S. FINDER & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS NEW JERSEY NEW YORK SEYMOUR FINDER, C.P.A. (N.J. & N.Y.) 185 ENGLE STREET, SUITE A ENGLEWOOD, N. J. 07631-2409 HELEN K. dNa, C.P.A. (N.J. & N.Y.) (201) 569-9595-6 FAX (201) 569-2314 INDEPENDENT AUDITOR'S REPORT To the Board of Trustees Bronxwood Home for the Aged, Inc. Bronx, NY We have audited the accompanying statement of financial position of Bronxwood Home for the Aged, Inc., (a non-profit organization), as of September 30, 2010, and the related statements of activities and cash flow for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on these financial 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material aspects, the financial position of Bronxwood Home for the Aged, Inc.'as of September 30, 2010, and its changes in net assets and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplementary Schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Englewood, N.J. January19, 2011 Page 1 of 8 Pages BRONXWOOD HOME FOR THE AGED, INC. STATEMENT OF FINANCIAL POSITION SEPTEMBER 30,2010 I ASSETS Cash and cash equivalents Investments Accounts receivable Prepaid expenses Deposit Fixed assets Exchange TOTAL ASSETS LIABILITIES Accounts payable and accrued expenses Payroll taxes payable Deferred income TOTAL LIABILITIES NET ASSETS Unrestricted $3,073,372.35 5,744,449.20 2,057,855.34 169,376.79 87,000.00 4,916,378.98 46,334.00 ------------------$16,094,766.66 $1,458,202.18 1,886.02 43,825.14 $1,503,913.34 14,590,853.32 $16,094,766.66 SEE ACCOMPANYING NOTES Page 2 of 8 Pages BRONXWOOD HOME FOR THE AGED, INC. STATEMENT OF ACTIVITIES YEAR ENDED SEPTEMBER 30, 2010 REVENUES EXPENSES $13,139,705.53 CHANGE IN NET ASSETS 12,976,453.16 163,252.37 NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF YEAR 14,427,600.95 $14,590,853.32 SEE ACCOMPANYING NOTES Page 3 of 8 Pages BRONXWOOD HOME FOR THE AGED INC. STATEMENT OF CASH FLOWS YEAR ENDED SEPTEMBER 30, 2010 CASH FLOWS FROM OPERATING ACTIVITIES: Increase in net assets Adjustment to reconcile increase in net assets to net cash provided by operating activities: Depreciation Uncollectable receivable (Increase) decrease in operating assets Accounts receivable Prepaid expenses Deposit Exchange Increase (decrease) in operating liabilities Accounts payable and accrued expenses Payroll taxes payable Deferred income $163,252.37 $236,764.05 (103,215.44) 237,866.29 67,215.49 (87,000.00) 46,774.24 605,108.00 (1,013.98) (12,312.46) 990,186.19 NET CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in certificates of deposit Investment - puchase of life insurance policy Proceeds from redeemed certificate of deposit Decrease in loan receivable - charitable organization Acquistions of fixed assets (1,529,420.54) (1,700,000.00) 251,416.05 900,000.00 (1,003,638.83) (3,081,643.32) NET CASH USED BY INVESTING ACTIVITIES NET DECREASE IN CASH AND CASH EQUIVALENTS BEGINNING CASH AND CASH EQUIVALENTS ENDING CASH AND CASH EQUIVALENTS 1,153,438.56 (1,928,204.76) 5,001,577.11 $3,073,372.35 SEE ACCOMPANYING NOTES Page 4 of 8 Pages BRONXWOOD HOME FOR THE AGED, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: NATURE OF ACTIVITIES: Bronxwood Home for the Aged, Inc. is an operator of a 320 bed adult care facility of which 160 beds are designated to a licensed assisted living program in the Bronx, New York. They also provides licensed home care services in the Bronx, Brooklyn, Queens, Manhattan and Nassau County. BASIS OF ACCOUNTING: The accompanying financial statement has been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. CASH & CASH EQUIVALENTS: All highly liquid investments purchased with maturities of three months or less are considered cash equivalents. FIXED ASSETS: The organization follows the practice of capitalizing, at cost, all major acquisitions of fixed assets. Provisions for depreciation are computed on a straight-line method based on the assets estimated service lives as follows: Building Building & Land Improvements Furniture and Equipment Automobiles 30 & 40 years 5,10 and 27.5 years 3, 5 and 7 years 5 years ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. INCOME TAXES: Bronxwood Home for the Aged, Inc. is exempt from federal income taxes under section 501(c)(3) of the Internal Revenue Code because they are an organization described in Section 509(a)(2), and therefore has made no provision for federal and state income taxes in the accompanying financial statements. NOTE 2- CASH & CASH EQUIVALENTS: Cash and cash equivalents at September 30, 2010 are comprised of the following: Checking Accounts Money Market Accounts Cash on Hand $2,003,394.95 1,069:477.40 500.00 $3,073,372.35 Page 5of8 Pages I2 i BRONXWOOD HOME FOR THE AGED, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 3- INVESTMENTS Investments at September 30, 2010 consisted of the following: $4,044,449.20 Certificates of Deposit (CD) with maturity dates from January 20, 2011 to August 26, 2011 1,700,000.00 Life insurance policy Face value of $6,000,000. $5,744,449.20 NOTE 4- CONCENTRATION OF CREDIT RISK The organization maintains several accounts and investments at thirteen banks. The accounts and certificates of deposit at these institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Cash at twelve of these institutions exceeded federally insured limits. The amount in excess of the FDIC limits totaled $2,363,474.87 as of September 30, 2010. NOTE 5- ACCOUNTS RECEIVABLE Accounts receivable at September 30, 2010: Operating receivables Allowance for doubtful collections $2,009,521.25 11,183.19 1,998,338.06 59,517.28 Other receivables $2,057,855.34 NOTE 6- FIXED ASSETS As of September 30, 2010, fixed assets were composed of: Cost Land and Buildings Buildings & Land Improvements Furniture & Fixtures Transportation Equipment Accumulated Depreciation Net Book Value $6,611,219.88 1,621,023.40 1,097,584.37 150,553.00 $3,678,840.36 359,461.81 477,453.60 48,245.90 $2,932,379.52 $1,261,561.59 $620,130.77 $102,307.10 $9,480,380.65 $4,564,001.67 $4,916,378.98 Bronxwood Home for the Aged, Inc. adult care facility is being renovated.. These expenditures are included in Building Improvements and Furniture & Fixture. For the current year the organization has expended $800,047.83 towards the renovation. NOTE 7- REVENUE Bronxwood Home for the Aged, Inc. has entered into three agreements licensing its office space. The terms of the agreements are for a period of one year and can be automatically renewed for additional one year periods. However, these agreements may be terminated by either party by giving 30 days prior notice to the renewal date on two of the agreements and 60 days prior notice on the third. Fee income for the next five years is as follows: 9/30/11 Thereafter $37,686.64 0.00 $37,686.64 Page 6 of 8 Pages BRONXWOOD HOME FOR THE AGED, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 8- EQUIPMENT & AUTO LEASING The organization entered into an equipment lease on September 26, 1977 for twenty years. This lease was extended for two additional 5 year periods. The last extension agreement expired on September 26, 2007. On June 3, 2010 the lease was extended to April 1, 2011. Bronxwood has also entered into seven other shorter leases. These leases are for equipment and autos. The leases will expire from October 25, 2010 to January 4, 2015. . Lease payments for the next five years are: 9/30/11 9/30/12 9/30/13 9/30/14 9/30/15 Thereafter 53,264.04 22,212.16 7,725.88 6,359.88 1,589.97 0.00 $91,151.93 NOTE 9- MANAGEMENT FEES On May 1, 2000 Bronxwood Home for the Aged, Inc. entered into a management agreement with Bronxwood Management, LLC. This agreement was for a one year period commencing on May 1, 2000 and terminating on April 30, 2001, and renewable from year to year thereafter unless sooner terminated by either party. On June 3, 2010 the Board extended the agreement to December 31, 2010. The terms of the agreement specifics a minimum and maximum fee based on a preset formula. NOTE 10 - RELATED PARTY TRANSACTIONS The principals of the management company (Bronxwood Management, LLC) have a family relationship with the principals of L & D Leasing Co. and YSC, LLC. Bronxwood Home for the Aged, Inc. leases equipment and furniture from L & D Leasing Co. for $52,000 per year. YSC, LLC has a license for office space with an annual rental of $21,840. Two employees of the organization are related to a member of the management company. NOTE 11 - SUBSEQUENT EVENTS Office of Medicaid Inspector General (OMIG) instituted an examination, which covered 2006 and 2007, beginning in May 2008. They did not issue a draft audit report until November 2009. OMIG is claiming that Bronxwood must repay $7.6 million, which they received from Medicaid in 2006 and 2007, based on a statistical analysis. Bronxwood submitted a response to OMIG challenging their findings in the draft report. Bronxwood has been named in a lawsuit pertaining to insurance premiums under a self-insured trust plan and the organization has counter sued. At the September 14, 2010 board meeting, the Directors approved the purchase of a seventeen (17) bed assisted living program license and assets for $870,000. This purchase will increase Bronxwood's capacity to one hundred seventy seven (177) bed assisted living program. Page 7 of 8 Pages SUPPLEMENTARY INFORMATION A BRONXWOOD HOME FOR THE AGED, INC. SUPPLEMENTARY SCHEDULE TO STATEMENT OF ACTIVITIES YEAR ENDED SEPTEMBER 30, 2010 REVENUES Operating Activities Sundry Income Building - Rent Income TOTAL REVENUE EXPENSES Payroll & Related Costs Management Fees Contracted Staff Food Insurance Electric, Gas and Fuel Water Equipment Leasing Rent Advertising-Promotion Public Relations Repairs and Maintenance Kitchen Supplies Telephone Laundry and Linen Uniforms Contributions Professional Fees Aide Recuitment & Background Checks Supplies Auto and Travel Housekeeping Supplies Office Supplies Res. Entertaining & Recreation Cable TV Uncollectable Receivables Assoc. Dues & Subscriptions Miscellaneous Assisted Living Expense Building Expense Depreciation TOTAL EXPENSE $12,994,981.93 143,598.60 1,125.00 $13,139,705.53 $6,891,787.59 800,000.00 14,205.50 568,316.16 450,651.24 294, 554.02 334.24 62, 940.69 13,421.30 118,124.19 6,967.54 172,106.89 48,444.52 46,137.08 42,697.38 7,417.41 1,850,000.00 340,503.12 46,432.96 8,035.65 39,190.15 157,862.41 220,118.23 97,610.11 1,951.88 208,544.50 14,143.33 75,704.59 149,346.80 44,991.96 183,911.72 $12,976,453.16 SEE ACCOMPANYING NOTES Page 8 of 8 Pages . A BRONXWOOD HOME FOR THE AGED, INC. STATEMENTS OF REVENUES AND EXPENSES for the year ended September 30, 2010 TOTAL REVENUES Resident Car. Fees Assisted Living Assisted Living Spend-down QUIP LHCSA-Sch.dul. E Sundry Income Building -Rent Schedule F Total Revenues EXPENSES Payroll & Related Costs-Schedule A Payroll & Related Costs-Schedule B Employees Rent Management Fees Food Insurance Electric, Gas and Fuel Water Equipment Leasing Advertising-Promotion Repairs and Maintenance Kitchen Supplies Telephone Laundry and Linen Uniforms Contributions Professional Fees Auto and Travel Housekeeping Supplies Office Supplies Res. Entertaining & Recreation CabIeTV Uncoilectible Receivables Assoc. Dues &Subscriptions Miscellaneous Alp LHCSA-Schedule E Building -Schedule F Total Expenses OCT NOV JAN FEB MAR APR MAY JUN JUL AUG SEP $3,855,60510 $309,988.12 $313,873.83 $324,134.58 $310,956.90 $286,915.71 $372,123.56 $315,030.00 $320,329.70 $318,601.03 $320,775.30 $326,189.48 3,976,217.46 342,787.65 329,080.26 344,446.32 343,467.15 300,370.58 324,432.44 316319.48 319702.48 309,799.52 340,908.57 343,353.23 12,979.95 1,950.98 959.27 1,003.27 1,003.27 1,003.27 1,003.27 1,003.27 1,003.27 1,003.27 1,009.27 1,010.27 0.00 0.00 0.00 0.00 0.00 0.00 142,485.48 0.00 0.00 0.00 0.00 0.00 5,150,179.42 424,372.46 427,201.43 441,708.35 447,121.65 412,600.28 442,110.06 428,456.20 428,636.76 421,799.19 420,264.86 428,140.53 143,598.60 17,170.61 7,716.10 18,335.83 6,450.31 13,222.83 16558.66 6,620.90 18,896.66 7,159.58 6,976.08 10,126.12 4,820.00 58,965.00 4,820.00 4,820.00 5,045.00 4,820.00 4,820.00 4,820.00 4,820.00 5,720.00 4,820.00 4,820.00 $336,686.89 361,549.78 1,027.27 (142,485.48) 427,767.65 14,364.92 4,820.00 13,197,545.53 1,101,089.82 1,083,650.89 1,139,861.65 1,108,630.98 1,018,932.67 1,303,533.47 1,072,249.85 1,081,651.79 1,075,819,67 1,094,754.08 1,113,639.63 1,003,731.03 2,247,863.15 344,496.91 5,771.30 800,000.00 568,316.16 336,045.17 273,670.26 0.00 57,692.08 77,861.06 172,106.89 48,444.52 14,398.97 42,697.38 7,417.41 1,850,000.00 339,863.80 38,867.03 146,179.81 91,446.23 97,610.11 1,951.88 72,601.32 9,760.00 14,839.08 149,346.80 5,013,368.10 44,991.96 180,596.68 30,210.60 1,020.00 66,666.67 52,322.19 25,035.22 16,247.11 0.00 4,692.34 3,775.00 23,423.25 6,315.36 1,726.35 3,986.62 762.75 0.00 14,424.61 1,919.57 16,060.63 5,848.32 5,185.74 79.99 0.00 - 813.33 322.21 13,456.49 393,926.13 4,272.12 183,733.29 26,041.33 1,460.00 66,666.66 42,519.31 25,035.67 20,525.35 0.00 4,750.34 485.00 9,050.15 5,218.36 1,215.04 2,981.22 206.50 0.00 28,831.92 1,676.33 13,167.05 5,544.83 4,484.96 79.99 0.00 813.33 1,209.44 11,516.45 408,175.85 4,272.12 217,499.77 28,492.15 1,460.00 66,666.67 50,447.21 43,661.67 9,348.64 0.00 4,692.34 1,590.56 12,778.53 3,740.30 1,012.43 2,816.77 791.91 150,000.00 55,914.85 (4,839.43) 12,380.29 4,768.00 13,162.21 79.99 (3,769.73) 813.33 1,972.63 20,257.70 438,980.82 4,272.11 12,867,607.38 - 873,089.28 869,660.49 1,138,991.72 213,990.40 869.93 Increase/Decrease Before Depreciation 329,938.15 228,000.54 Depreciation-Schedule D 166,685.78 11,899.53 INCREASEIDECREASE IN NET ASSETS DEC 12,127.88 - 12,600.04 183,374.22 25,185.87 1,240.00 66,666.67 39,180.25 25,237.39 47,801.23 0.00 4,877.34 19,949.00 12,838.84 1,029.49 955.85 4,267.45 151.45 0.00 44,577.41 2,794.29 9,884.80 3,295.39 3,770.04 79.99 0.00 813.33 1,891.75 12,245.43 417,555.80 4,094.77 167,573.58 26,391.00 200.00 66,666.66 39,579.18 25,223.22 30,061.60 0.00 4,802.34 3,834.50 15,022.95 5,287.80 1,241.34 3,272.17 0.00 350,000.00 47,330,59 4,091.69 11,519.89 5,156.06 5,633.18 83.99 0.00 813.33 648.81 20,699.52 360,433,09 4,094.77 184,426.06 29,608.05 (690.80) 66,666.67 56,196.34 25,209.29 23,530.98 0.00 4,949.60 0.00 11,727.55 5,041.54 1,528.20 2,831.18 0.00 0.00 2,038.00 1,938.29 10,767.38 7,964.95 7,664.97 83.99 54,111.00 813.33 3,347.05 11,138.65 412,263.74 4,082.72 178457.06 27,917.83 2,051.50 66,666.67 39,470.22 25,218.47 17,432.06 0.00 4,692.34 400.00 7,340.16 2,699.44 1,149.83 3,057.12 89.75 0.00 3,804.20 840.08 16,773.00 10,319.13 9,658.37 1,043.99 0.00 813.33 3,764.51 10,447.63 394,568.27 3,905.96 197,211.86 30,321.55 49.20 66,666.66 46,310.50 25,374.47 19,050.96 0.00 4,910.08 7,556.00 11,442.07 3,189.29 922.80 4,172.86 1,165.23 0.00 29,780.82 2,313.65 11,873.39 15,603.35 11,159.25 83.99 0.00 813.33 2,267.28 3,359.48 420,280.76 3,905.96 927,236.73 832,580.92 919,784.79 1,253,896.38 174,872.93 (180,728.59) 376,296.74 239,668.93 161,867.00 (178,076.71) 162,994.34 933,758.05 1,199,661.26 11,714.57 13,117.25 14,117.10 12,621.89 12,693.52 187,387.69 30,304.77 (390.80) 66,666.67 47,686.17 24,720.32 21,512.54 0.00 4,802.34 14,560.00 21,471.18 4,981.71 1,281.99 3,239.83 174.99 350,000.00 29,127.15 2,285.09 14,855.94 4,073.14 8,243.35 83.99 6,045.39 813.33 2,174.97 10,772.65 393,241.03 3,780.95 14,387,50 196,038.43 31,367.12 (228.50) 66,666.67 47,581.15 24,720.32 29,943.78 0.00 4,970.34 0.00 17,532.34 5,263,65 1,783.89 4,128.69 0.00 0.00 28,751.86 1,938.42 7,426.54 14,981.84 14,488.69 83.99 0.00 813.33 1,096.59 10,405.35 420,635.95 1,369.30 187,471.78 28,502.73 (170.80) 66,666.66 51,722.65 22,090.16 24,027.42 0.00 4,692.34 7,280.00 17,240.76 2,691.26 1,085.13 3,922.38 3,440.80 0.00 49,926.86 22,174.57 10,549.70 4,249.31 6,804.31 83.99 0.00 813.33 763.33 12,613.70 422,094.00 3,530.96 184,092.73 30,153.91 (228.50) 66,666.67 55,300.99 44,518.97 14,188.59 0.00 4,860.34 18,431.00 12,239.11 2,986.32 496,12 - 4,021.09 634.03 1,000,000.00 5,355.53 1,736.48 10,921.20 9,641.91 7,355.04 83.99 16,214.66 813.37 (4,619.49) 12,433.75 531,212.66 3,410.22 931,759.74 954,267.33 2,032,920.69 14,915.35 159,372.30 (1,029,189.66) 18,097.29 18,393.86 $163,252.37 $216,101.01 $201,862.52 ($11,730.11) $163,158.36 ($193,845.84) $362,179.64 $227,047.04 $149,173.48 ($192,464.21) $148,078.99 $141,275.01 ($1,047,583.52) CENSUS DAYS 97,998 8,387 8,077 CENSUS DAYS -ALP 51,837 4,265 4,155 CENSUSDAYS -ALPNET 48,977 4,066 3,945 - 8,407 8,402 7,445 8,065 7,829 8,145 7,958 8,323 8637 8323 4,387 4,397 3,931 4,264 4,168 4.327 4,225 4,454 4,649 4,615 4,157 4,164 3,723 4.041 3,951 4,013 3.985 4,252 4,427 4.253 "Restricted for Management's Use Only" •'.'.c".° ':. SCHEDULE TO STATEMENT OF ACTMTIES for the year ended September 30, 2010 TOTAL RESIDENT-PAYROLL & RELATED COSTS - SCHEDULE A Administration $160,752.27 101,408.26 Office 35,377.73 Reception 361,180.28 Kitchen Waitresses 165,801.12 436,514.67 Resident Care 110,409.35 Chambermaids 191,144.59 Porters 94,984.67 Maintenance 43,118.25 Laundry 55,004.34 Recreation 70,34428 Outreach Case Management 51,108.84 Payroll Expenses Payroll Taxes Employee & Union Welfare Payroll & Related Coat . Schedule A OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP $13,566.75 6,844.99 1,756.13 31,438.43 11,183,47 32,325.35 13,031.66 14,888.91 7,303.54 3,380.85 3,410.05 11,252.95 4,397.14 $13,129.12 $14,581.46 6,625.74 13,661.26 1,901.59 1,959.32 33,204.73 32,525.43 12,545.10 15,254.03 37,044.86 41,649.16 15,390.92 13,210.49 14431.10 15543.44 7,335.19 29,769.98 2,808.35 3929.07 1,794.91 1,875.28 10,924.33 11,052.71 4,261.43 4,640.27 $13,566.75 $12,253.84 $13,566.75 13,485.24 6,151.46 6,767.60 2,991.47 3,189.33 3,936.96 26,071.01 24,581.06 28,452.20 13,075.88 13,439.76 15,212.64 36,740.66 32,238.78 35,674.71 11,510.04 11,708.69 14,432.39 16,279.20 14,714.32 15.977,90 6,256.31 5,671.75 6,336.45 3,835.69 4,166.47 3,868.40 4,368.23 5,040.76 5,391.99 4,569.42 3,809.60 4,218,10 4,207.14 3,990.00 4,315.72 $13,129.11 6,821.44 3,559.18 27,597.33 13,960.74 33,177.40 14,497.64 14,239.94 4,717.19 3,771.03 5,32024 3,700.42 4,152.86 $13,566.75 13,507.07 3,561.89 32,652.42 14,898.48 36,748.91 15,323.96 16,354.49 5,409.13 3,626.69 5,568.52 4,217,77 4,261.42 $13,129.12 7,527.50 3,974.91 30,410.10 14,360.69 38,449.96 15,102.00 16,333.22 5,225.43 3,458.52 5,497.59 4,081,72 4,207.15 13,566.75 6,749.92 2,448.15 31,970.42 14,267.55 38,864.63 16,639.40 19,088.13 5,764.28 3,349.90 5,745.86 4,217.77 4,397.14 $13,566.75 $13,129.12 6,748.74 6,517.30 2,658.61 3,440.19 33.921,86 28,355.29 14,228.32 13,374.46 36,816.37 36,783.88 14,538.05 15,024.11 16,779.25 16,514.69 5,869.71 5,325.71 3,406.47 3,516.81 5,497.58 5,493.33 4,217.77 4,081.72 4,207.14 4,071,43 1,937,148.65 154,780.22 161,397.37 199,651.90 156,957.04 140,955.82 158,151.81 148,644.52 169,697,50 161,757.91 167,069,90 162,456.62 155,628.04 184,819.21 125,895.29 14,424.52 11,391.94 18,022,87 11,789.67 14,747.13 12,767.23 13,351.33 12,278.45 16,55326 12.41527 $2,247,863.15 11,548.48 10,787.44 22,983.08 (5.13521) 16,054.75 10,362.43 14,828.09 11,789.67 15,089.08 11,185.17 12,599.89 12,41527 .14,616.73 13,847.96 $180596.68 $183,733.29 $217,499.77 $183,374.22 $167,573.58 $184,426.06 $178,457.06 $197,211.86 $187,387.69 $196,038.43 $187471.78 $154,092.73 97,998 8,387 8,077 8.407 ALP-PAYROLL & RELATED COSTS - SCHEDULE B Assisted Living $314,491.91 30,005.00 Payroll Taxes $27,635.18 2,575.42 $24,346.61 1,694.72 $25,416.60 3,075.55 $22,845.11 $23,897.56 $27,023.24 2,340.76 2,493.44 2,584.81 $24,931.94 $27,883.72 $27,961.93 $28,542.38 2,985.89 2,437.83 2,342.84 2,824.74 $26,446.05 $27,561.59 2,056.68 2,592.32 $344,496.91 $30,210.60 $26,041.33 $28,492.15 $25,185.87 $26,391.00 $29,608.05 $27,917.83 $30,321.55 $30,304.77 $31,367.12 $28,502.73 $30,153.91 51.837 4,265 CENSUS DAYS Payroll & Related Coat - Schedule B CENSUS DAYS -ALP LHCSA-PAYROLL & RELATED COSTS-SCHEDULE C $2,963,610.06 LHCSA Office 600,227.89 Registered Nurses 284,120.35 Physical Therapy 81.57 398,312.19 Payroll Taxes 53,075.47 Employee & Union Welfare Payroll & Related Cost - Schedule C DEPRECIATION -SCHEDULED Depreciation - Building Depreciation - Furniture & Fixtures DeprecIation . Bldg. Improvements Depreciation -Land Improvements Depreciation -Automobile $4,299,427.53 4,155 4,387 $0.00 7,631.10 3,482.05 278.13 736.60 $0.00 7,942.16 3,643.15 278.13 736.60 $166,685.78 $11,899.53 $12,127.86 $12,600.04 97,998 8,387 8,077 LHCSA-DEPRECIATION - SCHEDULE 02 Depreciation . Furniture & Fixtures $17,225.94 $1,521.30 SCHEDULE D3 BUILDING & LAND IMPRVMTS -DEPREC. Depreciation - Building Depreciation -Land Improvements Depreciation - Bldg. Improvements $28,826.73 3,125.00 610.00 $32,561.73 Total Depredation - Schedule D3 3.931 8.065 4,264 7,829 4,168 8,145 4,327 7,958 4,225 8,323 4.454 8,637 4,649 8,323 4,615 $346,069.58 $354,719.49 $374,497.23 $373,905.75 $339,022.76 $361,164.60 $357,725.82 $357,066.21 $342,770.63 $369,365.60 $356,133.39 $366,966.50 $0.00 7,420.65 3,464.15 278.13 736.60 CENSUS DAYS 4,397 7,445 $245,464.55 $251,286.33 $259,283.50 $263,975.67 $235,603.21 $246,660.24 $240,078.73 $245,979.24 $236,511.68 $246,939.77 $244,838.13 $247,049.01 46,890.30 53,553,85 48,350.09 51,205.23 44,431.06 49,254.01 47,683.15 48,885.58 49,292.97 54,302.36 53,115.41 53,263.88 20,516.66 18,506.49 18,299.25 24,061.66 21,512.81 22,953.80 24,862.76 26,699.52 25,863.47 26,824,51 26,500.23 27,519.19 16.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 65.00 0.00 0.00 0.00 30,609.50 26,957.59 41,43728 33,246.36 33,203.71 38,084.58 40,677.62 26,633.66 31,098.02 36,801.09 26,918.99 32,643.79 2,591.97 4,415.23 4,271.97 4,271.97 4,271,97 4,271.97 4,423.56 4,403.85 4,497.87 4,403.85 4,760.63 6,490.63 $0.00 104,746.30 51,541.98 3,337.50 7,060.00 Total Depreciation . Schedule 8,402 $0.00 8,284.22 3,928.70 278.13 (776.48) $3.00 8,472.92 4,007.87 278.13 358.33 $0.00 9,250.07 4,230.57 278.13 358.33 $0.00 7,601.32 4,384.11 278.13 358.33 $0.00 7,601.32 4,455.74 278.13 358.33 $0.00 8,770.10 4,980.94 278.13 358.33 $0.00 8,377.95 4,980.94 278.13 1,278.33 $0.00 11,306.72 5,234.11 278.13 1,278.33 $0.00 12,087.77 4,749.65 278.07 1,278.37 $11,714.57 $13,117.25 $14,117.10 $12,621.89 $12,693.52 $14,387.50 $14,915.35 $18,097.29 $18,393.86 8,407 8.402 7,445 8,065 7,829 8,145 7,958 8.323 $1,521.30 $1,550.97 $1,577.47 $1,592.08 $1,595.15 $1,030.95 $1,030.95 $1,030.95 $1,030.95 $1,702.02 $2,402.23 - 333.33 50.83 $2,402.23 333.33 50.83 $2,402.23 333.33 50.83 $2,402.23 333.33 50.83 $2,402.23 333.33 50.83 $2,402.23 333.33 50.83 $2,402.23 333.33 50.83 $2,402.23 333.33 50.83 $2,402.23 208.33 50.83 $2,402.23 208.33 50.83 $2,402.23 (41.67) 50.83 $2,786.39 $2,766.39 $2,786.39 $2,786.39 $2,786.39 $2,786.39 $2,788.39 $2,786.39 $2,661.39 $2,661.39 "Restricted for Management's Use Only" 8,637 8,323 $2,041.85 $2,402.20 83.37 50.87 0000000 $2,411.39 $2,536.44 *j, .: . S.- ............. .flc.nt,,, .,..,.., ..... u:t.J' •,,f - BRONXW000 HOME FOR THE AGED, INC. STATEMENTS OF REVENUES AND EXPENSES for the years ended September 30, 2010 TOTAL OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP SCHEDULE E REVENUES LHCSA $5,150,179.42 $424,372.46 $427,201.43 $447,121.65 $441,708.35 $412,600.28 $442,110.06 $428,456.20 $428,636.76 $421,799.19 $420,264.86 $428,140.53 $427,767.65 5,150,179.42 424,372.46 427,201.43 447,121.65 441,708.35 412,600.28 442,110.06 428,456.20 428,636.76 421,799.19 420,264.86 428,140.53 427,767.65 EXPENSES. 4,299,427.53 Payroll & Related Costs-Schedule C 14,205.50 Contracted Staff 57,840.00 Rent - Office (Inter-Company) 7,650.00 Rent - Office (Taxable) 0.00 Food 114,606.07 Insurance 20,883.76 Electric, Gas & Fuel 334.24 Water 5,248.61 Equipment Leasing 40,263.13 Advertising-Promotion 6,967.54 Public Relations 31,738.11 Telephone 0.00 Contributions 639.32 Professional Fees 323.12 Auto 11,682.60 Housekeeping & Maintenance 128,672.00 Office 46,432.96 Aide Recruitment & Background Checks 8,035.65 HHA Supplies 135,943.18 Uncollectible Receivables 4,383.33 Dues & Subscriptions 60,865.51 Miscellaneous 346,089.55 0.00 4,820.00 850.00 0.00 7,365.17 1,188.59 79.77 595.30 2,097.50 336.70 3,903.09 0.00 0.00 0.00 2,299.62 13,548.66 0.00 143.96 0.00 600.00 8,486.92 354,719.49 2,642.50 4,820.00 850.00 0.00 7,365.17 1,339.99 0.00 474.60 2,284.45 0.00 2,609.81 . 0.00 0.00 73.12 1,433.60 7,852.80 13,576.67 1,101.68 0.00 316.67 5,194.00 374,497.23 755.00 4,820.00 850.00 0.00 24,299.17 1,798.39 0.00 551.99 2,557.95 545.84 2,525.60 0.00 0.00 0.00 340.00 18,629.68 12,013.50 591.84 (11,241.51) 316.67 3,578.50 373,905.75 1,002.00 4,820.00 850.00 0.00 7,365.17 1,916.37 89.74 416.99 1,000.00 0.00 2,700.48 0.00 0.00 0.00 500.00 7,959.37 11,087.15 1,267.64 0.00 316.67 781.00 339,022.76 4,158.00 4,820.00 0.00 0.00 7,033.72 1,717.23 0.00 416.99 1,965.00 2,600.00 2,811.61 0.00 0.00 0.00 1,763.86 9,174.49 (25,874.00) 959.68 0.00 316.67 7,955.00 361,164.60 2,048.00 4,820.00 0.00 0.00 7,022.25 1,431.74 0.00 399.95 500.00 0.00 2,787.87 0.00 0.00 0.00 1,526.09 11,080.01 15,462.46 349.86 (1,443.91) 316.67 3,203.00 357,725.82 1,440.00 4820.00 0.00 0.00 7,022.25 1,315.48 0.00 399.95 797.00 0.00 2,647.20 0.00 0.00 0.00 175.00 12,229.62 3,405.90 653.34 0.00 316.67 589.09 357,066.21 1,920.00 4,820.00 850.00 0.00 7,022.25 1,586.64 77.96 340.00 1,179.99 350.00 3,237.53 0.00 0.00 0.00 100.00 10,121.51 17,688.85 671.20 0.00 316.67 11,901.00 342,770.63 240.00 4,820.00 850.00 0.00 7,022.25 1,935.27 0.00 792.99 1,590.75 0.00 2,334.11 0.00 0.00 0.00 382.60 12,701.54 14,839.49 797.05 (2,157.27) 316.67 2,974.00 369,365.60 0.00 4820.00 850.00 0.00 7,022.25 2,929.29 86.77 399.95 4,163.57 1,975.00 2,668.48 0.00 639.32 0.00 1,015.00 9,031.16 6,170.22 699.72 0.00 316.67 7,452.00 356,133.39 0.00 4,820.00 850.00 0.00 6,220.33 1,661.09 0.00 399.95 22,126.92 1,160.00 3,266.97 0.00 0.00 0.00 1,724.95 7,948.42 9,796.35 149.94 0.00 616.67 3,517.00 366,966.50 0.00 4,820.00 850.00 0.00 4,996,142.16 392,404.83 406,654.55 437,429.85 415,978.33 358,841.01 410,668.59 393,537.32 419,249.81 392,210.08 419,605.00 420,391.98 154,037.26 31,967.63 20,546.88 9,691.80 25,730.02 53,759.27 31,441.47 34,918.88 9,386.95 29,589.11 659.86 7,748.55 (101,403.16) 17,225.94 1,521.30 1,521.30 1,550.97 1,577.47 1,592.08 1,595.15 1,030.95 1,030.95 1,030.95 1,030.95 1,702.02 2,041.85 $136,811.32 $30,446.33 $19,025.58 $8,140.83 $24,152.55 $52,167.19 $29,846.32 $33,887.93 $8,356.00 $28,558.16 Total Revenues Total Expenses Increase/Decrease Before Depreciation Depreciation-Schedule D2 INCREASE/DECREASE IN NET ASSETS "Restricted for Management's Use Only" ($371.09) 19,846.09 2,063.68 0.00 59.95 0.00 0.00 245.36 0.00 0.00 250.00 421.88 8,394.74 (31,733.63) 649.74 150,785.87 316.63 5,234.00 529,170.81 $6,046.53 ($103,445.01) BRONXWOOD HOME FOR THE AGED, INC. STATEMENTS OF REVENUES AND EXPENSES for the years ended September 30, 2010 TOTAL OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP SCHEDULE F REVENUES Rent Income Rent Income (Inter-Company) Total Revenues $1,125.00 $0.00 $0.00 $0.00 $225.00 $0.00 $0.00 $0.00 $0.00 $900.00 $0.00 $0.00 $0.00 57,840.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 4,820.00 58,965.00 4,820.00 4,820.00 4,820.00 5,045.00 4,820.00 4,820.00 4,820.00 4,820.00 5,720.00 4,820.00 4,820.00 4,820.00 EXPENSES Real Estate Taxes Insurance 11,341.00 1,089.23 1,389.06 96.67 1,389.06 96.67 1,389.05 96.67 1,211.71 96.67 1,211.71 96.67 1,211.70 84.63 1,033.40 86.17 1,033.40 86.17 1,033.39 (1,378.26) 1,033.40 86.17 86.17 86.17 783.38 90.40 Total Expenses 12,430.23 1,485.73 1,485.73 1,485.72 1,308.38 1,308.38 1,296.33 1,119.57 1,119.57 1,119.56 (1,292.09) 1,119.57 873.78 Increase/Decrease Before Depreciati 46,534.77 3,334.27 3,334.27 3,334.28 3,736.62 3,511.62 3,523.67 3,700.43 32,561.73 2,786.39 2,786.39 INCREASE/DECREASE IN NET AS $13,973.04 $547.88 547.88 Depreciation-Schedule D3 2,786.39 2,786.39 547.89 950.23 2,786.39 725.23 "Restricted for Management's Use Only" 2,786.39 2,786.39 737.28 914.04 3,700.43 4,600.44 6,112.09 3,700.43 3,946.22 2,786.39 2,661.39 2,661.39 2,411.39 2,536.44 914.04 1,939.05 3,450.70 1,289.04 1,409.78