- 85 -
Year Ended
12/31/81 12/31/82 12/31/83
Revenues:
Builder Fees $8,960,780 $15,895,234 $18,905,034
Interest income and
loan service fees 3,910,907 8,871,358 8,233,739
Rental income 1,613,598 1,219,852 -0-
Property management fees 972,077 1,357,220 941,616
Partnership organization fees 474,220 4,882,669 9,403,021
Loan origination fees 177,031 2,790,098 7,580,544
Other income 298,442 698,480 443,087
Total revenue 16,407,055 35,714,911 45,507,041
Costs and Expenses:
Interest expense 4,149,063 7,629,826 3,270,713
Payroll & fringe benefits 3,969,457 8,696,684 8,430,324
Commissions 339,277 3,319,496 8,483,881
Partnership rental expenses 2,799,960 1,916,887 -0-
Other operating expenses 2,411,917 3,991,804 10,000,887
Total expenses 13,669,674 25,554,697 30,185,805
Income from operations 2,737,381 10,160,214 15,321,236
EA 83-XII and EA 84-III's Bankruptcy
In 1985, the Governor of Maryland shut down the
State's savings and loan system, and the State required
all savings and loan associations subject to Maryland
regulation to liquidate their assets or to obtain Federal
deposit insurance from the Federal Home Loan Bank Board
(FHLBB). CSL, a nonfederally insured Maryland savings and
loan, applied for deposit insurance issued by the Federal
Savings & Loan Insurance Corp. (FSLIC).
In July 1985, the FHLBB informed CSL that it would
not approve CSL's application for FSLIC insurance. As a
result, EPIC and its real estate partnerships, including
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