $ 1,924 $ 5,387 $ 2,986 $ 3,604 $ 474 $ 1,357 $ 714 $
161 633 287 342 187 631 418
7,814 16,418 5,833 3,976 5,845 5,782 6,647
684,575 1,187,429 841,178 274,591 367,554 931,533 364,497 694,474 1,209,867 850,284 282,513 374,060 939,303 372,276564,435 263,524 171,993 560,016 397,821 120,300 385,951 1,258,909 $ 1,473,391 $ 1,022,277 $ 842,529 $ 771,881 $ 1,059,603 $ 758,227 $ 35 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
143825 1513 1514 1629 1719 1808 1827
1438 1513 1514-18 1629 1719-21 1808 1827
25th Street Centinela 14th Street Michigan Ave California Ave. 17th Street 19th Street 12 8 36 4 15 6 6
161,002 $ 162,038 $ 180,567 $ 109,118 $ 145,609 $ 151,558 $ 257,148 $ 51,920 57,876 275,535 85,404 99,602 102,503 110,837
393 38 4,091 580 57 38 - - - - - - - - 1,733,340 1,133,001 1,022,803 84,564 1,298,739 128,162 126,518 2,870,204 1,736,511 2,660,129 227,998 1,309,632 302,648 326,510 - - 3,994 - - - - - - - - - - - 4,603,544 2,869,512 3,686,926 312,562 2,608,371 430,810 453,028 (306,560) (220,892) (854,797) (110,589) (364,845) (194,719) (197,161) 4,296,984 2,648,620 2,832,129 201,973 2,243,526 236,091 255,867 - - 8,512 2,909 4,063 3,592 3,576 (381) (835) (1,944) (238) (1,001) (341) (1,821)
4,509,918 $ 2,867,737 $ 3,298,890 $ 399,746 $ 2,491,856 $ 493,441 $ 625,607 $ 2,545 $ 427 $ 5,222 $ 337 $ 6,802 $ 463 $ 1,741 $ - - 1,745 283 764 389 3867,742 4,838 20,964 4,050 10,087 6,000 4,584 4,517,378 2,811,672 3,469,992 188,103 2,461,809 288,590 304,942 4,527,665 2,816,937 3,497,923 192,773 2,479,462 295,442 311,653 (17,747) 50,800 (199,033) 206,973 12,394 197,999 313,954 4,509,918 $ 2,867,737 $ 3,298,890 $ 399,746 $ 2,491,856 $ 493,441 $ 625,607 $ 36 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
1845 1917 1925 1937 1943 1944 19521845 1917 1925-33 1937 1943 1944 1952-56 17th Street 17th Street 20th Street 18th Street 17th Street 20th Street Frank Street 8 7 34 6 7 8 5
355,062 $ 179,231 $ 711,124 $ 76,312 $ 42,139 $ 277,016 $ (4,476) $124,145 98,479 289,290 77,728 90,001 48,350 31,898 962 14 3,838 1,075 - 126 - - - - - - - - 140,632 146,979 1,563,415 111,374 123,407 990,719 211,736 397,489 281,697 2,241,433 361,110 399,534 1,967,641 255,251 - - - - - - - - - - - - - 1,096538,121 428,676 3,804,848 472,484 522,941 2,958,360 468,083 (312,070) (148,264) (809,643) (212,789) (235,493) (336,685) (116,428) 226,051 280,412 2,995,205 259,695 287,448 2,621,675 351,655 - 66 6,699 - 1,951 - 675 (411) (264) (9,408) (211) (1,276) (3,529) (438)
705,809 $ 557,938 $ 3,996,748 $ 414,599 $ 420,263 $ 2,943,638 $ 379,314 $ 4,984 $ 537 $ 18,617 $ 1,137 $ 634 $ 2,885 $ 539 $ - 73,139 1,740 - 225 - 156,1735,728 5,175 20,674 4,354 2,804 9,087 1,960 130,000 222,574 3,297,304 128,313 280,297 2,811,632 257,996 140,712 301,425 3,338,335 133,804 283,960 2,823,604 416,668565,097 256,513 658,413 280,795 136,303 120,034 (37,354)705,809 $ 557,938 $ 3,996,748 $ 414,599 $ 420,263 $ 2,943,638 $ 379,314 $ 37 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
1959 2009 2017 202814 2029 2112 212041959 2009-2015 2017-23 2028 2029-2031 2112-20 2120 Cloverfield Cloverfield 20th Street 14th Street 20th Street Delaware 4th Street 62 10 12 22 12 38 27
814,128 $ 111,158 $ 119,284 $ 304,438 $ 184,671 $ 326,150 $ 546,672 $574,976 98,878 145,191 168,929 89,754 239,144 204,682 7,520 668 - 143 881 838 76 - - - - - - - 717,298 200,000 115,613 1,412,560 1,629,406 1,860,000 2,293,484 3,179,703 439,316 528,244 1,279,915 2,803,976 3,494,832 1,672,517 - - - - - - - - - - - - - - 3,897,001 639,316 643,857 2,692,475 4,433,382 5,354,832 3,966,001 (1,824,875) (214,801) (432,603) (375,755) (339,367) (947,684) (492,671) 2,072,126 424,515 211,254 2,316,720 4,094,015 4,407,148 3,473,330 12,178 311 - 4,827 - 7,267 3,90511,502 (590) (595) (1,027) (803) (2,083) (2,004) 3,492,430 $ 634,940 $ 475,134 $ 2,794,030 $ 4,368,518 $ 4,978,464 $ 4,226,661 $ 4,712 $ 551 $ 1,522 $ 1,117 $ 2,951 $ 1,606 $ 1,450 $2,297 91 - 1,449 - 1,761 1,138 42,846 7,300 6,321 18,487 7,374 15,082 19,896
1,889,928 294,354 126,000 2,117,642 4,386,515 4,358,819 3,406,050 1,939,783 302,296 133,843 2,138,695 4,396,840 4,377,268 3,428,5341,552,647 332,644 341,291 655,335 (28,322) 601,196 798,1273,492,430 $ 634,940 $ 475,134 $ 2,794,030 $ 4,368,518 $ 4,978,464 $ 4,226,661 $ 38 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
2121 2122 2207 2211 2243 2260 23022121 2122 2207 2211 2243-47 2260-68 2302 Arizona Ave Pico Blvd. 6th Street 4th Street 28th Street 28th Street 5th Street 11 8 6 22 12 12 6
104,963 $ 79,170 $ 170,649 $ 388,948 $ 108,934 $ 188,753 $ 87,406 $151,044 41,708 126,480 119,022 81,445 95,711 96,719 69 - 8 36,306 3,873 383 15 - - - 800 - - - 670,000 588,292 168,653 2,040,548 817,423 857,069 121,353 837,015 417,628 496,439 4,887,493 1,218,692 780,789 381,635 - - - - - - - - - - - - - - 1,507,015 1,005,920 665,092 6,928,041 2,036,115 1,637,858 502,988 (493,375) (100,063) (292,281) (795,026) (308,482) (223,590) (239,206) 1,013,640 905,857 372,811 6,133,015 1,727,633 1,414,268 263,782 1,112 - 3,507 - 3,767 1,637 2,959
(1,176) (161) (1,938) (3,027) (822) (657) (2,208)
1,269,652 $ 1,026,574 $ 671,517 $ 6,675,064 $ 1,924,830 $ 1,700,095 $ 448,673 $ 797 $ 826 $ 3,240 $ 76,982 $ 572 $ 527 $ 4,654 $423 - 479 - 521 651 393 8,918 3,456 4,154 18,077 6,083 7,771 5,195
235,564 827,133 138,026 6,718,370 1,915,182 1,497,014 299,622 245,702 831,415 145,899 6,813,429 1,922,358 1,505,963 309,864 1,023,950 195,159 525,618 (138,365) 2,472 194,132 138,8091,269,652 $ 1,026,574 $ 671,517 $ 6,675,064 $ 1,924,830 $ 1,700,095 $ 448,673 $ 39 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
2309 2320 2402 2404 2418 2428 2449
2309-2315 2320 2402 2404-2410 2418 2428-32 2449-2501
Oak Street 34th Street 5th Street Kansas 5th Street 34th Street Centinela 12 6 6 10 6 12 20
170,752 $ 56,069 $ 321,546 $ 62,587 $ 83,381 $ 33,809 $ 158,909 $ 57,209 32,854 129,405 58,492 25,227 60,618 133,108
51 282 30 229 - 699 232 - - - - - - - 1,085,813 828,005 168,653 736,925 763,246 598,647 1,468,329 2,220,962 1,059,662 500,316 1,023,072 1,172,943 961,443 1,185,849 - - - - - - - - - - - - - - 3,306,775 1,887,667 668,969 1,759,997 1,936,189 1,560,090 2,654,178 (103,471) (144,200) (291,923) (245,049) (151,835) (254,846) (323,421) 3,203,304 1,743,467 377,046 1,514,948 1,784,354 1,305,244 2,330,757 - - 3,507 1,681 - - 2,947 (520) (399) (242) (1,644) (1,273) (714) (2,918)
3,430,796 $ 1,832,273 $ 831,292 $ 1,636,293 $ 1,891,689 $ 1,399,656 $ 2,623,035 $ 609 $ 773 $ 1,766 $ 1,053 $ 271 $ 15,770 $ 3,853 $ - - 479 566 - - 855 4,950 3,318 4,343 5,274 3,559 4,552 9,742
3,360,129 1,837,788 138,026 1,635,126 1,908,671 1,542,847 2,463,689 3,365,688 1,841,879 144,614 1,642,019 1,912,501 1,563,169 2,478,139 65,108 (9,606) 686,678 (5,726) (20,812) (163,513) 144,896 3,430,796 $ 1,832,273 $ 831,292 $ 1,636,293 $ 1,891,689 $ 1,399,656 $ 2,623,035 $ 40 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION) # of Units
Assets
Cash and cash equivalentsRestricted cashAccounts receivable, netPrepaid expenses and other current assetsLandBuildings and improvementsFurniture, fixtures and equipmentConstruction in progressLess: Accumulated depreciation Property and equipment, net
Unamortized costs, netDue (to) from Subsidiaries and Properties Total assets
Liabilities and net assets (deficit)
Accounts payable and accrued expensesAccrued and deferred interest payableSecurity depositsLong-term debt Total liabilities
Net assets (deficit) - unrestricted
Total liabilities and net assets (deficit)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY PROPERTY (CONTINUED) JUNE 30, 2016
2520 2525 2608 2625 2900 2907
TOTAL
2520 Euclid 2525-2533 2608-18 2625 2900 2907 COMBINED
1219-1221 OP Kansas Street 28th Street Kansas Street 4th Street 3rd Street BUILDINGS 10 20 12 16 19 11 1,051
108,177 $ 625,344 $ 111,807 $ 614,329 $ 172,082 $ 41,840 $ 13,620,827 $ 12,346 259,941 96,425 200,441 79,947 72,008 9,165,969
53 77 1,125 35 1,294 - 105,167 - - - - - - 800
2,404,756 270,865 806,989 516,846 2,192,059 626,946 58,899,1111,606,161 901,177 826,083 700,457 3,628,301 1,122,662 95,893,352 - - - - - - 30,528 780,706 - - - - - 783,465
4,791,623 1,172,042 1,633,072 1,217,303 5,820,360 1,749,608 155,606,456 (29,327) (736,809) (234,773) (497,144) (619,134) (303,704) (28,668,275) 4,762,296 435,233 1,398,299 720,159 5,201,226 1,445,904 126,938,181 - - 1,694 - - 1,906 192,811 (56,281) (1,502) (515) (5,432) (3,303) (607) (146,841)
4,826,591 $ 1,319,093 $ 1,608,835 $ 1,529,532 $ 5,451,246 $ 1,561,051 $ 149,876,914 $ 99,162 $ 7,692 $ 8,348 $ 8,042 $ 2,332 $ 2,138 $ 472,973 $ - - 669 - - 342 1,217,68712,340 12,264 7,589 9,898 9,270 7,885 666,581 4,632,532 231,430 1,505,654 189,070 5,732,035 1,626,539 128,068,480 4,744,034 251,386 1,522,260 207,010 5,743,637 1,636,904 130,425,721 82,557 1,067,707 86,575 1,322,522 (292,391) (75,853) 19,451,193 4,826,591 $ 1,319,093 $ 1,608,835 $ 1,529,532 $ 5,451,246 $ 1,561,051 $ 149,876,914 $ 41 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY PROPERTY JUNE 30, 2016
3 217 225 420 502 504 724 750 807 813 821 844
3 Vicente 217-225 225 420 502 Ocean 724 750-752 807 813 821 844 Terrace Bicknell Ave San Vicente Pico Blvd. Colorado Park 43 Pacific Marine 4th Street 9th Street 11th Street Lincoln Blvd. # of Units 24 13 36 25 44 43 8 8 17 10 10 10
Revenues:

Rental fees, net of vacancy 209,109 $ 132,137 $ 369,523 $ 223,953 $ 271,493 $ 698,230 $ 125,878 $ 109,278 $ 199,086 $ 94,413 $ 90,499 $ 100,907 $ Debt forgiveness - - 25,375 22,924 - - - - - - - - Interest 283 60 337 49 178 876 176 93 294 81 109 83Other 468 254 702 488 858 839 156 71,156 332 193 195 195 Total revenues 209,860 132,451 395,937 247,414 272,529 699,945 126,210 180,527 199,712 94,687 90,803 101,185 Expenses
Salaries 15,217 7,782 22,341 14,997 27,566 25,497 5,408 4,910 10,772 6,332 6,095 6,420Payroll taxes 1,169 597 1,714 1,148 2,119 1,949 421 377 827 492 470 495Employee benefits 1,272 689 1,909 1,325 2,333 2,280 424 424 901 530 530 530Legal and professional 211 567 1,954 1,090 1,918 1,875 799 349 741 436 436 436Loss on disposal of buildings and improvements - - - - - - - - - - - - Consultants 889 232 1,624 447 1,764 769 143 143 304 179 179 179Office and administration 4,614 2,977 3,228 2,078 27,344 7,641 431 898 1,557 1,290 864 1,049Insurance 3,701 3,877 9,968 5,980 10,600 9,296 1,767 2,045 2,893 1,922 1,874 2,009Maintenance and repairs 55,712 22,377 90,647 61,634 90,254 95,110 14,055 5,416 22,602 12,249 18,968 7,029Maintenance fees interfund 12,551 7,885 17,792 15,729 26,518 47,667 6,666 3,990 8,501 7,277 3,143 5,753Property management fees interfund 22,392 12,129 33,588 23,325 33,264 40,119 7,464 7,464 15,861 9,330 9,330 9,330Bookkeeping fees interfund 4,680 2,535 7,020 4,875 5,016 8,385 1,560 1,560 3,315 1,950 1,950 1,950Resident service fees interfund 1,224 663 1,836 1,275 - 2,193 408 408 867 510 510 510Gardening and grounds - 3,600 4,280 960 2,400 23,640 5,850 3,048 1,500 2,268 5,300 2,268Pest control 6,202 720 816 816 984 14,545 2,034 504 1,453 948 629 2,334Utilities 20,572 10,765 28,636 22,664 37,284 50,492 11,479 6,637 12,015 8,386 9,112 7,639Property taxes 2,212 5,051 26,165 14,029 11,178 37,451 1,504 16,761 3,773 7,099 2,947 4,481Rent control fees 1,632 1,072 1,995 1,405 - - 395 474 790 395 831 788Workers compensation 938 469 1,370 906 1,690 1,571 338 298 666 385 367 396 Total expenses before interest,
depreciation and amortization 155,188 83,987 256,883 174,683 282,232 370,480 61,146 55,706 89,338 61,978 63,535 53,596 Net operating income 54,672 48,464 139,054 72,731 (9,703) 329,465 65,064 124,821 110,374 32,709 27,268 47,589 Interest 8,973 28,324 108,051 46,669 48,862 85,258 7,143 15,267 13,638 19,389 23,466 7,578Depreciation 31,328 46,011 73,103 39,162 102,856 140,350 15,241 34,808 27,244 13,428 12,486 38,545Amortization 139 - 1,089 304 76 2,000 528 - 600 69 422 - Total interest, depreciation and amortization 40,440 74,335 182,243 86,135 151,794 227,608 22,912 50,075 41,482 32,886 36,374 46,123 Changes in net assets (deficit) -
Unrestricted 14,232 (25,871) (43,189) (13,404) (161,497) 101,857 42,152 74,746 68,892 (177) (9,106) 1,466 Net assets (deficit), beginning of year 324,380 (74,607) 224,181 141,388 (1,541,600) 2,459,777 415,002 (47,723) 873,965 49,576 50,512 (59,322) Intercompany transfer (20,000) - - - 25,000 (75,000) (25,000) - (20,000) (5,000) (5,000) - Intercompany transfer of property and equipment - - - - 30,800 - - - - - - - Net assets (deficit), end of year 318,612 $ (100,478) $ 180,992 $ 127,984 $ (1,647,297) $ 2,486,634 $ 432,154 $ 27,023 $ 922,857 $ 44,399 $ 36,406 $ (57,856) $ 42 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY PROPERTY (CONTINUED) JUNE 30, 2016
855 911 914 915 937 1017 1038 1118 1143 1149 1206 1227
855 Bay St/ 911 914 915-929 Ozone/ 937 1017 1038 1118 1143 1149 1206 1227 1916-26 10th St 2nd Street 4th Street 1002 Marine 11th Street 4th Street 2nd Street 5th Street 12th Street 12th Street Pico Blvd. 9th Street 14 16 16 30 11 16 15 10 11 14 26 10
Revenues:

Rental fees, net of vacancy 142,916 $ 144,484 $ 160,666 $ 252,352 $ 127,870 $ 160,676 $ 126,940 $ 101,823 $ 131,255 $ 138,573 $ 191,669 $ 90,529 $ Debt forgiveness - - - - - - - - - - - - Interest 257 267 184 191 121 201 101 140 192 209 44 153Other 273 312 312 585 215 312 293 195 215 273 507 195 Total revenues 143,446 145,063 161,162 253,128 128,206 161,189 127,334 102,158 131,662 139,055 192,220 90,877 Expenses
Salaries 8,880 10,247 10,487 19,260 6,814 9,737 9,302 6,096 6,593 8,329 15,638 6,281Payroll taxes 686 789 810 1,490 526 747 716 471 504 637 1,196 487Employee benefits 742 848 848 1,590 583 848 795 530 583 742 1,378 530Legal and professional 610 2,092 694 1,307 480 698 1,409 436 480 610 (186) 436Loss on disposal of buildings and improvements - - - - - - - - - - - - Consultants 250 286 966 536 197 286 268 179 197 250 1,965 179Office and administration 1,761 1,643 1,590 10,739 924 2,996 1,668 924 1,147 1,409 9,891 2,035Insurance 3,466 2,824 5,283 4,067 2,177 2,962 2,374 2,153 2,032 2,388 5,018 1,525Maintenance and repairs 14,393 11,426 32,079 59,206 7,159 28,326 29,008 9,195 25,169 23,766 41,186 27,644Maintenance fees interfund 5,037 8,090 6,792 24,119 9,365 7,308 11,552 5,454 6,497 15,751 10,537 4,744Property management fees interfund 13,062 14,928 14,928 27,990 10,263 14,928 11,340 9,330 10,263 13,062 24,258 9,330Bookkeeping fees interfund 2,730 3,120 3,120 5,850 2,145 3,120 2,700 1,950 2,145 2,730 5,070 1,950Resident service fees interfund 714 816 816 1,530 561 816 630 510 561 714 1,326 510Gardening and grounds 5,742 1,700 2,892 6,490 1,080 2,100 4,725 3,180 1,080 2,800 4,940 4,100Pest control 1,251 2,202 864 1,241 516 552 2,796 780 228 1,053 528 1,194Utilities 9,206 9,394 13,187 22,243 9,037 14,888 19,298 9,657 9,937 7,735 19,970 5,599Property taxes 7,201 3,897 14,694 4,372 5,853 6,714 3,729 4,189 5,383 3,698 2,913 1,244Rent control fees (114) 635 1,074 1,478 804 736 930 474 502 871 - 8Workers compensation 543 636 655 1,182 414 593 568 366 399 503 950 382 Total expenses before interest,
depreciation and amortization 76,160 75,573 111,779 194,690 58,898 98,355 103,808 55,874 73,700 87,048 146,578 68,178 Net operating income 67,286 69,490 49,383 58,438 69,308 62,834 23,526 46,284 57,962 52,007 45,642 22,699 Interest 24,466 16,294 37,300 - 7,907 34,741 18,950 6,917 9,543 4,114 16,860 9,326Depreciation 18,595 20,759 60,467 40,715 16,170 24,761 36,066 13,655 19,734 23,829 39,352 10,852Amortization 381 190 - - 413 388 - 273 371 241 367 362 Total interest, depreciation and amortization 43,442 37,243 97,767 40,715 24,490 59,890 55,016 20,845 29,648 28,184 56,579 20,540 Changes in net assets (deficit) -
Unrestricted 23,844 32,247 (48,384) 17,723 44,818 2,944 (31,490) 25,439 28,314 23,823 (10,937) 2,159 Net assets (deficit), beginning of year 184,169 261,210 178,853 666,490 189,252 199,022 (51,169) 192,378 474,792 550,612 274,461 174,834 Intercompany transfer (10,000) (25,000) (10,000) (20,000) - (10,000) - (10,000) (10,000) (10,000) - (5,000) Intercompany transfer of property and equipment - - - - - - 292,295 - - - - - Net assets (deficit), end of year 198,013 $ 268,457 $ 120,469 $ 664,213 $ 234,070 $ 191,966 $ 209,636 $ 207,817 $ 493,106 $ 564,435 $ 263,524 $ 171,993 $ 43 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY PROPERTY (CONTINUED) JUNE 30, 2016
1314 1343 1344 1427 143825 1513 1514 1629 1719 1808 1827 18451314 1343-45 1344 1427 1438 1513 1514-18 1629 1719-21 1808 1827 1845 18th Street 11th Street 14th Street Berkeley 25th Street Centinela 14th Street Michigan Ave California 17th Street 19th Street 17th Street 6 8 11 7 12 8 36 4 15 6 6 8
Revenues:

Rental fees, net of vacancy 95,335 $ 92,739 $ 122,839 $ 109,387 $ 158,290 $ 101,286 $ 347,574 $ 78,610 $ 147,495 $ 103,024 $ 105,720 $ 121,869 $ Debt forgiveness - - - - - - - - - - - - Interest 245 79 145 204 92 107 335 98 117 124 181 235Other 117 156 215 137 167,081 156 702 78 293 117 117 156 Total revenues 95,697 92,974 123,199 109,728 325,463 101,549 348,611 78,786 147,905 103,265 106,018 122,260 Expenses
Salaries 4,207 5,678 6,848 5,861 7,137 5,337 22,514 2,579 9,202 3,918 3,762 5,288Payroll taxes 330 446 530 469 545 412 1,731 201 710 304 291 411Employee benefits 319 424 583 371 636 424 1,909 212 795 318 318 424Legal and professional 14,838 349 480 305 523 349 820 174 654 262 262 349Loss on disposal of buildings and improvements - - - - - - 3,745 - - - - - Consultants 107 143 197 125 214 143 644 71 268 107 107 718Office and administration 1,391 1,097 1,126 673 1,009 725 8,762 509 1,172 808 644 1,622Insurance 1,459 1,556 1,980 1,939 3,376 1,850 10,138 866 3,128 1,420 1,371 1,733Maintenance and repairs 8,525 4,594 16,733 6,805 7,002 5,769 57,763 4,539 15,777 9,352 11,231 13,466Maintenance fees interfund 5,340 3,007 5,507 3,947 6,792 3,160 16,755 2,557 4,899 3,547 6,318 4,167Property management fees interfund 5,598 7,464 10,263 6,531 11,196 7,464 33,588 3,732 13,995 5,598 5,598 7,464Bookkeeping fees interfund 1,170 1,560 2,145 1,365 2,340 1,560 7,020 780 2,925 1,170 1,170 1,560Resident service fees interfund 306 408 561 357 612 408 1,836 204 765 306 306 408Gardening and grounds 4,188 3,000 1,800 2,280 3,190 1,972 2,400 5,040 5,400 5,765 5,085 2,400Pest control 444 1,798 504 722 744 600 816 456 1,260 492 737 384Utilities 6,342 5,199 9,200 8,302 12,682 6,791 27,903 5,373 11,515 9,646 8,721 10,459Property taxes 1,362 2,485 3,944 2,923 25,754 16,906 3,713 3,257 11,939 2,493 605 4,713Rent control fees 421 316 (17) 299 1,044 553 1,679 - 1,026 - - 474Workers compensation 264 357 415 381 432 333 1,382 158 557 241 229 328 Total expenses before interest,
depreciation and amortization 56,611 39,881 62,799 43,655 85,228 54,756 205,118 30,708 85,987 45,747 46,755 56,368 Net operating income 39,086 53,093 60,400 66,073 240,235 46,793 143,493 48,078 61,918 57,518 59,263 65,892 Interest 6,153 3,725 23,714 7,527 16,182 14,687 96,350 4,199 34,511 5,755 5,724 - Depreciation 11,398 8,932 11,920 13,396 55,194 32,516 53,027 8,708 26,747 6,130 6,770 13,106Amortization 327 - 397 383 - - 568 367 282 454 452 - Total interest, depreciation and amortization 17,878 12,657 36,031 21,306 71,376 47,203 149,945 13,274 61,540 12,339 12,946 13,106 Changes in net assets (deficit) -
Unrestricted 21,208 40,436 24,369 44,767 168,859 (410) (6,452) 34,804 378 45,179 46,317 52,786 Net assets (deficit), beginning of year 578,808 357,385 100,931 376,184 (186,606) 61,210 (192,581) 182,169 12,016 162,820 277,637 532,311 Intercompany transfer (40,000) - (5,000) (35,000) - (10,000) - (10,000) - (10,000) (10,000) (20,000) Intercompany transfer of property and equipment - - - - - - - - - - - - Net assets (deficit), end of year 560,016 $ 397,821 $ 120,300 $ 385,951 $ (17,747) $ 50,800 $ (199,033) $ 206,973 $ 12,394 $ 197,999 $ 313,954 $ 565,097 $ 44 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY PROPERTY (CONTINUED) JUNE 30, 2016
1917 1925 1937 1943 1944 1952 1959 2009 2017 202814 2029 21121917 1925-33 1937 1943 1944 1952-56 1959 2009-2015 2017-23 2028 2029-2031 2112-2120 17th Street 20th Street 18th Street 17th Street 20th Street Frank Street Cloverfield Cloverfield 20th Street 14th Street 20th Street Delaware 7 34 6 7 8 5 62 10 12 22 12 38
Revenues:

Rental fees, net of vacancy 89,921 $ 426,579 $ 87,195 $ 76,472 $ 124,217 $ 40,922 $ 790,380 $ 109,815 $ 133,629 $ 214,768 $ 128,961 $ 325,715 $ Debt forgiveness - - - - 5,699 - - - - - - - Interest 135 511 120 63 159 24 704 100 123 231 138 268Other 137 663 664 137 65,572 97 1,209 195 234 429 234 741 Total revenues 90,193 427,753 87,979 76,672 195,647 41,043 792,293 110,110 133,986 215,428 129,333 326,724 Expenses
Salaries 4,766 21,937 4,364 4,616 6,332 3,881 38,118 6,346 7,423 13,759 8,773 22,971Payroll taxes 373 1,695 342 357 502 307 2,922 489 569 1,061 690 1,758Employee benefits 371 1,802 318 371 424 265 3,287 530 636 1,166 636 2,014Legal and professional 305 1,482 262 305 349 218 2,703 436 523 959 523 1,657Loss on disposal of buildings and improvements - - - - - - 551 - - - - - Consultants 125 1,011 107 125 143 89 2,609 179 214 508 444 794Office and administration 1,185 6,671 1,230 821 743 739 15,070 1,153 1,085 2,215 3,054 4,257Insurance 1,326 8,688 1,503 1,449 2,284 1,096 16,024 2,039 2,622 3,827 2,355 7,846Maintenance and repairs 5,744 65,130 15,671 18,195 8,896 8,388 84,456 9,604 27,010 25,567 13,746 35,967Maintenance fees interfund 4,757 24,930 3,783 6,859 7,023 4,393 41,802 5,946 4,593 5,912 5,325 11,511Property management fees interfund 6,531 31,722 4,464 6,531 7,464 4,665 57,846 9,330 11,196 20,526 11,196 35,454Bookkeeping fees interfund 1,365 6,630 1,080 1,365 1,560 975 12,090 1,950 2,340 4,290 2,340 7,410Resident service fees interfund 357 1,734 288 357 408 255 3,162 510 612 1,122 612 1,938Gardening and grounds 5,110 6,851 4,023 2,100 2,400 4,380 11,400 4,760 5,050 5,510 3,565 6,515Pest control 456 1,666 384 456 552 384 1,561 1,142 1,234 2,316 2,494 1,833Utilities 5,860 36,713 7,195 8,875 10,005 7,314 59,890 10,916 19,044 17,152 9,573 37,779Property taxes 4,158 7,693 1,355 2,108 17,674 3,656 18,036 1,757 2,560 6,720 15,119 20,549Rent control fees 345 1,242 - 474 632 316 3,726 553 790 1,607 816 2,986Workers compensation 296 1,355 277 287 408 250 (11,920) 391 455 839 557 1,395 Total expenses before interest,
depreciation and amortization 43,430 228,952 46,646 55,651 67,799 41,571 363,333 58,031 87,956 115,056 81,818 204,634 Net operating income 46,763 198,801 41,333 21,021 127,848 (528) 428,960 52,079 46,030 100,372 47,515 122,090 Interest 73,354 87,195 5,709 4,041 23,149 9,020 37,021 1,040 - 28,207 30,103 36,247Depreciation 7,929 54,530 8,794 9,346 38,361 5,908 92,322 10,528 20,745 26,636 51,887 70,779Amortization 114 440 - 244 - 42 1,538 161 - 302 - 438 Total interest, depreciation and amortization 81,397 142,165 14,503 13,631 61,510 14,970 130,881 11,729 20,745 55,145 81,990 107,464 Changes in net assets (deficit) -
Unrestricted (34,634) 56,636 26,830 7,390 66,338 (15,498) 298,079 40,350 25,285 45,227 (34,475) 14,626 Net assets (deficit), beginning of year 301,147 676,777 253,965 128,913 63,696 (21,856) 1,354,568 294,042 321,006 630,108 16,153 596,570 Intercompany transfer (10,000) (75,000) - - (10,000) - (100,000) (1,748) (5,000) (20,000) (10,000) (10,000) Intercompany transfer of property and equipment - - - - - - - - - - - - Net assets (deficit), end of year 256,513 $ 658,413 $ 280,795 $ 136,303 $ 120,034 $ (37,354) $ 1,552,647 $ 332,644 $ 341,291 $ 655,335 $ (28,322) $ 601,196 $ 45 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY PROPERTY (CONTINUED) JUNE 30, 2016
21204 2121 2122 2207 2211 2243 2260 2302 2309 2320 2402 2404 2120 2121 2122 2207 2211 2243-47 2260-2268 2302 2309-2315 2320 2402 2404-10 4th Street Arizona Ave Pico Blvd. 6th Street 4th Street 28th Street 28th Street 5th Street Oak Street 34th Street 5th Street Kansas Ave 27 11 8 6 22 12 12 6 12 6 6 10
Revenues:

Rental fees, net of vacancy 294,436 $ 181,206 $ 54,878 $ 100,773 $ 225,978 $ 112,396 $ 132,433 $ 72,082 $ 138,712 $ 66,103 $ 104,667 $ 111,401 $ Debt forgiveness - - - - - - - - - - - - Interest 369 121 60 146 229 94 141 91 113 38 246 56Other 527 215 156 117 64,514 234 234 117 234 50,228 117 195 Total revenues 295,332 181,542 55,094 101,036 290,721 112,724 132,808 72,290 139,059 116,369 105,030 111,652 Expenses
Salaries 17,145 7,014 5,290 3,702 13,521 7,603 7,376 3,991 8,106 4,593 3,736 6,947Payroll taxes 1,334 545 410 285 1,037 589 569 309 632 368 287 544Employee benefits 1,431 583 424 318 1,166 636 636 318 636 318 318 530Legal and professional 1,177 480 349 262 1,259 523 523 262 523 262 262 436Loss on disposal of buildings and improvements - 3,810 - - 12,732 - - - - - - - Consultants 885 1,697 143 107 393 214 214 107 214 107 107 179Office and administration 3,132 3,672 1,004 768 3,660 974 783 1,905 1,004 780 834 977Insurance 6,427 2,689 1,119 1,881 4,894 2,517 2,425 1,353 2,035 1,329 1,781 1,838Maintenance and repairs 26,545 20,429 10,260 11,835 7,192 13,476 19,345 7,351 7,822 5,451 33,095 17,913Maintenance fees interfund 10,518 9,179 3,731 8,836 18,132 5,510 6,044 7,849 2,809 2,898 7,903 6,101Property management fees interfund 25,191 10,263 7,464 5,598 20,526 11,196 11,196 5,598 11,196 5,598 5,598 9,330Bookkeeping fees interfund 5,265 2,145 1,560 1,170 4,290 2,340 2,340 1,170 2,340 1,170 1,170 1,950Resident service fees interfund 1,377 561 408 306 1,122 612 612 306 612 306 306 510Gardening and grounds 5,260 6,101 3,313 4,200 4,620 5,214 3,050 1,800 6,854 3,080 3,980 3,800Pest control 672 1,008 504 432 1,356 600 2,450 384 5,173 504 9,012 576Utilities 25,929 14,453 5,777 10,039 17,774 7,901 7,247 4,985 5,805 5,327 5,961 14,098Property taxes 11,820 5,454 3,416 3,807 34,306 20,622 8,393 2,622 11,461 6,806 5,738 3,349Rent control fees 1,579 869 615 - 1,484 918 869 - 790 517 - 565Workers compensation 1,044 428 329 225 823 465 448 250 506 290 229 433 Total expenses before interest,
depreciation and amortization 146,731 91,380 46,116 53,771 150,287 81,910 74,520 40,560 68,518 39,704 80,317 70,076 Net operating income 148,601 90,162 8,978 47,265 140,434 30,814 58,288 31,730 70,541 76,665 24,713 41,576 Interest 48,159 5,748 - 6,660 25,374 14,830 33,490 7,071 53,453 - 6,661 20,596Depreciation 34,679 17,122 7,927 11,303 92,437 23,291 16,351 8,002 41,985 19,595 12,186 20,329Amortization 263 608 - 448 - 234 111 370 - - 448 95 Total interest, depreciation and amortization 83,101 23,478 7,927 18,411 117,811 38,355 49,952 15,443 95,438 19,595 19,295 41,020 Changes in net assets (deficit) -
Unrestricted 65,500 66,684 1,051 28,854 22,623 (7,541) 8,336 16,287 (24,897) 57,070 5,418 556 Net assets (deficit), beginning of year 757,627 962,266 199,108 501,764 (160,988) 15,013 190,796 127,522 95,005 (66,676) 721,260 (6,282) Intercompany transfer (25,000) (5,000) (5,000) (5,000) - (5,000) (5,000) (5,000) (5,000) - (40,000) - Intercompany transfer of property and equipment - - - - - - - - - - - - Net assets (deficit), end of year 798,127 $ 1,023,950 $ 195,159 $ 525,618 $ (138,365) $ 2,472 $ 194,132 $ 138,809 $ 65,108 $ (9,606) $ 686,678 $ (5,726) $ 46 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY PROPERTY (CONTINUED) JUNE 30, 2016
2418 2428 2449 2520 2525 2608 2625 2900 2907
TOTAL
2418 2428-2432 2449-2501 2520 Euclid 2525-33 2608-2618 2625 2900 2907 COMBINED 5th Street 34th Street Centinela 1219-1221 OP Kansas Street 28th Street Kansas Street 4th Street 3rd Street BUILDINGS 6 12 20 10 20 12 16 19 11 1,051
Revenues:

Rental fees, net of vacancy 59,448 $ 80,414 $ 194,216 $ 178,083 $ 268,796 $ 131,556 $ 224,278 $ 177,379 $ 102,476 $ 11,538,712 $ Debt forgiveness - - - - - - - - - 53,998Interest 53 50 145 38 443 101 413 126 56 12,346Other 117 234 390 195 390 234 312 13,428 215 451,563 Total revenues 59,618 80,698 194,751 178,316 269,629 131,891 225,003 190,933 102,747 12,056,619 Expenses
Salaries 3,662 8,503 12,753 6,689 12,543 7,454 10,640 13,091 6,477 667,454Payroll taxes 280 663 984 532 966 575 825 1,017 495 51,528Employee benefits 318 636 1,060 545 1,060 636 848 1,007 583 55,724Legal and professional 262 523 872 1,617 872 523 698 813 480 61,943Loss on disposal of buildings and improvements - - - - - - - - - 20,838Consultants 107 214 357 192 357 214 286 685 197 28,579Office and administration 765 1,897 2,041 956 1,643 1,289 1,208 4,956 309 183,016Insurance 1,327 2,122 3,520 5,293 4,929 2,427 4,491 4,482 2,382 235,337Maintenance and repairs 6,559 34,951 31,237 9,508 13,311 20,623 24,634 29,181 26,386 1,661,644Maintenance fees interfund 4,309 3,398 12,610 5,703 11,302 6,621 15,416 11,475 10,027 641,919Property management fees interfund 5,598 11,196 18,660 9,330 18,660 11,196 14,928 17,727 10,263 969,006Bookkeeping fees interfund 1,170 2,340 3,900 1,950 3,900 2,340 3,120 3,705 2,145 201,066Resident service fees interfund 306 612 1,020 510 1,020 612 816 969 561 51,204Gardening and grounds 3,150 5,190 10,000 4,840 4,916 4,700 3,133 5,520 1,080 293,928Pest control 552 600 696 2,719 7,402 975 1,633 1,001 588 107,462Utilities 8,661 12,363 19,374 8,726 28,227 12,002 16,223 18,384 10,015 987,552Property taxes 4,059 4,907 9,770 5,294 3,287 12,895 5,106 28,550 8,050 577,729Rent control fees 316 247 1,020 1,750 1,105 856 790 1,441 711 52,899Workers compensation 223 538 785 278 763 454 665 828 390 26,646 Total expenses before interest,
depreciation and amortization 41,624 90,900 130,659 66,432 116,263 86,392 105,460 144,832 81,139 6,875,474 Net operating income 17,994 (10,202) 64,092 111,884 153,366 45,499 119,543 46,101 21,608 5,181,145 Interest 9,551 10,012 24,116 - - 27,314 - 15,678 9,360 1,470,722Depreciation 21,663 18,355 23,930 29,327 30,221 18,182 28,400 69,836 24,140 2,114,387Amortization - - 203 - - 110 - - 123 17,735 Total interest, depreciation and amortization 31,214 28,367 48,249 29,327 30,221 45,606 28,400 85,514 33,623 3,602,844 Changes in net assets (deficit) -
Unrestricted (13,220) (38,569) 15,843 82,557 123,145 (107) 91,143 (39,413) (12,015) 1,578,301 Net assets (deficit), beginning of year (7,592) (124,944) 139,053 - 1,019,562 91,682 1,306,379 (252,978) (63,838) 18,431,545 Intercompany transfer - - (10,000) - (75,000) (5,000) (75,000) - - (881,748) Intercompany transfer of property and equipment - - - - - - - - - 323,095 Net assets (deficit), end of year (20,812) $ (163,513) $ 144,896 $ 82,557 $ 1,067,707 $ 86,575 $ 1,322,522 $ (292,391) $ (75,853) $ 19,451,193 $ 47 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

MORTGAGE SCHEDULE BY PROPERTY
JUNE 30, 2016
Monthly Balloon Accrued/
Principal Current Non-Current Interest Mortgage Payment Maturity Principal Unrecorded Lender Balance Portion Portion Rate Payment Amount Date Balance Interest 3 Vicente Terrace
CITIBANK (1) $ 72,663 $ 18,877 $ 53,786 6.440% $ 1,765 $ - 02/2020 $ - $ - DPRLP / DEPT. OF HOUSING (5) 200,000 - 200,000 3.000% - - 12/2018 - - CITY OF SANTA MONICA (4) 863,320 - 863,320 10.790% - - 04/2023 863,320 14,739,956 1,135,983 18,877 1,117,106 - 863,320 14,739,956
217 Bicknell Ave.

CITY OF SANTA MONICA (2) (4) 4,468,551 - 4,468,551 4.910% - - 12/2064 4,468,551 1,385,379 4,468,551 - 4,468,551 - 4,468,551 1,385,379
225 San Vicente Blvd.

PACIFIC LIFE 881,696 37,663 844,033 9.210% 9,775 - 06/2030 - - CITY OF SANTA MONICA (2) (4) 2,000,000 - 2,000,000 5.500% - - 06/2055 2,000,000 2,644,647 CITY OF SANTA MONICA (3) 1,624,000 25,375 1,598,625 0.000% - - 06/2055 1,624,000 - CITY OF SANTA MONICA (2) (4) 1,380,000 - 1,380,000 6.100% - - 06/2064 1,380,000 593,375 5,885,696 63,038 5,822,658 - 5,004,000 3,238,022
420 Pico Blvd.

BANK OF AMERICA (1) 494,918 14,858 480,060 9.290% 5,018 - 12/2031 - - CITY OF SANTA MONICA (2) (4) 566,112 - 566,112 8.320% - - 06/2055 566,112 1,474,789 CITY OF SANTA MONICA (3) 1,467,110 22,924 1,444,186 0.000% - - 06/2055 1,467,110 - CITY OF SANTA MONICA 215,403 - 215,403 0.000% - - 06/2055 - - 2,743,543 37,782 2,705,761 - 2,033,222 1,474,789
502 Colorado
CITY OF SANTA MONICA (2) (4) 3,626,496 - 3,626,496 0.000% - - 06/2057 3,626,496 - MHP/DEPT. OF HOUSING (5) 1,628,748 - 1,628,748 3.000% - - 07/2058 - - AHP/ BANK OF AMERICA (4) 196,523 - 196,523 0.000% - - 06/2020 196,523 - 5,451,767 - 5,451,767 - 3,823,019 -
OP43
CITIBANK (1) 1,010,544 108,439 902,105 4.570% 12,697 - 05/2024 - - CITY OF SANTA MONICA (2) (5) 729,866 - 729,866 5.000% - - 10/2027 - - 1,740,410 108,439 1,631,971 - - -
724 Pacific St
CITIBANK (1, G1) 165,837 17,660 148,177 4.440% 2,056 - 06/2024 - - CITY OF SANTA MONICA (4) 126,000 - 126,000 12.000% - - 03/2019 126,000 5,003,170 291,837 17,660 274,177 - 126,000 5,003,170
750 Marine St.

CITY OF SANTA MONICA (2) (4) 3,026,525 - 3,026,525 6.460% - - 11/2063 3,026,525 1,673,450 3,026,525 - 3,026,525 - 3,026,525 1,673,450
807 4th Street
PACIFIC LIFE 200,572 13,424 187,148 6.574% 2,184 - 02/2027 - - CITY OF SANTA MONICA (2) (5) 666,794 - 666,794 0.000% - - 07/2050 - - 867,366 13,424 853,942 - - -
813 9th Street
CITIBANK (1) 123,206 3,889 119,317 8.000% 1,134 - 08/2032 - - CITY OF SANTA MONICA (2) (4) 330,635 - 330,635 7.040% - - 05/2056 330,635 559,884 CITY OF SANTA MONICA (2) (4) 1,127,669 - 1,127,669 7.040% - - 05/2056 1,127,669 1,876,463 1,581,510 3,889 1,577,621 - 1,458,304 2,436,347
821 11th Street
PACIFIC LIFE 181,523 6,561 174,962 9.160% 1,910 - 06/2030 - - CITY OF SANTA MONICA (2) (4) 921,967 - 921,967 7.020% - - 05/2054 921,967 2,025,790 1,103,490 6,561 1,096,929 - 921,967 2,025,790
844 Lincoln Blvd.

CITY OF SANTA MONICA (2) (4) 3,565,399 - 3,565,399 6.040% - - 11/2063 3,565,399 1,807,603 3,565,399 - 3,565,399 - 3,565,399 1,807,603
855 Bay St.

PACIFIC LIFE 156,862 7,862 149,000 5.730% 1,387 - 12/2029 - - CITY OF SANTA MONICA (4) 552,763 - 552,763 6.360% - - 10/2033 552,763 1,138,250 CITY OF SANTA MONICA (2) (4) 750,000 - 750,000 6.360% - - 10/2048 750,000 1,422,988 1,459,625 7,862 1,451,763 - 1,302,763 2,561,238
911 2nd St.

PACIFIC LIFE 174,983 3,413 171,570 5.300% 1,050 - 06/2030 - - CITY OF SANTA MONICA (2) 1,304,045 - 1,304,045 6.770% - - 03/2054 1,304,045 2,646,608 1,479,028 3,413 1,475,615 - 1,304,045 2,646,608
914 4th Street
CITY OF SANTA MONICA (2) (4) 6,052,795 - 6,052,795 6.100% - - 10/2063 6,052,795 3,044,493 6,052,795 - 6,052,795 - 6,052,795 3,044,493
915 Ozone
CITY OF SANTA MONICA (2) (5) 1,312,962 - 1,312,962 0.000% - - 12/2050 - - 1,312,962 - 1,312,962 - - -
937 11th Street
PACIFIC LIFE 119,898 7,853 112,045 6.381% 1,273 - 04/2027 - - CITY OF SANTA MONICA (2) (5) 644,544 - 644,544 0.000% - - 01/2051 - - 764,442 7,853 756,589 - - -
1017 4th Street
PACIFIC LIFE 256,238 8,449 247,789 9.640% 2,732 - 12/2030 - - CITY OF SANTA MONICA (2) (4) 1,332,610 - 1,332,610 6.770% - - 03/2054 1,332,610 2,759,455 1,588,848 8,449 1,580,399 - 1,332,610 2,759,455
48 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

MORTGAGE SCHEDULE BY PROPERTY (CONTINUED)
Monthly Balloon Accrued/
Principal Current Non-Current Interest Mortgage Payment Maturity Principal Unrecorded Lender Balance Portion Portion Rate Payment Amount Date Balance Interest 1038 2nd Street
CHRP/DEPT. OF HOUSING (2) (5) $ 631,440 $ - $ 631,440 3.000% $ - $ - 05/2031 $ - $ - CITY OF SANTA MONICA (2) (4) 647,016 - 647,016 10.340% - - 05/2066 647,016 7,025,645 1,278,456 - 1,278,456 - 647,016 7,025,645
1118 5th Street
PACIFIC LIFE 120,331 6,980 113,351 5.581% 1,127 - 07/2028 - - CITY OF SANTA MONICA (2) (5) 668,639 - 668,639 0.000% - - 04/2052 - - 788,970 6,980 781,990 - - -
1143 12th Street
PACIFIC LIFE 166,018 9,629 156,389 5.581% 1,554 - 09/2028 - - CITY OF SANTA MONICA (2) (5) 479,545 - 479,545 0.000% - - 03/2052 - - 645,563 9,629 635,934 - - -
1149 12th Street
PACIFIC LIFE 79,107 4,265 74,842 5.059% 681 - 10/2018 - - CITY OF SANTA MONICA (2) (5) 605,468 - 605,468 0.000% - - 03/2052 - - 684,575 4,265 680,310 - - -
1206 Pico Blvd
CITIBANK 230,434 10,524 219,910 7.150% 2,222 - 01/2030 - - CITY OF SANTA MONICA (2) (4) 956,995 - 956,995 8.470% - - 11/2044 956,995 1,752,396 1,187,429 10,524 1,176,905 - 956,995 1,752,396
1227 9th Street
PACIFIC LIFE 121,641 5,897 115,744 6.070% 1,093 - 12/2029 - - CITY OF SANTA MONICA (4) 301,109 - 301,109 6.660% - - 11/2033 301,109 656,399 CITY OF SANTA MONICA (2) (4) 418,428 - 418,428 6.660% - - 11/2048 418,428 862,306 841,178 5,897 835,281 - 719,537 1,518,705
1314 18th Street
CITIBANK (G2, 1) 110,630 11,458 99,172 6.896% 1,381 - 07/2024 - - CITY OF SANTA MONICA (4) 163,961 - 163,961 9.010% - - 06/2022 163,962 1,860,840 274,591 11,458 263,133 - 163,962 1,860,840
1343 11th Street
BANK OF AMERICA 33,429 5,736 27,693 10.250% 742 - 04/2021 - - CITY OF SANTA MONICA (2) (4) 334,125 - 334,125 0.000% - - 04/2050 334,125 - 367,554 5,736 361,818 - 334,125 -
1344 14th Street
PACIFIC LIFE 181,353 6,596 174,757 9.350% 1,940 - 05/2030 - - CITY OF SANTA MONICA (2) (4) 750,180 - 750,180 7.020% - - 05/2054 750,180 1,512,247 931,533 6,596 924,937 - 750,180 1,512,247
1427 Berkeley Street
CITIBANK (G2, 1) 135,323 14,015 121,308 6.896% 1,689 - 07/2024 - - CITY OF SANTA MONICA (4) 229,174 - 229,174 9.010% - - 06/2022 229,174 2,571,253 364,497 14,015 350,482 - 229,174 2,571,253
1438 25th Street
CITY OF SANTA MONICA (2) (4) 4,517,378 - 4,517,378 6.100% - - 10/2063 4,517,378 2,033,190 4,517,378 - 4,517,378 - 4,517,378 2,033,190
1513 Centinela
CITY OF SANTA MONICA (2) (4) 2,811,672 - 2,811,672 6.461% - - 12/2063 2,811,672 1,502,254 2,811,672 - 2,811,672 - 2,811,672 1,502,254
1514 14th Street
PACIFIC LIFE 492,685 15,198 477,487 9.680% 5,186 - 06/2031 - - CITY OF SANTA MONICA (2) (4) 2,977,307 - 2,977,307 7.070% - - 06/2054 2,977,308 6,462,755 3,469,992 15,198 3,454,794 - 2,977,308 6,462,755
1629 Michigan Street
CITIBANK (G1, 1) 97,489 10,382 87,107 4.440% 1,208 - 06/2024 - - CITY OF SANTA MONICA (4) 67,721 - 67,721 10.630% - - 12/2020 67,721 1,336,847 CITY OF SANTA MONICA (4) 22,893 - 22,893 10.630% - - 08/2021 22,893 443,865 188,103 10,382 177,721 - 90,614 1,780,712
1719 California
CITIBANK 265,420 9,138 256,282 7.750% 2,449 - 01/2032 - - CITY OF SANTA MONICA (2) (4) 2,196,389 - 2,196,389 7.200% - - 06/2056 2,196,389 3,925,047 2,461,809 9,138 2,452,671 - 2,196,389 3,925,047
1808 17th Street
CITIBANK (G1, 1) 133,623 14,230 119,393 4.440% 1,656 - 06/2024 - - CITY OF SANTA MONICA (4) 131,485 - 131,485 10.630% - - 12/2020 131,485 2,747,540 CITY OF SANTA MONICA (4) 23,482 - 23,482 10.630% - - 12/2021 23,482 441,458 288,590 14,230 274,360 - 154,967 3,188,998
1827 19th St
CITIBANK (G1, 1) 132,881 14,151 118,730 4.440% 1,647 - 06/2024 - - CITY OF SANTA MONICA (4) 136,311 - 136,311 10.630% - - 12/2020 136,311 416,738 CITY OF SANTA MONICA (4) 35,750 - 35,750 10.630% - - 08/2021 35,750 581,385 304,942 14,151 290,791 - 172,061 998,123
JUNE 30, 2016
49 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

MORTGAGE SCHEDULE BY PROPERTY (CONTINUED)
Monthly Balloon Accrued/
Principal Current Non-Current Interest Mortgage Payment Maturity Principal Unrecorded Lender Balance Portion Portion Rate Payment Amount Date Balance Interest 1845 17th St
CITY OF SANTA MONICA (4) $ 110,000 $ - $ 110,000 12.000% $ - $ - 12/2019 $ 110,000 $ 346,819 CITY OF SANTA MONICA (4) 20,000 - 20,000 12.000% - - 12/2019 20,000 63,058 130,000 - 130,000 - 130,000 409,877
1917 17th St
ONE WEST BANK (1) 4,543 4,543 - 2.951% 655 - 01/2017 - - CITY OF SANTA MONICA (5) 24,750 24,750 - 10.000% - - 09/2016 - - CITY OF SANTA MONICA (4) 193,281 - 193,281 9.980% - - 12/2021 193,281 3,026,475 222,574 29,293 193,281 - 193,281 3,026,475
1925 20th St.

BANK OF AMERICA 365,926 11,466 354,460 9.150% 3,706 - 09/2031 - - CITY OF SANTA MONICA (2) (4) 2,931,378 - 2,931,378 7.700% - - 10/2054 2,931,378 6,366,640 3,297,304 11,466 3,285,838 - 2,931,378 6,366,640
1937 18th St
CITY OF SANTA MONICA (4) 128,313 - 128,313 10.000% - - 06/2021 128,313 383,793 128,313 - 128,313 - 128,313 383,793
1943 17th St
CITIBANK (G2, 1) 72,654 7,525 65,129 6.896% 995 - 07/2024 - - CITY OF SANTA MONICA (4) 35,000 - 35,000 10.000% - - 03/2017 35,000 102,584 CITY OF SANTA MONICA (4) 172,643 - 172,643 9.980% - - 12/2021 172,643 2,687,918 280,297 7,525 272,772 - 207,643 2,790,502
1944 20th Street
CITY OF SANTA MONICA (2) (4) 2,412,659 - 2,412,659 6.620% - - 06/2061 2,412,659 1,818,512 CITY OF SANTA MONICA (3) 398,973 5,700 393,273 0.000% - - 06/2061 398,973 - 2,811,632 5,700 2,805,932 - 2,811,632 1,818,512
1952 Frank St
CITY OF SANTA MONICA (2) (5) 25,000 - 25,000 8.120% - - 02/2025 - - CITY OF SANTA MONICA (2) (5) 232,996 - 232,996 3.000% - - 07/2032 - - 257,996 - 257,996 - - -
1959 Cloverfield Blvd
CITIBANK (1) 789,928 84,119 705,809 4.440% 9,791 - 06/2024 - - CITY OF SANTA MONICA (4) 1,100,000 - 1,100,000 9.900% - - 11/2021 1,100,000 16,877,036 1,889,928 84,119 1,805,809 - 1,100,000 16,877,036
2009 Cloverfield Blvd
ONE WEST BANK (1) 28,323 13,954 14,369 2.951% 1,217 - 05/2018 - - CITY OF SANTA MONICA (4) 39,800 - 39,800 10.000% - - 05/2018 39,800 107,940 CITY OF SANTA MONICA (4) 226,231 - 226,231 9.850% - - 05/2023 226,231 2,952,078 294,354 13,954 280,400 - 266,031 3,060,018
2017 20th Street
CITY OF SANTA MONICA (4) 126,000 - 126,000 12.000% - - 12/2018 126,000 4,933,114 126,000 - 126,000 - 126,000 4,933,114
2028 14th Street
BANK OF AMERICA 350,892 11,271 339,621 7.910% 3,219 - 06/2032 - - CITY OF SANTA MONICA (2) (4) 236,375 - 236,375 8.210% - - 07/2055 236,375 98,204 CITY OF SANTA MONICA (3) 1,530,375 23,188 1,507,187 0.000% - - 07/2055 1,530,375 - 2,117,642 34,459 2,083,183 - 1,766,750 98,204
2029 20th Street
CITY OF SANTA MONICA (2) (4) 4,386,515 - 4,386,515 5.470% - - 12/2063 4,386,515 1,855,979 4,386,515 - 4,386,515 - 4,386,515 1,855,979
2112 Delaware Ave.

BANK OF AMERICA 478,455 15,690 462,765 7.020% 4,065 - 02/2033 - - CITY OF SANTA MONICA (2) (4) 597,539 - 597,539 6.870% - - 08/2055 597,539 719,150 CITY OF SANTA MONICA (2) (4) 774,693 - 774,693 8.040% - - 08/2055 774,693 1,643,671 CITY OF SANTA MONICA (3) 2,508,132 38,002 2,470,130 0.000% - - 08/2055 2,508,132 - 4,358,819 53,692 4,305,127 - 3,880,364 2,362,821
2120 4th Street
CITIBANK 392,519 14,557 377,962 7.750% 3,706 - 05/2031 - - CITY OF SANTA MONICA (2) (4) 1,936,121 - 1,936,121 7.900% - - 10/2055 1,936,121 4,164,664 CITY OF SANTA MONICA (3) 1,077,410 16,324 1,061,086 0.000% - - 10/2055 1,077,410 - 3,406,050 30,881 3,375,169 - 3,013,531 4,164,664
2121 Arizona St
CITIBANK (1) 86,623 41,858 44,765 5.250% 3,967 - 05/2018 - - CITY OF SANTA MONICA (4) 148,941 - 148,941 10.190% - - 05/2023 148,941 1,917,944 235,564 41,858 193,706 - 148,941 1,917,944
2122 Pico
CITY OF SANTA MONICA (3) 827,133 13,215 813,918 0.000% - - 12/2057 827,133 - 827,133 13,215 813,918 - 827,133 -
2207 6th St
CITIBANK (1, OP12) 138,026 14,811 123,215 4.570% 1,734 - 05/2024 - - 138,026 14,811 123,215 - - -
JUNE 30, 2016
50 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - PROPERTIES

MORTGAGE SCHEDULE BY PROPERTY (CONTINUED)
Monthly Balloon Accrued/
Principal Current Non-Current Interest Mortgage Payment Maturity Principal Unrecorded Lender Balance Portion Portion Rate Payment Amount Date Balance Interest 2211 4th Street
CITY OF SANTA MONICA (2) (4) $ 6,718,370 $ - $ 6,718,370 6.440% $ - $ - 09/2061 $ 6,718,370 $ 5,062,247 6,718,370 - 6,718,370 - 6,718,370 5,062,247
2243 28th Street
CITIBANK (1) 182,293 5,888 176,405 7.750% 1,651 - 08/2032 - - CITY OF SANTA MONICA (2)(4) 1,732,889 - 1,732,889 6.920% - - 08/2056 1,732,889 2,874,584 1,915,182 5,888 1,909,294 - 1,732,889 2,874,584
2260 28th Street
CITIBANK 226,239 7,789 218,450 7.750% 2,087 - 01/2032 - - CITY OF SANTA MONICA (2) (4) 1,270,775 - 1,270,775 7.150% - - 01/2056 1,270,775 2,172,795 1,497,014 7,789 1,489,225 - 1,270,775 2,172,795
2302 5th St
CITIBANK (G2, 1) 127,122 12,544 114,578 6.896% 1,741 - 07/2024 - - CITY OF SANTA MONICA (4) 120,000 - 120,000 11.500% - - 12/2020 120,000 2,861,042 CITY OF SANTA MONICA (4) 52,500 - 52,500 10.000% - - 08/2016 52,500 160,118 299,622 12,544 287,078 - 172,500 3,021,160
2309 Oak Street
CITY OF SANTA MONICA (2) (4) 3,360,129 - 3,360,129 4.840% - - 05/2066 3,360,129 674,323 3,360,129 - 3,360,129 - 3,360,129 674,323
2320 34th Street
CITY OF SANTA MONICA (2) (4) 1,837,788 - 1,837,788 6.260% - - 08/2063 1,837,788 989,092 1,837,788 - 1,837,788 - 1,837,788 989,092
2402 5th St
CITIBANK (1, OP12) 138,026 14,811 123,215 4.570% 1,734 - 05/2024 - - 138,026 14,811 123,215 - - -
2404 Kansas Ave
CITIBANK (1) 206,825 5,871 200,954 7.400% 1,747 - 03/2034 - - CITY OF SANTA MONICA (2) (4) 1,428,301 - 1,428,301 6.540% - - 07/2057 1,428,301 1,875,987 1,635,126 5,871 1,629,255 - 1,428,301 1,875,987
2418 5th Street
CITY OF SANTA MONICA (2) (4) 1,908,671 - 1,908,671 6.260% - - 08/2063 1,908,671 1,069,407 1,908,671 - 1,908,671 - 1,908,671 1,069,407
2428 34th Street
CITY OF SANTA MONICA (2) (4) 717,408 - 717,408 6.960% - - 04/2056 717,408 1,256,888 CITY OF SANTA MONICA (2) (4) 825,439 - 825,439 6.960% - - 04/2056 825,439 1,449,716 1,542,847 - 1,542,847 - 1,542,847 2,706,604
2449 Centinela Ave
CITIBANK 296,974 10,224 286,750 7.750% 2,740 - 01/2032 - - CITY OF SANTA MONICA (2) (4) 2,166,715 - 2,166,715 6.890% - - 01/2056 2,166,715 3,696,283 2,463,689 10,224 2,453,465 - 2,166,715 3,696,283
2520 Euclid
CITY OF SANTA MONICA (2)(4) 4,632,532 - 4,632,532 3.650% - - 06/2070 4,632,532 150,518 4,632,532 - 4,632,532 - 4,632,532 150,518
2525 Kansas Ave
CITY OF SANTA MONICA (4) 231,430 - 231,430 12.000% - - 06/2019 231,430 8,514,720 231,430 - 231,430 - 231,430 8,514,720
2608 28th Street
CITIBANK 232,430 8,002 224,428 7.750% 2,145 - 01/2032 - - CITY OF SANTA MONICA (2) (4) 1,273,224 - 1,273,224 7.150% - - 01/2056 1,273,224 2,280,862 1,505,654 8,002 1,497,652 - 1,273,224 2,280,862
2625 Kansas Ave
CITY OF SANTA MONICA (4) 189,070 - 189,070 12.000% - - 07/2019 189,070 604,817 189,070 - 189,070 - 189,070 604,817
2900 4th Street
CITY OF SANTA MONICA (2) (4) 5,282,035 - 5,282,035 6.440% - - 09/2061 5,282,035 4,343,592 CITY OF SANTA MONICA (3) 450,000 6,250 443,750 0.000% - - 09/2061 450,000 - 5,732,035 6,250 5,725,785 - 5,732,035 4,343,592
2907 3rd St
CITIBANK 118,707 4,087 114,620 7.750% 1,095 - 01/2032 - - CITY OF SANTA MONICA (2) (4) 1,507,832 - 1,507,832 6.960% - - 03/2056 1,507,832 2,505,756 1,626,539 4,087 1,622,452 - 1,507,832 2,505,756
$ 128,068,480 $ 851,885 $ 127,216,595 $ - $ 109,626,518 $ 173,536,791 Footnotes:

Note (1) Variable Interest Rate
Note (2) Residual Receipts Loan
Note (3) Eligible for Grant Forgiveness
Note (4) Principal and Accrued Interest forgiven at Maturity Note (5) Principal and Accrued Interest due at Maturity Note (6) Principal due at Maturity and Accrued Interest forgiven.

Note (G1) Property is part of a blanket trust deed loan encumbering properties 724, 1629, 1808, and 1827 Note (G2) Property is part of a blanket trust deed loan encumbering properties 1314, 1427, 1943, and 2302 Note (OP12) Property is part of a blanket trust deed loan encumbering properties 2207 and 2402 JUNE 30, 2016
51 (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - SUBSIDIARIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY SUBSIDIARY JUNE 30, 2016
708 Pico 815 Ashland Fifth & Wilshire SSC 16th Street Garcia Cloverfield Assets
Cash and cash equivalents 34,002 $ 149,347 $ 99,295 $ 151,793 $ 179,626 $ 28,163 $ 80,006 $Restricted cash 58,317 872,919 192,398 482,877 328,564 370,618 329,520Accounts receivable, net 45 464 379 1,857 515 953 (485)Prepaid expenses and other current assets - 5,615 - 5,614 11,514 - - Land 545,349 2,591,410 1,323,550 - 669,424 1,181,920 984,000Buildings and improvements 1,374,015 3,270,981 2,097,534 2,891,873 1,561,606 3,849,008 1,733,285Furniture, fixtures and equipment 40,278 6,688 34,451 30,932 2,603 - 1,600Construction in progress - - - - - - - 1,959,642 5,869,079 3,455,535 2,922,805 2,233,633 5,030,928 2,718,885Less: Accumulated depreciation (36,960) (472,475) (199,656) (426,882) (163,356) (1,036,718) (1,325,061) Property and equipment, net 1,922,682 5,396,604 3,255,879 2,495,923 2,070,277 3,994,210 1,393,824 Unamortized costs, net 18,882 - 16,971 - 29,263 84 892Due (to) from Subsidiaries and Properties (59,197) (7,312) (110,803) (3,306) (1,738) (187,986) (17,397)Other assets - - - 190,864 10,000 - - Total assets 1,974,731 $ 6,417,637 $ 3,454,119 $ 3,325,622 $ 2,628,021 $ 4,206,042 $ 1,786,360 $ Liabilities and net assets (deficit)
Accounts payable and accrued expenses 2,380 $ 15,557 $ 4,383 $ 21,803 $ 6,020 $ 1,763 $ 40,977 $Accrued and deferred interest payable - 1,450,084 386,872 1,354,281 2,540 2,192,090 174,433Security deposits 15,170 37,819 22,322 22,925 16,393 20,852 18,034Long-term debt 1,968,577 4,752,126 3,213,256 3,050,855 2,587,223 3,432,489 1,598,853 Total liabilities 1,986,127 6,255,586 3,626,833 4,449,864 2,612,176 5,647,194 1,832,297 Net assets (deficit) - unrestricted (11,396) 162,051 (172,714) (1,124,242) 15,845 (1,441,152) (45,937) Total liabilities and net assets (deficit) 1,974,731 $ 6,417,637 $ 3,454,119 $ 3,325,622 $ 2,628,021 $ 4,206,042 $ 1,786,360 $

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
52 (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - SUBSIDIARIES

COMBINING STATEMENTS OF FINANCIAL POSITION BY SUBSIDIARY (CONTINUED) JUNE 30, 2016
2407 4th Virginia CCSM Arroyo CCSM ESCO scCC CCSM Village Total Assets
Cash and cash equivalents 76,823 $ 22,156 $ 100 $ 291,102 $ 2,550 $ 4,119 $ 1,119,082 $Restricted cash 320,963 129,365 - - - - 3,085,541Accounts receivable, net 28 512 - - - - 4,268Prepaid expenses and other current assets - - - - - - 22,743Land 82,494 341,000 - - - - 7,719,147Buildings and improvements 218,634 1,419,319 - 194,064 - - 18,610,319Furniture, fixtures and equipment 6,668 2,628 - - - - 125,848Construction in progress - 2,640 - - - - 2,640 307,796 1,765,587 - 194,064 - - 26,457,954
Less: Accumulated depreciation (2,968) (514,508) - (6,469) - - (4,185,053) Property and equipment, net 304,828 1,251,079 - 187,595 - - 22,272,901 Unamortized costs, net - - - 15,200 - - 81,292Due (to) from Subsidiaries and Properties (317,698) (266) - (173) (20,086) (5,607) (731,569)Other assets - - - - 4 - 200,868 Total assets 384,944 $ 1,402,846 $ 100 $ 493,724 $ (17,532) $ (1,488) $ 26,055,126 $ Liabilities and net assets (deficit)
Accounts payable and accrued expenses 1,302 $ 693 $ - $ - $ 1,951 $ - $ 96,829 $Accrued and deferred interest payable 251,252 897,022 - - - - 6,708,574Security deposits 11,475 6,281 - - - - 171,271Long-term debt 86,771 1,268,642 - 176,717 - - 22,135,509 Total liabilities 350,800 2,172,638 - 176,717 1,951 - 29,112,183 Net assets (deficit) - unrestricted 34,144 (769,792) 100 317,007 (19,483) (1,488) (3,057,057) Total liabilities and net assets (deficit) 384,944 $ 1,402,846 $ 100 $ 493,724 $ (17,532) $ (1,488) $ 26,055,126 $

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
53 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - SUBSIDIARIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY SUBSIDIARY JUNE 30, 2016
708 Pico 815 Ashland Fifth & Wilshire SSC 16th Street Garcia Cloverfield Revenues
Rental fees, net of vacancy 177,375 $ 492,575 $ 311,028 $ 310,754 $ 233,188 $ 284,456 $ 238,167 $Property management fees - - - - - - - Comercial rental income, net of concessions - - - 98,646 - - - Interest 38 548 130 328 548 200 207Other 11,000 - - - - - - Total revenues 188,413 493,123 311,158 409,728 233,736 284,656 238,374 Expenses
Salaries 1,828 2,069 3,184 2,786 564 769 2,437Payroll taxes 154 182 282 246 47 63 207Legal and professional 9,594 4,079 3,361 4,811 2,706 3,273 3,360Consultants 4,794 649 459 1,860 323 341 3,343Office and administration 4,134 14,195 6,690 29,960 3,280 4,179 712Insurance 5,113 12,872 9,578 7,631 3,782 7,020 5,709Maintenance and repairs 44,017 81,251 49,105 80,506 41,295 46,387 48,982Maintenance fees interfund 11,329 39,711 20,447 28,952 10,424 24,969 16,597Property management fees interfund 31,870 37,800 153,122 41,052 31,778 211,225 26,880Bookkeeping fees interfund 4,111 5,130 6,240 8,580 3,315 3,420 3,648Resident service fees interfund 910 11,767 1,632 2,244 867 1,530 1,632Gardening and grounds 4,840 18,426 6,100 - 3,600 13,210 11,040Pest control 3,751 7,339 1,595 8,731 2,045 4,428 1,866Utilities 22,464 57,030 38,565 36,509 22,062 38,432 31,504Property taxes 3,419 11,238 12,096 2,303 3,418 14,426 12,432Workers compensation 159 173 283 235 68 131 215 Total Expenses before interest,
depreciation and amortization 152,487 303,911 312,739 256,406 129,574 373,803 170,564 Net operating income 35,926 189,212 (1,581) 153,322 104,162 (89,147) 67,810 Interest 9,208 138,615 30,197 102,052 28,504 108,288 20,062Depreciation 36,960 93,465 91,136 81,369 64,741 136,151 65,670Amortization 1,154 - 206 - 1,858 - 192 Total interest, depreciation and amortization 47,322 232,080 121,539 183,421 95,103 244,439 85,924 Changes in net assets (deficit) - unrestricted (11,396) (42,868) (123,120) (30,099) 9,059 (333,586) (18,114)Net assets (deficit), beginning of year - 204,919 21,903 (1,129,343) 6,786 (1,107,566) (27,823) Contributions - - - - - - - Intercompany transfers - - (71,497) - - - - Intercompany transfer of property and equipment - - - 35,200 - - - Net assets (deficit), end of year (11,396) $ 162,051 $ (172,714) $ (1,124,242) $ 15,845 $ (1,441,152) $ (45,937) $ 54 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - SUBSIDIARIES

COMBINING STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) BY SUBSIDIARY (CONTINUED) JUNE 30, 2016
2407 4th Virginia CCSM Arroyo CCSM ESCO scCC CCSM Village Total Revenues
Rental fees, net of vacancy 60,997 $ 106,487 $ - $ - $ - $ - $ 2,215,027 $Property management fees - - - - - 4,119 4,119Comercial rental income, net of concessions - - - - - - 98,646Interest 76 72 - - - - 2,147Other - - - 16,775 - - 27,775 Total revenues 61,073 106,559 - 16,775 - 4,119 2,347,714 Expenses
Salaries 86 784 - - - - 14,507Payroll taxes 7 69 - - - - 1,257Legal and professional 8,265 3,198 - 4,264 3,580 1,620 52,111Consultants 14 316 - - - - 12,099Office and administration 1,060 850 - 1,053 18,499 1,642 86,254Insurance 571 2,782 - - - - 55,058Maintenance and repairs 1,696 18,521 - - - - 411,760Maintenance fees interfund 2,367 11,825 - - - - 166,621Property management fees interfund 9,275 9,792 - - - - 552,794Bookkeeping fees interfund 680 1,368 - - - - 36,492Resident service fees interfund 161 611 - - - - 21,354Gardening and grounds 2,750 3,240 - - - - 63,206Pest control 176 2,154 - - - - 32,085Utilities 2,467 20,700 - - - - 269,733Property taxes - 5,106 - - - - 64,438Workers compensation 7 69 - - - - 1,340 Total Expenses before interest,
depreciation and amortization 29,582 81,385 - 5,317 22,079 3,262 1,841,109 Net operating income 31,491 25,174 - 11,458 (22,079) 857 506,605 Interest - 38,059 - 5,165 - - 480,150Depreciation 2,968 66,513 - 6,469 - - 645,442Amortization - - - 800 - - 4,210 Total interest, depreciation and amortiz 2,968 104,572 - 12,434 - - 1,129,802 Changes in net assets (deficit) - unrestricted 28,523 (79,398) - (976) (22,079) 857 (623,197)Net assets (deficit), beginning of year - (690,394) - 676,278 2,596 (2,345) (2,044,989) Contributions 5,621 - 100 - - - 5,721Intercompany transfers - - - - - - (71,497)Intercompany transfer of property and equipme - - - (358,295) - - (323,095) Net assets (deficit), end of year 34,144 $ (769,792) $ 100 $ 317,007 $ (19,483) $ (1,488) $ (3,057,057) $ 55 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - SUBSIDIARIES

MORTGAGE SCHEDULE BY SUBSIDIARY
JUNE 30, 2016
Monthly Balloon Accrued/
Principal Current Non-Current Interest Mortgage Payment Maturity Principal Unrecorded Lender Balance Portion Portion Rate Payment Amount Date Balance Interest 708 Pico L.P.

Bank of America $ 132,297 $ 4,579 $ 127,718 8.23% $ 1,275 $ - 07/2031 $ - $ - Bank of America - AHP (1) 81,000 - 81,000 0.00% - - 06/2031 - - City of Santa Monica (1) (3) 660,321 - 660,321 0.00% - - 10/2053 - - City of Santa Monica (1) (3) 498,315 - 498,315 0.00% - - 01/2052 - - City of Santa Monica (1) (3) 596,644 - 596,644 0.00% - - 03/2052 - - Total 708 Pico L.P. 1,968,577 4,579 1,963,998 1,275 - - - 815 Ashland L.P.

Dept. of Hsg & Comm Develop (1) (3) 2,627,110 - 2,627,110 3.00% - - 10/2050 - - City of Santa Monica (2) (3) 2,125,016 - 2,125,016 3.00% - - 08/2049 2,125,016 1,222,574 Total 815 Ashland L.P. 4,752,126 - 4,752,126 - - 2,125,016 1,222,574 Fifth & Wilshire Apts.

Citibank 166,648 9,395 157,253 6.18% 1,619 - 09/2028 - - Citibank - AHP (1) 111,608 - 111,608 0.00% - - 10/2027 - - City of Santa Monica (2) (3) 975,000 - 975,000 3.00% - - 06/2051 975,000 585,321 City of Santa Monica (1) (3) 1,960,000 - 1,960,000 1.00% - - 01/2051 - - Total Fifth & Wilshire Apts. 3,213,256 9,395 3,203,861 1,619 - 975,000 585,321 Second Street Center
Citibank 474,355 43,854 430,501 4.98% 5,540 - 04/2025 - - Citibank - AHP (1) 411,000 - 411,000 3.00% - - 04/2025 - - City of Santa Monica (1) (3) 2,165,500 - 2,165,500 3.00% - - 06/2043 - - Total Second Street Center 3,050,855 43,854 3,007,001 5,540 - - - 16th Street Apartments
Bank of America 387,641 16,196 371,445 7.20% 3,632 - 10/2030 - - City of Santa Monica (1) (3) 2,199,582 - 2,199,582 0.00% - - 04/2043 - - Total 16th Street Apartments 2,587,223 16,196 2,571,027 3,632 - - - Garcia Apartments Partnership
Citibank 327,086 35,821 291,265 5.07% 4,298 - 02/2024 - - AHP Loan / Cal Fed Bank (1) 120,000 - 120,000 1.00% - - 10/2021 - - Dept. of Hsg & Comm Develop (1) (3) 1,417,761 - 1,417,761 3.00% - - 06/2043 - - City of Santa Monica (1) (3) 1,286,642 - 1,286,642 3.00% - - 10/2031 - - City of Santa Monica (1) (3) 281,000 - 281,000 3.00% - - 10/2031 - - Total Garcia Apartments 3,432,489 35,821 3,396,668 4,298 - - - Cloverfield Community Partnership
Citibank 135,429 25,901 109,528 4.03% 2,574 - 04/2021 - - Dept. of Hsg & Comm Develop (1) (3) 201,824 - 201,824 3.00% - - 01/2021 - - City of Santa Monica (1) 200,000 - 200,000 3.00% - - 12/2019 - - City of Santa Monica (2) 841,600 - 841,600 10.44% - - 12/2023 841,600 12,098,555 City of Santa Monica (2) 220,000 - 220,000 10.34% - - 04/2025 220,000 2,658,001 Total Cloverfield Community 1,598,853 25,901 1,572,952 2,574 - 1,061,600 14,756,556 2407 4th Street, Ltd
City of Santa Monica (1) (3) 86,771 86,771 - 10.00% - - 03/2017 - - Total 2407 4th Street, Ltd 86,771 86,771 - - - -
Virginia Village Partnership
Dept. of Hsg & Comm Develop (1) (3) 415,567 - 415,567 3.00% - - 05/2048 - - City of Santa Monica (1) (3) 853,075 - 853,075 3.00% - - 06/2032 - - Total Virginia Village 1,268,642 - 1,268,642 - - -

CCSM ESCO
Mercy Loan Fund 176,717 176,717 5.00% - - 05/2025 - -
Total CCSM ESCO 176,717 - 176,717 - - -
$ 22,135,509 $ 222,517 $ 21,912,992 $ - $ 4,161,616 $ 16,564,451 Footnotes:

Note (1) Principal and Accrued Interest due at Maturity Note (2) Principal and Accrued Interest forgiven at Maturity Note (3) Residual Receipts Loan

SUPPLEMENTARY INFORMATION - HCD
56 Rent revenue
5120 Rent revenue - gross potential $ 247,305
5121 Tenant assistance payments 45,170
5140 Rent revenue - stores and commercial -
5170 Rent revenue - garage and parking -
5180 Flexible subsidy revenue -
5190 Miscellaneous rent revenue -
5100T Total rent revenue 292,475
Vacancies
5220 Apartments 23,117
5240 Stores and commercial -
5250 Rental concessions -
5270 Garage and parking spaces -
5290 Miscellaneous -
5200T Total vacancies 23,117
5152N Net rental revenue (rental revenue less vacancies) 269,358 Financial revenue
5410 Financial revenue - project operations -
5430 Revenue from investments - residual receipts -
5440 Revenue from investments - reserve for replacements 104 5490 Revenue from investments - miscellaneous 74
5400T Total financial revenue 178
Other revenue
5910 Laundry and vending revenue 1,475
5920 Tenant charges 660
5990 Miscellaneous revenue 858
5900T Total other revenue 2,993
5000T Total revenue $ 272,529

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD
502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
YEAR ENDED JUNE 30, 2016
57 Administrative expenses
6203 Conventions and meetings $ -
6204 Management consultants 1,037
6210 Advertising and marketing 1,596
6250 Other renting expenses 4,492
6310 Office salaries 24,256
6311 Office expenses 10,335
6312 Office or model apartment rent -
6320 Management fee 33,264
6330 Manager or superintendent salaries 3,310
6331 Administrative rent free unit -
6340 Legal expense - property -
6350 Audit expense 1,918
6351 Bookkeeping fees/accounting services 5,016
6370 Bad debts 14,415
6390 Miscellaneous administrative expenses -
6263T Total administrative expenses 99,639
Utilities expenses
6450 Electricity 16,286
6451 Water 3,328
6452 Gas 6,021
6453 Sewer 3,586
6400T Total utilities expenses 29,221
Operating and maintenance expenses
6510 Payroll -
6515 Supplies 13,303
6520 Contracts 79,793
6521 Operating and maintenance rent free unit -
6525 Garbage and trash removal 5,297
6530 Security payroll/contracts 540
6531 Security rent free unit -
6546 Heating/cooling repairs and maintenance -
6548 Snow removal -
6570 Vehicle and maintenance equipment operation and repairs - 6580 Lease expense -
6590 Miscellaneous operating and maintenance expenses 26,518 6590-010 Description: CCSM maintenance fees
6590-020 Amount: $ 26,518
6500T Total operating and maintenance expenses $ 125,451

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
YEAR ENDED JUNE 30, 2016
58 Taxes and insurance
6710 Real estate taxes $ 11,178
6711 Payroll taxes (Property's share) 2,119
6720 Property and liability insurance (hazard) 10,600
6721 Fidelity bond insurance -
6722 Workers' compensation 1,690
6723 Health insurance and other benefits 2,333
6790 Miscellaneous taxes, licenses, permits and insurance - 6700T Total taxes and insurance 27,920
Total operating expenses 282,231
Financial expenses
6820 Interest on mortgage (or bonds) payable -
6825 Interest on other mortgages -
6830 Interest on notes payable (long term) 48,862
6840 Interest on notes payable (short term) -
6850 Mortgage insurance premium/service charge -
6890 Miscellaneous financial expenses -
6800T Total financial expenses 48,862
6900T Total nursing home/astd. living/board care/other elderly expenses -
6000 Total cost of operations before depreciation 331,093 5060 Operating profit (loss) (58,564)
Depreciation and amortization expenses
6600 Depreciation expense 102,856
6610 Amortization expense 76
5060N Operating profit (loss) (161,496)
Net entity expenses
7190 Other expenses -
7100T Total net entity expenses -
3250 Change in total net assets from operations (net loss) $ (161,496)

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
YEAR ENDED JUNE 30, 2016
59 502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
Organization
Cash on hand and in banks
Unrestricted accounts
Cash - operating, Union Bank $ 1,687
Restricted accounts
Resident security deposits - Union Bank $ 20,930
Reserve for replacements - Union Bank 114,634
Operating reserve - Union Bank 106,925
$ 242,489

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
Resident 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 residents.

Interest earned during the year ended June 30, 2016 totaled $10. 502 Colorado is wholly owned by Community Corporation of Santa Monica. 502 Colorado is a 44 unit apartment complex located in Santa Monica, California. The property was placed in service on June 4, 2002. The property was financed, in part, by a mortgage loan provided by the Department of Housing and Community Development ("HCD").

The Corporation entered into a Multifamily Housing Program Regulatory Agreement with HCD, which governs the operation of the property and restricts the persons eligible to reside at the property for a period of fifty five years. Cash distributions are limited by agreements between the property and HCD.
60 502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
Mortgagee impound accounts
502 Colorado does not have any mortgage impound accounts.

Reserve for replacements and operating expenses
Reserve for
Replacements
Balance, July 1, 2015 $ 226,932
Required deposits 18,000
Interest earned 104
Withdrawals - capitalized (106,407)
Withdrawals - expensed (972)
Withdrawals - prior year (23,023)
Bank fees -
Balance, June 30, 2016 $ 114,634
Operating
Reserve
Balance, July 1, 2015 $ 139,240
Required deposits -
Interest earned 63
Withdrawals - capitalized -
Withdrawals - expensed (32,378)
Balance, June 30, 2016 $ 106,925

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
In accordance with the provisions of the regulatory agreement, restricted cash is to be used for replacements of property or other reserve requirements with the approval of HCD, as follows:
61 502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
Accounts receivable - aging
Accounts receivable Accounts receivable
(within 30 days) (> 30 days) Total
50 3,236 3,286
Property, equipment and improvements
Following are the details of property, equipment and improvements:

Furniture and
Land Buildings Equipment Total
Balance, July 1, 2015 $ - $ 5,379,564 $ - $ 5,379,564
Additions - 148,907 - 148,907
Balance, June 30, 2016 $ - $ 5,528,471 $ - $ 5,528,471
Deferred costs
Following are the details of deferred costs:

Permanent
Lender Fee
Balance, July 1, 2015 $ 4,195
Additions -
Accumulated amortization (990)
Balance, June 30, 2016 $ 3,205
Accounts payable and accrued expenses
Accounts payable Accounts payable
(within 30 days) (> 30 days) Total
1,423 36 1,459

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
Management periodically reviews resident receivables and uses an allowance for doubtful accounts to recognize bad debts. Accounts receivable above is shown net of the allowance for doubtful accounts, which totaled $3,180 at June 30, 2016.
62 502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
Gross potential rents
Tenant rental payments $ 224,188
Housing assistance payments 45,170
Employee quarters shown as an expense -
Vacancy loss and concessions 23,117
Total gross potential rents $ 292,475
Management fee
Related party
Bookkeeping
fee
Resident
services fee
Maintenance
fee Total
Balance, July 1, 2015 $ - $ - $ - $ -
Expense 5,016 - 26,518 31,534
Payment (5,016) - (26,518) (31,534)
Balance, June 30, 2016 $ - $ - $ - $ -
Supportive services
Resident services fee $ -
The General Partner is entitled to an annual bookkeeping, resident services, and maintenance fee for services rendered.

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
A property management fee of $33,264 was incurred during 2016 for the property management services provided by Community Corporation of Santa Monica. 63 502 COLORADO (HCD CONTRACT NO. 00-MHP-016)
Surplus cash computation
Operating cash flow/surplus cash will be distributed according to the HCD method.

Operating income
Total income $ 272,529
Interest earned on restricted reserve accounts (178)
Adjusted operating income 272,351
Operating expenses (282,231)
Adjusted net income (9,880)
Other activity
Mandatory debt service (6,841)
Resident service fee -
Deposits into reserve for replacements account (18,000) Deposits into other restricted accounts per regulatory agreement - Capital improvements less Esco improvement donated (118,107) Withdrawals from reserve for replacements account included in operating expenses 106,407
Withdrawals from reserve for replacements account included in operating expenses and prior year 56,373
Total other activity 19,832
Operating cash flow/surplus cash $ 9,952
Distribution of operating cash flow/surplus cash
Asset management fee $ -
Pay off of the deferred developer fee amount permitted by HCD to be paid on a priority basis -
CPI indexed distribution -
Total cash available for distributions (Net Cash Flow) $ - Distributions and loan payments
Maximum Sponsor Distribution ($22,572 plus CPI split
50% to City of Santa Monica and 50% to Sponsor) $ 9,952 30% to be distributed to owner -
70% split and paid as follows per regulatory agreement
71% to City of Santa Monica -
29% to HCD MHP Loan -
Total distributions to lenders -
Total distributions to owners and lenders $ 9,952

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
64 Rent revenue
5120 Rent revenue - gross potential $ 439,217
5121 Tenant assistance payments 47,491
5140 Rent revenue - stores and commercial -
5170 Rent revenue - garage and parking -
5180 Flexible subsidy revenue -
5190 Miscellaneous rent revenue -
5100T Total rent revenue 486,708
Vacancies
5220 Apartments 2,040
5240 Stores and commercial -
5250 Rental concessions -
5270 Garage and parking spaces -
5290 Miscellaneous -
5200T Total vacancies 2,040
5152N Net rental revenue (rental revenue less vacancies) 484,668 Financial revenue
5410 Financial revenue - project operations 75
5430 Revenue from investments - residual receipts -
5440 Revenue from investments - reserve for replacements 241 5490 Revenue from investments - miscellaneous 232
5400T Total financial revenue 548
Other revenue
5910 Laundry and vending revenue 7,127
5920 Tenant charges 780
5990 Miscellaneous revenue -
5900T Total other revenue 7,907
5000T Total revenue $ 493,123

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
815 ASHLAND (HCD CONTRACT NO. 93-RHCP-158)
YEAR ENDED JUNE 30, 2016
65 Administrative expenses
6203 Conventions and meetings $ -
6204 Management consultants 649
6210 Advertising and marketing -
6250 Other renting expenses 32
6310 Office salaries -
6311 Office expenses 13,742
6312 Office or model apartment rent -
6320 Management fee 37,800
6330 Manager or superintendent salaries 2,069
6331 Administrative rent free unit -
6340 Legal expense - property 152
6350 Audit expense 3,927
6351 Bookkeeping fees/accounting services 5,130
6370 Bad debts (379)
6390 Miscellaneous administrative expenses -
6263T Total administrative expenses 63,122
Utilities expenses
6450 Electricity 9,522
6451 Water 17,884
6452 Gas 1,216
6453 Sewer 15,452
6400T Total utilities expenses 44,074
Operating and maintenance expenses
6510 Payroll -
6515 Supplies 32,308
6520 Contracts 73,274
6521 Operating and maintenance rent free unit -
6525 Garbage and trash removal 12,955
6530 Security payroll/contracts 623
6531 Security rent free unit -
6546 Heating/cooling repairs and maintenance -
6548 Snow removal -
6570 Vehicle and maintenance equipment operation and repairs - 6580 Lease expense -
6590 Miscellaneous operating and maintenance expenses 40,523 6590-010 Description: CCSM maintenance fees
6590-020 Amount: $ 40,523
6500T Total operating and maintenance expenses $ 159,683

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
815 ASHLAND (HCD CONTRACT NO. 93-RHCP-158)
YEAR ENDED JUNE 30, 2016
66 Taxes and insurance
6710 Real estate taxes $ 11,238
6711 Payroll taxes (Property's share) 182
6720 Property and liability insurance (hazard) 12,872
6721 Fidelity bond insurance -
6722 Workers' compensation 173
6723 Health insurance and other benefits -
6790 Miscellaneous taxes, licenses, permits and insurance 800 6700T Total taxes and insurance 25,265
Total operating expenses 292,144
Financial expenses
6820 Interest on mortgage (or bonds) payable -
6825 Interest on other mortgages 59,802
6830 Interest on notes payable (long term) 78,813
6840 Interest on notes payable (short term) -
6850 Mortgage insurance premium/service charge -
6890 Miscellaneous financial expenses -
6800T Total financial expenses 138,615
6900T Total nursing home/astd. living/board care/other elderly expenses 11,767
6000 Total cost of operations before depreciation 442,526 5060 Operating profit (loss) 50,597
Depreciation and amortization expenses
6600 Depreciation expense 93,465
6610 Amortization expense -
5060N Operating profit (loss) (42,868)
Net entity expenses
7190 Other expenses -
7100T Total net entity expenses -
3250 Change in total net assets from operations (net loss) $ (42,868)

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
815 ASHLAND (HCD CONTRACT NO. 93-RHCP-158)
YEAR ENDED JUNE 30, 2016
67 815 ASHLAND (HCD CONTRACT NO. 93-RHCP-158)
Reserve for replacements and operating expenses
Reserve for
Replacements
Balance, July 1, 2015 $ 505,386
Required deposits 26,004
Interest earned 241
Withdrawals - capitalized (50,000)
Withdrawals - expensed -
Withdrawals - prior year (79,888)
Bank fees -
Balance, June 30, 2016 $ 401,743
Operating
Reserve
Balance, July 1, 2015 $ 399,964
Required deposits 14,797
Interest earned 204
Withdrawals - capitalized -
Withdrawals - expensed -
Balance, June 30, 2016 $ 414,965

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
In accordance with the provisions of the regulatory agreement, restricted cash is to be used for replacements of property or other reserve requirements with the approval of HCD, as follows:
68 815 ASHLAND (HCD CONTRACT NO. 93-RHCP-158)
Property, equipment and improvements
Following are the details of property, equipment and improvements:

Furniture and
Land Buildings Equipment Total
Balance, July 1, 2015 $ 2,591,410 $ 3,180,976 $ - $ 5,772,386 Additions - 90,005 6,688 96,693
Balance, June 30, 2016 $ 2,591,410 $ 3,270,981 $ 6,688 $ 5,869,079 Management fee
Related party
Bookkeeping
fee
Resident
services fee
Maintenance
fee Total
Balance, July 1, 2015 $ - $ - $ - $ -
Expense 5,130 11,767 40,523 57,420
Payment (5,130) (11,767) (40,523) (57,420)
Balance, June 30, 2016 $ - $ - $ - $ -
Supportive services
Resident services fee $ 11,767

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
The General Partner is entitled to an annual bookkeeping, resident services, and maintenance fee for services rendered.

A property management fee of $37,800 was incurred during 2016 for the property management services provided by Community Corporation of Santa Monica. 69 815 ASHLAND (HCD CONTRACT NO. 93-RHCP-158)
Surplus cash computation
Operating cash flow/surplus cash will be distributed according to the HCD method.

Operating income
Total income $ 493,123
Interest earned on restricted reserve accounts (473)
Adjusted operating income 492,650
Operating expenses (292,144)
Adjusted net income 200,506
Other activity
Mandatory debt service -
Resident service fee (11,767)
Deposits into reserve for replacements account (26,004) Deposits into other restricted accounts per regulatory agreement (14,797) Capital improvements (96,693)
Withdrawals from reserve for replacements account included in operating expenses 50,000
Total other activity (99,261)
Operating cash flow/surplus cash $ 101,245
Distribution of operating cash flow/surplus cash
Asset management fee $ -
Pay off of the deferred developer fee amount permitted by HCD to be paid on a priority basis -
Total cash available for distributions (Net Cash Flow) $ 101,245 Distributions and loan payments
Maximum Sponsor Distribution ($-0-) $ -
Paid as follows per regulatory agreement
50% to City of Santa Monica 50,623
50% to RHCP Loan 50,623
Total distributions to lenders 101,245
Total distributions to owners and lenders $ 101,245

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
70 Rent revenue
5120 Rent revenue - gross potential $ 226,050
5121 Tenant assistance payments 59,867
5140 Rent revenue - stores and commercial -
5170 Rent revenue - garage and parking -
5180 Flexible subsidy revenue -
5190 Miscellaneous rent revenue -
5100T Total rent revenue 285,917
Vacancies
5220 Apartments 5,841
5240 Stores and commercial -
5250 Rental concessions -
5270 Garage and parking spaces -
5290 Miscellaneous -
5200T Total vacancies 5,841
5152N Net rental revenue (rental revenue less vacancies) 280,076 Financial revenue
5410 Financial revenue - project operations 16
5430 Revenue from investments - residual receipts -
5440 Revenue from investments - reserve for replacements 74 5490 Revenue from investments - miscellaneous 110
5400T Total financial revenue 200
Other revenue
5910 Laundry and vending revenue 4,175
5920 Tenant charges 205
5990 Miscellaneous revenue -
5900T Total other revenue 4,380
5000T Total revenue $ 284,656

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
GARCIA (HCD CONTRACT NO. 90-RHCP-009)
YEAR ENDED JUNE 30, 2016
71 Administrative expenses
6203 Conventions and meetings $ -
6204 Management consultants 341
6210 Advertising and marketing -
6250 Other renting expenses 1,107
6310 Office salaries -
6311 Office expenses 1,564
6312 Office or model apartment rent -
6320 Management fee 25,200
6330 Manager or superintendent salaries 769
6331 Administrative rent free unit -
6340 Legal expense - property -
6350 Audit expense 3,273
6351 Bookkeeping fees/accounting services 3,420
6370 Bad debts 707
6390 Miscellaneous administrative expenses -
6263T Total administrative expenses 36,381
Utilities expenses
6450 Electricity 5,024
6451 Water 10,415
6452 Gas 1,592
6453 Sewer 9,853
6400T Total utilities expenses 26,884
Operating and maintenance expenses
6510 Payroll -
6515 Supplies 14,437
6520 Contracts 45,792
6521 Operating and maintenance rent free unit -
6525 Garbage and trash removal 11,548
6530 Security payroll/contracts -
6531 Security rent free unit 3,283
6546 Heating/cooling repairs and maintenance -
6548 Snow removal -
6570 Vehicle and maintenance equipment operation and repairs - 6580 Lease expense -
6590 Miscellaneous operating and maintenance expenses 25,483 6590-010 Description: CCSM maintenance fees
6590-020 Amount: $ 25,483
6500T Total operating and maintenance expenses $ 100,543

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
GARCIA (HCD CONTRACT NO. 90-RHCP-009)
YEAR ENDED JUNE 30, 2016
72 Taxes and insurance
6710 Real estate taxes $ 14,426
6711 Payroll taxes (Property's share) 63
6720 Property and liability insurance (hazard) 7,020
6721 Fidelity bond insurance -
6722 Workers' compensation 131
6723 Health insurance and other benefits -
6790 Miscellaneous taxes, licenses, permits and insurance 800 6700T Total taxes and insurance 22,440
Total operating expenses 186,248
Financial expenses
6820 Interest on mortgage (or bonds) payable 17,526
6825 Interest on other mortgages -
6830 Interest on notes payable (long term) 90,762
6840 Interest on notes payable (short term) -
6850 Mortgage insurance premium/service charge -
6890 Miscellaneous financial expenses -
-
Total financial expenses
6800T 108,288
Total nursing home/astd. living/board care/other elderly 6900T expenses
1,530
Total cost of operations before depreciation
6000 Operating profit (loss) 296,066
5060 (11,410)
Depreciation and amortization expenses
6600 Depreciation expense 136,151
6610 Amortization expense -
5060N Operating profit (loss) (147,561)
Net entity expenses
7190 Other expenses 186,025
7190-010 Description: General Partner fee
7190-020 Amount: $ 186,025
General partner fee
7100T Total net entity expenses 186,025
3250 Change in total net assets from operations (net loss) $ (333,586)

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
GARCIA (HCD CONTRACT NO. 90-RHCP-009)
YEAR ENDED JUNE 30, 2016
73 GARCIA (HCD CONTRACT NO. 90-RHCP-009)
Reserve for replacements and operating expenses
Reserve for
Replacements
Balance, July 1, 2015 $ 166,305
Required deposits 16,323
Other deposits -
Interest earned 74
Withdrawals - capitalized (27,260)
Withdrawals - expensed -
Withdrawals - prior year (10,337)
Bank fees -
Balance, June 30, 2016 $ 145,105
Operating
Reserve
Balance, July 1, 2015 $ 164,173
Required deposits 6,484
Other deposits 3
Interest earned 84
Withdrawals - capitalized -
Withdrawals - expensed -
Balance, June 30, 2016 $ 170,744
Partnership
Account
Balance, July 1, 2015 $ 24,657
Required deposits -
Interest earned 12
Withdrawals - capitalized -
Withdrawals - expensed -
Balance, June 30, 2016 $ 24,669

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
In accordance with the provisions of the regulatory agreement, restricted cash is to be used for replacements of property or other reserve requirements with the approval of HCD, as follows:
74 GARCIA (HCD CONTRACT NO. 90-RHCP-009)
Property, equipment and improvements
Following are the details of property, equipment and improvements:

Furniture
Land Buildings Equipment Total
Balance, July 1, 2014 $ 1,181,920 $ 3,821,748 $ - $ 5,003,668 Additions - 27,260 - 27,260
Balance, June 30, 2015 $ 1,181,920 $ 3,849,008 $ - $ 5,030,928 Management fee
Related party
Bookkeeping
fee
Resident
services fee
Maintenance
fee
General
Partner fee Total
Balance, July 1,
2015 $ - $ - $ - $ - $ -
Expense 3,420 1,530 25,483 186,025 216,458
Payment (3,420) (1,530) (25,483) - (30,433)
Balance, June 30,
2016 $ - $ - $ - $ 186,025 $ 186,025
Supportive services
Resident services fee $ 1,530

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
The General Partner is entitled to an annual bookkeeping, resident services, and maintenance fee for services rendered. The General Partner is entitled to a General Partner fee which is expensed when paid and only paid if cash flow permits.

A property management fee of $25,200 was incurred during 2016 for the property management services provided by Community Corporation of Santa Monica.
75 GARCIA (HCD CONTRACT NO. 90-RHCP-009)
Surplus cash computation
Operating cash flow/surplus cash will be distributed according to the HCD method.

Operating income
Total income $ 284,656
Interest earned on restricted reserve accounts (184)
Adjusted operating income 284,472
Operating expenses (186,248)
Adjusted net income 98,224
Other activity
Mandatory debt service (51,580)
Resident service fee (1,530)
Plus disposal of fixed asset included in operating expenses above - Deposits into reserve for replacements account (16,323) Deposits into other restricted accounts per regulatory agreement (6,484) Capital improvements (27,260)
Withdrawals from reserve for replacements account included in property and equipment 27,260
Withdrawals from reserve for replacements account included in operating expenses 10,337
Total other activity (65,580)
Operating cash flow/surplus cash $ 32,644
Distribution of operating cash flow/surplus cash
Asset management fee $ -
Pay off of the deferred developer fee amount permitted by HCD to be paid on a priority basis -
Total cash available for distributions (Net Cash Flow) $ 32,644 Distributions and loan payments
Maximum Sponsor Distribution ($62,739) $ 32,644
Paid as follows per regulatory agreement
100% to HCD loan -
Total distributions to lenders -
Total distributions to owners and lenders $ 32,644

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
76 Rent revenue
5120 Rent revenue - gross potential $ 80,240
5121 Tenant assistance payments 25,977
5140 Rent revenue - stores and commercial -
5170 Rent revenue - garage and parking -
5180 Flexible subsidy revenue -
5190 Miscellaneous rent revenue -
5100T Total rent revenue 106,217
Vacancies
5220 Apartments -
5240 Stores and commercial -
5250 Rental concessions -
5270 Garage and parking spaces -
5290 Miscellaneous -
5200T Total vacancies -
5152N Net rental revenue (rental revenue less vacancies) 106,217 Financial revenue
5410 Financial revenue - project operations 9
5430 Revenue from investments - residual receipts -
5440 Revenue from investments - reserve for replacements 40 5490 Revenue from investments - miscellaneous 23
5400T Total financial revenue 72
Other revenue
5910 Laundry and vending revenue -
5920 Tenant charges 270
5990 Miscellaneous revenue -
5900T Total other revenue 270
5000T Total revenue $ 106,559

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
VIRGINIA VILLAGE (HCD CONTRACT NO. 91-RHCP-097)
YEAR ENDED JUNE 30, 2016
77 Administrative expenses
6203 Conventions and meetings $ -
6204 Management consultants 316
6210 Advertising and marketing -
6250 Other renting expenses -
6310 Office salaries -
6311 Office expenses 1,257
6312 Office or model apartment rent -
6320 Management fee 9,792
6330 Manager or superintendent salaries 784
6331 Administrative rent free unit -
6340 Legal expense - property 710
6350 Audit expense 2,488
6351 Bookkeeping fees/accounting services 1,368
6370 Bad debts (1,207)
6390 Miscellaneous administrative expenses -
6263T Total administrative expenses 15,508
Utilities expenses
6450 Electricity 2,509
6451 Water 6,426
6452 Gas -
6453 Sewer 4,854
6400T Total utilities expenses 13,789
Operating and maintenance expenses
6510 Payroll -
6515 Supplies 3,199
6520 Contracts 18,067
6521 Operating and maintenance rent free unit -
6525 Garbage and trash removal 6,911
6530 Security payroll/contracts 2,646
6531 Security rent free unit -
6546 Heating/cooling repairs and maintenance -
6548 Snow removal -
6570 Vehicle and maintenance equipment operation and repairs - 6580 Lease expense -
6590 Miscellaneous operating and maintenance expenses 11,825 6590-010 Description: CCSM maintenance fees
6590-020 Amount: $ 11,825
6500T Total operating and maintenance expenses $ 42,648

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
VIRGINIA VILLAGE (HCD CONTRACT NO. 91-RHCP-097)
YEAR ENDED JUNE 30, 2016
78 Taxes and insurance
6710 Real estate taxes $ 5,106
6711 Payroll taxes (Property's share) 69
6720 Property and liability insurance (hazard) 2,782
6721 Fidelity bond insurance -
6722 Workers' compensation 69
6723 Health insurance and other benefits -
6790 Miscellaneous taxes, licenses, permits and insurance 800 6700T Total taxes and insurance 8,826
Total operating expenses 80,771
Financial expenses
6820 Interest on mortgage (or bonds) payable -
6825 Interest on other mortgages -
6830 Interest on notes payable (long term) 38,059
6840 Interest on notes payable (short term) -
6850 Mortgage insurance premium/service charge -
6890 Miscellaneous financial expenses -
6800T Total financial expenses 38,059
6900T Total nursing home/astd. living/board care/other elderly expenses 611
6000 Total cost of operations before depreciation 119,441 5060 Operating profit (loss) (12,882)
Depreciation and amortization expenses
6600 Depreciation expense 66,513
6610 Amortization expense -
5060N Operating profit (loss) (79,395)
Net entity expenses
7190 Other expenses -
7100T Total net entity expenses -
3250 Change in total net assets from operations (net loss) $ (79,395)

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
VIRGINIA VILLAGE (HCD CONTRACT NO. 91-RHCP-097)
YEAR ENDED JUNE 30, 2016
79 VIRGINIA VILLAGE (HCD CONTRACT NO. 91-RHCP-097)
Reserve for replacements and operating expenses
Reserve for
Replacements
Balance, July 1, 2015 $ 78,165
Required deposits 4,000
Other deposits -
Interest earned 40
Withdrawals - capitalized -
Withdrawals - expensed -
Withdrawals - prior year -
Bank fees -
Balance, June 30, 2016 $ 82,205
Operating
Reserve
Balance, July 1, 2015 $ 39,672
Required deposits -
Interest earned 20
Withdrawals - capitalized -
Withdrawals - expensed -
Balance, June 30, 2016 $ 39,692

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
In accordance with the provisions of the regulatory agreement, restricted cash is to be used for replacements of property or other reserve requirements with the approval of HCD, as follows:
80 VIRGINIA VILLAGE (HCD CONTRACT NO. 91-RHCP-097)
Property, equipment and improvements
Following are the details of property, equipment and improvements:

Furniture and Construction
Land Buildings Equipment in Progress Total
Balance, July 1, 2014 $ 341,000 $ 1,419,319 $ 2,628 $ - $ 1,762,947 Additions - - - 2,640 2,640
Balance, June 30, 2015 $ 341,000 $ 1,419,319 $ 2,628 $ 2,640 $ 1,765,587 Management fee
Related party
Bookkeeping
fee
Resident
services fee
Maintenance
fee Total
Balance, July 1, 2014 $ - $ - $ - $ -
Expense 1,368 611 11,825 13,804
Payment (1,368) (611) (11,825) (13,804)
Balance, June 30, 2015 $ - $ - $ - $ -
Supportive services
Resident services fee $ 611
The General Partner is entitled to an annual bookkeeping, resident services, and maintenance fee for services rendered.

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
A property management fee of $9,792 was incurred during 2016 for the property management services provided by Community Corporation of Santa Monica.
81 VIRGINIA VILLAGE (HCD CONTRACT NO. 91-RHCP-097)
Surplus cash computation
Operating cash flow/surplus cash will be distributed according to the HCD method.

Operating income
Total income $ 106,559
Interest earned on restricted reserve accounts (63)
Adjusted operating income 106,496
Operating expenses (80,771)
Adjusted net income 25,725
Other activity
Mandatory debt service -
Resident service fee (611)
Deposits into reserve for replacements account (4,000)
Deposits into other restricted accounts per regulatory agreement - Withdrawals from reserve for replacements account included in operating expenses -
Total other activity (4,611)
Operating cash flow/surplus cash $ 21,114
Distribution of operating cash flow/surplus cash
Asset management fee $ -
Pay off of the deferred developer fee amount permitted by HCD to be paid on a priority basis -
Total cash available for distributions (Net Cash Flow) $ - Distributions and loan payments
Maximum Sponsor Distribution ($23,151) $ 21,114
Paid as follows per regulatory agreement
78% to City of Santa Monica -
32% to HCD RHCP Loan -
Total distributions to lenders -
Total distributions to owners and lenders $ 21,114

COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUPPLEMENTARY INFORMATION - HCD (CONTINUED)
YEAR ENDED JUNE 30, 2016
82 Reporting Period: 7/1/2015 to 06/30/2016
Contract No: 83-RHC-140 Units/Sq. Ft. - Assisted: 2
Project Name: 18th Street Apartments Units/Sq. Ft. - Total: 6 Prepared by: Gerald Anderson
Date Prepared: 9/8/2016 Unit Months: 72

ACCOUNT
Approved
Assisted
Actual
Assisted
Approved NonAssisted
Actual NonAssisted
Proposed
Commercial
Actual
Commercial
Approved
Total
Expenses
Total Actual
Expenses
Project
Variance

CODES (A) (B) (C)
MANAGEMENT FEE: 6200/6300
1 Management Fee or Sponsor Overhead 6320 1,295 1,295 3,169 3,169 0 4,464 4,464 0 ADMINISTRATIVE EXPENSES: 6200/6300
2 Advertising 6210 92 67 225 164 0 317 231 86
3 Apartment Resale Expense (Cooperatives) 6235 0 0 0 0 0 0 0 0 4 Other Renting Expenses 6250 104 0 256 0 0 360 0 360
5 Office Salaries 6310 757 1,074 1,852 2,629 0 2,609 3,703 (1,094) 6 Office Supplies 6311 4 35 10 84 0 14 119 (105)
7 Office or Model Apartment Rent 6312 0 0 0 0 0 0 0 0
8 Manager and Superintendent Salaries 6330 307 307 752 750 0 1,059 1,057 2 9 Manager's or Superintendent's Rent Free Unit 6331 0 0 0 0 0 0 0 0 10 Legal Expense - Project 6340 52 0 128 0 0 180 0 180
11 Audit Expense - Project 6350 86 76 211 186 0 297 262 35 12 Bookkeeping Fees/Accounting Services 6351 313 313 767 767 0 1,080 1,080 0 13 Telephone and Answering Service Expenses 6360 17 17 40 42 0 57 59 (2) 14 Bad Debt Expense 6370 0 60 0 0 0 60 (60)
15 Miscellaneous Administrative Expenses (specify) 6390 233 37 569 89 0 802 126 676 16 TOTAL ADMINISTRATIVE EXPENSES 6200/6300T 1,965 1,985 4,810 4,712 0 0 6,775 6,697 78 UTILITIES EXPENSES: 6400
17 Fuel Oil/Coal 6420 0 0 0 0 0 0 0 0
18 Electricity 6450 130 137 318 335 0 448 472 (24)
19 Water 6451 813 560 1,989 1,371 0 2,802 1,931 871
20 Gas 6452 0 6 0 15 0 0 21 (21)
21 Sewer 6453 860 636 2,106 1,556 0 2,966 2,192 774
22 TOTAL UTILITIES EXPENSES 6400T 1,803 1,339 4,413 3,277 0 0 6,216 4,616 1,600 OPERATING AND MAINTENANCE EXPENSES: 6500
23 Janitor and Cleaning Payroll 6510 0 0 0 0 0 0 0 0
24 Janitor and Cleaning Supplies 6515 0 0 0 0 0 0 0 0
25 Janitor and Cleaning Contracts 6517 259 345 633 845 0 892 1,190 (298) 26 Exterminating Payroll/Contract 6519 360 111 882 273 0 1,242 384 858 27 Exterminating Supplies 6520 0 0 0 0 0 0 0 0
28 Garbage and Trash Removal 6525 662 748 1,622 1,832 0 2,284 2,580 (296) 29 Security Payroll/Contract 6530 231 285 564 698 0 795 983 (188) 30 Grounds Payroll 6535 0 0 0 0 0 0 0 0
31 Grounds Supplies 6536 0 0 0 0 0 0 0 0
32 Grounds Contract 6537 1,339 1,167 3,277 2,856 0 4,616 4,023 593 33 Repairs Payroll 6540 1,401 1,097 3,429 2,686 0 4,830 3,783 1,047 34 Repairs Material 6541 580 435 1,420 1,064 0 2,000 1,499 501 35 Repairs Contract 6542 1,032 1,194 2,527 2,923 0 3,559 4,117 (558) 36 Elevator Maintenance/Contract 6545 0 0 0 0 0 0 0 0
37 Heating/Cooling Repairs and Maintenance 6546 0 0 0 0 0 0 0 0 38 Swimming Pool Maintenance/Contract 6547 0 0 0 0 0 0 0 0 39 Snow Removal 6548 0 0 0 0 0 0 0 0
40 Decorating/Payroll Contract 6560 0 1,362 6,000 3,333 0 6,000 4,695 1,305 41 Decorating Supplies 6561 0 925 5,525 2,263 0 5,525 3,188 2,337 42 Vehicle and Maint. Equipment Operation/Repairs 6570 0 0 0 0 0 0 0 0 43 Misc. Operating and Maintenance Expenses (specify) 6590 0 0 0 0 0 0 0 0 44 TOTAL OPERATING & MAINTENANCE EXPENSES 6500T 5,863 7,668 25,880 18,774 0 0 31,743 26,442 5,301 TAXES AND INSURANCE: 6700
45 Real Estate Taxes 6710 132 393 323 962 0 455 1,355 (900) 46 Payroll Taxes (Project's Share) 6711 118 99 289 243 0 407 342 65 47 Misc. Taxes, Licenses and Permits 6719 42 184 104 451 0 146 635 (489) 48 Property and Liability Insurance (Hazard) 6720 481 436 1,177 1,067 0 1,658 1,503 155 49 Fidelity Bond Insurance 6721 0 0 0 0 0 0 0 0
50 Worker's Compensation 6722 21 80 53 197 0 74 277 (203) 51 Health Insurance and Other Employee Benefits 6723 72 92 175 226 0 247 318 (71) 52 Other Insurance 6729 0 0 0 0 0 0 0 0
53 TOTAL TAXES AND INSURANCE 6700T 866 1,285 2,121 3,145 0 0 2,987 4,430 (1,443) ASSISTED LIVING/BOARD & CARE EXPENSES; 6900
54 Food 6932 0 0 0 0 0 0 0 0 0
55 Recreation and Rehabilitation 6980 0 0 0 0 0 0 0 0 0 56 Rehabilitation Salaries 6983 0 0 0 0 0 0 0 0 0
57 Other Service Expenses 6990 0 0 0 0 0 0 0 0
58 TOTAL ASSISTED LIVING EXPENSES 6900T 0 0 0 0 0 0 0 0 0 61 TOTAL OPERATING COSTS 11,791 13,571 40,394 33,078 0 0 52,185 46,649 5,536 Rental Housing Construction Program -- Original

7. REPORT OF ACTUAL OPERATING COSTS

ACCOUNT NAME UNIT EXPENSES PROJECT TOTALS

UNAUDITED
83 Reporting Period: 07/01/2015 to 06/30/2016
Contract No: 83-RHC-140 Units/Sq. Ft. - Assisted: 2
Project Name: 18th Street Apartments Units/Sq. Ft. - Total: 6 Prepared by: Gerald Anderson
Date Prepared: 9/8/2016 Unit Months: 72

ACCOUNT NAME PROJECT

VARIANCE
Account
Approved
Cashflow Actual Cashflow
Approved
Cashflow
Actual
Cashflow
Proposed
Cashflow
Actual
Cashflow
Approved
Cashflow
Actual
Cashflow
Cashflow
Variance
Codes (A) (B) (C) (D) (E) (F) (G) (H) (I)
REVENUE ACCOUNTS/RENT REVENUE: 5100
1 Rent Revenue 5120 16,200 16,814 80,232 51,837 0 96,432 68,651 (27,781) 2 Tenant Assistance Payments 5121 0 0 0 18,544 0 0 0 18,544 18,544 3 Rent revenue - Stores and Commercial 5140 0 0 0 0 0 0 0 0 0 4 Garage and Parking Spaces 5170 0 0 0 0 0 0 0 0 0
5 Flexible Subsidy Revenue 5185 0 0 0 0 0 0 0 0 0
6 Miscellaneous Rent Revenue 5190 0 0 0 0 0 0 0 0 0
7 Excess Rent 5191 0 0 0 0 0 0 0 0 0
8 Rent Revenue/Insurance 5192 0 0 0 0 0 0 0 0 0
9 Special Claims Revenue 5193 0 0 0 0 0 0 0 0 0
10 Retained Excess Income 5194 0 0 0 0 0 0 0 0 0
11 GROSS RENT REVENUE 5100T 16,200 16,814 80,232 70,381 0 0 96,432 87,195 (9,237) Total Vacancies (HCD Use Only) 5200T 486 0 2,407 0 0 0 2,893 0 0 ASSISTED LIVING/BOARD & CARE REVENUES: 5300
17 Food 5332 0 0 0 0 0 0 0 0 0
18 Recreation (Activities) and Rehabilitation 5380 0 0 0 0 0 0 0 0 0 19 Rehabilitation 5385 0 0 0 0 0 0 0 0 0
20 Other Service Revenue 5390 0 0 0 0 0 0 0 0 0
Total Living Revenue 6300T 0 0 0 0 0 0 0 0 0
FINANCIAL REVENUE: 5400
21 Financial Revenue - Project Operations 5410 22 24 53 59 0 0 75 83 8 Total Financial Revenue 5400T 22 24 53 59 0 0 75 83 8
OTHER REVENUE: 5900
22 Laundry and Vending Revenue 5910 0 0 0 0 0 0 0 0 0
23 NSF and Late Charges 5920 41 0 102 0 0 0 143 0 (143) 24 Damages and Cleaning Fees 5930 0 0 0 0 0 0 0 0 0
25 Forfeited Tenant Security Deposits 5940 0 0 0 0 0 0 0 0 0 26 Other Revenue 5990 62 34 152 83 0 0 214 117 (97)
Total Other Revenue 5900T 103 34 254 83 0 0 357 117 (240) 27 EFFECTIVE GROSS RENT (EGR) 5152T 15,839 16,872 78,132 70,523 0 0 93,971 87,395 (6,576) 28 TOTAL OPERATING EXPENSES 6000T 12,145 13,571 41,605 33,078 0 0 53,751 46,649 7,102 29 NET OPERATING INCOME (NOI) 5000T 3,694 3,301 36,527 37,445 0 0 40,220 40,746 526 FINANCIAL EXPENSES: 6800
30 Non-Contingent Debt Service (specify lender) 6895
1st Mortgage = 0 0 0 0 0 0 0 0 0
2nd Mortgage= 0 120,000 120,000 0 0 120,000 120,000 0
3rd Mortgage= 0 0 0 0 0 0 0 0 0
31 HCD Required Payments 6890 0 0 0 0 0 0 0 0 0
32 Lease Payment 6890 0 0 0 0 0 0 0 0 0
33 Miscellaneous Financial Expenses 6890 0 0 0 0 0 0 0 0 0 Total Financial Expenses 6800T 0 0 120,000 120,000 0 0 120,000 120,000 0 FUNDED RESERVES: 1300
34 Escrow Deposits 1310 0 0 0 0 0 0 0 0 0
35 Replacement Reserve-Deposit 1320 1,651 1,651 4,041 4,041 0 0 5,692 5,692 0 36 Operating Reserve-Deposit 1300 0 0 0 0 0 0 0 0 0
37 Other Reserves (specify) 0
#1 1330 0 0 0 0 0 0 0 0 0
#2 1330 0 0 0 0 0 0 0 0 0
#3 1330 0 0 0 0 0 0 0 0 0
Total Reserve Deposits 1,651 1,651 4,041 4,041 0 0 5,692 5,692 0 38 PROJECT CASH FLOW (CF) 2,043 1,650 (87,514) (86,596) 0 0 (85,472) (84,946) 526 ADDITIONAL REVENUE:
39 RHCP-O Annuity Fund Request (For Assisted Units Only) 0 290 0 290 290 40 Withdrawal from Operating Reserves 0 0 0 0 0 0 0 0 0 41 Borrower Contribution 0 0 0 0 0 0 0 0 0
42 Other (specify) 0 0 0 0 0 0 0 0 0
Total Additional Revenue 0 290 0 0 0 0 0 290 290
USE OF CASH FLOW:
43 HCD Interest Payments 0 0 0 0 0 0 0 0 0
44 Asset Mgmt Fee (CHRP-R/SUHRP & HOME-pre-UMR Only) 0 0 0 0 0 0 0 0 0 45 Asset Mgmt Fee/Prtrshp Costs (MHP/HOME under UMR) 0 0 0 0 0 0 0 0 0 46 Borrower Distributions 0 0 0 0 0 0 0 0 0
47 Residual Receipt Loan Payments 0 0 0 0 0 0 0 0 0
48 Other (specify) 0 0 0 0 0 0 0 0 0
Total Use of Cash Flow 0 0 0 0 0 0 0 0 0
Rental Housing Construction Program -- Original

8. ACTUAL CASH FLOW ANALYSIS

ASSISTED UNITS NON-ASSISTED UNITS COMMERCIAL TOTAL PROJECT

UNAUDITED
84 UNAUDITED
Project Name:

HCD Contract #(s):

Other Reserve
(specify)
$ 9,861 $ 5,042
$ 800
$ 5 $ 3
$ - $ 9,866 $ 5,845
Withdrawal
Request
Number
Date of
Withdrawal
from Account
Transition
Reserve
Other
Reserve
Tenant
Security
Deposits
$ - $ - $ -
C. Ending Account Balance: $ 22,928 $ 39,090 $ - $ 9,866 $ 5,845 Explanation of Withdrawals (include explanation of withdrawals made without HCD approval):

Interest Paid upon Move-Out
Section B Subtotal: $ - $ -
Security Deposit Amounts Returned
to Tenants
Security Deposit Amounts Deducted
for Tenant Accounts Receivable
Bank Charges/Fees Paid
Other Debits/Reductions (explain below)
Explanation of Deposits:

B. Withdrawals (enter withdrawal request number, date and amount below):

Operating
Reserve
Replacement
Reserve
Interest Earned $ 11 $ 18
Section A Subtotal: $ 22,928 $ 39,090
Actual Deposits (if different than
required Deposits, explain below) $ 5,692
Security Deposits Received
Transition
Reserve
Account
Account Numbers:

Annual Required Deposits $ 5,692
A. Beginning Account Balance: $ 22,917 $ 33,380
6/30/16
Please complete the following table with the appropriate amounts for each Account .

For CHRP-R, DDS, HCD HOME CHDO & SUHRP Projects-attach corresponding reserve account bank statements.

Operating
Reserve
Account
Replacement
Reserve
Account
Reporting period - to (mm/dd/yy):

Tenant
Security
Deposits
AMC 182 - RESERVE AND OTHER ACCOUNT BALANCES
1937 18th Street
83-RHC-140
Reporting period - from (mm/dd/yy): 7/1/15
85 Yes No N/A

7. Security Deposit Account:

Balance equal to/greater than security
deposit liability plus interest?

5. Reserve Accounts:

Are all Accounts insured by the Federal
Government?

6. Reserve Accounts:

Was HCD approval obtained prior to
Account withdrawals?

3. Transition Reserves:

Have deposits been made as required
by HCD?

2. Replacement Reserves:

Have deposits been made as required
by HCD?

4. Other Reserves (specify):

Have deposits been made as required
by HCD?
Affordability Account (also known as the "Rent Up Reserve")

1. Operating Reserves:

Have deposits been made as required
by HCD?
Additional Requested Information (explain any "No" and "N/A" answers):

Item Comments
Yes No N/A
Yes No N/A
Yes No N/A
Yes No N/A
Yes No N/A
Yes No N/A
Yes No N/A
86 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL

STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Directors of
Community Corporation of Santa Monica and Subsidiaries
(A California Not-For-Profit Corporation)
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 502 Colorado, 815 Ashland, Garcia, Virginia Village and 1937 18th Street (the "HCD Properties"), which comprise the combining statements of financial position as of June 30, 2016, and the related combining statements of activities and changes in net assets (deficit) for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated October 10, 2016.

Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered HCD Properties' 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 HCD Properties' internal control. Accordingly, we do not express an opinion on the effectiveness of HCD Properties' internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of HCD Properties' 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.
87 HCD Properties

Compliance and Other Matters
As part of obtaining reasonable assurance about whether HCD Properties' financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of HCD Properties' internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering HCD Properties' internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

October 10, 2016 Dauby O’Connor & Zaleski, LLC
Carmel, Indiana Certified Public Accountants
88 COMMUNITY CORPORATION OF SANTA MONICA AND SUBSIDIARIES (A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

SUMMARY OF AUDIT FINDINGS AND RECOMMENDATIONS
YEAR ENDED JUNE 30, 2016
Schedule of Current Year Findings and Recommendations
Our audit disclosed no findings or questioned costs that are required to be reported.

Status of Prior Year Findings and Recommendations
There were no open findings, questioned costs or recommendations from the prior audit report.

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