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CHARLES HOUSE ASSOCIATION <br />Notes to Financial Statements <br />NOTE 5 - GRANTS AND ACCOUNTS RECEIVABLE (Continued) <br />Grants receivable 20,750$ <br />Accounts receivable 22,629 <br />43,379$ <br />NOTE 6 - FURNITURE, FIXTURES AND EQUIPMENT <br />Furniture, fixtures and equipment 1,459,439$ <br />Less accumulated depreciation (667,366) <br />Net 792,073$ <br />NOTE 7 - RIGHT-TO-USE LEASED ASSETS AND RELATED LEASE LIABILITIES <br />Amortization 55,122$ <br />Interest 4,878 <br />60,000$ <br />Years Ending <br />December 31st Principal Interest <br />Total <br />Payments <br />2024 57,368$ 2,632$ 60,000$ <br />2025 34,543 457 35,000 <br />91,911$ 3,089$ 95,000$ <br />NOTE 8 - RETIREMENT PLAN <br />Lease liabilities are comprised of the following: <br />Lease expenses were comprised of the following: <br />Depreciation expense totaled $62,857 for the year ended December 31, 2023. <br />Furniture, fixtures and equipment consist of the following at December 31: <br />The Organization maintains a defined contribution (SIMPLE IRA)retirement plan on behalf of eligible <br />employees.The Organization will match participant deferrals up to 3%of compensation.The <br />Organization contributed $11,880 to the retirement plan for the year ended December 31, 2023. <br />The Organization has a lease providing the right-to-use rental of space for its adult day care center and <br />administrative offices under a noncancelable agreement expiring in July 2025.The Organization <br />estimated a discount rate of 4%in the initial lease liability calculation.The lease requires monthly <br />payments of $5,000. <br />The grants and accounts receivable were comprised of the following at December 31, 2023: <br /> <br />Page 12 <br />Docusign Envelope ID: FE6E03E9-3378-4BE8-B2E5-0623619296B7