HomeMy WebLinkAboutC-8082-5 - Grant Agreement for Special Event Support Program FY 17-18 - Newport to Ensendada RaceGRANT AGREEMENT
BETWEEN THE CITY OF NEWPORT BEACH AND
NOSA, INC.
This Grant Agreement ("Agreement") is entered into this 1st day of March, 20' 3
("Effective Date"), by and between the City of Newport Beach, a California muni ,al
corporation and Charter City ("City"), and NOSA, INC., a California nonprofit corpo [ion
located at 421 Vista Suerte, Newport Beach, California 92660 ("Grantee"). C� and
Grantee are at times individually referred to as "Party" and collectively as "Parties ..arein.
RECITALS
A. It is the policy of the City Council that the City's budget specifically allows the City
Council to direct revenue towards non-profit agencies, community groups,
community events, or enhancement projects with worthy projects or programs
which the City Council deems beneficial to the residents' quality of life.
B. Grantee requested a grant from the City for its 2018 Newport to Ensenada
International Yacht Race ("Grant Proposal").
C. The City Council determined the Grant Proposal is for a worthy project that will
benefit the City's residents' quality of life.
D. The City Council approved a grant in the amount of Ten Thousand Dollars and
00/100 ($10,000.00) ("Grant Funds") to Grantee pursuant to certain conditions
regarding expenditure, reporting, and accounting requirements.
NOW, THEREFORE, the Parties agree as follows:
1. GRANT
1.1. City awards to Grantee Grant Funds in the amount of Ten Thousand Dollars
and 00/100 ($10,000.00) as requested by Grantee in the Grant Proposal attached hereto
as Exhibit A and incorporated herein by reference, or such other amount as authorized
by the City Council.
1.2. Grant Funds shall be disbursed by City to Grantee as follows (select one):
® At the time of execution of this Agreement.
PM1114 M
The term of this Agreement shall commence on the Effective Date and shall
continue in full force and effect until February 28, 2019, unless terminated earlier as
provided herein.
3. RESTRICTIONS ON USE OF FUNDS
3.1. The Grant Funds are subject to the following expenditure conditions ("Approved
Uses"):
3.1.1. The Grant Funds shall be expended solely for the purposes provided
in Exhibit A;
3.1.2. The Grant Funds shall not be used for any activity that would violate
City, state or federal statutory or decisional law such as regulations affecting non-profit or
tax exempt organizations exempt from taxation pursuant to Section 501(c)(3) of the
Internal Revenue Code; and
3.2. Grantee further warrants to City that the Grant Funds will be spent solely for
the Approved Uses and the Grant Funds shall be used by Grantee during this
Agreement's term otherwise the Grant Funds shall be returned to City, as provided in
Section 5 below.
4. REPORTING AND ACCOUNTING REQUIREMENTS
4.1. At all times during the term of this Agreement, Grantee shall maintain true,
proper, and complete books, records, and accounts (collectively, "Books and Records")
in which shall be entered fully and accurately all transactions taken with respect to the
operations of Grantee under the Grant Proposal and the expenditure of the Grant Funds.
Grantee shall maintain the Books and Records in accordance with Generally Accepted
Accounting Principles.
4.2. If the Grantee has been audited by an independent auditor or has been the
subject of a compliance audit/examination by a grantee or regulatory agency during the
past three years, audit reports and management letters indicating compliance violations,
fraud, illegal acts, material weaknesses in internal control structure or reportable
conditions, in connection with such audits shall be delivered to the City thirty (30) days
prior to the effective date of this agreement. If no audits or events as described above
have occurred during this period, the Grantee shall provide City a written assertion that
no audits or similar examinations have occurred during the three (3) year period and an
assertion that the Grantee is not aware of any events or conditions, described above, or
other information that might reasonable impact City's decision to fund the grant as
requested.
4.3. City reserves the right to designate its own employee representative(s) or its
contracted representative(s) with a Certified Public Accounting firm who shall have the
right to audit Grantee's accounting procedures and internal controls of Grantee's financial
systems as they relate to the Grant Proposal and to examine any cost, revenue, payment,
claim, other records or supporting documentation resulting from any items set forth in this
Agreement. Any such audit(s) shall be undertaken by City or its representative(s) at
mutually agreed upon reasonable times and in conformance with generally accepted
auditing standards. Grantee agrees to fully cooperate with any such audit(s).
NOSA, INC. Page 2
4.4. This right to audit shall extend during the length of this Agreement and for a
period of three (3) years or longer, if required by law, following the date of any Grant
Funds tendered under this Agreement. Grantee agrees to retain all necessary
records/documentation for the entire length of this audit period.
4.5. Grantee shall, upon conclusion of the event, furnish the City with a Balance
Sheet and Income Statement describing the receipt and disbursement activities of
Grantee with respect to the Grant Funds. In its sole and absolute discretion, the City may
also require Grantee to submit: (i) quarterly check registers and descriptions of each
disbursement; (ii) budget -to -actual -results; and (iii) a statement of position describing the
assets and liabilities associated with the Grant event. All reports, including a post -event
evaluation, shall be due to the City no later than forty-five (45) days following the
conclusion of the event. In the event that an independent audit is conducted, Grantee
shall forward a copy of the audited report to the City for review, including any Management
Letter, Report on Internal Controls, or Reportable Conditions letter generated during the
course of the audit.
4.6. Grantee agrees to exercise prudent financial management processes including
proper oversight of all assets, budget preparation, and timely reporting including budget -
to -actual -comparisons.
4.7. All Approved Uses shall be performed by Grantee or under Grantee's
supervision. Grantee represents that it possesses the professional and technical skills
required to perform the services required by this Agreement, and that it will perform all
services with a standard of care and in a manner commensurate with the community
professional standards and with the ordinary degree of skill and care that would be used
by other reasonably competent practitioners of the same discipline under similar
circumstances.
4.8. If Grantee has supported Political Action Committees(s) (PACs) during the past
three (3) years, the Grantee shall hire an independent auditor to perform limited, agreed-
upon testwork procedures to provide City assurance that City sponsored event profits did
not subsidize the funding of Political Action Committees (PACs) and event proceeds were
adequately segregated from funds used to support PACs. Agreed upon procedures may
include a review of a detail list of the past three (3) years of PAC contributions and
expenditures, including:
a. An identifying donor number, date and amount of each reported
contribution; and
b. A detail of expenditures sufficient enough to determine that the
expenditures were solely for PAC -related expenses; and
c. Any retained earnings or fund balance at the end of each fiscal year.
Substantive documentation for the contribution and expenditure should be available upon
request. City shall approve the agreed-upon testwork procedures prior to the
commencement of fieldwork.
NOSA, INC. Page 3
5. USE OF GRANT FUNDS
5.1. The Grant Funds shall be used solely by Grantee for the Approved Uses and
for no other use. In the event that the Grant Funds are not used for the Approved Uses
or are not expended by or before February 28, 2019, Grantee shall notify the City in
writing, and shall be obligated to return the Grant Funds to City within thirty (30) days.
5.2. The City's grant contribution shall only be used for non -secular purposes.
Grantees shall not use the City's grant contribution, or any portion thereof, for any purpose
that violates local, state, or federal law, including, but not limited to, the Establishment
Clause.
6. INDEMNIFICATION
6.1. To the fullest extent permitted by law, Grantee shall indemnify, defend and hold
harmless City, its City Council, boards and commissions, officers, agents, volunteers, and
employees (collectively, the "Indemnified Parties") from and against any and all claims
(including, without limitation, claims for bodily injury, death or damage to property),
demands, obligations, damages, actions, causes of action, suits, losses, judgments,
fines, penalties, liabilities, costs and expenses (including, without limitation, attorney's
fees, disbursements and court costs) of every kind and nature whatsoever (individually,
a Claim; collectively, "Claims"), which may arise from or in any manner relate (directly or
indirectly) to this Agreement (including the negligent and/or willful acts, errors and/or
omissions of Grantee, its principals, officers, agents, employees, vendors, suppliers,
consultants, subcontractors, anyone employed directly or indirectly by any of them or for
whose acts they may be liable or any or all of them).
6.2. Notwithstanding the foregoing, nothing herein shall be construed to require
Grantee to indemnify the Indemnified Parties from any Claim arising from the sole
negligence or willful misconduct of the Indemnified Parties. Nothing in this indemnity shall
be construed as authorizing any award of attorney's fees in any action on or to enforce
the terms of this Agreement. This indemnity shall apply to all claims and liability
regardless of whether any insurance policies are applicable. The policy limits do not act
as a limitation upon the amount of indemnification to be provided by Grantee.
7. GRANTEE INDEPENDENCE
In the performance of this Agreement, the Grantee, and the agents and employees of
Grantee, shall act in an independent capacity and are not officers, employees or agents
of the City. The manner and means of performing the Approved Uses are under the
control of Grantee, except to the extent they are limited by statute, rule or regulation and
the expressed terms of this Agreement. Nothing in this Agreement shall be deemed to
constitute approval for Grantee or any of Grantee's employees or agents, to be the agents
or employees of City. Grantee shall have the responsibility for and control over the means
of performing the Approved Uses, provided that Grantee is in compliance with the terms
of this Agreement. Anything in this Agreement that may appear to give City the right to
direct Grantee as to the details of the performance or to exercise a measure of control
over Grantee shall mean only that Grantee shall follow the desires of City with respect to
the results of the Approved Uses.
NOSA, INC. Page 4
8. PROHIBITION AGAINST TRANSFERS
Grantee shall not assign, sublease, hypothecate or transfer this Agreement or any of the
services to be performed under this Agreement, directly or indirectly, by operation of law
or otherwise without prior written consent of City. Any attempt to do so without written
consent of City shall be null and void.
9. NOTICES
9.1. All notices, demands, requests or approvals to be given under this Agreement
shall be given in writing and conclusively shall be deemed served when delivered
personally or on the third business day after the deposit thereof in the United States mail,
postage prepaid, first class mail, addressed as hereinafter provided.
9.2. All notices, demands, requests or approvals from Grantee to City shall be
addressed to the City at:
Attn: Deputy City Manager
City Manager's Office
City of Newport Beach
100 Civic Center Drive
P.O. Box 1768
Newport Beach, CA 92658-8915
9.3. All notices, demands, requests or approvals from City to Grantee shall be
addressed to Grantee at:
Attn: David Shockley
NOSA, INC.
421 Vista Suerte
Newport Beach, CA 92660
10.TERMINATION
10.1. Termination for Cause. Grantee shall be in default if Grantee fails or refuses
to perform any duty required by the Agreement or performs in a manner inconsistent with
the terms, conditions and restrictions in this Agreement. In such event, City shall give
Grantee, thirty (30) days written notice to cure, if the default can be cured and City shall
be entitled to terminate this Agreement if Grantee has not cured the default within the
thirty (30) day cure period. City shall be entitled to immediately terminate this Agreement
if the default cannot be cured through corrective action. If terminated for cause, Grant
Funds shall be returned to the City pursuant to Section 5. This Agreement is made on an
annual basis, and as such is subject to non -renewal at its termination.
10.2. Termination without Cause. City may terminate this Agreement at any time
with or without cause upon seven (7) days written notice to Grantee, any remaining Grant
Funds in Grantee's possession at the time of termination shall be returned to City
pursuant to Section 5.
NOSA, INC. Page 5
10.3. Specific Performance. Grantee agrees that the City has the legal right, and all
necessary conditions have been satisfied, to specifically enforce Grantee's obligations
pursuant to this Agreement.
11. STANDARD PROVISIONS
11.1. Recitals. City and Grantee acknowledge that the above Recitals are true and
correct and are hereby incorporated by reference into this Agreement.
11.2. Compliance With all Laws. Grantee shall at its own cost and expense comply
with all statutes, ordinances, regulations and requirements of all governmental entities,
including federal, state, county or municipal, whether now in force or hereinafter enacted.
11.3. Waiver. A waiver by either Party of any breach, of any term, covenant or
condition contained herein shall not be deemed to be a waiver of any subsequent breach
of the same or any other term, covenant or condition contained herein, whether of the
same or a different character.
11.4. Integrated Contract. This Agreement represents the full and complete
understanding of every kind or nature whatsoever between the parties hereto, and all
preliminary negotiations and agreements of whatsoever kind or nature are merged herein.
No verbal agreement or implied covenant shall be held to vary the provisions herein.
11.5. Conflicts or Inconsistencies. In the event there are any conflicts or
inconsistencies between this Agreement and the Grant Proposal or any other
attachments attached hereto, the terms of this Agreement shall govern.
11.6. Interpretation. The terms of this Agreement shall be construed in accordance
with the meaning of the language used and shall not be construed for or against either
party by reason of the authorship of the Agreement or any other rule of construction which
might otherwise apply.
11.7. Amendments. This Agreement may be modified or amended only by a written
document executed by both Grantee and City and approved as to form by the City
Attorney.
11.8. Severability. If any term or portion of this Agreement is held to be invalid, illegal,
or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions
of this Agreement shall continue in full force and effect.
11.9. Controlling Law And Venue. The laws of the State of California shall govern
this Agreement and all matters relating to it and any action brought relating to this
Agreement shall be adjudicated in a court of competent jurisdiction in the County of
Orange, State of California.
11.10. Equal Opportunity Employment. Grantee represents that it is an equal
opportunity employer and it shall not discriminate against any contractor, employee or
applicant for employment because of race, religion, color, national origin, handicap,
ancestry, sex or age or any other impermissible basis under law.
NOSA, INC. Page 6
11. 11. No Attorney's Fees. In the event of any dispute or legal action arising under
this Agreement, the prevailing party shall not be entitled to attorney's fees.
11.12. Counterparts. This Agreement may be executed in two (2) or more
counterparts, each of which shall be deemed an original and all of which together shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed
on the dates written below.
APPROVED AS TO FORM:
CITY ATTORNEY'S OFFICE
Date: 'K�(dj B
U0-
ATTEST:
Date: 3/�
. �"l 1K
By:4&,Jlpo�
Leilam I. N6wn
City Clerk
Attachment: Exhibit A: Grant Proposal
CITY OF NEWPORT BEACH,
A Califoni I icipal corporation
Date: 11 �04
l
Carol Jacobs
Assistant City Manager
GRANTEE: NOSA, INC., a California
nonprofit corporation
Date:_ ?— /P'� /O'
BY: ( .�- 6 rlt/yiv,6�
Owe Baiunco
Chief Financial Officer
[END OF SIGNATURES]
NOSA, INC. Page 7
EXHIBIT A
NOSA, INC. Page 8
From: form_engine@fs23.foonsite.com
To: Locev. Mary
Subject: Special Event—Application for Financial Support Result #9374332
Date: Sunday, May 07, 2017 2:13:45 PM
Special Event Support Application - Signature Events
Reference #: 9374332
Status: Complete
Last Update: 2017-05-07 14:13:31
Start Time: 2017-05-07 12:58:56
Finish Time: 2017-05-07 14:13:31
User: 76.169.250.56 (IE - Windows)
Referrer: hgps://fs23.formcite com/res/formLoainNew
Form Login Account (optional)
New Users / Returning Users CLICK HERE to setup or return to your account for this
form. Creating an account enables you to return to this form and your submitted results.
An account will also enable you to partially complete this form and return later to finish
the form. The account you establish is only for this form.
Directions for Completing the Application Form
. Each question should be answered clearly and briefly.
• If a question is not applicable, enter N/A and provide a reason why you feel it does not apply to
your event..
• Please adhere to the word limits in certain sections.
. Attach a copy of the event budget, including the anticpated revenues and expenidtures.
• Attach a copy of the event's proposed measurable objectives and performance measures.
. Incomplete or applications received after the submission deadline will not be accepted.
. Do not sumit collateral materials (i.e. marketing materials and programs). They will not be
considered.
. Applications must be submitted online.
• The completed application must be received no later than 4 p.m. on Friday, May 5, 2017.
Funding Levels
Signature Event Grants will be awarded at set, not -to -exceed levels based upon an evaluation of the
event budget, an estimate of related City of Newport Beach (City) special event fees, and the estimated
economic benefits to the City of having the event based in Newport Beach. The City's financial
support should represent no more than 25 percent of the overall event budget.
The City may choose to enter multi-year agreements with grant awardees. All agreements, whether for
one year or multiple years, will include right to audit language and include measureable objectives and
performance measures for evaluating the event's marketing and economic impact
Signature Event Grants Funding Levels*
• Tier 1 - $15,000 - $25,000
* Tier 2 - $25,001 - $50,000
• Tier 3 - $50,001 - $150,000
*Grants provided based on analysis of related City event fees and economic benefits City would
derive from the event.
Save & Return
Save your progress and complete this form later. (optional)
Create an account or login
Applicant Information - Signature Events
* Name of Applicant Organization:
Newport Ocean Sailing Association
Applicant Representative Contact Information
* First Name
David
* Last Name
Shockley
* Title/ Affiliation:
Junior Staff Commodore
* Full Mailing Address of Organization:
P.O. Box 7485, Newport Beach, CA 92658
* Phone Number
(949) 266-8540
* Email Address
info(@nosa.ora
* Type of Nonprofit Entity:
Corporation 501 (c) (3)
* State of California Entity Number:
NOSA Inc. Tax ID 01-0644020
Signature Events require entering into an agreement with the City. Agreements require signatures from two officers
with authority to bind a contract. Signatures will be needed from one officer listed in Part A below and one officer from
Part B below. Please mark the title and provide the full name for each.
* Part A - Officer Title
❑ President
FX Any Vice President
❑ Chair of the Board
* Part A - Officer Name
Dan Hodge
* Part B - Officer Title
❑ Secretary
❑X Chief Financial Officer
11 Any Assistant Secretary
F]Any Assistant Treasurer
* Part B - Officer Name
Joe Baiunco
* Entity Address (if different from applicant):
Arciada Ca.
Event Information - Signature Events
* Name of Event:
Newport to Ensenada Yacht Race International Yacht Race
* Event Date(s):
April 22 to April 29, 2018
* Is this an annual event?
MX yes
Fino
* Event location(s)/venue(s) in Newport Beach:
Marina Park, Sterling BMW, American Legon, Marriott Hotel and Balboa Pier.
* Is at least 51 percent of this event - in its entirety - within Newport Beach?
FX Yes
❑ No
* Type of event (Check one):
❑ Art/Culture
Community
Recreational
F1Special Interest
❑ Educational
F1 Social
RX Other (Sports- Special Interest)
* Have you previously received City support for this or any other event sponsored by your organization?
FX Yes
❑ No
* If yes, please list the event(s), year(s) and amount(s):
Newport to Ensenada Yacht Race 2017 $10,000.00*City credit for Marina Park use and parking fees.
Newport to Ensenada Yacht Race 2016 $10,000.00
Newport to Ensenada Yacht Race 2015 $10,000.00
Newport to Ensenada Yacht Race 2014 $10,000.00
Newport to Ensenada Yacht Race 2013 $10,000.00
* Is there a fee to enter the event? If yes, what is the amount of the fee?
There is a $275.00 fee to enter Boats in the race.
* Describe what, if any, portion of the event is FREE to the public.
1 Race Week Kick -Off April 22,2018 at Marina Park.
2 Yachtsman's Lunch April 25,2018 Bahia Corinthian Yacht Club.
3 Skippers & VIPs reception April 25, 2018 Sterling BMW.
4 Skipper & Crew Sail Away Party April 26, 2018 American Legion Yacht Club.
5 The race start 11:00 AM April 27, 2018 off the Balboa Pier.
* Brief Description of Event (150 -word maximum, include any anticipated impacts such as road closures, traffic
j control, amplified sound and if any portion of the event will be on public property such as parks, streets,
sidewalks):
The 2017 Race Kick -Off event was held at Marina Park and used a portion of the puking lot. It included amplified
sound from noon to 4:30 P.M. and a beer garden inside. There was minimal impact on the public use of the park.
The Race start is on the ocean off the Balboa Pier, viewing the start is best from the pier.
* In 250 words or less, explain how your event will meet or exceed any or all of the seven Signature Event
Evaluation Criteria (see Special Event Support Program Overview, page 3):
j For 70 years Newport Beach has been home to the Pacific Coast largest International Yacht Race with a week of
activities concentrated in Newport Beach. With more than 185 race boat entrants, they and their crew take advantage of
t the various services in Newport Beach including hotels, restaurants, local merchants and marine stores. The various
3 events during race week typically draw 4,000-5,000 people to the Newport Beach.
I The event includes local business as part of our activities. Those included in 2017 as sponsors are Sterling BMW,
Farmers & Merchants Bank,Hi-Time Wine Cellars, Ruby's on the Pier, the American Legion, The Sea Base and Yacht
Clubs in the Bay.
i This event brings Federal, State and Local Mexican Officials to Newport Beach for social events with our city officials
and fosters improved international relationships.
This event helps support charitable activities. In Ensenada that includes, a School for Autistic Children, a Junior Sailing
program and an Orphanage. Locally we support The Newport Sea Base.
_.. This event receives positive newspaper, radio, TV and social Media coverage that shows Newport Beach to be an ideal
place to live, work or visit. In addition, this year working with the Los Angeles Times, our Race Program & Visitor
i Guide was delivered to 50,000 homes, in Orange County and San Diego. It featured two full color pages highlighting
j Newport Beach as a "idyllic town with rich nautical roots" and "a world-class destination for sightseeing, outdoor
activities, fabulous dining, shopping and entertainment."
* Anticipated Event Attendance (Indicate participants vs. spectators, if applicable):
1,200 vs 4,000 to 6,000
* Summarize applicant's prior event experience (100 -word maximum):
This will be the 71 st annual Newport to Ensenada International Yacht Race, it has a rich history with racers from all
i walks of life. It has been sailed by the famous, such as Humphrey Bogart, Walter Cronkite, Dennis Conner, Steve
f Fossett and the not so famous such as myself. It has always started in Newport Beach and finished in Ensenada.
The Newport to Ensenada Yacht Race is a Newport Beach Institution that promotes and enhances the best our city has
to offer.
* If the Applicant conducts similar events elsewhere, please provide details including: where, when, safety issues,
and if applicable, why the event left its previous location (100 -word maximum):
N/A
* The request for City support must include a list of other City entities or groups (e.g., City Arts Commission, a
Business Improvement District, Library support group, etc.) from which the applicant is seeking financial
support. Are you seeking financial support from other City entities?
❑ Yes
FX No
If you answered yes above, please list the entities or groups and the amount of financial support requested from
each:
* As your organization's representative, please verify the below by checking the corresponding boxes and then
type your name in the field below.
❑X I acknowledge that, if awarded funding, my organization will have to enter into a grant agreement with the City.
n I have read the updated City of Newport Beach Special Event Support Program Overview, including the eligibility,
I^I i
Uqualifiction and evaluation criteria.
Fx1l acknowledge that submission of this application does not guarantee the event will receive City support.
X❑ I have attached a complete event budget showing anticipated revenue and expenses (attach using link below).
I have attached the proposed measurable objectives and performance measures for the event (attach using link
below).
* Name:
David Shockley
Attach a copy of the complete event budget.
Attach the proposed measurable objectives and performance measures for the event.
NOSA, INC
ENSENADA RACE
PROJECTED BUDGET
2018
INCOME
ENTRY FEES $40,000
SPONSOR INCOME 35,000
ADVERTISING INCOME 1,800
Total Income 76,800
EXPENSES
500
TROPHIES
4,800
RACE BROCHURE
2,500
SAILING INSTRUCTIONS
1,000
ADVERTISING PRINT
1,250
SUPPORT VESSELES
1,850
BADGES & APPAREL
1,200
TRAVEL & MEALS
4,000
NEWPORT BEACH ACYIVITIES
4,800
PARTICIPATION PENNANTS
1,000
ENSENADA PORT FEES
22,000
TOTAL
24,400
COMMITTEE EXPENSES
500
HEADQUARTERS
500
PACKETS
300
SEMINAR
100
SPONSORSHIP
1,000
FINISH LINE
1,000
TROPHY
1,000
START LINE
1,000
RACE OPERATIONS
500
INFORMATION & PRESS
2,500
TOTAL COMMITTEE
7,900
OTHER EXPENSES
REGATALIABILTY INSURANCE
1,000
DIGNATARIES
1,500
HOSPITAITY
900
HOTEL
5,500
SPONSOSHIP EXPENSE
400
SPONSORSHIP COMMISSION
10,500
PRINTING
1,200
TOTAL
22,200
ADMISTARTIVE SUPPORT
EXECUTIVESECRETARY
7,000
OFFICE SUPPILIES
450
TELEPHONE
900
UTILITIES
500
MEMERSHIPS
850
BOARD MEETING RENT
4,000
STORANGE RENT
4,100
WEB SITE
500
DONATIONS
500
ANNUAL MEETING
500
INSURANCE
4,700
ACCOUNTANT
1,000
COMPUTER EQUIPMENT
500
TOTAL EXPENSE
25,500
TOTAL ALL EXPENSES
80,000
PROJECTED LOSS
$3,200
DATE PREPARED MAY 9,2017