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732 Gaines Street Davenport IA 52802


                                       Gateway Redevelopment Group

                                                2008 Balance Sheet

                                                 Accrual Basis as of December 31, 2008

      ASSETS

        Current Assets

           Checking/Savings

             1000 Checking                                                       1,536.05

             1001 Savings                                                        1,163.87

           Total Checking/Savings                                                  2,699.92

            Accounts Receivable

             1200 Accounts Receivable

                1201 730 Gains - Jipp                                    18,274.30

                1202 822 Gains - Stone Soup                              30,000.00

                1204 Jipp Apartment                                      -6,000.00

             Total 1200 Accounts Receivable                                     42,274.30

            Total Accounts Receivable                                              42,274.30

         Total Current Assets                                                      44,974.22

        Fixed Assets

           1500 Jipp

             1501 Phase 1 - Stabilization

                1502 Building Materials                            6,366.80

                1503 Demolition                                      300.00

                1504 Masonry                                       6,795.00

                1506 Roofing                                       1,278.50

             Total 1501 Phase 1 - Stabilization                          14,740.30

              1510 Phase 2 - Restoration

                1511 Building Materials                            2,526.85

                1512 Electrical and Mechanical                    13,142.67

                1513 Flooring                                     10,772.00

                1514 Framing                                       7,321.91

                1515 Masonry                                       7,050.00

                1516 Real Estate Taxes                             1,149.00

                1517 Roofing                                      36,883.00

                1518 Finishing                                     2,315.38

             Total 1510 Phase 2 - Restoration                            81,160.81

             1520 apartment                                               6,308.37

           Total 1500 Jipp                                                     102,209.48

            1550 822 Gains

             1551 Mechanical                                             32,878.17

             1552 Framing                                                48,004.66

             1553 Windows                                                11,209.40

             1554 Interior                                               16,866.27

             1555 Painting                                                2,856.13

             1556 Staircase                                               3,268.05

             1557 Appliances, Cabinets, Fixtures                         4,196.85

             1558 Siding and Porch                                        8,932.92

             1559 822 Misc                                                1,158.19

             1560 Hauling                                                 1,744.00

             1562 Loan Interest                                           2,523.00

             1563 Garage                                                  6,338.95

             1550 822 Gains - Other                                    -114,875.55

           Total 1550 822 Gains                                                 25,101.04

         Total Fixed Assets                                                       127,310.52

      TOTAL ASSETS                                                                172,284.74

      LIABILITIES & EQUITY

        Liabilities

           Current Liabilities

             Accounts Payable

                2000 Accounts Payable                                           43,909.61

             Total Accounts Payable                                               43,909.61

            Total Current Liabilities                                              43,909.61

            Long Term Liabilities

             2500 Notes Payable Loans

                2505 822 Gain St.                                         5,000.00

                2515 QuadCities Housing Cluster                          -3,580.00

             Total 2500 Notes Payable Loans                                      1,420.00

            Total Long Term Liabilities                                             1,420.00

         Total Liabilities                                                         45,329.61

         Equity

           1110 Retained Earnings                                              129,957.74

           3000 Opening Bal Equity                                                -143.14

           Net Income                                                             -2,859.47

        Total Equity                                                             126,955.13

      TOTAL LIABILITIES & EQUITY                                                  172,284.74

 

Gateway Redevelopment Group, Davenport, Iowa