TWENTY-SIXTH AMENDMENT TO CONDOMINIUM OFFERING PLAN TRUMP PARC EAST CONDOMINIUM 100 Central Park South New York, New York 19019 Dated: NY ?360897546 TABLE OF CONTENTS Section Page Introduction 1. PURCHASE PRICE AND COMMON CHARGES I 2. FINANCIAL DISCLOSURE OF SPONSOR 1 3. CONDOMINIUM BOARD 3 4. FINANCIAL STATEMENT 3 5. CONDOMINIUM BUDGET 3 6. REVISED FLOOR PLAN 3 7. NO ACTIONS AGAINST SPONSOR 3 8. 3 9. INCORPORATION OF THE PLAN 3 10. DEFINITIONS 4 11. NO MATERIAL CHANGES 4 12. EFFECTIVE PERIOD FOR USING THE PLAN IS EXTENDED 4 Schedule of Unsold Units Schedule of Other Offerings Financial Statement 2016 Budget Floor Plan WUOCUZD AMENDMENT TO CONDOMINIUM OFFERING PLAN TRUMP PARC EAST CONDOMINIUM INTRODUCTION This Twenty-sixth Amendment modi?es and supplements the terms of the Condominium Offering Plan for the Trump Pare East Condominium, 100 Central Park South, New York, New York 10019 dated July 31, 1997, the First Amendment thereto dated January 13, 1998, the Second Amendment thereto dated March 6, 1998, the Third Amendment thereto dated July 14, 1998, the Fourth Amendment thereto dated August 5, 1999, the Fifth Amendment thereto dated September 20, 2000, the Sixth Amendment thereto dated May 11, 2001, the Seventh Amendment thereto dated July 18, 2001, the Eighth Amendment thereto dated July 25, 2001, the Ninth Amendment thereto dated December 27, 2001, the Tenth Amendment thereto dated December 11, 2002, the Eleventh Amendment thereto dated November 17, 2003, the Twelfth Amendment thereto dated March 16, 2004, the Thirteenth Amendment thereto dated May 7, 2004, the Fourteenth Amendment thereto dated June 21, 2004 and the Fifteenth Amendment thereto dated September 1, 2004, the Sixteenth Amendment thereto dated November 10, 2004, the Seventeenth Amendment thereto dated February 23, 2005, the Eighteenth Amendment thereto dated October 18, 2005, the Nineteenth Amendment thereto dated January 5, 2007, the Twentieth Amendment thereto dated February 4, 2008, the Twentieth~?rst Amendment thereto dated February 27, 2009, the Twenty~second Amendment thereto dated February 25, 2010, the Twenty?third Amendment thereto dated May 26, 2010, Twenty-fourth Amendment thereto dated September 10, 2012 and the Twenty-fifth Amendment thereto dated January 10, 2015 (?the Plan?) and should be incorporated into and read in conjunction with the Plan as previously amended. The terms of this Twenty~sixth Amendment are as follows: I. PURCHASE PRICE AND COMMON CHARGES The current Purchase Prices and current common charges for the residential Unsold Units owned by the Sponsor is set forth on Exhibit A annexed hereto. 2. FINANCIAL DISCLOSURE OF SPONSOR Ownership of residential Unsold Units Annexed hereto as Exhibit is a schedule of all residential Unsold Units owned by the Sponsor as of February 1, 2016. As of February 1, 2016, the aggregate common charges payable by the Sponsor to the Condominium with respect to the residential Unsold Units equals approximately $28,178.65 . (C) (8) (0 AS of February 1, 2016, the aggregate rents received by the Sponsor from tenants of Unsold Units equals approximately $16,302.96. The aggregate real estate taxes for the period January 1, 2016 through June 30, 2016 applicable to the residential Unsold Units are approximately $12,033.00 Financial Obligations to the Condominium The Sponsor has no ?nancial obligations to the Condominium, other than the payment of common charges, which will become due within twelve (12) months from the Filing Date of this Amendment. Financial Obligations to Lenders The Unsold Units are not subject to the lien of any mortgage. Payment of Sponsor Obligations The Sponsor will fund its obligation to pay common charges to the Condominium and real estate taxes from rental income received from tenants of Unsold Units and from the sale of Unsold Units. Other Progerties Set forth on Exhibit annexed hereto is a list of other buildings in which the Sponsor or a principal of the Sponsor owns more than ten percent of the Unsold Apartments or Unsold Units. The offering plans for these buildings are on tile with the Department of Law, 120 Broadway, 23rd Floor, New York, New York and are available for public inspection. The Sponsor and principals of Sponsor are current with respect to its obligations for the other buildings. Status of Financial Obligations The Sponsor is current on all financial obligations under the Plan, including, but not limited to, common charge payments, real estate taxes. reserve fund payments, working capital fund payments, assessments, and payment for repairs and improvements, if any, disclosed in the Plan. The Sponsor has been current with respect to said obligations for the prior twelve (12) months. Control of Condominium Board The Sponsor does not control the Condominium Board. he Sponsor relinquished control of the Condominium Board in November, 2002. -2- 3. CONDOMINIUM BOARD The current board members for the Condominium are as follows: Donald J. Trump (Commercial Representative) Allen Weisselberg (Sponsor Representative) Roberto Bezjon* Madelyn Rubenstein* Eric F. Trump* *Residential unit owner representatives 4. FINANCIAL STATEMENT Annexed hereto as Exhibit is the ?nancial statement for the Condominium for the year ending December 31, 2014 prepared by Weiser LLP. The ?nancial statement for the Condominium for the year ending December 31, 2015 has not yet been completed by Weiser LLP. 5. CONDOMINIUM BUDGET Annexed hereto as Exhibit is a copy of the budget for calendar year 2016. The budget was prepared by the Condominium Board. 6. REVISED FLOOR PLAN The ?oor plans for Unsold Unit 9F and Unsold Unit 9G have been recon?gured to re?ect the combination of Units 9F and 9G to form a single residential Unit (the ??Combination?). A copy of the revised Floor Plan for such Unit is annexed hereto as Exhibit Applications for the Combination have been ?led with and approved by the New York City Department of Buildings and the DOB has issued a Letter of Completion regarding same. It is the intention of the Sponsor prior to the closing of title respecting the sale of the Units to ?le an amendment to the Declaration of Condominium to re?ect the Combination. With respect to the above unit combination, the Common Interest attributable to the combined units shall simply be the sum of those amounts previously attributable to the particular individual Units that have been combined. 7. NO ACTIONS AGAINST SPONSOR As of the date hereof there are not any pending litigations or proceedings to which Sponsor is a party that may impact the offering or the Condominium. 8. (Geographic Targeting Order Involving Residential Real Estate in the Borough of Manhattan. As required by the Department of Law, purchasers are advised of the following Special Risk: On January 13, 2016, the Director of the Financial Crimes Enforcement Network issued a Geographic Target Order (?Order?) in furtherance of the Bank Secrecy Act, which requires certain title insurance companies (?Companies?) to collect and report information about persons involved in certain residential real estate transactions. Specifically, has directed certain Companies to require disclosure of the identities of the beneficial owner(s) or holder(s) of 25% or more of the direct or indirect equity interest in a legal entity that is buying residential real estate such as a condominium unit or cooperative shares in Manhattan where: Purchaser is a legal entity, which is de?ned in the Order as US. or foreign corporations, limited liability companies, partnerships, or other similar business entities; the total purchase price, as determined by is in excess of $3,000,000; (0) such purchase is made without a bank loan or other similar form of external ?nancing; and such purchase is made, at least in part, using currency, a cashier?s check, a certi?ed check, a traveler?s check, or money order in any form. The Order took effect on March 1, 2016 and shall end on August 27, 2016, unless otherwise extended by Purchasers should consult with their attorneys and with their title insurance company to fully understand the reporting requirements of the Order. Purchasers may Obtain a copy of the Order online at: rooni/nr/files/Real Estate 9. INCORPORATION OF THE PLAN The Plan, as modi?ed and supplemented hereby, is incorporated herein by reference with the same effect as if set forth at length. 10. DEFINITIONS All terms used in this Amendment not otherwise de?ned herein shall have the same meanings ascribed to them in the Plan. 11. NO MATERIAL CHANGES Except as set forth in this Amendment, there have been no material changes of facts or circumstances affecting the Property or the offering. 12. EFFECTIVE PERIOD FOR USING THE PLAN IS EXTENDED The Plan, as modified and supplemented hereby, may not be used after twelve (12) months following the Filing Date of this Amendment, unless the Plan is extended or amended. SPONSOR: TRUMP CPS LLC EXHIBIT SCHEDULE OF UNSOLD UNITS AS OF FEBRUARY 1, 2016 2.11.1.6. COMMON CHARGES UN1T PRICE 2A $1,974,000.00 $1,975.52 3C $2,500,000.00 $1,659.31 36 $750,000.00 $1,045.19 4A $2,032,000.00 $1,932.43 4C $1,416,000.00 $1,299.85 5D $1,700,000.00 $1,729.13 5E $745,000.00 959.01 7D $1,750,000.00 $1,729.13 815 $760,000.00 950.75 9D $1,750,000.00 $1,727.02 $770,000.00 $1,061.71 90* $1,771,060.00 $1,032.88 11A $2,149,000.00 $1,969.37 1113 $1,800,000.00 $1,720.87 1 1? $900,000.00 $1,492.94 1313 $2,100,000.00 $1,823.57 13G $790,000.00 $1,030.93 146 $800,000.00 $1,039.04 TOTAL 26,178.65 *Units to be sold as combined unit 9FG for combined purchase price of $2,541,060 and common charges of $2,094.59. See paragraph 6 of this amendment. EXHIBIT SCHEDULE OF OTHER OFFERINGS Trump Park Avenue 502 Park Avenue New York, New York The Residences at Trump National Golf Club 339 Pine Road Briarcliff, New York CD-00-0154 Trump Soho 246 Spring Street New York, New York 10013 EXHIBIT FINANCIAL STATEMENT H1256 Wm: Emma dozgcamiaa Cr Oozacamiza >mmonmm?o5 gamma?: mg?maaim 62253.. 3. ma: ngb?m . .anu ?x bus 83 . .axw?wxx Trump Pare East Condominium (A Condominium Association) Contents December 31, 2014 Page(s) independent Auditors? Report 1?2 Financial Statements Balance Sheet . 3 Statement of. Revenues, Expenses and Changes in Fund Baiances 4 Statement of Cash Flows 5 Notes to Financial] Statements 6-10 Supplementary Information Administrative Expenses 1 1 Operating Expenses 1 1 Repairs and Maintenance Independent Auditors? Report To the Board of Managers Trump Pare East Condominium (A Condominium Association) We have audited the accompanying financial statements of Trump Pare East Condominium (A Condominium Association) (the ??Condominitim?) which comprise the balance sheet as of December 31, 2014, and the related statements of revenues, expenses and changes in fund balances, and cash flows for the year then ended, and the related notes to the financial statements. Management?s Responsibility for the Financiai Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principies generaliy accepted in the United States of America; this includes the design, implementation, and maintenance of internal controi relevant to the preparation and fair presentation. of ?nancial statements that are free from material misstatement, whether due to fraud or error. Auditors? Responsibility Our is to express an Opinion on these ?nancial statements based on our audit, We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materiai misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the ?nancial statements. The procedures selected depend on the auditor?s judgment, including the assessment of the risks of material misstatement of the ?nancial statements, whether due to fraud or error- in making those risk assessments, the auditor considers internal control relevant to the entity?s preparation and fair presentation of the ?nancial statements in order to design audit procedures that are apprOpriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity?s internal control. Accordingly, we express no such Opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of signi?cant accounting estimates made by management, as well as evaluating the overail presentation of the ?nancial statements. We beiieve that the audit evidence we have obtained is suf?cient and appropriate to provide a basis for our audit opinion. LLP do Caosswm's PARK Dsivs WEST, Sorts got New YORK 31:9}? TEL: 516.489.1203 Side-38.12323 .1352 A Wrissahdaznss IS AN Mtuaae PERM or Mamas Caoun. Ari-E23 ?is: artist} A A -- .. .wsm Wei 61- Mazars Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the ?nancial position of Trump Pare East Condominium as of December 31, 2014, and its revenues and expenses and its cash ?ows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Other Matter As discussed in Note 10 to the ?nancial statements, the Condominium has omitted information about the estimates of major repairs and repiacements that wiil be required in the future that accounting principies generally accepted in the United States of America require to he presented to supplement the ?nancial statements. Such missing information, although not a part of the ?nancial statements, is required by the Financial Accounting Standards Board, who considers it to he an essential part of financial statement reporting for placing the ?nancial statements in an appropriate operational, economic, or historical context- Our opinion is not modi?ed with reSpect to this matter. Report on Summarized Comparative Information We have previously audited the Trump Pare East Condominium?s (A Condominium Association) 2013 ?nancial statements, and we expressed an unquali?ed opinion on those ?nancial statements in our report dated June 3, 2014, In our Opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2013, is consistent in all material respects with the audited ?nanciai statements from which it has been derived. - Report on Supplementary Information Our audit was conducted for the purpose of forming an Opinion on the ?nancial statements as a whole. The schedules of administrative expenses, operating expenses, and repairs and maintenance are presented for the purposes of additional anaiysis and are not a required part of the ?nancial statements. Such information is the responsibility of management and was derived from and relates directiy to the underiying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the ?nancial Statements or to the ?nanciai statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. in our opinion, the information is fairly stated in ail material respects in relation to the ?nancial statements as a whole. December 2, 20} Trump Pare East Condominium (A Condominium Association) Balance Sheet December 31, 2014 (With Comparative Totals for December 3.1, 2013) 2014 2013 Working Capital Operating and Reserve Fund Funds Total Total Assets Cash 8 128,259 128,259 5,460 Cash working capital and reserve funds 8 71 1,903 71 1,903 763,426 Unit owners? accounts receivable 14,609 14,609 12,163 Prepaid expenses 48,893 48,893 46,699 Due from sponsor 14,891 14,891 13,202 Furniture, ?xtures and equipment, net of accumulated depreciation of $61,520 and $48,081, respectively 19,889 19,889 33,328 Superintendent's unit, net of accumulated depreciation of $97,390 and $90,866, respectively 257,358 257,358 263,882 Deferred mortgage costs, net of accumulated amortization of$1,565 and respectiveiy 6,261 6,261 5,771 Totai assets 3; 490,160 35 711,903 8 1,202,063 $1,143,931 Liabilities and Fund Balances Liabilities Accounts payable and accrued expenses 8 142,496 55 142,496 140,283 Unit owners' accounts prepaid 22,956 22,956 25,831 Mortgage payabie - superintendent?s unit 222,226 222,226 23 2,924 Total iiabilities 387,678 387,678 399,038 Fund balances 102,482 71 1,903 814,385 744,893 Total and fund balances 490,160 35 711,903 1,202,063 8 1,143,931 The accompanying notes are an integral part of these ?nancial statements. '1 Trump Pare East Condominium (A Condominium Association) Statement of Revenues, Expenses and Changes in Fund Balances Year Ended December 31, 2014 (With Comparative Totals for the Year Ended December 31, 2013) Revenues Residential common charges Commercial space common charges Charges to owners for utility usage interest and other revenues Total revenues Espenses Labor costs Insurance Administrative Operating Repairs and maintenance Depreciation Amortization of deferred mortgage costs Federal, state and city taxes imposed on association Interest relating to superintendent's unit mortgage Total expenses Excess (de?ciency) of revenues over expenses Contributions to working capital and reserve funds Net transfers from working capital and reserve funds Fund balances (deficit) - beginning Fund balances - ending 2014 2013 Working Capital Operating and Reserve Fund Funds Total Total 1,632,286 8 1,632,286 8 1,632,286 42,628 42,628 41,262 90,756 90,756 88,055 10,008 8 3,961 13,969 17,168 1,775,678 3,961 1,779,639 1,778,771 774,652 774,652 812,258 120,772 120,772 120,217 153,287 153,287 138,762 367,277 367,277 390,511 261,155 261,155 397,504 19,963 19,963 19,556 1,565 1,565 5,349 3,431 3,431 2,640 9,933 9,933 14,683 1,712,035 1,712,035 1,901,480 63,643 3,961 67,604 (122,709) 1,888 1,888 57,372 (57,372) (18,533) 763,426 744,893 867,602 102,482 711,903 814,385 8 744,893 The accompanying notes are an integral part ofthese ?nancial statements. 4 Trump Pare East Condominium (A Condominium Association) Statement of Cash Flows Year Ended December 31, 2014 (With Comparative Totais for the Year Ended December 31, 2013) Cash ?ows from operating activities Excess (de?ciency) excess of revenues over expenses Adjustments to reconciie excess (de?ciency) excess of revenues over expenses to net cash provided by (used in) operating activities Depreciation Amortization of deferred mortgage costs increase (decrease) in cash attributable to changes in operating assets and Unit owners' accounts receivabie Prepaid expenses Due from sponsor Accounts payable and accrued expenses Unit owners' accounts prepaid Net cash provided by (used in) operating activities Cash ?ows from investing activities Purchase of furniture, fixtures and equipment Contributions to working capital and reserve funds Net transfers from working capital and reserve funds Net cash (used in) provided by investing activities Cash ?ows used in financing activities Mortgage costs paid Mortgage principal payments Net cash used in ?nancing activities Net increase (decrease) in cash Cash Beginning Ending Snppiemental disciosures of?cash ?ow information Cash paid during the year for Interest Income taxes The accompanying notes are an integral part ofthese financial statements. 2014 2013 Working Capital Operating and Reserve Fund Funds Total Total 63,643 3,963 EB 67,604 $022,709) 19,963 19,963 19,556 1,565 1,565 5,349 (2,446) (2,446) 7,851 (2,194) (2,194) 29,057 (1,689) (1,689) 2,892 2,213 2,213 (30,345) (2,875) (2,875) 10,366 78,180 3,961 82,141 (77,983) (28,177) 1,888 1,888 - 57,372 (57,372) 57,372 (55,484) 1,888 (28,177) (2,055) (2,055) (5,771) (10,698) (10,698) (15,453) (12,753) - (12,753) (21,224) 122,799 (51,523) 71,276 (127,384) 5,460 763,426 768,886 896,270 8 128,259 711,903 55 840,162 8 768,886 10542 5? WW 5 2529 WW Trump Pare East Condominium (A Condominium Association) Notes To Financial Statements Year Ended December 31, 2014 1. Nature of Operations Trump Pare East Condominium (the ?Condominium?) is organized for the purposes of maintaining and preserving common preperty. The Condominium, which is located at 100 Central Park South, New York, New York, consists of 81 residential units and 1 commercial unit which pay their proportionate share of common expenses. The Condominium began its operations on May 13, I998. The building is not re?ected in the ?nancial statements because of the undivided interest thereof. Accordingly, no provision for depreciation of the building has been reflected in the ?nanciai statements. Summary of Signi?cant Accounting Policies Fund Accounting The Condominium uses fund accounting, which requires that funds, such as operating funds and funds designated for future major repairs and replacements, be classi?ed separately for accounting and reporting purposes. Disbursements from the unrestricted Operating fund are generally at the discretion of the Board of Managers and property manager. Disbursements from the working capital and reserve funds generally may be made for designated purposes. The ?nancial statements include prior-year summarized comparative information in total but not by funds. Such information does not include suf?cient detaii to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the Condominium?s ?nancial statements for the year ended December 31, 2013, from which the summarized information was derived. Unit Owners? Accounts Receivable Unit owners? accounts receivable consist of receivables from unit owners for common charges (and other charges) on their condominium unit- Unit owners? accounts receivable do not bear interest, although late charges sometimes will be billed to unit owners with receivables that are past due- Unit owners? accounts receivable are periodically evaluated for collectibility based on the unit owners? past history, their current status, and ?nancial condition. The Condominium does not provide in advance for possible future bad debts, but is on the direct write?off method, recording bad debts when they are deemed to be uncoilectible. The direct write?off method approximates the allowance method. Normaliy coliaterai is not required for unit owners? accounts receivable. Furniture, Fixtures, Equipment and Depreciation Furniture, fixtures and equipment are recorded at cost. Property for which the Condominium does not have titie is not re?ected as an asset of the Condominium. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise diSposed of, the cost of the assets and the related accumulated depreciation are eliminated from the accounts and any gain or toss on. disposition is credited or charged to income. Furniture, ?xtures and equipment are depreciated over an estimated useful iife of 5-7 years using an accelerated method. Superintendent?s Unit and Depreciation The superintendent's unit is recorded at cost (Note Depreciation is provided using the straight~line method over estimated useful. lives, which range from 27 to 40 years- Deferred Mortgage Costs Costs incurred in obtaining mortgage financing are deferred and amortized on a straightdine basis over the life of the mortgage. Trump Parc East Condominium (A Condominium Association) Notes To Financial Statements Year Ended December 31, 2014 Real Estate Taxes The real estate taxes appiicable to the common areas are proportionately billed to, and paid by, each unit owner. Therefore, the ?nanciai statements do not reflect such expenditure in the common area operations other than for the superintendent's apartment, which is owned by the Condominium. Use of Estimates The preparation of ?nanciai statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and and disclosure of contingent assets and liabilities at the date of the ?nancial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 3. Due From Sponsor The sponsor owes the Condominium $14,891 and $13,202 for reimbursement of expenses paid on behalf of the sponsor as of December 31, 20 i4 and 2013, respectively. These amounts were received during 2015 and 2014, respectively. 4. Superintendent?s Unit and Mortgage Payable On May l3, 1998, the Condominium Board purchased Unit 213 on behalf of all unit owners for a purchase price plus closing costs. The Condominium had a mortgage payable with Signature Bank maturing January 1, 2014, which provided for consecutive equal monthiy payments of $2,613. The payments were applied first to interest at the rate of 6.5% per annum and the balance to reduce principai. As of January 1, 2014, the Condominium re?nanced its existing mortgage for a new note in the amount of $232,924 with Signature Bank, which provides for consecutive equal payments of $1,694. The payments are applied ?rst to interest at the rate ot'3.75% per annum and the balance to reduce principal. As a result, a balloon payment of $171,024 will be due at maturity on January 1, 2039. The mortgage has an Option to extend for two additional ?ve year terms extending it to January I, 2029. As outlined in the mortgage note agreement, the Condominium is required to maintain a1} operating and reserve accounts with Signature Bank and establish a tea} estate tax escrow account. The mortgage may be prepaid in whole or in part, at any time, and is subject to prepayment fees. he Condominium has granted Signature Bank a security interest in all deposit accounts maintained with the Bank and in any securities ptedged or assigned to and in the possession of the Bank. The mortgage is collateralized by the superintendent?s unit. Trump Pare East Condominium (A Condominium Association) Notes To Financial Statements Year Ended December 31, 20.14 Interest expense on the mortgage payable amounted to $9,933 and $14,683, for the years ended December 31, 20M and 2013, respectively. Annual principal payments with respect to the new refinanced debt for each of the next five years are as follows: For the Years Ended December 31, 2015 12,087 2016 5 22,532 2017 23,039 2018 3 13,544 201.9 171,024 222,226 5. Working Capital and Reserve Funds The Condominium maintains a working capital fund. The working capital fund may be held or used at any time for working capital, to make repairs, or for any other permitted purposes as determined by the Condominium Board. The Condominium maintains a reserve fund. The reserve fund will be used exclusively for making capital repairs, replacements, and improvements. The sponsor was required to pay, upon the closing of each unit, 3% of the actual sales price of the unit to the working capital fund up to a maximum amount of $946,500. The reserve. fund has been fully funded. The interest which accrues with respect to these funds is retained as part of the funds after a provision is made for the related income taxes. During 20%, contributions to the working capital and the reserve funds were $i,888. During 2014, net transfers from the working capital and reserve funds to the operating fund were $513 72. 6. Concentration of Credit Risk Financial instruments that potentially subject the Condominium to concentrations of credit risk consist principally of cash accounts in ?nancial institutions. Cash exceeding federally insured limits totaled $586,242 at December 31, 2014. 7. Revenues Common charges are based on an annual budget determined by the Board of Managers. Condominium owners are billed based on their respective percentages of common interests. The Condominium retains excess operating funds, if any, at the end of the year, for use in future periods. 8. Income Taxes Condominiums are taxed as either homeowners? associations or regular corporations. For the years ended December 31, 2014 and 2013, the Condominium chose to be taxed as a homeowners? association. Although a homeowners? association is not required to pay a tax attributable to income derived from owners, it is required to report a tax eqnai to 30% of its other income less deductions associated with that income. The Condominium is also subject to New York State Franchise Taxes and New York City General Corporation Taxes, for which provisions have been made. 8 Trump Pare East Condominium (A Condominium Association) Notes To Financial Statements Year Ended December 31, 2014 Generally, the Condominium?s tax returns are subject to examination by ederal, state, and city authorities for a period of three years from the later of either the due date of such returns or the actual date the returns were filed. The Condominium has adopted the authoritative guidance under ASC No. 740 "income ?l?axes" relating to accounting for uncertainty in income taxes. This standard prescribes a more-likely-than-not threshold for ?nancial statement recognition and measurement of a tax position taken by the Condominium. As of December 31. 2014, the Condominium determined that it had no uncertain tax positions which affected its ?nancial position and its results of operations or its cash ?ows and will continue to evaluate for uncertain tax positions in the future. Multiemployer Defined Bene?t Plan The Condominium contributes to a multiemployer de?ned bene?t pension plan under the terms of the collective bargaining agreement that covers its union-represented employees. The risks of participating in a multiernployer plan are different from those ofa single-employer plan in the following aspects: Assets contributed to the multiemployer plan by one employer may be used to provide bene?ts to employees of other participating employers. If a participating employer steps contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Condominium chooses to stop participating in the multiemployer plan, the Condominium may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Condominium's participation in this plan for the year ended December 31, 2014, is outlined in the table below. The ?BIN/Pension Plan Number" column provides the Employer identification Number (EIN) and the three-digit plan number, if applicable. The zone status is based on information that the Condominium received from the plan and is certified by the plan?s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The Status Pending/Implemented" column indicates plans for which a ?nancial improvement plan (HP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective?bargaining agreement to which the plan is subject. Status Pension Protection Pending/ Zone Status Implemented Red as of 7/1/20 14 Yes Pension Pension Fund Plan Number Building Service 328} Pension Fund Expiration Date of Collecrive Contributions from Surcharge Bargaining Pension Fund the Condominium Imposed Agreement Building Service 3213} Pension Fund 36,574 None 4/20/2018 9 Trump Pare East Condominium (A Condominium Association) Notes To Financial Statements Year Ended December 31, 2014 10. 11. The Condominium?s contribution to the Building Service 328] Pension Fund for the plan year ended June 30, 2014, did not represent more than 5 percent of the total contributions to the plan. The Condominium?s contribution for the year ended December 31, 2013, was $45,014. Future Major Repairs and Replacements The Condominium has not conducted a study to determine the remaining usefui lives of the components of common property and current estimates of costs of major repairs and replacements that may be required in the future. The Board plans to fund those needs by applying the funds set aside in reserve as described in Note 5. When additional replacement funds are required to meet future needs for major repairs and replacements, the Condominium has the right to increase regular assessments, pass special assessments, or delay major repairs and replacements until funds are available- The effect on future assessments has not been determined at this time. Related Party Transactions a) The Condominium is managed by The Trump Corporation. The Trump Corporation is owned by the owner of the sponsor. Included in administrative expenses is the management fee paid for each of the years ended December 31, 2034 and 2013, in the amounts of $100,000 and $95,000, respectively. This agreement expires on December 3 20} 6, and calls for management fees as foliows: For the Years Ended December 3 l, 2015 305,000 2016 1 10,000 All funds maintained by the agent on behalf of the Condominium are maintained in special accounts and are not co~mingled with other funds collected by the agent as agent for others. b) Of the Condominium units discussed in Note 1, the sponsor owned eighteen residential units and one commercial unit at December 31, 2014. Revenue received from the sponsor for the years ended December 2014 and 2013, amounted to $372,021 and $389,722, reSpectively. These amounts represent approximately 21% and 22% of common charges and utility usage charges for each of the years ended December 31, 2014 and 2013. c) Included in revenues are residential common charges on the superintendent's unit. For each ofthe years ended December 31, 2014 and 2013, these common charges amounted to $20,092. Subsequent Events The Condominium has evaluated subsequent events through December 2, 2015, the date the financial statements were available for issuance. 10 Trump Pare East Condominium (A Condominium Association) Supplementary Information Year Ended December 31, 2014 (With Comparative Totals for the Year Ended December 31, 2013) Administrative expenses Management fee Legal fees Audit fees Professional fees Of?ce and supplies Telephone Computer payroll Other Operating expenses Electric and gas Fuel - steam Water and sewer Lobby Uniform Superintendent's unit: Common charges and utilities Reai estate taxes Garage rent Other Repairs and maintenance Elevator Plumbing Metal HVAC system Cleaning suppiies Electric and telecommunications systems system Repair material and supplies Fire and security systems Exterminating Marble Other 2014 2013 Working Capital Operating and Reserve Fund Funds Total Total 100,000 8 100,000 95,000 11,037 11,037 4,025 21,000 21,000 20,000 4,145 4,145 623 2,392 2,392 2,222 5,259 5,259 6,059 6,276 6,276 7,712 3,178 3,178 3,121 153,287 8 315 153,287 $138,762 121,884 121,884 $120,490 148,847 148,847 162,624 36,489 36,489 33,556 7,864 7,864 28,790 11,039 11,039 3,393 21,666 21,666 21,613 6,120 6,120 5,412 7,103 7,103 7,103 6,265 6,265 7,530 35 367,277 - 367,277 390,511 29,792 8 29,792 138,309 24,846 24,846 12,498 6,421 6,421 5,343 10 10 1,027 7,106 7,106 7,316 6,170 6,170 7,939 1,289 1,289 3,718 32,418 32,418 9,154 2,286 2,286 2,036 3,920 3,920 3,593 146,897 146,897 206,571 8 261,155 8 - 8 261,155 8 397,504 com . weasermazars 0 I 5 I 8 PAGE: 1 REPORT FORMAY ACCOUNT ORDER 304 CPS LLC, YRUMP E93, LLC, NEW YORK., NY, 10019 DATE: 3/ 3/2016 LEASE BASE ROOM ACCT N0 UNIT EAME EXPIRES CHARGE SECURIIY SIZE TYPE DESCR 304-002 2A 06/30/01 1625.70 .00 000000 304-008 4A 05/31/16 1754-23 1753.96 000000 3 304-026 11A 06/30/16 1695.11 1695.11 000000 304-058 138 05/31/16 1700-25 1700.2? 000000 3 304?064 3C VACANT -00 1.00 304-000 41: 05/31/17 1352.46 1352.46 000000 3 300-092 50 05/31/10 1550.14 1527.33 000000 5 300090 70 *1 VACANT .00 1.00 304-100 90 05/31/16 1648.22 1040.25 000000 5 304-104 110 VACANT .00 .00 304-120 55 05/31/16 034.42 034.45 000000 5 304-132 05 05/31/10 770.04 770.34 000000 5 304~168 9F VACANT .00 .00 304-172 111 05/31/10 909.19 909.19 000000 5 300100 30 05/31/10 955.75 935.75 000000 3 304-208 95 *1 vac/1m .. .00 1.00 300~220 13G VACANI .00 1.00 304-222 140 06/30/00 1433.45 .00 000000 304-225 LAUNDRY .00 .00 LAUNDRY 001101110 10m 19 APARTMENTS 16302.96 13311.11 NJ AQTFRESK A TFNMIT NAMF INDICAYFS A VACANCY 01? HEN TENAHT PENDING The undersigned certifies that this Rent Roll is true and accurate. ??ithmary Schic edanz Account Executi? EXHIBIT CONDOMINIUM BUDGET 2016 income Maintenamelrent Income 4010?! INCOME 40155 COMMERCIAL SPACE INCOME 40503 WATER AND SEWER INCOME 40000 EXCESS OPERATING CASH 40504 ELECTRIC INCOME Total Maintenanceirent Income Other Income 41002 OTHER INC-LATE FEESSINT CHG 41003 OTHER INC-LEGAL FEES 41004 OTHER INC-INT COOP a. BONDS 41005 OTHER INC-INT RESIWORKING CAP 41040 OTHER INC-ADMIN FEES Totai Other Income Prooessing Fee Income 43001 INVESTIGATION FEE 43015 MOVE-IN FEE Total Processing Fee Income Total Income Disbursements Payroii Expenses 50100 PAYROLL 51522 328J TRAINING BENEFIT 51513 32 BJ ANNUITY BENEFIT 51514 32 BJ PENSION BENEFIT 51516 32BJ WELFARE BENEFIT 51524 32BJ LEGAL FUND 53004 FICA EXPENSE 53005 PAYROLL TAX EXPENSESUI 53011 PAYROLL TAX EXPENSE-F01 53013 DISABILITY INSURANCE 53020 NY METRO TAX ER Totai Payrolt Expenses Administrative Expenses 51502 COMPUTER PAYROLL EXPENSE 51505 LEGAL EXPENSE 51506 AUDITING 51507 DUES SUBSCRIPTIONS 51503 OFFICE EXPENSE a. SUPPLIES 51509 51510 TELEPHONE TELEX 51511 MANAGEMENT FEES AND EXPENSES 51520 BANK CHARGES 51540 CABLE TV, Totat Administrative Expenses Operating Expenses 50200 INSURANCE EXPENSE 51000 INTEREST ON MORTGAGE 51519 ELECTRIC SUB-METERING EXPENSES 53015 WORKERS COMP INSURANCEEXPENSE 52001 SUPERTNTENDENTS ELECTRIC 52002 SUPERINTENOENTS APARTMENT 52004 FUEL STEAMIGAS 52005 WATER AND SEWER CHARGES 52005 WALKIE TALKIES 52007 ELECTRICITY USAGE EXPENSE 52008 FUEL GAS 52009 UNIFORM EXEENSE 52010 MISCELLANEOUS OPERATING EXP 52021 FUEL OIL 52022 AUTO EXPENSES 52024 CHRISTMAS EXPENSE 52030 ENTERTAINMENT 1,655,646.41 43.715304 20.00000 86.49200 95,195.82 1,912,089.27 500.00 0.00 5.00000 5.00000 7,000.00 17,500.00 3.000. 00 0.00 3,000.00 1.932,589.27 589.890.00 1.36516 5,720.00 58,773.00 1?3.301.40 2,195.15 45.13000 3,030.00 T0000 343.20 0.00 881,034.00 4,500.00 5,000.00 21,000.00 1,000.00 2.00000 1.000013 ?,000.00 110,000.00 0.00 1,500.00 153,000.00 106,337.17 6,000.00 26,149.54 2.00000 20,400.00 166392.00 50,000.00 1,500.00 141.316.0131 6,381.00 6.00000 2.00000 0.00 7,200.00 3.500010 600.00 52040 52048 52052 52058 52050 52080 FLOWERS ESTATE TAXES CLEANING COMPUTER SERVICES INVESTIGATION FEE EXPENSE FIRST AID Totat Operating Expenses Disbursements Repairs And Maintenance 52500 52502 52503 52504 52505 52506 5250? 52508 52510 52513 52514 52515 52516 52518 52519 52520 52521 52522 52524 52525 52525 52527 52528 52530 52531 52544 52546 52548 52558 52561 52606 52609 52611 REPAIRS AND MAINTENANCE PAINTING SUPPLIES APPLIANCE EQUIPMENT REPAIRS HARDWARE SUPPLIES REPAIRS MATERIALS 8. SUPPLIES PLUMBING REPAIRS MATL SUP ELECTRIC REPAIRS 8 SUPPLIES RUBBISH REMOVAL ROOF REPAIRS LOBBY EXPENSE MARBLE MAINTENANCECONTRACT INIOUT METAL MAINT: CONTRACT HVAC MAINTENANCE LOCKS DOORS REPAIR FIRE Es SECURITY SYSTEM TIME RECORDER ELEVATOR CONTRACT EXTERMINATING SIGNS MISCELLANEOUS MAINT. LOCAL LAW 11 CLEANING SUPPLIES ELEVATOR REPAIRS WINDOW REPAIRS EQUIPMENT RENTAL 8? EXPENSES LANDSCAPINGISNOW REMOVAL PAINTNG AND DECORATING SECURITY EQUIPMENT SPRINKLER SYSTEM MAINTENANCE WOOD MAINTENANCE CARPETMIALL COVERING IAO TESTING REMEDIATION Total Repairs And Maintenance Other Disbursements 53001 53002 53003 57000 22500 53006 FEDERAL TAX STATE FRANCHISE TAX CITY CORPORATION TAX PROFESSIONAL FEES MORTGAGE PAYABLE LICENSES AND PERMITS Total Other Disbursements Total Disbursements 52023 RESERVE FUND CONTIGENCY Total Disbursements 8. 50000 205.00 1 . 000.00 1 25,400. 00 3000.00 2.00000 1,500.00 5,000.00 12.99502 0.00 24.09502 1,756,899.27 1 75.6sa.on 1,932,589.27 EXHIBIT FLOOR PLAN 04/05/16 2? Hus? n' a" ERIMNQ RESIDENCEQEZQ 1020 SQ FT 2 Bedrooms .2 Ballrooms Living Room Dining Room eazdrsa?w?? I I l- EN 8 EDRDO How 5 TELuodeIc East Coodomz?m?mn 200 Comm] Panic South New York, New Yoz'k AH donsnsions are 3p :roximme 3m: are based on a ?eld Byway ofavisrmg (gondiijoos, Io norm} communion variances and Iofcranccs. Sguwrc ?miago cxcea rho usable ?oor area and :ncludcs cokunos, mscheumro! pth? 5mm, sfxu?nvays, 611336 no ys and oiher common siemems {as app?cabc). Sponsor reserves foe r1311! Io make changes an meadows Both we {6sz of the P339. 1208 Northern Maobossct, New York {1030