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<br />SOUTHSIDE COMMUNITY CENTER, INC. <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br /> <br />NOTE 3. LONG-TERM INVESTMENTS <br /> <br />Two housing projects have received financial assistance from the Center. Both debts will be repaid <br />as cash flows from rentals are available in the future. <br /> <br />San Marcos Community II, L.P. in which the Center is the general partner and property manager, <br />has accumulated debt of $208,508, a reduction of $3,856 from the prior year. Cash advances, <br />payments made for the partnership and accrued management fees account for the debt. <br /> <br />San Marcos Community II, L.P. purchased land forthe housing project from the Center for $99,000. <br />The balance owed for the purchase is $89,000. <br /> <br />Jackson Community Apartments, L.P., another housing project in which the Center is the general <br />partner, has received cash advances of $37,234, an increase of $3,000 from the prior year. The <br />Center will also manage the property when it is completed. <br /> <br />From the sale of real estate in 1997, $31,000 was owner-financed, payable over 10 years at <br />$381.65 per month including 8.5% interest. The note is secured by a vendor's lien and superior title <br />retained in a deed. The note balance of $23,536 includes a current portion of the note of $2,682 <br />and long-term portion of $20,854. <br /> <br />NOTE 4. PROPERTY AND EQUIPMENT <br /> <br />Major changes in property and equipment were as follows. <br /> <br /> Beginning Adjustments Ending <br /> Balances & Additions Deletions Balances <br />Land $ 87,854 $ 0 $ 0 $ 87,854 <br />Buildings and improvements 1,762,193 0 0 1,762,193 <br />Furniture and equipment 109,933 3,820 0 113,753 <br />Accumulated depreciation (216.067) (52.692) ~ (268.759) <br />Totals $1 ,743,913 $(48872) $ 0 $1 ,695,041 <br /> <br />Current year depreciation expense is $52,692. <br /> <br />14 <br />