Drake University Sigma Chi Housing Corporation

“$4465 in interest expense and insurance”

“$24,383 in payment on principal of business loan for house (essentially a mortgage)”

“Other assets at the beginning of the year were listed at $22,377. This breaks down to $15,222 in accounts receivable, $3572 in intangible assets (design fees), and then $1,000 in deposits in transit. At the end of the year, this number was $22,556. This included $19,400 in Accounts receivable, $2382 in intangible assets (design fees), and $775 in undeposited funds.”

“Form 990-EZ, Part II, Line 26 - Total liabilities at the beginning of the year were $127,013. Of that, $13,612 was for room deposits that we collect when people move into the house. This is returned to them when they move out if there isn't any damage caused by them that isn't normal wear and tear. $108,707 was for a note payable to US Bank for the mortgage on the house. The remaining $4694 was a long-term liability owed to Des Moines Water Works. Due to incorrect pipe measurements in their system, they had been under-billing us. The amount owed is the sum of the amounts we had been under-billed by, for the past 5 years. At the end of the year, total liabilities were $104,884. Room deposits payable was $13,612 and the note payable for the mortgage on the house was $87,808. The remaining $3564 is the remaining repayment owed to Des Moines Water Works.”