Page 44 - New Empire Affinitas Life Senior Housing Division

forth in Section 2.03 hereof. The Company will also maintain at its office the following records:
(i) a current list of the full name and last known business address of each Member; (ii) copies of
the Company’s federal, state and local income tax returns and reports, if any; and (iii) copies of any
financial statements of the Company. All Members, and their duly authorized representatives, will at
all reasonable times upon prior notice have access to the books and records maintained in accordance
with this Section 8.01 for any purpose reasonably related to the Member’s interest as a member of
the Company, and may make copies of such books and records at their own expense.
b) The books and records of the Company will be certified as of the end of each fiscal year of the
Company by the Manager. The Manager will furnish to each Member, within one hundred twenty
(120) days after the close of each fiscal year of the Company, a written statement containing:

(i) a report setting forth a balance sheet of the Company and the Company’s Net Income or
Net Loss for such fiscal year; and

(ii) a statement setting forth each Member’s distributive share of the Company’s Net Income
or Net Loss for such fiscal year, in sufficient detail to enable such Member to file his or its
federal income tax return, and any required state and local income tax return.

8.2. Changes in Interests.
If there is a change in any Member’s interest in the Company during any fiscal year (including a
change as a result of a transfer of a Member’s interest or the admission of a new Member), the books
of the Company will be closed on the day on which the change occurred, and the Net Income or
Net Loss of the Company attributable to the periods preceding and succeeding the closing of the
books will be allocated in accordance with Article 4 among the Members who were Members of the
Company during each such period.

8.3. Un-invested Funds and Banking.
All un-invested funds of the Company will be invested in such accounts as the Manager may
determine, including U.S. government securities, certificates of deposit or money market accounts,
and withdrawals from such bank accounts will be made upon such signature or signatures as the
Manager may designate. The funds of the Company will not be commingled with the funds of any
other person or entity.

8.4. Fiscal Year; Accounting Method.
The fiscal year of the Company will be the calendar year unless the Manager properly adopts a
different fiscal year as permitted by law. The Company will utilize the accrual method of accounting
or such other methodology as the Manager shall reasonably determine.
8.5. Federal Tax Audits.
In the event that the IRS commences an examination of the Company’s tax return(s), the Manager

Re-LIFE-Ment: Reinventing Past Notions of Retirement
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