Res 2002-072 - Laserfiche WebLink

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SOUTHSIDE COMMUNITY CENTER, INC. NOTES TO FINANCIAL STATEMENTS (Continued) NOTE 5. SUPPORT FROM GOVERNMENT GRANTS Support for the Center's programs came from the following governmental sources: Emergency Food and Shelter program City of San Marcos Human Services Provider contract City of San Marcos Housing Rehabilitation Program Hays County Human Services Provider contract Hays County Legal Aid $ 7,456 26,706 30,775 12,000 45.000 Total $121.937 NOTE 6. TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets include the cost of the Senior Citizens Center, of which $1,897,677 was paid from a forgiveable thirty-year HOME loan program. See Note 8 for more detail. This loan amount is being reclassified as unrestricted net assets over the thirty years at $63,256 per year beginning in 1998. Temporarily restricted net assets at the end of the year were: FJxed Assets - Senior Citizens Center Reclassify Unrestricted Net Assets $1,707,909 (63,256) Total $1 ,644,653 NOTE 7. LEASE AGREEMENTS The Center's thrift shop is housed in commercial leased property. The original lease, which began March 1, 1990, was extended for another three years to February 28, 1996. Currently the property is leased on a month-to-month basis. NOTE 8. CONTINGENCY The Center entered into a HOME Program and Loan Agreement, amended April 24, 1995, for $1,897,677 with Texas Department of Housing and Community Affairs to provide decent, safe, and affordable housing to very low-income and low-income persons and families in San Marcos. The loan is a 30 year forgiveable loan with 0% interest. The default interest rate is 10%. The full amount of the loan will be forgiven at the end of 30 years if the Center has not been in default under any terms of the loan agreement. See Note 6 for the amortization of the loan. 15