Apartment Report

Year Ended 2011-12-31

66 Madison Ave
New York
NY 10016

66 Madison Avenue Apartment Corporation

Financial Statements

BALANCE SHEETS

ASSETS
Current assets
Cash and cash equivalents 527,795
Accounts receivable 21,096
Prepaid expenses 277,775
Prepaid corporate taxes 4,117
Total current assets 830,783
Fixed assets
Land 993,487
Building 2,976,870
Improvements 1,942,074
Furniture and fixtures 186,649
6,099,080
Less: accumulated depreciation 3,453,618
Net fixed assets 2,645,462
Other assets
Deferred financing costs, net of accumulated amortization of $44,092 and $40,173 45,780
Total other assets 45,780
Total assets 3,522,025
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 161,397
Prepaid maintenance 14,437
Corporate taxes payable -0-
Tenant securities 24,000
Mortgage payable, short-term 155,332
Total current liabilities 355,166
Long-term liabilities
Revolving line of credit 793,600
Mortgage payable, long-term 2,574,583
Total long-term liabilities 3,368,183
Total liabilities 3,723,349
Shareholders’ equity
Common stock, $.25 par value, 25,000 shares authorized 17,389 issued, and 17,146 outstanding as of December 31, 2010, (17,133 as of December 31, 2009) 4,347
Additional paid-in capital 7,049,602
Less: treasury stock, 256 shares at cost (70,618)
Accumulated deficit (7,184,655)
Total shareholders' equity (201,324)
Total liabilities and shareholders' equity 3,522,025

STATEMENTS OF INCOME AND ACCUMULATED DEFICIT

Revenues
Maintenance charges 2,210,046
Assessments 196,092
Commercial rental 94,262
Late charges, sublet fees and miscellaneous 24,684
Laundry 19,800
Interest income 4,183
Total income 2,549,067
Expenses
Real estate taxes 1,119,644
Payroll expenses 444,893
Mortgage interest 243,663
Utility expenses 247,138
Administrative expenses 154,748
Repairs, maintenance and supplies 86,510
Total expenses 2,296,596
Income before depreciation and amortization 252,471
Depreciation and amortization 206,664
Net income/(loss) 45,807
Accumulated deficit - beginning (7,230,462)
Accumulated deficit - ending (7,184,655)