R E P O R T

CRESCENT CITY CLT, INC. AND SUBSIDIARIES

DECEMBER 31, 2019

CRESCENT CITY CLT, INC.

AND SUBSIDIARIES

INDEX TO REPORT

DECEMBER 31, 2019 PAGE ACCOUNTANT’S COMPILATION REPORT .................................................................................. 1 FINANCIAL STATEMENTS: Consolidated Statement of Financial Position ..................................................................................... 2 Consolidated Statement of Activities ................................................................................................... 3 Consolidated Statement of Functional Expenses ................................................................................ 4

ACCOUNTANT’S COMPILATION REPORT April 30, 2020 To the Board of Directors Crescent City CLT, Inc. New Orleans, LA Management is responsible for the accompanying financial statements of Crescent City CLT, Inc. (a nonprofit organization) and subsidiaries, which comprise the consolidated statement of financial position as of December 31, 2019, and the related consolidated statement of activities and functional expenses for the year then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statement on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Management has elected to omit substantially all disclosures and cash flows required by accounting principles generally accepted in the United States of America. If the omitted disclosures and cash flows were included in the financial statements, they might influence the user’s conclusions about the Organization’s financial position, change in net assets, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. New Orleans, Louisiana

ASSETS: Cash 134,828$ Certificate of deposit 550,000 Other receivables 316,680 Prepaid expenses 2,639 Deposits 400 Short term investments 75,000 Investment in LLC 1,380,175 Property held for development 1,535,074

TOTAL ASSETS 3,994,796$

LIABILITIES: Accounts payable 25,200 Accrued liabilities 3,000 Accrued interest 58,212 Unearned revenue 52,375 Note payable 1,261,569 TOTAL LIABILITIES 1,400,356

NET ASSETS: Without restrictions 1,662,097 With restrictions 932,343 TOTAL NET ASSETS 2,594,440

TOTAL LIABILITIES AND NET ASSETS 3,994,796$

See accountant's compilation report2

ASSETS

LIABILITIES AND NET ASSETS

CRESCENT CITY CLT, INC.AND SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONDECEMBER 31, 2019

(Unaudited)

Without Restrictions

With Restrictions Total

REVENUES AND OTHER SUPPORT: Interest income 2,269$ -$ 2,269$ Other income 8,655 - 8,655 Rental income 14,959 - 14,959 Grant income 148,530 52,500 201,030 Proceeds from sale of home 81,868 - 81,868 Less: Cost of home sold (214,333) - (214,333) Debt foregiveness from sale of home 134,835 - 134,835 Net assets, released from restrictions 20,157 (20,157) - Total revenues and other support 196,940 32,343 229,283

EXPENSES: General and administrative 125,916 - 125,916 Program services 352,021 - 352,021 Fundraising - - - Total expenses 477,937 - 477,937

Change in net assets (280,997) 32,343 (248,654)

NET ASSETS - BEGINNING OF YEAR 1,943,094 900,000 2,843,094 NET ASSETS, END OF YEAR 1,662,097$ 932,343$ 2,594,440$

See accountant's compilation report

CRESCENT CITY CLT, INC.

CONSOLIDATED STATEMENT OF ACTIVITIESFOR THE YEAR ENDED DECEMBER 31, 2019

AND SUBSIDIARY

3

(Unaudited)

TotalProgram Services

General & Administrative Fundraising

Bank charges 35$ -$ 35$ -$ Insurance 3,736 2,752 984 - Interest 12,616 12,616 - - Meals and entertainment 1,253 - 1,253 - Membership dues and fees 3,074 3,074 - - Miscellaneous 585 - 585 - Office supplies 1,404 - 1,404 - Postage 110 110 - - Professional fees 97,582 43,912 53,670 - Property repairs and maintenance 96,144 96,144 - - Rent 4,800 3,536 1,264 - Salaries and fringe benefits 249,492 183,801 65,691 - Software 399 - 399 - Telecommunications 2,396 1,765 631 - Travel 4,311 4,311 - -

477,937$ 352,021$ 125,916$ -$

See accountant's compilation report

CRESCENT CITY CLT, INC.AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSESFOR THE YEAR ENDED DECEMBER 31, 2019

4

(Unaudited)