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HOUSING FOR NEW HOPE,INC.
<br /> STATEMENTS OF FINANCIAL POSITION
<br /> AUGUST 31,2011 AND 2010
<br /> ASSETS
<br /> 2011 2010
<br /> Current assets
<br /> Cash $ 74,245 $ 59,240
<br /> Restricted cash 13,287 69,864
<br /> Sales tax receivable 19,898 1,152
<br /> Grants receivable 320,196 259,457
<br /> Prepaid expenses 13,832 10,831
<br /> Total current assets 441,458 400,544
<br /> Property and equipment,net 3,857,988 3,509,322
<br /> TOTAL ASSETS $ 4,299,446 $ 3,909,866
<br /> LIABILITIES AND NET ASSETS
<br /> Current liabilities
<br /> Accounts payable and accrued expenses $ 139,304 $ 74,862
<br /> Line of credit 169,406 200,000
<br /> Notes payable-current portion 43,324 21,423
<br /> Accrued leave 23,298 24,963
<br /> Total current liabilities 375,332 321,248
<br /> Long-term liabilities
<br /> Notes payable, less current portion 1,463,508 1,338,404
<br /> Total long-term liabilities 1,463,508 1,338,404
<br /> Total liabilities 1,838,840 1,659,652
<br /> Net assets
<br /> Unrestricted 2,447,319 2,180,350
<br /> Temporarily restricted 13,287 69,864
<br /> Total net assets 2,460,606 2,250,214
<br /> TOTAL LIABILITIES AND NET ASSETS $ 4,299,446 $ 3,909,866
<br /> The accompanying notes are an integral part of the financial statements.
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