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SHORELINE FOUNDATION, [NC. <br /> STATEMENT OF INCOME AND RETAINED EARNINGS <br /> FOR THE YEAR ENDED DECEMBER 31.2009 <br /> REVENUES <br /> Contract revenues earned S 2737;.106 <br /> COSTS AND EXPENSES <br /> Cost of revenues earned '0.118./26 <br /> Depreciation 748,706 <br /> Interest 1.748 <br /> General and administrative 4,568,665 <br /> Total 25,4 47345 <br /> INCOME FROM OPERATIONS _ 1.826.761 <br /> INTEREST AND OTHER INCOME 6.536 <br /> INCOME BEFORE INCOME TAXES 1.833,297 <br /> PROVISION FOR INCOME TAXES 0 <br /> NET INCOME 1.833,297 <br /> RETAINED EARNINGS-UNAUDITED,January 1, 2009 7,412,603 <br /> Less: Distributions to Stockholders (579,40S) <br /> RETAINED EARNINGS, December 31.2009 S 8,666.492 <br /> Sec Accompanying Notes and Independent Auditors' Report <br />