Exalted Arts Theatre Company

“Cash coverage at year-end is deficient for one month of essential expenses. Most expenses are related to operating or supporting programs, and are funded by donor contributions and grants based on successful award amounts.”

“Other expenses include insurance, office supplies and software, payroll expenses, postage and delivery, transaction fees, advertising and marketing fees, bank charges, dues and subscriptions, and charitable giving.”

“Exalted Arts manages its available liquid resources for the theatrical production program, rent, office supplies and marketing of its programs. The current loans did not require the use of current assets due to the flexibility of repayment.”

“Basis of Accounting: Modified cash basis Basis of Presentation: In Accordance with ASU No. 2016-14, Not-for-Profit Entities (Topic 958) issued by the FASB: - Net assets are reported as either assets with donor restrictions or assets without donor restrictions. - Exalted Arts presents the Statement of Cash Flows under the Direct Method. - Expenses are presented by nature as well as function, including an analysis of expenses showing the relationship between functional and natural classification for all expenses.”

“Exalted Arts manages its available liquid resources for the theatrical production program, rent, office supplies, and marketing of its programs. The current loans did not require the use of current assets due to the flexibility of repayment.”

“Short term loan in the amount of $18,001, unrestricted loan from Waller and $4,000 unrestricted short term loan from Luis Garcia, a donor. $36,225 Loan proceeds are from loans in the amounts of $2,600 and $28,000 from the Small Business Administration less a $10 payment. Original Note $1600 (5/15/2020); repayment of $7 was deferred; 30-year note 1st modification occurred on (6/15/2021); 28,000; repayment of $369 began in May 2023; 30 year note Interest accrues at 2.75% per annum and will accrue only on funds actually advanced from the date(s) of each advance”