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HomeMy WebLinkAbout06-21-11 TSH Denton Agenda Packet TEXASV,0�- STUDENI-,' HousING AGENDA THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING CORPORATION — DENTON PROJECT (AN INSTRUMENTALITY OF THE TOWN OF E T ) June 21, 2011 TEXAS STUDENT HOUSING OFFICE VILLAGE CIRCLE, C CL CHAMBERS/MUNICIPAL C T ROOM WEST LAKE, TEXAS 1. CALL T 2. REVIEW AND APPROVE MINUTES FOR THE MEETING Y 18, 2011. 3. DISCUSS AND CONSIDER VA TSHC — DENTON PROJECT ANNUAL BUDGET FOR FY 2011-2012. 4. EXECUTIVE DIRECTORS T. S. ADJOURN CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, Westlake, Texas, on June 15, 2011, by 5 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. Kelly Edward ecretary 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. TEXASW STUDENT S ', MINUTES THE MEETING F THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING CORPORATION — DENTON PROJECT (AN INSTRUMENTALITY THE TOWN OF E T ) January , 2011 PRESENT: President Jim Carter, Directors George Ledak, Gregg Malone, and Jill McKean. ABSENT: Chuck Shultz OTHERS T: Executive Director Pete Ehrenberg, Secretary Kelly Edwards and General Counsel Scott Bradley. 1. CALL TO ORDER President Carter called the meeting to order at 7:13 p.m. 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON DECEMBER , 2010. MOTION: Director Ledak made a motion to approve the minutes. Director McKean seconded the motion. The motion carried by a vote of 4-0. 3. DISCUSS AND CONSIDER V L OF TS C — DENTON PROJECT L AUDIT FOR FY 2009-2010 T Y PATTILLO BROWN &HILL, L.L.P. John Manning from Patillo Brwon & Hill, L.L.P. provided an overview of the audit. Discussion ensued regarding of the debt owed to the bond holders. Director McKean made a motion to approve the 20009-2010 audit. Director Malone seconded the motion. The motion carried by a vote of 4-0. TSH-Denton Minutes 01/18/11 Page 1 of 2 4. ADJOURNMENT President Cater asked for a motion to adjourn. MOTION: Director McKean made a motion to adjourn the meeting. Director Malone seconded the motion. The motion carried by a vote of 4-0. There being no further business before the board, President Carter declared the meeting adjourned at 7:22 p.m. APPROVED BY THE TEXAS STUDENT HOUSING DENTON PR03ECT BOARD OF DIRECTORS ON JUNE 21® 2 1 . Jim Carter, President ATTEST Kelly Edwards, Secretary TSHA—Denton Minutes 01/18/11 Page 2 of 2 2011-2012 Academic Year 9/1{2011 9/1/2010 Units 1x1 2x2 3x3 4x2 4x4 TOTAL Average Rental Rate $501.16 5453.56 1g, IS =Beds a ? r 7 876 =Sc Ft - '<Input Line '.: $439,020 2010 Nlte--- <Input Line - W; < S 347.320 Account Descriptions G/L. Total Cost per Bed Cost per Unit Codes Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Projected Beds-> 841 841 841 841 823 823 823 823 823 797 797 797 93.921. OPERATING INCOME Gross Potential Rent Gross Market Rent Contract Gain(Loss)to Lease Total Gross Potential Rent Retail Income Retail Income Economic Variances Bad Debt Concessions Employee Units Vacancy Loss Total Economic Variances 50050000 439,020 50100000 (10,820) $428,200 51020000 50250000 (4,390) 50300200 (14,000) 50450000 (9,505) 50650000 (17,561) (45,456) 439,020 (10,820) 439,020 (10,820) 439,020 (10,820) 439,020 (10,820) 439,020 (10,820) 439,020 (10,820) 439,020 (10,820) 439,020 (10,820) 439,020 (10,820) 439,020 (20,900) 439,020 (20,900) 5,268,240 (150,000) 6,014 (171) 18,293 (521) $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $418,120 $418,120 5,118,240 5,843 17,772 - 0 (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (52,682) (60) (183) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (6,120) (6,120) (152,240) (174) (529) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (114,060) (130) (396) (17,561) (17,561) (17,561) (26,341) (26,341) (26,341) (26,341) (26,341) (39,512) (39,512) (39,512) (320,485) (366) (1,113) (45,456) (45,456) (45,456) (54,236) (54,236) (54,236) (54,236) (54,236) (67,407) (59,527) (59,527) (639,467) (730) (2,220) NET RENTAL INCOME 382 744 . 382 744 382 744 382 744 373 964 373,964 873 964 373 964 373 964 360,793 368'593 358 593 4,478,773; 5113 15'551- Other Operating Income Accelerated Rent Administrative Fees Carport/Garages/Parking Income Application Fees Damages Income Late Charges Premium-Unit Upcharge Miscellaneous Income Month-to-Month Fees NSF Check Fees Petfees Relet Fees Credit Card Fees RUBS Total Other Operating Income 87.2% 52050000 - 52100000 52350000 2,000 52200000 52600000 - 52950000 6,000 53350000 53150000 100 53200000 1,600 53250000 125 53300000 4,000 53400000 - 5,800 19,625 87.2% 87.2% 87.2% 85.2% 85.2% 85.2% 85.2% 85.2% 82.2% 81.7% 81.7% 85.0% - - " 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,500 1,500 2,000 23,000 26 80 - - - - - - - - - - - - 150 1,000 150 150 150 150 2,500 500 500 7,000 12,250 14 43 6,000 6,0001 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 2,000 68,000 78 236 - - - - - - - 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 1,600 1,600 1,600 1,600 1,600 1 1,600 1,6001 1,600 - - 14,400 16 50 125 125 125 125 125 125 125 125 125 125 125 1,500 2 5 200 200 200 200 200 200 200 200 200 200 1,000 7,000 8 24 - - 2,000 1,000 1,500 2,000 3,000 2,000 1,500 1,000 - 14,000 161 49 - - - - - - - - - - - - 9,800 9,800 7,800 6,800 6,800 7,800 8,800 9,800 10,000 10,000 10,000 103,200 118 358 19,825 19,975 20,825 17,975 18,475 19,975 21,975 24,325 19,925 19,425 22,225 244,550 279 849 EFFECTIVE GROSS INCOME 402,369 402,569 402,719 403,589 391,939 392,439 i 383,939 1 395,539 1 398,289 380,7181 318,018 380,818 4,723,323` 5,392 16,400 /Satellite N Cable I Internet I Transportation Audit Fees Legal Fees Bank Charges Portal Expense Computer Expense Equipment&Supplies Licenses,Fees&Permits Miscellaneous Postage&Delivery Dues and Subscriptions Resident Screening Professional Fees Telephones&Pagers Telephone-Answering Service Training&Seminars Uniforms Total General and Administrative Management Commissions Bonuses Maintenance Employee Recruiting Payroll Taxes Worker's Compensation Group Insurance Employee Relations Total Payroll&Benefits n/Monitoring-Intrusion/Fire scape Maintenance r Contract Services Control rity/Patrol/Courtesy Officer i Removal I Contract Services 68050000 68250000 60020200 60020300 60050000 67700000 60300000 60450000 60600000 60650000 60700000 60350000 60950000 60800000 61050000 61100000 61150000 61200000 61350000 62050000 62650000 62600000 62250000 62900000 62700100 62700200 62800000 62950000 63050000 63400000 63450000 63500000 63650000 63750000 64500000 64100000 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 74,700 85 259 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 127,200 145 442 16,825 16,825 16,825 16,825 16,825 16,8261 16,825 16,825 16,825 16,825 16,825 16,825 201,900 230 701 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 12 36 350 350 350 350 350 350 350 350 350 350 350 350 4,200 5 15 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 3 8 100 100 100 100 1001 100 100 100 100 100 100 100 1,200 1 4 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 0 500 0 500 0 500 0 500 0 6,000 0 0 8,000 9 28 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 200 2501 750 1,000 1,000 1,000 1,0001 1,000 500 300 7,000 8 24 0 0 0 0 0 0 0 0 0 0 0 0 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 100 1001 100 100 100 100 100 100 100 100 100 100 1,200 1 4 0 1,250 0 200 0 0 200 0 0 200 0 1 0 1,850 2 6 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 750 50 50 50 50 50 50 50 750 50 50 50 2,000 2 7 4,250 5,300 14,250 1 4,500 4,300 5,050 7,150 5,050 5,250 10,750 4,050 3,850 73,750 84 256 11,689 10,689 10,692 10,689 10,689 10,692 16,041 10,692 10,689 10,689 10,689 19,050 142,991 163 496 8,000 9,636 0 0 0 1,500 1,500 1,500 1,500 1,000 01 0 24,636 28 86 0 0 0 0 0 0 0 0 0 0 01 0 - - 12,111 8,610 8,613 8,985 8,610 8,613 12,921 8,613 8,985 8,610 8,6101 17,713 120,996 138 420 0 0 5001 0 0 0 0 0 5001 0 0 1,000 1 3 3,800 3,458 2,307 2,351 2,306 2,486 3,640 2,486 2,530 2,426 2,306 3,999 34,096 39 118 3,514 3,197 2,133 2,174 2,133 2,299 3,366 2,299 2,340 2,243 2,133 3,698 31,528 36 109 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 25,200 29 88 200 0 200 0 200 0 1 200 0 200 0 500 0 1,500 2 5 41,414 37,691 26,545 26,300 26,038 27,690 39,768 1 27,690 28,845 27,068 26,338 46,559 381,947 436 1,326 235 235 235 235 235 235 235 235 235 235 235 235 2,820 3 10 3,750 31750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 45,000 51 156 500 500 500 500 500 500 500 500 500 500 500 500 1 6,000 7 21 550 550 550 550 550 5501 550 550 550 550 550 550 6,600 8 1 23 5,000 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 6,500 39,000 45 135 10,035 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 11,535 99,420 113 345 200 - 200 - 200 - 200 - 200 - 200 1,200 1 4 1,250 1,250 1,250 1,250 1,2501 1,250 1,250 1,250 1,250 1,250 1,2501 1,250 1 15,000 17 52 finds&Drapes 64150000 uilding-Exterior 64250200 uilding-Interior 64250100 ommon Areas 64400000 lectrical 64550000 encing&Gates 64700000 ire/Safety 64750000 Mass,Mirrors&Screens 64850000 liscellaneous 65250000 VAC 64950000 eys&Locks 65000000 andscape 65100000 ights,Fixtures-,Light Bulbs 65200000 ainting 65300000 arking Lots&Sidewalks 65350000 lumbing 65400000 ools 65450000 ecreation 65500000 oofs 65550000 supplies 65700000 ool Replacement 65750000 otal Repairs&Maintenance 2 lake-Ready Maintenance 100 :ontract Services 100 Carpet Cleaning&Repair 66100000 Interior Repairs 66300000 Maid Service/Cleaning 66150000 Painting 66350000 'otal Make-Ready Contract Services 1,200 ;u lies 4 Appliances 66050000 Cleaning Supplies 66550000 Paint Supplies 66600000 'otal Make-Ready Supplies 200 'otal Make-Ready Maintenance 200 larketina 200 advertising 3 Print 67050200 Publications 67300000 Direct Mail 67150000 Radio 67050300 Signs 67350000 Internet Ads 67200000 Other 67480000 'otal Advertising 19 )ther Marketing 150 Brochures 67500000 Locator Fees 67600000 Referral Fees 67800000 Promotion&Events 67750000 Resident Activities/Tenant Relations 67900000 20 20 20 20 201 20 20 20 1 20 20 1 20 20 2401 0 1 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 250 250 250 500 250 250 250 250 250 250 250 2,500 5,500 6 19 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 1,000 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 2,000 2,000 2,000 18,000 21 63 1,000 100 100 100 100 100 100 100 100 100 100 1,000 3,000 3 10 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 5001 1,000 200 200 2001 200 200 1,000 200 200 200 500 4,600 5 16 100 100 100 100 100 100 100 100 1 100 100 100 100 1,200 1 4 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 300 3001 300 300 300 300 300 300 300 300 300 300 3,600 4 13 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 250 250 250 250 250 250 250 250 250 250 1 250 2501 3,000 3 10 300 300 300 300 3001 300 300 300 300 300 300 300 3,600 4 13 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 6,720 6,520 5,520 1 5,970 5,520 5,720 6,520 7,520 6,520 6,720 6,520 10,170 79,940 91 278 12,500 12,500 - 300 - 750 - - 26,050 301 90 2,000 - - - 6,000 2,000 10,000 11 35 22,000 22,000 1,000 1,250 - 46,250 53 161 35,500 35,500 750 1,500 - - 73,250 84 254 1,000 - - - 1,500 1,000 155,550 3,500 178 4 540 12 1,000 - - 2,000 3,000 3 10 1,000 - 12,000 13,000 15 45 3,000 1,500 15,000 19,500 22 68 3,000 1,500 15,000 175,050 200 608 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7 21 1,500 1,500 1,500 1,500 1,500 1,500 1 1,500 1,500 1,500 1,500 1,500 1,500 18,000 21 63 - - 2,000 2,000 2,000 1,500 2,000 - 9,500 11 33 - - - - - - - - - - - - - - - 300 - 300 - 300 300 - 1,200 1 4 700 700 700 700 700 700 700 700 700 700 700 700 8,400 10 29 2,700 3,000 2,700 2,700 5,000 4,700 4,700 4,500 4,700 2,700 3,000 2,700 43,100 49 150 3,500 - 4,000 750 - - 8,250 9 29 3,500 3,500 7,000 8 24 12,500 12,500 25,000 29 87 500 750 500 500 500 750 500 500 500 2501 2501 250 5,750 7 20 Total Other Marketing Total Marketing Utilities Electricity Common Area Resident Units Total Electricity Other Utilities Gas Water/Sewer Total Other Utilities Total Utilities Management Fees Asset Management Fees Insurance(budget when paid) Property&Casualty General Liability Total Insurance 16,500 19,200 69100100 3,500 69100900 37,800 41,300 69200000 200 69300000 16,000 16,200 57,500 69900000 7,500 3,500 69720000 6,250 69800000 - 6,250 16,750 4,000 500 500 4,750 1,250 500 500 250 250 250 46,000 53 160 19,750 6,700 3,200 5,500 9,450 5,950 5,000 5,200 2,950 3,250 2,950 89,100 102 309 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 37,800 37,800 37,800 37,800 37,800 37,800 37,800 37,800 42,000 42,000 42,000 1 466,200 532 1,619 41,300 200 41,300 200 41,300 200 41,300 200 41,300 200 41,300 200 41,300 200 41,300 200 45,500 200 45,500 200 45,500 200 508,200 2,400 580 3 1,765 8 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 192,000 219 667 16,200 16,200 16,200 16,200 16,200 16,200 16 200 16,200 16,200 16,200 16,200 194,400 222 675 57,500 57,500 57,500 57,500 57,500 57,500 57,500 57,500 61,700 61,700 61,700 702,600 802 2,440 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 103 313 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 6,250 15,4001 6,250 6,250 6,250 6,250 52,900 60 184 - - - - - - - 6,250 15,400 6,250 6,250 6,250 6,250 52,900 60 184 TOTAL OPERATING EXPENSES 176,194 168,621 146,125 133,080 434,465 141,020 - 152,498- 153,770 + 145,475 151,048 145;218 186,839 1,9881607; 2,270 6,906 NET OPERATING INCOME(LOSS) BEFORE DEBT SERVICE&CAPITAL 226,176 233,948 256,694 270,488! 257,470 251,418 241,441 242,168 253,114 1 229,670 232,8001 184,979 2,734,716 3,1221 9,498 Capital Improvements Appliances HVAC Roof Replacement Carpet Furniture Miscellaneous Total Capital Improvements Other Expenses Accounting/Audit/Tax Legal/LLC Fees Travel Start Up Cost Miscellaneous Asset Management 1.00% Total Other Expenses 83150200 7,500 83152100 1,250 - 83151000 28,000 83155000 33,000 83152700 2,000 71,750 89900000 89500000 89950000 89830000 89600000 98150000 711750 1 - - - - - - - 5,000 12,500 14 43 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 17 52 15,000 15,000 - - - - 30,000 34 104 28,000 - 2,000 2,000 60,000 68 208 - - - - - 33,000 - - - 66,000 75 229 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 27 83 46,250 18,250 5,250 3,250 3,250 5,250 3,250 36,250 3,250 3,250 8,250 207,500 237 720 Total Non-Operating 46,250 18,250 5,250 3,250 3,250 5,250 3,250 36,250 3,250 3,250 8,250 207,500 237 237 MONTHLY CASH FLOW 187,698 238,344 265,239 254,220 248,168 236,191 238,918 216,864 226,420 229,550 186,729 2,527,216 2,885 8,775 2:32 PM TEXAS STUDENT HOUSING AUTHORITY 06116/11 Profit & Loss Budget Overview Accrual Basis September 2011 through August 2012 Sep'il-Aug 12 Ordinary InconielExpPn-se Income 2000-Scholarship Value 463,600.00 4200•Austin Ballpark Fees 4201 •Basic Administration 36,628.00 42114-Asset Management 36,628.00 Total 4200•Austin Ballpark Fees 73.056.00 4220-Cambridge Fees 4224-Asset Management 102,087.00 Total 4220-Cambridge Fees 102,087.00 4230•Denton Fees 4234•Asset Management 42,000.00 Total 4230•Denton Fees 42,000.00 4290-Administrative Scholarship Fees 4291 •Austin Ballpark 46,950.00 4292-Austin Townlake 63,500.00 4293•Cambridge 9,250.00 4294-Denton 33,900.00 Total 4290•Administrative Scholarship Fees 153,600,00 Total Income 824,343,00 Expense 4400•Scholarships 453,600.00 4600,Scholarship Expense 4601 •Austin Ballpark 34.500,00 4502•Austin Town Lake 50,600,00 4503•Cambridge 51,600.00 4504•Denton 16100,00 Total 4500-Scholarship Expense 152,800.00 6000•Contract Labor 116,600.00 6121 CC Merchant Expense 900.00 6180 Insurance 6181 •D&O 10,000.00 Total 6180•Insurance 10,000.00 6240•Miscellaneous 1,200.00 6250•Postage and Delivery 2,300.00 6260•Printing and Reproduction 2,000-00 6270•Professional Fees 6274•Audit Fees 5,500.00 Total 6270,Professional Fees 5,500.00 6290-Rent 6,600.00 6350•Travel 3,30100 6385•Board Meetings 400.00 6550-Office Supplies 900.00 6800•Contingency Fund 25,000,00 Total Expense 781,100.00 Net Ordinary Income 43,243.00 Net Income 43,243.00 Pagel 2-32 PM TEXAS STUDENT HOUSING AUTHORITY 06116111 Profit & Loss Accrual Basis September 2010 through May 2011 Sep'10-May 11 6770-Supplies 6790-Office 478,42 Total 6770-Supplies 478.42 Total Expense 695,518.16 Net Ordinary Income 55,887.54 Other Income/Expense Other Income 7010-Interest Income 116.63 7030•Other Income 0.00 Total Other Income 116.63 Net Other Income 116.63 Net Income 56,004.17 Page 2 Ridge at North Texas Denton, TX 9/1/2011 9/1/2010 288 = Units 1x1 2x2 3x3 4x2 4x4 TOTAL Average Rental Rate $501.16 $453.56 876 = Beds 24 144 180 288 240 876 278,928 =Sq Ft $810 $600 $515 $435 $480 < Input Line $19,440 $86,400 $92,700 $125,280 $115,200 $439,020 ----Fall 2010 Rates----$760 $550 $470 $385 $435 < Input Line 18,240$ 79,200$ 84,600$ 110,880$ 104,400$ -$ 397,320$ G/L Cost per Cost per Codes Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Bed Unit 841 841 841 841 823 823 823 823 823 797 797 797 OCCUPANCY %> Input Line 96.00%96.00%96.00%96.00%94.00%94.00%94.00%94.00%94.00%91.00%91.00%91.00%93.92% OPERATING INCOME Gross Potential Rent Gross Market Rent 50050000 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 5,268,240 6,014 18,293 Contract Gain (Loss) to Lease 50100000 (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (20,900) (20,900) (150,000) (171) (521) Total Gross Potential Rent $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $418,120 $418,120 5,118,240 5,843 17,772 Retail Income Retail Income 51020000 - - - - - - - - - - - - 0 - - Economic Variances Bad Debt 50250000 (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (52,682) (60) (183) Concessions 50300200 (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (6,120) (6,120) (152,240) (174) (529) Employee Units 50450000 (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (114,060) (130) (396) Vacancy Loss 50650000 (17,561) (17,561) (17,561) (17,561) (26,341) (26,341) (26,341) (26,341) (26,341) (39,512) (39,512) (39,512) (320,485) (366) (1,113) Total Economic Variances (45,456) (45,456) (45,456) (45,456) (54,236) (54,236) (54,236) (54,236) (54,236) (67,407) (59,527) (59,527) (639,467) (730) (2,220) NET RENTAL INCOME 382,744 382,744 382,744 382,744 373,964 373,964 373,964 373,964 373,964 360,793 358,593 358,593 4,478,773 5,113 15,551 87.2%87.2%87.2%87.2%85.2%85.2%85.2%85.2%85.2%82.2%81.7%81.7%85.0% Other Operating Income Accelerated Rent 52050000 - - - - - - - - - - - - - - - Administrative Fees 52100000 - - - - - - - - - - - - - - - Carport/Garages/Parking Income 52350000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,500 1,500 2,000 23,000 26 80 Application Fees 52200000 - - - - - - - - - - - - - - - Damages Income 52600000 - - 150 1,000 150 150 150 150 2,500 500 500 7,000 12,250 14 43 Late Charges 52950000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 2,000 68,000 78 236 Premium-Unit Upcharge 53350000 - - - - - - - - - - - - - - - Miscellaneous Income 53150000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Month-to-Month Fees 53200000 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 - - - 14,400 16 50 NSF Check Fees 53250000 125 125 125 125 125 125 125 125 125 125 125 125 1,500 2 5 Pet fees 53300000 4,000 200 200 200 200 200 200 200 200 200 200 1,000 7,000 8 24 Relet Fees 53400000 - - - 2,000 1,000 1,500 2,000 3,000 2,000 1,500 1,000 - 14,000 16 49 Credit Card Fees - - - - - - - - - - - - - - - RUBS 5,800 9,800 9,800 7,800 6,800 6,800 7,800 8,800 9,800 10,000 10,000 10,000 103,200 118 358 Total Other Operating Income 19,625 19,825 19,975 20,825 17,975 18,475 19,975 21,975 24,325 19,925 19,425 22,225 244,550 279 849 EFFECTIVE GROSS INCOME 402,369 402,569 402,719 403,569 391,939 392,439 393,939 395,939 398,289 380,718 378,018 380,818 4,723,323 5,392 16,400 4/17/2011 2011-2012 Academic Year Account Descriptions Projected Beds--> OPERATING EXPENSES Cable / Internet / Transportation Cable / Satellite TV 68050000 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 74,700 85 259 Internet 68250000 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 127,200 145 442 Total Cable / Internet / Transportation 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 201,900 230 701 General & Administrative Audit Fees 60020200 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 12 36 Legal Fees 60020300 350 350 350 350 350 350 350 350 350 350 350 350 4,200 5 15 Bank Charges 60050000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Portal Expense 67700000 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 3 8 Computer Expense 60300000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Equipment & Supplies 60450000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 Licenses, Fees & Permits 60600000 0 500 0 500 0 500 0 500 0 6,000 0 0 8,000 9 28 Miscellaneous 60650000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Postage & Delivery 60700000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 Dues and Subscriptions 60350000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Resident Screening 60950000 0 0 200 250 750 1,000 1,000 1,000 1,000 1,000 500 300 7,000 8 24 Professional Fees 60800000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Telephones & Pagers 61050000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 Telephone - Answering Service 61100000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Training & Seminars 61150000 0 1,250 0 200 0 0 200 0 0 200 0 0 1,850 2 6 Travel 61200000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Uniforms 61350000 750 50 50 50 50 50 50 50 750 50 50 50 2,000 2 7 Total General and Administrative 4,250 5,300 14,250 4,500 4,300 5,050 7,150 5,050 5,250 10,750 4,050 3,850 73,750 84 256 Payroll & Benefits Management 62050000 11,689 10,689 10,692 10,689 10,689 10,692 16,041 10,692 10,689 10,689 10,689 19,050 142,991 163 496 Commissions 62650000 8,000 9,636 0 0 0 1,500 1,500 1,500 1,500 1,000 0 0 24,636 28 86 Bonuses 62600000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Maintenance 62250000 12,111 8,610 8,613 8,985 8,610 8,613 12,921 8,613 8,985 8,610 8,610 17,713 120,996 138 420 Employee Recruiting 62900000 0 0 500 0 0 0 0 0 500 0 0 1,000 1 3 Payroll Taxes 62700100 3,800 3,458 2,307 2,351 2,306 2,486 3,640 2,486 2,530 2,426 2,306 3,999 34,096 39 118 Worker's Compensation 62700200 3,514 3,197 2,133 2,174 2,133 2,299 3,366 2,299 2,340 2,243 2,133 3,698 31,528 36 109 Group Insurance 62800000 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 25,200 29 88 Employee Relations 62950000 200 0 200 0 200 0 200 0 200 0 500 0 1,500 2 5 Total Payroll & Benefits 41,414 37,691 26,545 26,300 26,038 27,690 39,768 27,690 28,845 27,068 26,338 46,559 381,947 436 1,326 Contract Services Alarm/Monitoring - Intrusion/Fire 63050000 235 235 235 235 235 235 235 235 235 235 235 235 2,820 3 10 Landscape Maintenance 63400000 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 45,000 51 156 Other Contract Services 63450000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7 21 Pest Control 63500000 550 550 550 550 550 550 550 550 550 550 550 550 6,600 8 23 Security/Patrol/Courtesy Officer 63650000 - - - - - - - - - - - - - - - Trash Removal 63750000 5,000 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 6,500 39,000 45 135 Total Contract Services 10,035 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 11,535 99,420 113 345 Repairs & Maintenance Signs 64500000 - 200 - 200 - 200 - 200 - 200 - 200 1,200 1 4 Appliances 64100000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 17 52 Blinds & Drapes 64150000 20 20 20 20 20 20 20 20 20 20 20 20 240 0 1 Building - Exterior 64250200 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Building - Interior 64250100 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Common Areas 64400000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Electrical 64550000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Fencing & Gates 64700000 250 250 250 500 250 250 250 250 250 250 250 2,500 5,500 6 19 Fire/Safety 64750000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Glass, Mirrors & Screens 64850000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Miscellaneous 65250000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 HVAC 64950000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 2,000 2,000 2,000 18,000 21 63 Keys & Locks 65000000 1,000 100 100 100 100 100 100 100 100 100 100 1,000 3,000 3 10 Landscape 65100000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Lights, Fixtures, Light Bulbs 65200000 500 1,000 200 200 200 200 200 1,000 200 200 200 500 4,600 5 16 Painting 65300000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Parking Lots & Sidewalks 65350000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Plumbing 65400000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Pools 65450000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 Recreation 65500000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 3 10 Roofs 65550000 - - - - - - - - - - - - - - - Supplies 65700000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Tool Replacement 65750000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Total Repairs & Maintenance 6,720 6,520 5,520 5,970 5,520 5,720 6,520 7,520 6,520 6,720 6,520 10,170 79,940 91 278 Make-Ready Maintenance Contract Services Carpet Cleaning & Repair 66100000 12,500 12,500 - 300 - - - - 750 - - - 26,050 30 90 Interior Repairs 66300000 2,000 - - - - - - - - - 6,000 2,000 10,000 11 35 Maid Service / Cleaning 66150000 22,000 22,000 - 1,000 - - - - 1,250 - - - 46,250 53 161 Painting 66350000 35,500 35,500 - 750 - - - - 1,500 - - - 73,250 84 254 Total Make-Ready Contract Services 155,550 178 540 Supplies Appliances 66050000 1,000 - - - - - - - - - 1,500 1,000 3,500 4 12 Cleaning Supplies 66550000 1,000 - - - - - - - - - - 2,000 3,000 3 10 Paint Supplies 66600000 1,000 - - - - - - - - - - 12,000 13,000 15 45 Total Make-Ready Supplies 3,000 - - - - - - - - - 1,500 15,000 19,500 22 68 Total Make-Ready Maintenance 3,000 - - - - - - - - - 1,500 15,000 175,050 200 608 Marketing Advertising Print 67050200 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7 21 Publications 67300000 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 21 63 Direct Mail 67150000 - - 2,000 2,000 2,000 1,500 2,000 - - - 9,500 11 33 Radio 67050300 - - - - - - - - - - - - - - - Signs 67350000 - 300 - - 300 - - 300 - - 300 - 1,200 1 4 Internet Ads 67200000 700 700 700 700 700 700 700 700 700 700 700 700 8,400 10 29 Other 67480000 - - - Total Advertising 2,700 3,000 2,700 2,700 5,000 4,700 4,700 4,500 4,700 2,700 3,000 2,700 43,100 49 150 Other Marketing Brochures 67500000 - - 3,500 - - 4,000 750 - - - - - 8,250 9 29 Locator Fees 67600000 3,500 3,500 7,000 8 24 Referral Fees 67800000 - - - - - - - - - - - - - - - Promotion & Events 67750000 12,500 12,500 - - - - - - - - - - 25,000 29 87 Resident Activities/Tenant Relations 67900000 500 750 500 500 500 750 500 500 500 250 250 250 5,750 7 20 Total Other Marketing 16,500 16,750 4,000 500 500 4,750 1,250 500 500 250 250 250 46,000 53 160 Total Marketing 19,200 19,750 6,700 3,200 5,500 9,450 5,950 5,000 5,200 2,950 3,250 2,950 89,100 102 309 Utilities Electricity Common Area 69100100 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 Resident Units 69100900 37,800 37,800 37,800 37,800 37,800 37,800 37,800 37,800 37,800 42,000 42,000 42,000 466,200 532 1,619 Total Electricity 41,300 41,300 41,300 41,300 41,300 41,300 41,300 41,300 41,300 45,500 45,500 45,500 508,200 580 1,765 Other Utilities Gas 69200000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Water / Sewer 69300000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 192,000 219 667 Total Other Utilities 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 194,400 222 675 Total Utilities 57,500 57,500 57,500 57,500 57,500 57,500 57,500 57,500 57,500 61,700 61,700 61,700 702,600 802 2,440 Management Fees 69900000 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 103 313 Asset Management Fees 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 Insurance (budget when paid) Property & Casualty 69720000 6,250 6,250 - - - - - 15,400 6,250 6,250 6,250 6,250 52,900 60 184 General Liability 69800000 - - - - - - - - - - - - - - - Total Insurance 6,250 6,250 - - - - - 15,400 6,250 6,250 6,250 6,250 52,900 60 184 TOTAL OPERATING EXPENSES 176,194 168,621 146,125 133,080 134,468 141,020 152,498 153,770 145,175 151,048 145,218 185,839 1,988,607 2,270 6,905 226,175 233,948 256,594 270,489 257,470 251,418 241,441 242,168 253,114 229,670 232,800 194,979 2,734,716 3,122 9,496 Capital Improvements Appliances 83150200 7,500 - - - - - - - - - - 5,000 12,500 14 43 HVAC 83152100 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 17 52 Roof Replacement - 15,000 15,000 - - - - - - - - - 30,000 34 104 Carpet 83151000 28,000 28,000 - 2,000 - - 2,000 - - - - 60,000 68 208 Furniture 83155000 33,000 - - - - - - - 33,000 - - - 66,000 75 229 Miscellaneous 83152700 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 27 83 Total Capital Improvements 71,750 46,250 18,250 5,250 3,250 3,250 5,250 3,250 36,250 3,250 3,250 8,250 207,500 237 720 Other Expenses Accounting / Audit / Tax 89900000 - - - - - - - - - - - - - - - Legal/LLC Fees 89500000 - - - - - - - - - - - - - - - Travel 89950000 - - - - - - - - - - - - - - - Start Up Cost 89830000 - - - - - - - - - - - - - - - Miscellaneous 89600000 - - - - - - - - - - - - - - - Asset Management 1.00%98150000 - - - - - - - - - - - - - - - Total Other Expenses - - - - - - - - - - - - - - - Total Non-Operating 71,750 46,250 18,250 5,250 3,250 3,250 5,250 3,250 36,250 3,250 3,250 8,250 207,500 237 237 MONTHLY CASH FLOW 154,425 187,698 238,344 265,239 254,220 248,168 236,191 238,918 216,864 226,420 229,550 186,729 2,527,216 2,885 8,775 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL AGENDA THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING CORPORATION – DENTON PROJECT (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) June 21, 2011 6:00 P.M. 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 18, 2011. 3. DISCUSS AND CONSIDER APPROVAL OF TSHC – DENTON PROJECT ANNUAL BUDGET FOR FY 2011-2012. 4. EXECUTIVE DIRECTORS REPORT. 5. ADJOURN CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, Westlake, Texas, on June 15, 2011, by 5 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. TSH-Denton Minutes 01/18/11 Page 1 of 2 MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING CORPORATION – DENTON PROJECT (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) January 18, 2011 PRESENT: President Jim Carter, Directors George Ledak, Gregg Malone, and Jill McKean. ABSENT: Chuck Shultz OTHERS PRESENT: Executive Director Pete Ehrenberg, Secretary Kelly Edwards and General Counsel Scott Bradley. 1. CALL TO ORDER President Carter called the meeting to order at 7:13 p.m. 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON DECEMBER 7, 2010. MOTION: Director Ledak made a motion to approve the minutes. Director McKean seconded the motion. The motion carried by a vote of 4-0. 3. DISCUSS AND CONSIDER APPROVAL OF TSHC – DENTON PROJECT ANNUAL AUDIT FOR FY 2009-2010 PRESENTED BY PATTILLO BROWN & HILL, L.L.P. John Manning from Patillo Brwon & Hill, L.L.P. provided an overview of the audit. Discussion ensued regarding of the debt owed to the bond holders. MOTION: Director McKean made a motion to approve the 20009-2010 audit. Director Malone seconded the motion. The motion carried by a vote of 4-0. TSHA – Denton Minutes 01/18/11 Page 2 of 2 4. ADJOURNMENT President Cater asked for a motion to adjourn. MOTION: Director McKean made a motion to adjourn the meeting. Director Malone seconded the motion. The motion carried by a vote of 4-0. There being no further business before the board, President Carter declared the meeting adjourned at 7:22 p.m. APPROVED BY THE TEXAS STUDENT HOUSING DENTON PROJECT BOARD OF DIRECTORS ON JUNE 21, 2011. ______________________________________ Jim Carter, President ATTEST ____________________________________ Kelly Edwards, Secretary Ridge at North Texas Denton, TX 9/1/2011 9/1/2010 288 = Units 1x1 2x2 3x3 4x2 4x4 TOTAL Average Rental Rate $501.16 $453.56 876 = Beds 24 144 180 288 240 876 278,928 =Sq Ft $810 $600 $515 $435 $480 < Input Line $19,440 $86,400 $92,700 $125,280 $115,200 $439,020 ----Fall 2010 Rates----$760 $550 $470 $385 $435 < Input Line 18,240$ 79,200$ 84,600$ 110,880$ 104,400$ -$ 397,320$ G/L Cost per Cost per Codes Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Bed Unit 841 841 841 841 823 823 823 823 823 797 797 797 OCCUPANCY %> Input Line 96.00%96.00%96.00%96.00%94.00%94.00%94.00%94.00%94.00%91.00%91.00%91.00%93.92% OPERATING INCOME Gross Potential Rent Gross Market Rent 50050000 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 439,020 5,268,240 6,014 18,293 Contract Gain (Loss) to Lease 50100000 (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (10,820) (20,900) (20,900) (150,000) (171) (521) Total Gross Potential Rent $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $428,200 $418,120 $418,120 5,118,240 5,843 17,772 Retail Income Retail Income 51020000 - - - - - - - - - - - - 0 - - Economic Variances Bad Debt 50250000 (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (4,390) (52,682) (60) (183) Concessions 50300200 (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (14,000) (6,120) (6,120) (152,240) (174) (529) Employee Units 50450000 (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (9,505) (114,060) (130) (396) Vacancy Loss 50650000 (17,561) (17,561) (17,561) (17,561) (26,341) (26,341) (26,341) (26,341) (26,341) (39,512) (39,512) (39,512) (320,485) (366) (1,113) Total Economic Variances (45,456) (45,456) (45,456) (45,456) (54,236) (54,236) (54,236) (54,236) (54,236) (67,407) (59,527) (59,527) (639,467) (730) (2,220) NET RENTAL INCOME 382,744 382,744 382,744 382,744 373,964 373,964 373,964 373,964 373,964 360,793 358,593 358,593 4,478,773 5,113 15,551 87.2%87.2%87.2%87.2%85.2%85.2%85.2%85.2%85.2%82.2%81.7%81.7%85.0% Other Operating Income Accelerated Rent 52050000 - - - - - - - - - - - - - - - Administrative Fees 52100000 - - - - - - - - - - - - - - - Carport/Garages/Parking Income 52350000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,500 1,500 2,000 23,000 26 80 Application Fees 52200000 - - - - - - - - - - - - - - - Damages Income 52600000 - - 150 1,000 150 150 150 150 2,500 500 500 7,000 12,250 14 43 Late Charges 52950000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 2,000 68,000 78 236 Premium-Unit Upcharge 53350000 - - - - - - - - - - - - - - - Miscellaneous Income 53150000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Month-to-Month Fees 53200000 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 - - - 14,400 16 50 NSF Check Fees 53250000 125 125 125 125 125 125 125 125 125 125 125 125 1,500 2 5 Pet fees 53300000 4,000 200 200 200 200 200 200 200 200 200 200 1,000 7,000 8 24 Relet Fees 53400000 - - - 2,000 1,000 1,500 2,000 3,000 2,000 1,500 1,000 - 14,000 16 49 Credit Card Fees - - - - - - - - - - - - - - - RUBS 5,800 9,800 9,800 7,800 6,800 6,800 7,800 8,800 9,800 10,000 10,000 10,000 103,200 118 358 Total Other Operating Income 19,625 19,825 19,975 20,825 17,975 18,475 19,975 21,975 24,325 19,925 19,425 22,225 244,550 279 849 EFFECTIVE GROSS INCOME 402,369 402,569 402,719 403,569 391,939 392,439 393,939 395,939 398,289 380,718 378,018 380,818 4,723,323 5,392 16,400 4/17/2011 2011-2012 Academic Year Account Descriptions Projected Beds--> OPERATING EXPENSES Cable / Internet / Transportation Cable / Satellite TV 68050000 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 6,225 74,700 85 259 Internet 68250000 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 127,200 145 442 Total Cable / Internet / Transportation 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 16,825 201,900 230 701 General & Administrative Audit Fees 60020200 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 12 36 Legal Fees 60020300 350 350 350 350 350 350 350 350 350 350 350 350 4,200 5 15 Bank Charges 60050000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Portal Expense 67700000 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 3 8 Computer Expense 60300000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Equipment & Supplies 60450000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 Licenses, Fees & Permits 60600000 0 500 0 500 0 500 0 500 0 6,000 0 0 8,000 9 28 Miscellaneous 60650000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Postage & Delivery 60700000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 Dues and Subscriptions 60350000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Resident Screening 60950000 0 0 200 250 750 1,000 1,000 1,000 1,000 1,000 500 300 7,000 8 24 Professional Fees 60800000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Telephones & Pagers 61050000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 Telephone - Answering Service 61100000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Training & Seminars 61150000 0 1,250 0 200 0 0 200 0 0 200 0 0 1,850 2 6 Travel 61200000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Uniforms 61350000 750 50 50 50 50 50 50 50 750 50 50 50 2,000 2 7 Total General and Administrative 4,250 5,300 14,250 4,500 4,300 5,050 7,150 5,050 5,250 10,750 4,050 3,850 73,750 84 256 Payroll & Benefits Management 62050000 11,689 10,689 10,692 10,689 10,689 10,692 16,041 10,692 10,689 10,689 10,689 19,050 142,991 163 496 Commissions 62650000 8,000 9,636 0 0 0 1,500 1,500 1,500 1,500 1,000 0 0 24,636 28 86 Bonuses 62600000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Maintenance 62250000 12,111 8,610 8,613 8,985 8,610 8,613 12,921 8,613 8,985 8,610 8,610 17,713 120,996 138 420 Employee Recruiting 62900000 0 0 500 0 0 0 0 0 500 0 0 1,000 1 3 Payroll Taxes 62700100 3,800 3,458 2,307 2,351 2,306 2,486 3,640 2,486 2,530 2,426 2,306 3,999 34,096 39 118 Worker's Compensation 62700200 3,514 3,197 2,133 2,174 2,133 2,299 3,366 2,299 2,340 2,243 2,133 3,698 31,528 36 109 Group Insurance 62800000 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 25,200 29 88 Employee Relations 62950000 200 0 200 0 200 0 200 0 200 0 500 0 1,500 2 5 Total Payroll & Benefits 41,414 37,691 26,545 26,300 26,038 27,690 39,768 27,690 28,845 27,068 26,338 46,559 381,947 436 1,326 Contract Services Alarm/Monitoring - Intrusion/Fire 63050000 235 235 235 235 235 235 235 235 235 235 235 235 2,820 3 10 Landscape Maintenance 63400000 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 45,000 51 156 Other Contract Services 63450000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7 21 Pest Control 63500000 550 550 550 550 550 550 550 550 550 550 550 550 6,600 8 23 Security/Patrol/Courtesy Officer 63650000 - - - - - - - - - - - - - - - Trash Removal 63750000 5,000 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 6,500 39,000 45 135 Total Contract Services 10,035 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 7,785 11,535 99,420 113 345 Repairs & Maintenance Signs 64500000 - 200 - 200 - 200 - 200 - 200 - 200 1,200 1 4 Appliances 64100000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 17 52 Blinds & Drapes 64150000 20 20 20 20 20 20 20 20 20 20 20 20 240 0 1 Building - Exterior 64250200 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Building - Interior 64250100 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Common Areas 64400000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Electrical 64550000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Fencing & Gates 64700000 250 250 250 500 250 250 250 250 250 250 250 2,500 5,500 6 19 Fire/Safety 64750000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Glass, Mirrors & Screens 64850000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Miscellaneous 65250000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 HVAC 64950000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 2,000 2,000 2,000 18,000 21 63 Keys & Locks 65000000 1,000 100 100 100 100 100 100 100 100 100 100 1,000 3,000 3 10 Landscape 65100000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Lights, Fixtures, Light Bulbs 65200000 500 1,000 200 200 200 200 200 1,000 200 200 200 500 4,600 5 16 Painting 65300000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Parking Lots & Sidewalks 65350000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Plumbing 65400000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Pools 65450000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 Recreation 65500000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 3 10 Roofs 65550000 - - - - - - - - - - - - - - - Supplies 65700000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Tool Replacement 65750000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Total Repairs & Maintenance 6,720 6,520 5,520 5,970 5,520 5,720 6,520 7,520 6,520 6,720 6,520 10,170 79,940 91 278 Make-Ready Maintenance Contract Services Carpet Cleaning & Repair 66100000 12,500 12,500 - 300 - - - - 750 - - - 26,050 30 90 Interior Repairs 66300000 2,000 - - - - - - - - - 6,000 2,000 10,000 11 35 Maid Service / Cleaning 66150000 22,000 22,000 - 1,000 - - - - 1,250 - - - 46,250 53 161 Painting 66350000 35,500 35,500 - 750 - - - - 1,500 - - - 73,250 84 254 Total Make-Ready Contract Services 155,550 178 540 Supplies Appliances 66050000 1,000 - - - - - - - - - 1,500 1,000 3,500 4 12 Cleaning Supplies 66550000 1,000 - - - - - - - - - - 2,000 3,000 3 10 Paint Supplies 66600000 1,000 - - - - - - - - - - 12,000 13,000 15 45 Total Make-Ready Supplies 3,000 - - - - - - - - - 1,500 15,000 19,500 22 68 Total Make-Ready Maintenance 3,000 - - - - - - - - - 1,500 15,000 175,050 200 608 Marketing Advertising Print 67050200 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7 21 Publications 67300000 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 21 63 Direct Mail 67150000 - - 2,000 2,000 2,000 1,500 2,000 - - - 9,500 11 33 Radio 67050300 - - - - - - - - - - - - - - - Signs 67350000 - 300 - - 300 - - 300 - - 300 - 1,200 1 4 Internet Ads 67200000 700 700 700 700 700 700 700 700 700 700 700 700 8,400 10 29 Other 67480000 - - - Total Advertising 2,700 3,000 2,700 2,700 5,000 4,700 4,700 4,500 4,700 2,700 3,000 2,700 43,100 49 150 Other Marketing Brochures 67500000 - - 3,500 - - 4,000 750 - - - - - 8,250 9 29 Locator Fees 67600000 3,500 3,500 7,000 8 24 Referral Fees 67800000 - - - - - - - - - - - - - - - Promotion & Events 67750000 12,500 12,500 - - - - - - - - - - 25,000 29 87 Resident Activities/Tenant Relations 67900000 500 750 500 500 500 750 500 500 500 250 250 250 5,750 7 20 Total Other Marketing 16,500 16,750 4,000 500 500 4,750 1,250 500 500 250 250 250 46,000 53 160 Total Marketing 19,200 19,750 6,700 3,200 5,500 9,450 5,950 5,000 5,200 2,950 3,250 2,950 89,100 102 309 Utilities Electricity Common Area 69100100 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 Resident Units 69100900 37,800 37,800 37,800 37,800 37,800 37,800 37,800 37,800 37,800 42,000 42,000 42,000 466,200 532 1,619 Total Electricity 41,300 41,300 41,300 41,300 41,300 41,300 41,300 41,300 41,300 45,500 45,500 45,500 508,200 580 1,765 Other Utilities Gas 69200000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Water / Sewer 69300000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 192,000 219 667 Total Other Utilities 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 16,200 194,400 222 675 Total Utilities 57,500 57,500 57,500 57,500 57,500 57,500 57,500 57,500 57,500 61,700 61,700 61,700 702,600 802 2,440 Management Fees 69900000 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 103 313 Asset Management Fees 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 Insurance (budget when paid) Property & Casualty 69720000 6,250 6,250 - - - - - 15,400 6,250 6,250 6,250 6,250 52,900 60 184 General Liability 69800000 - - - - - - - - - - - - - - - Total Insurance 6,250 6,250 - - - - - 15,400 6,250 6,250 6,250 6,250 52,900 60 184 TOTAL OPERATING EXPENSES 176,194 168,621 146,125 133,080 134,468 141,020 152,498 153,770 145,175 151,048 145,218 185,839 1,988,607 2,270 6,905 226,175 233,948 256,594 270,489 257,470 251,418 241,441 242,168 253,114 229,670 232,800 194,979 2,734,716 3,122 9,496 Capital Improvements Appliances 83150200 7,500 - - - - - - - - - - 5,000 12,500 14 43 HVAC 83152100 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 17 52 Roof Replacement - 15,000 15,000 - - - - - - - - - 30,000 34 104 Carpet 83151000 28,000 28,000 - 2,000 - - 2,000 - - - - 60,000 68 208 Furniture 83155000 33,000 - - - - - - - 33,000 - - - 66,000 75 229 Miscellaneous 83152700 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 27 83 Total Capital Improvements 71,750 46,250 18,250 5,250 3,250 3,250 5,250 3,250 36,250 3,250 3,250 8,250 207,500 237 720 Other Expenses Accounting / Audit / Tax 89900000 - - - - - - - - - - - - - - - Legal/LLC Fees 89500000 - - - - - - - - - - - - - - - Travel 89950000 - - - - - - - - - - - - - - - Start Up Cost 89830000 - - - - - - - - - - - - - - - Miscellaneous 89600000 - - - - - - - - - - - - - - - Asset Management 1.00%98150000 - - - - - - - - - - - - - - - Total Other Expenses - - - - - - - - - - - - - - - Total Non-Operating 71,750 46,250 18,250 5,250 3,250 3,250 5,250 3,250 36,250 3,250 3,250 8,250 207,500 237 237 MONTHLY CASH FLOW 154,425 187,698 238,344 265,239 254,220 248,168 236,191 238,918 216,864 226,420 229,550 186,729 2,527,216 2,885 8,775 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL