| Description of Property | Date Acquired | Cost or Other Basis | Prior Years' Depreciation | Computation Method | Rate / Life (# of years) |
Current Year's Depreciation Expense | Net Investment Income | Adjusted Net Income | Cost of Goods Sold Not Included |
|---|---|---|---|---|---|---|---|---|---|
| BUILDINGS | 2001-06-01 | 297,269 | 66,578 | ADS | 40.000000000000 | 7,432 | 0 | 7,432 | |
| BUILDINGS ADDITIONS | 2001-12-01 | 159,933 | 33,816 | ADS | 40.000000000000 | 3,998 | 0 | 3,998 | |
| BOAT - 2480 CAROLINA W/F | 2001-06-01 | 51,689 | 36,610 | ADS | 12.000000000000 | 4,307 | 0 | 4,307 | |
| BOAT - MONTAUK WHALER | 2001-06-01 | 6,089 | 4,310 | ADS | 12.000000000000 | 507 | 0 | 507 | |
| MONTAUK WHALER IMPROVEMENTS | 2001-12-01 | 11,799 | 8,356 | ADS | 12.000000000000 | 983 | 0 | 983 | |
| CHIPPER/MIGHTY MAC MOD 12PT | 2002-02-01 | 1,853 | 1,309 | ADS | 12.000000000000 | 154 | 0 | 154 | |
| DIESEL MULE - KAWASAKI 2510 | 2001-06-01 | 13,792 | 9,193 | ADS | 12.000000000000 | 1,149 | 0 | 1,149 | |
| KUBOTA EXCAVATOR | 2001-06-01 | 48,654 | 34,468 | ADS | 12.000000000000 | 4,055 | 0 | 4,055 | |
| RAMP | 2001-06-01 | 5,644 | 3,995 | ADS | 12.000000000000 | 470 | 0 | 470 | |
| SAWMILL | 2001-06-01 | 6,553 | 4,641 | ADS | 12.000000000000 | 546 | 0 | 546 | |
| V23 CC "SHOWBOAT" | 2002-02-01 | 10,000 | 7,081 | ADS | 12.000000000000 | 833 | 0 | 833 | |
| WINDMILL | 2002-05-01 | 69,938 | 49,538 | ADS | 12.000000000000 | 5,828 | 0 | 5,828 | |
| FURNITURE | 2001-06-01 | 7,516 | 5,321 | ADS | 12.000000000000 | 626 | 0 | 626 | |
| WOODSTOVE | 2001-06-15 | 2,132 | 1,513 | ADS | 12.000000000000 | 178 | 0 | 178 | |
| MISC FURNITURE | 2001-07-06 | 7,049 | 4,990 | ADS | 12.000000000000 | 587 | 0 | 587 | |
| BUILDINGS ADDITIONS | 2002-12-01 | 214,473 | 39,992 | ADS | 40.000000000000 | 5,362 | 0 | 5,362 | |
| WINDMILL | 2002-12-01 | 63,848 | 39,907 | ADS | 12.000000000000 | 5,321 | 0 | 5,321 | |
| FURNITURE | 2002-12-01 | 4,915 | 3,075 | ADS | 12.000000000000 | 410 | 0 | 410 | |
| TOOLS | 2003-08-05 | 180 | 98 | ADS | 12.000000000000 | 15 | 0 | 15 | |
| FURNITURE & FIXTURES | 2003-11-30 | 768 | 416 | ADS | 12.000000000000 | 64 | 0 | 64 | |
| BRUSH HOG | 2003-11-20 | 2,498 | 1,352 | ADS | 12.000000000000 | 208 | 0 | 208 | |
| DIESEL GENERATOR | 2003-06-19 | 6,440 | 3,490 | ADS | 12.000000000000 | 537 | 0 | 537 | |
| BLDG IMPROVEMENTS - LABOR & MATERIALS | 2003-11-30 | 25,296 | 4,135 | ADS | 40.000000000000 | 632 | 0 | 632 | |
| BUILDING IMPROVEMENTS | 2004-11-30 | 33,531 | 4,609 | ADS | 40.000000000000 | 838 | 0 | 838 | |
| BOAT | 2004-08-11 | 8,208 | 4,104 | ADS | 12.000000000000 | 684 | 0 | 684 | |
| RAMP | 2004-11-30 | 17,646 | 8,826 | ADS | 12.000000000000 | 1,471 | 0 | 1,471 | |
| WINDMILL | 2005-01-21 | 2,834 | 1,416 | ADS | 12.000000000000 | 236 | 0 | 236 | |
| BUILDING IMPROVEMENTS | 2005-12-01 | 5,851 | 651 | ADS | 40.000000000000 | 146 | 0 | 146 | |
| WELL DRILLER | 2006-05-30 | 2,372 | 817 | ADS | 12.000000000000 | 198 | 0 | 198 | |
| DINGHY | 2005-06-17 | 839 | 341 | ADS | 12.000000000000 | 70 | 0 | 70 | |
| DIESEL MULE | 2006-03-08 | 10,882 | 3,741 | ADS | 12.000000000000 | 907 | 0 | 907 | |
| PIER & RAMP | 2005-12-01 | 11,640 | 4,244 | ADS | 12.000000000000 | 970 | 0 | 970 |
| Identifier | Return Reference | Explanation |
|---|---|---|
| EXPLANATION OF THE ACTIVITIES STATED ABOVE AND OF DIRECT PROGRAM EXPENSES. | PAGE 5, PART VII-B, LINES 1A(1)(2); PAGE 1, LINE 23, COLUMNS A & D | THE LEASE BETWEEN THIS ENTITY AND A DISQUALIFIED PERSON IS WITHOUT A RENTAL PAYMENT REQUIREMENT. THEREFORE, THERE IS NO SELF-DEALING [IRC SEC 4941(D)(2)(C)]; THE LENDING OF MONEY BY A DISQUALIFIED PERSON, AS DEFINED IN IRC SEC 4946(A)(1)(C), IS NOT AN ACT OF SELF-DEALING, AS HERE, WERE THERE IS NO INTEREST OR OTHER CHARGE AND THE FUNDS ARE USED EXCLUSIVELY FOR THE CHARITABLE PURPOSES [IRC SEC 4941(D)(2)(B)].PROGRAM EXPENSE (DIRECT) DETAILS:PROGRAM REPAIRS & MAINTENANCE 1039PROGRAM SUPPLIES 261PROGRAM BOAT GAS 1481PROGRAM CHEF 2500PROGRAM DIESEL FUEL 451PROGRAM FOOD 1707PROGRAM GROUNDS MAINTENANCE 81PROGRAM CLEANING 48 TOTAL PROGRAM EXPENSES 7568 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| BUILDINGS | 297,269 | 74,010 | 223,259 | 0 |
| BUILDINGS ADDITIONS | 159,933 | 37,814 | 122,119 | 0 |
| BOAT - 2480 CAROLINA W/F | 51,689 | 40,917 | 10,772 | 0 |
| BOAT - MONTAUK WHALER | 6,089 | 4,817 | 1,272 | 0 |
| MONTAUK WHALER IMPROVEMENTS | 11,799 | 9,339 | 2,460 | 0 |
| CHIPPER/MIGHTY MAC MOD 12PT | 1,853 | 1,463 | 390 | 0 |
| DIESEL MULE - KAWASAKI 2510 | 13,792 | 10,342 | 3,450 | 0 |
| KUBOTA EXCAVATOR | 48,654 | 38,523 | 10,131 | 0 |
| RAMP | 5,644 | 4,465 | 1,179 | 0 |
| SAWMILL | 6,553 | 5,187 | 1,366 | 0 |
| V23 CC "SHOWBOAT" | 10,000 | 7,914 | 2,086 | 0 |
| WINDMILL | 69,938 | 55,366 | 14,572 | 0 |
| FURNITURE | 7,516 | 5,947 | 1,569 | 0 |
| WOODSTOVE | 2,132 | 1,691 | 441 | 0 |
| MISC FURNITURE | 7,049 | 5,577 | 1,472 | 0 |
| BUILDINGS ADDITIONS | 214,473 | 45,354 | 169,119 | 0 |
| WINDMILL | 63,848 | 45,228 | 18,620 | 0 |
| FURNITURE | 4,915 | 3,485 | 1,430 | 0 |
| TOOLS | 180 | 113 | 67 | 0 |
| FURNITURE & FIXTURES | 768 | 480 | 288 | 0 |
| BRUSH HOG | 2,498 | 1,560 | 938 | 0 |
| DIESEL GENERATOR | 6,440 | 4,027 | 2,413 | 0 |
| BLDG IMPROVEMENTS - LABOR & MATERIALS | 25,296 | 4,767 | 20,529 | 0 |
| BUILDING IMPROVEMENTS | 33,531 | 5,447 | 28,084 | 0 |
| BOAT | 8,208 | 4,788 | 3,420 | 0 |
| RAMP | 17,646 | 10,297 | 7,349 | 0 |
| WINDMILL | 2,834 | 1,652 | 1,182 | 0 |
| BUILDING IMPROVEMENTS | 5,851 | 797 | 5,054 | 0 |
| WELL DRILLER | 2,372 | 1,015 | 1,357 | 0 |
| DINGHY | 839 | 411 | 428 | 0 |
| DIESEL MULE | 10,882 | 4,648 | 6,234 | 0 |
| PIER & RAMP | 11,640 | 5,214 | 6,426 | 0 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| LOAN: ISLAND DEVELOPMENT COMPANY | 7,565 | ||
| LOAN: MILLWORKS | 2,170 | 2,170 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BANK SERVICE CHARGES | 430 | 0 | 0 | 430 |
| DUES & SUBSCRIPTIONS | 183 | 0 | 0 | 183 |
| LICENSES & PERMITS | 10 | 0 | 0 | 10 |
| FUEL | 530 | 0 | 0 | 530 |
| OTHER UTILITIES | 158 | 0 | 0 | 158 |
| INSURANCE | 11,521 | 0 | 0 | 11,521 |
| PAYROLL TAXES | 1,538 | 0 | 0 | 1,538 |
| PAYROLL PROCESSING FEES | 467 | 0 | 0 | 467 |
| REPAIRS & MAINTENANCE | 2,560 | 0 | 0 | 2,560 |
| POSTAGE & DELIVERY | 105 | 0 | 0 | 105 |
| PROGRAM EXPENSES INCLUDING FOOD & FURNISHINGS | 7,568 | 0 | 0 | 7,568 |
| WEBSITE EXPENSES | 299 | 0 | 0 | 299 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| APPLICATION FEES | 2,322 | 2,322 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DUE BANK NORTH | 10 | 0 |
| LOANS PAYABLE MILLWORKS | 395 | 0 |
| LOANS PAYABLE DUNN DATACO | 4,290 | 31,431 |
| Name | Address |
|---|---|
|
C A CROWLEY |
|