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Home My WebLink About06-17-08 TSHA Agenda Packet TEXAS )� M STUDENT - HOUSING AGENDA BOARD OF DIRECTORS OFT E TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OFT E TOWN OF WESTLAKE) JUNE 17,2005 5:30 P.M. TEXAS STUDENT HOUSING OFFICE 3 VILLAGE CIRCLE, SUITE 207 WESTLAKE, TEXAS 1. CALL TOO ER. 2. CONSIDER APPROVAL OF FY 2008-2009 BUDGET FOR CAMBRIDGE FACILITY. 3. CONSIDER APPROVAL OF FY 2008-2009 BUDGET FOR BALLPARK FACILITY. 4. CONSIDER APPROVAL OF FY 2008-2009 BUDGET FOR TOWNLAKE FACILITY. 5. FINANCE MANAGER'S REPORT. 6. PRESIDENT'S REPORT. 7. CONSIDER A RESOLUTION AUTHORIZING THE DEFEASANCE AND REDEMPTION OF THE OUTSTANDING "TEXAS STUDENT HOUSING CORPORATION - MSU PROJECT STUDENT HOUSING REVENUE BONDS, SERIES 2002 AND THE EXECUTION AND DELIVERY OF AN ESCROW AGREEMENT. 8. ADJOURN. CERTIFICATION certify that the above notice was posted at the Town Hall of the Town of Westlake,3 Village Circle,and Westlake Civic Campus,2650 J.T. Ottinger Road,Westlake.Texas,on Friday,Rue 13,2008,by 5 p.m.under the Open Meetings Act,Chapter 551 of the Texas Government Code. Kim Sutter,TRIMC,Town 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. 0 m z e� CD 0 0 5 o m ro 0 w --4 --1 0 to CL C) (n 0(CD to :� CD 6 --j @ --i CL 0 z 0 > D, < 0 < o a m ;I 0 m ° ID D) M E; 3 m 0) fm x 3 0 — r- @ M 0 ;o r- m TP: --i F� CD > m = =. =. 0 m COD 3 0 MZ > a 0 z x -4 m m 6 R R �L @ 0 0 > 0 C) ID > M M CD m > < x x x ID 0 -0 M 0 , , a M 3: E� ;:L 0 u) rT, 2L < x (D w a, 3 x CD (D X C: x m 0 CD w m m m Co 87 - o co FT z o T w ?-AO 0) 0 CD r cn Ct) Cn C) (D I (D 0 O m m F. M Mw =0 (MD Xm M� CCDD M(D on �w =0 =0 (D =0 m 3 C 2, 3 a 0 cn cn CD 0. cn (D 0 0 0 0 0 0 M 0 M , CD CD Cl) m (D m 5� .a R . 69 60 fA 61 69 V)(A fA 69 Q) Cl)69 69 fA 159 66 69 60 69 to A V) 169 tn (A 69 0 69 69 60 69 66 69 69 m CD mo w� -T (D co Lo m O -4 C, m -,j m m w m 0 O 0 N) w 0 - O N C. A J J 0 C 0 ol 0) 0 0 0 O m O 0 0 rl.) co 0 m O N 0 0 0 0 0 f9 f9 f9 69 69 fA 69 f9 114(A f9 C. 69 b9 o lb. 09 E9 m 6,69 69 19 f9 19 61 b9 69 ID-'A V9 69 69 rj IRC: k19 to 69 69 69 69 11)64 69 69 69 1W 69 0 tn V)Gs fA 69 fn f9 69 169 69 69 69 w 69 69 fA 69 S9 V) DD -0 41 (D w N) 69 69 69 6. fA 15.69 fA 119 69 69 G9 Q)69(A En 1.9 69 69 69 69(,q EA f9 io 69-n 69 f9 F9 69 fA 69 fA (D cp m o o m w w PQ m 0 m m -,I w O W N O 25 0 , 000 w C, w 0) ol w 41 0) a w N ol C> " C) ID 'Ea TA 69 60 fIq e)69 0 61 69 vi f9 f13 to 69 69 to 60 69 69 6,69 69 69 (A 60 E9 en(1)69 67 61)to 60 c; 10 w ol n N p —:-' —.41 (n 41 m 0,-M w N w w rl N) w PQ -, :� j L m w --4 m a, ol w 10 N W LD!Yl C, . .m > .m . pl m 41 0 p. w Efl fA in 69 fi3 tn 61 Vj f9 tA 69 Uf 09 fIq fA f9 1E9 69 e.69 69 f9 69 69 L9 G9 69 b9 69 49 69 f9 fA m ol m C. 10 0) 0) m w co O w The Ballpark n Austin Austin,TX 5/12/2008 282 Units 768 Beds Q. -no n,t-nst ni.,,,-fist na,-na .Ian-n9 Pah..09 Mar-09 Aur.09 Mav-09 Jun-09 Jul-09 Aua-09 Totals Occupanry 98% 98% 96% 98% 98% 98% 98% 98% 98% 95% 95% 95% 97% 4005 Scheduled Rental Revenue 320,880 320,880 320,880 320,880 320,880 320,880 320,880 320,880 320,880 320,880 320,880 320,880 3,850,560 4030 Gain(Loss)to Lease (1,120) (1,120) (1,120) (1,120) (1,120) (1,120) (1,120) (1,120) (1,120) (1,120) (15,785) (15,785) (42,770) 4045 Short Term Rent Premium 1,950 1,950 1,950 1,950 1,500 1,500 1,500 1,500 1,500 0 0 0 15,300 4050 Vacancy Loss (6,418) (6,418) (6,418) (6,418) (6,418) (6,418) (6,418) (6,418) (6,418) (16,044) (16,044) (16,044) (105,890) 4055 Prior Period Adj-Vacany 0 0 0 0 0 0 0 0 0 0 0 0 0 4056 Prior Period Adj-Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 4060 Lease Commissions 0 0 0 0 0 0 0 0 0 0 0 0 0 4061 Lease Prorate Concessions (19,750) (19,750) (19,750) (19,750) (19,750) (19,750) (19,750) (19,750) (19,750) (19,750) (7,500) (7,500) (212,500) 4062 Other Concess-Scholorship 0 0 0 0 0 0 0 0 0 0 0 0 0 4075 Accelerated Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 4082 Write-offs Rental Income (2,406) (2,406) (2,406) (2,406) (2,406) (2,406) (2,406) (2,406) (2,406) (2,406) (2,406) (2,406) (28,872) 4085 Non-Resident/Emp.Rnt.Disc.Units (5,170) (5,170) (5,170) (5,170) (5,170) (5,170) (5,170} (5,170) (5,170) (5,170) (5,170) (7,170) (64,040) Total Rental Income 287,966 287,966 287,966 287,966 287,516 287,516 287,516 287,516 287,516 276,390 273,975 271,975 3,411,788 Economic Occupancy 90% 90% 90% 90% 90% 90% 90% 90% 90% 86% 85% 85% 69% 4095 Garage/Carport Rent 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 24,600 4096 Garage/Carport Concession 0 0 0 0 0 0 0 0 0 0 0 0 0 4105 Pet Fees/Rent/Non-Ref Dep. 250 250 250 250 250 250 250 250 250 250 250 250 3,000 4115 Storage Rental Income 25 25 25 25 25 25 25 25 25 25 25 25 300 4155 Vending Income 35 35 35 35 35 35 35 35 35 35 35 35 420 4175 Appliction Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4177 Application Fee Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 4185 Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4187 Write-Offs Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4190 Relet Fees 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4200 NSF Fees 75 75 75 75 75 75 75 75 75 75 75 75 900 4205 Late Fees 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 33,000 4210 Credit Card Fee Income 375 375 375 375 375 375 375 375 375 375 375 375 4,500 42.15 Damages 200 200 200 200 200 200 200 200 200 200 200 200 2,400 4216 Write-Offs Damages 0 0 0 0 0 0 0 0 0 0 0 0 0 4217 Administrative Fees 325 325 325 325 325 325 325 325 325 325 325 325 3,900 4220 Forfeited Deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 4255 Common Area Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4260 Lease Violations Income 25 25 25 25 25 25 25 25 25 25 25 25 300 4305 Other Rental Income(Mist.Income) 1,925 1,925 1,925 1,925 1,925 1,925 1,925 1,925 1,925 1,925 1,925 1,925 23,100 4309 Write-offs-Other Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 4510 Short-term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Income 8,335 8,335 8,335 8,335 8,335 8,335 8,335 8,335 8,335 8,335 8,335 8,335 100,020 Total Income 296,301 296,301 296,301 296,301 295,851 295,851 295,851 295,851 295,851 284,725 282,310 280,310 3,511,808 The Ballpark n.Austin Austin,TX 5/12/2008 282 Units 768 Beds j 6a c„!,no n1jr_no Anr-n9 May.n9 Jun.09 Jul-09 Aua.09 Totals Occupancy 98% 98% 98% 98% 98% 98% 98% 98% 98% 95% 95% 95% 97% 5023 Salaries-Management 12,270 8,177 8,179 8,177 8,177 8,179 12,270 8,179 8,177 8,177 8,177 8,179 106,319 5025 Hourly Wages-Service 12,523 8,345 8,348 8,345 8,345 8,348 12,523 8,348 8,345 8,345 8,345 8,348 108,506 5030 Hourly Wages-Housekeeping 0 0 0 0 0 0 0 0 0 0 0 0 0 5045 Overtime 0 0 0 0 0 0 0 0 0 0 0 0 0 5046 Overtime-Management 3,250 0 0 0 0 0 0 0 0 0 0 1,000 4,250 5047 Overtime-Service 4,500 0 0 0 0 0 0 0 0 0 0 1,500 6,000 5050 Overtime-Maint/Grounds 0 0 0 0 0 0 0 0 0 0 0 0 0 5055 Overtime-Housekeeping 0 0 0 0 0 0 0 0 0 0 0 0 0 5062 Temporary Employment 1,750 0 0 0 0 0 0 0 0 0 0 3,000 4,750 5080 Payroll Taxes 3,635 2,823 1,983 1,983 1,983 2,223 3,155 2,073 2,043 2,013 1,983 1,983 27,879 5090 Group insurance 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600 5100 Workers Compensation 3,635 2,823 1,983 1,983 1,983 2,223 3,155 2,073 2,043 2,013 1,983 1,983 27,879 5105 Employer 401k Contributions 0 0 0 0 0 0 0 0 0 0 0 0 0 5114 Uniforms 0 0 200 0 0 200 0 0 200 0 0 200 800 5117 Other Personnel Expense 300 300 300 300 300 300 300 300 300 300 300 300 3,600 5146 Employee Screening Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5147 Employee Recruiting Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5149 Help Wanted Newspaper Ad 75 75 75 75 75 75 75 75 75 75 75 75 900 5190 Leasing Commissions 5,500 7,000 0 0 0 2,000 1,500 750 500 250 0 0 17,500 Total Personnel Expense 49,239 31,342 22,868 22,662 22,662 25,348 34,779 23,598 23,482 22,972 22,662 28,368 329,982 5411 Electricity-Clubhouse 5,250 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 4,000 5,250 46,000 5413 Electricity-Vacants 3,000 100 100 100 100 100 100 100 100 300 300 6,500 10,900 5414 Electricity-Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 5436 Water/Sewer-Clubhouse 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 420,000 5442 Water/Sewer-Residents 0 0 0 0 0 0 0 0 0 0 0 0 0 5456 Gas 0 0 0 0 0 0 0 0 0 0 0 0 0 5460 Gas-Clubhouse/Models 200 400 600 800 1,000 800 600 400 200 200 200 200 5,600 5475 Refuse Removal 4,000 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 2,500 18,000 5505 Cable 5,900 5,900 5,900 5,900 5,900 5,900 5,900 5,900 5,900 5,900 5,900 5,900 70,800 5514 Resident Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0 5520 Other Fuels Utilities 0 0 0 0 0 0 0 0 0 0 0 0 0 5525 Resident Internet 10,350 10,350 10,350 10,350 10,350 10,350 10,350 10,350 10,350 10,350 10,350 10,350 124,200 Total Utilities 63,700 56,400 56,600 56,800 57,000 56,800 56,600 56,400 56,200 56,400 56,900 65,700 695,500 The Ballpark fa),Austin Austin,TX 5/1212008 282 Units 768 Bads ni..,._nn nom-nu i> na Pnh-n9 Mar-09 Aor-09 Mav-09 Jun-09 Jul-09 Auq-09 Totals Occllpancy VV 98% 98% 98% � 98% 98% 98% 98% 98% 98% 95% 95% 95% 97% 5656 Telephone-Basic 600 600 600 600 600 600 600 600 600 600 600 600 7,200 5657 Telephone-Long Distance 150 150 150 150 150 150 150 150 150 150 150 150 1,800 5665 Answering Service/Pagers 165 165 165 165 165 165 165 165 165 165 165 165 1,980 5805 Postage 150 150 150 150 150 150 250 250 250 250 150 150 2,200 5810 Courier/Overnight Delivery 150 150 150 150 150 150 150 150 150 150 150 150 1,800 5820 Computer Supplies 0 0 0 0 0 0 0 0 0 0 0 0 0 5825 Computer Equip-Software 25 1,025 25 25 2,025 775 25 25 25 25 25 25 4,050 5838 Bank Charges 0 0 0 0 0 0 0 0 0 0 0 0 0 5839 Employee Evaluations 0 0 0 0 0 0 0 0 0 0 0 0 0 5840 Credit Card Charges 1,400 1,700 1,525 950 950 2,100 1,550 1,075 875 950 1,650 1,200 15,925 5842 Office Supplies 250 250 250 250 250 250 250 250 250 250 250 250 3,000 5843 Office Decorations 0 0 45 45 45 0 45 45 0 45 45 0 315 5844 Safety Equipment 50 50 50 50 50 50 50 50 1,075 50 50 50 1,625 5845 Fire Alarm Inspection/Equipment 0 0 0 0 0 0 0 0 6,000 0 0 0 6,000 5846 Printing and Stationary 50 50 50 50 50 50 50 50 50 50 900 50 1,450 5847 Copier/Fax Expense 350 350 350 350 350 350 350 350 350 350 350 350 4,200 5852 Licenses/Permits/Fees 0 0 150 0 0 500 0 0 0 500 0 0 1,150 5865 Security/Alarm Expense 50 0 0 50 0 0 50 0 0 50 0 0 200 5887 Employee Training/Education 0 0 0 200 0 0 0 200 0 0 0 200 600 5890 Other Administrative Expense 5,400 500 500 500 500 500 500 500 500 500 500 500 10,900 Total Administration Expense 8,790 5,140 4,160 3,685 5,435 5,790 4,185 3,860 10,440 4,085 4,985 3,840 64,395 6110 Extermination 340 340 340 340 340 340 340 340 340 340 340 340 4,080 6115 Landscape Contract 3,000 3,000 6,400 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 39,400 6130 Protection Services Contract 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 12,300 6145 Cleaning 0 0 0 0 0 0 0 0 0 0 0 0 0 6150 Other Contract Services 475 475 475 475 475 475 475 475 475 475 475 475 5,700 Total Contract Services 4,840 4,840 8,240 4,840 4,840 41840 41840 4,840 4,840 4,840 4,840 4,840 61,480 6160 Alarm System Repair 115 115 115 115 115 115 115 115 115 115 115 115 1,380 6165 Appliance Repair 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6185 Interior Electrical Repair 75 75 75 75 75 75 75 75 75 75 75 75 900 6190 Interior Light Bulbs 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6195 Interior Paint and Wallpaper 75 75 75 75 75 75 75 75 75 75 75 75 900 6200 Carpet Clean/Repair/Dry 300 300 300 1,800 300 300 300 300 300 300 300 300 5,100 6205 Interior Sheetrock Repair 20 20 20 20 20 20 20 20 20 20 20 20 240 6210 Interior Vinyl and Tile 20 20 20 20 20 20 20 20 20 20 20 20 240 6215 Plumbing Repair 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6235 Janitorial Supplies 175 175 175 175 175 175 450 175 175 175 175 550 2,750 6240 Window Coverging Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 6245 Recreation Facility Repair 100 4,600 800 4,600 10,000 1,100 100 100 100 100 100 100 21,800 6250 Locks and Keys 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6265 Other Interior Repairs and Maintenance 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Total Interior Maintenance 1,880 6,380 2,580 7,880 11,780 2,880 2,155 1,880 1,880 1,880 1,880 2,255 45,310 The Ballpark(,Austin Austin,TX 5112/2008 282 Units 788 Beds ne..nn t,,,-no cot,-no neap--na nnr-n9 M-09 Jun-09 Jul-09 Aua-09 Totals Occupancy VV+98% _ 98% 98% 98% 98% 98% 98% 98% 98% 95% 95% 95% 97% 6275 Pool&Spa Supplies and Repair 325 3,825 325 325 325 40,32.5 325 325 325 325 325 325 47,400 6280 Golf Cart Repair 40 40 40 40 40 40 40 40 40 40 40 40 480 6285 HVAC Repair and Maintenance 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 6290 Landscaping Supplies 35 35 35 35 35 35 35 35 35 35 35 35 420 6310 Roof Repairs 0 750 0 0 750 0 0 750 0 0 750 0 3,000 6315 Windows and Screens 175 175 175 175 '175 175 175 175 175 175 175 175 2,100 6320 Exterior Paint 50 50 50 50 50 50 50 50 50 50 130,000 50 130,550 6325 Exterior Electrical 50 50 50 50 50 50 50 50 50 50 50 50 600 6330 Exterior Light Bulbs 175 175 475 175 1,175 175 475 175 175 175 475 175 4,000 6335 Exterior Repairs 200 200 200 200 200 200 200 200 200 200 200 200 2,400 6345 Access Gate Repair 125 2,150 125 125 400 125 125 125 400 125 125 125 4,075 6350 Walks and Parking Lots 25 25 25 25 25 25 25 25 25 25 25 25 300 6360 Tools and Equipment 75 75 75 75 75 75 75 75 75 75 75 75 900 6365 Fence Repair 25 25 25 25 25 25 25 25 25 25 25 25 300 Total Exterior Maintenance 2,550 81825 2,850 2.550 4,575 42,550 2,850 3,300 2,825 2,550 133,550 2,550 211,525 Total Repairs and Maintenance 4,430 15,205 5,430 10,430 16,355 45,430 5,005 5,180 4,705 4,430 135,430 4,805 256,835 6380 Make Ready-Interior Repairs 2,000 1,000 0 0 250 0 0 0 0 1,000 0 2,500 6,750 6385 Make Ready-Int.Rep.-Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6390 Make Ready-Carpet Cleaning 24,000 0 0 0 250 0 0 0 0 1,250 0 0 25,500 6395 Make Ready-Carpet Cleaning-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 0 6400 Make Ready-Carpet Replacement 15,000 7,000 0 0 0 0 0 0 0 1,500 0 0 23,500 6405 General Cleaning 17,500 17,500 0 0 250 0 0 0 0 1,250 0 0 36,500 6410 Make Ready-Gen.Clean.-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 0 6415 Make Ready-Interior Paint Repair 36,000 16,000 0 0 750 0 0 0 0 2,000 0 0 54,750 6420 Make Ready-Interior Paint-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 0 6425 Appliance Repair 3,500 0 500 0 500 0 500 0 500 0 500 0 6,000 6430 Lock/Keys 2,400 0 0 0 0 0 0 0 0 0 0 500 2,900 6435 Interior Light Bulbs 250 0 0 0 0 0 0 0 0 0 0 250 500 6440 Window Covering Repair 1,250 0 0 0 0 0 0 0 0 0 0 250 1,500 6445 Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6450 Write-offs(Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6455 Make Ready-Miscellaneous Exp. 2,000 0 0 0 0 0 0 0 0 300 0 300 2,600 6580 Light Fixtures 500 0 0 0 0 0 0 0 0 0 0 150 650 6585 Furniture 25,000 0 0 0 0 0 0 0 0 25,000 0 0 50,000 Total Turnover Expense 129,400 41,500 500 0 2,000 0 500 0 500 32,300 500 3,950 211,150 6645 Locator Fees 18,000 15,000 300 300 300 300 300 300 300 300 300 300 36,000 6650 Locator Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 6655 Resident Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 6656 Resident Functions 1,000 1,250 600 600 700 700 700 700 600 600 300 300 8,050 6658 Campus Events 0 0 0 0 0 500 0 0 0 0 0 0 500 6670 Newspapers 0 0 0 0 0 750 750 750 0 0 0 0 2,250 6675 Magazines 0 0 0 0 500 500 500 500 0 0 0 0 2,000 6685 Brochure Advertising 0 0 3,000 0 0 0 0 0 0 0 0 3,000 6690 Direct Mail 0 0 0 0 0 2,500 0 2,500 0 0 0 0 5,000 6695 Apartment Guides 0 0 0 0 0 0 0 0 0 0 0 0 0 6700 Signage/Sign Placement 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6715 Internet Advertising 900 1,150 900 900 1,150 900 900 1,150 900 900 1,150 900 11,800 6720 Model Apartment Expense 50 50 50 50 so 50 50 50 50 50 50 50 600 6725 Flags/Banners/Mats 125 125 825 125 125 125 125 125 125 125 1,375 125 3,450 6730 Office Refreshments 0 0 0 0 0 0 0 0 0 0 0 0 0 6735 Other Advertising&Marketing 0 0 200 0 0 200 0 0 200 0 0 200 800 6740 Radio 0 0 0 0 0 2,000 2,000 2,000 1,250 1,250 0 0 8,500 Total Advertising&Promotions 20,175 17,675 5,975 2,075 2,925 8,625 5,425 8,175 3,525 3,325 3,275 1,975 83,150 The Ballpark(n),Austin Austin,TX 511212008 282 Units 768 Beds ne...nn t..,no cor._nn KAar_na Cnr_n9 May.n9 .1un-09 Jul-09 Aua-09 Totals Occupancy _ 98% 98% 98% 98% 98% 98% 98% 98% 98% 95% 95% 95% 97% 6910 Legal Fees 250 250 250 250 250 250 250 250 250 250 250 250 3,000 Total Legal Fees 250 250 250 250 250 250 250 250 250 250 250 250 3,000 16915 Accounting Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 !6925 Audit Fees 0 0 0 0 10,500 0 0 0 0 0 0 0 10,500 '.6935 Other Professional Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Professional Fees 0 0 0 0 10,500 0 0 0 0 0 0 0 10,500 0 7205 Travel 0 0 0 0 0 0 0 0 0 0 0 0 0 !17210 Airfare 0 0 0 0 0 0 0 0 0 0 0 0 0 -.7215 Auto Rental/Gas 0 0 0 0 0 0 0 0 0 0 0 0 0 7220 Lodging 0 0 0 0 0 0 0 0 0 0 0 0 0 7225 Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 :7240 Parking,Tolls and Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Travel and Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 7415 Asset Management Fees 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 31,524 :7420 Property Mgmt Fee 11,852 11,852 11,852 11,852 11,834 11,834 11,834 11,834 11,634 11,389 11,292 11,212 140,472 Total Management Fee 14,479 14,479 14,479 14,479 14,461 14,461 14,461 14,461 14,461 14,016 13,919 13,839 171,996 '.7510 Property Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0 17525 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Insurance and Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 7775 Basic Program Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 7960 Employee Relations/Membership 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Dues and Membership Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Operating Income 296,301 296,301 296,301 296,301 295,851 295,851 295,851 295,851 295,851 284,725 282,310 280,310 3,511,808 Total Operating Expenses 295,303 186,831 118,502 115,221 136,428 161,544 126,045 116,764 118,403 142,618 242,761 127,568 1,887,989 Net Operating Income 999 109,470 177,799 181,080 159,423 134,307 169,807 179,087 177,448 142,107 39,549 152,742 1,623,819 9410 Interest Expense-Fixed 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 The Ballpark n Austin Austin,TX 5112/2008 282 Units 768 Beds e....no n,.t_na nt, ,na n-nu [ 4 Poh-nq eear-nA Anr.n9 Maw09 .1un-09 .lul-09 Aun-09 Totals Occupancy 98% 98% 98% 98% 98% 98% 98% 96% 98% 95% 95% 95% 47% 19510 Exterior Paint 0 0 0 0 0 0 0 0 0 0 0 0 0 !9515 HVAC 0 0 0 0 0 0 0 0 0 0 0 0 0 19520 Landscape 0 0 0 0 0 0 0 0 0 0 0 0 0 9530 Signage 0 0 0 0 0 0 0 0 0 0 0 0 0 9555 Carpet 0 0 0 0 0 0 0 0 0 0 0 0 0 9570 Countertops 0 0 0 0 0 0 0 0 0 0 0 0 0 !9575 Doors 0 0 0 0 0 0 0 0 0 0 0 0 0 1,9580 Light Fixtures 0 0 0 0 0 0 0 0 0 0 0 0 0 9590 Blinds 0 0 0 0 0 0 0 0 0 0 0 0 0 9600 Plumbing 0 0 0 0 0 0 0 0 0 0 0 0 0 9605 Recreations Facilities 0 0 0 0 0 0 0 0 0 0 0 0 0 9610 Security System 0 0 0 0 0 0 0 0 0 0 0 0 0 !9620 Vinyl 0 0 0 0 0 0 0 0 0 0 0 0 0 9630 Ceiling Fans 0 0 0 0 0 0 0 0 0 0 0 0 0 '.9635 Appliances 0 0 0 0 0 0 0 0 0 0 0 0 0 ':9645 Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 9650 Replacements-Other 0 0 0 0 0 0 0 0 0 0 0 0 0 !9655 Furniture 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Replacements 0 0 0 0 0 0 0 0 0 0 0 0 0 9827 Start-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 Start-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 9860 Basic Program Administator Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 9900 Tax Return Prep Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 9906 Service Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 !9915 Trustee and Issuer ees, 417 417 417 417 417 417 417 417 417 417 417 417 5,004 Tot al Other Expense 417 417 417 417 417 417 417 417 417 417 417 417 5,004 Insurance Reserves 8,225 8,225 8,225 8,225 8,225 8,225 8,225 8,225 8,225 8,225 8,225 8,225 98,700 Total Suspense 8,225 8,225 81225 8,225 81225 8,225 8,225 8,225 8,225 8,225 8,225 8,225 98,700 Total Non-operating Expenses 8,642 8,642 8,642 8,642 II,642 8,642 8,642 8,642 8,642 8,642 8,642 8,642 103,704 CASH FLOW (7,643) 100,828 169,157 172,438 150,781 125,665 ,161,165 170,445 168,806 133,465 30,907 144,100 1 520,115 Town Lake Units 216 Fiscal Year Ending August 31,2009 Beds 648 Operating Budget Budget Reforecast Budget Year Ending Per Per Year Ending Difference Year Ending 2008 8/31/2009 Unit Bed 813112008 +/_ RENTAL INCOME $ 3,203,280 $ 14,830 $ 4,943 $ 3,082,320 $ 120,960 3.9% $ 3,045,140 Accelerated Rent $ 6,000 $ 28 $ 9 $ 7,494 $ (1,494) -19.9% 0 Short Term Rent Premium $ 20,250 $ 94 $ 31 $ 29,139 $ (8,889) -30.5% $ 31,500 Vacancy $ (88,090) $ (408) $ (136) $ (100,856) $ 12,766 -12.7% $ (92,469) Concessions $ (188,280) $ (872) $ (291) $ (136,381) $ (51,899) 38.1% $ (155,280) Gain(Loss)to Lease: $ (40,800) $ (189) $ (63) $ (4,563) $ (36,237) 794.1% $ (37,180) Other Concess-Scholorship $ - $ - $ - $ 0 $ (0) -100.0% 0 Write-offs Rental Income $ (31,680) $ (147) $ (49) $ (28,006) $ (3,674) 13.1% $ (30,816) Non-Resident/Emp.Rnt.Disc.Units $ (51,680) $ (239) $ (80) $ (66,015) $ 14,335 -21.7% $ 39,840) NET RENTAL INCOME $ 2,829,000 $ 13,097 $ 4,366 $ 2,762,257 $ 66,743 2.4% $ 2,758,235 Other Income $ 88,560 $ 410 $ 137 $ 100,055 $ 11,495) -11.5% $ 87,140 TOTAL INCOME $ 2,917,560 $ 13,507 $ 4,502 $ 2.862,313 $ 55,247 1.9% $ 2,845,375 EXPENSES Total Personnel Expense $ 301,351 $ 1,395 $ 465 $ 278,579 $ 22,772 8.2% $ 293,105 Total Utilities $ 535,650 $ 2,480 $ 827 $ 463,761 $ 71,889 15.5% $ 415,580 Total Administration Expense $ 48,195 $ 223 $ 74 $ 38,611 $ 9,584 24.8% $ 39,050 Total Contract Services $ 60,390 $ 280 $ 93 $ 58,732 $ 1,658 2.8% $ 65,220 Total Interior Maintenance $ 20,310 $ 94 $ 31 $ 11,102 $ 9,208 82.9% $ 10,930 Total Exterior Maintenance $ 22,260 $ 103 $ 34 $ 8,395 $ 13,865 165.2% $ 8,820 Total Turnover Expense $ 146,100 $ 676 $ 225 $ 69,740 $ 76,360 109.5% $ 82,775 Total Advertising&Promotions $ 69,525 $ 322 $ 107 $ 68,411 $ 1,114 1.6% $ 75,800 Total Legal Fees $ 2,400 $ 11 $ 4 $ 1,720 $ 680 39.5% $ 2,400 Total Professional Fees $ 10,500 $ 49 $ 16 $ 10,500 $ - 0.0% $ 10,500 Total Travel and Entertainment $ - $ - $ - $ 0 $ (0) -100.0% $ 0 Total Management Fee $ 116,702 $ 540 $ 180 $ 113,171 $ 3,531 3.1% $ 113,815 Total Insurance and Taxes $ 75,645 $ 350 $ 117 $ 68,288 $ 7,357 10.8% $ 75,645 Total Asset Management Fees $ 28,380 $ 131 $ 44 $ 28,515 $ (135) -0.5% $ 28,380 Total Depreciation and Amoritization $ - $ - $ - $ 0 $ (0) -100.0% $ - Total Interest Expense $ $ $ $ 0 $ (0) -100.0% $ Start-up Costs $ $ $ $ 0 $ (0) -100.0% $ TOTAL EXPENSES $ 1,437,409 $ 6,655 $ 2,218 $ 1,197,475 $ 239,934 20.0% $ 1,222,020 NOI before Capital Improvements and Debt Service $ 1,480,151 $ 6,853 $ 2,284 $ 1,645,785 $ (184,687) -11.2% $ 1,623,355 CAPITAL EXPENSES $ 100,000 $ 463 $ 154 $ 45,562 $ (54,438) -119.5% $ 55,500 OTHER EXPENSES $ 5,000 $ 23 $ 8 $ 1,668 $ (3,332) -199.8% $ 5.000 NET CASH FLOW $ 1,375,151 $ 6,366 $ 2,122 $ 1,478,123 $ 102,972 -7.0% $ 1,562,855 Town take Austin,TX 5/12/2008 216 Units 648 Beds seli Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals':`£. Occupancy 98% 98% 98% 98% 98% 98% 96% 98% 98% 95% 95% 95% 97%i 4005 Scheduled Rental Revenue 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 3,203,280 4030 Gain(Loss)to Lease (740) (740) (740) (740) (740) (740) (740) (740) (740) (740) (16,700) (16,700) (40,800)E 4045 Short Term Rent Premium 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 0 0 0 20,250" 4050 Vacancy Loss (5,339) (5,339) (5,339) (5,339) (5,339) (5,339) (5,339) (5,339) (5,339) (13,347) (13,347) (13,347) (88,090)'': 4055 Prior Period Adj-Vacany 0 0 0 0 0 0 0 0 0 0 0 0 0:- 4056 Prior Period Adj-Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 4060 Lease Concessions (17,840) (17,840) (17,840) (17,840) (17,840) (17,840) (17,840) (17,840) (17,840) (17,840) (4,940) (4,940) (186,280)" 4061 Lease Prorate Concessions 0 0 0 0 0 0 0 0 0 0 0 0 0'i!!. 4062 Other Concess-Scholorship 0 0 0 0 0 0 0 0 0 0 0 0 0, 4075 Accelerated Rent 500 500 500 500 500 500 500 500 500 500 500 500 6,000 4082 Write-offs Rental Income (2,640) (2,640) (2,640) (2,640) (2,640) (2,640) (2,640) (2,640) (2,640) (2,640) (2,640) (2,640) (31,680) 4085 Non-Resident/Emp.Rnt.Disc.Units (4,140) (4,140) (4,140) (4,140) (4,140) (4,140) (4,140) (4,140) (4,140) (4,140) (4,140) (6,140) (51,680);, Total Rental Income 238,991 238,991 238,991 238,991 238,991 238,991 238,991 238,991 238,991 228,733 225,673 223,673 2,829,000 nn. Economic Occupancy 90% 90% 90% 90% 90% 90% 90% 90% 90% 86% 85% 84% 88%t 4095 Garage/Carport Rent 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 36,240 4096 Garage/Carport Concession 0 0 0 0 0 0 0 0 0 0 D 0 0 4105 Pet Fees/Rent/Non-Ref Dep, 200 200 200 200 200 200 200 200 200 200 200 200 2,4004,, 4115 Storage Rental Income 0 0 0 0 0 0 0 0 0 0 0 0 0 11:•. 4155 Vending Income 35 35 35 35 35 35 35 35 35 35 35 35 420,- 4175 Appliction Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4177 Application Fee Expense - 0 0 0 0 0 0 0 0 0 0 0 0 0 4185 Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 3,,. 4187 Write-Offs Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4190 Relet Fees 400 400 400 400 400 400 400 400 400 400 400 400 4,800=, 4200 NSF Fees 50 50 50 50 50 50 50 50 50 50 50 50 600 4205 Late Fees 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 30,600 Ii 4210 Access Card Fees 0 0 0 0 0 0 0 D 0 0 0 0 0 4215 Damages 75 75 75 75 75 75 75 75 75 75 75 75 900 4216 Write-Offs Damages 0 0 0 0 0 0 0 0 0 0 0 0 0:. 4217 Administrative Fees 0 0 0 0 0 0 0 0 0 0 0 0 0?, 4220 Forfeited Deposits 0 0 0 0 D 0 0 0 0 0 0 0 0, 4255 Common Area Fees 0 0 0 0 0 0 0 0 0 0 0 0 0!.!. 4260 Lease Violations Income 50 50 50 50 50 50 50 50 50 50 50 50 600 l"r! 4305 Other Rental Income(Mist.Income) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,0001:; 4309 Write-offs-Other Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 4510 Short-term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0"", Total Other Income 7,380 7,380 7,380 7,380 7,380 7,380 7,380 7,360 7,380 71380 7,380 7,380 88,560-:<' Total Income 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 236,113 233,053 231,053 2,917,560�; Town Lake Austin,TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals', Occupancy 98% 98% 98% 98% 98% 98% 98% 98% 98% 95% 95% 95% 97%,; 5023 Salaries-Management 13,034 8,686 8,688 8,688 8,688 8,688 13,034 8,686 8,686 8,688 8,688 8,688 112,946' 5025 Hourly Wages-Service 9,416 6,275 6,277 6,277 6,277 6,277 9,416 6,275 6,275 6,277 6,277 6,277 81,595,`- 5030 Hourly Wages-Housekeeping 0 0 0 0 0 0 0 0 0 0 0 0 0 III 5045 Overtime 0 0 0 0 0 0 0 0 0 0 0 0 0 iF 5046 Overtime-Management 3,500 0 0 0 0 0 0 0 0 0 0 750 4,250?= 5047 Overtime-Service 5,500 0 0 0 0 0 0 0 0 0 0 1,250 6,750 5050 Overtime-Maint/Grounds 0 0 0 0 0 0 0 0 0 0 0 0 0'p,"-., 5055 Overtime-Housekeeping 0 0 0 0 0 0 0 0 0 0 0 0 0'3f 5062 Temporary Employment 1,000 0 0 0 0 0 0 0 0 0 0 1,000 2,000+; 5080 Payroll Taxes 3,294 2,755 1,796 1,796 1,796 1,946 2,844 1,885 1,885 1,826 1,796 1,796 25,415 5090 Group Insurance 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600 5100 Workers Compensation 3,294 2,755 1,796 1,796 1,964 1,946 2,844 1,885 1,885 1,826 1,796 1,796 24.596'i 5105 Employer 401k Contributions 0 0 0 0 0 0 0 0 0 0 0 0 0`>: 5114 Uniforms 0 75 0 75 0 75 0 75 0 75 0 75 4501 5117 Other Personnel Expense 300 300 300 300 300 300 300 300 300 300 300 300 3,600;. 5146 Employee Screening Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5147 Employee Recruiting Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5149 Help Wanted Newspaper Ad 75 75 75 75 75 75 75 75 75 75 75 75 9004 5190 Leasing Commissions 5,000 8,000 0 0 0 1,250 1,250 750 750 250 0 0 17,250 Total Personnel Expense 46,214 30,721 20,732 20,807 20,900 22,357 31,564 21,731 21,656 21,117 20,732 23,807 301,351 5411 Electricity-Clubhouse 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 37,200. 5413 Electricity-Vacants 3,250 150 150 150 150 150 150 150 150 150 150 1,000 5,750;;. 5414 Electricity-Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 5436 Water/Sewer-Clubhouse 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 330,000;: 5442 Water/Sewer-Residents 0 0 0 0 0 0 0 0 0 0 0 0 0 5456 Gas 0 0 0 0 0 0 0 0 0 0 0 0 0:i:, 5460 Gas-Clubhouse/Models 400 400 400 750 1,000 1,000 750 400 400 400 400 400 6,700'?` 5475 Refuse Removal 4,000 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 2,500 18,000?{. 5505 Cable 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 138,000 5514 Resident Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0"" 5520 Other Fuels Utilities 0 0 0 0 0 0 0 0 0 0 0 5525 Resident Internet 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Utilities 49,750 43,800 43,800 44,150 44,400 44,400 44,150 43,800 43,800 43,800 43,800 46,000 535,650 i-. Town Lake Austin,TX 5/122008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals;;; Occupancy 98% 98% 98% 98% 98% 98% 98% 98% 98% 95% 95% 95% 97%i 5656 Telephone-Basic 475 475 475 475 475 475 475 475 475 475 475 475 5,700','1. 5657 Telephone-Long Distance 150 150 150 150 150 150 150 150 150 150 150 150 1,800 . 5665 Answering Service/Pagers 150 150 150 150 150 150 150 150 150 150 150 150 1,800 ' 5805 Postage 175 175 175 175 175 175 175 175 175 175 175 175 2,100:'- 5810 Courier/Overnight Delivery 150 150 150 150 150 150 150 150 150 150 150 150 1,800 5820 Computer Supplies 0 0 0 0 0 0 0 0 0 0 0 0 0`". 5825 Computer Equip-Software 25 1,025 25 25 2,025 775 25 25 25 25 25 25 4,050 5838 Bank Charges 10 10 10 10 10 10 10 10 10 10 10 10 120 5839 Employee Evaluations 0 0 0 0 0 0 0 0 0 0 0 0 0 5840 Credit Card Charges 50 50 50 50 50 50 50 50 50 50 50 50 600,;i 5842 Office Supplies 250 250 250 250 250 250 250 250 250 250 250 250 3,000`' 5843 Office Decorations 0 0 75 75 75 0 75 75 0 0 0 75 450, 5844 Safety Equipment 50 50 50 50 50 50 50 50 1,075 50 50 50 1,62541. 5845 Fire Alarm Inspection/Equipment 0 0 0 0 0 0 0 0 6,000 0 0 0 6,000 5846 Printing and Stationary 50 50 50 50 50 50 50 50 50 50 700 50 1,250 5847 Copier/Fax Expense 350 350 350 350 350 350 350 350 350 350 350 350 4,200 sj 5852 Licenses/Permits/Fees 75 75 75 75 75 75 75 75 75 75 75 75 900 5865 Security/Alarm Expense 50 0 0 50 0 0 50 0 0 50 0 0 200 c'.. 5887 Employee Training/Education 0 0 0 200 0 0 0 200 0 0 0 200 600 5890 Other Administrative Expense 6,500 500 500 500 500 500 500 500 500 500 500 500 12,000 s Total Administration Expense 8,510 3,460 2,535 2,785 4,535 3,210 2,585 2,735 9,485 2,510 3,110 2,735 48,195 6110 Extermination 220 220 220 220 220 220 220 220 220 220 220 220 2,640' 6115 Landscape Contract 2,750 2,750 11,000 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 41,250`::; 6130 Protection Services Contract 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 12,300 6145 Cleaning 0 0 0 0 0 0 0 0 0 0 0 0 0" 6150 Other Contract Services 350 350 350 350 350 350 350 350 350 350 350 350 4,200 Total Contract Services 4,345 4,345 12,595 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 60,390 Iss. 6160 Alarm System Repair 100 100 100 100 100 100 100 100 100 100 100 100 1,200, 6165 Appliance Repair 1,275 75 75 575 75 75 75 575 75 75 75 575 3,600!'' 6185 Interior Electrical Repair 60 60 60 60 60 60 60 60 60 60 60 60 720 if 6190 Interior Light Bulbs 50 50 50 50 50 50 50 50 50 50 50 50 600 fi 6195 Interior Paint and Wallpaper 25 25 25 25 25 25 25 25 25 25 25 25 300 II 6200 Carpet Clean/Repair/Dry 325 325 325 325 325 325 325 325 325 325 325 325 3,900, 6205 Interior Sheetrock Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 6210 Interior Vinyl and Tile 415 15 15 15 15 15 15 15 15 15 15 15 580!' 6215 Plumbing Repair 125 125 125 125 125 125 125 125 125 125 125 125 1,500 6235 Janitorial Supplies 450 150 150 150 150 150 150 150 150 300 150 450 2,550 6240 Window Coverging Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 6245 Recreation Facility Repair 50 50 1,250 50 1,550 50 550 50 50 50 50 50 3,800 s 6250 Locks and Keys 50 50 50 50 50 50 50 50 50 50 50 50 600'! 6265 Other Interior Repairs and Maintenance 50 50 50 50 50 50 50 50 50 50 50 50 600: Total Interior Maintenance 3,005 1,105 2,305 1,605 2,605 1,105 1,605 1,605 1,105 1,255 1,105 1,905 20,310 ffrd Town Lake Austin,TX 5112/2008 216 Units 648 Beds Sep-08 pct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals!; Occupancy 98% 98% 98% 98% 98% 98% 98% 98% 98% 95% 95% 95% 97%, 6275 Pool&Spa Supplies and Repair 250 250 250 250 250 250 250 250 250 250 250 250 3,000 i. 6280 Golf Cart Repair 25 25 25 25 25 25 25 25 25 25 25 25 300", 6285 HVAC Repair and Maintenance 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- 6290 Landscaping Supplies 15 15 15 15 15 15 15 15 15 15 15 15 180?+ 6310 Roof Repairs 50 50 50 50 50 50 50 50 50 50 50 50 60c) 6315 Windows and Screens 35 35 35 35 35 35 35 35 35 35 35 35 420.', 6320 Exterior Paint 20 20 20 20 20 20 20 20 20 20 20 20 240 6325 Exterior Electrical 25 25 25 25 25 25 25 25 25 25 25 25 300 6330 Exterior Light Bulbs 50 50 50 50 50 50 50 50 50 50 50 50 600 6335 Exterior Repairs 25 25 25 25 25 25 25 25 25 25 25 25 300 6345 Access Gate Repair 75 75 75 75 75 75 75 75 75 75 75 75 900 6350 Walks and Parking Lots 20 20 20 20 20 20 20 20 20 20 20 20 240 6360 Tools and Equipment 50 50 50 50 50 50 50 50 50 50 50 50 600" 6365 Fence Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 Total Exterior Maintenance 1,855 1,855 1,855 1,855 1,855 1,655 1,855 1,855 1,855 1,855 1,855 1,855 22,260;', Total Repairs and Maintenance 4,860 2,960 4,160 3,460 4,460 2,960 3,460 3,460 2,960 3,110 2,960 3,760 42,570 6380 Make Ready-Interior Repairs 2,000 1,150 0 0 250 0 0 0 0 500 0 1,000 4,900!i 6385 Make Ready-Int.Rep.-Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6390 Make Ready-Carpet Cleaning 10,000 7,000 0 0 250 0 0 0 0 500 0 0 17,750 f- 6395 Make Ready-Carpet Cleaning-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 0 6400 Make Ready-Carpet Replacement 10,000 7,000 0 0 0 0 0 0 0 1,500 0 0 18,500 6405 General Cleaning 20,000 5,000 0 0 250 0 0 0 0 500 0 0 25,750';;:. 6410 Make Ready-Gen.Clean.-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 0 6415 Make Ready-Interior Paint Repair 27,500 7,500 0 0 500 0 0 0 0 1,500 0 0 37,000!Ii 6420 Make Ready-Interior Paint-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 0 6425 Appliance Repair 1,000 0 0 0 0 0 0 0 0 250 0 0 1,250 6430 Lock/Keys 750 0 0 0 0 0 0 0 0 250 0 250 1,250 i 6435 Interior Light Bulbs 350 0 0 0 0 0 0 0 0 0 0 100 450?'! 6440 Window Covering Repair 1,250 0 0 0 0 0 0 0 0 0 0 0 1,250 6445 Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0" 6450 Write-offs/Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6455 Make Ready-Miscellaneous Exp. 3,000 0 0 0 0 500 0 0 0 500 0 0 4,000! 6580 Light Fixtures 500 0 0 0 500 0 0 0 500 0 0 0 1,500 6585 Furniture 17,500 0 0 0 0 0 0 0 0 15,000 0 0 32,500,,,, Total Turnover Expense 93,850 27,650 0 0 1,750 500 0 0 500 20,500 0 1,350 146,1001;: 6645 Locator Fees 12,500 10,200 200 200 200 200 200 200 200 200 200 200 24,700;; 6650 Locator Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 6655 Resident Relations 0 0 0 0 0 0 0 0 0 0 0 0 0% 6656 Resident Functions 1,250 1,000 600 450 600 700 700 350 350 350 0 0 6,350 6658 Campus Events 0 0 0 0 0 500 0 0 0 0 0 200 7001, 6670 Newspapers 200 200 200 200 200 200 200 200 200 200 200 200 2,400?,', 6675 Magazines 300 300 300 300 300 300 300 300 300 300 300 300 3,600`.`. 6685 Brochure Advertising 0 0 3,000 0 0 0 0 0 0 0 0 0 3,000 6690 Direct Mail 0 0 0 0 3,000 3,000 0 0 0 0 0 0 6,000 VCS. 6695 Apartment Guides 0 0 0 0 0 0 0 0 0 0 0 0 0''+ 6700 Signage/Sign Placement 50 50 50 50 50 50 50 50 50 50 50 50 600'. 6715 Internet Advertising 850 850 850 850 850 850 850 850 850 850 850 850 10,200 6720 Model Apartment Expense 25 25 25 25 25 25 25 25 25 25 25 25 300 6725 Flags/Banners/Mats 125 600 125 125 125 125 125 125 125 125 125 125 1,975 6730 Office Refreshments 0 0 0 0 0 0 0 0 0 0 0 0 0 4- 6735 Other Advertising&Marketing 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6740 Radio 0 0 0 0 0 2,000 2,000 2,000 1250 1,250 0 0 81500:? Total Advertising&Promotions 15,400 13,325 5,450 2,300 5,450 8,050 4,550 4,200 3,450 3,450 1,850 2,050 69,525"jj Town Lake Austin,TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98% 98% 98% 98% 98% 98% 98% 98% 96% 95% 95% 95% 97% '..6910 Legal Fees 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Total Legal Fees 200 200 200 200 200 200 200 200 200 200 200 200 2,400 6915 Accounting Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 6925 Audit Fees 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 6935 Other Professional Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Professional Fees 0 D 10,500 0 0 0 0 0 0 0 0 0 10,500 7205 Travel and Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 7210 Airfare 0 0 0 0 0 0 D 0 0 0 0 0 0 :7215 Auto Rental/Gas 0 0 0 0 0 0 0 0 0 0 0 0 0 7220 Lodging 0 0 0 0 0 0 0 0 0 0 0 0 0 !7225 Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 7240 Parking,Tolls and Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Travel and Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 17420 Property Mgmt Fee 9,855 9,855 9,855 9,655 9,855 9,855 9,855 9,855 9,855 9,445 9,322 9,242 116,702 Total Management Fee 91855 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,445 9,322 9,242 116,702 7510 Property Insurance 1,965 14,925 7,065 7,065 7,065 5,100 5,100 8,900 7,165 7,165 2,065 2,065 75,645 '.7525 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Insurance and Taxes 1,965 14,925 7,065 7,065 7,065 5,100 5,100 8,900 7,165 7,165 2,065 2,065 75,645 7775 Basic Program Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 7960 Asset Management Fee 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 28,380 Total Dues and Membership Fees 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 21365 2,365 28,380 Total Operating Income 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 236,113 233,053 231,053 2,917,560 Total Operating Expenses 237,314 153,606 119,257 97,332 105,325 103,342 108,174 101,591 105,761 118,006 90,749 97,919 1,437,409 Net Operating Income 9,057 92,765 127,114 149,039 141,046 143,029 138,197 144,780 140,590 118,107 142,304 133,134 1,480,151 9410 Interest Expense-Fixed 0 0 0 0 D 0 0 0 0 0 0 0 0 Total Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 Town Lake Austin,TX 5/1212008 216 Units 648 Beds Total Non-operating Expenses 417 417 417 417 417 417 417 417 417 417 417 100,413 105,000 CASH FLOW 8.640 92.348 126,697 148.622 140.629 142,612 137,780 144,363 140,173 117,690 141,887 32.721 1,375,151 Sep-08 Oci Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98% 98% 98% 98% 96% 98% 98% 98% 98% 95% 95% 95% 97% 9510 Exterior Paint 0 0 0 0 0 0 0 0 0 0 0 100,000 100,000 9515 HVAC 0 0 0 0 0 0 0 0 0 0 0 0 0 9520 Landscape 0 0 0 0 0 0 0 0 0 0 0 0 0 9530 Signage 0 0 0 0 0 0 0 0 0 0 0 0 0 9555 Carpet 0 0 0 0 0 0 0 0 0 0 0 0 0 9570 Countertops 0 0 0 0 0 0 0 0 0 0 0 0 0 9575 Doors 0 0 0 0 0 0 0 0 0 0 0 0 0 9560 Light Fixtures 0 0 0 0 0 0 0 0 0 0 0 0 0 19590 Blinds 0 0 0 0 0 0 0 0 0 0 0 0 0 '..9600 Plumbing 0 0 0 0 0 0 0 0 0 0 0 0 0 9605 Recreations Facilities 0 0 0 0 0 0 0 0 0 0 0 0 0 9610 Security System 0 0 0 0 0 0 0 0 0 0 0 0 0 9620 Vinyl 0 0 0 0 0 0 0 0 0 0 0 0 0 !9630 Ceiling Fans 0 0 0 0 0 0 0 0 0 0 0 0 0 9635 Appliances 0 0 0 0 0 0 0 0 0 0 0 0 0 19645 Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 '..9650 Replacements-Other 0 0 0 0 0 0 0 0 0 0 0 0 0 9655 Furniture 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Replacements 0 0 0 0 0 0 0 0 0 0 0 100,000 100,000 9B27 Start-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 Start-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 9860 Basic Program Administator Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 Issurer's Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 !9900 Tax Return Prep Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Asset Management Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 !9906 Service Fees 417 417 417 417 417 417 417 417 417 417 417 413 5,000 --.9915 Trustee and Issuer ees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Expense 417 417 417 417 417 417 417 417 417 417 417 413 5,000 Insurance Reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Suspense 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Non-operating Expenses 417 417 417 417 417 417 417 417 417 417 417 100,413 105,000 CASH FLOW 8.640 92.348 126,697 148.622 140.629 142,612 137,780 144,363 140,173 117,690 141,887 32.721 1,375,151 Cambridge @ College Station 1.1% $ Units 196 23,4A2:', Fiscal Year Ending August 31,2009 blia",g t Food Cost $ 393,140 Beds w 2,006 $ Operating Budget $ 389,000 $ Food Payroll $ 471,693 $ 2,407 $ 867 $ 460,000 $ Prepared 611108 $ 43,530 $ 222 Budget 80 $ Reforecast Gen&Adm Payroll $ 226,039 $ Year Ending Per Per Year Ending Difference Management Fee 8/3112009 Unit Bed 813112008 516 +/- RENTAL INCOME $ 6,690,124 $ 34,133 $ 12,298 $ 6,408,473 $ 281,651 Less: 450,000 $ Marketing $ 87,886 $ 448 $ Vacancy/Non Revenue $ (1,318,001) $ (6,724) $ (2,423) $ (1,320,000) $ 1,999 Pay plan Charge/Discount $ (203,676) $ (1,039) $ (374) $ (208,000) 1 $ $ 4,324 Scholarship Concessions $ (44,950) $ (229) $ (83) $ (57,500) $ 12,550 NET RENTAL INCOME $ 5,123,497 $ 26,140 $ 9,418 $ 4,880,473 $ 243,024 Other income $ 600,671 $ 3,065 $ 1,104 600,000 $ 671 Housekeeper Payroll $ 133,680 $ 682 TOTAL INCOME $ 5,724,168 29,205 $ 10,5221 $ 5,480,473 $ 243.695 EXPENSES 1.1% $ 365,558,11 23,4A2:', 11,693 blia",g t Food Cost $ 393,140 $ 2,006 $ 723 $ 389,000 $ Food Payroll $ 471,693 $ 2,407 $ 867 $ 460,000 $ Other Food Expense $ 43,530 $ 222 $ 80 $ 51,000 $ Gen&Adm Payroll $ 226,039 $ 1,153 $ 416 $ 222,000 $ Management Fee $ 280,800 $ 1,433 $ 516 $ 280,800 $ Gen&Adm $ 584,263 $ 2,981 $ 1,074 $ 450,000 $ Marketing $ 87,886 $ 448 $ 162 $ 88,379 $ Resident Life $ 23,225 $ 118 $ 43 $ 21,200 $ Telecom $ 246,432 $ 1,257 $ 453 $ 238,500 $ Utilities/Energy $ 462,994 $ 2,362 $ 851 $ 454,000 $ Maint. Payroll $ 134,205 $ 685 $ 247 $ 134,000 $ Housekeeper Payroll $ 133,680 $ 682 $ 246 $ 127,500 $ Repair/Maint. $ 184,964 $ 944 $ 340 $ 178,000 $ Operating Reserve $ 138,485 $ 707 $ 255 Taxes/insurance/Reserves $ 208,200 $ 1,062 $ 383 $ 190,402 $ TOTAL EXPENSES $ 3,619,536 $ 18,467 $ 6,654 1 $ 3,284,781 $ NOI before Capital Improvements and Debt Service $ CAPITAL IMPROVEMENTS $ DEBT SERVICE_ NET CASH FLOW $ 2,104,632 $ 10,738 $ 3,869 $ 2,195,692 $ 2,104,632 $ 10,738 $ 3,869 1$ 2,195,692 $ 4,140 1.1% $ 365,558,11 23,4A2:', 11,693 blia",g t Difference 6131/2008 (7,470) -14.6% 4.4% '5,117,766 $1'290;687 -0.2% 1 3 54 $ 7,646 -2.1% 0.0% (506,860) 29&860, 134,263 29.8% 455,;,196 5.0% -4610i926_, -0.6% '269,,54 87,8€36, 2,025 9.6% 0.1% 7,932 3.3% 24,3;312 I 4.4% 8,994 50 K 077 4,140 1.1% $ 365,558,11 23,4A2:', 11,693 2-5% (7,470) -14.6% 4,039 1.8% 1 3 54 $ 7,646 - 0.0% 134,263 29.8% 455,;,196 (493) -0.6% 87,8€36, 2,025 9.6% 7,932 3.3% 24,3;312 I (4;842):- 8,994 2.0% 22 179 205 0.2% $ 1 202, 6,180 4.8% "$' A,24,,046 3,454 6,964 3.9% $ 17,798 93% 2081200,, 196,270 6,0% 3;175;921 $ 108,860, 47,425 2.2% 2,91-5,151 $ 180,541 #DIV/O! 47,425 2,2% ,$ 2,015,151 $ :1,80,541 CAMBRIDGE @ COLLEGE STATION,TEXAS Operating Budget Contract Revenues Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 TOTAL % Per Unit Per Bed PSF Potential Room Revenue Potential Food Revenue 415.522 1631655 390,622 163,655 350,522 163,655 390,522 163,655 400.522 163,655 390,522 163,656 390,522 163,655 390,522 161655 385,522 163,655 390,522 163,655 365,522 M.655 405,522 163.655 4,726,267 1,963,857 70.6% 29.4% $24,114 $10,020 $24.113.61 $10.019.68 $35,41 $14,72 Total Potential Revenue 579,177 554,177 554,177 554,177 564,177 $54,177 554,177 554,177 549,177 554,177 549,177 589,177 6,690,124 100.0% $34,133 $34,133.29 $50.13 Non-RevNacancy Loss Room -17,732 -17,732 -17,732 -17,732 -17,732 .17,732 -17,732 -17,732 -17,732 373,957 •373,957 -17,732 -925,237 -118% 44,721 -$4,720.60 -$6.93 Non-ReWacancy Loss Food -7,527 -7,527 -7,527 -7,527 .7,527 -7,527 -7,527 -7,527 -7,527 .158 745 -158,745 -7,527 -392,764 -5.9% -$2.004 -$2.003 90 4294 Total Non-RevNaancy Loss -25,260 •2500 -25,260 -25,250 -25,260 -25,260 -25,260 -25,260 -25,260 -532,702 -532,702 -25,260 -1,316,001 •19.7% -$6,724 -$6,724.50 -$9.88 Budget Contract-Room 397,790 372,790 372,790 372,790 382,790 372,790 372,790 372.790 367,790 16,566 11,566 387,790 3,801,030 58.8% $19,393 $19,393.01 $28.48 Budget Contract-Food 156.127 156,127 156.127 156,127 156,127 156.127 156,127 156,127 156,127 4,910 4,910 156.127 1,571,093 23.5% $8,016 $8,015.78 $11.77 TSHA Incremental Sch.(20) -4,495 -4,495 4,495 -4,495 -4,495 -4,495 -4,495 4,495 -4,495 0 0 -4,4% -04,950 -01811. 4229 -$82.63 $0.34 Payplan Charge,7Discount -16,138 -16,138 -16,138 -16,138 -16,138 -16,138 -16,138 -16,138 •16,138 -6800 -6800 -44,831 -203676 -3.0% -31039 -$103916 -$153 Total Contract Revenue 633,284 508,284 $06,284 508,264 S1B,294 508,284 508,284 508„284 503,284 14,675 9,675 494,591 5,123,497 76.61/. $26.140 $26,140.29 538.39 Other Revenues Parking Lnt-Contract 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 1,167 0 0 D 10,503 02% $54 $19.31 $0.08 ConferencetCamp-Food 0 0 0 0 0 0 0 0 5,500 100,000 100,000 0 205,500 3.6% $1.048 $377.76 $1,54 ConferencerCamp-Room 0 0 0 0 0 0 0 0 5,500 100,000 100,000 0 205,500 3.6% $1,048 $37716 $1,S4 Damages Recovered 3,000 1,000 2,000 6,000 0.1% $31 $11.03 $0.04 Apartments 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 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Telecom Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Retail Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 50,00 $0.00 Outside Board Contracts 309 309 309 309 309 309 309 309 309 0 0 0 2,781 0.0% $14 $5.11 $0.02 Cash Food Sales 2,400 2,400 2,400 2.400 2,400 2,400 2,400 2.400 2,400 1,648 1,648 1,648 26,544 0.S% $135 $48.79 $0.20 Vending Commissions 350 350 350 350 350 350 350 350 350 220 220 220 3,810 0.1% $19 $7,00 $0.03 Wash Mach Commissions 2.122 2,122 2,122 2,122 2,122 2,122 2,122 2,122 2.122 883 683 853 21,746 0.4% $111 $39.97 $0,16 Telephone Commissions 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Interest Income 5,437 6,437 6,437 6,437 6.437 6,437 6,437 6.437 6,437 3,863 3,863 3-863 69,522 12% $355 $127.80 $0.52 Catering 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Returned Check/1-ate Fees 343 343 343 343 343 343 343 343 343 206 206 206 3,705 0.1% $19 $6.61 $0.03 Banquets 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Other-Food 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 GueSVTransient income 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Retained Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Processing Fees 0 0 0 0 51180 5.180 5,180 5.180 5,180 5,180 5,180 0 36,260 0.6% $185 $66.55 $0.27 Transaction Fee 1.500 300 300 300 300 300 300 200 400 3,000 1,500 400 8,800 0,2% $45 WAS $0.07 00% $0 $000 $000 Total Other Revenue 17,628 13,428 13,428 13,428 18,608 16,608 18,608 18,508 29,708 214,999 214,499 9,219 600,671 10.5% $3,065 $1,104.17 $4.50 Tout Revenue 550,912 521,712 $21,712 521,712 536,892 626,892 526,892 526,792 532,992 229,875 224,175 603,811 5,724,168 100.0% $29.205 $10,522,37 $42.89 CAMBRIDGE @ COLLEGE STATION,TEXAS Operating Budget Food Department Food Cost Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb48 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 TOTAL % Perunit Per9ed PSF Beverages 4,341 4,393 3,890 2,432 2,439 4,230 3,441 4,322 21012 3,083 3,083 2,434 40,100 0,7% $205 $73.71 $0.30 Baked Goods 2,128 2,154 1,907 1,192 1.196 2.074 1,687 2,119 986 1,511 I'm 1 11193 19,657 0.3% $100 $36.13 $0.15 Dairy 3,617 3,661 3,241 2,027 2,033 3,525 2,867 3,602 1,677 2,569 2,569 2.028 33,417 0.6% $170 $61.43 $0.25 Milk 1.489 1,508 1,335 835 837 1,452 1,181 1,483 690 1.058 11058 835 13,760 02% $70 $25.29 $0.10 Meats 15,107 15,291 13,538 8,465 8,490 14,723 11,975 15,042 7,002 10,731 10,731 8.471 139,565 2.4% $712 $256.55 $1,05 Frozen Goods 4596 4,652 4.119 2,575 2,583 4,479 3.643 4,576 2,130 3,265 3,265 2.577 42,459 0,7% $217 $78.05 $0.32 Acoompanlments 7,873 7,969 7,055 4,411 4,424 7,673 6,240 7,839 3,649 5,592 5,592 4,414 72,731 1,3% $371 $133.70 $0.54 Produce 3,404 3,446 3,051 1,908 1,913 3.318 2.699 3,390 1,578 2,418 2,418 1,909 31,451 0.5% $160 $57.81 $0.24 Total Food Cost 42,555 43,073 38,135 23,845 23,915 41,473 33,732 42,372 19,725 30,227 30,227 23,861 393,140 6,9% $2,006 $722.68 $2.95 Food Department Payroll Se2-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 Mxy-08 Jun-08 Jul-08 Aug-08 TOTAL Y Per Unit Per Bed PSF Salarles1wages 30,758 43,622 26,841 25,071 10,619 26,520 31,373 22,889 36,041 29,678 29,909 28,343 343,664 6,0% $1,753 $631.74 $2.58 Benefits&Taxes 8,869 11,533 8,133 7.881 4,557 7,600 8,716 6,764 9,789 8.633 8,686 8,019 98,180 1.7% $506 $182.32 $0.74 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $19 $6.87 $0.03 Vacation Pay 0 0 0 4210 0 0 3,500 0 876 0 0 0 8,588 0.1% $0 $44 $0.00 $15.78 $0.00 $0.06 Holiday Pay 1284 0 0 2,671 2,671 0 0 0 0 1,336 1,336 0 9,294 012% $47 $17.08 $0.07 Sick Pay 0 0 496 424 440 472 424 410 1.744 119 440 0 4,969 0.1% $25 $9.13 $0.04 Bonus 0 0 6,000 0 0 0 0 0 0 0 0 0 6,000 0.1% $31 $11.03 $0.04 Contract Labr 0 0 0 0 0 0 0 0 0 0 0 0 a 0.0% $0 $0.00 $0.00 Total Payroll 40,907 55,155 43,470 40257 18.287 34,592 44,013 30.063 48,450 39,766 40,371 36.362 471,693 8.2% $2,407 $867.08 $3.53 Food Department Food Department Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Fob-08 Mae-08 Apr-08 MR-08 Jun-08 Jul Aug-08 TOTAL k Per Unit Per Bed PSF Pest Control 85 85 85 85 85 85 85 85 85 85 85 85 1,020 0.0% $5 $1.88 $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 1.000 0 0 0 0 0 0 600 1,800 0.0% $9 $3.31 $0.01 Dining Room Supplies 150 150 150 100 100 150 150 150 150 150 150 340 11890 0.0% $10 $3.47 $0,01 Decorations 10D 100 100 100 0 100 0 0 0 0 100 100 700 0.0% $4 $119 $0.01 SOtchen Supplies 600 400 400 100 600 400 300 400 100 400 400 400 4,500 0.1% $23 $627 $0.03 ChinalGla551S11ver 0 0 0 0 1,000 0 0 0 0 500 0 1,000 2,500 0.0% $13 $4.60 30-02 Cleaning Supplies 850 800 600 800 535 600 800 800 800 650 650 900 9,185 0.2% S47 $16.88 $0.07 Contract Cleaning 0 0 0 0 1,000 0 0 0 400 0 0 0 1,400 0.0% $7 $2.57 $0.01 Paper 500 500 500 250 250 500 500 500 350 $00 $DO 350 5,260 0.1% $27 $9.56 $O.D4 Equipment Rental 703 750 750 500 300 750 650 750 650 600 600 600 7,600 0.1% $39 $1197 $0.06 Other Expense _ 200 200 200 200 1,000 200 200 200 200 200 1.000 200 4,000 0 1% $20 $735 $003 Total Other Expense 3,535 3,335 3.335 2,390 6,040 3.335 3,035 3,235 2.990 3,435 3,835 5,030 43,530 0.8% $222 $80.02 $0.33` Total Food Expense 86,997 101,563 $4,940 66,492 48,242 79,400 80,780 75,670 71,165 73,428 74,433 65,253 908,363 15.9% $4,635 $1,66919 $6.81 CAMBRIDGE @ COLLEGE STATION,TEXAS Operating Budget Gen&Admn Dept Payroll Sep-07 Oct-07 Nw-07 Dec-07 Jan-08 Feb-08 Mar-08 AprAB May-08 Jun-08 Jul-08 Au0-08 TOTAL % Per Untt Per Bed PSF SalarleslWages 12.745 12,745 21,745 19,118 12,745 12,745 12,745 12,745 12.745 19,118 12,745 12.745 174,690 11% $891 $321.12 $1.31 Benefits&Taxes 3,451 3,451 3,451 4,917 3,451 3,451 3,451 3,451 3,451 4,917 3,451 3,451 44,349 0.8% $226 $81.52 $0.33 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $000 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 $12.67 $0.05 Total Payroll 16,197 16,197 32,197 24,035 16.197 16,197 16,197 16.197 16,197 24,035 16,197 16,197 226,039 3.9% $1,153 $415.51 $1,69 Management Fee Sep-07 Oct-07 Nov-07 Der 07 Jan-08 Feb-08 Mar-08 Apr-N May4a Jun-08 Jul-08 Aug-06 TOTAL % PerUntt 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 4.9% $1,433 $516.18 $2.10 Gen&Admn Dept Other Expense Sep417 Oct-07 Nov-07 Dec-07 Jan48 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Ju148 Aqqm08 TOTAL % Per Unit Per Bed PSF Equipment Lease 875 875 875 2,000 $75 875 2,000 875 875 1.500 875 875 13,375 0.2% $68 $24.59 $0.10 Computer&Software Maim 55 55 55 55 55 55 55 56 55 55 55 55 660 0.0% $3 $1.21 $0.00 Legai 8.333 8.333 8,333 8,333 8.333 8,333 8,333 6.333 8.333 8,333 81333 8,333 99,996 1.7% $510 $183.82 $0.75 Audit 500 500 500 500 9,500 500 500 S00 500 500 500 500 15,000 0.3% $77 $27.57 $0.11 Other Professional Expense 7500 7,500 110 110 110 110 NO 110 110 110 110 110 16,100 0.3% $82 $29.(i0 $0.12 Taxes,Licenses&Fees 218 218 218 218 218 218 218 218 218 218 218 218 2,614 0.0% $13 $4.81 $0.02 Sales Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Hotel Tax Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 010% Property Insurance 0 0 0 0 $0 $0.00 $0.00 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Telephone-Ld 800 600 800 800 800 800 800 800 800 800 800 800 9,600 02% $49 $17,6$ $0.07 Telephone-Local 550 550 550 550 550 $50 550 550 550 $60 550 550 6,600 0.1% $34 $12.13 $0.05 Office Supplies 800 800 800 Soo 800 800 800 800 800 800 800 800 9,600 0Z/. $49 $17.65 $0.07 Postage 150 150 1,500 1,000 600 1,200 1.200 1200 700 500 1,000 300 9,500 02% $48 $17.46 $0.07 Dues)Subscnpbons 150 150 150 150 150 150 150 150 150 150 ISO 150 1,800 0.0% $9 $3.31 $0.01 Travel-Local Supervision 50 50 50 50 50 so 50 50 50 50 50 50 600 0.g% $3 $1.10 $0.00 TSHA Admin Fee 10,270 10.270 10,270 10270 10,270 10,270 10,270 10,270 10,270 3,219 3,219 3,219 102,084 1.8% 3521 $187.65 $0.76 Legal Fees 50,000 0 0 0 50,000 0 0 0 0 0 0 0 100,000 1.7% $510 $183.82 $0.75 Recruiting Expense 80 80 80 80 80 80 80 80 60 80 80 60 960 0.0% $5 $1.76 $0.01 Traimnq Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 Secunty Service 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% 0.0% $0 $0 $0.00 $0.00 $0.00 $0,00 Collection Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debt Expense 695 719 574 380 467 575 445 619 283 94 65 333 5,239 0.0% 0.1% $0 $0.00 $0.00 Other G&A Expense 185,000 200 200 200 200 200 200 200 200 200 200 200 187200 3.3% $27 $955 $9.63 $344.12 $0.04 $1.40 Trustee Fee 655 655 655 655 655 655 655 655 655 655 655 655 7,860 0.1% 540 $14.45 $0.06 Bank Service Charges 75 75 75 75 75 75 75 75 75 75 11,000 75 11,825 0.2% $60 $21.74 $0.09 Courtesy Officer 4,650 4,650 4,650 4,650 4,650 4,650 4,650 4,650 4,650 4.650 4,650 4,650 55,800 1.0% $285 $10257 $0.42 Credit Card Fees 21600 634 1,167 2,399 2,155 2.332 2,231 645 694 634 8,570 934 25,195 0.4% $129 $46.31 $0.19 Rent Refunds/Prepalds 25,000 0 10,000 5.000 20,000 60,000 1.0% $306 $11029 $0.45 Total Other Expense 280,724 18,982 20,720 21.258 80,702 21.587 21,355 20,143 19,157 16,647 30,990 31,996 584,263 102% $2,981 $1,074.01 $438 0,0% $0 $0.00 $0.00 Total G&A Expenses 296.921 35.179 52,917 45294 96,898 37,784 37,553 36,340 35,354 40.682 47,187 48,193 810,301 14.2% $4,134 $1,48952 $6,07 CAMBRIDGE @ COLLEGE STATION,TEXAS Operating Budget Marketing Dept Other Expense _.__Sep-07 Oct-07 Nov-07 Det-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug48 TOTAL % Per Unft Per Bed PSF Outdoor Advertising 200 200 200 200 300 30D 300 300 2,000 0.0% $10 $3.68 $0.01 Direct Mail $448 $161,56 5.000 5.000 Sep-07 5,000 5.000 5,000 25,000 0.4% $128 $45.96 $0119 News/Magazines 350 350 350 350 1,375 11375 1,375 1,550 350 0 0 0 7,425 0.1% $38 $13.65 $0.06 Radio/1 Advertising Mar-08 Apr-08 May-08 Jun-08 Jul-08 2,000 SDO 2,000 4,500 0.1% $23 $6.27 $0.03 Brochures 2,807 1.235 18,000 1,807 L807 2,307 1,320 520 18,000 0,3% $92 $33.D9 $0,13 Prorlotion•External $017 Total Res,Life 1.350 2,270 2,807 5.000 100 1.807 6,450 0.1% $33 $11,86 $0.05 Lease Comm.-Residential 23,225 0.4% $118 250 250 250 250 250 1,250 0.0% $6 $2.30 $0.01 Web Adv/Presence 2,598 833 833 833 833 833 833 833 833 833 833 833 11,761 0.2% $60 $21.62 $0.09 Other Expense 6.000 200 3,200 300 300 300 300 300 300 300 11,500 0.2% $59 $21,14 $0.09 Total Marketing Expenses 9,148 1583 28,933 6,933 3,058 15,058 8,658 10,233 1,483 1,133 $33 833 87,886 1.5% $448 $161,56 $0.66 Residence Life&Student Development Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Fe"s Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 TOTAL 0.0% $0 $0.D0 $0.00 Other Expense Sep-07 Oct-07 Nov-07 D®c-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 TOTAL % Per Unit Per Bed PSF Res.life&Dev. 2,708 2,270 2,807 1.235 3,604 1,807 L807 2,307 1,320 520 $20 1,520 22,425 DA% $114 $41.22 $017 Total Res,Life 2,708 2,270 2,807 1235 3,604 1.807 1,807 2,307 1,320 1,320 520 1,520 23,225 0.4% $118 542.69 $0.17 Telecom Expenses Sep-07 Oct-07 Nov-07 Dec.07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 TOTAL % Per Unit Per Bed PSF Expenses Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Fe"s Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 TOTAL 0.0% $0 $0.D0 $0.00 Telecom 4.800 000 4.800 4,800 4,800 4,800 4,800 4,800 4,800 4,SD0 4,800 4.800 57,600 1.0% $294 $105.88 $0.43 Residential Long Distance 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Data 5,750 5.750 5,750 5,750 5,750 5,750 5,750 5.750 5,750 5,750 5,750 5,750 69,000 12% $352 $126.84 $0.52 Cable TV g.%6 9.986 9,986 9,986 9,986 9.986 9,986 9,986 91956 9,986 9,966 9,986 119,832 21% $611 $22028 $0.90 Total Teleoom Expense 20,536 20,536 20,536 20,536 20,536 20,536 20,536 20,535 20,536 20,536 20,536 20,536 146,432 4.3% $1,257 $453.00 $1.85 UtiBiieslEnergy Expenses Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Fe"s Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 TOTAL % Per Unft Per lied PSF 0.0% $0 $0.00 $0.00 Electric-Public 22,345 25.345 16,012 13,390 10,087 14,784 13,157 17,390 15,478 11,793 15.178 14,789 189,748 3.3% $968 $34&80 $1,42 Eteeuic-Residential 9,679 9,670 6.090 8,112 7,456 7,856 %,24 9,721 9,720 12,749 10,094 10,8613 112,267 2.0% $573 $206.37 $0.84 Elecvic•Resident Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0,0D $0.00 Fuel(Gas) 9.849 13.112 12,130 10,225 5.799 5,517 7,707 7,706 5,614 5,256 5,288 5,195 93,439 1,8% $477 $171.76 $0.70 Sewer 2,975 2.975 2,975 2.975 2,975 2.975 2,975 2,975 2,975 2,975 2.975 21975 35,700 0.61A $182 $85,63 $027 Water 3,157 3292 3,000 2,400 2,190 2,839 2,499 3,412 2,284 2,371 2,206 2,190 31,840 0.6% $162 $58.53 $0.24 Total Utility Expense 48,046 54,403 41.107 37.102 28507 33,971 35,662 412D4 36,071 35.144 35.741 36,037 462,994 8.1% $2.362 $8$1.09 $3.47 CAMBRIDGE @ COLLEGE STATION,TEXAS Operating Budget ReWMaint Dept Payroll Sep-07 Oct47 Nov-07 Dec-07 Jan48 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 TOTAL % Per Unit Per Bed PSF SalanesiWages Benefits&Taxes Employee Meal$ Vacation Pay Holiday Pay Sick Pay Other Benefits 7,808 2,576 0 0 0 0 0 7,808 2,576 0 0 0 0 0 7,808 2,576 0 0 0 0 0 11,712 3.474 0 0 0 0 0 7,808 2,576 0 0 0 0 0 7,808 2,576 0 0 0 0 0 7,808 2,576 0 0 0 0 0 7,808 2,576 0 0 0 0 0 7,806 2,576 0 0 0 0 0 11,712 3,474 0 0 0 0 0 7,808 21576 0 0 0 0 0 7,606 2,576 0 0 0 0 0 101,500 32,705 0 0 0 0 0 1.8% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% $518 $167 $0 $0 $0 $0 $0 $186.58 $60.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.76 $0.2$ $0.00 $0.00 $0.00 $000 $0.00 Total Payroll 10,383 10.383 10,383 15,185 10.383 10.383 10,383 10,383 10,383 15,185 10,383 10,383 134,205 2.3% $685 $246.70 $1.01 Housekeepers Payroll 825 825 825 825 825 825 82$ 825 825 825 825 825 9,900 4.0% 0.2% $0 $51 $0.00 $18.20 $0,07 Pa if Sep-07 Oct-07 Nov-07 Dec47 Jan-08 Fell Mar-06 Apr-08 May-08 Jun-OB Jul-08 Au 48 TOTAL % Per Unit Per Bed PSF Salanes/Wages Benefits&Taxes Employee Meals Vacation Pay Holiday Pay Sick Pay Other Benefits 7,365 2,998 0 0 0 0 0 7,385 2,998 0 0 0 0 0 7,385 2.998 0 0 0 0 0 11,077 3,848 0 0 0 0 0 7,385 2,998 0 0 0 0 0 7,395 2,998 0 0 0 0 0 7,385 2.998 0 0 0 0 0 7,385 2,998 0 0 0 0 0 7,385 2,998 0 0 0 0 0 11,077 31848 0 0 0 0 0 7,385 2.998 0 0 0 0 0 7,385 2.999 0 0 0 0 0 96,000 37,680 0 0 0 0 0 1,7°,4 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% $490 $192 $0 $0 $0 $0 $0 $176.47 $69.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.72 $0.28 $0,00 $0.00 $0.00 $0.00 Total Payroll 10.383 10,383 10,383 14,925 10,383 10,383 10.383 10,383 10,383 14,925 10.383 10.383 133,680 2.3% $602 $245.74 51.00 Rep/Maint Dept Other Expenses Sep-07 Oct-07 Nov47 Dec47 Jan-08 Feb-08 -Ma'-48 Apr-08 May-08 Jun-08 Jut-08 Aug-08 TOTAL % Per Unit Per Bed PSF ...$0.00 Waste Removal 825 825 825 825 825 825 82$ 825 825 825 825 825 9,900 4.0% 0.2% $0 $51 $0.00 $18.20 $0,07 Rooms Supplies 500 100 100 100 900 100 100 100 1.300 1,300 1,300 700 6,600 0.1% $34 $12.13 $0.05 Clearing Supplies 900 650 1,100 '1.100 11100 450 1100 650 2.650 2,650 2,650 900 15,900 0,3% $81 $29.23 $0.12 Contract Cleaning 0 0 0 0 1,ODD 0 0 0 9,400 5,000 5,000 0 20,400 0.4% $104 $37.50 $0.15 Equipment Rental 0 0 0 0 0 0 0 0 0 0 0 0 Pest Control 424 424 424 424 424 424 424 424 424 424 424 424 0 5,088 0.0% 0,1% $0 $26 $0.00 $9,35 $0.00 $0.04 Other Expense 42 42 42 42 42 42 42 42 42 42 42 42 $04 0.0% $3 $0.93 $0.00 Buildings Maintenance 1,100 350 350 350 350 350 350 350 1,000 100 1.000 200 6,750 0.1% $34 $12.41 $0.05 Food Service Equip Repair 700 700 700 700 700 700 700 700 700 700 700 70D 8,400 0.1% $43 $15.44 $0.06 OrivetPark lot Maint. 100 100 100 10D 100 100 100 100 100 4,500 100 100 5,600 0,1% $29 $10.29 50.04 Elevator Maintenance 1,800 630 800 1,800 800 800 1,800 630 800 1,130 800 630 12,420 0.2% $63 $22.93 $009 Laundry Equip.Mainz 70 70 70 70 70 70 70 70 70 70 70 70 836 0,0% $4 $1.54 $0.01 Hvac Maintenance 575 575 575 575 $75 575 575 575 575 575 575 575 6,900 0.1% $35 $12.68 $0.05 CarpetrDrapery Cleaning 0 0 0 0 0 0 0 0 0 0 Water Treatment 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 GrourldsR.andscaping 2,000 2,000 2.000 0 2.000 0 2,000 0 21000 0 - 2,000 0 2.000 0 2,000 0 2,000 0 2,000 0 0 0.0% $0 $0.00 $0.00 Swimming Pool 250 250 250 250 250 250 250 250 250 250 21000 24,000 0.4% $122 544.12 $0A8 Furniture Repair 0 0 250 250 3,000 0.1% $15 $5.51 $0.02 0 0 0 0 0 0 2,500 2,500 1,500 0 6,500 0,1% S33 $11.95 $0.05 Maint.Equip,Repair 112 112 112 112 112 112 112 112 112 112 112 112 1,345 09% $7 $2.47 $0.01 Fire Equipment Repair 220 220 220 220 220 220 220 220 220 220 220 220 2,840 0.0% $13 $4.95 $0,02 Carpet Repl,/Repair 0 0 0 0 500 0 0 0 5,000 3.000 5,000 500 14,000 0.2% $71 $25.74 $010 Rec,Equip.Repair 87 87 87 87 1,000 87 87 81 1,000 87 87 87 2,872 01% 515 $5.28 $0,02 Maintenance Supplies 1,000 800 800 800 800 800 800 800 1,500 1500 1,500 900 12,000 02% $61 $22.06 $0,09 Light Bulbs 209 209 209 209 209 209 209 209 209 209 209 209 2,509 010% $13 $4.61 $0.02 Paint0eeorafng 0 0 0 0 500 0 0 1.000 2.500 2,500 5,0D0 0 11,500 0.2% $59 $21.14 $0.09 CAMBRIDGE @ COLLEGE STATION, 9 EXAS Operating Budget Pest Control 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 016er Expense 292 292 292 292 292 292 292 292 292 292 292 292 3,500 01% $18 $6.43 $0.03 Unilonns 50 50 $O 50 50 50 50 50 50 50 50 50 600 0.0% $3 $1.10 $0.00 APpliences 25 25 25 25 25 25 25 25 25 25 25 25 300 0.0% $2 $0.55 $0.00 Fences&Gates 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 Locks&Keys 75 75 75 75 75 75 75 75 75 75 75 75 900 0.0% $5 $1.65 $0.01 Hotef Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% so $0.00 Woo Total Other Expenses 11,358 8,586 9,206 10,206 12,919 8556 10.206 91586 33,619 31,036 29.806 9,886 184,964 3.2% $944 $340,01 $1.39 Total Reserves.Taxes and insvrance 37,450 9,450 9,450 31,450 15,850 15.850 15.850 15.850 15.850 1$.850 151850 9,450 208,200 0,0% $0 $0.00 $0.00 Total Rep/Maint.Expenses 32,122 29,352 29,972 40,315 33,665 29,322 30,972 30,352 54,385 61,145 50,572 30,652 452,849 7.9% $2.310 $832.4 $3.39 Operating Reserve 88,485 0 0 50,000 138,485 Total Operating Reserve 88,485 0 0 0 50,000 0 0 0 0 0 0 0 138,485 2.41% $707 $254.57 $1,04 Taxeslinsurance/Reserves 550,912 521,712 521,712 521,712 536,692 526,892 526,892 526,792 $32,992 229,675 224,175 503,811 5,724,168 1DO.0% $29205 $10,522.37 $42.89 Total Expenses 645,813 277,736 294,063 272,7$7 323,780 257,128 255,216 255,893 259,564 272,638 269,072 235,874 TOTAL % Per Unit Per Bed PSF Repair&Replacement Reserves 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 2.0% $579 $208.46 $0.85 Operating Reserve 3,000 0 0 0 0 0 0 0 0 0 0 0 0 0.0% Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0 $0.00 $0.00 $0.00 $0.00 Sales Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 010% $0 $36.76 $0.15 Hotef Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $0 $0.00 $0.00 insurance 28,000 0 0 22,000 6,400 6,400 6.400 6.400 6.400 6.460 6,400 0 94,800 1.7% $484 $17426 $0.71 Total Reserves.Taxes and insvrance 37,450 9,450 9,450 31,450 15,850 15.850 15.850 15.850 15.850 1$.850 151850 9,450 208,200 3,6% $1,002 $382.72 $1.55 Summary Sep 48 Oct-08 Nov-08 Dec-08 J-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09. TOTAL % Per Unit Per Bed PSF Total Revenue 550,912 521,712 521,712 521,712 536,692 526,892 526,892 526,792 $32,992 229,675 224,175 503,811 5,724,168 1DO.0% $29205 $10,522.37 $42.89 Total Expenses 645,813 277,736 294,063 272,7$7 323,780 257,128 255,216 255,893 259,564 272,638 269,072 235,874 3,619,536 63.2% $18,467 $6.653.56 $27.12 Net Operating Income 54,901 243,976 227,649 248,955 213,112 269,764 271,674 270,899 273,428 -42,964 -04,898 267,937 2,104,632 36.8% $i0,738 $3,868.81 $15.77 Carpet Repairs 3,000 0 0 0 0 0 0 0 0 F 0 0 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 2.0% $579 $208.46 $0.85 Less: Proposed Capital E tenor Painfing 0 0 0 0 0 0 0 0 0 0 0 120,000 120,000 2.1% $612 $220.59 $0.90 Carpet Repairs 3,000 0 0 0 0 0 0 0 0 0 0 0 Exercise Equiptment MOO() 3,000 0A% $15 $5,$1 $0.02 Recreation Amenity 22,010 22,000 013% $112 $36.76 $0.15 $2,220 0.4% $112 $40.44 51.16 Interior Room Paint 10,000 Tanning Beds 0 10,000 0.2% $51 $18.38 $0.07 0 0 0 0 0 0 0 0 0 0 0 0 0.0% $1 $0.00 $0.00 Card Entry 0 Lobby Renovations p 0 0.0% $0 Signage 5,000 0 0.0% $0 $0.00 $0.00 5,000 0.1% $26 $9.19 $0.04 Tile Replacement Furniture 3.000 0 D.0% $0 $0.00 $0.00 0 0 0 0 0 0 0 0 0 8.000 0 11,000 0,2% $56 $20.22 SOAR Total Capital DiSubursements 63,000 8,000 120,000 191,002 3.3% $974 $$351.10 $1.43 CAMBPIDGE @ COLLEGE STATION,TEXAS gperating Budget . NET REPAIRMPLACEMENT (53,550) 9.450 9,450 9,450 9,450 9.450 9.450 9,450 9,450 9,450 1,450 .110.550 .77,600 -1.4% -$396 -$142.65 -$0.58 FINANCE MANAGER REPORT 6/17/08 1) MSUFedem[tiQn 7\ Denton new construction Denton at Cypress Creek is a new Student Housing development planned for LINT and TWU students. Located at Cypress Creek Drive and 1-35 it is scheduled for completion in time for the 09/10 school year with 1073 beds. It planned to be upscale with construction cost of$50 million. This will be 5reysta/s first foray into the student housing market 3\ Insurance Letter-Gallagher, our Insurance Consultant, has done a review of our insurance coverages aS outlined in the attached letter 4\ Contribution account-we have moved the $5U0Ocontributed by the Board for one additional full scholarship into the Authority account 5\ Trustee changes-We have changes Trustee onboth San Marcos and Town Lake toU5Bank located in Dallas. |n addition, vve have notified Bank of New York that vve will bemoving Denton as soon as possible, followed by Austin Ballpark. Cambridge will require the consent uf Oppenheimer as the Certificate holder Of the ACertificates. Arthur J. Gallagher Risk Management Services, Inc. May 30, 2008 Mr. Pete Ehrenberg Texas Student Housing Authority 3 Village Circle, Suite 207 Westlake, Texas 76262 RE: The Ballpark Austin The Ridge@ San Marcus The Ridge@ North Texas Town Lake-Austin Cambridge Student Housing College Station Dear Mr. Ehrenberg: In keeping with our conversation of last week, we have reviewed the insurance values currently used for replacement cost and it is averaging about $60.00 per square foot with the exception of Town Lake Austin, which is $55 per square foot. Cambridge at College Station construction cost is much higher because of better construction, so we are using $96. per square foot. All the insurance carriers have agreed to these figures as a reasonable replacement cost. None of the policies contain a coinsurance clause, so there is not depreciation on a claim. If a building that is damaged actually costs $80 per square foot to repair, the insurance carrier will pay that amount up to the total insured value of the property For example, Ballpark Austin is insured for $14,764,600 on all Real Property at $60 per square foot replacement, but the cost to repair two buildings is $80 per square foot. The insurance company would repair the buildings at the $80 price without depreciation. If the entire project is destroyed, then the claim would be paid at$14,764,600 plus contents and rents. The land which the student housing sits on is not insurable. It is our opinion that the buildings are reasonably insured. We could increase the amount of insurance to a reasonable amount, however, the insurance carrier will not insure over and above replacement cost coverage. It is our intent to keep the insurance premiums at an affordable price. Mr. Ehrenberg, please advise if you need additional information for your files. Please contact me if you have any questions. 1900 West Loop South Suite 1600 Houston,TX 77027 Main 713.623.2330 Fax 713.622.6722 Sincerely, - Jackie Whiting, CIC Account Executive/Risk Manager JWIs cc: Mr. Michael McGrath Ms. Julie Bonnin June 16,2008 TEXAS STUDENT HOUSING AUTHORITY PRESIDENT'S REPORT SCHOLARSHIPS There have been 212 scholarships awarded and accepted this year. Austin 85, College Station 74, Denton 41 and San Marcos 12. The total number last year was 170. Full scholarships are 30 of which one has been funded directly by the TS HA Board of Directors. A few of the recipients are still changing their minds, so the numbers may vary up to the beginning of the semester. The Board has been interested in proof of need by scholarship applicants. After talking with Dr. Larry Darlage and reviewing the FAFSA requirements which include 12 worksheets for each applicant,we do not recommend that approach for TS A. Also the timing is not compatible with our scholarship review cycle and room occupancy commitments. An alternate approach might be to permit a discretionary/voluntary hardship statement by the applicant cosigned by a parent and the school principal. This could be added to the application format. OCCUPANCY Overall the properties are 90%+ leased for the upcoming year. That is the same as this time last year. Both Austin properties and Cambridge/College Station should be 100%, San Marcos is 5% ahead of last year, so should be 95%, Denton continues to lag last year, so anything there over 25 85% will be a positive. Total overall end occupancy should be 95%+. CAMBRIDGE The tax decision remains in the hands of the Brazos County Court. We have no new information. PROJECT FINANCES The project finances are reported for the first eight months of the FY. Revenue is 4% positive to budget,Expenses are within 1% of budget and the NOI is 8% positive. Denton and San Marcos have slightly negative NOI's,while the other three properties have positive NOI's. The 2008/2009 property budgets are prepared for Board consideration. The projected total property revenue is S18AM and the NOI is $8.8M. A summary spread sheet is attached. AUTHORITY FINANCES The Authority Balance Sheet shows total current assets of$425K. We project a year end value on August 31 of$414K. The value was $383K on December 2007 and was an equivalent$408K in September 2007. The Authority budget for next year is in work, but it is dependent on actions to be considered by the Town of Westlake Board of Alderman. BOARD OF DIRECTORS HANDBOOK The Board of Directors Handbook has been revised and updated to reflect the current scholarship and financial data. Copies are available for all Board Members. Respectively Submitted, Hank Smyth PROPERTY T®TAI. FINANCIAL SUMMARY 2008/2009 budget vs. 2007/2008 year end forecast kn S Revenue Expenses NOI 2008/2009 2007/2008 2008/2009 2007/2008 2008/2009 2007/2008 Ballpark 3.512 3.476 1.888 1.505 1.624 1.971 Cambridge 5.724 5.480 3.619 3.284 2.105 2.196 Denton 4.013 4.244 1.427 1.391 2.586 2.853 San Marcos 2.221 2.145 1.175 1.049 1.046 1.111 Town Lake 2.917 2.862 1.437 1.197 1.480 1.665 Totals 18.387 18.207 9.546 8.426 8.841 9.796 RESOLUTION AUTHORIZING THE DEFEASANCE AND REDEMPTION OF THE OUTSTANDING "TEXAS STUDENT HOUSING CORPORATION - MSU PROJECT STUDENT HOUSING REVENUE BONDS (MIDWESTERN STATE UNIVERSITY PROJECT), SERIES 2002" AND THE EXECUTION AND DELIVERY OF AN ESCROW AGREEMENT IN CONNECTION THEREWITH AND OF ALL DOCUMENTS,NOTICES AND CERTIFICATES RELATING TO THE DEFEASANCE AND REDEMPTION OF SUCH OUTSTANDING BONDS AND OTHER DOCUMENTS IN CONNECTION THEREWITH WHEREAS,pursuant to a resolution adopted by the Board of Directors(the'Board")of Texas Student Housing Corporation - MSU Project (the "Issuer") on July 30, 2002, the Issuer authorized the issuance and sale of its Student Housing Revenue Bonds (Midwestern State University Project),Series 2002(the"Series 2002 Bonds")in furtherance of the purposes of Chapter 53 of the Texas Education Code and such bonds which were delivered on September 5, 2002; WHEREAS, the proceeds of the Series 2002 Bonds were used to acquire, construct and equip a student housing facility and related facilities (the "Project") located on the campus of Midwestern State University(the "University"); WHEREAS,the Series 2002 Bonds were issued in accordance with and are governed by the terms of a Trust Indenture (the "Trust Indenture"), dated as of August 1, 2002, between the Issuer and The Bank of New York Mellon (the "Trustee"); WHEREAS,capitalized terms used in this Resolution and not otherwise defined herein shall have the meanings given to such terms in the Trust Indenture; WHEREAS,pursuant to the Bond Documents,the University has the right to purchase the Project by effectuating the defeasance of the then outstanding Series 2002 Bonds in accordance with the provisions of the Indenture; WHEREAS,as of the date hereof,the Series 2002 Bonds are currently outstanding in the aggregate principal amount of$14,115,000 (the "Outstanding Bonds"); WHEREAS,the University has notified the Issuer of its intent to purchase the Project using funds derived from bonds to be issued on behalf of the University by the Texas Public Finance Authority ("TPFA")pursuant to Chapter 55 of the Texas Education Code and all amounts then on deposit in the Debt Service Reserve Fund for the Series 2002 Bonds; WHEREAS,to effectuate such purchase ofthe Project the University has directed the Issuer to take all actions necessary to allow for the defeasance of the Outstanding Bonds, the redemption of such bonds on the first available redemption date and the release of the Trust Indenture,the Deed of Trust,the Trust Estate and all liens arising thereunder upon the defeasance of the Series 2002 Bonds in accordance with the provisions of the Bond Documents; and TSHCMSUP Resolution WHEREAS, pursuant to this Resolution,the Issuer hereby takes official action to comply with such direction of the University. THEREFORE, BEDT RESOLVED BY THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING CORPORATIKDN-MS0PROJECT THAT; Section 1, Authorizations Pursuant to Universi1y Direction. (o) Authorization of Redemption.Defeasance and Subject 10 the conditions set forth in paragraph 2 of this Resolution, the Board hereby authorizes,as directed by the University,the defeasance of the Outstanding Bonds and the redemption of the Outstanding Bonds that are subject toredemption ou the firatavailable redemption date. In fudbcruucn of such authorization the Board hereby irrevocably directs the Trustee to call for redemption in accordance with Article III of the Trust Indenture the Outstanding Bonds that are subject 10 redemption un September l`20l2,the first available redemption date for such bonds. Upon the funding of the caorovv established pursuant tothe Escrow Agr000neui (as defined below), the Trustee is further directed to provide the notice of defeasance and redemption in substantially the form attached 1othis Bcoo|odion as . (b) Authorization to Release Liens. Subject tu the conditions set forth in paragraph Zof this Resolution,the Board further authorizes,as directed by the University,the release of the Trust Indenture,the Ground Lease and Management Agreement,the Deed of Trust,the Trust Estate and all liens arising thereunder by the Trustee. In furtherance of such authorization the Board hereby directs the Trustee totake all such aodouo ncuoaoory to effectuate such o:|euaeo. (u) Authorization of Escrow Agreement. In order to effectuate the dcfeaunuoc and refunding of the Outstanding Bonds, the Board hereby approves the Escrow Agreement (the "Escrow /\gcoeonsn1"\ by and among the Issuer, TPF/\, the University and the Trustee in substantially the form and substance attached hereto as . The President orthe Vice President are hereby authorized to execute and deliver the 8accovv Agreement and to cozuy|cts, ' amend and modify the Escrow Agncenueut, as omccoacuy and totake all other action necessary in connection therewith, and the approval of any such amendments or modifications ohu}) he conclusively evidenced by their execution of such agreement. Section 2. Conditions to Authorization. The actions and obligations authorized iuSection I of this Resolution shall be subject to and conditioned upon the receipt by the Issuer of evidence that cash and o|igih|u l}efeusauco Obligations pursuant to Anio|c l% of the Trust Indenture in an amount sufficient to deteaoe the Outstanding Bonds 10 their first available redemption date of September l" 2012 have been deposited with the Trustee, as verified by u nationally recognized accounting firm and such other opinions,evidences,certificates,instruments or other documents as shall be requested by Bond Counsel and General Counsel to the Issuer,to evidence due performance nr satisfaction hythe University of all conditions then tm be satisfied pursuant to all bond documents related to such deR:usonoe and redemption of the Outstanding Bonds. `sucmmnrn=so/"uon Section 3. Additional Matters. The officers, employees and agents of the Issuer, and each of them, shall be and each is expressly authorized,empowered and directed from time to time and at any time to do and perform all acts and things and to execute,acknowledge and deliver in the name and under the corporate seal and on behalf of the Issuer all certificates, financing statements termination, instruments and other papers,whether or not herein mentioned,as they may determine to be necessary or desirable in order to carry out the terms and provisions of this resolution,as well as the terms and provisions of the documents related to the Outstanding Bonds, such determination to be conclusively evidenced by the performance of such acts and things and the execution of any such certificate, financing statements, instrument or other paper. The Issuer hereby confirms the authorization of an Authorized University Representative pursuant to Section 4.I4(e) of the Trust Indenture to take any action and make any certification on behalf of the Issuer under the Bond Documents with respect to the defeasance and redemption of the Outstanding Bonds. Section 4. Effective Date of Resolution.This Resolution shall take effect and be in full force and effect immediately upon its passage. [The remainder of this page is intentionally left blank.] TSHCMSUP Resolution PASSED AND APPROVED BY THE TEXAS STUDENT HOUSING CORPORATION -MSU PROJECT, this June 2008. By: Title: President TSHCMSUP Resolution EXHIBIT A NOTICE OF DEFEASANCE AND REDEMPTION Notice is hereby given that the following obligations issued by the Texas Student Housing Corporatiou-MSDProject have been defeased with cash and eligible defeasance securities and that certain of such obligations have been called for redemption prior to their scheduled maturities, at a redemption price of 102%of par plus accrued interest to the date of redemption, to-wit: TEXAS STUDENT HOUSING CORPORATION-MSUPROJECT STUDENT HOUSING REVENUE BONDS (MIDWESTERN STATE UNIVERSITY PROJECT), SERIES 2002, all outstanding obligations maturing ou September l in the years 20l2` 2022 and 2O34. aggregating $l4,l|5,000io principal amount. Prindpal Interest Matgrih RedemptionL C }SIP Amount Rate Date Date Number* $1,105`000 5.50Y6 September \, 28l2 N/A 88275\,/\fI| 3,485,000 6.50 September l, 2O22 September |, 20lZ 88275?/AJ7 9,525`000 6.50 September l` 2O34 September l, 20I2 88275YAK4 Due provision for the payment of the above-described obligations has been made with THE BANK OF NEW YORK MBLI.(}N (the "Bank"), the boa1eu for said obligations, and said obligations abu|| be presented for payment at the following addresses: First ClasslRekisteredlCer Li:fied Mail BV Overniff_ht or Courier By Han � Payment of the applicable redemption price of redeemed obligations will be made upon presentation and surrender of the such redeemed obligation.Such redemption price will become due and payable on the redemption date for such each redeemed obligation. Interest on the redeemed obligations shall cease to accrue thereon ou and after the redemption date. In compliance with section 3406 of the Internal Revenue Code of 1986,as amended,payors making certain payments due on debt securities may be obligated to deduct and withhold a portion of such payment from the remittance to any payee who has failed to provide such payor with a valid taxpayer identification number. To avoid the imposition ofthis withholding tax,such payees should submit uuerdfied taxpayer idcndfioa1iounumber when surrendering bonds for redemption. ~ The Issuer and the Trustee shall not he responsible for the use or the CDSzp number selected,nor/nany representation `xecwsnrx"so/w/"" made as to its correctness indicated in the notice or as printed on any Bond. It is included solely for the convenience of the holders. TSHCMSUP Resolution EXHIBIT B ESCROW AGREEMENT TSHCMSUP Resolution