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<br /> SANTA ANA EMPOWERMENT CORPORATION
<br /> Notes to the Financial Statements (Continued)
<br /> June 30, 2010 and 2009
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<br /> (2) EMPOWERMENT ZONE GRANT
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<br /> The total amounts granted and allocated are as follows:
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<br /> Approved Grants:
<br /> Second round grant - Year One $ 3,000,000
<br /> Second round grant - Year Two 3,666,000
<br /> Second round grant - Year Three 12,306,200
<br /> Second round grant - Year Four 3,000,000
<br /> Second round grant - Year Five 1,987,000
<br /> Second round grant - Year Six 994,100
<br /> Second round grant - Year Seven 661,333
<br /> Second round grant - Year Eleven 667
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<br /> Total Approved Grants 25,615,300
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<br /> Allocated Grant Amounts:
<br /> Expensed during the period ended June 30, 2000 (1,199,953)
<br /> Expensed during the period ended June 30, 2001 (2,856,500)
<br /> Expensed during the period ended June 30, 2002 (3,847,624)
<br /> Expensed during the period ended June 30, 2003 (2,337,630)
<br /> Expensed during the period ended June 30, 2004 (3,190,000)
<br /> Expensed during the period ended June 30, 2005 (2,471,670)
<br /> Expensed during the period ended June 30, 2006 (2,243,119)
<br /> Expensed during the period ended June 30, 2007 (1,687,564)
<br /> Expensed during the period ended June 30, 2008 (1,566,386)
<br /> Expensed during the period ended June 30, 2009 (1,404,100)
<br /> Expensed during the period ended June 30, 2010 (2,780,246)
<br /> Total Allocated Grant Amounts (25,584,792)
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<br /> Total Unexpended as of June 30, 2010 $ 30,508
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<br /> (3) OPERATING AGREEMENT WITH THE CITY OF SANTA ANA
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<br /> On December 6, 1999, the Organization entered into an operating agreement with the City to administer
<br /> the goals and objectives of the approved strategic plan of the Empowerment Zone. These duties
<br /> include the monitoring of programs, staffing, administration, and payment of program funds. Through
<br /> the Memorandum of Understanding with HUD, the City requests payment from HUD for program costs
<br /> incurred by subrecipients which are administered through the Organization in accordance with the
<br /> operating agreement. The City advances the funds for these program costs and is reimbursed by HUD.
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<br /> 19G-20
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