| 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 | 88,874 | ADS | 40.000000000000 | 7,432 | 0 | 7,432 | |
| BUILDINGS ADDITIONS | 2001-12-01 | 159,933 | 45,810 | ADS | 40.000000000000 | 3,998 | 0 | 3,998 | |
| BOAT - 2480 CAROLINA W/F | 2001-06-01 | 51,689 | 49,531 | ADS | 12.000000000000 | 2,158 | 0 | 0 | |
| BOAT - MONTAUK WHALER | 2001-06-01 | 6,089 | 5,831 | ADS | 12.000000000000 | 258 | 0 | 0 | |
| MONTAUK WHALER IMPROVEMENTS | 2001-12-01 | 11,799 | 11,305 | ADS | 12.000000000000 | 494 | 0 | 494 | |
| CHIPPER/MIGHTY MAC MOD 12PT | 2002-02-01 | 1,853 | 1,771 | ADS | 12.000000000000 | 82 | 0 | 82 | |
| DIESEL MULE - KAWASAKI 2510 | 2001-06-01 | 13,792 | 12,640 | ADS | 12.000000000000 | 1,149 | 0 | 1,149 | |
| KUBOTA EXCAVATOR | 2001-06-01 | 48,654 | 46,633 | ADS | 12.000000000000 | 2,021 | 0 | 0 | |
| RAMP | 2001-06-01 | 5,644 | 5,405 | ADS | 12.000000000000 | 239 | 0 | 0 | |
| SAWMILL | 2001-06-01 | 6,553 | 6,279 | ADS | 12.000000000000 | 274 | 0 | 0 | |
| V23 CC "SHOWBOAT" | 2002-02-01 | 10,000 | 9,580 | ADS | 12.000000000000 | 420 | 0 | 420 | |
| WINDMILL | 2002-05-01 | 69,938 | 67,022 | ADS | 12.000000000000 | 2,916 | 0 | 2,916 | |
| FURNITURE | 2001-06-01 | 7,516 | 7,199 | ADS | 12.000000000000 | 317 | 0 | 0 | |
| WOODSTOVE | 2001-06-15 | 2,132 | 2,047 | ADS | 12.000000000000 | 85 | 0 | 0 | |
| MISC FURNITURE | 2001-07-06 | 7,049 | 6,751 | ADS | 12.000000000000 | 298 | 0 | 49 | |
| BUILDINGS ADDITIONS | 2002-12-01 | 214,473 | 56,078 | ADS | 40.000000000000 | 5,362 | 0 | 5,362 | |
| WINDMILL | 2002-12-01 | 63,848 | 55,870 | ADS | 12.000000000000 | 5,321 | 0 | 5,321 | |
| FURNITURE | 2002-12-01 | 4,915 | 4,305 | ADS | 12.000000000000 | 410 | 0 | 410 | |
| TOOLS | 2003-08-05 | 180 | 143 | ADS | 12.000000000000 | 15 | 0 | 15 | |
| FURNITURE & FIXTURES | 2003-11-30 | 768 | 608 | ADS | 12.000000000000 | 64 | 0 | 64 | |
| BRUSH HOG | 2003-11-20 | 2,498 | 1,976 | ADS | 12.000000000000 | 208 | 0 | 208 | |
| DIESEL GENERATOR | 2003-06-19 | 6,440 | 5,101 | ADS | 12.000000000000 | 537 | 0 | 537 | |
| BLDG IMPROVEMENTS - LABOR & MATERIALS | 2003-11-30 | 25,296 | 6,031 | ADS | 40.000000000000 | 632 | 0 | 632 | |
| BUILDING IMPROVEMENTS | 2004-11-30 | 33,531 | 7,123 | ADS | 40.000000000000 | 838 | 0 | 838 | |
| BOAT | 2004-08-11 | 8,208 | 6,156 | ADS | 12.000000000000 | 684 | 0 | 684 | |
| RAMP | 2004-11-30 | 17,646 | 13,239 | ADS | 12.000000000000 | 1,471 | 0 | 1,471 | |
| WINDMILL | 2005-01-21 | 2,834 | 2,124 | ADS | 12.000000000000 | 236 | 0 | 236 | |
| BUILDING IMPROVEMENTS | 2005-12-01 | 5,851 | 1,089 | ADS | 40.000000000000 | 146 | 0 | 146 | |
| WELL DRILLER | 2006-05-30 | 2,372 | 1,411 | ADS | 12.000000000000 | 198 | 0 | 198 | |
| DINGHY | 2005-06-17 | 839 | 551 | ADS | 12.000000000000 | 70 | 0 | 70 | |
| DIESEL MULE | 2006-03-08 | 10,882 | 6,462 | ADS | 12.000000000000 | 907 | 0 | 907 | |
| PIER & RAMP | 2005-12-01 | 11,640 | 7,154 | 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, WHERE 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 BOAT GAS 1,814PROGRAM GROUNDS MAINTENANCE 1,500PROGRAM SUPPLIES 1,000PROGRAM CHEF 2,000PROGRAM FOOD 200PROGRAM EXPENSE-OTHER 700 TOTAL PROGRAM EXPENSES 7,214 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| BUILDINGS | 297,269 | 96,306 | 200,963 | |
| BUILDINGS ADDITIONS | 159,933 | 49,808 | 110,125 | |
| BOAT - 2480 CAROLINA W/F | 51,689 | 51,689 | 0 | |
| BOAT - MONTAUK WHALER | 6,089 | 6,089 | 0 | |
| MONTAUK WHALER IMPROVEMENTS | 11,799 | 11,799 | 0 | |
| CHIPPER/MIGHTY MAC MOD 12PT | 1,853 | 1,853 | 0 | |
| DIESEL MULE - KAWASAKI 2510 | 13,792 | 13,789 | 3 | |
| KUBOTA EXCAVATOR | 48,654 | 48,654 | 0 | |
| RAMP | 5,644 | 5,644 | 0 | |
| SAWMILL | 6,553 | 6,553 | 0 | |
| V23 CC "SHOWBOAT" | 10,000 | 10,000 | 0 | |
| WINDMILL | 69,938 | 69,938 | 0 | |
| FURNITURE | 7,516 | 7,516 | 0 | |
| WOODSTOVE | 2,132 | 2,132 | 0 | |
| MISC FURNITURE | 7,049 | 7,049 | 0 | |
| BUILDINGS ADDITIONS | 214,473 | 61,440 | 153,033 | |
| WINDMILL | 63,848 | 61,191 | 2,657 | |
| FURNITURE | 4,915 | 4,715 | 200 | |
| TOOLS | 180 | 158 | 22 | |
| FURNITURE & FIXTURES | 768 | 672 | 96 | |
| BRUSH HOG | 2,498 | 2,184 | 314 | |
| DIESEL GENERATOR | 6,440 | 5,638 | 802 | |
| BLDG IMPROVEMENTS - LABOR & MATERIALS | 25,296 | 6,663 | 18,633 | |
| BUILDING IMPROVEMENTS | 33,531 | 7,961 | 25,570 | |
| BOAT | 8,208 | 6,840 | 1,368 | |
| RAMP | 17,646 | 14,710 | 2,936 | |
| WINDMILL | 2,834 | 2,360 | 474 | |
| BUILDING IMPROVEMENTS | 5,851 | 1,235 | 4,616 | |
| WELL DRILLER | 2,372 | 1,609 | 763 | |
| DINGHY | 839 | 621 | 218 | |
| DIESEL MULE | 10,882 | 7,369 | 3,513 | |
| PIER & RAMP | 11,640 | 8,124 | 3,516 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| BANK SERVICE CHARGES | 501 | 0 | 0 | 501 |
| DUES & SUBSCRIPTIONS | 183 | 0 | 0 | 183 |
| LICENSES & PERMITS | 145 | 0 | 0 | 145 |
| OTHER UTILITIES | 79 | 0 | 0 | 79 |
| INSURANCE | 8,525 | 0 | 0 | 8,525 |
| REPAIRS & MAINTENANCE | 7,676 | 0 | 0 | 7,676 |
| PROGRAM EXPENSES INCLUDING FOOD & FURNISHINGS | 7,214 | 0 | 0 | 7,214 |
| FUEL | 644 | 0 | 0 | 644 |
| TELEPHONE | 914 | 0 | 0 | 914 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| APPLICATION FEES | 3,127 | 3,127 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| LOANS PAYABLE DUNN DATACO | 63,354 | 63,354 |
| LOANS PAYABALE MILLWORKS | 4,330 | 4,330 |