Otr Adopt Inc.

“OTR ADOPT, Inc. (OTR) was denied a loan to purchase and rehabilitate the apartment building at 1620 Walnut Street (the "Property"). After the company was denied financing, OTR's President personally obtained financing for the Property as an authorized representative of OTR and purchased it in his own name on behalf of OTR. President now owns the Property on behalf of OTR. OTR made the down payment on the Property, pays the monthly payment on the loan taken by the President, and collects rent from those living in the rehabilitated property. OTR also pays all real estate tax and for any expenses that arise associated with maintaining the property. OTR's actions in rehabilitating and managing the apartment building arguably lessens the burdens of government and lessens neighborhood tensions, and certainly combats community deterioration. OTR's actions do not create an IRC issue and should not affect OTR's IRC 501 (c) (3) status.”

“Rental income 23440. Gain on sale of property 55996.”

“Accounting 500. Acquisition expenses 435. Advertising 4200. Office expense 1150. Design 774. Dues and subscriptions 50. Interest expense 4091. Legal fees 3817. Meals and entertainment 393. Parking 11. Real estate taxes 931.”

“Prior year tax return reconciliation to current year -42505.”

“Accounts receivable 2251. 3800. Prepaid interest in buildings 1600. Rent deposit 250.”