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					         REQUEST FOR PROPOSALS
               S007200021



REVIEW AND ANALYSIS OF MULTIFAMILY RENTAL
 PROPERTY AUDITED FINANCIAL STATEMENTS




             EXHIBIT II
       DHCD Audit Review Form
                                                      DIVISION OF CREDIT ASSURANCE
                                                            ASSET MANAGEMENT
                                         ANNUAL FINANCIAL STATEMENT COMPLETENESS REVIEW
##     For Fiscal Year Ended:                  Jun-06                        CDA Project ID No.:
PROJECT NAME:                                                                     OWNER NAME:
MANAGEMENT:                                                                              IPA NAME:
REVIEWED BY:                                                                   DATE RECEIVED:
SIGNATURE:                                                                         REVIEW DATE:           8/25/2006


Are the Basic Financial Statements Included?                                                                 Yes               No
         Balance Sheet        (Statement of Assets, Liabilities and Partners' Equity/(Deficit))
         Statement of Income and Expense        (Profit and Loss)
         Statement of Retained Earnings, Undivided Profit or Stockholder's Equity/Partner's Capital
         Statement of Changes in Financial Position           (Statement of Cash Flow)
         Notes to Financial Statements
         Auditor's Report on Financial Statements
         Auditor's Report on Compliance
         Auditor's Report on the Internal Control Structure
         Auditor's Report on Fair Housing
         Proper IPA Signature

Is the Supplemental Data Included?
     (NOTE: Some of the Statements in the Supplemental Data are not applicable for all projects, or the statements                                 N/A
     may be included in the notes to the financial statement or in the comments on compliance and internal controls)
         Signed Mortgagor's Certification
         Signed Managing Agent's Certification
         Schedule of Letters of Credit
         Schedule of Mortgages Payable
         Mortgage Escrow Deposits
         Notes Payable
         Accounts and Notes Receivable
         Schedule of Identity of Interest Companies and Activities
         Schedule of Reserve Funds
         Schedule of Residual Receipts          (if applicable)
         Changes in Fixed Asset Accounts
         Computation of Surplus Cash, Distributions and Residual Receipts
         Schedule of Loans Payable from Available Cash
         Annual Audit Questionnaire

REMARKS




       APPROVED BY:
             TITLE: Portfolio Administrator                                                                            DATE:
          SIGNATURE:


         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Checklist                                                                    7/11/2011 9:03 PM
                Current Audited Assets and Liabilities
Project Name:
Project Number:
                                         Profit Motivated Entity             Year Ending   Year Ending           Year Ending
                                         Description of Account                Jun-06        Jun-05                Jun-04
   CURRENT        Cash - Operations                                   1120
   ASSETS         Construction Cash Account                           1121
     1100         Cash - Entity                                       1125
                  Tenant Accounts Receivable                          1130
                  Allowance for Doubtful Accounts                     1131
                  Accounts Receivable - HUD                           1135
                  Accounts and Notes Receivable - Operations          1140
                  Accounts and Notes Receivable - Entity              1145
                  Accounts Receivable - Interest                      1160
                  Interest Reduction Payments Received                1165
                  Short Term Investments - Operations                 1170
                  Short Term Investments - Entity                     1175
                  Miscellaneous Current Assets                        1190
                  Current Assets
                  Tenant / Patient Deposits Held in Trust             1191
                  Miscellaneous Prepaid Expenses                      1200
                  Total Current Assets
   FUNDED         Escrow Deposits                                     1310
  RESERVES        Replacement Reserve                                 1320
     1300         Other Reserves                                      1330
                  Residual Receipts Reserve                           1340
                  Bond Reserves                                       1355
                  General Operating Reserve (Coops)                   1365
                  Deposits to Coops                                   1370
                  Management Improvement and Operating Plan           1381
                  Total Funded Reserves
     FIXED        Land                                                1410
   ASSETS         Buildings                                           1420
     1400         Building Equipment (Portable)                       1440
                  Furniture for Project/Tenant Use                    1450
                  Furnishings                                         1460
                  Office Furniture and Equipment                      1465
                  Maintenance Equipment                               1470
                  Motor Vehicles                                      1480
                  Miscellaneous Fixed Assets                          1490
                  Total Fixed Assets
                  Less: Accumulated Depreciation                      1495
                  Net Fixed Assets
INVESTMENTS Investments - Operations                                  1510
     1500         Investments - Entity                                1515
                  Intangible Assets                                   1520
                  Cash Restricted for Long-Term Investment (NP)       1525
                  Miscellaneous Other Assets                          1590
                  TOTAL OTHER ASSETS
                  TOTAL ASSETS




      19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Assets & Liabilities                                      7/11/2011 9:03 PM^
                Current Audited Assets and Liabilities
Project Name:
Project Number:
                                       Profit Motivated Entity               Year Ending   Year Ending           Year Ending
                                        Description of Account                 Jun-06        Jun-05                Jun-04
   CURRENT        Bank Overdraft - Operations                         2105
  LIABILITIES     Accounts Payable - Operations                       2110
     2100         Accounts Payable - Construction/Development         2111
                  Accounts Payable - Project Improvement              2112
                  Accounts Payable - Entity                           2113
                  Accounts Payable - 236 Excess Income                2115
                  Accounts Payable - Section 8 and Other              2116
                  Accrued Wages Payable                               2120
                  Accrued Payroll Taxes Payable                       2121
                  Accrued Management Fee Payable                      2123
                  Accrued Interest Payable - Section 236              2130
                  Accrued Interest Payable - First Mortgage           2131
                  Accrued Interest Payable - Second Mortgage          2132
                  Accrued Interest Payable - Other, Surplus Cash      2133
                  Accrued Interest Payable - Other Loans & Notes      2134
                  Accrued Interest Payable - Flexible Subsidy Loan    2135
                  Accrued Interest Payable - Capital Improvement      2136
                  Accrued Interest Payable - Operating Loss Loan      2137
                  Accrued Property Taxes                              2150
                  Notes Payable - (Short Term)                        2160
                  Mortgage Payable - First Mortgage (Short Term)      2170
                  Mortgage Payable - Second Mortgage (Short Term)     2172
                  Other Loans & Notes Payable, Surplus Cash           2173
                  Other Loans & Notes Payable, (Short Term)           2174
                  Flexible Subsidy Loan Payable (Short Term)          2175
                  Capital Improvement Loan Payable (Short Term)       2176
                  Operating Loss Loan Payable (Short Term)            2177
                  Utility Allowances                                  2180
                  Miscellaneous Current Liabilities                   2190
  PREPAIDS        Tenant/Patient Deposits Held in Trust (Contra)      2191
                  Prepaid Revenue                                     2210
                  Deposits to Coops                                   2230
                  Total Current Liabilities
     LONG         Notes Payable (Long Term)                           2310
     TERM         Notes Payable, Surplus Cash                         2311
  LIABILITIES     Mortgage Payable - First Mortgage (Long Term)       2320
      2300        Mortgage Payable - Second Mortgage (Long Term)      2322
                  Other Loans & Notes Payable, Surplus Cash           2323
                  Other Loans & Notes Payable                         2324
                  Flexible Subsidy Loan Payable                       2325
                  Capital Improvement Loan Payable                    2326
                  Operating Loss Loan Payable                         2327
                  Miscellaneous Long Term Liabilities                 2390
                  Total Long Term Liabilities
                  Total Liabilities




      19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Assets & Liabilities                                      7/11/2011 9:03 PM^
                Current Audited Assets and Liabilities
Project Name:
Project Number:
                                         Profit Motivated Entity                Year Ending   Year Ending           Year Ending
                                        Description of Account                    Jun-06        Jun-05                Jun-04

                  Owner Equity or Owner Net Assets                       3130
    EQUITY        Unrestricted Net Assets (Non-Profits)                  3131
                  Temporarily Restricted Net Assets (Non-Profits)        3132
                  Permanently Restricted Net Assets (Non-Profits)        3133
                  Total Equity (Corporations)                            3160
                  Common Stock (Corporations)                            3161
                  Paid-in Surplus (Corporations)                         3162
                  Retained Earnings (Corporations)                       3163
                  Other Equity (Corporations)                            3164
                  Change in Unrestricted Net Assets from Operations      3247
                  Change in Temporarily Restricted Assets                3248
                  Change in Permanently Restricted Assets                3249
                  Change in Total Net Assets from Operations             3250
                  Certificates Held in Treasury (Coops)                  4010
                  Certificates of Initial Capital Value (Coops)          4020
                  Surplus / Deficiency From Operations (Coops)           4030
                  Amortized Mortgage (Coops)                             4040
                  Replacement Reserve (Coops)                            4050
                  General Operating Reserve (Coops)                      4060
                  Paid-in Surplus (Coops)                                4070
                  Other Equity (Coops)                                   4080
                  Unrestricted Net Assets (Coops)                        4100
                  Temporarily Restricted Net Assets (Coops)              4200
                  Permanently Restricted Net Assets (Coops)              4300
                  Total Liabilities and Equity/Retained Earnings




                                                   Summary Statement of Cash Flows
                  Net cash provided by (used in) operating activities
                  Net cash provided by (used in) investing activities
                  Net cash provided by (used in) financing activities


                  Net increase (Decrease) in Cash and Cash Equivalents


                  Cash and cash equivalents, beginning


                  Cash and cash equivalents, end




      19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Assets & Liabilities                                         7/11/2011 9:03 PM^
                        Income and Expense Statement
Project Name:
Project Number:                                                                   Enter the profit or loss figure here:
                                            Profit Motivated Entity               Year Ending             Year Ending       Year Ending
                                            Description of Account                  Jun-06                   Jun-05           Jun-04
     RENTAL       Rent Revenue - Gross Potential                           5120
     INCOME       Tenant Assistance Payments                               5121
       5100       Rent Revenue - Stores and Commercial                     5140
                  Garage and Parking Space                                 5170
                  Flexible Subsidy Revenue                                 5180
                  Miscellaneous Rent Revenue                               5190
                  Excess Rent                                              5191
                  Rent Revenue - Insurance                                 5192
                  Special Claims Revenue                                   5193
                  Retained Excess Income                                   5194
                  Lease Revenue (Nursing Homes)                            5195
                  Total Rent Revenue
   VACANCIES      Apartments                                               5220
       5200       Stores and Commercial                                    5240
                  Rental Concessions                                       5250
                  Garage and Parking Space                                 5270
                  Miscellaneous                                            5290
                  Total Vacancies
                  Net Rent Revenue (Rent Revenue less Vacancies)
                  Nursing Homes / Assisted Living / Board & Care / Other
       5300       Elderly Care / Coop / and Other Revenue                  5300
                  Members Group Life Insurance Expense (Coops)             5320
    FINANCIAL     Financial Revenue - Project Operations                   5410
    REVENUE       Revenue from Investments - Residual Receipts             5430
       5400       Revenue from Investments - Replacement Reserve           5440
                  Expiration of Gift Donor Restrictions (Non-Profits)      5460
                  Gifts (Non-Profits)                                      5470
                  Revenue from Investments - Miscellaneous                 5490
                  Total Financial Revenue
     OTHER        Laundry and Vending Revenue                              5910
    REVENUE       Tenant Charges                                           5920
       5900       Interest Reduction Payments Revenue                      5945
                  Miscellaneous Revenue (Specify)                          5990
                  Total Other Revenue
                  Total Revenue
ADMINISTRATIVE Conventions and Meetings                                    6203
    EXPENSES      Management Consultants                                   6204
       6200       Advertising and Marketing                                6210
       6300       Other Renting Expenses                                   6250
                  Office Salaries                                          6310
                  Office Expenses                                          6311
                  Office or Model Apartment Rent                           6312
                  Management Fee                                           6320
                  Manager or Superintendent Salaries                       6330
                  Administrative Rent Free Unit                            6331
                  Legal Expenses - Project                                 6340
                  Auditing Expense - Project                               6350
                  Bookkeeping Fees / Accounting Services                   6351
                  Bad Debt Expense                                         6370
                  Miscellaneous Administrative Expenses (Specify)          6390
                  Total Administrative Expenses
    UTILITIES     Fuel Oil / Coal                                          6420
    EXPENSE       Electricity (Lights and misc. power)                     6450
       6400       Water                                                    6451
                  Gas                                                      6452
                  Sewer                                                    6453
                  Total Utilities Expense




19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Profit & Loss                                                                    7/11/2011 9:03 PM
                        Income and Expense Statement
Project Name:
Project Number:                                                                          Enter the profit or loss figure here:
                                              Profit Motivated Entity                    Year Ending             Year Ending       Year Ending
                                              Description of Account                       Jun-06                   Jun-05           Jun-04
    OPERATING       Payroll                                                       6510
           AND      Supplies                                                      6515
  MAINTENANCE       Contracts                                                     6520
           6500     Operating and Maintenance Rent Free Unit                      6521
                    Garbage and Trash Removal                                     6525
                    Security Payroll / Contract                                   6530
                    Security Rent Free Unit                                       6531
                    Heating / Cooling / Repairs and Maintenance                   6546
                    Snow Removal                                                  6548
                    Vehicle and Maintenance Equipment Operation                   6570
                    Miscellaneous Operating and Maintenance Expense               6590
                    Total Operating and Maintenance Expense
          TAXES     Real Estate Taxes                                             6710
           AND      Payroll Taxes (FICA)(Project's Share)                         6711
    INSURANCE       Property and Liability Insurance (Hazard)                     6720
           6700     Fidelity Bond Insurance                                       6721
                    Workmen's Compensation                                        6722
                    Health Insurance and other Employee Benefits                  6723
                    Miscellaneous Taxes, Licenses, Permits and Insurance          6790
                    Total Taxes and Insurance
                                      Total Operating Expenses
                                        Net Operating Income
     FINANCIAL      Interest on Mortgage Payable                                  6820
    EXPENSES        Interest on Notes Payable (Long Term)                         6830
           6800     Interest on Notes Payable (Short Term)                        6840
                    Mortgage Insurance Premium / Service Charge                   6850
                    Miscellaneous Financial Expenses                              6890
                    Total Financial Expenses
           6900     Nursing Homes / Assisted Living / Board & Care / Other
                    Elderly Care / Coop / and Other Expenses                      6900
                    Total Cost of Operations Before Depreciation
                                Profit (Loss) Before Depreciation
  DEPRECIATION      Depreciation Expenses                                         6600
           6600     Amortization Expense                                          6610
                    Operating Profit or (Loss)
 CORPORATE OR Entity Revenue                                                      7105
   MORTGAGOR        Officers Salaries                                             7110
          ENTITY    Legal Expenses                                                7120
    EXPENSES        Federal, State, And Other Income Taxes                        7130
                    Interest Income                                               7140
           7100     Interest on Notes Payable                                     7141
                    Interest on Mortgage Payable                                  7142
                    Other Expense                                                 7190
                    Net Entity Expenses
                    Profit or Loss (Net Income or Loss)
Part II
1. Total principal payments required under the mortgage, even if payments under
   a Workout Agreement are less or more than those required under the mortgage.
2. Replacement Reserve deposits required by the Regulatory Agreement or
   Amendments thereto, even if payments may be temporarily suspended or waived.
3. Replacement or Painting reserve releases which are included as expense items
   on this Profit and Loss Statement.
4. Project Improvement Reserve Releases under the Flexible Subsidy Program that
   are included as expense items on this Profit and Loss Statement.




19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Profit & Loss                                                                           7/11/2011 9:03 PM
                                                     DIVISION OF CREDIT ASSURANCE
                                                           ASSET MANAGEMENT
                                                            REVIEWING 's AUDIT REPORTS
      For Fiscal Year Ended:                  Jun-06                        CDA Project ID No.:                    0
PROJECT NAME:                                                          0                 IPA NAME:                                                         0

Experience with


A   Did also prepare the statement for FY '2005 on this project?                                                             Yes             No

B   Has 's past work been acceptable on this project and on other projects?                                                  Yes             No


Review of Auditor's Report on Financial Statements


A   Scope
       To be acceptable, this section must state that the auditor has audited each of the basic        Unaudited Financial Statements
       financial statements of the project for the period indicated, in accordance with GAAS
                                                                                                      Omission of Financial Statements
       and GAS. Were any of these problems noted in your review?
                                                                                                                       Scope Limitation


B   Opinion
       While qualified, adverse or disclaimed opinions generally indicate serious problems, a                      Unqualified Opinion
       departure from a "clean" opinion applies only to the items described in that opinion.
                                                                                                                       Qualified Opinion
                                                                                                                       Adverse Opinion
                         Please choose from one of the options at the right.                                        Disclaimer Opinion


C   Opinion on Supplemental Data
        Was the usual wording used for supplemental data?                                                                    Yes             No


D   Opinion on Cash Basis and Tax Basis Financial Statements
       Cash basis reporting is considered useful for small nonpublic companies, but not suitable            Cash basis statements used
       for publicly funded or supported projects.
        Tax basis reporting is useful for assessing the tax aspects of the entity, but not suitable          Tax basis statements used
        for publicly funded or supported projects.


Auditor's Report on the Internal Control Structure


        Does provide an understanding of 's
        internal controls and an assessment of control risk?                                                                 Yes             No


Auditor's Report on Compliance


        Does the report include any material instances of noncompliance, instances
        or indications of improper acts which could result in criminal prosecution?                                          Yes             No


    Review each of the auditor's reports, paying close attention to scope limitations and opinions.
    Should any adverse findings be noted, a complete audit review must be conducted.

    Adverse findings were noted, so a complete audit review must be conducted.
    Begin with the 'Project Files' section on the next tab.




         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Auditor's Reports            8 of 23                                                 7/11/2011 9:03 PM
                                                       DIVISION OF CREDIT ASSURANCE
                                                             ASSET MANAGEMENT
                                                             REVIEWING PROJECT FILES

      For Fiscal Year Ended:                  Jun-06                       CDA Project ID No.:               0

PROJECT NAME: 0                                                                   OWNER NAME: 0

Project Files

                       #VALUE!                                                    Number of Units:


A   Previous year's financial statements
    1_
         Were the financial statements for FY2005 submitted in an acceptable form?                                   Yes         No

    2a
         Determine the amount of surplus cash available for distribution at the end of FY '2005:

    2b
         What, if any, was the required residual receipt deposit in FY '2006?

    3a
         Were any problem areas on last year's statement resolved?                                                   Yes         No            N/A

    4a
         Was any repayment to project funds required as a result of the FY '2005 review?                             Yes         No
                                                                                                                     Yes         No
B   Physical Condition
    1_
         Result of the last physical inspection was:

    2_
         Enter the expense figures on the Profit & Loss page before continuing.



    3_
         Determine whether complaints have been filed regarding maintenance and upkeep or physical security of the
         project.

    4_
         Can the project anticipate unusual or extraordinary maintenance expenses at this time?                      Yes         No

    5_
         Has responded to the last inspection report?                                                                Yes         No


C   Occupancy Review (if applicable)                                                                                                           N/A
    1_
         Were there any areas of noncompliance noted in the last review that related to security
         deposits, unauthorized fees, or tenant files?                                                               Yes         No

    2_
         Has responded to the review?                                                                                Yes         No




          19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Project Files                9 of 23                                    7/11/2011 9:03 PM
                                                      DIVISION OF CREDIT ASSURANCE
                                                            ASSET MANAGEMENT
                                                                 REVIEWING PROJECT FILES

      For Fiscal Year Ended:                  Jun-06                       CDA Project ID No.:                   0

PROJECT NAME: 0                                                                  OWNER NAME: 0

D   Management Review (if applicable)
    1_
         Did the last management review of result in a satisfactory or better report?

    2_
         What were the major management concerns?


    3_
         Did the review disclose any major weaknesses in the area of financial management?

    4_
         Has responded to the review?                                                                                Yes         No


E   Periodic Operating Statements (if applicable)                                                                                              N/A
    1_
         What is the status of in recent months, covering the period after the end of FY '2006?


    2_
         Is there a current cash flow problem?                                                                       Yes         No
    3_
         Is there a vacancy, collection, or liquidity problem?                                                       Yes         No

F   Current Rent Schedule
    1_
         What is the maximum gross potential rent?
    2_
         When was the last rent increase implemented?

G   Relief Tools
    1a
         Is currently under some form of mortgage relief?                                                            Yes         No
    1b
         For what time period?

    2_
         Is the project current under the terms of the relief agreement?                                             Yes         No
    3_
         What cash contribution, operating changes, waivers of distributions, or other special concessions
         did the owner agree to in the management relief contract?




H   General Correspondence
    1_
         Are there any matters in the general correspondence file which need to be addressed during the review
         of the annual statements?                                                                                   Yes         No

    2_
         Have tenant complaints focused on any particular area?                                                      Yes         No




          19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Project Files             10 of 23                                      7/11/2011 9:03 PM
                                                     DIVISION OF CREDIT ASSURANCE
                                                           ASSET MANAGEMENT
                                        ANNUAL FINANCIAL STATEMENT COMPLIANCE REVIEW
      For Fiscal Year Ended:                Jun-06                        CDA Project ID No.:          0

PROJECT NAME: 0                                                               MANAGEMENT: 0


Compliance with requirements defined by HUD and DCA

A   Security Deposits
     1 Funding level:

         The Security Deposit account equals or exceeds the liability for such deposits.
         The liability account should include all accrued interest as required by law.



      2 Proper handling: Are project funds properly identified?                                            Yes       No

         Please respond with 'Yes', or 'No'.


B   Funded Reserves
    1a Were the required number and amounts of payments made to the Reserve for Replacement account?

         The required number and amount of monthly deposits were made.


    1b Was any lump sum payment to the reserve required by a special agreement or contract?                Yes       No

         Please respond with 'Yes, or 'No'.


    1c Was interest posted to the reserve for replacements account?                                        Yes       No




    2_ Is the project structured as a Cooperative?                                                         Yes       No

         is not a cooperative.




    3_   If other reserves were agreed to, were the required number and amounts of payments made?

         No special reserve balances were reported.


C   Residual Receipts
    1_ Was a deposit to Residual Receipts required as a result of fiscal year 2005 activity?               Yes       No        N/A

    2_ Please respond with 'Yes, or 'No', unless                  is not required to maintain a
       Residual Receipt account.

    3_ Was interest posted to the Residual Receipts account?                                               Yes       No

         Please respond with 'Yes, or 'No'.




         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Compliance                11 of 23                       7/11/2011 9:03 PM
                                               DIVISION OF CREDIT ASSURANCE
                                                     ASSET MANAGEMENT
                                         ANNUAL FINANCIAL STATEMENT COMPLIANCE REVIEW
      For Fiscal Year Ended:              Jun-06               CDA Project ID No.:     0

PROJECT NAME: 0                                                   MANAGEMENT: 0

D   Management Fees
    1_                                                                                     Management Type
         Enter a management type at the right.



E   Commercial Facilities
    1_
         This project reported no commercial income, which is consistent with prior
         years.


F   Owners Contributions and Advances
    1_
         Were contributions required of ?



    2_
         Looking at 'F1' above, if a contribution was made, check to see if the
         contribution was properly recorded on the project's books.


    3_
         Check the Statement of Cash Flows and notes to the financial statements for any
         repayments of owner advances.


    3a
         Owner advances made for reasonable and necessary operating expenses may be paid
         from surplus cash at the end of the annual period, and are not considered
         distributions.


         Scheduled monthly repayment of advances made for the welfare of tenants must be
         approved by DCA, and are not considered distributions. Scheduled repayment may
         not be made if it will bring the project into default, or adversely effect an
         existing workout agreement.




G   Excess Rental Charges
    1_
         Enter the revenue figures on the Profit & Loss page before continuing.




H   Unapproved Charges Assessed
    1_
         Enter the revenue figures on the Profit & Loss page before continuing.



I   Acquisition of Long-Term Liability
    1_
         Enter the asset figures on the Assets & Liabilities page before continuing.




         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Compliance    12 of 23                       7/11/2011 9:03 PM
                                                    DIVISION OF CREDIT ASSURANCE
                                                          ASSET MANAGEMENT
                                         ANNUAL FINANCIAL STATEMENT COMPLIANCE REVIEW
     For Fiscal Year Ended:                  Jun-06                         CDA Project ID No.:                     0

PROJECT NAME: 0                                                                  MANAGEMENT: 0

J   Commingling of Funds
    1_
            As a general rule, all cash receipts, including collections by management agents, must be deposited in a separate account in the name of
            the project in a financial institution that is federally insured so that all funds of a mortgagor are federally insured. However, under certain
            circumstances, such as for ease of administration when several projects are competently managed by one agent, funds from more than
            one project may be deposited into one bank account. Commingling of funds in a single account is permissible only when the
            management agent's accounting system has the capacity to identify all receipts and disbursements to a particular project at all times.
            This is an acceptable practice if the agent can identify the exact amount of funds that belong to each project at all times.




            From your review of management practices, is commingling of funds with other projects?                                     Yes              No
            Does the management agent have the necessary capacity to commingle funds?                                N/A               Yes              No

         Please respond with 'Yes' or 'No', or 'N/A'.




         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Compliance                  13 of 23                                                  7/11/2011 9:03 PM
                                                   DIVISION OF CREDIT ASSURANCE
                                                         ASSET MANAGEMENT
                                       ANNUAL FINANCIAL STATEMENT REVIEW for DIVERSIONS
      For Fiscal Year Ended:                Jun-06                        CDA Project ID No.:   0

PROJECT NAME:                                                       0             OWNER NAME:                                 0


Potential Diversions of Project Assets

A   Unauthorized Loans to Individuals, Related Projects or Other Businesses
    1_
         Enter the balance sheet figures on the Assets & Liabilities page before
         continuing.



    2_
         Enter the balance sheet figures on the Assets & Liabilities page before
         continuing.



    3_
         Enter the balance sheet figures on the Assets & Liabilities page before
         continuing.



    4_ Please choose a management type on the Compliance tab, item D.




B   Repayment of Construction Costs from Operating Funds
       No construction costs have been reported. Unless you know that final cost
       certification has not been completed, construction costs are probably not being
       paid with operating funds.




C   Unauthorized Distributions to Owners
    1_                                                                                              Owner Type:
         Choose one of the owner types at the right.




    2_ Determine the amount of distributions paid during this fiscal year 2006:

    3_
         Be sure that there are values for C2_ and on the Project Files at A2a before
         continuing.




         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Diversions                14 of 23                      7/11/2011 9:03 PM
                                              DIVISION OF CREDIT ASSURANCE
                                                    ASSET MANAGEMENT
                                   ANNUAL FINANCIAL STATEMENT REVIEW for DIVERSIONS
      For Fiscal Year Ended:             Jun-06                    CDA Project ID No.:   0

PROJECT NAME:                                                  0       OWNER NAME:                               0

D   Reduction in Long-Term Loans and Notes Payable Without Approval
    1_
         Enter the balance sheet figures on the Assets & Liabilities page before
         continuing.



E   Diversions from Unreported Revenue
    1_
         Enter the revenue figures on the Profit & Loss page before continuing.


    2_
         has no reported commercial income.



    3_
         Please enter revenue data from 's audit onto the Profit and Loss sheet.




F   Purchase or Disposal of Major Assets Without Approval
    1_
         There have been no significant changes in fixed assets during this fiscal year.


         Compare the amounts of Total Fixed Assets for the recent two years with amounts
         reported in the Schedule of Changes in Fixed Assets. The amounts should agree.
         Discuss differences you find in Comments.



G   Overstatement of Tenant Accounts Receivable
    1_
         Please enter the Maximum Gross Annual Rents on the 'Project Files' tab at F1



H   Overstatement of Bad Debt
    1_
         Please provide Balance Sheet and Profit & Loss information.




         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Diversions        15 of 23                 7/11/2011 9:03 PM
                                               DIVISION OF CREDIT ASSURANCE
                                                     ASSET MANAGEMENT
                                              FINANCIAL PERFORMANCE ANALYSIS for
      For Fiscal Year Ended:            Jun-06                       CDA Project ID No.:            0

PROJECT NAME: 0                                                           OWNER NAME: 0


Sufficiency of Project Revenue
    In this section the project financial performance is analyzed for possible remedial or preventive action.

    Net Cash Throw-off:               Total Revenue                                   $         -
                                    - Total Administrative Expense                    $         -
                                    - Total Utility Expense                           $         -
                                    - Total Operating and Maintenance Expense         $         -
                                    - Total Taxes and Insurance Expense               $         -
                                    - Elderly/Congregate Care Expense                 $         -
                                    = Market NOI                                                        $             -


                                      Annual P & I Payments                                                 DSCR
                                    + Mortgage Insurance Premium                      $         -
                                    + Reserve for Replacement Deposit                 $         -
                                    = Required Debt Service                                             $             -
                                                                          Net Cash Throw-off:                             $            -


A   Please provide the annual P&I payment amount above.




B   Please provide the annual P&I payment amount above.




C   Look at payables, both past and present to determine if expense figures included
    above provide an accurate picture.


    Default Risk Ratio                Net Cash Throw-off:                             $         -                         P&I needed
                                      Total Cash Requirement:                         $         -

     is a low default risk, and not likely to be facing impending default.




Project Liquidity

A   Net Available Funds               Available Funds:                                $         -
                                    - Cash Obligations:                               $         -
                                    = Net Available Funds                                               $             -


B   Mortgage Payment                  Net Available Funds                             $         -
    Coverage Ratio:                   Monthly Mortgage PITI                           $         -                         P&I needed




                                                                   16
         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Performance Analysis of 23                                       7/11/2011 9:03 PM
                                                   DIVISION OF CREDIT ASSURANCE
                                                         ASSET MANAGEMENT
                                                  FINANCIAL PERFORMANCE ANALYSIS for
      For Fiscal Year Ended:                Jun-06                      CDA Project ID No.:                      0

PROJECT NAME: 0                                                                OWNER NAME: 0


    In the absence of other known information (e.g., deferred maintenance needs, operating expense trends,
    etc.), the following general guideline is suggested to be applied to :


     appears healthy.




C   Break Even Analysis                  Expenses + Finance Cost                           $                 -                       0 Units
                                         Net Rents + Other Revenue / # units               Enter units                               0 Percent

    This is the number of units that must keep rented in order to cover costs at
    current levels. Discuss with the owner/manager the possibility of increasing
    rents or lowering costs to bring this number lower.



D   Acid Test                            Cash for Operations                               $                 -
                                      + Accounts Receivable                                $                 -
                                      + Short Term Investments                             $                 -
                                      = Total Quick Assets                                                           $      -


                                         Total Quick Assets                                $                 -                  Unknown      to 1
                                         Current Liabilities                               $                 -

    As a general rule, a 1:1 ratio is considered to be an adequate index in many
    industries.


E   Project Reserve Funds
    1_                                   Residual Receipts Fund                                                      $      -

    There are no residual receipts available to .




    2_                                   Reserves for Replacement                                                    $      -

    HUD Handbook 4350.1 'Multifamily Asset Management and Project Servicing'
    provides guidance on analyzing the adequacy of reserves.




                                                                   17
         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Performance Analysis of 23                                             7/11/2011 9:03 PM
                                                      DIVISION OF CREDIT ASSURANCE
                                                            ASSET MANAGEMENT
                                                     FINANCIAL PERFORMANCE ANALYSIS for
      For Fiscal Year Ended:                   Jun-06                      CDA Project ID No.:               0

PROJECT NAME: 0                                                               OWNER NAME: 0


Other Financial Ratios

A   Profitability Ratios
    1_ Profit Margin on Rental Revenue                                         Profit Before Depreciation        $         -             Unknown
        Evaluates how effectively                                                  Rental Revenue                $         -
         is being managed.

    If the profit margin is comparatively low, either the project's rental revenue
    is low, or costs are relatively high, or both.


    2_ Return on Capital                                                       Profit Before Depreciation        $         -             Unknown
        Evaluates the ability of to provide                                        Owner's Capital               $         -
         with a return on their investments.


B   Activity Ratios
    1_ Average Collection Period                                               Rent Revenue per year             $         -                      0
                                                                                       360 days                      360              per day
    A relatively high collection period indicates that
    may have a problem in the collections area.
                                                                               Accounts Receivable               $         -   Unknown     days
                                                                               Rent Revenue per day              $         -


    2_ Percentage of Uncollected Rent
                                                                               Vacancy + Bad Debt                $         -   Enter P&L data
     has more uncollected rent than should normally be                             Rent Potential                $         -
    expected. This ratio should not exceed 7%.




    A related indicator of the adequacy of the rent collection effort is       Accounts Receivable               $         -   Missing or Zero
    the level of Accounts Receivable                                           Monthly Rent Potential            $         -

    Provide the information on the Profit & Loss tab and
    Maximum Gross Rent.




    3_ Accounts Receivable Turnover Ratio                                      Net Rent Revenue                  $         -       N/A     to 1
                                                                               Average Accounts Receivable       $         -
    A high ratio implies that 's collection of accounts
    receivable is efficient.




                                                                   18
         19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Performance Analysis of 23                                           7/11/2011 9:03 PM
                                                     DIVISION OF CREDIT ASSURANCE
                                                           ASSET MANAGEMENT
                                                       FINANCIAL TRENDS ANALYSIS for
              For Fiscal Year Ended:                  Jun-06        CDA Project ID No.:                    0
                                 Project Name: 0
Trends and Levels of Project Expenses

Using your knowledge of the project, the management plan, file review data, and the ratios below, assess
the reasonableness of the project expenses.


         Total Administrative                                                                                                                     -
         Expense
         Total Utility Expense                                                                                                                    (0)

         Total Maintenance
                                                                                                                                                  (0)
         Expense
         Total Taxes and
                                                                                                                                                  (1)
         Insurance
         Total Operating
                                                                                                                                                  (1)
         Expense
         Total Costs
                                                                                                                                                  (1)

                                                                                                                                                  (1)
         Total Revenue
                                                            -
                                                     Revenue
                                               Total Operating Expense
                                          Jun-06                    Jun-05                  -    Jun-04                     - Jun-03                    -
                                                                 Audit Year



                                                    Jun-06       % Change          Jun-05       % Change           Jun-04       % Change      Jun-03
Total Revenue                                                -          0.0%                -         0.0%                  -          0.0%             -
Total Administrative Expense                                 -          0.0%                -         0.0%                  -          0.0%             -
Total Utility Expense                                        -          0.0%                -         0.0%                  -          0.0%             -
Total Maintenance Expense                                    -          0.0%                -         0.0%                  -          0.0%             -
Total Taxes and Insurance                                    -          0.0%                -         0.0%                  -          0.0%             -
Elderly/Congregate Care Exp                                  -          0.0%                -         0.0%                  -          0.0%             -
Total Operating Expense                                      -          0.0%                -         0.0%                  -          0.0%             -


       Per Unit Per Annum                           Jun-06                         Jun-05                          Jun-04                     Jun-03
Total Revenue                                   $            -                 $            -                  $            -                 $         -
Total Administrative Expense                    $            -                 $            -                  $            -                 $         -
Total Utility Expense                           $            -                 $            -                  $            -                 $         -
Total Maintenance Expense                       $            -                 $            -                  $            -                 $         -
Total Taxes and Insurance                       $            -                 $            -                  $            -                 $         -
Elderly/Congregate Care Exp                     $            -                 $            -                  $            -                 $         -
Total Operating Expense                         $            -                 $            -                  $            -                 $         -

A
             Use the per unit per month amounts to compare                    with projects of comparable construction, layout,
             location, tenant body and size.



B
             Use Comments page to provide an in-depth review of unusual account fluctuations seen above, and their
             potential to impact future operations.
NOI and DSCR Calculation for :                                       0

Fiscal Year end:                        Jun-2006

The computation of NOI for the purpose of calculating
Debt Service Coverage Ratios on projects is as follows:

     Annual Debt Service
               Annual P&I Payments due                         0
             -           236 Subsidy
             = Annual Debt Service                                   0

     Revenue
                   Total Rent Revenue                          0
               -              Vacancy                          0
               -              236 Subsidy shown as revenue
               +   Elderly/Congregate Service Income           0
               +   Total Financial Revenue                     0
               -              Revenue from Investments - RfR   0
               +   Total Other Revenue                         0
               =   Revenue                                           0

     Expenses
            +      Total Administrative Expenses               0
            +      Total Utilities Expenses                    0
            +      Total Operating and Maintenance             0
            +      Total Taxes and Insurance                   0
            +      Elderly/Congregate Care Service Expense     0
            +      Mortgage Insurance Premium                  0
            -                    RfR expensed                  0
            +      RfR Deposits Required as of:                0
            =      Expenses                                          0

     MHF NET OPERATING INCOME                                        0

     MHF DSCR                                                      0.00
                                           DIVISION OF CREDIT ASSURANCE
                                                 ASSET MANAGEMENT
                                       CALCULATION OF DEBT SERVICE REPAYMENT
    For Fiscal Year Ended:           Jun-06                          CDA Project ID No.:               0

PROJECT NAME:                                                0           OWNER NAME:                                                     0

REPAYMENT TERMS PER LOAN DOCUMENTS:




     Calculation of Available Cash Flow per Loan Documents


                         Amounts Received                                                       Amounts Excluded




                  Total Amounts Received                         -                       Total Excluded Amounts                      -

                       Amounts Paid Out
                                                                                 % of Cash Available for Loan Pmt                100%


                                                                                         Surplus Cash as Defined                 -


                                                                                       Cash and Equivalents, end                     -

                                                                                       Maximum Billable Amount


                  Total Amounts Paid Out                         -



                               Loan Number               Amount Billed                   Date Billed
                                                       No CF Terms




      7/11/2011                                                       21 of 23                19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls
Computation of Surplus Cash,
Distributions and Residual
Receipts
Project Name:                                          Fiscal Period Ended:                Project Number:

                               0                                        Jun-06                                 0




PART A - Compute Surplus Cash
      1. Cash (Accounts 1120, 1170, 1191)                                                   $            -
      2. Tenant subsidy vouchers due for period covered by financial statement              $            -
      3. Other (Approved replacement reserve releases)
          (a) Total Cash             (Add lines 1, 2, and 3)                                                         $           -
Current Obligations
      4. Accrued mortgage interest payable                                                  $            -
      5. Delinquent mortgage principal payments
      6. Delinquent deposits to reserve for replacements
      7. Accounts payable (due within 30 days)                                              $            -
      8. Loans and notes payable (due within 30 days)                                       $            -
      9. Deficient tax, insurance, or MIP escrow deposits
     10. Accrued expenses (not escrowed)                                                    $            -
     11. Prepaid rents (Account 2210)                                                       $            -
     12. Tenant security deposits liability (Account 2191)                                  $            -
     13. Other (Describe)
          (b) Less Total Current Obligations                                                                         $           -
          (c) Surplus Cash (Deficiency)               (Line (a) minus Line (b))                                      $           -
PART B - Compute Distributions to Owners and Required Deposit to Residual Receipts

      1. Surplus Cash                                                                                                $           -
Limited Dividend Projects


     2a. Annual distribution earned during fiscal period covered                            $            -
     2b. Distribution accrued and unpaid as of        Jun-05                                $            -
     2c. Distributions paid during fiscal year        2006                                  $            -
      3. Amount to be carried on balance sheet as distribution earned but unpaid
         (Line 2a plus 2b minus 2c)                                                         $            -
      4. Amount available for distribution during     2007                                                           $           -
      5. Deposit due residual receipts (Must be deposited with Mortgagee within 60 days)                             $           -




    19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls Surplus                                                         7/11/2011 9:03 PM
                                 DIVISION OF CREDIT ASSURANCE
                                       ASSET MANAGEMENT
                            ANNUAL FINANCIAL STATEMENT REVIEW COMMENTS
   For Fiscal Year Ended:    Jun-06          CDA Project ID No.:
PROJECT NAME:                                    OWNER NAME:




REVIEWED BY:                                    REVIEW DATE:           9/29/2006
SIGNATURE:


APPROVED BY:                                  APPROVED DATE:
SIGNATURE:




     7/11/2011                                23 of 23             19b1baa6-e2d7-4cc4-ab62-074e1195bb45.xls

				
DOCUMENT INFO
Description: Profit Loss Form Property Management document sample