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October 5, 2007

Beginning Balance $2,835,254

Income

Grace Church Parking 0.00

White Oak Rental (7810 Hood) 0.00

White Oak Rental 0.00

Cotton Mill 0.00

Total Income 0

Expenses

Charlotte Cotton Mills 22.00

Oehler Farm 0.00

McAuley House 0.00

Rozzell House 114.00

Grier-Rea House 57.00

Grier House 0.00

Grand Theater 0.00

Grace AME Zion 826.79

NS Alexander 0.00

Richard Wearn House 0.00

White Oak Plantation 2,559.94

Torrance Lytle 0.00

McElroy House 2,470.00

Total Expenses 6,050

Ending Balance 2,829,204

Properties Under Contract &

Committed Funds

Richard Wearn House $107,000

Additional Funds Grier-Rea Construction $40,000

Grier Rea Rezoning $10,000

Additional Funds Grier $30,000

Due Diligence Torrance Lytle $15,000

Total Committed Funds $202,000

Available Cash $2,627,204

Encumbered $38,351

FINANCIAL REPORT

Project Name Budget

Cost to Date

Encumbered

Funds

% Budget Estimated Completion Date

Charlotte Cotton Mills 4,108,270 4,549,169 0 110.7% Indep. Map Sale Mar 07, Final Sale Jul 07

Oehler Farm 354,228 61,525 0 17.4% Feb 2007 (Sold)

Rozzell House 474,898 518,880 0 109.3% July-04

McAuley House 474,228 120,125 0 25.3% TBD

George Davis House 25,000 2,468 0 9.9% Cancelled

Croft School 5,700 498,667 0 June-00

Grier-Rea House 718,775 882,504 38,351 122.8% 7/1/2004, listed for sale

Ratcliffe-Otterburg 158,000 157,765 0 99.9% N/A

W.T. Alexander 850,000 876,249 0 103.1% 1/1/2003(Sold)

Palmer Fire School 50,000 23,989 0 48.0% 3/3/2003 (Sold)

Grier House 347,000 479,887 138.3% 5/1/2004 listed for sale

Trolley Barn 5,000 5,908 0 118.2% 7/1/2003(Cancelled)

Rural Hill School 125,000 116,302 0 93.0% June-03

Grand Theater 275,000 291,593 0 106.0% Sold May 07

Yandell/Oakley 580,000 530,772 0 91.5% Oct 2005 (Sold)

Highland Mill 0 9,145 0 0.0% no action

Bethesda School 52,000 43,020 0 82.7% May-06

P&N Depot 0 7,357 0 0.0% Stabilized (no action)

Jordan Farm 0 1,612 0 0.0% No action

Grace AME Zion 1,250,000 1,303,749 0 104.3% Purchase June 06 Sell Sept 07

NS Alexander 225,000 286,218 0 127.2% Purchase Oct 06, Sold Apr 07

Richard Wearn House 0 10,320 0 Due Dilligence, Extended

WB Newell 0 0 Cancelled

White Oak Plantation 1,200,000 1,253,145 0 104.4% Purchased Oct 06, Listed for sale

Torrance Lytle 15,000 10,500 0 70.0% Due Dilligence

McElroy House 2,470

October 5, 2007