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07-16-12 TSHA Agenda Packet
Page 1 of 1 AGENDA BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) July 16, 2012 5:30 PM TEXAS STUDENT HOUSING OFFICE 3 VILLAGE CIRCLE, COUNCIL CHAMBERS/MUNICIPAL COURT ROOM WESTLAKE, TEXAS 1. CALL TO ORDER 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON JANUARY 17, 2012. 3. DISCUSS AND CONSIDER APPROVAL OF CAMBRIDGE, TOWN LAKE, AUSTIN BALLPARK, AND TSHA ANNUAL BUDGETS FY 2012-2013. 4. EXECUTIVE DIRECTOR’S REPORT. 5. ADJOURN ANY ITEM ON THIS POSTED AGENDA COULD BE DISCUSSED IN EXECUTIVE SESSION AS LONG AS IT IS WITHIN ONE OF THE PERMITTED CATEGORIES UNDER SECTIONS 551.071 THROUGH 551.076 AND SECTION 551.087 OF THE TEXAS GOVERNMENT CODE. CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, Westlake, Texas, on July 11, 2012, by 5 :00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Kelly Edwards, Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490 -5710 and reasonable accommodations will be made to assist you. TSHA Min 01/17/1 2 Page 1 of 3 MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) January 17, 2012 PRESENT: President Jim Carter, Directors, Scott Bradley, and Gregg Malone. ABSENT: George Ledak OTHERS PRESENT : Executive Director Pete Ehrenberg and Secretary Kelly Edwards. 1. CALL TO ORDER President Carter called the meeting to order at 5:33 p.m. 2. DISCUSS AND CONSIDER APPROVAL OF TSHA, CAMBRIDGE, TOWN LAKE, AND AUSTIN BALLPARK ANNUAL AUDITS FOR FY 2010-2011 PRESENTED BY PATTILLO BROWN & HILL, L.L.P. Mr. John Manning, from Pattillo, Brown & Hill, provided an overview of each audit by property. Ballpark; MOTION: Director Bradley made a motion to approve the 2010-2011 Audit for Ballpark in Austin. Director Malone seconded the motion. The motion carried by a vote of 3-0. MOTION: Director Bradley made a motion to approve the 2010-2011 Audit for Town Lake in Austin. Director Malone seconded the motion. The motion carried by a vote of 3-0. MOTION: Director Bradley made a motion to approve the 2010-2011 Audit for Cambridge in College Station. Director Malone seconded the motion. The motion carried by a vote of 3-0. MOTION: Director Bradley made a motion to approve the 2010-2011 Audit for the Texas Student Housing Authority. Director Malone seconded the motion. The motion carried by a vote of 3-0. TSHA Min 01/17/12 Page 2 of 3 3. REVIEW AND APPROVE MINUTES FOR THE MEETING ON OCTOBER 4, 2011. No Action taken. 4. DISCUSS AND CONSIDER THE SUMMER CAMP ANALYSIS AT CAMBRIDGE. Discussion ensued regarding the continuance of the summer camp, leases and income from the camp. No action taken. 5. DISCUSS AND CONSIDER THE NUMBER AND TYPES OF SCHOLARSHIPS TO BE AWARDED 2012-2013 SCHOOL YEAR. Discussion ensued regarding the current number of scholarship per locations, the number of beds available for next year, and the number of full and partial scholarships. MOTION: Director Bradley made a motion to approve a number of 20 full scholarships and that the current applicants on full scholarships that qualify will be renewed for the 2012-2013. Director Malone seconded the motion. The motion carried by a vote of 3-0. President Carter adjourned the meeting at 6:20 p.m. to convene the TSHC Denton meeting. President Carter reconvened the meeting a 6:30 p.m. 6. DISCUSS AND CONSIDER TSHA BUDGET AMENDMENT. Executive Director Ehrenberg provided on overview of the amendment base on the payment to the Town of Westlake. MOTION: Director Bradley made a motion to approve the amendment to reflect the payment to the Town of Westlake. Director Malone seconded the motion. The motion carried by a vote of 3-0. 7. EXECUTIVE DIRECTORS REPORT. Executive Director Ehrenberg provided an overview of the appellate court document as submitted and the debt service payments regarding the Ballpark in Austin. Discussion ensued regarding the debt service payments. TSHA Min 01/17/12 Page 3 of 3 8. ADJOURN President Cater asked for a motion to adjourn. MOTION: Director Malone made a motion to adjourn the meeting. Director Bradley seconded the motion. The motion carried by a vote of 3-0. There being no further business before the board, President Carter declared the meeting adjourned at 7:13 p.m. APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS ON ______________, 2012. ______________________________________ Jim Carter, President ATTEST ____________________________________ Kelly Edwards, Secretary Ballpark at Austin Austin, TX 78681 2012/2013 Academic Operating Budget Template 282 = Units Gross Market Rent =$432 $432 768 = Beds Ave Gain (Loss) to Lease =$5 $5 250,218 =Sq Ft Ave Billing per Bed =$437 $437 G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 759 759 759 759 745 745 745 745 745 745 745 745 OCCUPANCY %98.83%98.83%98.83%98.83%97.01%97.01%97.01%97.01%97.01%97.01%97.01%97.01%97.61% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 331,800 331,800 331,800 331,800 331,800 331,800 331,800 331,800 331,800 331,800 331,800 331,800 3,981,600 5,184 14,119 Contract Gain (Loss) to Lease 5010-0000 3,282 3,282 3,282 3,282 3,282 3,282 3,282 3,282 3,282 3,282 (15,600)(15,600)1,620 2 6 Total Gross Potential Rent 335,082 335,082 335,082 335,082 335,082 335,082 335,082 335,082 335,082 335,082 316,200 316,200 3,983,220 5,186 14,125 Economic Variances Concessions - Amenity 5030-0050 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - Misc.5030-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - New Leases 5030-0200 (1,620)0 0 0 0 0 0 0 0 0 0 0 (1,620)(2)(6) Concessions - Renewals 5030-0400 (60,780)0 0 0 0 0 0 0 0 0 0 0 (60,780)(79)(216) Concessions - Schlrshps/Mstr Lease 5030-0500 (11,526)(11,526)(11,526)(11,526)(11,526)(11,526)(11,526)(11,526)(11,526)(11,526)0 0 (115,260)(150)(409) Down Units 5040-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Units 5045-0000 (6,300)(6,300)(6,300)(6,300)(6,300)(6,300)(6,300)(6,300)(6,300)(6,300)(6,300)(6,300)(75,600)(98)(268) Courtsey Officer Discount 5050-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Model Units 5055-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debt 5025-0000 (3,320)(3,320)(3,320)(3,320)(3,320)(3,320)(3,320)(3,320)(3,320)(3,320)(3,320)(3,320)(39,840)(52)(141) Vacancy Loss 5065-0000 (3,888)(3,888)(3,888)(3,888)(9,937)(9,937)(9,937)(9,937)(9,937)(9,937)(9,937)(9,937)(95,047)(124)(337) Total Economic Variances (87,434)(25,034)(25,034)(25,034)(31,083)(31,083)(31,083)(31,083)(31,083)(31,083)(19,557)(19,557)(388,147)(505)(1,376) Econ %73.65%92.46%92.46%92.46%90.63%90.63%90.63%90.63%90.63%90.63%94.11%94.11%90.25% Retail Income Commerical/Retail Income 5102-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CAM 5115-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Retail Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET RENTAL INCOME 247,648 310,048 310,048 310,048 303,999 303,999 303,999 303,999 303,999 303,999 296,643 296,643 3,595,073 4,681 12,748 Other Operating Income Accelerated Rent 5205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Fees 5210-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Application Fees 5220-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Damages Income 5260-0000 0 0 0 0 0 0 0 0 0 0 0 5,000 5,000 7 18 Deposit Forfeitures 5265-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carport/Garages/Parking Income 5235-0000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 39 106 Furniture Income 5270-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Key & Access Card Income 5290-0000 50 50 50 50 50 50 50 50 50 50 50 500 1,050 1 4 Legal & Collections 5310-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Late Charges 5295-0000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 0 44,000 57 156 Month-to-Month Fees 5320-0000 700 700 700 700 700 700 700 700 700 0 0 0 6,300 8 22 NSF Check Fees 5325-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Pet Fees 5330-0000 500 300 300 300 200 200 200 200 200 200 200 200 3,000 4 11 Premium Fees 5335-0000 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 500 20,300 26 72 Relet/Cancellation Fees 5340-0000 0 0 1,000 3,200 1,400 1,400 2,800 400 1,000 1,200 1,200 2,000 15,600 20 55 Reservation Fees 5350-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax Income 5355-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Shuttle Bus Income 5360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Storage Income 5365-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transfer Fees 5375-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vending Income 5390-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous Income 5315-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 RUBS Income - Electric 5370-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income - Gas 5370-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income - Water 5370-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income -Trash 5370-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Income 5285-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Operating Income 9,900 9,700 10,700 12,900 11,000 11,000 12,400 10,000 10,600 10,100 10,100 11,050 129,450 169 459 0 EFFECTIVE GROSS INCOME 257,548 319,748 320,748 322,948 314,999 314,999 316,399 313,999 314,599 314,099 306,743 307,693 3,724,523 4,850 13,208 3/1/2012 Account Descriptions 5/18/2012 Page 1of5 Ballpark at Austin Austin, TX 78681 2012/2013 Academic Operating Budget Template 282 = Units Gross Market Rent =$432 $432 768 = Beds Ave Gain (Loss) to Lease =$5 $5 250,218 =Sq Ft Ave Billing per Bed =$437 $437 G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 3/1/2012 Account Descriptions OPERATING EXPENSES Cable & Internet 0 0 Cable TV 6805-0000 6,650 6,650 6,650 6,650 6,650 6,650 6,650 6,650 6,650 6,650 6,650 6,650 79,800 104 283 Internet 6825-0000 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 124,800 163 443 Total Cable / Internet 17,050 17,050 17,050 17,050 17,050 17,050 17,050 17,050 17,050 17,050 17,050 17,050 204,600 266 726 General & Administrative Audit 6002-0200 0 0 9,000 0 0 1,600 0 0 0 0 0 0 10,600 14 38 Legal 6002-0300 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Bank Charges/Fees 6005-0000 25 25 25 25 25 25 25 25 25 25 25 25 300 0 1 Data Processing/Computer Expense 6030-0000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Resident Screening 6095-0000 100 30 30 30 600 600 600 600 500 300 300 250 3,940 5 14 Dues & Subscriptions 6035-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment & Supplies for Equipment 6045-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 8 21 Postage & Delivery 6070-0000 250 600 250 250 600 250 250 250 250 600 250 250 4,050 5 14 Licenses, Fees & Permits 6060-0000 300 0 50 300 300 0 100 0 0 0 800 800 2,650 3 9 Portal Expense 6770-0000 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 3 9 Professional Fees 6080-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Supplies 6100-0000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 9 Telephone 6105-0000 745 745 745 745 745 745 745 745 745 745 745 745 8,940 12 32 Telephone-Answering Service 6110-0000 125 125 125 125 125 125 125 125 125 125 125 125 1,500 2 5 Telephone-Radios/Pagers/Cell 6107-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Training 6115-0000 0 0 0 0 1,000 300 0 0 0 0 0 0 1,300 2 5 Travel 6120-0000 100 1,000 100 250 250 1,200 500 900 900 250 250 1,200 6,900 9 24 Travel-Meals 6120-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Uniforms 6135-0000 100 100 100 100 500 100 100 100 100 100 100 500 2,000 3 7 Miscellaneous 6065-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 5 13 Total General & Administrative 3,145 4,025 11,825 3,225 5,545 6,345 6,245 4,145 4,045 3,545 3,995 5,295 61,380 80 218 Payroll & Benefits Office Salaries 6205-0000 11,155 9,155 9,155 9,155 13,733 9,155 9,155 9,155 9,155 13,733 9,155 11,155 123,019 160 436 Performance 6265-0000 0 8,200 0 0 0 0 0 0 0 0 0 0 8,200 11 29 Leasing 6260-0000 8,500 0 0 0 0 500 500 500 500 0 0 0 10,500 14 37 Maintenance 6225-0000 10,139 8,139 8,139 8,139 12,208 8,139 8,139 8,139 8,139 12,208 8,139 10,139 109,806 143 389 Contract Labor 6250-0000 2,400 0 0 0 0 0 0 0 0 0 0 2,400 4,800 6 17 Payroll Taxes 6270-0100 3,847 3,047 2,067 2,067 3,100 2,126 2,126 2,126 2,126 3,100 2,067 2,831 30,631 40 109 Worker's Compensation 6270-0200 3,557 2,817 1,911 1,911 2,867 1,966 1,966 1,966 1,966 2,867 1,911 2,618 28,324 37 100 Group Insurance 6280-0000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 19 51 Employee Recuriting 6290-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Relations 6295-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Payroll & Benefits 40,799 32,558 22,472 22,472 33,108 23,087 23,087 23,087 23,087 33,108 22,472 30,344 329,681 429 1,169 Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 260 260 260 260 260 260 260 260 260 260 260 260 3,120 4 11 Contract-Bus Service 6310-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Cleaning 6315-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Elevator 6325-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - HVAC 6335-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - Fire/Saftey 6327-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Landscape Maintenance 6340-0000 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 34,800 45 123 Contract-Other Contract Services 6345-0000 250 250 250 250 250 250 250 250 250 250 900 900 4,300 6 15 Contract-Security/Patrol/Courtesy Officer 6365-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 17 47 Contract-Pest Control 6350-0000 700 550 550 550 550 550 550 550 550 700 550 550 6,900 9 24 Contract-Pool 6360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Snow Removal 6370-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Trash Removal 6375-0000 3,900 1,700 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 3,900 21,200 28 75 Total Contract Services 9,110 6,760 6,360 6,360 6,360 6,360 6,360 6,360 6,360 6,510 7,010 9,610 83,520 109 296 5/18/2012 Page 2of5 Ballpark at Austin Austin, TX 78681 2012/2013 Academic Operating Budget Template 282 = Units Gross Market Rent =$432 $432 768 = Beds Ave Gain (Loss) to Lease =$5 $5 250,218 =Sq Ft Ave Billing per Bed =$437 $437 G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 3/1/2012 Account Descriptions Repairs & Maintenance Appliances 6410-0000 4,000 800 800 800 1,400 1,400 800 800 800 2,500 2,500 2,500 19,100 25 68 Blind/Drapes 6415-0000 20 20 20 20 20 20 20 20 20 20 1,250 20 1,470 2 5 Boilers 6420-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building - Interior 6425-0100 100 100 50 50 50 50 100 100 100 100 100 100 1,000 1 4 Building - Exterior 6425-0200 100 100 50 50 50 50 100 100 100 100 100 100 1,000 1 4 Common Areas 6440-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Countertops/Sink 6445-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Doors/Windows 6450-0000 250 50 50 50 50 50 50 50 50 50 250 500 1,450 2 5 Electrical 6455-0000 400 50 50 50 50 50 50 250 50 50 50 400 1,500 2 5 Elevators 6460-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 6470-0000 150 150 150 150 150 150 150 150 150 150 1,350 750 3,600 5 13 Fire/Saftey 6475-0000 600 350 300 350 300 350 300 300 300 4,800 300 300 8,550 11 30 Generator 6483-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Glass/Mirrors/Screens 6485-0000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 9 Golf Carts 6490-0000 1,000 0 0 0 0 0 0 0 0 500 0 0 1,500 2 5 HVAC 6495-0000 2,500 1,000 500 250 250 400 1,000 1,000 1,650 1,650 1,500 1,500 13,200 17 47 Keys & Locks 6500-0000 900 50 50 50 50 50 50 50 50 50 50 900 2,300 3 8 Landscaping 6510-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Lights, Fixtures, Light Bulbs 6520-0000 1,000 100 100 100 100 100 100 100 100 300 300 500 2,900 4 10 Miscellaneous 6525-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Painting 6530-0000 300 50 50 100 100 100 100 100 100 100 300 100 1,500 2 5 Parking Lots & Sidewalks 6535-0000 0 0 0 0 0 0 0 0 0 0 0 1,500 1,500 2 5 Plumbing 6540-0000 1,950 250 800 250 500 800 500 800 500 750 800 1,950 9,850 13 35 Pools 6545-0000 750 200 200 200 300 300 700 700 700 700 700 700 6,150 8 22 Recreation 6550-0000 500 50 50 50 150 50 50 150 50 150 150 150 1,550 2 5 Roofs 6555-0000 300 0 0 300 0 0 300 0 0 300 0 0 1,200 2 4 Signs 6560-0000 500 0 0 0 0 0 0 0 0 0 0 500 1,000 1 4 Supplies 6570-0000 250 150 150 100 150 250 250 250 250 250 250 250 2,550 3 9 Tools 6575-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Total Repairs & Maintenance 15,970 3,870 3,770 3,320 4,070 4,570 5,020 5,320 5,370 12,920 10,350 13,120 87,670 114 311 Make-Ready Maintenance Carpet Cleaning/Repairs 6610-0000 30,450 30,450 0 0 165 0 0 0 495 0 0 0 61,560 80 218 Cleaning 6615-0000 16,625 16,625 0 0 400 0 0 0 1,200 0 0 0 34,850 45 124 Interior Repairs 6630-0000 43,000 0 0 0 0 0 0 40,000 0 0 1,500 1,500 86,000 112 305 Painting 6635-0000 22,850 22,850 0 0 565 0 0 0 1,695 0 0 0 47,960 62 170 Appliance Supplies 6652-0000 1,000 0 0 0 0 0 0 0 0 0 1,000 1,000 3,000 4 11 Cleaning Supplies 6655-0000 1,500 0 0 0 0 0 0 0 0 0 0 5 1,505 2 5 Paint Supplies 6660-0000 9,000 0 0 0 0 0 0 0 0 0 0 0 9,000 12 32 Total Make-Ready Maintenance 124,425 69,925 0 0 1,130 0 0 40,000 3,390 0 2,500 2,505 243,875 318 865 Marketing Advertising Print 6705-0200 300 300 300 300 150 150 150 800 150 0 0 500 3,100 4 11 Publications 6730-0000 3,000 0 1,250 1,400 2,200 1,900 0 750 0 3,800 500 0 14,800 19 52 Direct Mail 6715-0000 0 0 0 0 0 1,000 1,000 0 0 0 0 0 2,000 3 7 Radio 6705-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signs 6735-0000 0 250 0 0 0 0 0 250 0 0 250 0 750 1 3 Internet Ads 6720-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other 6748-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Brochures/Promo Items 6750-0000 0 0 2,500 0 0 5,000 750 0 0 0 0 0 8,250 11 29 Locator Fees 6760-0000 5,000 15,000 3,000 1,000 1,000 0 0 0 0 0 0 0 25,000 33 89 Referral Fees 6780-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Promotion & Events 6775-0000 17,500 0 0 0 0 0 0 0 0 0 0 0 17,500 23 62 Resident Activities/Tenant Relations 6790-0000 1,000 1,200 600 600 750 1,000 750 600 600 300 300 300 8,000 10 28 Websites 6740-0000 800 800 800 800 800 800 800 800 800 800 800 800 9,600 13 34 Total Marketing 27,600 17,550 8,450 4,100 4,900 9,850 3,450 3,200 1,550 4,900 1,850 1,600 89,000 116 316 Utilities Electricity Elec-Common Area 6910-0100 3,750 3,000 2,750 2,250 2,500 2,750 2,750 2,750 2,750 2,750 2,750 2,750 33,500 44 119 Elec-Residential Units 6910-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Elec-Vacant Units 6910-0900 2,500 250 250 250 250 250 250 250 250 250 250 250 5,250 7 195/18/2012 Page 3of5 Ballpark at Austin Austin, TX 78681 2012/2013 Academic Operating Budget Template 282 = Units Gross Market Rent =$432 $432 768 = Beds Ave Gain (Loss) to Lease =$5 $5 250,218 =Sq Ft Ave Billing per Bed =$437 $437 G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 3/1/2012 Account Descriptions Total Electricity 6,250 3,250 3,000 2,500 2,750 3,000 3,000 3,000 3,000 3,000 3,000 3,000 38,750 50 137 Other Utilities Gas 6920-0000 225 225 225 225 225 225 225 225 225 225 225 225 2,700 4 10 Water / Sewer 6930-0000 26,475 24,282 26,261 24,425 18,533 24,773 23,597 23,300 25,578 24,225 23,637 22,092 287,178 374 1,018 Utility Billing Fee 6950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Utilities 26,700 24,507 26,486 24,650 18,758 24,998 23,822 23,525 25,803 24,450 23,862 22,317 289,878 377 1,028 Total Utilities 32,950 27,757 29,486 27,150 21,508 27,998 26,822 26,525 28,803 27,450 26,862 25,317 328,628 428 1,165 Management Fees 4.00%6990-0000 10,302 12,790 12,830 12,918 12,600 12,600 12,656 12,560 12,584 12,564 12,270 12,308 148,981 194 528 Taxes Property Taxes 7005-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property Taxes 7010-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property Tax Consultant 7020-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Franchise Taxes 7060-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax 7085-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Ins-Property & Casualty Insurance 7105-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 General Liability 7105-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL OPERATING EXPENSES 281,351 192,285 112,243 96,595 106,271 107,860 100,690 138,247 102,239 118,047 104,359 117,149 1,577,334 2,054 5,593 (23,803)127,463 208,505 226,353 208,728 207,139 215,709 175,752 212,360 196,052 202,385 190,545 2,147,189 2,796 7,614 Debt Service Interest Expense 7210-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mortgage Principal 7205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Interest / Financing Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Improvements Appliances 8315-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Washer/Dryer 8315-0280 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Blinds 8315-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carpet 8315-1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Furniture 8315-5000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vinyl/Tile 8315-1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Recurring Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Boilers 8315-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building 8315-0600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Clubhouse/Model 8315-1200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carports 8315-1100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Computers 8315-4000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Countertop/Sink/Cabinets 8315-1400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Elevators 8315-1700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment (Office & Maintenance)8315-5100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 8315-1800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fire/Saftey 8315-1900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 HVAC 8315-2100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keys & Locks 8315-2200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Landscaping 8315-2300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Light Fixtures 8315-2500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8315-2700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Painting (Exterior)8315-2900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Parking Lot & Sidewalks 8315-3000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pools 8315-3200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 5/18/2012 Page 4of5 Ballpark at Austin Austin, TX 78681 2012/2013 Academic Operating Budget Template 282 = Units Gross Market Rent =$432 $432 768 = Beds Ave Gain (Loss) to Lease =$5 $5 250,218 =Sq Ft Ave Billing per Bed =$437 $437 G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 3/1/2012 Account Descriptions Pool Furniture 8315-5900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Recreation/Amenity Areas 8315-3300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Renovations (Units)8315-3400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Roofs 8315-3600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signage 8315-3700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tubs/Showers 8315-3950 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Non Recurring Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Escrow Accounts Tax Reserve 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax Funding 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve Funding 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve 1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve Reimb.1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Escrow Activity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Expenses Accounting / Audit / Tax 8905-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Expense 8910-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal/LLC fees 8950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Travel 8995-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Start Up Cost 8983-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8960-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Asset Management 1.00%8915-0000 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 36,528 48 130 Total Other Expenses 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 36,528 48 130 INCOME (LOSS) Before Depr / Amort (26,847)124,419 205,461 223,309 205,684 204,095 212,665 172,708 209,316 193,008 199,341 187,501 2,110,661 2,748 7,485 Distribution Payments 4201-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MONTHLY CASH FLOW (26,847)124,419 205,461 223,309 205,684 204,095 212,665 172,708 209,316 193,008 199,341 187,501 2,110,661 2,748 7,485 5/18/2012 Page 5of5 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Revenues Contract Revenues Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Potential Room Revenue 429,949 429,949 429,949 429,949 429,949 429,949 429,949 429,949 428,949 428,949 429,949 429,949 5,157,393 70.2%$26,313 $26,313.23 $38.64 Potential Food Revenue 182,090 182,090 182,090 182,090 182,090 182,090 182,090 182,090 182,090 182,090 182,090 182,090 2,185,075 29.8%$11,148 $11,148.34 $16.37 Total Potential Revenue 612,039 612,039 612,039 612,039 612,039 612,039 612,039 612,039 611,039 611,039 612,039 612,039 7,342,468 100.0%$37,462 $37,461.57 $55.02 Non-Rev/Vacancy Loss Room -20,274 -20,274 -20,274 -20,274 -20,274 -20,274 -20,274 -20,274 -20,274 -424,660 -424,660 -20,274 -1,052,060 -14.3%-$5,368 -$5,367.65 -$7.88 Non-Rev/Vacancy Loss Food -8,606 -8,606 -8,606 -8,606 -8,606 -8,606 -8,606 -8,606 -8,606 -180,269 -180,269 -8,606 -446,601 -6.1%-$2,279 -$2,278.58 -$3.35 Total Non-Rev/Vacancy Loss -28,880 -28,880 -28,880 -28,880 -28,880 -28,880 -28,880 -28,880 -28,880 -604,929 -604,929 -28,880 -1,498,661 -20.4%-$7,646 -$7,646.23 -$11.23 Budget Contract - Room 409,675 409,675 409,675 409,675 409,675 409,675 409,675 409,675 408,675 4,289 5,289 409,675 4,105,332 55.9%$20,946 $20,945.57 $30.76 Budget Contract - Food 173,483 173,483 173,483 173,483 173,483 173,483 173,483 173,483 173,483 1,821 1,821 173,483 1,738,474 23.7%$8,870 $8,869.77 $13.03 Concessions -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -5,000 -50,000 TSHA Incremental Sch. (50)-19,050 -19,050 -19,050 -19,050 -19,050 -19,050 -19,050 -19,050 -19,050 -19,050 -190,500 -3.2%-$972 -$350.18 -$1.43 Payplan Charge/Discount -26,688 -26,688 -26,688 -26,688 -26,688 -26,688 -26,688 -26,688 -26,688 -29,149 -269,344 -3.7%-$1,374 -$1,374.20 -$2.02 Total Contract Revenue 532,420 532,420 532,420 532,420 532,420 532,420 532,420 532,420 531,420 6,110 7,110 529,960 5,333,963 72.6%$27,214 $27,214.10 $39.97 Other Revenues Parking Lot - Contract 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 0 0 4,000 40,000 0.7%$204 $73.53 $0.30 Conference/Camp - Food 0 0 0 0 0 0 0 0 0 122,500 111,000 6,500 240,000 4.0%$1,224 $441.18 $1.80 Conference/Camp - Room 0 0 0 0 0 0 0 0 0 122,500 111,000 6,500 240,000 4.0%$1,224 $441.18 $1.80 Damages Recovered 500 1,000 500 250 300 300 300 300 6,000 5,000 1,000 500 15,950 0.3%$81 $29.32 $0.12 Application Fess 0 0 0 500 500 1,000 2,000 5,000 5,000 0 0 0 14,000 0.2%$71 $25.74 $0.10 Accelertated Rent 0 0.0%$0 $0.00 $0.00 Cancellation Fess 0 0 0 2,500 1,500 500 0 0 0 1,500 7,000 13,000 0.2%$66 $23.90 $0.10 Late Charges 125 125 125 125 125 125 125 125 125 125 125 125 1,500 0.0%$8 $2.76 $0.01 Outside Board Contracts 0 0.0%$0 $0.00 $0.00 Cash Food Sales 0 0.0%$0 $0.00 $0.00 Vending Commissions 100 100 100 100 100 100 100 700 0.0%$4 $1.29 $0.01 Wash Mach Commissions 1,300 1,300 900 900 1,000 1,100 900 500 500 0 0 1,600 10,000 0.2%$51 $18.38 $0.07 Telephone Commissions 0 0.0%$0 $0.00 $0.00 Interest Income 90 200 190 140 0 0 0 100 100 100 100 0 1,020 0.0%$5 $1.88 $0.01 Catering 0 0 0 0 500 500 500 500 0 0 0 0 2,000 0.0%$10 $3.68 $0.01 Returned Check/Late Fees 25 25 25 25 25 25 25 25 25 25 25 25 300 0.0%$2 $0.55 $0.00 Banquets 0 0.0%$0 $0.00 $0.00 Other - Food 0 0.0%$0 $0.00 $0.00 Guest/Transient Income 5,500 1,500 1,500 1,500 2,250 2,250 1,000 1,300 1,034 250 100 15,000 33,184 0.6%$169 $61.00 $0.25 Retained Fees 0 0.0%$0 $0.00 $0.00 Miscellaneous Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 Transaction Fee 500 200 200 200 200 200 200 200 500 1,000 1,000 650 5,050 0.1%$26 $9.28 $0.04 0.0%$0 $0.00 $0.00 Total Other Revenue 12,240 8,450 7,640 10,240 10,600 10,100 9,250 12,150 17,384 251,700 226,050 42,100 617,904 10.4%$3,153 $1,135.85 $4.63 Total Revenue 544,660 540,870 540,060 542,660 543,020 542,520 541,670 544,570 548,804 257,810 233,160 572,060 5,951,867 100.0%$30,367 $10,940.93 $44.60 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Food Department Food Cost Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Beverages 5,915 5,138 4,370 2,960 2,968 4,957 4,180 5,070 2,493 3,683 3,683 2,961 48,378 0.8%$247 $88.93 $0.36 Baked Goods 2,457 2,336 2,072 1,356 1,340 2,254 1,855 2,301 1,134 1,685 1,685 1,357 21,832 0.4%$111 $40.13 $0.16 Dairy 5,895 4,827 4,669 2,264 2,835 3,826 3,136 4,369 2,565 2,830 2,830 2,266 42,312 0.7%$216 $77.78 $0.32 Milk 2,141 1,684 1,494 1,031 1,082 1,816 1,335 2,166 830 1,515 1,498 1,031 17,623 0.3%$90 $32.40 $0.13 Meats 15,611 15,423 15,395 9,709 10,407 16,167 13,461 16,167 9,270 12,630 12,630 10,507 157,377 2.6%$803 $289.30 $1.18 Frozen Goods 7,471 5,965 5,349 3,779 3,687 7,058 4,769 5,860 4,104 5,826 6,947 3,781 64,596 1.1%$330 $118.74 $0.48 Accompaniments 10,944 9,952 9,702 4,891 4,905 9,359 6,836 9,546 4,121 6,224 6,247 4,894 87,621 1.5%$447 $161.07 $0.66 Produce 4,704 3,993 4,134 2,309 3,385 4,613 3,034 4,358 1,869 2,860 2,735 2,310 40,304 0.7%$206 $74.09 $0.30 Total Food Cost 55,138 49,318 47,185 28,299 30,609 50,050 38,606 49,837 26,386 37,253 38,255 29,107 480,043 8.1%$2,449 $882.43 $3.60 Food Department Payroll Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Salaries/Wages 31,500 31,500 41,254 30,145 12,098 27,011 31,079 29,001 29,073 40,001 31,092 29,023 362,777 6.1%$1,851 $666.87 $2.72 Benefits & Taxes 8,975 8,745 10,988 9,008 4,858 7,713 8,648 8,170 8,417 10,700 8,881 8,175 103,279 1.7%$527 $189.85 $0.77 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Vacation Pay 0 0 0 3,200 0 0 3,200 0 876 876 0 0 8,152 0.1%$42 $14.99 $0.06 Holiday Pay 1,000 0 0 2,500 2,500 0 0 0 1,000 0 1,000 0 8,000 0.1%$41 $14.71 $0.06 Sick Pay 0 0 496 424 440 472 424 410 119 1,500 440 0 4,725 0.1%$24 $8.69 $0.04 Bonus 0 5,000 0 0 0 0 0 0 0 0 0 5,000 0.1%$26 $9.19 $0.04 Contract Labor 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Total Payroll 41,475 45,245 52,738 45,277 19,896 35,196 43,351 37,581 39,485 53,077 41,413 37,198 491,933 8.3%$2,510 $904.29 $3.69 Food Department Food Department Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Pest Control 110 110 110 110 110 110 110 110 110 110 110 110 1,320 0.0%$7 $2.43 $0.01 Linen Laundry/Rental 350 350 350 255 170 350 350 350 255 350 350 255 3,735 0.1%$19 $6.87 $0.03 Uniforms 0 0 0 0 1,200 0 0 0 0 0 0 1,000 2,200 0.0%$11 $4.04 $0.02 Dining Room Supplies 1,200 350 350 350 350 350 350 350 350 350 350 650 5,350 0.1%$27 $9.83 $0.04 Decorations 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 Kitchen Supplies 600 450 450 100 600 450 300 450 100 450 450 400 4,800 0.1%$24 $8.82 $0.04 China/Glass/Silver 1,500 0 0 0 1,000 0 0 0 0 500 0 1,500 4,500 0.1%$23 $8.27 $0.03 Cleaning Supplies 1,350 1,200 1,000 600 935 800 800 800 1,200 750 750 900 11,085 0.2%$57 $20.38 $0.08 Contract Cleaning 450 350 300 500 1,000 300 100 250 400 0 0 1,350 5,000 0.1%$26 $9.19 $0.04 Paper 500 500 500 250 250 500 500 500 350 500 500 350 5,200 0.1%$27 $9.56 $0.04 Equipment Rental 300 300 300 300 300 300 300 300 300 300 300 300 3,600 0.1%$18 $6.62 $0.03 Other Expense 500 500 500 500 1,000 500 500 500 500 500 1,000 500 7,000 0.1%$36 $12.87 $0.05 Total Other Expense 6,960 4,210 3,960 3,065 7,015 3,760 3,410 3,710 3,665 3,910 3,910 7,415 54,990 0.9%$281 $101.08 $0.41 Total Food Expense 103,573 98,773 103,883 76,641 57,520 89,006 85,367 91,128 69,536 94,240 83,578 73,720 1,026,966 17.3%$5,240 $1,887.80 $7.70 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Gen & Admn Dept Payroll Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Salaries/Wages 14,435 14,435 14,435 21,652 14,435 14,435 14,435 14,435 14,435 21,652 14,435 14,435 187,650 3.2%$957 $344.94 $1.41 Benefits & Taxes 3,840 3,840 3,840 5,500 3,840 3,840 3,840 3,840 3,840 5,500 3,840 3,840 49,400 0.8%$252 $90.81 $0.37 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Vacation Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Holiday Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Bonus 0 0 7,000 0 0 0 0 0 0 0 0 0 7,000 0.1%$36 $12.87 $0.05 Total Payroll 18,275 18,275 25,275 27,152 18,275 18,275 18,275 18,275 18,275 27,152 18,275 18,275 244,050 4.1%$1,245 $448.62 $1.83 Management Fee Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Management Fee 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 280,800 4.7%$1,433 $516.18 $2.10 Gen & Admn Dept Other Expense Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Equipment Lease 1,400 1,000 2,300 1,300 2,700 1,000 1,500 2,500 1,900 1,200 1,100 2,100 20,000 0.3%$102 $36.76 $0.15 Computer & Software Maint 200 200 200 200 200 1,250 200 200 200 200 200 200 3,450 0.1%$18 $6.34 $0.03 Audit 3,150 7,150 10,300 0.2%$53 $18.93 $0.08 Other Professional Expense 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 Taxes, Licenses & Fees 500 200 200 200 200 200 200 200 200 2,100 0.0%$11 $3.86 $0.02 Resident Screening 500 500 600 600 600 600 600 500 500 5,000 0.1%$26 $9.19 $0.04 Hotel Tax Expense 0 0.0%$0 $0.00 $0.00 Property Insurance 0 0.0%$0 $0.00 $0.00 Telephone - Ld 400 400 400 400 400 500 700 700 700 500 500 400 6,000 0.1%$31 $11.03 $0.04 Telephone - Local 650 650 650 650 650 700 700 700 800 800 800 650 8,400 0.1%$43 $15.44 $0.06 Office Supplies 900 900 900 500 500 900 900 900 900 900 900 900 10,000 0.2%$51 $18.38 $0.07 Postage 150 150 700 700 600 700 700 700 700 700 700 300 6,800 0.1%$35 $12.50 $0.05 Dues/Subscriptions 75 75 75 75 75 75 75 75 75 75 75 75 900 0.0%$5 $1.65 $0.01 Travel-Local Supervision 500 150 500 150 150 500 150 500 150 150 150 500 3,550 0.1%$18 $6.53 $0.03 TSHA Admin Fee 10,270 10,270 10,270 10,270 10,270 10,270 10,270 10,270 10,270 3,219 3,219 3,219 102,084 1.7%$521 $187.65 $0.76 Legal Fees 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 102,000 1.7%$520 $187.50 $0.76 Recruiting Expense 0 0.0%$0 $0.00 $0.00 Training Expense 1,500 1,000 2,500 0.0%$13 $4.60 $0.02 Security Service 0 0.0%$0 $0.00 $0.00 Collection Expense 0 0.0%$0 $0.00 $0.00 Bad Debt Expense 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 2.0%$612 $220.59 $0.90 Other G&A Expense 50,000 200 200 200 200 200 200 200 200 200 200 200 52,200 0.9%$266 $95.96 $0.39 Uniforms 1,500 2,500 4,000 0.1%$20 $7.35 $0.03 Bank Service Charges 1,320 1,161 1,000 500 700 700 300 1,000 600 500 500 400 8,681 0.1%$44 $15.96 $0.07 Courtesy Officer 4,200 4,200 4,200 5,300 4,800 4,150 4,150 4,150 5,100 4,200 4,200 4,200 52,850 0.9%$270 $97.15 $0.40 Credit Card Fees 0 0.0%$0 $0.00 $0.00 Rent Refunds/Prepaids 1,000 1,000 1,000 0 0 1,000 1,000 5,000 0.1%$26 $9.19 $0.04 Total Other Expense 91,165 38,956 39,995 43,995 48,695 40,345 39,245 41,295 42,495 32,044 32,844 35,944 527,015 8.9%$2,689 $968.78 $3.95 0.0%$0 $0.00 $0.00 Total G&A Expenses 109,439 57,230 65,269 71,146 66,969 58,619 57,519 59,569 60,769 59,196 51,119 54,219 771,064 13.0%$3,934 $1,417.40 $5.78 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Marketing Dept Other Expense Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Outdoor Advertising 500 4,500 5,000 0.1%$26 $9.19 $0.04 Direct Mail 3,000 4,000 5,000 8,000 3,000 23,000 0.4%$117 $42.28 $0.17 News/Magazines 350 550 550 1,000 2,500 2,500 2,500 2,500 750 0 0 0 13,200 0.2%$67 $24.26 $0.10 Radio/Tv Advertising 3,500 3,500 0.1%$18 $6.43 $0.03 Brochures/Promo Items 2,000 15,000 750 17,750 0.3%$91 $32.63 $0.13 Promotion - External 1,200 5,000 100 6,300 0.1%$32 $11.58 $0.05 Lease Comm. - Residential 0 0.0%$0 $0.00 $0.00 Web Adv/Presence 800 800 800 800 800 800 800 800 800 800 800 800 9,600 0.2%$49 $17.65 $0.07 Other Expense 11,500 200 200 300 300 300 300 13,100 0.2%$67 $24.08 $0.10 Total Marketing Expenses 15,150 1,550 17,750 2,100 6,300 16,850 12,900 11,600 4,850 800 800 800 91,450 1.5%$467 $168.11 $0.69 Residence Life & Student Development Other Expense Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Res. Life & Dev.2,100 2,100 2,100 1,000 3,600 2,500 1,700 1,650 1,600 1,900 20,250 0.3%$103 $37.22 $0.15 Total Res. Life 2,100 2,100 2,100 1,000 3,600 2,500 1,700 1,650 1,600 1,900 20,250 0.3%$103 $37.22 $0.15 Telecom Expenses Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF 0.0%$0 $0.00 $0.00 Telecom 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Residential Long Distance 0 0.0%$0 $0.00 $0.00 Data 5,800 5,800 5,800 5,800 5,800 5,800 5,800 5,800 5,800 5,800 5,800 5,800 69,600 1.2%$355 $127.94 $0.52 Cable TV 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 75,000 1.3%$383 $137.87 $0.56 Total Telecom Expense 12,050 12,050 12,050 12,050 12,050 12,050 12,050 12,050 12,050 12,050 12,050 12,050 144,600 2.4%$738 $265.81 $1.08 Utilities/Energy Expenses Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF 0.0%$0 $0.00 $0.00 Electric - Public 27,458 25,345 27,012 11,390 10,087 16,784 15,175 18,390 20,478 25,897 24,741 28,471 251,228 4.2%$1,282 $461.82 $1.88 Electric - Residential 13,679 10,658 11,078 7,112 7,456 8,856 8,278 9,727 10,124 12,412 12,088 12,547 124,015 2.1%$633 $227.97 $0.93 Electric - Resident Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Fuel (Gas)4,000 4,000 4,000 3,450 2,000 3,050 3,550 3,050 3,050 2,550 4,150 4,150 41,000 0.7%$209 $75.37 $0.31 Sewer 3,750 3,500 3,500 3,750 3,000 3,750 3,500 3,250 3,500 3,250 3,275 3,175 41,200 0.7%$210 $75.74 $0.31 Water 3,750 4,000 3,900 3,300 2,750 3,500 3,000 3,600 2,600 2,700 2,500 2,500 38,100 0.6%$194 $70.04 $0.29 Total Utility Expense 52,637 47,503 49,490 29,002 25,293 35,940 33,503 38,017 39,752 46,809 46,754 50,843 495,543 8.3%$2,528 $910.92 $3.71 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Rep/Maint Dept Payroll Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Salaries/Wages 7,942 7,942 7,942 11,913 7,942 7,942 7,942 7,942 7,942 11,913 7,942 7,942 103,250 1.7%$527 $189.80 $0.77 Benefits & Taxes 2,607 2,607 2,607 3,520 2,607 2,607 2,607 2,607 2,607 3,520 2,607 2,607 33,108 0.6%$169 $60.86 $0.25 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Vacation Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Holiday Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Sick Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Other Benefits 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Total Payroll 10,549 10,549 10,549 15,434 10,549 10,549 10,549 10,549 10,549 15,434 10,549 10,549 136,358 2.3%$696 $250.66 $1.02 Housekeepers Payroll Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Salaries/Wages 1,247 1,247 1,247 1,871 1,247 1,247 1,247 1,247 1,247 1,871 1,247 1,247 16,212 0.3%$83 $29.80 $0.12 Benefits & Taxes 287 287 287 430 287 287 287 287 287 430 287 287 3,729 0.1%$19 $6.85 $0.03 Contract Housekeeping 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 133,200 2.2%$680 $244.85 $1.00 Vacation Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Holiday Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Sick Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Other Benefits 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Total Payroll 12,634 12,634 12,634 13,401 12,634 12,634 12,634 12,634 12,634 13,401 12,634 12,634 153,141 2.6%$781 $281.51 $1.15 Rep/Maint Dept Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF 0.0%$0 $0.00 $0.00 Waste Removal 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 15,960 0.3%$81 $29.34 $0.12 Rooms Supplies 0 0.0%$0 $0.00 $0.00 Cleaning Supplies 900 850 1,100 1,100 1,100 750 1,100 750 2,650 2,650 2,650 900 16,500 0.3%$84 $30.33 $0.12 Contract Cleaning 0 0.0%$0 $0.00 $0.00 Equipment Rental 0 0.0%$0 $0.00 $0.00 Pest Control 300 300 300 300 300 300 300 300 300 300 300 300 3,600 0.1%$18 $6.62 $0.03 Other Expense 40 40 40 40 40 40 40 40 40 40 40 40 480 0.0%$2 $0.88 $0.00 Buildings Maintenance 2,000 350 350 350 350 350 350 350 2,000 2,000 2,000 200 10,650 0.2%$54 $19.58 $0.08 Food Service Equip Repair 1,000 1,000 1,000 1,000 1,600 1,000 1,000 1,000 1,000 1,600 1,000 1,000 13,200 0.2%$67 $24.26 $0.10 Drive/Park Lot Maint.100 100 100 100 100 100 100 100 100 4,500 100 100 5,600 0.1%$29 $10.29 $0.04 Elevator Maintenance 1,750 630 800 1,750 800 800 1,750 630 800 1,750 800 630 12,890 0.2%$66 $23.69 $0.10 Laundry Equip. Maint.0 0.0%$0 $0.00 $0.00 Hvac Maintenance 1,700 1,000 800 800 800 1,100 1,100 1,100 1,600 1,600 1,600 1,700 14,900 0.3%$76 $27.39 $0.11 Carpet/Drapery Cleaning 500 0 500 0 500 0 500 0 5,000 5,000 5,000 0 17,000 0.3%$87 $31.25 $0.13 Plumbing 200 200 200 200 200 210 215 215 215 215 215 215 2,500 0.0%$13 $4.60 $0.02 Grounds/Landscaping 2,000 2,000 2,000 2,000 2,000 3,000 2,000 2,000 2,000 2,000 2,000 2,500 25,500 0.4%$130 $46.88 $0.19 Swimming Pool 800 400 400 400 400 400 400 400 800 400 400 800 6,000 0.1%$31 $11.03 $0.04 Furniture Repair 2,500 2,500 1,500 6,500 0.1%$33 $11.95 $0.05 Maint. Equip. Repair 175 175 175 175 175 175 175 175 175 175 175 175 2,100 0.0%$11 $3.86 $0.02 Fire Equipment Repair 1,300 150 150 150 150 150 150 1,500 150 150 150 150 4,300 0.1%$22 $7.90 $0.03 Carpet Repl./Repair 0 0.0%$0 $0.00 $0.00 Rec. Equip. Repair 500 200 500 200 500 200 500 200 500 200 200 500 4,200 0.1%$21 $7.72 $0.03 Maintenance Supplies 700 700 700 400 700 500 500 500 900 1,000 1,000 1,000 8,600 0.1%$44 $15.81 $0.06 Light Bulbs 750 350 350 350 350 350 350 350 750 750 750 550 6,000 0.1%$31 $11.03 $0.04 Paint/Decorating 100 100 100 100 1,000 100 100 100 8,000 8,000 8,000 100 25,800 0.4%$132 $47.43 $0.19 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Other Expense 0 0.0%$0 $0.00 $0.00 Uniforms 500 500 1,000 0.0%$5 $1.84 $0.01 Appliances 175 175 175 175 175 175 175 175 175 175 175 175 2,100 0.0%$11 $3.86 $0.02 Boilers 500 500 1,000 1,000 1,000 1,000 1,000 500 500 500 500 1,000 9,000 0.2%$46 $16.54 $0.07 Locks & Keys 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 0 0.0%$0 $0.00 $0.00 Total Other Expenses 16,920 10,650 12,170 12,020 14,170 12,130 13,235 11,815 31,585 36,935 29,985 13,965 215,580 3.6%$1,100 $396.29 $1.62 0.0%$0 $0.00 $0.00 Total Rep/Maint. Expenses 40,103 33,833 35,353 40,854 37,353 35,313 36,418 34,998 54,768 65,769 53,168 37,148 505,078 8.5%$2,577 $928.45 $3.78 Operating Reserve 88,485 0 50,000 138,485 Total Operating Reserve 88,485 0 0 50,000 0 0 0 0 0 0 0 138,485 2.3%$707 $254.57 $1.04 Taxes/Insurance/Reserves TOTAL %Per Unit Per Bed PSF Repair & Replacement Reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Operating Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Sales Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Hotel Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Insurance 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,171 62,162 1.0%$317 $114.27 $0.47 Total Reserves, Taxes and Insurance 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,181 5,171 62,162 1.0%$317 $114.27 $0.47 Net Operating Income before Other Operating Expenses 181,027 170,765 225,584 281,285 255,355 263,662 273,632 266,977 276,898 -49,635 -42,890 312,808 2,415,468 40.6%$12,324 $4,440.20 $18.10 Other Expenses Bad Debt - Prior Year 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 2.0%$612 $220.59 $0.90 Net Operating Income 171,027 160,765 215,584 271,285 245,355 253,662 263,632 256,977 266,898 -59,635 -52,890 302,808 2,295,468 38.6%$11,712 $4,219.61 $17.20 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Summary Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 TOTAL %Per Unit Per Bed PSF Total Revenue 544,660 540,870 540,060 542,660 543,020 542,520 541,670 544,570 548,804 257,810 233,160 572,060 5,951,867 100.0%$30,367 $10,940.93 $44.60 Total Expenses 363,633 370,105 314,476 261,375 287,666 278,859 268,038 277,593 271,906 307,446 276,050 259,251 3,536,398 59.4%$18,043 $6,500.73 $26.50 Net Operating Income 181,027 170,765 225,584 281,285 255,355 263,662 273,632 266,977 276,898 -49,635 -42,890 312,808 2,415,468 40.6%$12,324 $4,440.20 $18.10 TOTAL Repair & Replacement Reserve 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 113,400 1.9%$579 $208.46 $0.85 Less: Proposed Capital Update Lobby 50,000 50,000 0.8%$255 $91.91 $0.37 Update Cyber Lounge 50,000 50,000 0.8%$255 $91.91 $0.37 Deep Fryer for Kitchen 10,000 10,000 0.2%$51 $18.38 $0.07 Washer and Dryer Upgrades 60,000 60,000 1.0%$306 $110.29 $0.45 Resurface Benches in Café 0 0.0%$0 $0.00 $0.00 Carpet Replacement 7500 7,500 0.1%$38 $13.79 $0.06 Furniture 7500 7,500 0.1%$38 $13.79 $0.06 Redecorate Café 0 0.0%$0 $0.00 $0.00 0 0.0%$0 $0.00 $0.00 Total Capital Disubursements 170,000 - - - - - - - - - 0 15,000 185,000 3.1%$944 $340.07 $1.39 NET REPAIR/REPLACEMENT (160,550)9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 -5,550 -71,600 -1.2%-$365 -$131.62 -$0.54 Town Lake Austin, TX 78681 2012/2013 Academic Operating Budget Template 216 = Units 648 = Beds 208,080 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 638 638 638 638 628 628 628 628 628 627 627 633 OCCUPANCY %98.46%98.46%98.46%98.46%96.91%96.91%96.91%96.91%96.91%96.76%96.76%97.69%97.47% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 269,820 269,820 269,820 269,820 269,820 269,820 269,820 269,820 269,820 269,820 269,820 269,820 3,237,840 4,997 14,990 Contract Gain (Loss) to Lease 5010-0000 1,880 1,880 1,880 1,880 1,880 1,880 1,880 1,880 1,880 1,880 (13,200)(13,200)(7,600)(12)(35) Total Gross Potential Rent 271,700 271,700 271,700 271,700 271,700 271,700 271,700 271,700 271,700 271,700 256,620 256,620 3,230,240 4,985 14,955 Economic Variances Concessions - Amenity 5030-0050 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - Misc.5030-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - New Leases 5030-0200 (300)(300)(300)(300)(300)(300)(300)(300)(300)(300)(300)(300)(3,600)(6)(17) Concessions - Renewals 5030-0400 (4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(4,500)(54,000)(83)(250) Concessions - Schlrshps/Mstr Lease 5030-0500 (11,460)(11,460)(11,460)(11,460)(11,460)(11,460)(11,460)(11,460)(11,460)(11,460)(11,460)(11,460)(137,520)(212)(637) Down Units 5040-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Units 5045-0000 (7,865)(7,865)(7,865)(7,865)(7,865)(7,865)(7,865)(7,865)(7,865)(7,865)(7,865)(7,865)(94,380)(146)(437) Courtsey Officer Discount 5050-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Model Units 5055-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debt 5025-0000 (5,500)(2,700)(2,700)(2,700)(2,700)(2,700)(2,700)(2,700)(2,700)(2,700)(6,000)(5,500)(41,300)(64)(191) Vacancy Loss 5065-0000 (4,164)(4,164)(4,164)(4,164)(8,328)(8,328)(8,328)(8,328)(8,328)(8,744)(8,744)(6,246)(82,029)(127)(380) Total Economic Variances (33,789)(30,989)(30,989)(30,989)(35,153)(35,153)(35,153)(35,153)(35,153)(35,569)(38,869)(35,871)(412,829)(637)(1,911) Econ %87.48%88.51%88.51%88.51%86.97%86.97%86.97%86.97%86.97%86.82%85.59%86.71%87.25% Retail Income Commerical/Retail Income 5102-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CAM 5115-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Retail Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET RENTAL INCOME 237,911 240,711 240,711 240,711 236,547 236,547 236,547 236,547 236,547 236,131 217,751 220,749 2,817,411 4,348 13,044 Other Operating Income Accelerated Rent 5205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Fees 5210-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Application Fees 5220-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Damages Income 5260-0000 3,000 0 0 0 0 0 0 0 0 0 0 4,000 7,000 11 32 Deposit Forfeitures 5265-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carport/Garages/Parking Income 5235-0000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 22 67 Furniture Income 5270-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Key & Access Card Income 5290-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal & Collections 5310-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Late Charges 5295-0000 3,425 3,425 3,425 3,425 3,425 3,425 3,425 3,425 3,425 3,425 3,425 0 37,675 58 174 Month-to-Month Fees 5320-0000 600 600 600 600 600 600 600 600 600 600 600 600 7,200 11 33 NSF Check Fees 5325-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Pet Fees 5330-0000 500 200 0 200 200 0 200 200 0 200 200 0 1,900 3 9 Premium Fees 5335-0000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 28 83 Relet/Cancellation Fees 5340-0000 500 0 600 600 4,000 500 500 1,200 1,400 2,000 400 5,000 16,700 26 77 Reservation Fees 5350-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax Income 5355-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Shuttle Bus Income 5360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Storage Income 5365-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transfer Fees 5375-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vending Income 5390-0000 2 2 2 2 1 1 1 1 1 1 1 1 16 0 0 Miscellaneous Income 5315-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 RUBS Income - Electric 5370-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income - Gas 5370-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income - Water 5370-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income -Trash 5370-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Income 5285-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Operating Income 11,027 7,227 7,627 7,827 11,226 7,526 7,726 8,426 8,426 9,226 7,626 12,601 106,491 164 493 0 EFFECTIVE GROSS INCOME 248,938 247,938 248,338 248,538 247,773 244,073 244,273 244,973 244,973 245,357 225,377 233,350 2,923,902 4,512 13,537 4/15/2012 Account Descriptions 5/18/2012 Page 1of5 Town Lake Austin, TX 78681 2012/2013 Academic Operating Budget Template 216 = Units 648 = Beds 208,080 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions OPERATING EXPENSES Cable & Internet 0 0 Cable TV 6805-0000 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 68,400 106 317 Internet 6825-0000 7,600 7,600 7,600 7,600 7,600 7,600 7,600 7,600 7,600 7,600 7,600 7,600 91,200 141 422 Total Cable / Internet 13,300 13,300 13,300 13,300 13,300 13,300 13,300 13,300 13,300 13,300 13,300 13,300 159,600 246 739 General & Administrative Audit 6002-0200 0 0 8,000 0 600 0 2,000 0 0 0 0 0 10,600 16 49 Legal 6002-0300 150 150 150 150 150 150 150 150 150 150 150 150 1,800 3 8 Bank Charges/Fees 6005-0000 75 75 75 75 75 75 75 75 75 75 75 75 900 1 4 Data Processing/Computer Expense 6030-0000 400 400 100 50 50 100 400 400 300 300 300 300 3,100 5 14 Resident Screening 6095-0000 200 100 30 30 300 300 400 400 400 500 600 200 3,460 5 16 Dues & Subscriptions 6035-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment & Supplies for Equipment 6045-0000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 7 22 Postage & Delivery 6070-0000 300 200 500 100 500 300 300 200 200 300 400 300 3,600 6 17 Licenses, Fees & Permits 6060-0000 0 475 0 0 0 0 0 575 0 0 0 100 1,150 2 5 Portal Expense 6770-0000 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 4 11 Professional Fees 6080-0000 0 0 0 1,200 900 0 0 0 0 0 0 0 2,100 3 10 Supplies 6100-0000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 5 14 Telephone 6105-0000 800 800 800 800 800 800 800 800 800 800 800 800 9,600 15 44 Telephone-Answering Service 6110-0000 135 135 135 135 135 135 135 135 135 135 135 135 1,620 3 8 Telephone-Radios/Pagers/Cell 6107-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Training 6115-0000 0 500 0 0 700 0 250 0 0 0 250 0 1,700 3 8 Travel 6120-0000 100 100 500 100 100 700 250 700 250 650 250 800 4,500 7 21 Travel-Meals 6120-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Uniforms 6135-0000 500 100 100 100 250 100 100 100 500 100 100 100 2,150 3 10 Miscellaneous 6065-0000 300 500 300 200 500 500 200 200 200 300 200 300 3,700 6 17 Total General & Administrative 3,710 4,285 11,440 3,690 5,810 3,910 8,210 4,485 3,760 4,060 4,010 4,010 61,380 95 284 Payroll & Benefits Office Salaries 6205-0000 10,804 9,054 9,054 9,054 13,582 9,054 9,054 9,054 9,054 13,582 9,054 10,804 121,208 187 561 Performance 6265-0000 0 6,500 0 0 0 0 0 0 0 0 0 0 6,500 10 30 Leasing 6260-0000 6,500 0 0 0 0 1,500 1,500 1,500 500 0 0 0 11,500 18 53 Maintenance 6225-0000 7,858 6,358 6,358 6,358 9,537 6,358 6,358 6,358 6,358 9,537 6,358 7,858 85,656 132 397 Contract Labor 6250-0000 2,000 0 0 0 0 0 0 0 0 0 0 2,000 4,000 6 19 Payroll Taxes 6270-0100 3,246 2,619 1,842 1,842 2,763 2,021 2,021 2,021 1,902 2,763 1,842 2,469 27,349 42 127 Worker's Compensation 6270-0200 3,001 2,421 1,703 1,703 2,555 1,869 1,869 1,869 1,758 2,555 1,703 2,283 25,289 39 117 Group Insurance 6280-0000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 22 67 Employee Recuriting 6290-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Relations 6295-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Payroll & Benefits 34,610 28,153 20,158 20,158 29,636 22,003 22,003 22,003 20,773 29,636 20,158 26,615 295,903 457 1,370 Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 3 10 Contract-Bus Service 6310-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Cleaning 6315-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Elevator 6325-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - HVAC 6335-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - Fire/Saftey 6327-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Landscape Maintenance 6340-0000 2,650 3,000 2,650 2,650 2,650 2,650 3,000 2,650 2,650 2,650 2,650 2,650 32,500 50 150 Contract-Other Contract Services 6345-0000 650 70 70 70 70 150 400 400 400 400 400 600 3,680 6 17 Contract-Security/Patrol/Courtesy Officer 6365-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 20 61 Contract-Pest Control 6350-0000 430 1,150 430 430 1,000 430 1,150 430 1,150 430 430 1,500 8,960 14 41 Contract-Pool 6360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Snow Removal 6370-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Trash Removal 6375-0000 5,800 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 2,000 20,800 32 96 Total Contract Services 10,805 6,795 5,725 5,725 6,295 5,805 7,125 6,055 6,775 6,055 6,055 8,025 81,240 125 376 5/18/2012 Page 2of5 Town Lake Austin, TX 78681 2012/2013 Academic Operating Budget Template 216 = Units 648 = Beds 208,080 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions Repairs & Maintenance Appliances 6410-0000 350 350 350 350 350 350 350 350 350 350 350 350 4,200 6 19 Blind/Drapes 6415-0000 20 20 20 20 20 20 20 20 20 20 20 2,000 2,220 3 10 Boilers 6420-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building - Interior 6425-0100 500 200 200 200 200 200 200 200 200 200 200 500 3,000 5 14 Building - Exterior 6425-0200 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Common Areas 6440-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Countertops/Sink 6445-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Doors/Windows 6450-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Electrical 6455-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Elevators 6460-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 6470-0000 2,000 250 100 100 100 100 250 250 250 250 250 250 4,150 6 19 Fire/Saftey 6475-0000 250 2,300 1,300 1,000 1,000 100 100 900 250 250 250 250 7,950 12 37 Generator 6483-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Glass/Mirrors/Screens 6485-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Golf Carts 6490-0000 750 0 0 750 0 0 250 0 250 0 250 250 2,500 4 12 HVAC 6495-0000 600 300 100 100 100 300 300 300 300 300 300 600 3,600 6 17 Keys & Locks 6500-0000 750 200 100 100 100 100 100 100 300 300 300 750 3,200 5 15 Landscaping 6510-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Lights, Fixtures, Light Bulbs 6520-0000 750 600 200 200 200 200 200 600 200 200 200 750 4,300 7 20 Miscellaneous 6525-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Painting 6530-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Plumbing 6540-0000 700 100 200 100 100 200 300 300 300 300 400 1,000 4,000 6 19 Pools 6545-0000 650 350 200 200 100 100 500 500 650 650 650 450 5,000 8 23 Recreation 6550-0000 300 100 100 100 100 100 100 100 100 100 100 300 1,600 2 7 Roofs 6555-0000 300 0 0 300 0 0 300 0 0 300 0 0 1,200 2 6 Signs 6560-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Supplies 6570-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6 17 Tools 6575-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Total Repairs & Maintenance 9,020 5,870 3,970 4,620 3,470 2,870 4,070 4,720 4,270 4,320 4,370 8,550 60,120 93 278 Make-Ready Maintenance Carpet Cleaning/Repairs 6610-0000 10,785 10,785 0 0 165 0 0 0 660 0 0 0 22,395 35 104 Cleaning 6615-0000 12,025 12,025 0 0 800 0 0 0 800 0 0 0 25,650 40 119 Interior Repairs 6630-0000 2,000 0 0 0 0 0 0 0 0 0 1,000 1,000 4,000 6 19 Painting 6635-0000 23,140 18,245 0 0 1,130 0 0 0 1,130 0 0 0 43,645 67 202 Appliance Supplies 6652-0000 500 0 0 0 0 0 0 0 0 0 0 0 500 1 2 Cleaning Supplies 6655-0000 1,000 0 0 0 0 0 0 0 0 0 0 5 1,005 2 5 Paint Supplies 6660-0000 3,000 0 0 0 0 0 0 0 0 0 0 0 3,000 5 14 Total Make-Ready Maintenance 52,450 41,055 0 0 2,095 0 0 0 2,590 0 1,000 1,005 100,195 155 464 Marketing Advertising Print 6705-0200 100 100 100 100 100 100 100 1,450 100 0 0 100 2,350 4 11 Publications 6730-0000 0 1,250 200 2,000 0 200 0 0 2,000 2,800 2,100 0 10,550 16 49 Direct Mail 6715-0000 0 0 0 0 1,000 1,000 1,000 0 0 0 0 0 3,000 5 14 Radio 6705-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signs 6735-0000 0 300 0 0 300 0 0 500 500 0 300 0 1,900 3 9 Internet Ads 6720-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other 6748-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Brochures/Promo Items 6750-0000 0 0 2,250 0 4,250 0 0 0 0 0 0 0 6,500 10 30 Locator Fees 6760-0000 12,500 12,500 0 0 0 0 0 0 0 0 0 0 25,000 39 116 Referral Fees 6780-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Promotion & Events 6775-0000 10,000 0 0 0 0 0 0 0 0 0 0 0 10,000 15 46 Resident Activities/Tenant Relations 6790-0000 1,000 1,000 1,000 500 500 500 500 500 500 0 0 0 6,000 9 28 Websites 6740-0000 800 800 800 800 800 800 800 800 800 800 800 800 9,600 15 44 Total Marketing 24,400 15,950 4,350 3,400 6,950 2,600 2,400 3,250 3,900 3,600 3,200 900 74,900 116 347 Utilities Electricity Elec-Common Area 6910-0100 2,400 2,250 2,100 1,600 1,800 2,250 2,000 2,000 2,250 2,250 2,400 2,400 25,700 40 119 Elec-Residential Units 6910-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Elec-Vacant Units 6910-0900 500 150 150 100 100 100 150 150 150 150 150 5,000 6,850 11 325/18/2012 Page 3of5 Town Lake Austin, TX 78681 2012/2013 Academic Operating Budget Template 216 = Units 648 = Beds 208,080 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions Total Electricity 2,900 2,400 2,250 1,700 1,900 2,350 2,150 2,150 2,400 2,400 2,550 7,400 32,550 50 151 Other Utilities Gas 6920-0000 150 150 150 300 300 300 300 300 300 150 150 150 2,700 4 13 Water / Sewer 6930-0000 26,271 25,846 25,834 24,524 20,083 20,419 24,025 24,546 24,497 25,871 24,645 24,162 290,723 449 1,346 Utility Billing Fee 6950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Utilities 26,421 25,996 25,984 24,824 20,383 20,719 24,325 24,846 24,797 26,021 24,795 24,312 293,423 453 1,358 Total Utilities 29,321 28,396 28,234 26,524 22,283 23,069 26,475 26,996 27,197 28,421 27,345 31,712 325,973 503 1,509 Management Fees 4.00%6990-0000 9,958 9,918 9,934 9,942 9,911 9,763 9,771 9,799 9,799 9,814 9,015 9,334 116,956 180 541 Taxes Property Taxes 7005-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property Taxes 7010-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property Tax Consultant 7020-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Franchise Taxes 7060-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax 7085-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Ins-Property & Casualty Insurance 7105-0100 5,983 0 0 0 0 0 13,280 5,983 5,983 5,983 5,983 5,983 49,178 76 228 General Liability 7105-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Insurance 5,983 0 0 0 0 0 13,280 5,983 5,983 5,983 5,983 5,983 49,178 76 228 TOTAL OPERATING EXPENSES 193,557 153,721 97,110 87,358 99,750 83,319 106,633 96,590 98,346 105,190 94,436 109,434 1,325,445 2,045 6,136 55,382 94,217 151,228 161,180 148,023 160,754 137,640 148,383 146,627 140,167 130,941 123,916 1,598,458 2,467 7,400 Debt Service Interest Expense 7210-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mortgage Principal 7205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Interest / Financing Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Improvements Appliances 8315-0200 4,000 2,000 750 750 750 750 750 750 750 750 1,000 2,000 15,000 23 69 Washer/Dryer 8315-0280 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Blinds 8315-0400 3,000 0 0 0 0 0 0 0 0 0 0 500 3,500 5 16 Carpet 8315-1000 13,000 10,000 0 0 0 0 0 0 0 0 0 0 23,000 35 106 Furniture 8315-5000 28,000 0 0 0 0 0 0 28,000 0 0 0 0 56,000 86 259 Vinyl/Tile 8315-1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Recurring Capital 48,000 12,000 750 750 750 750 750 28,750 750 750 1,000 2,500 97,500 150 451 Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Boilers 8315-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building 8315-0600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Clubhouse/Model 8315-1200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carports 8315-1100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Computers 8315-4000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Countertop/Sink/Cabinets 8315-1400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Elevators 8315-1700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment (Office & Maintenance)8315-5100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 8315-1800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fire/Saftey 8315-1900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 HVAC 8315-2100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keys & Locks 8315-2200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Landscaping 8315-2300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Light Fixtures 8315-2500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8315-2700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Painting (Exterior)8315-2900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Parking Lot & Sidewalks 8315-3000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pools 8315-3200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 5/18/2012 Page 4of5 Town Lake Austin, TX 78681 2012/2013 Academic Operating Budget Template 216 = Units 648 = Beds 208,080 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions Pool Furniture 8315-5900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Recreation/Amenity Areas 8315-3300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Renovations (Units)8315-3400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Roofs 8315-3600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signage 8315-3700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tubs/Showers 8315-3950 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Non Recurring Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Escrow Accounts Tax Reserve 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax Funding 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve Funding 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve 1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve Reimb.1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Escrow Activity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Expenses Accounting / Audit / Tax 8905-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Expense 8910-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal/LLC fees 8950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Travel 8995-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Start Up Cost 8983-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8960-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Asset Management 1.00%8915-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INCOME (LOSS) Before Depr / Amort 7,382 82,217 150,478 160,430 147,273 160,004 136,890 119,633 145,877 139,417 129,941 121,416 1,500,958 2,316 6,949 Distribution Payments 4201-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MONTHLY CASH FLOW 7,382 82,217 150,478 160,430 147,273 160,004 136,890 119,633 145,877 139,417 129,941 121,416 1,500,958 2,316 6,949 5/18/2012 Page 5of5