AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDING JUNE 30, CORE (A Nonprofit Corporation)

Findings Unqualified Opinion Internal Controls strong No instance of noncompliance 3CORE was determined to be a low-risk auditee There were no findings or questioned costs

Assets ($000) Current Assets$225 Restricted cash1,718 Loan reserves 244 Land 42 Loans3,187 Fixed Assets$25 Endowment$24 Total Assets$5, Statement of Financial Position (Balance Sheet)

Liabilities and Net Assets Current Liabilities $151 DIT 650 Notes payable 2,176 Other 99 Total liabilities$3,076 Net Assets Unrestricted$235 Restricted2,152 Total NA$2,387 Total L/NA$5,463 Balance Sheet

Statement of Activities (Income Statement) Unrestricted Revenues$953,771 Less: Expenses Program Services(897,329) Management (46,161) Changes in Net Assets $10,281

Functional Expenses Wage and Fringe$453,17448% Contract Labor 274,74129% Interest 45,561 5% Rent 34,098 4% Supplies 17,201 2% Other operating costs 118,71512% Total$943,490100%

Trends Revenues flat (+ 5% over 2008) Loan losses dropping ( 2.1%,.8%, zero) Lending cautious (+2.9% over 2008) Loan Reserves up (2008 zero => $244,000—2010)

Financial Goals Increase loan loss reserves to 15% of portfolio Reduce interest expense Reduce use of subordinated debt Manage risk Lower break even costs

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