| Description of Amortized Expenses | Date Acquired, Completed, or Expended | Amount Amortized | Deduction for Prior Years | Amortization Method | Current Year Amortization | Net Investment Income | Adjusted Net Income | Total Amount of Amortization |
|---|---|---|---|---|---|---|---|---|
| ORGANIZATIONAL COSTS | 2018-01-16 | 26,475 | 10,443 | 180.000000000000 | 1,765 | 0 | 1,765 | 12,208 |
| CLOSING COSTS | 2018-08-10 | 15,875 | 15,875 | 24.000000000000 | 0 | 0 | 15,875 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| LAND - LELAND, MI | 2018-05-25 | 152,000 | L | 0 | 0 | 0 | |||
| PLANER/JOINER | 2020-01-01 | 18,000 | 10,284 | SL | 7.000000000000 | 2,571 | 0 | 2,571 | |
| DARKROOM EQUIPMENT | 2020-01-01 | 1,475 | 844 | SL | 7.000000000000 | 211 | 0 | 211 | |
| EDGE SANDER | 2020-01-01 | 1,500 | 856 | SL | 7.000000000000 | 214 | 0 | 214 | |
| LIFT TABLE #1 | 2020-01-01 | 2,157 | 1,232 | SL | 7.000000000000 | 308 | 0 | 308 | |
| LIFT TABLE #2 | 2020-01-01 | 1,750 | 1,000 | SL | 7.000000000000 | 250 | 0 | 250 | |
| BAND SAW | 2020-01-01 | 1,500 | 856 | SL | 7.000000000000 | 214 | 0 | 214 | |
| PIN SANDER | 2020-01-01 | 600 | 344 | SL | 7.000000000000 | 86 | 0 | 86 | |
| DISK SANDER | 2020-01-01 | 400 | 228 | SL | 7.000000000000 | 57 | 0 | 57 | |
| DUST COLLECTION SYSTEM | 2020-01-01 | 600 | 344 | SL | 7.000000000000 | 86 | 0 | 86 | |
| FRAME CUTTING MACHINE | 2020-01-01 | 1,550 | 884 | SL | 7.000000000000 | 221 | 0 | 221 | |
| ROUTER | 2020-01-01 | 2,500 | 1,428 | SL | 7.000000000000 | 357 | 0 | 357 | |
| FAN | 2020-01-01 | 3,591 | 2,052 | SL | 7.000000000000 | 513 | 0 | 513 | |
| HANS WEGNER SHELL CHAIR FRAME | 2020-01-01 | 2,268 | 1,296 | SL | 7.000000000000 | 324 | 0 | 324 | |
| FURNITURE & EQUIPMENT | 2020-01-01 | 77,546 | 44,312 | SL | 7.000000000000 | 11,078 | 0 | 11,078 | |
| BUILDING | 2020-01-01 | 4,432,935 | 454,660 | SL | 39.000000000000 | 113,665 | 0 | 113,665 | |
| GMC CANYON | 2022-03-01 | 45,766 | 16,781 | SL | 5.000000000000 | 9,153 | 0 | 9,153 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| ORGANIZATIONAL COSTS | 26,475 | 12,208 | 14,267 | |
| LAND - LELAND, MI | 152,000 | 0 | 152,000 | |
| CLOSING COSTS | 15,875 | 15,875 | 0 | |
| PLANER/JOINER | 18,000 | 12,855 | 5,145 | |
| DARKROOM EQUIPMENT | 1,475 | 1,055 | 420 | |
| EDGE SANDER | 1,500 | 1,070 | 430 | |
| LIFT TABLE #1 | 2,157 | 1,540 | 617 | |
| LIFT TABLE #2 | 1,750 | 1,250 | 500 | |
| BAND SAW | 1,500 | 1,070 | 430 | |
| PIN SANDER | 600 | 430 | 170 | |
| DISK SANDER | 400 | 285 | 115 | |
| DUST COLLECTION SYSTEM | 600 | 430 | 170 | |
| FRAME CUTTING MACHINE | 1,550 | 1,105 | 445 | |
| ROUTER | 2,500 | 1,785 | 715 | |
| FAN | 3,591 | 2,565 | 1,026 | |
| HANS WEGNER SHELL CHAIR FRAME | 2,268 | 1,620 | 648 | |
| FURNITURE & EQUIPMENT | 77,546 | 55,390 | 22,156 | |
| BUILDING | 4,432,935 | 568,325 | 3,864,610 | |
| GMC CANYON | 45,766 | 25,934 | 19,832 |
| Item No. | 1 |
|---|---|
| Lender's Name | GEOFFREY PECKHAM |
| Lender's Title | |
| Original Amount of Loan | |
| Balance Due | 645000 |
| Date of Note | 2023-01 |
| Maturity Date | |
| Repayment Terms | |
| Interest Rate | 0.000000000000 |
| Security Provided by Borrower | ASSETS |
| Purpose of Loan | TO FUND THE TUSEN TAKK FOUNDATION |
| Description of Lender Consideration | CASH |
| Consideration FMV |
| Item No. | 1 |
|---|---|
| Lender's Name | INDEPENDENT BANK |
| Lender's Title | |
| Relationship to Insider | NONE |
| Original Amount of Loan | |
| Balance Due | 1,903,020 |
| Date of Note | 2018-08 |
| Maturity Date | 2028-08 |
| Repayment Terms | 10 YEAR TERM LOAN AT 4.2% INTEREST |
| Interest Rate | 4.200000000000 |
| Security Provided by Borrower | REAL PROPERY LOCATED AT 5565 LELAND WOODS DRIVE, LELAND, MICHIGAN |
| Purpose of Loan | TO CONSTRUCT THE FOUNDATION'S STUDIOS AND RESIDENCE FACILITY |
| Description of Lender Consideration | CASH |
| Consideration FMV |
| Item No. | 2 |
|---|---|
| Lender's Name | GM FINANCIAL |
| Lender's Title | |
| Relationship to Insider | NONE |
| Original Amount of Loan | |
| Balance Due | 3,751 |
| Date of Note | 2022-03 |
| Maturity Date | 2025-03 |
| Repayment Terms | 3 YEAR LOAN TERM AT 0% INTEREST |
| Interest Rate | 0.000000000000 |
| Security Provided by Borrower | VEHICLE |
| Purpose of Loan | VECHILE TO GET AROUND PROPERTY |
| Description of Lender Consideration | CASH |
| Consideration FMV |
| Item No. | 3 |
|---|---|
| Lender's Name | GEOFFREY PECKHAM |
| Lender's Title | |
| Relationship to Insider | TRUSTEE |
| Original Amount of Loan | |
| Balance Due | 645,000 |
| Date of Note | 2023-01 |
| Maturity Date | |
| Repayment Terms | |
| Interest Rate | 0.000000000000 |
| Security Provided by Borrower | ASSETS |
| Purpose of Loan | TO FUND THE TUSEN TAKK FOUNDATION |
| Description of Lender Consideration | CASH |
| Consideration FMV |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| OTHER ASSETS | 3,500 | 3,500 | 3,500 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EQUIPMENT MAINTENANCE | 3,727 | 0 | 0 | 3,727 |
| INSURANCE | 21,135 | 0 | 0 | 21,135 |
| UTILITIES | 6,764 | 0 | 0 | 6,764 |
| SUPPLIES | 25,532 | 0 | 0 | 25,532 |
| TRAVEL | 15,675 | 0 | 0 | 15,675 |
| MARKETING | 20,945 | 0 | 0 | 20,945 |
| BANK CHARGES | 248 | 0 | 0 | 248 |
| GRANT PAYOUT | 7,663 | 0 | 0 | 7,663 |
| RENT | 8,323 | 0 | 0 | 8,323 |
| EMPLOYEE EXPENSES | 2,015 | 0 | 0 | 2,015 |
| AMORTIZATION | 1,765 | 0 | 1,765 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CONSULTING | 2,500 | 0 | 0 | 2,500 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| PAYROLL TAXES | 39,184 | 0 | 0 | 39,184 |
| PROPERTY TAXES | 30 | 0 | 0 | 30 |