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Annual Report 1997

Preliminary Financial Reports

These are unaudited financial statements.  When the audited statements are complete they will be available at our office and published here.

Assets and Liabilities | Income and Expenses, Operating | Distribution of Expenses | Income and Expenses, Rental Management | Income and Expenses, Project Development | 1998 Projected Operating Budget |

Assets and Liabilities

ASSETS 12/31/96 12/31/97
Cash $26,055 $5,062
Grants Receivable $150,000 $177,000
Real Estate for Sale $750,463 $1,263,000
Prepaid Expenses $1,690 $1,532
Real Estate - Rental $791,676 $822,910
Total Assets $1,719,884 $2,269,504
LIABILITIES
Accounts Payable $95,786 $26,795
Mortgages $696,481 $1,185,890
Total Liabilities $792,267 $1,212,685
Net Assets $927,617 $1,056,819

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Income and Expenses, Operating

Income

Joint Campaign $10,212
Direct Mail $6,000
Alper Developer's Fee $45,153
Special Events $610
Membership $1,230
Donations from Individuals $3,390
Donations from Churches $1,775
Donations from Board $925
Business contributions $135
Ground Lease $1,200
Foundation Grants $0
Total $70,630

Expenses

Accounting & Audit $695
Computer $1,460
Salary, Taxes & Benefits $52,515
Office $2,979
Phone $2,694
Postage $389
Rent $6,000
Meetings and Special Events $200
Staff Development $877
Utilities $906
Publications & Dues $324
Total $69,039

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Distribution of Expenses

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Income and Expenses, Rental Management

Income  
Rent $85,858
Laundry $912
Insurance Claim $5,601
Misc. $3
   
Total Income

$92,374

 

Expenses

 

Bank fees

$19

Insurance

$3,753

Legal

$555

Maintenance and Repair

$5,514

Management

$11,400

Marketing

$175

Misc.

$1,289

Mortgage Interest

$37,271

Permits

$130

Pest Control

$120

Rubbish

$1,526

Real Estate Taxes

$13,137

Utilities

$3,314

Water and Sewer

$$14,096

   

Total

$92,299

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Income and Expenses, Project Development

Sources Budget Through 12/31/97

Sale Proceeds

$1,207,700

$39,900

EOCD Funds $690,000 $513,000
City of Gloucester/HUD CDBG $150,000 $150,000
     
Total Sources $2,047,700 $702,900

 

Uses    
Acquisition

$695,000

$575,000

Soft Costs    
Architect and Engineer $24,000 $15,925
Survey and Permits $12,000 $5,510
Inspections $11,225 $5,203
Environment Study $950 $950
Legal, Title, Etc. $55,000 $22,939
Accounting $3,800 $0
Marketing $7,000 $3,139
RE Taxes, W&S $$16,000 $14,617
Insurance $17,000 $10,996
Relocation & Cleanup $20,000 $14,606
Appraisal $1,800 $1,500
CLTCA Overhead $78,000 $65,000
Construction Loan $ $
Landscaping $10,000 $7,902
Interest $54,607 $34,490
Cost of Sales $11,500 $0

Soft Cost Sub-Total

$322,882 $203,777
Construction

$1,026,286

$700,408

     
Total Uses $2,044,168 $1,479,185

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1998 Projected Operating Budget

Income  
Joint Direct Mail Appeal $10,000
Developer's Fee $45,000
Special Events $1,200
Membership $1,200
Donations from Individuals $4,000
Donations from Churches $10,000
Donations from Board $1,600
Donations form Businesses $20,000
Ground Lease $4,000
Foundation Grants $25,000

Total

$122,000

 

Expenses  
Accounting and Audit $10,000
Computer $2,000
Salary, Taxes, and Benefits $82,572
Office $6,000
Phone $2,400
Postage $750
Rent $6,000
Marketing and Special Events $2,500
Staff Development $2,000
Utilities $1,500
Publications and Dues $800
Total $116,522

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