Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
SOUTHERN AFFORDABLE SERVICES INC
 

Number and street (or P.O. box number if mail is not delivered to street address)335 NORTH KNOWLES AVENUE SUITE 101   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WINTER PARK, FL32789
A Employer identification number

27-0169634
B Telephone number (see instructions)

(407) 647-7600
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$34,161,809J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule)..............  
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities......      
5a Gross rents.............. 3,430,439   3,430,439
b Net rental income or (loss) -607,905
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 72,600
b Gross sales price for all assets on line 6a 76,286
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 735,887 0 735,887
12 Total. Add lines 1 through 11........ 4,238,926 0 4,166,326
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 347,923 0 25,632 322,291
14 Other employee salaries and wages...... 743,311 0 529,213 214,098
15 Pension plans, employee benefits....... 90,974 0 46,573 44,401
16a Legal fees (attach schedule)......... Click to see attachment 39,135 0 39,135 0
b Accounting fees (attach schedule)....... Click to see attachment 11,826 0 2,445 9,381
c Other professional fees (attach schedule).... Click to see attachment 41,956 0 41,956 0
17 Interest............... 391,628 0 391,628 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 118,743 0 85,199 33,544
19 Depreciation (attach schedule) and depletion... Click to see attachment 688,034 0 688,034
20 Occupancy..............        
21 Travel, conferences, and meetings....... 12,925 0 0 12,925
22 Printing and publications.......... 111 0 0 111
23 Other expenses (attach schedule)....... Click to see attachment 2,356,967 0 2,339,898 12,867
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 4,843,533 0 4,189,713 649,618
25 Contributions, gifts, grants paid........ 0 0
26 Total expenses and disbursements. Add lines 24 and 25 4,843,533 0 4,189,713 649,618
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -604,607
b Net investment income (if negative, enter -0-) 0
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 314,783 527,598 527,598
2 Savings and temporary cash investments.......... 785,686 760,287 760,287
3 Accounts receivable bullet15,632
Less: allowance for doubtful accounts bullet   711 15,632 15,632
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet40,290
Less: allowance for doubtful accounts bullet0 40,290 40,290 40,290
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges........... 216,054 30,908 30,908
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet710,000
Less: accumulated depreciation (attach schedule) bullet   710,000 Click to see attachment710,000 710,000
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 1,966,317 Click to see attachment4,147,801 4,147,801
14 Land, buildings, and equipment: basis bullet29,443,384
Less: accumulated depreciation (attach schedule) bullet1,814,143 17,330,158 Click to see attachment27,629,241 27,629,241
15 Other assets (describe bullet) Click to see attachment46,213 Click to see attachment300,052 Click to see attachment300,052
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 21,410,212 34,161,809 34,161,809
Liabilities 17 Accounts payable and accrued expenses..........   144,134
18 Grants payable..................    
19 Deferred revenue..................   22,198
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 16,523,581 Click to see attachment20,406,519
22 Other liabilities (describe bullet) Click to see attachment2,610,495 Click to see attachment13,266,559
23 Total liabilities (add lines 17 through 22).......... 19,134,076 32,492,155
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 67,549 65,674
29 Retained earnings, accumulated income, endowment, or other funds 2,208,587 1,603,980
30 Total net assets or fund balances (see instructions)...... 2,276,136 1,669,654
31 Total liabilities and net assets/fund balances (see instructions).. 21,410,212 34,161,809
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 2,276,136
2 Enter amount from Part I, line 27a..................... 2 -604,607
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 1,671,529
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 1,875
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 1,669,654
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2  
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2013 2,426,040 323,228 7.505662
2012 2,533,894 324,250 7.814631
2011 340,243 157,263 2.163529
2010 156,432 0 0.000000
2009 83,988 0 0.000000
2 Total of line 1, column (d) ...................... 2 17.483822
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 3.496764
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 201,484
5 Multiply line 4 by line 3....................... 5 704,542
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 0
7 Add lines 5 and 6......................... 7 704,542
8 Enter qualifying distributions from Part XII, line 4.............. 8 14,658,361
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2014)
Form 990-PF (2014)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 0
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 0
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 0
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a  
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 0
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletFL
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
    Yes
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletSOUTHERNAFFORDABLESERVICES.ORG
    14
    The books are in care ofbulletSCOTT D CLARK Telephone no.bullet (407) 647-7600
    Located atbullet700 W MORSE BLVD STE 101WINTER PARKFL ZIP+4bullet32789
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?........................
    b
    If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2014.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)..................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    SCOTT D CLARK PRESIDENT/DIRECTOR
    10.00     		0 0 0
    335 NORTH KNOWLES AVENUE SUITE 101
    WINTER PARK,FL32789
    THOMAS C SHAW VICE PRESIDENT/DIRECTOR
    10.00     		0 0 0
    1240 ROYAL OAK DRIVE
    WINTER SPRINGS,FL32708
    DAVID J ROSS SECRETARY/TREASURER/DIRECT
    10.00     		0 0 0
    570 LAKE MILLS ROAD
    CHULUOTA,FL32766
    JAY BROCK EX VICE PRESIDENT
    40.00     		256,321 36,406 0
    526 STETSON ST
    ORLANDO,FL32804
    LAURIE TRAINER VP PUBLIC RELATIONS
    40.00     		91,602 10,781 0
    1805 MAPLE LEAF DRIVE
    WINDERMERE,FL34789
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 OWNING AND /OR OPERATING AND/OR DEVELOPING HOUSING FOR RENTAL TO ELIGIBLE INDIVIDUALS OR FAMILIES WITH LOW TO MODERATE INCOME. 365,431
    2 MANAGEMENT OF AFTER SCHOOL CARE PROGRAMS TO PROVIDE CHILDREN OF THE CONCORD COMMUNITIES WITH AN AFTER SCHOOL CLUB THAT OFFERS EXCEPTIONAL FUN ACTIVITIES THAT ARE EDUCATIONAL AND ENRICHING WITHIN AN ORGANIZED, STRUCTURED AND SUPERVISED ENVIRONMENT. 198,538
    3 THE MISSION OF THE NEW MOVES PARTNERSHIP IS TO PROVIDE QUALITY HOUSING TO FAMILIES WHO HAVE BECOME HOMELESS DUE TO NO FAULT OF THEIR OWN. WE ASSIST FAMILIES WHO ARE NEWLY HOMELESS AS A RESULT OF JOB LOSS, DEATH, HEALTH ISSUES AND OTHER NON-CONTROLLABLE EVENTS THAT COULD LEAD TO THE LOSS OF A HOME. THE NEW MOVES PARTNERSHIP PROGRAM WORKS WITH CASE MANAGERS AT VARIOUS AGENCIES, CHARITIES AND CHURCHES SO THE FAMILIES RECEIVE THE SUPPORT THEY NEED TO BECOME SELF-SUSTAINING. 85,649
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 INITAL FUNDING FOR LOW INCOME HOUSING PROJECT LANDSTAR PARK APARTMENTS 1,825,047
    2 INITAL FUNDING FOR LOW INCOME HOUSING PROJECT HERITAGE PARK APARTMENTS 671,592
    All other program-related investments. See instructions.
    3 Click to see attachment 1,651,162
    Total. Add lines 1 through 3.........................bullet4,147,801
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    0
    b
    Average of monthly cash balances.......................
    1b
    204,552
    c
    Fair market value of all other assets (see instructions)................
    1c
    710,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    914,552
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    710,000
    3
    Subtract line 2 from line 1d.........................
    3
    204,552
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    3,068
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    201,484
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    10,074
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
     
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    649,618
    b
    Program-related investments—total from Part IX-B..................
    1b
    4,147,801
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    9,860,942
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    14,658,361
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    14,658,361
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$  
    a Applied to 2013, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2014.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
    2009-05-01
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
    0 16,161 16,213 7,863 40,237
    b 85% of line 2a ......... 0 13,737 13,781 6,684 34,201
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		14,658,361 2,426,296 2,533,894 340,243 19,958,794
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		0 0 0 0 0
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		14,658,361 2,426,296 2,533,894 340,243 19,958,794
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 34,148,256 21,473,073 2,534,013 879,126 59,034,468
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 29,270,823 17,527,759 2,469,774 811,676 50,080,032
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		        0
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    Total .................................bullet 3a 0
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aLOW INC HOUSING MGMT FEES         286,349
    bDEVELOPER FEE INCOME         174,000
    cMONSTER CLUB         198,538
    dNEW MOVES         77,000
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......     16 -607,905  
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    16 72,600  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 -535,305 735,887
    13Total. Add line 12, columns (b), (d), and (e)..................
    13200,582
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    1A,B NON PROFIT OWNS THE GENERAL PARTNER INTEREST IN SEVERAL LIMITED
    1A,B PARTNERSHIPS WHICH OWN AND OPERATE RENTAL HOUSING FOR LOW AND MODERATE
    1A,B INCOME INDIVIDUALS AT AFFORDABLE RATES.
    1C MANAGEMENT FEE FOR OVERSIGHT OF MONSTER CLUB AFTER SCHOOL PROGRAMS AT
    1C VARIOUS APARTMENT COMPLEXES
    1D FEE FOR ASSISTING WITH RELOCATION OF FAMILIES WHO HAVE LOST THEIR
    1D HOUSING
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCTG 2,000 0 1,000 1,000
    PAYROLL ADMINISTRATION FEE 8,381 0 0 8,381
    ACCTG FEES 721 0 721 0
    ACCTG FEES 555 0 555 0
    ACCTG FEES 169 0 169 0

    TY 2014 AllOthProgRltdInvestmentsSch
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category Amount
    GP INTEREST IN PARTNERSHIPS PROVIDING LOW INCOME HOUSING APARTMENTS ;LIST TOTAL 1,651,162

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2014 DepreciationSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    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
    LOW INCOME APARTMENT - SPRING ARBOR 2012-06-01 7,091,665 397,563 SL 27.500000000000 257,879 0 257,879  
    LOW INCOME APARTMENT - LEXINTON CLUB 2012-04-01 7,163,624 445,012 SL 27.500000000000 260,495 0 260,495  
    LAND IMPROVEMENTS - SPRING ARBOR 2012-06-01 473,489 68,656 SL 15.000000000000 31,566 0 31,566  
    LOW INCOME APARTMENT - LEXINTON CLUB 2012-04-01 2,042,036 114,478 SL 27.500000000000 74,256 0 74,256  
    FF&E - LEXINGTON CLUB 2012-04-01 4,627 2,267 SL 5.000000000000 925 0 925  
    LAND IMPROVEMENTS - LEXINGTON CLUB 2012-04-01 733,703 98,133 SL 15.000000000000 48,914 0 48,914  
    BUILDING-WINDY PINES APTS 2014-12-24 9,239,389   SL 27.500000000000 13,999 0 13,999  
    LAND IMPROVEMENTS - WINDY PINES 2014-12-24 419,324   SL 15.000000000000 0 0 0  
    FF&E - WINDY PINES 2014-12-24 202,229   SL 5.000000000000 0 0 0  
    LAND LEXINGTON CLUB 2012-04-01 863,897   L   0 0 0  
    LAND WINDY PINES 2014-12-24 1,126,174   L   0 0 0  
    LAND HUNTERS CREEK 2012-06-01 83,227   L   0 0 0  

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    TY 2014 GainLossSaleOtherAssetsSch
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    CRICKET CLUB K-1   PURCHASED     12,026     0 12,026  
    ROUSE ROAD GAIN ON TRANSFER   PURCHASED     4     0 4  
    WATER VIEW PRTNRS K-1   PURCHASED     861     0 861  
    APRIL CIRCLE K-1   PURCHASED 2014-01   8,859     0 8,859  
    CASTLE WOODS GAIN ON TRANSFER   PURCHASED 2014-03   1,663     0 1,663  
    REEF CLUB APRTMTS K-1   PURCHASED 2014-01   21,091     0 21,091  
    REEF CLUB II ASSOC K-1   PURCHASED 2014-01   15,565     0 15,565  
    THE LOOP APRTMTS GAIN ON TRANSFER   PURCHASED 2014-12   11,657     0 11,657  
    ORANGE OAKRIDGE PARK LOSS ON TRANSFER   PURCHASED 2014-05     127   0 -127  
    ORANGE OAKRIDGE PARK ASSOC GAIN ON TRANSFER   PURCHASED 2014-03   4,039     0 4,039  
    BAINBRIDGE HOUSING PRTNRS LOSS ON TRANSFER   PURCHASED 2014-03     899   0 -899  
    BANYAN BAY PARTNERS LOSS ON TRANSFER   PURCHASED 2014-03     914   0 -914  
    WOODBERRY WOODS PRTNRS LOSS ON TRANSFER   PURCHASED 2014-03     1,645   0 -1,645  
    EAST LAKE PRTNRS GAIN ON TRANSFER   PURCHASED 2014-03   334     0 334  
    ORANGE CNTY WATERBRIDGE PRTNRS LOSS ON TRANSFER   PURCHASED 2014-02     101   0 -101  
    VALENCIA VILLAGE PRTNRS GAIN ON TRANSFER   PURCHASED 2014-12   187     0 187  

    TY 2014 InvestmentsLandSchedule2
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND LEXINGTON CLUB 863,897 0 863,897  
    LAND WINDY PINES 1,126,174 0 1,126,174  
    LAND HUNTERS CREEK 83,227 0 83,227  

    TY 2014 InvestmentsOtherSchedule2
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    PARTNERSHIP CAPITAL IN LOW INCOME HOUSING AT COST 1,651,162 1,651,162
    DEVELOPMENT IN PROGRESS AT COST 2,496,639 2,496,639

    TY 2014 LandEtcSchedule2
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LOW INCOME APARTMENT - SPRING ARBOR 7,091,665 655,442 6,436,223  
    LOW INCOME APARTMENT - LEXINTON CLUB 7,163,624 705,507 6,458,117  
    LAND IMPROVEMENTS - SPRING ARBOR 473,489 100,222 373,267  
    LOW INCOME APARTMENT - LEXINTON CLUB 2,042,036 188,734 1,853,302  
    FF&E - LEXINGTON CLUB 4,627 3,192 1,435  
    LAND IMPROVEMENTS - LEXINGTON CLUB 733,703 147,047 586,656  
    BUILDING-WINDY PINES APTS 9,239,389 13,999 9,225,390  
    LAND IMPROVEMENTS - WINDY PINES 419,324 0 419,324  
    FF&E - WINDY PINES 202,229 0 202,229  


    TY 2014 LegalFeesSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 3,993 0 3,993 0
    LEGAL FEES 25,697 0 25,697 0
    LEGAL FEES 8,518 0 8,518 0
    LEGAL FEES 927 0 927 0


    TY 2014 MortgagesAndNotesPayableSch
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Total Mortgage Amount: 20406519

    Item No. 1
    Lender's Name  
    Lender's Title PARTNERSHIP
    Relationship to Insider NONE
    Original Amount of Loan 710000
    Balance Due 710000
    Date of Note 2011-12
    Maturity Date 2071-12
    Repayment Terms PERIODICALLY
    Interest Rate 12.000000000000
    Security Provided by Borrower LAND
    Purpose of Loan PURCHASE LAND
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 2
    Lender's Name  
    Lender's Title BANK
    Relationship to Insider NONE
    Original Amount of Loan 3796900
    Balance Due 3793468
    Date of Note 2013-11
    Maturity Date 2018-11
    Repayment Terms MONTHLY
    Interest Rate 6.500000000000
    Security Provided by Borrower APARTMENT BLDG & LAND LEXINGTON CLUB
    Purpose of Loan REFINANCE
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 3
    Lender's Name  
    Lender's Title BANK
    Relationship to Insider NONE
    Original Amount of Loan 8505000
    Balance Due 8497311
    Date of Note 2013-11
    Maturity Date 2018-11
    Repayment Terms MONTHLY
    Interest Rate 6.500000000000
    Security Provided by Borrower APARTMENT BLDG & LAND HUNTERS CREEK
    Purpose of Loan REFINANCE
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 4
    Lender's Name  
    Lender's Title DEVELOPER
    Relationship to Insider NONE
    Original Amount of Loan 1172769
    Balance Due 559177
    Date of Note 2013-11
    Maturity Date 2018-12
    Repayment Terms PERIODICALLY
    Interest Rate 4.250000000000
    Security Provided by Borrower APARTMENT BLDG & LAND HUNTERS CREEK
    Purpose of Loan REFINANCE
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 5
    Lender's Name  
    Lender's Title DEVELOPER
    Relationship to Insider NONE
    Original Amount of Loan 1225468
    Balance Due 1397451
    Date of Note 2013-11
    Maturity Date 2018-12
    Repayment Terms PERIODICALLY
    Interest Rate 4.250000000000
    Security Provided by Borrower APARTMENT BLDG & LAND LEXINGTON CLUB
    Purpose of Loan DEVELOPER FEE
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 6
    Lender's Name  
    Lender's Title BANK
    Relationship to Insider NONE
    Original Amount of Loan 5791500
    Balance Due 5449112
    Date of Note 2012-06
    Maturity Date 2019-06
    Repayment Terms MONTHLY
    Interest Rate 4.250000000000
    Security Provided by Borrower APARTMENT BLDG & LAND WINDY PINES
    Purpose of Loan DEVELOPER FEE
    Description of Lender Consideration  
    Consideration FMV  


    TY 2014 OtherAssetsSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    OTHER ASSETS 46,213 248,323 248,323
    DEPOSITS   32,698 32,698
    DUE FROM RELATED PARTY   19,031 19,031


    TY 2014 OtherDecreasesSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Description Amount
       


    TY 2014 OtherExpensesSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    POSTAGE 548 0 0 548
    OFFICE SUPPLIES 1,470 0 0 1,470
    ADVERTISING 268 0 0 265
    WORKERS COMP INSURANCE 2,704 0 0 2,191
    OFFICE EXPENSE 43 0 0 43
    OFFICE MANAGEMENT REIMB 49,200 0 49,200 0
    BANK SERVICE CHARGE 68 0 0 68
    PHONE & COMPUTER EXPENSES 5,429 0 0 5,429
    MONSTER CLUB EXPENSES 2,853 0 0 2,853
    ADVERTISING 32,537 0 32,537 0
    CLEANING & MAINT 147,144 0 147,144 0
    INSURANCE 104,228 0 104,228 0
    REPAIRS 334,230 0 334,230 0
    UTILITIES 191,588 0 191,588 0
    MONSTER CLUB 22,990 0 22,990 0
    BAD DEBT EXP 8,660 0 8,660 0
    OTHER OPERATING 310,075 0 310,075 0
    ADVERTISING 30,752 0 30,752 0
    CLEANING & MAINT 96,454 0 96,454 0
    INSURANCE 47,609 0 47,609 0
    REPAIRS 171,374 0 171,374 0
    UTILITIES 278,482 0 278,482 0
    MONSTER CLUB 1,201 0 1,201 0
    BAD DEBT EXP 2,924 0 2,924 0
    OTHER OPERATING 380,294 0 380,294 0
    ACCRUAL TO CASH ADJUSTMENT 0 0 0 0
    ADVERTISING 633 0 633 0
    CLEANING & MAINT 1,750 0 1,750 0
    INSURANCE 1,306 0 1,306 0
    REPAIRS 4,545 0 4,545 0
    UTILITIES 8,298 0 8,298 0
    BAD DEBT EXP 975 0 975 0
    MONSTER CLUB 27 0 27 0
    OTHER OPERATING 12,246 0 12,246 0
    OTHER OPERATING 1,655 0 1,655 0
    OTHER OPERATING 748 0 748 0
    OTHER OPERATING 91 0 91 0
    OTHER OPERATING 121 0 121 0
    OTHER OPERATING 84 0 84 0
      34 0 34 0
    OTHER OPERATING 22 0 22 0
    OTHER OPERATING 2,072 0 2,072 0
    OTHER OPERATING 1,118 0 1,118 0
    OTHER OPERATING 87 0 87 0
    OTHER OPERATING 136 0 136 0
    OTHER OPERATING 152 0 152 0
    OTHER OPERATING 20,326 0 20,326 0
    OTHER OPERATING 86 0 86 0
    OTHER OPERATING 93 0 93 0
    OTHER OPERATING 63 0 63 0
    OTHER OPERATING 156 0 156 0
    OTHER OPERATING 80 0 80 0
    OTHER OPERATING 84 0 84 0
    OTHER OPERATING 47 0 47 0
    OTHER OPERATING 3,189 0 3,189 0
    OTHER OPERATING 3,082 0 3,082 0
    OTHER OPERATING 39 0 39 0
    OTHER OPERATING 27 0 27 0
    OTHER OPERATING 39 0 39 0
    OTHER OPERATING 40 0 40 0
    OTHER OPERATING 13 0 13 0
    OTHER OPERATING 5 0 5 0
    OTHER OPERATING 129 0 129 0
    OTHER OPERATING 82 0 82 0
    OTHER OPERATING 16,671 0 16,671 0
    OTHER OPERATING 225 0 225 0
    OTHER OPERATING 132 0 132 0
    OTHER OPERATING 75 0 75 0
    OTHER OPERATING 1,030 0 1,030 0
    OTHER OPERATING 77 0 77 0
    OTHER OPERATING 402 0 402 0
    OTHER OPERATING 2,342 0 2,342 0
    OTHER OPERATING 1,203 0 1,203 0
    OTHER OPERATING 3,428 0 3,428 0
    LONG-TERM LOSS FROM TRADE OR BUSINESS PROPERTY     -3,686  
    AMORTIZATION 44,577 0 44,577 0


    TY 2014 OtherIncomeSchedule2
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    LOW INC HOUSING MGMT FEES 286,349   286,349
    DEVELOPER FEE INCOME 174,000   174,000
    MONSTER CLUB 198,538   198,538
    NEW MOVES 77,000   77,000


    TY 2014 OtherLiabilitiesSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Description Beginning of Year - Book Value End of Year - Book Value
    SECURITY DEPOSIT 148,319 274,458
    DUE TO RELATED PARTIES 2,462,176 2,371,574
    DEFERRED DEVELOPER FEE NOTE 0 10,620,527


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CONSULTING 36,439 0 36,439 0
    OTHER PROF FEES 1,298 0 1,298 0
    OTHER PROF FEES 3,421 0 3,421 0
    OTHER PROF FEES 798 0 798 0


    TY 2014 TaxesSchedule
    Name:
    SOUTHERN AFFORDABLE SERVICES INC
    EIN: 27-0169634
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PAYROLL TAXES 33,544 0 0 33,544
    STATE FILING FEES 38,791 0 38,791 0
    TAXES 27,506 0 27,506 0
    TAXES 15,218 0 15,218 0
    TAXES WINDYPINES 3,684 0 3,684 0