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HOUSING FOR NEW HOPE, INC.
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> AUGUST 31, 2011 AND 2010
<br /> Interest expense was $14,129 and $13,965 for the years ended August 31, 2011 and 2010,
<br /> respectively.
<br /> On July 15, 2010, the Organization entered into a loan agreement with Self-Help Federal Credit
<br /> Union in an amount of up to $433,000 for the acquisition, construction and leasing of
<br /> Neighborhood Stabilization Program-eligible property in Durham, North Carolina - Cole Mill
<br /> Place. Interest-only payments are due beginning on the first day of the month following the month
<br /> in which the first advance is made and thereafter until April 1, 2011. Interest Is at 5.15%.
<br /> Beginning May 1, 2011 and thereafter on the first day of each successive month, principal and
<br /> interest payments are due based on the interest rate and amortization schedule of 29.6 years. A
<br /> final payment of all unpaid principal and interest is due October 1, 2041. As of August 31, 2011
<br /> the Organization has received no advances under this loan agreement.
<br /> Note 7-Temporarily Restricted Net Assets
<br /> Temporarily restricted net assets are available for the following purposes:
<br /> Nature of Restriction 2011 2010
<br /> PATH-Durham Leased Housing $ 7,996 $ 14,494
<br /> Assertive Engagement-Kate B. Reynolds - 38,788
<br /> PUM-System of Care 5,291 -
<br /> Dove House-Sisters of Mercy 16,582
<br /> $ 13,287 $ 69,864
<br /> Note 8-Not Assets Released from Restrictions
<br /> Net assets were released from contractual restrictions by incurring expenses satisfying the
<br /> restricted purposes of the grant award are as follows:
<br /> 2011 2010
<br /> Presbyterian Urban Ministry $ 53,174 $ 70,311
<br /> Andover Apartments 1 21,067 18,875
<br /> PATH 354,482 341,021
<br /> Phoenix House 99,441 112,689
<br /> Dove House 80,689 72,743
<br /> Sherwood Park Apartments 22,868 23,940
<br /> Andover Apartments 11 23,924 24,160
<br /> Williams Square 46,406 820,227
<br /> Assertive Engagement 245,947 315,719
<br /> Orange County 59,912 -
<br /> Homeless Prevention/Rapid Re-housing 341,098 343,061
<br /> Cole Mill Road 340,953 -
<br /> Administration 191,715 140,837
<br /> Fundraising - 700
<br /> $ 1,881,676 $ 2,2841173
<br /> 14
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