Rites of Passage Development Inc.

“Gross rent 188,384”

“Interest 27,852”

“Depreciation 12,664”

“Utilities 32,194”

“Insurance 20,180”

“Repairs maintenance 5,455”

“Administrative expenses 52,051”

“Unrestricted Net Assets -1,652”

“Account receivable Beginning of year 0, End of year 36,689”

“Due from related parties Beginning of year 25,063, End of year 0”

“Other liabilities Beginning of year 781, End of year 4,715”

“Security deposit Beginning of year 3,400, End of year 6,910”

“Loan payable Frost Bank Beginning of year 429,717, End of year 556,775”

“City of Austin Beginning of year 0, End of year 61,718”

“CIP Loan Beginning of year 0, End of year 25,780”

“Change in Cash, savings, investments was previously reported at 1,006 because a second bank balance of 23, 486 was inadvertently omitted. New balance is 24,492.”

“Land and buildings was incorrectly report at cost of 412,220. Land cost is 61,010 and building cost is 348,210 less Accumulated Depreciation of 335,120 for a net book value of 13,090. Book value for land and buildings is 74, 100. Also another land cost of 429,110 was incorrectly entered in the Fixed Assets. It did not affect any line as it was not added with the land and building cost above and its hereby removed from the asset entry field of the tax return.”

“Other liabilities is 4,715 and not 5,520 as previously reported. Frost Bank loan is 556,775 and not 539,639 previously reported. City of Austin loan is 61,718 and not 61,171 previously reported. CIP loan is 25,780 not 30,670 as previously reported.”

“Other changes in net assets or fund balances is -1,652 as a rounding adjustment to all the changes in assets and liabilities.”

“Interest expense was previously reported at 25,137. There is additional loan interest of 2,715 for a total interest of 27,852. Therefore, Other expenses, line 16, went up from previously reported 147,681 to 150,396.”