Homewise, Inc. For the year ended March 31, 2018

Consolidated Statement of Financial Position

Cash and cash equivalents $13,132,227
Broker and other accounts receivable 2,038,579
Grants receivable 6,500
Amortizing mortgage loans receivable, current portion 1,412,675
Inventory 30,995
Development costs, current portion 4,990,419
Total current assets 21,611,395
Property and equipment, net 4,147,519
Mortgage loans receivable  
Amortizing, net of current portion 55,772,559
Allowance on amortizing loans (1,370,928)
Total amortizing 54,401,631
Deferred mortgage loans receivable 22,999,350
Allowance on deferred loans (4,600,000)
Total deferred 18,399,350
Total long-term mortgage loans receivable 72,800,981
Other real estate owned 171,040
Real estate held for investment – rehab properties 402,355
Mortgage servicing rights 2,251,615
Development costs, net of current portion 8,271,356
Qualified low income community investment 3,795,897
Other assets 429,269
TOTAL ASSETS $113,881,427
Liabilities and Net Assets
Accounts payable $1,419,599
Accrued expenses 650,536
Escrows and deposits 2,327,972
Lines of credit, current portion 2,888,050
Notes payable, current portion 5,964,694
Notes payable and community investment, current portion 1,228,741
Security deposits 7,977
Total current liabilities 14,487,569
Lines of credit, net of current portion 298,605
Notes payable, net of current portion and unamortized discount 41,854,104
Notes payable, equity equivalent investment, net of unamortized discount 1,893,301
Notes payable, community investment, net of current portion and unamortized discount 2,300,512
Deferred grants revenue 4,300,656
Due to grantor agency 962,907
Total long-term liabilities 51,610,085
Total liabilities 66,097,654
Unrestricted 35,329,933
Temporarily restricted 10,619,090
Permanently restricted 1,834,750
Total liabilities and net assets $113,881,427

Consolidated Statement of Activities

Home development sales $19,497,906
Loan origination fees 2,594,880
Real estate sales commissions 1,918,519
Loan portfolio interest 3,251,373
Loan servicing income 699,243
Amortization and valuation of mortgage servicing rights 740,821
Government grants 1,169,839
Contributions and grants 3,401,067
Bank interest 1,954
Gain on sale of asset 215,341
Other revenue 1,195,976
Total revenues 34,686,919
Cost of home development sales 16,452,167
Program 9,719,742
Administrative 2,238,717
Fundraising 549,312
Total expenses 28,959,938
Change in net assets 5,726,981
Net assets at beginning of year 42,056,792
Net assets at end of year $47,783,773

See Notes to Financial Statements.

The financial information presented herein has been compiled from the audited financial statement of Homewise, Inc. and Related Entities. Complete financial statements with accompanying notes and schedules are available upon request.