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American Church Mortgage Co – ‘S-11’ on 7/9/14 – ‘EX-101.INS’

On:  Wednesday, 7/9/14, at 5:15pm ET   ·   Accession #:  1104659-14-50809   ·   File #:  333-197326

Previous ‘S-11’:  ‘S-11/A’ on 5/4/11   ·   Next:  ‘S-11/A’ on 8/8/14   ·   Latest:  ‘S-11/A’ on 9/5/19

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/09/14  American Church Mortgage Co       S-11                  58:8M                                     Toppan Merrill/FA

Registration Statement by a Real Estate Company   —   Form S-11
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-11        Registration Statement by a Real Estate Company     HTML   2.18M 
 2: EX-1.1      Underwriting Agreement                              HTML    186K 
 3: EX-1.2      Underwriting Agreement                              HTML     54K 
 4: EX-4.1      Instrument Defining the Rights of Security Holders  HTML    321K 
 5: EX-5        Opinion of Counsel re: Legality                     HTML     27K 
 6: EX-8        Opinion of Counsel re: Tax Matters                  HTML     37K 
 7: EX-10.5     Material Contract                                   HTML     76K 
 8: EX-23.2     Consent of Experts or Counsel                       HTML     18K 
 9: EX-25       Statement re: Eligibility of Trustee -- Form T-1    HTML    505K 
                or T-2                                                           
39: R1          Document and Entity Information                     HTML     46K 
30: R2          Balance Sheets                                      HTML     89K 
37: R3          Balance Sheets (Parenthetical)                      HTML     44K 
41: R4          Statements of Operations                            HTML     61K 
53: R5          Shareholders Equity                                 HTML     37K 
31: R6          Statements of Cash Flows                            HTML     87K 
36: R7          Statements of Cash Flows (Parenthetical)            HTML     28K 
28: R8          Summary of Significant Accounting Policies          HTML     66K 
22: R9          Fair Value Measurement                              HTML     69K 
54: R10         Mortgage Loans Receivable and Bond Portfolio        HTML     46K 
43: R11         Secured Investor Certificates                       HTML     31K 
42: R12         Transactions With Affiliates                        HTML     23K 
47: R13         Income Taxes                                        HTML     34K 
48: R14         Fair Value Of Financial Instruments                 HTML     44K 
46: R15         Summary of Significant Accounting Policies          HTML     94K 
                (Policies)                                                       
49: R16         Summary of Significant Accounting Policies          HTML     23K 
                (Tables)                                                         
38: R17         Fair Value Measurement (Tables)                     HTML     61K 
40: R18         Mortgage Loans Receivable and Bond Portfolio        HTML     28K 
                (Tables)                                                         
45: R19         Secured Investor Certificates (Tables)              HTML     26K 
58: R20         Income Taxes (Tables)                               HTML     32K 
51: R21         Fair Value Of Financial Instruments (Tables)        HTML     31K 
33: R22         Summary of Significant Accounting Policies -        HTML     29K 
                Allowance For Mortgage Loans (Details)                           
44: R23         Summary of Significant Accounting Policies          HTML     43K 
                (Details Narrative)                                              
35: R24         Fair Value Measurement - Fair Value Measurement     HTML     19K 
                Bond Portfolio (Details)                                         
20: R25         Fair Value Measurement - Change In Fair Value Bond  HTML     25K 
                Portfolio (Details)                                              
52: R26         Fair Value Measurement - Impaired Loans and Real    HTML     29K 
                Estate Held For Sale (Details)                                   
55: R27         Fair Value Measurement - Fair Value Measurement     HTML     27K 
                Period Increase Decrease (Details)                               
25: R28         Fair Value Measurement (Details Narrative)          HTML     25K 
24: R29         Mortgage Loans Receivable and Bond Portfolio -      HTML     45K 
                Mortgage Loans and Bond Portfolio Maturity                       
                Schedule (Details)                                               
26: R30         Mortgage Loans Receivable and Bond Portfolio        HTML     62K 
                (Details Narrative)                                              
27: R31         Secured Investor Certificates - Secured Investor    HTML     21K 
                Certificates Maturity Schedule (Details)                         
29: R32         Secured Investor Certificates (Details Narrative)   HTML     29K 
18: R33         Stock Repurchase Program (Details Narrative)        HTML     27K 
50: R34         Transactions With Affiliates (Details Narrative)    HTML     20K 
32: R35         Income Taxes - Pretax Income (Details)              HTML     24K 
34: R36         Income Taxes - Deferred Income Taxes (Details)      HTML     26K 
21: R37         Income Taxes - Deferred Tax Asset (Details)         HTML     23K 
57: R38         Income Taxes (Details Narrative)                    HTML     25K 
16: R39         Fair Value Of Financial Instruments - Fair Value    HTML     38K 
                Financial Instruments (Details)                                  
56: XML         IDEA XML File -- Filing Summary                      XML     77K 
17: EXCEL       IDEA Workbook of Financial Reports                  XLSX    103K 
23: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    416K 
10: EX-101.INS  XBRL Instance -- acmc-20140709                       XML    744K 
12: EX-101.CAL  XBRL Calculations -- acmc-20140709_cal               XML    109K 
13: EX-101.DEF  XBRL Definitions -- acmc-20140709_def                XML    142K 
14: EX-101.LAB  XBRL Labels -- acmc-20140709_lab                     XML    607K 
15: EX-101.PRE  XBRL Presentations -- acmc-20140709_pre              XML    373K 
11: EX-101.SCH  XBRL Schema -- acmc-20140709                         XSD    144K 
19: ZIP         XBRL Zipped Folder -- 0001104659-14-050809-xbrl      Zip     74K

‘EX-101.INS’   —   XBRL Instance — acmc-20140709

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Basis of Presentation</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited financial statements have been prepared in accordance with the instructions for interim statements and, therefore, do not include all information and disclosures necessary for fair presentation of results of operations, financial position, and changes in cash flow in conformity with generally accepted accounting principles. However, in the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for fair presentation of financial position, results of operations, and cash flows for the period presented.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited financial statements of the Company should be read in conjunction with the December 31, 2013 audited financial statements included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission for the year ended December 31, 2013. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Nature of Business</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">American Church Mortgage Company, a Minnesota corporation, was incorporated on May 27, 1994. The Company was organized to engage primarily in the business of making mortgage loans to churches and other nonprofit religious organizations throughout the United States, on terms established for individual organizations.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Accounting Estimates</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><i><u>Concentration of Credit Risk</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">The Company's loans have been granted to churches and other non-profit religious organizations. The ability of the Company’s debtors to honor their contracts is dependent on member contributions and the involvement in the church or organization of its senior pastor.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>  </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Cash and Equivalents</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid debt instruments purchased with maturities of three months or less to be cash equivalents.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains accounts primarily at two financial institutions. At times throughout the year, the Company’s cash and equivalents balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash in money market funds is not federally insured. The Company had approximately $780 and $160,808 in money market fund accounts at March 31, 2014 and December 31, 2013, respectively. The Company has not experienced any losses in such accounts.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><i><u>Bond Portfolio</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the bond portfolio under the Accounting Standards Codification (ASC) 320. The Company classifies the bond portfolio as “available-for-sale” and measures the portfolio at fair value. While the bonds are generally held until contractual maturity, the Company classifies them as available-for-sale as the bonds may be used to repay secured investor certificates or provide additional liquidity or working capital in the short term. The Company has classified $904,000 and $796,000 in bonds as current assets as of March 31, 2014 and December 31, 2013, respectively, based on management’s estimates for liquidity requirements and contractual maturities of certain bonds maturing in 2014 and 2013, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Allowance for Mortgage Loans Receivable</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for mortgage loans. The Company’s loan loss policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio. This policy provides for principal amounts outstanding on a particular loan if cumulative interruptions occur in the normal payment schedule of a loan; therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of a loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no additional interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At March 31, 2014, the Company provided $970,636 for fourteen mortgage loans, of which six are three or more mortgage payments in arrears, two loans are declared to be in default and one loan is in the foreclosure process. At December 31, 2013, the Company provided $949,693 for fourteen mortgage loans, of which six were three or more mortgage payments in arrears, two loans declared to be in default and one loan is in the foreclosure process.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of transactions in the allowance for credit losses for the three months ended March 31, 2014 is as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify; padding-left: 5.4pt">Balance at December 31, 2013</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">949,693</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Provision for additional losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,943</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Charge-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Balance at March 31, 2014</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">970,636</td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total impaired loans, which are loans that are in the foreclosure process or are declared to be in default, were approximately $1,543,000 at both March 31, 2014 and December 31, 2013, which the Company believes are adequately secured by the underlying collateral and the allowance for mortgage loans.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: (i) The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. A payment made on a non-accrual loan is considered a good faith deposit as to the intent to resume their mortgage payment obligation. This good faith deposit is credited back to interest first then principal as stated in the mortgage loan documentation. (ii) A letter outlining the re-payment terms or the restructure terms (if any) of the loan is provided to the borrower. This letter will be signed by the Senior Pastor and all board members of the borrower. This letter resumes the obligation to make payments on non-accrual loans. (iii) The borrower must meet all its payment obligations for the next 120 days without interruption in order to be removed from non-accrual status.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans totaling approximately $3,237,000 exceeded 90 days past due but continued to accrue interest at both March 31, 2014 and December 31, 2013. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in default and the Company is actively pursuing collection of past due payments.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="margin: 0pt"></p>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Nature of Business</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">American Church Mortgage Company, a Minnesota corporation, was incorporated on May 27, 1994. The Company was organized to engage primarily in the business of making mortgage loans to churches and other nonprofit religious organizations throughout the United States, on terms established for individual organizations.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Accounting Estimates</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><i><u>Concentration of Credit Risk</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">The Company's loans have been granted to churches and other non-profit religious organizations. The ability of the Company’s debtors to honor their contracts is dependent on member contributions and the involvement in the church or organization of its senior pastor.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Cash and Equivalents</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid debt instruments purchased with maturities of three months or less to be cash equivalents.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains accounts primarily at two financial institutions. At times throughout the year, the Company’s cash and equivalents balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash in money market funds is not federally insured. The Company had $160,808 and $282,329 in a money market fund account at December 31, 2013 and 2012, respectively. The Company has not experienced any losses in such accounts.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Bond Portfolio</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the bond portfolio under the Accounting Standards Codification (ASC) 320, Investments-Debt and Equity Securities. The Company classifies the bond portfolio as “available-for sale” and measures the portfolio at fair value. While the bonds are generally held until contractual maturity, the Company classifies them as available for sale as the bonds may be used to repay secured investor certificates or provide additional liquidity or working capital in the short term. The Company has classified $796,000 and $1,236,000 in bonds as current assets as of December 31, 2013 and 2012, respectively, based on management’s estimates for liquidity requirements and contractual maturities of certain bonds maturing in 2014 and 2013, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Allowance for Mortgage Loans Receivable</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for mortgage loans. The Company’s loan policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio. This policy reserves for principal amounts outstanding on a particular loan if cumulative interruptions occur in the normal payment schedule of a loan, therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of a loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At December 31, 2013, the Company reserved $949,693 for fourteen mortgage loans, of which six are three or more mortgage payments in arrears, two are declared to be in default and one loan is in the foreclosure process. At December 31, 2012, the Company reserved $848,734 for fourteen mortgage loans, of which three were three or more mortgage payments in arrears. One of the loans was in the foreclosure process.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of transactions in the allowance for mortgage loans for the years ended December 31 is as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Balance at beginning of year</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">848,734</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">812,809</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Provision for losses on mortgage loans receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,959</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Charge-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(138,911</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Balance at end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">949,693</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">848,734</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total impaired loans, which are loans that are in the foreclosure process or are declared to be in default, were approximately $1,543,000 and $1,521,000 at December 31, 2013 and 2012, respectively, which the Company believes is adequately secured by the underlying collateral and the allowance for mortgage loans. Approximately $493,000 of the Company’s allowance for mortgage loans was allocated to these loans at December 31, 2013. Approximately $437,000 of the Company’s allowance for mortgage loans was allocated to impaired loans at December 31, 2012.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: (i) The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. A payment made on a non-accrual loan is considered a good faith deposit as to the intent to resume their mortgage payment obligation. This good faith deposit is credited back to interest first then principal as stated in the mortgage loan documentation. (ii) A letter outlining the re-payment terms or the restructure terms (if any) of the loan is provided to the borrower. This letter will be signed by the Senior Pastor and all board members of the borrower. This letter resumes the obligation to make payments on non-accrual loans. (iii) The borrower must meet all its payment obligations for the next 120 days without interruption in order to be removed from non-accrual status.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans totaling approximately $3,237,000 and $2,308,000 exceeded 90 days past due but continued to accrue interest as of December 31, 2013 and 2012, respectively. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in technical default and the Company is actively pursuing collection of past due payments.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Real Estate Held for Sale</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2013, we have five properties acquired through foreclosure, and one via deed in lieu of foreclosure, with outstanding loan balances totaling approximately $1,406,000. We have listed the properties for sale through local realtors except for the property for which we received a deed in lieu of foreclosure. The Church is still occupying the property and paying rent while trying to either sell the building or obtain refinancing. Each property is valued based on its current listing price less any anticipated selling costs, including, for example, realtor commissions. The Company records real estate held for sale at the estimated fair value, which is net of the expected expenses related to the sale of the real estate. The fair value of our real estate held for sale, which represents the carrying value, is approximately $563,000 as of December 31, 2013 after total impairment of approximately $844,000.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2004 on a church located in Battle Creek, Michigan. The church congregation disbanded and the church property is currently unoccupied. The Company owns and took possession of the church and has listed the property for sale through a local realtor.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was also completed on a church located in Tyler, Texas in 2005. The church congregation is now meeting in a different location and the church property is currently unoccupied. The Company owns and took possession of the church and it is currently available for sale.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2006 on a church located in Dayton, Ohio. The Company owns and took possession of the church and listed the property for sale through a local realtor. A sale contract was executed for this property with a Church in July 2009. The Company agreed to sell the property for $100,000 under a three year land contract which was extended to December 31, 2016. An initial payment of $20,000 was received in July 2009. A payment of $25,000 was received in April 2010. Payments of $7,300 and $5,300 were received in August and October 2011, respectively. A payment of $4,000 was received in August 2012. Beginning December 31, 2012, a payment of $1,000 is due the 30<sup>th</sup> of each month until a final balloon payment of approximately $8,500 is due and payable on December 31, 2016. As title has not transferred to the buyer, the sale is not considered complete. Upon receipt of final payment, title to the property will transfer to the buyer and the sale will be considered fully consummated.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2008 on a church located in Anderson, Indiana. The Company owns and took possession of the property in May 2008 and listed it for sale through a local realtor.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A deed in lieu of foreclosure was received in 2008 from a church located in Pine Bluff, Arkansas. The Company owns and took possession of the church while the church attempts to obtain financing from another lender. If alternative financing cannot be obtained, the Company will list the church for sale with a local realtor. The church is paying monthly rent until the property is refinanced or sold.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2011 on a church located in Detroit, Michigan. The Company took possession of the property in June 2011 and listed it for sale through a local realtor.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: italic 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Carrying Value of Long-Lived Assets</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that the carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of the estimated useful life.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recoverability is assessed based on the carrying amount of the asset compared to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is deemed not recoverable and exceeds fair value as determined through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values, and third party independent appraisals.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Revenue Recognition</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest income on mortgage loans receivable and the bond portfolio is recognized as earned per the terms of the specific asset. Other income included with interest represents cash received for loan origination fees, which are recognized over the life of the loan as an adjustment to the yield on the loan.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Deferred Financing Costs</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company defers the costs related to obtaining financing. These costs are amortized over the life of the financing using the straight line method, which approximates the effective interest method.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>  </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income Per Common Share</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No adjustments were made to income for the purpose of calculating earnings per share, as there were no potential dilutive shares outstanding.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income Taxes</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company elected to be taxed as a Real Estate Investment Trust (REIT). Accordingly, the Company is not subject to Federal income tax to the extent of distributions to its shareholders if the Company meets all the requirements under the REIT provisions of the Internal Revenue Code.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluated its recognition of income tax benefits using a two-step approach to recognizing and measuring tax benefits when realization of the benefits is uncertain. The first step is to determine whether the benefit meets the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%. Primarily due to the Company’s tax status as a REIT, the Company does not have any significant tax uncertainties that would require recognition or disclosure.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Reclassifications</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform with the presentation in the current year financial statements. These reclassifications had no effect on net income (loss).</p> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. FAIR VALUE MEASUREMENTS</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures certain financial instruments at fair value in our balance sheets. The fair value of these instruments is based on valuations that include inputs that can be classified within one of the three levels of a hierarchy. Level 1 inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except for the bond portfolio, which is required by authoritative accounting guidance to be recorded at fair value in our Balance Sheets, the Company elected not to record any other financial assets or liabilities at fair value on a recurring basis. We recorded impairment for losses on our Agape bonds (see Note 3), which totaled $200,000 for the both periods ended March 31, 2013 and December 31, 2013.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring basis:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Fair Value</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Measurement</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; padding-left: 6pt">March 31, 2014</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Fair Value</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Level 3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Bond portfolio</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,826,888</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,826,888</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Fair Value</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Measurement</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; padding-left: 6pt">December 31, 2013</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Fair Value</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Level 3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">Bond portfolio</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,079,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,079,442</td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We determine the fair value of the bond portfolio shown in the table above by comparing it with similar instruments in inactive markets. The analysis reflects the contractual terms of the bonds, which are callable at par by the issuer at any time, and the anticipated cash flows of the bonds, and uses observable and unobservable market-based inputs. Unobservable inputs include our internal credit rating and selection of similar bonds for valuation.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The change in Level 3 assets measured at fair value on a recurring basis is summarized as follows:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 69%; padding-right: 6pt; padding-left: 6pt"> </td> <td style="width: 31%; padding-right: 6pt; padding-left: 6pt; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2013</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">$9,079,442</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Purchases</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">1,010,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Proceeds</td> <td style="padding-right: -3.75pt; padding-left: 6pt; text-align: right"><u>    (262,554</u>)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at March 31, 2014</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">$<u>9,826,888</u></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Real estate held for sale and impaired loans are recorded at fair value on a nonrecurring basis. The fair value of real estate held for sale was based upon the listed sales price less expected selling costs, which is a Level 2 input. The impairment for losses on real estate held for sale were $0 and $149,775 for the periods ended March 31, 2014 and 2013, respectively. The fair value of impaired loans was based upon the Company’s loan loss policy, which is Level 3 input. The Company provided an additional impairment of $20,943 and $6,340 for loan losses at March 31, 2014 and 2013, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The following table summarizes the Company’s financial instruments that were measured at fair value on a nonrecurring basis:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value at March 31, <br />2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Impaired Loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,040,106</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,040,106</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Real estate held for resale</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,422</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,422</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">562,422</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,040,106</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,602,528</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2013</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value at December 31, <br />2013</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Impaired Loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,049,673</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,049,673</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Real estate held for resale</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,722</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,722</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">562,722</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,049,673</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,612,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The change in Level 2 and Level 3 assets measured at fair value on a nonrecurring basis is summarized as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 3</u></p></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 2</u></p></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="text-align: center; background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-decoration: underline; padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: top">Impaired Loans</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: bottom">Real Estate Held for Sale             </td><td style="text-align: center; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; padding-left: 6pt">Balance at December 31, 2013</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,049,673</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">562,722</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt">Additions/Acquisitions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt">Dispositions/Proceeds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(300</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Provision for other than temporary losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,567</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt">Balance at March 31, 2014</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,040,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">562,422</td><td style="text-align: left"> </td></tr> </table> <p style="margin: 0pt"></p>
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<us-gaap:FairValueDisclosuresTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. FAIR VALUE MEASUREMENT</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures certain financial instruments at fair value in our balance sheets. The fair value of these instruments is based on valuations that include inputs that can be classified within one of the three levels of a hierarchy. Level 1 inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except for the bond portfolio, which is required by authoritative accounting guidance to be recorded at fair value in our balance sheets, the Company elected not to record any other financial assets or liabilities at fair value on a recurring basis. We recorded an aggregate allowance for losses on our Agape bonds (Note 3), which totaled $200,000 for the years ended December 31, 2013 and 2012.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring basis:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Fair Value Measurement</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-decoration: underline; padding-bottom: 1pt; padding-left: 6pt">December 31, 2013</td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><u>Fair Value</u></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><u>Level 3</u></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Bond portfolio</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,079,442</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,079,442</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Fair Value Measurement</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-decoration: underline; padding-bottom: 1pt; padding-left: 6pt">December 31, 2012</td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><u>Fair Value</u></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><u>Level 3</u></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Bond portfolio</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8,379,708</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8,379,708</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We determine the fair value of the bond portfolio shown in the table above by comparing it with similar instruments in inactive markets. The analysis reflects the contractual terms of the bonds, which are callable at par by the issuer at any time, and the anticipated cash flows of the bonds and uses observable and unobservable market-based inputs. Unobservable inputs include our internal credit rating and selection of similar bonds for valuation.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The change in Level 3 assets measured at fair value on a recurring basis is summarized as follows:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-right: 6pt; padding-left: 6pt"> </td> <td style="width: 24%; padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2012</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$8,379,708</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Purchases</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">1,146,840</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Proceeds</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">(447,106)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2013</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$<u>9,079,442</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Real estate held for sale and impaired loans are recorded at fair value on a nonrecurring basis. The fair value of real estate held for sale was based upon the listed sales price less expected selling costs, which is a Level 2 input. The resulting impairment charges were $149,775 and $0 for the years ended December 31, 2013 and 2012, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The following table summarizes the Company’s financial instruments that were measured at fair value on a nonrecurring basis:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2013</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 3</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: top; width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fair Value at December 31,</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2013</p></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Impaired Loans</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -               </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,049,673</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,049,673</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Real estate held for resale</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -                   </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">562,722</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">562,722</td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$562,722</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1.049,673</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,612,395</td></tr> </table> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2012</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 3</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: top; width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fair Value at December 31,</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2012</p></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Impaired Loans</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -               </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,084,399</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,084,399</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Real estate held for resale</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -                   </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">713,297</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">713,297</td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$713,297</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,084,399</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,797,696</td></tr> </table> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"> </p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The change in Level 2 and Level 3 assets measured at fair value on a nonrecurring basis is summarized as follows:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 56%; padding-right: 6pt; padding-left: 6pt"> </td> <td style="width: 22%; padding-right: 6pt; padding-left: 6pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 3</u></p></td> <td style="width: 22%; padding-right: 6pt; padding-left: 6pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 2</u></p></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">Impaired Loans</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">Real Estate Held for Sale             </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2012</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$1,084,339</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$713,297</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Additions/Acquisitions</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">183,719</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">-</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Dispositions/Proceeds</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">(133,891)</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">(800)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Impairment for other than temporary losses</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"><u>   (84,494</u>)</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"><u>(149,775)</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2013</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$<u>1,049,673</u></td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$<u>562,722</u></td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:FairValueDisclosuresTextBlock>
<ACMC:MortgageLoansReceivableAndBondPortfolioTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. MORTGAGE LOANS RECEIVABLE AND BOND PORTFOLIO</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At March 31, 2014, the Company had mortgage loans receivable totaling $26,396,107. The loans bear interest ranging from 1.00% to 10.25% with a weighted average of approximately 8.45% at March 31, 2014. The Company had mortgage loans receivable totaling $26,675,361 that bore interest ranging from 1.00% to 10.25% with a weighted average of approximately 8.44% at December 31, 2013.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a portfolio of secured church bonds at March 31, 2014 and December 31, 2013, which are carried at fair value. The bonds pay either semi-annual or quarterly interest ranging from 5.00% to 9.75%. The aggregate value of secured church bonds equaled approximately $10,027,000 at March 31, 2014 with a weighted average interest rate of 7.40% and approximately $9,279,000 at December 31, 2013 with a weighted average interest rate of 7.54%. These bonds are due at various maturity dates through February 2039.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt">The contractual maturity schedule for mortgage loans receivable and the bond portfolio as of March 31, 2014, is as follows:</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>Mortgage Loans</u></td> <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2014 through March 31, 2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$     694,334</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  904,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2015 through December 31, 2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,595,670</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,278,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">103,500</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,812,054</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">167,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,192,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">255,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>18,822,723</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>8,555,388</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,396,107</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> 10,026,888</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less loan loss and bond loss allowances</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(970,636)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">  (200,000)</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less deferred origination income</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>    (342,582</u>)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>______-__</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$<u>25,082,889</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ <u>9,826,888</u></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2013 the Company owned $2,035,000 First Mortgage Bonds issued by St. Agnes Missionary Baptist Church located in Houston, Texas. The total principal amount of First Mortgage Bonds issued by St. Agnes was $13,375,000. St. Agnes defaulted on its payment obligations to bondholders in June 2007. The church subsequently commenced a Chapter 11 bankruptcy reorganization proceeding regarding the three properties that secure the First Mortgage Bonds in November 2007, which was dismissed in September 2008, and the church was subsequently foreclosed upon. In March 2009, a lease was signed with St. Agnes to permit it to remain in the property while submitting lease payments to bondholders as partial interest payments. Lease payments began in the second quarter of 2009, however St. Agnes failed to make all required lease payments and was evicted from the property in the first quarter of 2010. The Company, along with all other bondholders, had a superior lien over all other creditors. No accrual for interest receivable from the First Mortgage Bonds was recorded by the Company. In September 2011, one of the parcels was sold for $1,300,000. In June 2013 the second of three properties was sold for $335,000 and in November 2013 the main Sanctuary Dome and Fellowship Center was sold for $3,500,000. The liquidation of the collateral serving as security for the bonds was completed and all final funds were distributed (after costs) to the bondholders. This final payment was a return of $71.90 of principal on each original $1,000 bond investment. The Company received a final payment of approximately $160,000. This payment represents a realized loss of $1,875,000 on $2,035,000 original principal amount. The Company had a $1,800,000 aggregate allowance for losses previously recorded against the bonds. A final loss, included in other operating expenses, of $75,000 was recorded as of December 31, 2013. The $160,000 received by the Company represents the final payment on St. Agnes.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently owns $637,000 First Mortgage Bonds and $497,000 Second Mortgage Bonds issued by Agape Assembly Baptist Church located in Orlando, Florida. The total principal amount of First Mortgage Bonds issued by Agape is $7,200,000, and the total principal amount of Second Mortgage Bonds issued is $715,000. Agape defaulted on its payment obligations to bondholders in September 2010. The church subsequently commenced a Chapter 11 bankruptcy reorganization proceeding regarding the property that secures the First Mortgage Bonds in December 2010. Agape is currently performing under a loan modification agreement. In October 2013, a minimum of 80% of the bondholders of Agape agreed to a modification in the terms of their bonds which has resulted in the resumption of both principal and interest payments to both the first and second mortgage bond holders. Both the First Mortgage Bonds and Second Mortgage Bonds have been modified to a fully amortized fixed rate, quarterly interest payment of 6.25% with a new maturity date of September 2037 for all the issued and outstanding bonds. The Company, along with all other bondholders, has a superior lien over all other creditors. The Company has an aggregate allowance for losses of $200,000 for the First and Second Mortgage Bonds both at March 31, 2014 and December 31, 2013, which effectively reduces the bonds to the fair value amount management believes will be recovered.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="margin: 0pt"></p>
</ACMC:MortgageLoansReceivableAndBondPortfolioTextBlock>
<ACMC:MortgageLoansReceivableAndBondPortfolioTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. MORTGAGE LOANS RECEIVABLE AND BOND PORTFOLIO</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2013, the Company had first mortgage loans receivable totaling $26,675,361. The loans bear interest ranging from 1.00% to 10.25% with a weighted average of approximately 8.44% at December 31, 2013. The Company had first mortgage loans receivable totaling $30,020,399 that bore interest ranging from 1.00% to 10.25% with a weighted average of approximately 8.48% at December 31, 2012.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a portfolio of secured church bonds at December 31, 2013 and December 31, 2012, which are carried at fair value. The bonds pay either semi-annual or quarterly interest ranging from 5.50% to 9.75%. The aggregate par value of secured church bonds equaled approximately $9,279,442 at December 31, 2013 with a weighted average interest rate of 7.54% and approximately $10,379,708 at December 31, 2012 with a weighted average interest rate of 7.62%. These bonds are due at various maturity dates through February 2039. The Company has recorded an aggregate allowance for losses of $200,000 and $2,000,000 at December 31, 2013 and 2012, respectively, for the First Mortgage Bonds issued by Agape Assembly Baptist Church and St. Agnes Missionary Baptist Church bond series. These bond series in the aggregate constitute approximately 12% and 30% of the bond portfolio at December 31, 2013 and 2012, respectively. The Company had maturities and redemptions of bonds of approximately $2,240,000 and $657,000 of bonds in 2013 and 2012, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt">The contractual maturity schedule for mortgage loans receivable and the bond portfolio as of December 31, 2013, is as follows:</font></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt"> </font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>Mortgage Loans</u></td> <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2014</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$    709,766</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$     796,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,859,491</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">150,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,278,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">133,500</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,812,054</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">137,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2,192,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">255,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>18,822,724</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>7,807,942</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,675,361</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">  9,279,442</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less loan loss and bond loss allowances</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(949,693)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">  (200,000)</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less deferred origination income</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>    (348,868</u>)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>____-____</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$<u>25,376,800</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$<u> 9,079,442</u></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2012 and during the year ended December 31, 2013 the Company owned $2,035,000 First Mortgage Bonds issued by St. Agnes Missionary Baptist Church located in Houston, Texas. The total principal amount of First Mortgage Bonds issued by St. Agnes was $13,375,000. St. Agnes defaulted on its payment obligations to bondholders in June 2007. The church subsequently commenced a Chapter 11 bankruptcy reorganization proceeding regarding the three properties that secure the First Mortgage Bonds in November 2007, which was dismissed in September 2008, and the church was subsequently foreclosed upon. In March 2009, a lease was signed with St. Agnes to permit it to remain in the property while submitting lease payments to bondholders as partial interest payments. Lease payments began in the second quarter of 2009, however St. Agnes failed to make all required lease payments and was evicted from the property in the first quarter of 2010. The Company, along with all other bondholders, had a superior lien over all other creditors. No accrual for interest receivable from the First Mortgage Bonds was recorded by the Company. In September 2011, one of the parcels was sold for $1,300,000. In June 2013 the second of three properties was sold for $335,000 and in November 2013 the main Sanctuary Dome and Fellowship Center was sold for $3,500,000. The liquidation of the collateral serving as security for the bonds was completed and all final funds were distributed (after costs) to the bondholders. This final payment was a return of $71.90 of principal on each original $1,000 bond investment. The Company received a final payment of approximately $160,000. This payment represents a realized loss of $1,875,000 on $2,035,000 original principal amount. The Company had a $1,800,000 aggregate allowance for losses previously recorded against the bonds. A final loss, included in other operating expenses, of $75,000 was recorded as of December 31, 2013. The $160,000 received by the Company represents the final payment on St. Agnes.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently owns $637,000 First Mortgage Bonds and $497,000 Second Mortgage Bonds issued by Agape Assembly Baptist Church located in Orlando, Florida. The total principal amount of First Mortgage Bonds issued by Agape is $7,200,000, and the total principal amount of Second Mortgage Bonds issued is $715,000. Agape defaulted on its payment obligations to bondholders in September 2010. The church subsequently commenced a Chapter 11 bankruptcy reorganization proceeding regarding the property that secures the First Mortgage Bonds in December 2010. Agape is currently performing under a loan modification agreement. In October 2013, a minimum of 80% of the bondholders of Agape agreed to a modification in the terms of their bonds which has resulted in the resumption of both principal and interest payments to both the first and second mortgage bond holders. Both the First Mortgage Bonds and Second Mortgage Bonds have been modified to a fully amortized fixed rate, quarterly interest payment of 6.25% with a new maturity date of September 2037 for all the issued and outstanding bonds. The Company, along with all other bondholders, has a superior lien over all other creditors. The Company has an aggregate allowance for losses of $200,000 for the First and Second Mortgage Bonds at December 31, 2013 and 2012, respectively, which effectively reduces the bonds to the fair value amount management believes will be recovered.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 12, 2012, the Company completed the sale of a property held for sale. The purchase price of the property was $475,000. The purchaser provided a $20,000 cash down payment. The Company provided a $500,000 loan to the qualified church to purchase the property which is located in Baton Rouge, Louisiana. The terms of the loan were consistent with market terms for such financing. This property was acquired by the Company through foreclosure. The Company took possession of the property in March 2012. The Company recorded a gain of $95,645 in connection with this transaction. This amount has been recorded as a reduction of the provision for losses on mortgage loans receivable.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 6, 2013, a loan that was declared to be in default was sold by the borrower. The purchaser provided a $20,000 cash down payment. The Company provided $180,000 loan to a qualified church to purchase the property which is located in Palmdale, California. The terms were consistent with market terms for such financing. The Company had an aggregate allowance for losses of $27,000 for this property. However, no loss occurred in the sale of the property.</p> <p style="margin: 0pt"></p>
</ACMC:MortgageLoansReceivableAndBondPortfolioTextBlock>
<ACMC:SecuredInvestorCertificatesTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. SECURED INVESTOR CERTIFICATES</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Secured investor certificates are collateralized by certain mortgage loans receivable or secured church bonds of approximately the same value as the certificates. The weighted average interest rate on the certificates was 6.62% and 6.63% at March 31, 2014 and December 31, 2013, respectively. Holders of the secured investor certificates may renew certificates at the current rates and terms upon maturity at the Company’s discretion. Renewals upon maturity are considered neither proceeds from nor issuance of secured investor certificates. Renewals totaled approximately $352,000 and $109,000 for the three months ended March 31, 2014 and 2013, respectively. The secured investor certificates have certain financial and non-financial covenants identified in the respective series’ trust indentures.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated maturity schedule for the secured investor certificates at March 31, 2014 is as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2014 through March 31, 2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    1,716,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2015 through December 31, 2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,102,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,146,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,699,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2019</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,668,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u> 12,087,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">           Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$<u>25,418,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table> <p style="margin: 0pt"></p>
</ACMC:SecuredInvestorCertificatesTextBlock>
<ACMC:SecuredInvestorCertificatesTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. SECURED INVESTOR CERTIFICATES</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Secured investor certificates are collateralized by certain mortgage loans receivable or secured church bonds of approximately the same value as the certificates. The weighted average interest rate on the certificates was 6.63% and 6.64% at December 31, 2013 and 2012, respectively. Holders of the secured investor certificates may renew certificates at the current rates and terms upon maturity at the Company’s discretion. Renewals upon maturity are considered neither proceeds from nor issuance of secured investor certificates. Renewals total approximately $632,000 and $671,000 during 2013 and 2012, respectively. The secured investor certificates have certain financial and non-financial covenants identified in the respective series’ trust indentures.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated maturity schedule for the secured investor certificates at December 31, 2013 is as follows:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2014</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$  1,876,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,568,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,146,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,702,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">3,642,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u> 11,761,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">           Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$<u>25,695,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2008, the Company filed a registration statement with the Securities and Exchange Commission to offer $20,000,000 worth of Series C secured investor certificates. The offering was declared effective by the SEC on March 30, 2009 and concluded March 30, 2012. The certificates were offered in multiples of $1,000 with interest rates ranging from 3.00% to 7.50%, subject to changing market rates, and maturities from 4 to 7 and 13 to 20 years. The certificates are collateralized by certain mortgage loans receivable and church bonds of approximately the same value. At September 30, 2013, approximately 7,932 Series C certificates had been issued and were outstanding for $7,932,000.</p> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5. TRANSACTIONS WITH AFFILIATES</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has an Advisory Agreement with Church Loan Advisors, Inc. (the “Advisor”). The Advisor is responsible for the day-to-day operations of the Company and provides office space and administrative services. The Advisor and the Company are related through common ownership and common management. A majority of the independent board members approve the advisory agreement on an annual basis. The Company paid the Advisor management fees of approximately $90,000 and $97,600 during the three months ended March 31, 2014 and 2013, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="margin: 0pt"></p>
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<ACMC:TransactionsWithAffiliatesTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. TRANSACTIONS WITH AFFILIATES</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has an Advisory Agreement with Church Loan Advisors, Inc. (the “Advisor”). The Advisor is responsible for the day-to-day operations of the Company and provides office space and administrative services. The Advisor and the Company are related through common ownership and common management. For its services, the Advisor is entitled to receive a management fee equal to 1.25% annually of the Company's Average Invested Assets, plus one-half of any origination fee charged to borrowers on mortgage loans made by the Company. A majority of the independent board members approve the Advisory Agreement on an annual basis. The Company paid the Advisor management and origination fees of approximately $383,000 and $458,000 during the years ended December 31, 2013 and 2012, respectively.</p> <p style="margin: 0pt"></p>
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<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. INCOME TAXES</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As discussed in Note 1, a REIT is subject to taxation to the extent that taxable income exceeds dividend distributions to shareholders. In order to maintain status as a REIT, the Company is required to distribute at least 90% of its taxable income. In 2013, the Company had pretax income of $366,915 and distributions to shareholders in the form of dividends during the tax year of $671,119. The tax based on statutory rates to the Company, pre-dividends would have been $124,751 in 2013. In 2012, the Company had pretax loss of $(594,994) and distributions to shareholders in the form of dividends during the tax year of $652,870. The tax based on statutory rates to the Company, pre-dividends, would have been $(202,298) in 2012. The Company paid out 100% of taxable income in dividends in 2013 and 2012.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following reconciles the income tax provision with the expected provision obtained by applying statutory rates to pretax income:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2013</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 6pt">Tax based on statutory rates</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">124,751</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(202,298</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">Tax effect on realized losses on properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(637,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(47,230</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Benefit of REIT distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">512,749</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">249,528</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 6pt">          Total tax provision</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of deferred income taxes are as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2013</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 6pt">Loan origination fees</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">118,615</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">175,010</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">Loan and bond loss provisions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">968,570</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt">Real-estate impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">286,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,915</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(796,350</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,379,495</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">       Total income tax</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total deferred tax assets are as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2013</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 6pt">Deferred tax assets</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">796,350</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,379,495</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Tax asset valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(796,350</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,379,495</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">            Net deferred tax assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The change in the valuation allowance was approximately $(583,000) and $345,000 for 2013 and 2012, respectively.</p> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>6. FAIR VALUE OF FINANCIAL INSTRUMENTS</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is required to disclose the fair value information about financial instruments, where it is practicable to estimate that value. Because assumptions used in these valuation techniques are inherently subjective in nature, the estimated fair values cannot always be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value estimates presented herein are based on relevant information available to management as of March 31, 2014 and December 31, 2013, respectively. Management is not aware of any factors that would significantly affect these estimated fair value amounts. As these reporting requirements exclude certain financial instruments and all non-financial instruments, the aggregate fair value amounts presented herein do not represent management’s estimate of the underlying value of the Company.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated fair values of the Company’s financial instruments, none of which are held for trading purposes, are as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2013</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: center; vertical-align: top"> </td><td style="text-align: center; vertical-align: top">Carrying</td><td style="text-align: center; vertical-align: top"> </td><td style="text-align: center; vertical-align: top"> </td> <td style="text-align: center; vertical-align: top"> </td><td style="text-align: center; vertical-align: top">Fair</td><td style="text-align: center; vertical-align: top"> </td><td style="text-align: center; vertical-align: top"> </td> <td style="text-align: center; vertical-align: top"> </td><td style="text-align: center; vertical-align: top">Carrying</td><td style="text-align: center; vertical-align: top"> </td><td style="text-align: center; vertical-align: top"> </td> <td style="text-align: center; vertical-align: top"> </td><td style="text-align: center; vertical-align: top">Fair</td><td style="text-align: center; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center; vertical-align: top"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><u>Amount</u></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><u>Value</u></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><u>Amount</u></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><u>Value</u></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Cash and equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,362,606</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,362,606</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,143,377</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,143,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,687</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Interest receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">128,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">128,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Mortgage loans receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,396,107</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,865,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,675,361</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,950,766</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Bond portfolio</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,026,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,026,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,279,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,279,442</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Secured investor certificates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,418,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,240,006</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,695,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,312,309</td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash and equivalents</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to their short-term nature, the carrying amount of cash and cash equivalents approximates fair value.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounts receivable</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of accounts receivable approximates fair value.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Interest receivable</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of interest receivable approximates fair value.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Mortgage loans receivable</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the mortgage loans receivable is currently greater than the carrying value as the portfolio is currently yielding a higher rate than similar mortgages with similar terms for borrowers with similar credit quality.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Bond portfolio</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We determine the fair value of the bond portfolio shown in the table above by comparing with similar instruments in inactive markets. The analysis reflects the contractual terms of the bonds, which are callable at par by the issuer at any time, and the anticipated cash flows of the bonds and uses observable and unobservable market-based inputs. Unobservable inputs include our internal credit rating and selection of similar bonds for valuation.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Secured investor certificates</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the secured investor certificates is currently greater than the carrying value due to higher interest rates than current market rates.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="margin: 0pt"></p>
</ACMC:FairValueOfFinancialInstrumentsTextBlock>
<ACMC:FairValueOfFinancialInstrumentsTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="margin: 0pt"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. FAIR VALUE OF FINANCIAL INSTRUMENTS</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is required to disclose the fair value information about financial instruments, where it is practicable to estimate that value. Because assumptions used in these valuation techniques are inherently subjective in nature, the estimated fair values cannot always be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value estimates presented herein are based on relevant information available to management as of December 31, 2013 and 2012, respectively. Management is not aware of any factors that would significantly affect these estimated fair value amounts. As these reporting requirements exclude certain financial instruments and all non-financial instruments, the aggregate fair value amounts presented herein do not represent management’s estimate of the underlying value of the Company.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated fair values of the Company’s financial instruments, none of which are held for trading purposes, are as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>December 31, 2013</u></td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>December 31, 2012</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Carrying</td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Fair</td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Carrying</td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Fair</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Amount</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Value</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Amount</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Value</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Cash and equivalents</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   3,143,377</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   3,143,377</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   1,183,787</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   1,183,787</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Accounts receivable</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">197,687</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">197,687</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">139,572</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">139,572</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Interest receivable</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">129,972</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">129,972</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">134,083</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">134,083</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Mortgage loans receivable</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,675,361</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,950,766</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30,020,399</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,828,821</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Bond portfolio</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,279,442</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,279,442</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,379,708</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,379,708</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Secured investor certificates</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,695,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,312,309</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,166,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,668,404</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash and equivalents</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to their short-term nature, the carrying amount of cash and cash equivalents approximates fair value.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounts receivable</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of accounts receivable approximates fair value.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Interest receivable</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of interest receivable approximates fair value.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Mortgage loans receivable</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the mortgage loans receivable is currently more than the carrying value as the portfolio is currently yielding a higher rate than similar mortgages with similar terms for borrowers with similar credit quality. The credit markets in which the Company conducts business have experienced a decrease in interest rates resulting in the fair value of the mortgage loans rising during the fiscal year ended December 31, 2013.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Bond portfolio</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We determine the fair value of the bond portfolio shown in the table above by comparing with similar instruments in inactive markets. The analysis reflects the contractual terms of the bonds, which are callable at par by the issuer at any time, and the anticipated cash flows of the bonds and uses observable and unobservable market-based inputs. Unobservable inputs include our internal credit rating and selection of similar bonds for valuation.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Secured investor certificates</i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the secured investor certificates is currently greater than the carrying value due to higher interest rates than current market rates.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="margin: 0pt"></p>
</ACMC:FairValueOfFinancialInstrumentsTextBlock>
<ACMC:AccountingEstimatesPolicyTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Accounting Estimates</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements.</p>
</ACMC:AccountingEstimatesPolicyTextBlock>
<ACMC:AccountingEstimatesPolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Accounting Estimates</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements.</p>
</ACMC:AccountingEstimatesPolicyTextBlock>
<ACMC:ConcentrationOfCreditRiskPolicyTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><i><u>Concentration of Credit Risk</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">The Company's loans have been granted to churches and other non-profit religious organizations. The ability of the Company’s debtors to honor their contracts is dependent on member contributions and the involvement in the church or organization of its senior pastor.</p>
</ACMC:ConcentrationOfCreditRiskPolicyTextBlock>
<ACMC:ConcentrationOfCreditRiskPolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><i><u>Concentration of Credit Risk</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">The Company's loans have been granted to churches and other non-profit religious organizations. The ability of the Company’s debtors to honor their contracts is dependent on member contributions and the involvement in the church or organization of its senior pastor.</p>
</ACMC:ConcentrationOfCreditRiskPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsDisclosureTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Cash and Equivalents</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid debt instruments purchased with maturities of three months or less to be cash equivalents.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains accounts primarily at two financial institutions. At times throughout the year, the Company’s cash and equivalents balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash in money market funds is not federally insured. The Company had approximately $780 and $160,808 in money market fund accounts at March 31, 2014 and December 31, 2013, respectively. The Company has not experienced any losses in such accounts.</p>
</us-gaap:CashAndCashEquivalentsDisclosureTextBlock>
<us-gaap:CashAndCashEquivalentsDisclosureTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Cash and Equivalents</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid debt instruments purchased with maturities of three months or less to be cash equivalents.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains accounts primarily at two financial institutions. At times throughout the year, the Company’s cash and equivalents balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash in money market funds is not federally insured. The Company had $160,808 and $282,329 in a money market fund account at December 31, 2013 and 2012, respectively. The Company has not experienced any losses in such accounts.</p>
</us-gaap:CashAndCashEquivalentsDisclosureTextBlock>
<ACMC:BondPortfolioPolicyTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><i><u>Bond Portfolio</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the bond portfolio under the Accounting Standards Codification (ASC) 320. The Company classifies the bond portfolio as “available-for-sale” and measures the portfolio at fair value. While the bonds are generally held until contractual maturity, the Company classifies them as available-for-sale as the bonds may be used to repay secured investor certificates or provide additional liquidity or working capital in the short term. The Company has classified $904,000 and $796,000 in bonds as current assets as of March 31, 2014 and December 31, 2013, respectively, based on management’s estimates for liquidity requirements and contractual maturities of certain bonds maturing in 2014 and 2013, respectively.</p>
</ACMC:BondPortfolioPolicyTextBlock>
<ACMC:BondPortfolioPolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Bond Portfolio</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the bond portfolio under the Accounting Standards Codification (ASC) 320, Investments-Debt and Equity Securities. The Company classifies the bond portfolio as “available-for sale” and measures the portfolio at fair value. While the bonds are generally held until contractual maturity, the Company classifies them as available for sale as the bonds may be used to repay secured investor certificates or provide additional liquidity or working capital in the short term. The Company has classified $796,000 and $1,236,000 in bonds as current assets as of December 31, 2013 and 2012, respectively, based on management’s estimates for liquidity requirements and contractual maturities of certain bonds maturing in 2014 and 2013, respectively.</p>
</ACMC:BondPortfolioPolicyTextBlock>
<ACMC:AllowanceForMortgageLoansReceivablePolicyTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Allowance for Mortgage Loans Receivable</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for mortgage loans. The Company’s loan loss policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio. This policy provides for principal amounts outstanding on a particular loan if cumulative interruptions occur in the normal payment schedule of a loan; therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of a loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no additional interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At March 31, 2014, the Company provided $970,636 for fourteen mortgage loans, of which six are three or more mortgage payments in arrears, two loans are declared to be in default and one loan is in the foreclosure process. At December 31, 2013, the Company provided $949,693 for fourteen mortgage loans, of which six were three or more mortgage payments in arrears, two loans declared to be in default and one loan is in the foreclosure process.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of transactions in the allowance for credit losses for the three months ended March 31, 2014 is as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify; padding-left: 5.4pt">Balance at December 31, 2013</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">949,693</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Provision for additional losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,943</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Charge-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Balance at March 31, 2014</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">970,636</td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total impaired loans, which are loans that are in the foreclosure process or are declared to be in default, were approximately $1,543,000 at both March 31, 2014 and December 31, 2013, which the Company believes are adequately secured by the underlying collateral and the allowance for mortgage loans.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: (i) The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. A payment made on a non-accrual loan is considered a good faith deposit as to the intent to resume their mortgage payment obligation. This good faith deposit is credited back to interest first then principal as stated in the mortgage loan documentation. (ii) A letter outlining the re-payment terms or the restructure terms (if any) of the loan is provided to the borrower. This letter will be signed by the Senior Pastor and all board members of the borrower. This letter resumes the obligation to make payments on non-accrual loans. (iii) The borrower must meet all its payment obligations for the next 120 days without interruption in order to be removed from non-accrual status.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans totaling approximately $3,237,000 exceeded 90 days past due but continued to accrue interest at both March 31, 2014 and December 31, 2013. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in default and the Company is actively pursuing collection of past due payments.</p>
</ACMC:AllowanceForMortgageLoansReceivablePolicyTextBlock>
<ACMC:AllowanceForMortgageLoansReceivablePolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Allowance for Mortgage Loans Receivable</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for mortgage loans. The Company’s loan policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio. This policy reserves for principal amounts outstanding on a particular loan if cumulative interruptions occur in the normal payment schedule of a loan, therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of a loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At December 31, 2013, the Company reserved $949,693 for fourteen mortgage loans, of which six are three or more mortgage payments in arrears, two are declared to be in default and one loan is in the foreclosure process. At December 31, 2012, the Company reserved $848,734 for fourteen mortgage loans, of which three were three or more mortgage payments in arrears. One of the loans was in the foreclosure process.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of transactions in the allowance for mortgage loans for the years ended December 31 is as follows:</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Balance at beginning of year</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">848,734</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">812,809</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Provision for losses on mortgage loans receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,959</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Charge-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(138,911</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Balance at end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">949,693</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">848,734</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total impaired loans, which are loans that are in the foreclosure process or are declared to be in default, were approximately $1,543,000 and $1,521,000 at December 31, 2013 and 2012, respectively, which the Company believes is adequately secured by the underlying collateral and the allowance for mortgage loans. Approximately $493,000 of the Company’s allowance for mortgage loans was allocated to these loans at December 31, 2013. Approximately $437,000 of the Company’s allowance for mortgage loans was allocated to impaired loans at December 31, 2012.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: (i) The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. A payment made on a non-accrual loan is considered a good faith deposit as to the intent to resume their mortgage payment obligation. This good faith deposit is credited back to interest first then principal as stated in the mortgage loan documentation. (ii) A letter outlining the re-payment terms or the restructure terms (if any) of the loan is provided to the borrower. This letter will be signed by the Senior Pastor and all board members of the borrower. This letter resumes the obligation to make payments on non-accrual loans. (iii) The borrower must meet all its payment obligations for the next 120 days without interruption in order to be removed from non-accrual status.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans totaling approximately $3,237,000 and $2,308,000 exceeded 90 days past due but continued to accrue interest as of December 31, 2013 and 2012, respectively. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in technical default and the Company is actively pursuing collection of past due payments.</p>
</ACMC:AllowanceForMortgageLoansReceivablePolicyTextBlock>
<us-gaap:RealEstateHeldForDevelopmentAndSalePolicy contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Real Estate Held for Sale</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2013, we have five properties acquired through foreclosure, and one via deed in lieu of foreclosure, with outstanding loan balances totaling approximately $1,406,000. We have listed the properties for sale through local realtors except for the property for which we received a deed in lieu of foreclosure. The Church is still occupying the property and paying rent while trying to either sell the building or obtain refinancing. Each property is valued based on its current listing price less any anticipated selling costs, including, for example, realtor commissions. The Company records real estate held for sale at the estimated fair value, which is net of the expected expenses related to the sale of the real estate. The fair value of our real estate held for sale, which represents the carrying value, is approximately $563,000 as of December 31, 2013 after total impairment of approximately $844,000.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2004 on a church located in Battle Creek, Michigan. The church congregation disbanded and the church property is currently unoccupied. The Company owns and took possession of the church and has listed the property for sale through a local realtor.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was also completed on a church located in Tyler, Texas in 2005. The church congregation is now meeting in a different location and the church property is currently unoccupied. The Company owns and took possession of the church and it is currently available for sale.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2006 on a church located in Dayton, Ohio. The Company owns and took possession of the church and listed the property for sale through a local realtor. A sale contract was executed for this property with a Church in July 2009. The Company agreed to sell the property for $100,000 under a three year land contract which was extended to December 31, 2016. An initial payment of $20,000 was received in July 2009. A payment of $25,000 was received in April 2010. Payments of $7,300 and $5,300 were received in August and October 2011, respectively. A payment of $4,000 was received in August 2012. Beginning December 31, 2012, a payment of $1,000 is due the 30<sup>th</sup> of each month until a final balloon payment of approximately $8,500 is due and payable on December 31, 2016. As title has not transferred to the buyer, the sale is not considered complete. Upon receipt of final payment, title to the property will transfer to the buyer and the sale will be considered fully consummated.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2008 on a church located in Anderson, Indiana. The Company owns and took possession of the property in May 2008 and listed it for sale through a local realtor.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A deed in lieu of foreclosure was received in 2008 from a church located in Pine Bluff, Arkansas. The Company owns and took possession of the church while the church attempts to obtain financing from another lender. If alternative financing cannot be obtained, the Company will list the church for sale with a local realtor. The church is paying monthly rent until the property is refinanced or sold.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreclosure was completed in 2011 on a church located in Detroit, Michigan. The Company took possession of the property in June 2011 and listed it for sale through a local realtor.</p>
</us-gaap:RealEstateHeldForDevelopmentAndSalePolicy>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Revenue Recognition</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest income on mortgage loans receivable and the bond portfolio is recognized as earned per the terms of the specific asset. Other income included with interest represents cash received for loan origination fees, which are recognized over the life of the loan as an adjustment to the yield on the loan.</p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<ACMC:DeferredFinancingCostsPolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Deferred Financing Costs</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company defers the costs related to obtaining financing. These costs are amortized over the life of the financing using the straight line method, which approximates the effective interest method.</p>
</ACMC:DeferredFinancingCostsPolicyTextBlock>
<ACMC:IncomePerCommonSharePolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income Per Common Share</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No adjustments were made to income for the purpose of calculating earnings per share, as there were no potential dilutive shares outstanding.</p>
</ACMC:IncomePerCommonSharePolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income Taxes</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company elected to be taxed as a Real Estate Investment Trust (REIT). Accordingly, the Company is not subject to Federal income tax to the extent of distributions to its shareholders if the Company meets all the requirements under the REIT provisions of the Internal Revenue Code.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluated its recognition of income tax benefits using a two-step approach to recognizing and measuring tax benefits when realization of the benefits is uncertain. The first step is to determine whether the benefit meets the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%. Primarily due to the Company’s tax status as a REIT, the Company does not have any significant tax uncertainties that would require recognition or disclosure.</p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:DisclosureOfReclassificationAmountTextBlock contextRef="From2013-01-01to2013-12-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Reclassifications</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain accounts in the prior year financial statements have been reclassified for comparative purposes to conform with the presentation in the current year financial statements. These reclassifications had no effect on net income (loss).</p>
</us-gaap:DisclosureOfReclassificationAmountTextBlock>
<ACMC:AllowanceForMortgageLoansTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify; padding-left: 5.4pt">Balance at December 31, 2013</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">949,693</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Provision for additional losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,943</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Charge-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Balance at March 31, 2014</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">970,636</td><td style="text-align: left"> </td></tr> </table>
</ACMC:AllowanceForMortgageLoansTableTextBlock>
<ACMC:AllowanceForMortgageLoansTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Balance at beginning of year</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">848,734</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">812,809</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Provision for losses on mortgage loans receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,959</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Charge-offs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(138,911</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Balance at end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">949,693</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">848,734</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
</ACMC:AllowanceForMortgageLoansTableTextBlock>
<ACMC:FairValueMeasurementBondPortfolioTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Fair Value</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Measurement</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; padding-left: 6pt">March 31, 2014</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Fair Value</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Level 3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Bond portfolio</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,826,888</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,826,888</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Fair Value</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Measurement</p></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; padding-left: 6pt">December 31, 2013</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Fair Value</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">Level 3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">Bond portfolio</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,079,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,079,442</td><td style="text-align: left"> </td></tr> </table>
</ACMC:FairValueMeasurementBondPortfolioTableTextBlock>
<ACMC:FairValueMeasurementBondPortfolioTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Fair Value Measurement</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-decoration: underline; padding-bottom: 1pt; padding-left: 6pt">December 31, 2013</td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><u>Fair Value</u></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 8%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><u>Level 3</u></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Bond portfolio</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,079,442</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,079,442</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 53%; padding-right: 6pt; padding-left: 6pt"> </td> <td style="width: 20%; padding-right: 6pt; padding-left: 6pt; text-align: center"> </td> <td style="width: 27%; padding-right: 6pt; padding-left: 6pt; text-align: right; layout-grid-mode: line">Fair Value Measurement</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 6pt; padding-left: 6pt"><u>December 31, 2012</u></td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right"><u>Fair Value</u></td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right"><u>Level 3</u></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 6pt; padding-left: 6pt">Bond portfolio</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"><u>$8,379,708</u></td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$<u>8,379,708</u></td></tr> </table>
</ACMC:FairValueMeasurementBondPortfolioTableTextBlock>
<ACMC:ChangeInFairValueBondPortfolioTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 69%; padding-right: 6pt; padding-left: 6pt"> </td> <td style="width: 31%; padding-right: 6pt; padding-left: 6pt; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2013</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">$9,079,442</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Purchases</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">1,010,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Proceeds</td> <td style="padding-right: -3.75pt; padding-left: 6pt; text-align: right"><u>    (262,554</u>)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at March 31, 2014</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">$<u>9,826,888</u></td></tr> </table>
</ACMC:ChangeInFairValueBondPortfolioTableTextBlock>
<ACMC:ChangeInFairValueBondPortfolioTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-right: 6pt; padding-left: 6pt"> </td> <td style="width: 24%; padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2012</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$8,379,708</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Purchases</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">1,146,840</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Proceeds</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">(447,106)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2013</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$<u>9,079,442</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> </table>
</ACMC:ChangeInFairValueBondPortfolioTableTextBlock>
<ACMC:ImpairedLoansAndRealEstateHeldForSaleTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value at March 31, <br />2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Impaired Loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,040,106</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,040,106</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Real estate held for resale</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,422</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,422</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">562,422</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,040,106</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,602,528</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2013</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value at December 31, <br />2013</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Impaired Loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,049,673</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,049,673</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Real estate held for resale</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,722</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">562,722</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">562,722</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,049,673</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,612,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
</ACMC:ImpairedLoansAndRealEstateHeldForSaleTableTextBlock>
<ACMC:ImpairedLoansAndRealEstateHeldForSaleTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2013</td></tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 3</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: top; width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fair Value at December 31,</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2013</p></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Impaired Loans</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -               </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,049,673</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,049,673</td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Real estate held for resale</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -                   </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">562,722</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">562,722</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$562,722</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1.049,673</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,612,395</td></tr> </table> <p style="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2012</td></tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 1</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 2</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: bottom; width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Level 3</td> <td style="vertical-align: top; width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="vertical-align: top; width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fair Value at December 31,</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">2012</p></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Impaired Loans</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -               </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$             -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,084,399</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,084,399</td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Real estate held for resale</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -                   </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">713,297</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">713,297</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$                 -  </td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$713,297</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,084,399</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$1,797,696</td></tr> </table>
</ACMC:ImpairedLoansAndRealEstateHeldForSaleTableTextBlock>
<ACMC:FairValueMeasurementPeriodIncreaseDecreaseTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 3</u></p></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 2</u></p></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: top">Impaired Loans</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center; vertical-align: top">Real Estate Held for Sale             </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; padding-left: 6pt">Balance at December 31, 2013</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,049,673</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">562,722</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt">Additions/Acquisitions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt">Dispositions/Proceeds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(300</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Provision for other than temporary losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(9,567</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt">Balance at March 31, 2014</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,040,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">562,422</td><td style="text-align: left"> </td></tr> </table>
</ACMC:FairValueMeasurementPeriodIncreaseDecreaseTableTextBlock>
<ACMC:FairValueMeasurementPeriodIncreaseDecreaseTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 56%; padding-right: 6pt; padding-left: 6pt"> </td> <td style="width: 22%; padding-right: 6pt; padding-left: 6pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 3</u></p></td> <td style="width: 22%; padding-right: 6pt; padding-left: 6pt"> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Fair Value</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Measurement</u></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><u>Level 2</u></p></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">Impaired Loans</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">Real Estate Held for Sale             </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2012</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$1,084,339</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$713,297</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Additions/Acquisitions</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">183,719</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">-</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Dispositions/Proceeds</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">(133,891)</td> <td style="padding-right: 6pt; padding-left: 6pt; text-align: right">(800)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 6pt; padding-left: 6pt">Impairment for other than temporary losses</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"><u>   (84,494</u>)</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right"><u>(149,775)</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 6pt; padding-left: 6pt">Balance at December 31, 2013</td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$<u>1,049,673</u></td> <td style="padding-right: 6pt; padding-left: 6pt; layout-grid-mode: line; text-align: right">$<u>562,722</u></td></tr> </table>
</ACMC:FairValueMeasurementPeriodIncreaseDecreaseTableTextBlock>
<ACMC:MortgageLoansAndBondPortfolioMaturityScheduleTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>Mortgage Loans</u></td> <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2014 through March 31, 2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$     694,334</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$  904,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2015 through December 31, 2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,595,670</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,278,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">103,500</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,812,054</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">167,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,192,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">255,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>18,822,723</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>8,555,388</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,396,107</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> 10,026,888</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less loan loss and bond loss allowances</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(970,636)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">  (200,000)</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less deferred origination income</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>    (342,582</u>)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>______-__</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$<u>25,082,889</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ <u>9,826,888</u></td></tr> </table>
</ACMC:MortgageLoansAndBondPortfolioMaturityScheduleTableTextBlock>
<ACMC:MortgageLoansAndBondPortfolioMaturityScheduleTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>Mortgage Loans</u></td> <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u>Bond Portfolio</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2014</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$    709,766</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$     796,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,859,491</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">150,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,278,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">133,500</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,812,054</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">137,000</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">2,192,663</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">255,000</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>18,822,724</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>7,807,942</u></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,675,361</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> 9,279,442</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less loan loss and bond loss allowances</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(949,693)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">  (200,000)</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Less deferred origination income</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>    (348,868</u>)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u>____-____</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">            Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$<u>25,376,800</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$<u> 9,079,442</u></td></tr> </table>
</ACMC:MortgageLoansAndBondPortfolioMaturityScheduleTableTextBlock>
<ACMC:SecuredInvestorCertificatesMaturityScheduleTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2014 through March 31, 2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$    1,716,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">April 1, 2015 through December 31, 2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,102,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,146,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,699,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2019</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,668,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><u> 12,087,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">           Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$<u>25,418,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table>
</ACMC:SecuredInvestorCertificatesMaturityScheduleTableTextBlock>
<ACMC:SecuredInvestorCertificatesMaturityScheduleTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2014</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$  1,876,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2015</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,568,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,146,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,702,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2018</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">3,642,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Thereafter</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><u> 11,761,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">           Totals</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$<u>25,695,000</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr> </table>
</ACMC:SecuredInvestorCertificatesMaturityScheduleTableTextBlock>
<ACMC:PretaxIncomeTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2013</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 6pt">Tax based on statutory rates</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">124,751</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(202,298</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">Tax effect on realized losses on properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(637,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(47,230</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Benefit of REIT distributions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">512,749</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">249,528</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 6pt">          Total tax provision</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> </table>
</ACMC:PretaxIncomeTableTextBlock>
<ACMC:DeferredIncomeTaxesTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2013</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 6pt">Loan origination fees</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">118,615</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">175,010</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">Loan and bond loss provisions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">390,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">968,570</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt">Real-estate impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">286,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,915</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(796,350</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,379,495</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">       Total income tax</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> </table>
</ACMC:DeferredIncomeTaxesTableTextBlock>
<ACMC:DeferredTaxAssetTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 6pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2013</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 6pt">Deferred tax assets</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">796,350</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,379,495</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Tax asset valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(796,350</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,379,495</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 6pt">            Net deferred tax assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 6pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>
</ACMC:DeferredTaxAssetTableTextBlock>
<ACMC:FairValueFinancialInstrumentsTableTextBlock contextRef="From2014-01-01to2014-03-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2014</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2013</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Carrying</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Fair</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Carrying</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Fair</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><u>Amount</u></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><u>Value</u></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><u>Amount</u></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><u>Value</u></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Cash and equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,362,606</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,362,606</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,143,377</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,143,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,687</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Interest receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">128,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">128,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Mortgage loans receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,396,107</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,865,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,675,361</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,950,766</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Bond portfolio</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,026,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,026,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,279,442</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,279,442</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Secured investor certificates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,418,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,240,006</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,695,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,312,309</td><td style="text-align: left"> </td></tr> </table>
</ACMC:FairValueFinancialInstrumentsTableTextBlock>
<ACMC:FairValueFinancialInstrumentsTableTextBlock contextRef="From2013-01-01to2013-12-31">
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>December 31, 2013</u></td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>December 31, 2012</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Carrying</td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Fair</td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Carrying</td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Fair</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Amount</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Value</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Amount</u></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><u>Value</u></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Cash and equivalents</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   3,143,377</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   3,143,377</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   1,183,787</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right">$   1,183,787</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Accounts receivable</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">197,687</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">197,687</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">139,572</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">139,572</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Interest receivable</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">129,972</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">129,972</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">134,083</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">134,083</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Mortgage loans receivable</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,675,361</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,950,766</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30,020,399</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,828,821</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Bond portfolio</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,279,442</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,279,442</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,379,708</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,379,708</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Secured investor certificates</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,695,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,312,309</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,166,000</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,668,404</td></tr> </table>
</ACMC:FairValueFinancialInstrumentsTableTextBlock>
<us-gaap:ProvisionForLoanAndLeaseLosses contextRef="From2014-01-01to2014-03-31" unitRef="USD" decimals="0"> 949693 </us-gaap:ProvisionForLoanAndLeaseLosses>
<us-gaap:ProvisionForLoanAndLeaseLosses contextRef="From2012-01-01to2012-12-31" unitRef="USD" decimals="0"> 812809 </us-gaap:ProvisionForLoanAndLeaseLosses>
<us-gaap:ProvisionForLoanAndLeaseLosses contextRef="From2013-01-01to2013-12-31" unitRef="USD" decimals="0"> 848734 </us-gaap:ProvisionForLoanAndLeaseLosses>
<us-gaap:ProvisionForLoanLossesExpensed contextRef="From2014-01-01to2014-03-31" unitRef="USD" decimals="0"> 20943 </us-gaap:ProvisionForLoanLossesExpensed>
<us-gaap:ProvisionForLoanLossesExpensed contextRef="From2012-01-01to2012-12-31" unitRef="USD" decimals="0"> 174836 </us-gaap:ProvisionForLoanLossesExpensed>
<us-gaap:ProvisionForLoanLossesExpensed contextRef="From2013-01-01to2013-12-31" unitRef="USD" decimals="0"> 100959 </us-gaap:ProvisionForLoanLossesExpensed>
<us-gaap:ProceedsFromRecoveriesOfLoanPreviouslyChargedOff contextRef="From2014-01-01to2014-03-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromRecoveriesOfLoanPreviouslyChargedOff contextRef="From2012-01-01to2012-12-31" unitRef="USD" decimals="0"> -138911 </us-gaap:ProceedsFromRecoveriesOfLoanPreviouslyChargedOff>
<us-gaap:ProceedsFromRecoveriesOfLoanPreviouslyChargedOff contextRef="From2013-01-01to2013-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProvisionForLoanLeaseAndOtherLosses contextRef="From2014-01-01to2014-03-31" unitRef="USD" decimals="0"> 970636 </us-gaap:ProvisionForLoanLeaseAndOtherLosses>
<us-gaap:ProvisionForLoanLeaseAndOtherLosses contextRef="From2012-01-01to2012-12-31" unitRef="USD" decimals="0"> 848734 </us-gaap:ProvisionForLoanLeaseAndOtherLosses>
<us-gaap:ProvisionForLoanLeaseAndOtherLosses contextRef="From2013-01-01to2013-12-31" unitRef="USD" decimals="0"> 949693 </us-gaap:ProvisionForLoanLeaseAndOtherLosses>
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<ACMC:BasisOfPresentationPolicyTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Basis of Presentation</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited financial statements have been prepared in accordance with the instructions for interim statements and, therefore, do not include all information and disclosures necessary for fair presentation of results of operations, financial position, and changes in cash flow in conformity with generally accepted accounting principles. However, in the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for fair presentation of financial position, results of operations, and cash flows for the period presented.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited financial statements of the Company should be read in conjunction with the December 31, 2013 audited financial statements included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission for the year ended December 31, 2013. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.</p>
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<ACMC:NatureOfBusinessPolicyTextBlock contextRef="From2014-01-01to2014-03-31">
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Nature of Business</u></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">American Church Mortgage Company, a Minnesota corporation, was incorporated on May 27, 1994. The Company was organized to engage primarily in the business of making mortgage loans to churches and other nonprofit religious organizations throughout the United States, on terms established for individual organizations.</p>
</ACMC:NatureOfBusinessPolicyTextBlock>
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