Audited Financial Statements and Supplemental Information

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Humboldt Village, L.P.

Audited Financial Statements

and Supplemental Information

December 31, 2009 and 2008

1284 W. Flint Meadow Drive, Suite D Kaysville, Utah 84037 Phone: (801) 927-1337 Fax: (801) 927-1344

Humboldt Village, L.P.

Contents

		Page

Independent Auditors’ Report		1

Financial Statements:

Balance Sheets		2-3

Statements of Operations		4

Statements of Changes in Partners’ Equity		5

Statements of Cash Flows		6

Notes to Financial Statements		7-11

Supplemental Information		12-13

Report on Internal control over Financial Reporting and on Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards		14-15

Schedule of Findings and Questioned Costs		16

Schedule of Findings and Questioned Costs - Prior Year		17

Report of Independent Registered Public Accounting Firm

To the Partners

Humboldt Village, L.P.

Winnemucca, Nevada

We have audited the accompanying balance sheets of Humboldt Village, L.P. (the Partnership), as of December 31, 2009 and 2008, and the related statements of operations, changes in partners’ equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America, the standards of the Public Company Accounting Oversight Board (United States of America) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Accordingly, we express no such opinion. 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 audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership, at December 31, 2009 and 2008, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued a report dated March 9, 2010, on our consideration of the Partnership’s internal control over financial reporting. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and the results of that testing and not to provide an opinion on the internal control over financial reporting. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report considering the results of our audit.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information shown on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ Child, Van Wagoner & Bradshaw, PLLC

Child, Van Wagoner & Bradshaw, PLLC

Kaysville, Utah

March 9, 2010

Humboldt Village, L.P.

Balance Sheets

	December 31, 2009			December 31, 2008
Assets

Current assets:
Cash	$	35,497		$	83,304
Total current assets		35,497			83,304

Restricted deposits and funded reserves:
Tenants’ security deposits		17,250			18,100
Tax and insurance escrow		11,803			7,518
Reserve account		269,096			235,852
Total restricted deposits and funded reserves		298,149			261,470

Property and equipment:
Land		79,000			79,000
Buildings and improvements		4,016,325			4,016,325
Furniture and equipment		244,159			237,459
Total property and equipment		4,339,484			4,332,784
Less accumulated depreciation		(748,186	)		(610,415	)
Net property and equipment		3,591,298			3,722,369

Other assets:
Syndication fees, net of amortization of $5,000 and $4,000, respectively		10,000			11,000
Total other assets		10,000			11,000

Total assets	$	3,934,944		$	4,078,143

See accompanying notes to financial statements.

	December 31, 2009		December 31, 2008
Liabilities and Partners’ Equity

Current liabilities:
Accrued interest	$	2,662	$	2,693
Current maturities of long-term debt (Note 2)		25,659		24,583
Total current liabilities		28,321		27,276

Deposits and prepaid liabilities:
Tenants’ security deposits		17,115		17,036

Long-term liabilities: (Note 2)
Mortgage payable - Rural Development, less current portion		1,454,605		1,461,452
Mortgage payable - Nevada Housing Division, less current portion		831,287		846,373
Total long-term liabilities		2,285,892		2,307,825

Total liabilities		2,331,328		2,352,137

Partners’ equity		1,603,616		1,726,006

Total liabilities and partners’ equity	$	3,934,944	$	4,078,143

See accompanying notes to financial statements.

Humboldt Village, L.P.

Statements of Operations

	Year Ended			Year Ended
	December 31, 2009			December 31, 2008
Revenues:
Rent	$	107,629		$	134,689
Rental assistance		242,282			227,201
Interest subsidy		60,747			61,322
Laundry		3,364			4,142
Other income		1,492			1,254
Total revenues		415,514			428,608

Expenses:
Maintenance and operating		78,798			78,027
Utilities		41,770			40,843
Administrative		57,183			54,205
Management fee		39,340			38,367
Taxes		31,237			30,203
Insurance		9,447			8,996
Interest		101,426			102,516
Overage		690			115
Depreciation		137,771			144,414
Amortization of syndication fees		1,000			1,000
Total expenses		498,662			498,686

Operating loss		(83,148	)	$	(70,078	)

Other income and expenses:
Interest income		2,277			3,312
Total other income and expenses		2,277			3,312

Net loss	$	(80,871	)	$	(66,766	)

See accompanying notes to financial statements.

Humboldt Village, L.P.

Statements of Changes in Partners’ Equity

Years Ended December 31, 2009 and 2008

Balance, January 1, 2008	$	1,746,356
Net loss		(66,766	)
Capital Contributions		87,935
Partner distributions		(41,519	)
Balance, December 31, 2008	$	1,726,006

Balance, January 1, 2009	$	1,726,006
Net loss		(80,871	)
Partner distributions		(41,519	)
Balance, December 31, 2009	$	1,603,616

See accompanying notes to financial statements.

Humboldt Village

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