please complete all 11 questions

Project Name: Restoration Gardens

Project ID: 1998

Audit Report

Audit FYE: 3/31/2018

Balance Sheet Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

1120 Cash-Operations $2,787 $45,601 $1,528 $684

1121 Construction Cash Account 0 0 0 0

1125 Cash-Entity 0 0 0 0

1130 Tenant Accounts Receivable $5,518 $1,219 $1,356 $2,656

1131 Allowance for Doubtful Accounts 0 0 (600) (600)

1135 Accounts Receivable-HUD $3,831 $5,560 $5,917 $29,436

1140 Accounts and Notes Receivable-Operations 0 $5,502 0 0

1145 Accounts and Notes Receivable-Entity 0 0 0 0

1160 Accounts Receivable-Interest 0 0 0 0

1165 Interest Reduction Payments Receivable 0 0 0 0

1170 Short Term Investments-Operations 0 0 0 0

1175 Short Term Investments-Entity 0 0 0 0

1190 Miscellaneous Current Assets 0 0 0 0

1100T Current Assets $12,136 $57,882 $8,201 $32,176

1191 Tenant/Patient Deposits Held in Trust $8,099 $7,618 $8,388 $6,493

1200 Miscellaneous Prepaid Expenses $15,237 $24,408 $15,797 $16,311

1191 & 1200 Current Assets - 1191 & 1200 $23,336 $32,026 $24,185 $22,804

1200T Total Current Assets $35,472 $89,908 $32,386 $54,980

1310 Escrow Deposits $10,941 $12,857 $11,324 $11,351

1320 Replacement Reserve $13,047 0 0 $27,257

1330 Other Reserves $100,436 $100,436 $129,048 $143,975

1340 Residual Receipts Reserve 0 0 0 0

1355 Bond Reserves 0 0 0 0

1367 Sinking Funds 0 0 0 0

1381 Management Improvement and Operating Plan 0 0 0 0

1300T Funded Reserves $124,424 $113,293 $140,372 $182,583

1410 Land $134,445 $134,445 $134,445 $134,445

MD DHCD DCA Asset Management Page 1 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Balance Sheet Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

1420 Buildings $5,189,444 $5,149,888 $5,173,241 $5,155,455

1440 Building Equipment (Portable) 0 0 0 0

1450 Furniture for Project/Tenant Use $188,484 $187,829 $186,617 $200,932

1460 Furnishings 0 0 0 0

1465 Office Furniture and Equipment 0 0 0 0

1470 Maintenance Equipment 0 0 0 0

1480 Motor Vehicles 0 0 0 0

1490 Miscellaneous Fixed Assets 0 $14,396 0 0

1400T Fixed Assets $5,512,373 $5,486,558 $5,494,303 $5,490,832

1495 Less: Accumulated Depreciation $1,102,641 $954,087 $805,106 $653,020

AD Accumulated Depreciation $1,102,641 $954,087 $805,106 $653,020

NFA Net Fixed Assets $4,409,732 $4,532,471 $4,689,197 $4,837,812

1510 Investments-Operations 0 0 0 0

1515 Investments-Entity 0 0 0 0

1520 Intangible Assets 0 0 0 0

1525 Cash Restricted for Long-Term Investment (NP) 0 0 0 0

1590 Miscellaneous Other Assets $13,635 $13,635 $13,635 $3,819

1500T Investments/Other $13,635 $13,635 $13,635 $3,819

1000T Total Assets $4,583,263 $4,749,307 $4,875,590 $5,079,194

2105 Bank Overdraft-Operations 0 0 0 0

2110 Accounts Payable-Operations $10,490 $30,748 $26,338 $44,757

2111 Accounts Payable-Construction/Development 0 0 0 0

2112 Accounts Payable-Project Improvement 0 0 0 0

2113 Accounts Payable-Entity 0 0 0 0

2115 Accounts Payable-236 Excess Income 0 0 0 0

2116 Accounts Payable-Section 8 and Other 0 0 0 0

2120 Accrued Wages Payable 0 0 0 0

2121 Accrued Payroll Taxes Payable 0 0 0 0

2123 Accrued Management Fee Payable 0 0 0 0

2130 Accrued Interest Payable-Section 236 (Short Term) 0 0 0 0

2131 Accrued Interest Payable-First Mortgage (Short Term) 0 0 0 0

2132 Accrued Interest Payable-Other Mortgages (Short Term) 0 0 0 0

MD DHCD DCA Asset Management Page 2 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Balance Sheet Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

2133 Accrued Interest Payable-Surplus Cash Mortgages (Short Term) 0 0 0 0

2134 Accrued Interest Payable-Other Loans & Notes (Short Term) 0 0 0 0

2135 Accrued Interest Payable-Flexible Subsidy Loan (Short Term) 0 0 0 0

2136 Accrued Interest Payable-Capital Improvement (Short Term) 0 0 0 0

2137 Accrued Interest Payable-Operating Loss Loan (Short Term) 0 0 0 0

2150 Accrued Property Taxes (Short Term) 0 0 0 0

2160 Notes Payable (Short Term) 0 0 0 0

2170 Mortgages Payable-First (Short Term) 0 0 0 0

2172 Mortgages Payable-Other (Short Term) 0 0 0 0

2173 Mortgages Payable-Surplus Cash (Short Term) 0 0 0 0

2174 Other Loans & Notes Payable (Short Term) 0 0 0 0

2175 Flexible Subsidy Loan Payable (Short Term) 0 0 0 0

2176 Capital Improvement Loan Payable (Short Term) 0 0 0 0

2177 Operating Loss Loan Payable (Short Term) 0 0 0 0

2180 Utility Allowances (Short Term) 0 0 0 0

2190 Miscellaneous Current Liabilities (Short Term) $14,820 $15,851 $24,924 $18,322

2191 Tenant/Patient Deposits Held in Trust (Contra) (Short Term) $6,958 $5,682 $6,275 $5,277

2210 Prepaid Revenue (Short Term) 0 0 0 0

2100T Current Liabilities $32,268 $52,281 $57,537 $68,356

2310 Notes Payable (Long Term) 0 0 0 0

2311 Notes Payable, Surplus Cash (Long Term) 0 0 0 0

2320 Mortgages Payable-First (Long Term) $3,500,000 $3,500,000 $3,500,000 $3,500,000

2322 Mortgages Payable-Other (Long Term) $1,700,000 $1,700,000 $1,700,000 $1,700,000

2323 Mortgages Payable-Surplus Cash (Long Term) 0 0 0 0

2324 Other Loans & Notes Payable (Long Term) 0 0 0 0

2325 Flexible Subsidy Loan Payable (Long Term) 0 0 0 0

2326 Capital Improvement Loan Payable (Long Term) 0 0 0 0

2327 Operating Loss Loan Payable (Long Term) 0 0 0 0

2330 Accrued Interest Payable-First Mortgage (Long Term) 0 0 0 0

2332 Accrued Interest Payable-Other Mortgages (Long Term) 0 0 0 0

2334 Accrued Interest Other Loans & Notes Payable (Long Term) 0 0 0 0

2333 Accrued Interest Payable-Surplus Cash Mortgages (Long Term) 0 0 0 0

MD DHCD DCA Asset Management Page 3 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Balance Sheet Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

2390 Miscellaneous Long Term Liabilities (Long Term) 0 0 $393 $1,336

2300T Long Term Liabilities $5,200,000 $5,200,000 $5,200,393 $5,201,336

2000T Total Liabilities $5,232,268 $5,252,281 $5,257,930 $5,269,692

3130 Owner Equity or Owner Net Assets (649,005) (502,974) (382,340) (190,498)

3131 Unrestricted Net Assets 0 0 0 0

3132 Temporarily Restricted Net Assets 0 0 0 0

3133 Permanently Restricted Net Assets 0 0 0 0

3000T Equity/Retained Earnings (649,005) (502,974) (382,340) (190,498)

4000T Total Liabilities and Equity/Retained Earnings $4,583,263 $4,749,307 $4,875,590 $5,079,194

Balance Sheet

Total Assets Less Total Liabilities/Equity/Retained Earnings 0 0 0 0

Balance Sheet Details

Description Amount

Account # 1590 Miscellaneous Other Assets

UTILITIES DEPOSIT $13,635

Total $13,635

Account # 2190 Miscellaneous Current Liabilities (Short Term)

ACCRUED EXPENSE $8,104

DUE TO AFFILIATE $6,716

Total $14,820

MD DHCD DCA Asset Management Page 4 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Funded Reserves

Acct# Description Beginning Balance

Annual Deposit

Other Deposit

Interest Income

Expensed Withdrawal

Other Withdrawal

Ending Balance

1310 Escrow Deposits $12,857 $24,344 0 0 $26,260 0 $10,941

1320 Replacement Reserve 0 $12,900 0 $147 0 0 $13,047

1330 Other Reserves $100,436 0 0 0 0 0 $100,436

1340 Residual Receipts Reserve

0 0 0 0 0 0 0

1355 Bond Reserves 0 0 0 0 0 0 0

1367 Sinking Funds 0 0 0 0 0 0 0

1381 Management Improvement and Operating Plan

0 0 0 0 0 0 0

Acct# Description Held By

1310 Escrow Deposits AmeriNat

1320 Replacement Reserve AmeriNat

1330 Other Reserves AmeriNat

1340 Residual Receipts Reserve

1355 Bond Reserves

1367 Sinking Funds

1381 Management Improvement and Operating Plan

MD DHCD DCA Asset Management Page 5 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Fixed Assets

Acct# Description Beginning Balance Amount Additions Amount Deletions Ending Balance

1410 Land $134,445 $134,445

1420 Buildings $5,149,888 $52,056 $12,500 $5,189,444

1440 Building Equipment (Portable) 0

1450 Furniture for Project/Tenant Use $187,829 $655 $188,484

1460 Furnishings 0

1465 Office Furniture and Equipment 0

1470 Maintenance Equipment 0

1480 Motor Vehicles 0

1490 Miscellaneous Fixed Assets $14,396 $14,396 0

1495 Less: Accumulated Depreciation $954,087 $150,532 $1,978 $1,102,641

Total $4,409,732

Mortgage Details

Lien Position: 1 Description: DHCD - Neighborhood Stabilization Program (NSP)

Outstanding Balance Due: $3,500,000 Initial Closing Date: 10/19/2009 Final Closing Amount: $3,500,000

Repayment Term

PI Due (Annual) Short Term Accrued Interest

Short Term Principal

Long Term Accrued Interest

Long Term Principal

Interest Subsidy

Deferred 0 0 0 0 $3,500,000 0

Lien Position: 2 Description: Baltimore City via DHCD - HOPWA Program

Outstanding Balance Due: $1,000,000 Initial Closing Date: 10/19/2009 Final Closing Amount: $1,000,000

Repayment Term

PI Due (Annual) Short Term Accrued Interest

Short Term Principal

Long Term Accrued Interest

Long Term Principal

Interest Subsidy

Deferred 0 0 0 0 $1,000,000 0

Lien Position: 3 Description: Baltimore City via DHCD - CDBG-R

Outstanding Balance Due: $700,000 Initial Closing Date: 10/19/2009 Final Closing Amount: $700,000

Repayment Term

PI Due (Annual) Short Term Accrued Interest

Short Term Principal

Long Term Accrued Interest

Long Term Principal

Interest Subsidy

Deferred 0 0 0 0 $700,000 0

MD DHCD DCA Asset Management Page 6 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Profit / Loss Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

5120 Rent Revenue - Gross Potential $102,664 $108,877 $104,790 $116,657

5121 Tenant Assistance Payments $353,873 $336,400 $329,075 $310,379

5140 Rent Revenue - Stores and Commercial

5170 Garage and Parking Space

5180 Flexible Subsidy Revenue

5190 Miscellaneous Rent Revenue

5191 Excess Rent

5192 Rent Revenue - Insurance

5193 Special Claims Revenue

5194 Retained Excess Income

5195 Lease Revenue (Nursing Homes)

5100T Total Rent Revenue $456,537 $445,277 $433,865 $427,036

5220 Apartments (vacancies) $28,247 $41,613 $36,189 $46,521

5240 Stores and Commercial

5250 Rental Concessions

5270 Garage and Parking Space

5290 Miscellaneous

5200T Total Vacancies $28,247 $41,613 $36,189 $46,521

5152N Net Rent Revenue (Rent Revenue less Vacancies) $428,290 $403,664 $397,676 $380,515

5300 Nursing Homes / Assisted Living / Board & Care / Other Elderly Care / Coop / and Other Revenue

5320 Members Group Life Insurance Expense (Coops)

5410 Financial Revenue - Project Operations

5430 Revenue from Investments - Residual Receipts $717

5440 Revenue from Investments - Replacement Reserve $147 $355 $428

5460 Expiration of Gift Donor Restrictions (Non-Profits)

5470 Gifts (Non-Profits)

5490 Revenue from Investments - Miscellaneous $151 $1 $84 $1

5400T Total Financial Revenue $298 $356 $512 $718

5910 Laundry and Vending Revenue $670

5920 Tenant Charges $2,984 $1,154 $1,146 $1,736

5945 Interest Reduction Payments Revenue

MD DHCD DCA Asset Management Page 7 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Profit / Loss Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

5990 Miscellaneous Revenue (Other Revenue) (10,037) (5,063) (27,029) $15,050

5900T Total Other Revenue (7,053) (3,909) (25,883) $17,456

5000T Total Revenue $421,535 $400,111 $372,305 $398,689

6203 Conventions and Meetings

6204 Management Consultants

6210 Advertising and Marketing $4,125 $150

6250 Other Renting Expenses $9,625 $4,284 $1,010

6310 Office Salaries $17,706 $21,379 $5,832

6311 Office Expenses $1,097 $1,260 $1,005 $744

6312 Office or Model Apartment Rent

6320 Management Fee $23,071 $22,610 $22,140 $17,140

6330 Manager or Superintendent Salaries

6331 Administrative Rent Free Unit

6340 Legal Expenses - Project $1,050 $3,734 $1,286 $1,752

6350 Auditing Expense - Project $6,750 $7,200 $7,200 $9,020

6351 Bookkeeping Fees / Accounting Services $6,000 $6,000 $6,000 $6,000

6370 Bad Debt Expense $41,198 $21,814 $31,748 $6,258

6390 Miscellaneous Administrative Expenses $20,673 $18,660 $19,454 $18,826

6263T Total Administrative Expenses $109,464 $103,109 $114,646 $66,582

6420 Fuel Oil / Coal

6450 Electricity (Lights and misc. power) $48,673 $44,520 $43,668 $48,503

6451 Water $20,412 $15,062 $14,480 $33,479

6452 Gas

6453 Sewer

6400T Total Utilities Expense $69,085 $59,582 $58,148 $81,982

6510 Payroll $25,582 $25,513 $25,664 $37,606

6515 Supplies $5,962 $3,810 $3,722 $4,560

6520 Contracts $61,419 $42,140 $54,319 $57,114

6521 Operating and Maintenance Rent Free Unit

6525 Garbage and Trash Removal $8,895 $6,939 $8,574 $2,900

6530 Security Payroll / Contract $85,766 $65,560 $83,264 $85,209

6531 Security Rent Free Unit

MD DHCD DCA Asset Management Page 8 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Profit / Loss Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

6546 Heating / Cooling / Repairs and Maintenance

6548 Snow Removal

6570 Vehicle and Maintenance Equipment Operation

6590 Miscellaneous Operating and Maintenance Expense

6500T Total Operating and Maintenance Expense $187,624 $143,962 $175,543 $187,389

6710 Real Estate Taxes $8,909 $8,820 $8,603 $8,692

6711 Payroll Taxes (FICA)(Project's Share) $9,634 $16,091 $11,774 $12,086

6720 Property and Liability Insurance (Hazard) $17,214 $17,227 $18,655 $18,023

6721 Fidelity Bond Insurance

6722 Workmen's Compensation $500 $500 $500

6723 Health Insurance and other Employee Benefits $6,924 $7,186 $10,824 $12,173

6790 Miscellaneous Taxes, Licenses, Permits and Insurance $6,822 $8,083 $8,323 $9,526

6700T Total Taxes and Insurance $50,003 $57,407 $58,679 $61,000

6010T Total Operating Expenses $416,176 $364,060 $407,016 $396,953

NOI Net Operating Income $5,359 $36,051 (34,711) $1,736

6820 Interest on Mortgage Payable

6830 Interest on Notes Payable (Long Term)

6840 Interest on Notes Payable (Short Term)

6850 Mortgage Insurance Premium / Service Charge

6890 Miscellaneous Financial Expenses $858 $667 $995 $1,639

6800T Total Financial Expenses $858 $667 $995 $1,639

6900 Nursing Homes / Assisted Living / Board & Care / Other Elderly Care / Coop / and Other Expenses

6900NH Nursing Homes/ Assisted Living/ Board & Care/ Other Elderly Care/ Coop/Other Expenses

6000T Total Cost of Operations Before Depreciation $417,034 $364,727 $408,011 $398,592

5060T Profit (Loss) Before Depreciation $4,501 $35,384 (35,706) $97

6600 Depreciation Expenses $150,532 $156,018 $156,136 $154,465

6610 Amortization Expense

D Depreciation $150,532 $156,018 $156,136 $154,465

7105 Entity Revenue

7110 Officers Salaries

7120 Legal Expenses

MD DHCD DCA Asset Management Page 9 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Profit / Loss Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

7130 Federal, State, And Other Income Taxes

7140 Interest Income

7141 Interest on Notes Payable

7142 Interest on Mortgage Payable

7190 Other Expenses

5060N Operating Profit or (Loss) (146,031) (120,634) (191,842) (154,368)

7100T Net Entity Expenses

NET PL Net Profit or Loss (146,031) (120,634) (191,842) (154,368)

S-1000-010 Total principal payments required under the mortgage, even if payments under a Workout Agreement are less or more than those required under the mortgage.

S-1000-020 Replacement reserve deposits required by the regulatory agreement or amendments thereto, even if payments may be temporarily suspended or waived.

$12,900 $12,900 $12,900 $12,900

S-1000-030 Replacement or painting reserve releases which are included as expense items on this Profit & Loss Statement.

S-1000-040 Project improvement replacement reserves under the flexible subsidy program which are included as expense items on this Profit and Loss Statement.

MD DHCD DCA Asset Management Page 10 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Profit / Loss Statement Details

Description Amount

Account # 5490 Revenue from Investments - Miscellaneous

Miscellaneous Interest Income $151

Total $151

Account # 5990 Miscellaneous Revenue (Other Revenue)

Exclusive Marketing Revenue $393

Loss on Disposal of Fixed Assets ($10,522)

Miscellaneous Revenue $92

Total ($10,037)

Account # 6390 Miscellaneous Administrative Expenses

Bank Service Charge $2

Computer Supplies & Maintenance $2,054

Internet/Cable $4,920

Professional Services $8,978

Telephone $4,719

Total $20,673

Account # 6790 Miscellaneous Taxes, Licenses, Permits and Insurance

License $1,540

Miscellaneous Taxes $5,282

Total $6,822

Account # 6890 Miscellaneous Financial Expenses

Miscellaneous Financial Expenses $858

Total $858

Profit And Loss Variance

Acct# Description Current Amount Prior Amount % Change

5000T Total Revenue $421,535 $400,111 5.35%

6263T Total Administrative Expenses $109,464 $103,109 6.16%

6400T Total Utilities Expense $69,085 $59,582 15.95%

6500T Total Operating and Maintenance Expense $187,624 $143,962 30.33%

6700T Total Taxes and Insurance $50,003 $57,407 -12.9%

MD DHCD DCA Asset Management Page 11 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Cash Flow Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

S1200-010 Rental Receipts $412,633 $376,419 $396,108 $347,934

S1200-020 Interest Receipts $298 $356 $512 $718

S1200-025 Gifts (Non-profits only) 0 0 0 0

S1200-030 Other Operating Receipts $3,076 $1,275 $1,625 $16,513

S1200-035 Entity/Construction Receipts 0 0 0 0

S1200-040 Total Receipts (Operating Activities) $416,007 $378,050 $398,245 $365,165

S1200-050 Administrative Expenses Paid (64,728) (44,580) (40,688) (35,761)

S1200-070 Management Fees Paid (23,071) (22,610) (22,140) (17,140)

S1200-090 Utilities Paid (62,881) (70,557) (75,759) (80,926)

S1200-100 Salaries & Wages Paid (111,348) (108,778) (130,307) (128,647)

S1200-110 Operating and Maintenance Paid (91,554) (42,350) (76,698) (45,599)

S1200-115 Lease Payments 0 0 0 0

S1200-120 Real Estate Taxes Paid (9,010) (8,601) (8,601) (8,603)

S1200-140 Property Insurance Paid (17,249) (18,684) (18,684) (18,638)

S1200-150 Miscellaneous Taxes & Insurance Paid (23,440) (29,209) (31,400) (33,890)

S1200-160 Net Tenant Security Deposits Received (Paid) 0 0 0 0

S1200-170 Other Operating Expenses Paid 0 0 0 0

S1200-180 Interest Paid on First Mortgage 0 0 0 0

S1200-181 Interest Paid on Second Mortgage 0 0 0 0

S1200-182 Interest Paid on Third Mortgage 0 0 0 0

S1200-190 Interest Paid on Notes Payable 0 0 0 0

S1200-210 Mortgage Insurance Premium (MIP) 0 0 0 0

S1200-220 Miscellaneous Financial Expenses Paid (858) (667) (995) (1,639)

S1200-225 Entity/Construction Expenses Paid 0 0 0 0

S1200-230 Total Disbursements (Operating Activities) (404,139) (346,036) (405,272) (370,843)

S1200-240 Net Cash Provided By (Used In) Operating Activities $11,868 $32,014 (7,027) (5,678)

S1200-245 Net Deposits to Mortgage Escrows $1,916 (1,533) $27 $4,967

S1200-250 Net Deposits to Reserve for Replacements (13,047) 0 $27,257 $8,770

S1200-255 Net Deposits to Other Reserves 0 $28,612 0 0

S1200-260 Net Deposits to the Residual Receipts Account 0 0 0 0

S1200-300 Net Deposits to the Management Improvement and Operating Plan Reserve

0 0 $14,927 (3,409)

MD DHCD DCA Asset Management Page 12 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Cash Flow Statement Current And Prior Years

Acct# Description 2018 2017 2016 2015

S1200-310 Net Deposits to the Long Term Investment Account 0 0 0 0

S1200-330 Net Purchase of Fixed Assets (38,315) (5,419) (35,323) (25,547)

S1200-340 Other Investing Activities 0 0 (9,816) 0

S1200-345 Entity/Construction Investing Activities 0 0 0 0

S1200-350 Net Cash Provided By (Used In) Investing Activities (49,446) $21,660 (2,928) (15,219)

S1200-360 Mortgage Principal Payments - First Mortgage 0 0 0 0

S1200-361 Mortgage Principal Payments - Second Mortgage 0 0 0 0

S1200-362 Mortgage Principal Payments - Third Mortgage 0 0 0 0

S1200-365 Proceeds from Mortgages, Loans, or Notes Payable 0 0 0 0

S1200-370 Principal Payments on Loans or Notes Payable 0 0 0 0

S1200-385 Proceeds from Flexible Subsidy Loans 0 0 0 0

S1200-390 Principal Payments on Flexible Subsidy Loan 0 0 0 0

S1200-395 Proceeds from Capital Improvement Loans 0 0 0 0

S1200-400 Principal Payments on Capital Improvement Loan 0 0 0 0

S1200-405 Proceeds from Operating Loss Loans 0 0 0 0

S1200-410 Principal Payments on Operating Loss Loan 0 0 0 0

S1200-420 Distributions 0 0 0 0

S1200-430 Contributions 0 0 0 0

S1200-450 Other Financing Activities (5,236) (9,601) $10,799 $7,774

S1200-455 Entity/Construction Financing Activities 0 0 0 0

S1200-460 Net Cash Provided By (Used In) Financing Activities (5,236) (9,601) $10,799 $7,774

S1200-470 NET INCREASE (DECREASE) IN CASH (42,814) $44,073 $844 (13,123)

S1200-480 Cash, Beginning (Entry) $45,601 $1,528 $684 $13,807

S1200-480c Cash, Beginning $45,601 $1,528 $684 $13,807

S1200T Cash, Ending $2,787 $45,601 $1,528 $684

MD DHCD DCA Asset Management Page 13 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Cash Flow Details

Description Amount

Account # S1200-030 Other Operating Receipts

Other Operating Receipts $3,076

Total : $3,076

Account # S1200-220 Miscellaneous Financial

Miscellaneous Financial ($858)

Total : ($858)

Account # S1200-450 Net Decrease in Operating Advances from Affiliates

Net Decrease in Operating Advances from Affiliates ($5,236)

Total : ($5,236)

MD DHCD DCA Asset Management Page 14 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018

Findings / Surplus Cash

Are there any current findings?: No

Are there any repeat findings?: No

Is surplus cash required?: No

Surplus cash amount for debt repayment ($):

Management Agent Certification

I hereby certify that I have examined the accompanying financial statements (and supplemental data (if applicable)) of Restoration Gardens for the fiscal year ending 3/31/2018.

To the best of my knowledge and belief, the same is completed and accurate.

Name, Title: Surbhi Seth, Accounting Manager

Company Name: AIRS/Empire Homes of Maryland

Owner / Mortgagor Certification

I hereby certify that I have examined the accompanying financial statements (and supplemental data (if applicable)) of Restoration Gardens for the fiscal year ending 3/31/2018.

To the best of my knowledge and belief, the same is completed and accurate.

Name, Title: Jolly Burks, CFO

Company Name: Homes for America Inc.

MD DHCD DCA Asset Management Page 15 of 15Printed On:7/6/2018

Report: Audit Report Project Name: Restoration Gardens

Project ID:1998

Audit FYE: 3/31/2018