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06-21-11 TSHA Agenda Packet
Page 1 of 2 AGENDA BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) June 21, 2011 5:30 PM TEXAS STUDENT HOUSING OFFICE 3 VILLAGE CIRCLE, COUNCIL CHAMBERS/MUNICIPAL COURT ROOM WESTLAKE, TEXAS 1. CALL TO ORDER 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON APRIL 19, 2011. 3. REVIEW AND DISCUSS THE FY 2010-2011TSHA FINANCIALS. 4. DISCUSS AND CONSIDER APPROVAL OF CAMBRIDGE, TOWN LAKE, AUSTIN BALLPARK, AND TSHA ANNUAL BUDGETS FY 2011-2012. 5. EXECUTIVE SESSION The Board will conduct a closed session pursuant to Texas Government Code, annotated, Chapter 551, Subchapter D for the following: a. Section 551.071: Consultation with Attorney - to seek advice of counsel on legal matters involving pending or contemplated litigation, settlement offers, or other legal matters not related directly to litigation or settlement. Pending or contemplated litigation and settlement offers include but are not limited to the following: Texas Student Housing Authority vs. Brazos County Appraisal District and Appraisal Review Board for Brazos County Appraisal District – CAUSE NO. 06-002328-CV-272 6. RECONVENE MEETING 7. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS. Page 2 of 2 8. EXECUTIVE DIRECTOR’S REPORT. 9. ADJOURN ANY ITEM ON THIS POSTED AGENDA COULD BE DISCUSSED IN EXECUTIVE SESSION AS LONG AS IT IS WITHIN ONE OF THE PERMITTED CATEGORIES UNDER SECTIONS 551.071 THROUGH 551.076 AND SECTION 551.087 OF THE TEXAS GOVERNMENT CODE. CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, Westlake, Texas, on June 15, 2011, by 5:00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Kelly Edwards, Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you. TSHA Minutes 04/19/11 Page 1 of 2 MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) April 19, 2011 PRESENT: President Jim Carter, Directors, Chuck Shultz, and Gregg Malone. Jill McKean arrived at 5:50 p.m. ABSENT: George Ledak OTHERS PRESENT: Executive Director Pete Ehrenberg and Secretary Kelly Edwards. General Counsel Scott Bradley arrived at 6:01 p.m. 1. CALL TO ORDER President Carter called the meeting to order at 5:36 p.m. 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON JANUARY 18, 2011. MOTION: Director Schultz made a motion to approve the minutes. Director Malone seconded the motion. The motion carried by a vote of 3-0. 3. DISCUSS AND CONSIDER THE FORMATION OF A DISTINGUISHED ALUMNI AWARD HONORING SCHOLARSHIP STUDENTS. President Carter stated that he felt this is wonderful idea but he does not feel that we have the staff resources to manage this program and that said we would need to hire outside personnel. Executive Director Ehrenberg stated that staff does not keep up with students after they complete their scholarship. - No action taken. TSHA Minutes 04/19/11 Page 2 of 2 4. PRESENTATION AND OVERVIEW OF TSHA PROPERTIES. President Carter asked for this item to be presented after item #2 on the agenda. Executive Director Ehrenberg provided an overview of the presentation prepared for the Town Council. The Directors ask questions and provided feedback and asked staff to provide additional information within the presentations. 5. EXECUTIVE DIRECTOR’S REPORT. Executive Director Ehrenberg stated that there has not been a decision or timeframe for a decision regarding the Cambridge lawsuit, an update on the regarding MuniMae owned Town Lake property, and the possibility of establishing new rates next for both properties in Austin. 6. DISCUSS AND CONSIDER APPROVAL TEXAS STUDENT HOUSING AUTHORITY ANNUAL AUDIT FOR FY 2009-2010 AS PRESENTED BY PATTILLO BROWN & HILL, L.L.P. The Board would like time to review the audit and place this item on the next agenda. 7. ADJOURN President Cater asked for a motion to adjourn. MOTION: Director Schultz made a motion to adjourn the meeting. Director McKean seconded the motion. The motion carried by a vote of 4-0. There being no further business before the board, Director Carter declared the meeting adjourned at 6:41 p.m. APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS ON JUNE 21, 2011. ______________________________________ Jim Carter, President ATTEST ____________________________________ Kelly Edwards, Secretary 2:32 PM TEAAS STUDENT HOUSING A4XAn-RLT'--T- 06/`16111 Profit & Loss Budget Overview Accrual Basis September 2011 through August 2012 Page o*p'l i^ Aug m Ordinary Incwme/sxiapwsp /ncume rouo Scholarship Value +53.600.00 «a0w' Austin Ballpark Fees 4201 ' Basic Administration 36,528.00 4204 - xuummanagemwnt ----..36,528.100, a*�oz��on ___ Total 4200' Austin Ballpark Fees 73.056u0 42zo' Cambridge Fees 4224 Asset Management 102.087u0 Total 4220 Cambridge Fees 10Z087.00 423o� Denton Fees *2o*-Asset Management 42.000.00 Total 4xon' Denton Fees 42.00o00 *zeo- Administrative Scholarship Fees 4291 - Austin Ballpark *n.euo.00 4292 - Auauurvwn/axm 63,500o0 4zou'Cambridge 9,250.00 4un4'Denton ao.yuo�oo Total 4uyo- Administrative Scholarship Fees 153.600,00 Total Income 824.34300 Expense *400-Scholarships 453.600.00 *soo' Scholarship Expense 4501 � Austin Ballpark y*.suouo 4soc' Austin Town Lake 50,600.00 4soo'Cambridge 61 .600.00 *mw- ovnu,n 16.100.00 Total 4nuo' Scholarship Expense 152.800»0 snvo - onnoamLabo, 116.600�00 6121 CC Merchant Expense 900.00 6180 Insurance 6181 'oao 10.000.00 Totaimoo - (*eumncm 10.000�00 nuxo'Miscellaneous 1.200.00 6250 - Postage and Delivery u.00n.uo mmmn' Printing and Reproduction 2.000»0 ozrn - pmfens/onmrvvs s2r«' Audit Fees 5.500.00 Total oa7o- Professional Fees 5,500.00 scyo - nem o.moonn 6350 Travel o.uoouu V:us' Board Meetings 400.00 ossV Office Supplies 900.00 6800 Contingency Fund 25,000,00 � .... ���— Total Expense 781.100.00 Net Ordinary Income *3.24100 Net Income 43.e43.00 Page 2-32 PM TEXAS STUDENT HOUSING AUTHORITY 061,16111 Profit & Loss Accrual Basis September 2010 through May 2011 Page 2 Sep'l 0 - May 11 6770 - Supplies 6790 - Office 478,4,2 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 10:57AM 06/13/11 AccrualBasis TEXASSTUDENTHOUSINGAUTHORITY Profit&LossBudgetvs.Actual September2010throughMay2011 Sep'10-May11 Budget $OverBudg@t OrdinaryIncome/Expens@ Income 2000 .ScholarshipValue 378,000.00 378,00000 000 4200.AustinBallparkFees 4201 .BasicAdministration 30,440.00 27,396.00 3.044.00 4204 .AssetManagement 24,352.00 27,396.00 -3,044.00 Total4200.AustinBallparkFees 54,792.00 54,792.00 0.00 4210·AustinTownlakeFees 4214'AssetManagement 14,400.00 21.600.00 -7,200.00 Total4210.AustinTownlakeFees 14,400.00 21.600.00 -7,200.00 4220 .CambridgeFees 4224.AssetManagement 82,160.00 92,430.00 -10,270.00 Total4220.CambridgeFees 82,160.00 92,430.00 -10,270.00 4230.DentonFees 4234.AssetManagement 22,400.00 28,800.00 -6,400.00 Total4230.DentonFees 22,400.00 28,800.00 -6,400.00 4290 .AdministrativeScholarshipFees 4299·Lofts 44.179.50 65,826.00 -21,646.50 4291.AustinBallpark 52,807.00 59,454.00 -6.647.00 4292·AustinTownlake 63,158.00 48,852.00 14,306.00 4293.Cambridge 6,500.00 8,000.00 ·1,500.00 4294.Denton 32,894.20 43,884.00 -10,989.80 4290.AdministrativeScholarship Feea-Other 115.00 Total4290 .AdministrativeScholarshipFees 199,653.70 226,016.00 -26,362.30 TotalIncome 751,405.70 801,638.00 -50,232.30 Expense 4400 .Scholarships 378,000.00 378,000.00 000 4500.ScholarshipExpense 4509·Lofts 68,652.00 98,928.00 -30,276.00 4501.AustinBallpark 27,733.00 38,475.00 -10,742.00 4502.AustinTownLake 49,460.00 44,550.00 4,910.00 4503 .Cambridge 43,200.00 52,560.00 -9,360.00 4504.Denton 17,316.00 17,316.00 0.00 Total4500 .ScholarshipExpense 206,36100 251,829.00 -45,468.00 6000.ContractLabor 83,278.17 90,000.00 -6,721.83 6121 .CCMerchantExpense 59401 450.00 144.01 6170 .OfficeExpense 453.10 360.00 93.10 6180·Insurance 6181.D&O 9,580.00 13,500.00 -3,920.00 Total6180.Insurance 9,580.00 13,500.00 -3,920.00 6240.Miscellaneous 58701 1,350.00 -762.99 6250 .PostageandDelivery 2,064.07 2,700.00 -635.93 6260 .PrintingandReproduction 1,566.95 2,000.00 -433.05 6270.ProfessionalFees 6271.LegalFees 82.50 6274·AuditFees 5,600.00 5,500.00 10000 Total6270.ProfessionalFees 5,682.50 5,500.00 182.50 6290·Rent 4,197.50 4,950.00 -752.50 6350 .Travel 2,317.66 1,500.00 817.66 6385.BoardMeetings 299.90 450.00 -150.10 6550 .OfficeSupplies 57,87 900,00 ·842.13 6770 .Supplies 6790.Office 478.42 Total6770 .Supplies 478.42 Page1 10:57 AM 06/13/11 AccrualBasis 6800.ContingencyFund TotalExpense NetOrdinaryIncome OtherIncome/Expense OtherIncome 7010·InterestIncome 7030 .OtherIncome TotalOtherIncome NetOtherIncome NetIncome TEXASSTUDENTHOUSINGAUTHORITY Profit&LossBudgetvs.Actual September2010throughMay2011 Sep '10-May11 0.00 695.518.16 55.887.54 116.63 0.00 116.63 116.63 56,004.17 Budget 25,000.00 778.489.00 23,149.00 23,149.00 $OverBudget -25,000.00 -82.970.84 32,738.54 32,855.17 Page2 Ballpark Austin, TX 9/1/2011 9/1/2010 282 = Units Dlx Eff Eff 2x2 3x3 4x2 4x4 TOTAL Average Rental Rate $427.71 $418.67 768 = Beds 24 54 48 234 96 312 768 250,272 =Sq Ft $704 $619 $535 $420 $355 $385 < Input Line $16,896 $33,426 $25,680 $98,280 $34,080 $120,120 $328,482 ----Fall 2009 Rates----$680 $600 $515 $410 $350 $380 < Input Line 16,320$ 32,400$ 24,720$ 95,940$ 33,600$ 118,560$ 321,540$ G/L Cost per Cost per Codes Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Bed Unit 753 753 753 753 745 745 745 745 745 722 722 722 OCCUPANCY %> Input Line 98.00%98.00%98.00%98.00%97.00%97.00%97.00%97.00%97.00%94.00%94.00%94.00%96.58% OPERATING INCOME Gross Potential Rent Gross Market Rent 50050000 328,482 328,482 328,482 328,482 328,482 328,482 328,482 328,482 328,482 328,482 328,482 328,482 3,941,784 5,133 13,978 Contract Gain (Loss) to Lease 50100000 (1,390) (1,390) (1,390) (1,390) (1,390) (1,390) (1,390) (1,390) (1,390) (1,390) (18,325) (18,325) (50,550) (66) (179) Total Gross Potential Rent $327,092 $327,092 $327,092 $327,092 $327,092 $327,092 $327,092 $327,092 $327,092 $327,092 $310,157 $310,157 3,891,234 5,067 13,799 Retail Income Retail Income 51020000 - - - - - - - - - - - - 0 - - Economic Variances Bad Debt 50250000 (3,285) (3,285) (3,285) (3,285) (3,285) (3,285) (3,285) (3,285) (3,285) (3,285) (3,285) (3,285) (39,418) (51) (140) Concessions 50300200 (17,060) (17,060) (17,060) (17,060) (17,060) (17,060) (17,060) (17,060) (17,060) (17,060) (6,000) (6,000) (182,600) (238) (648) Employee Units 50450000 (7,124) (7,124) (7,124) (7,124) (7,124) (7,124) (7,124) (7,124) (7,124) (7,124) (7,124) (7,124) (85,488) (111) (303) Vacancy Loss 50650000 (6,570) (6,570) (6,570) (6,570) (9,854) (9,854) (9,854) (9,854) (9,854) (19,709) (19,709) (19,709) (134,678) (175) (478) Total Economic Variances (34,038) (34,038) (34,038) (34,038) (37,323) (37,323) (37,323) (37,323) (37,323) (47,178) (36,118) (36,118) (442,183) (576) (1,568) NET RENTAL INCOME 293,054 293,054 293,054 293,054 289,769 289,769 289,769 289,769 289,769 279,914 274,039 274,039 3,449,051 4,491 12,231 89.2%89.2%89.2%89.2%88.2%88.2%88.2%88.2%88.2%85.2%83.4%83.4%87.5% Other Operating Income Accelerated Rent 52050000 - - - - - - - - - - - - - - - Administrative Fees 52100000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Carport/Garages/Parking Income 52350000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 39 106 Application Fees 52200000 - - - - - - - - - - - - - - - Damages Income 52600000 5,000 5,000 7 18 Late Charges 52950000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 2,000 46,000 60 163 Premium-Unit Upcharge 53350000 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 28 77 Miscellaneous Income 53150000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Month-to-Month Fees 53200000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 - - - 10,800 14 38 NSF Check Fees 53250000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Pet fees 53300000 3,000 200 200 200 200 200 200 200 200 200 200 200 5,200 7 18 Relet Fees 53400000 - - 1,000 3,200 400 1,400 2,800 400 - 800 2,400 - 12,400 16 44 Legal and Collections 53100000 - - - - - - - - - - - - - - - Vending/Utility Income 53900000 - - - - - - - - - - - - - - - Total Other Operating Income 12,700 9,900 10,900 13,100 10,300 11,300 12,700 10,300 9,900 9,500 11,100 11,700 133,400 174 473 EFFECTIVE GROSS INCOME 305,754 302,954 303,954 306,154 300,069 301,069 302,469 300,069 299,669 289,414 285,139 285,739 3,582,451 4,665 12,704 4/17/2011 2011-2012 Academic Year Account Descriptions Projected Beds--> OPERATING EXPENSES Cable / Internet / Transportation Cable / Satellite TV 68050000 6,800 6,800 6,800 6,800 6,800 6,800 6,800 6,800 6,800 6,800 6,800 6,800 81,600 106 289 Internet 68250000 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 10,400 124,800 163 443 Total Cable / Internet / Transportation 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 17,200 206,400 269 732 General & Administrative Audit Fees 60020200 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 14 37 Legal Fees 60020300 200 200 750 200 200 200 200 750 200 200 200 200 3,500 5 12 Bank Charges 60050000 25 25 25 25 25 25 25 25 25 25 25 25 300 0 1 Portal Expense 67700000 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 3 9 Computer Expense 60300000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 9 Equipment & Supplies 60450000 700 700 700 700 700 700 700 700 700 700 700 700 8,400 11 30 Licenses, Fees & Permits 60600000 0 400 400 400 0 0 0 0 0 5,500 0 0 6,700 9 24 Miscellaneous 60650000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 9 Postage & Delivery 60700000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 5 13 Dues and Subscriptions 60350000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Resident Screening 60950000 0 0 200 200 200 200 300 300 300 200 200 0 2,100 3 7 Professional Fees 60800000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Telephones & Pagers 61050000 700 700 700 700 700 700 700 700 700 700 700 700 8,400 11 30 Telephone - Answering Service 61100000 125 125 125 125 125 125 125 125 125 125 125 125 1,500 2 5 Training & Seminars 61150000 0 1,000 0 200 0 0 200 0 0 0 0 0 1,400 2 5 Travel 61200000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Uniforms 61350000 700 0 0 0 0 0 0 0 700 0 0 0 1,400 2 5 Total General and Administrative 3,300 4,000 14,250 3,400 2,800 2,800 5,500 3,450 3,600 8,300 2,800 2,600 56,800 74 201 Payroll & Benefits Management 62050000 9,217 8,217 8,219 8,217 8,217 8,219 12,330 8,219 8,217 8,217 8,217 13,330 108,836 142 386 Commissions 62650000 7,500 0 0 0 0 1,750 1,750 1,000 1,000 500 0 0 13,500 18 48 Bonuses 62600000 0 8,448 0 0 0 0 0 0 0 0 0 0 8,448 11 30 Maintenance 62250000 10,349 8,599 8,602 8,974 8,599 8,602 12,904 8,602 8,974 8,599 8,599 14,654 116,055 151 412 Employee Recruiting 62900000 0 0 0 0 0 0 0 0 0 0 0 - - - Payroll Taxes 62700100 3,234 3,019 2,010 2,054 2,009 2,219 3,225 2,130 2,174 2,069 2,009 3,344 29,497 38 105 Worker's Compensation 62700200 2,991 2,792 1,859 1,900 1,858 2,052 2,982 1,969 2,010 1,913 1,858 3,092 27,276 36 97 Group Insurance 62800000 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 19,800 26 70 Employee Relations 62950000 200 0 200 0 200 0 200 0 200 0 500 0 1,500 2 5 Total Payroll & Benefits 35,141 32,724 22,540 22,795 22,533 24,492 35,041 23,570 24,225 22,948 22,833 36,071 324,912 423 1,152 Contract Services Alarm/Monitoring - Intrusion/Fire 63050000 260 260 260 260 260 260 260 260 260 260 260 260 3,120 4 11 Landscape Maintenance 63400000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 47 128 Other Contract Services 63450000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 4 11 Pest Control 63500000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 8 21 Security/Patrol/Courtesy Officer 63650000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 17 47 Trash Removal 63750000 4,000 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 4,000 20,250 26 72 Total Contract Services 9,110 6,335 6,335 6,335 6,335 6,335 6,335 6,335 6,335 6,335 6,335 9,110 81,570 106 289 Repairs & Maintenance Carpet Replacement - - - - - - - - - - - - - - - Appliances 64100000 2,500 750 750 750 750 750 750 750 750 750 750 2,500 12,500 16 44 Blinds & Drapes 64150000 20 20 20 20 20 20 20 20 20 20 1,500 20 1,720 2 6 Building - Exterior 64250200 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Building - Interior 64250100 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Common Areas 64400000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Electrical 64550000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Fencing & Gates 64700000 250 250 250 500 250 250 250 250 250 250 250 2,500 5,500 7 20 Fire/Safety 64750000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 6 17 Glass, Mirrors & Screens 64850000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 9 Miscellaneous 65250000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 9 HVAC 64950000 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 23 64 Keys & Locks 65000000 500 100 100 100 100 100 100 100 100 100 100 500 2,000 3 7 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 6 16 Painting 65300000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 4 Parking Lots & Sidewalks 65350000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 9 Plumbing 65400000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 8 21 Pools 65450000 600 600 600 600 600 600 600 600 600 600 600 600 7,200 9 26 Recreation 65500000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 4 11 Roofs 65550000 300 - - 300 - - 300 - - 300 - - 1,200 2 4 Supplies 65700000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 5 13 Tool Replacement 65750000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Total Repairs & Maintenance 8,770 6,820 6,020 6,570 6,020 6,020 6,320 6,820 6,020 6,320 7,500 10,720 83,920 109 298 Make-Ready Maintenance Contract Services Carpet Cleaning & Repair 66100000 13,500 13,500 - 300 - - - - 750 - - - 28,050 37 99 Interior Repairs 66300000 - - - - - - - - - - - Maid Service / Cleaning 66150000 16,000 16,000 - 500 - - - - 1,000 - - - 33,500 44 119 Painting 66350000 24,000 24,000 - 750 - - - - 1,500 - - - 50,250 65 178 Total Make-Ready Contract Services 111,800 146 396 Supplies Appliances 66050000 4,500 - - - - - - - - - - 4,500 9,000 12 32 Cleaning Supplies 66550000 - - - - - - - - - - - 2,000 2,000 3 7 Paint Supplies 66600000 - - - - - - - - - - - 10,000 10,000 13 35 Total Make-Ready Supplies 4,500 - - - - - - - - - - 16,500 21,000 27 74 Total Make-Ready Maintenance 4,500 - - - - - - - - - - 16,500 132,800 173 471 Marketing Advertising Print 67050200 300 300 300 300 300 300 300 300 300 300 300 300 3,600 5 13 Publications 67300000 - - - 750 750 750 750 750 750 750 750 - 6,000 8 21 Direct Mail 67150000 - - 1,000 300 1,500 2,750 1,500 1,500 - - - - 8,550 11 30 Radio 67050300 - - - - 1,500 1,500 1,500 1,500 1,500 - - - 7,500 10 27 Signs 67350000 - 300 - - 300 - - 300 - - 300 - 1,200 2 4 Internet Ads 67200000 700 700 700 700 700 700 700 700 700 700 700 700 8,400 11 30 Other 67480000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Total Advertising 1,150 1,450 2,150 2,200 5,200 6,150 4,900 5,200 3,400 1,900 2,200 1,150 37,050 48 131 Other Marketing Brochures 67500000 - - 3,500 - - 5,800 750 - - - - - 10,050 13 36 Locator Fees 67600000 14,500 14,500 29,000 38 103 Referral Fees 67800000 - - - - - - - - - - - - - - - Promotion & Events 67750000 - - - - - - - - - - - - - - - Resident Activities/Tenant Relations 67900000 750 1,200 500 500 750 1,000 750 500 500 250 250 250 7,200 9 26 Total Other Marketing 15,250 15,700 4,000 500 750 6,800 1,500 500 500 250 250 250 46,250 60 164 Total Marketing 16,400 17,150 6,150 2,700 5,950 12,950 6,400 5,700 3,900 2,150 2,450 1,400 83,300 108 295 Utilities Electricity Common Area 69100100 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 43 117 Vacant Units 69100900 6,000 250 250 250 250 250 250 250 250 250 250 250 8,750 11 31 Total Electricity 8,750 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 41,750 54 148 Other Utilities Gas 69200000 225 225 225 225 225 225 225 225 225 225 225 225 2,700 4 10 Water / Sewer 69300000 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 270,000 352 957 Total Other Utilities 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 272,700 355 967 Total Utilities 31,475 25,725 25,725 25,725 25,725 25,725 25,725 25,725 25,725 25,725 25,725 25,725 314,450 409 1,115 Management Fees 4.00%69900000 12,230 12,118 12,158 12,246 12,003 12,043 12,099 12,003 11,987 11,577 11,406 11,430 143,298 187 508 Asset Management Fees 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 36,528 48 130 Insurance (budget when paid) Property & Casualty 69720000 - - - - - - - - - - - - - - - General Liability 69800000 - - - - - - - - - - - - - - - Total Insurance - - - - - - - - - - - - - - - TOTAL OPERATING EXPENSES 141,170 125,117 113,422 100,015 101,610 110,609 117,664 103,846 102,035 103,599 99,293 133,800 1,463,978 1,906 5,191 164,584 177,837 190,532 206,139 198,459 190,460 184,805 196,222 197,633 185,815 185,846 151,940 2,118,472 2,758 7,512 Capital Improvements Appliances 83150200 - - - - - - - - - - - - - - - HVAC 83152100 - - - - - - - - - - - - - - - Tubs/Showers 83153950 - - - - - - - - - - - - - - - Carpet 83151000 20,000 15,000 - - - - - - - - - - 35,000 46 124 Furniture 83155000 40,000 - - - - - - - 40,000 - - - 80,000 104 284 Miscellaneous 83152700 - - - - - - - - - - - - - - - Total Capital Improvements 60,000 15,000 - - - - - - 40,000 - - - 115,000 150 408 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 60,000 15,000 - - - - - - 40,000 - - - 115,000 150 150 MONTHLY CASH FLOW 104,584 162,837 190,532 206,139 198,459 190,460 184,805 196,222 157,633 185,815 185,846 151,940 2,003,472 2,609 7,105 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL Town Lake Austin, TX 9/1/2011 9/1/2010 216 = Units 1x1 2x2 3x3 4x2 4x4 TOTAL Average Rental Rate $413.72 $403.89 648 = Beds 36 72 108 216 216 648 208,080 =Sq Ft $735 $545 $444 $330 $385 < Input Line $26,460 $39,240 $47,952 $71,280 $83,160 $268,092 ----Fall 2010 Rates----$715 $525 $425 $325 $380 < Input Line 25,740$ 37,800$ 45,900$ 70,200$ 82,080$ 261,720$ G/L Cost per Cost per Codes Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Total Bed Unit 629 629 629 629 622 622 622 622 622 609 609 609 OCCUPANCY %> Input Line 97.00%97.00%97.00%97.00%96.00%96.00%96.00%96.00%96.00%94.00%94.00%94.00%95.83% OPERATING INCOME Gross Potential Rent Gross Market Rent 50050000 268,092 268,092 268,092 268,092 268,092 268,092 268,092 268,092 268,092 268,092 268,092 268,092 3,217,104 4,965 14,894 Contract Gain (Loss) to Lease 50100000 (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (18,550) (18,550) (57,100) (88) (264) Total Gross Potential Rent $266,092 $266,092 $266,092 $266,092 $266,092 $266,092 $266,092 $266,092 $266,092 $266,092 $249,542 $249,542 3,160,004 4,877 14,630 Retail Income Retail Income 51020000 - - - - - - - - - - - - 0 - - Economic Variances Bad Debt 50250000 (2,145) (2,145) (2,145) (2,145) (2,145) (2,145) (2,145) (2,145) (2,145) (2,145) (2,145) (2,145) (25,737) (40) (119) Concessions 50300200 (20,210) (20,210) (20,210) (20,210) (20,210) (20,210) (20,210) (20,210) (20,210) (20,210) (7,500) (7,500) (217,100) (335) (1,005) Employee Units 50450000 (8,000) (8,000) (8,000) (8,000) (8,000) (8,000) (8,000) (8,000) (8,000) (8,000) (8,000) (8,000) (96,000) (148) (444) Vacancy Loss 50650000 (8,043) (8,043) (8,043) (8,043) (10,724) (10,724) (10,724) (10,724) (10,724) (16,086) (16,086) (16,086) (134,046) (207) (621) Total Economic Variances (38,397) (38,397) (38,397) (38,397) (41,078) (41,078) (41,078) (41,078) (41,078) (46,440) (33,730) (33,730) (472,883) (730) (2,189) NET RENTAL INCOME 227,695 227,695 227,695 227,695 225,014 225,014 225,014 225,014 225,014 219,652 215,812 215,812 2,687,121 4,147 12,440 84.9%84.9%84.9%84.9%83.9%83.9%83.9%83.9%83.9%81.9%80.5%80.5%83.5% Other Operating Income Accelerated Rent 52050000 - - - - - - - - - - - - - - - Administrative Fees 52100000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 5 14 Carport/Garages/Parking Income 52350000 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 39 117 Application Fees 52200000 - - - - - - - - - - - - - - - Damages Income 52600000 100 100 100 500 100 100 100 100 1,000 100 100 7,500 9,900 15 46 Late Charges 52950000 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 65 194 Premium-Unit Upcharge 53350000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 28 83 Miscellaneous Income 53150000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Month-to-Month Fees 53200000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 - - - 10,800 17 50 NSF Check Fees 53250000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Pet fees 53300000 3,000 200 200 200 200 200 200 200 200 200 200 200 5,200 8 24 Relet Fees 53400000 200 200 200 400 600 200 800 800 800 1,000 1,000 800 7,000 11 32 Legal and Collections 53100000 - - - - - - - - - - - - - - - Vending/Utility Income 53900000 - - - - - - - - - - - - - - - Total Other Operating Income 12,000 9,200 9,200 9,800 9,600 9,200 9,800 9,800 10,700 8,800 8,800 16,000 122,900 190 569 EFFECTIVE GROSS INCOME 239,695 236,895 236,895 237,495 234,614 234,214 234,814 234,814 235,714 228,452 224,612 231,812 2,810,021 4,336 13,009 4/17/2011 2010-2011 Academic Year Account Descriptions Projected Beds--> OPERATING EXPENSES Cable / Internet / Transportation Cable / Satellite TV 68050000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 156,000 241 722 Internet 68250000 - - - Total Cable / Internet / Transportation 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 156,000 241 722 General & Administrative Audit Fees 60020200 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 16 49 Legal Fees 60020300 200 200 750 200 200 200 200 750 200 200 200 200 3,500 5 16 Bank Charges 60050000 25 25 25 25 25 25 25 25 25 25 25 25 300 0 1 Portal Expense 67700000 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 4 11 Computer Expense 60300000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Equipment & Supplies 60450000 800 800 800 800 800 800 800 800 800 800 800 800 9,600 15 44 Licenses, Fees & Permits 60600000 0 400 400 400 0 0 0 0 0 4,000 0 0 5,200 8 24 Miscellaneous 60650000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 4 11 Postage & Delivery 60700000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6 17 Dues and Subscriptions 60350000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Resident Screening 60950000 0 0 0 0 125 250 250 250 250 250 250 125 1,750 3 8 Professional Fees 60800000 0 0 0 0 0 0 0 0 0 0 0 0 - - - Telephones & Pagers 61050000 800 800 800 800 800 800 800 800 800 800 800 800 9,600 15 44 Telephone - Answering Service 61100000 135 135 135 135 135 135 135 135 135 135 135 135 1,620 3 8 Training & Seminars 61150000 0 1,000 0 200 0 0 200 0 0 0 0 0 1,400 2 6 Travel 61200000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 3 8 Uniforms 61350000 0 0 0 0 0 0 750 0 0 0 0 750 1,500 2 7 Total General and Administrative 2,710 4,110 14,160 3,310 2,835 2,960 6,310 3,510 2,960 6,960 2,960 3,585 56,370 87 261 Payroll & Benefits Management 62050000 9,317 8,317 8,319 8,317 8,317 8,319 12,481 8,319 8,317 8,317 8,317 13,481 110,136 170 510 Commissions 62650000 7,000 0 0 0 0 1,500 1,500 750 750 250 0 0 11,750 18 54 Bonuses 62600000 0 7,128 0 0 0 0 0 0 0 0 0 0 7,128 11 33 Maintenance 62250000 10,053 6,803 6,805 7,178 6,803 6,805 10,208 6,805 7,178 6,803 6,803 13,458 95,698 148 443 Employee Recruiting 62900000 0 0 500 0 0 0 0 0 500 0 0 1,000 2 5 Payroll Taxes 62700100 3,151 2,659 1,807 1,852 1,807 1,987 2,891 1,897 1,941 1,837 1,807 3,219 26,853 41 124 Worker's Compensation 62700200 2,914 2,458 1,671 1,712 1,671 1,837 2,673 1,754 1,795 1,698 1,671 2,977 24,831 38 115 Group Insurance 62800000 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 1,650 19,800 31 92 Employee Relations 62950000 200 0 200 0 200 0 200 0 200 0 500 0 1,500 2 7 Total Payroll & Benefits 34,284 29,014 20,952 20,708 20,447 22,097 31,602 21,175 22,331 20,554 20,747 34,785 298,696 461 1,383 Contract Services Alarm/Monitoring - Intrusion/Fire 63050000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 3 10 Landscape Maintenance 63400000 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 33,600 52 156 Other Contract Services 63450000 650 70 70 70 800 200 350 70 360 500 250 250 3,640 6 17 Pest Control 63500000 450 10,450 450 450 450 450 450 450 450 450 450 450 15,400 24 71 Security/Patrol/Courtesy Officer 63650000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 20 61 Trash Removal 63750000 5,200 1,178 1,178 1,178 1,178 1,178 1,178 1,178 1,178 1,178 1,178 2,500 19,480 30 90 Total Contract Services 10,375 15,773 5,773 5,773 6,503 5,903 6,053 5,773 6,063 6,203 5,953 7,275 87,420 135 405 Repairs & Maintenance Signs 64500000 200 - 200 - 200 - 200 - 200 - 200 - 1,200 2 6 Appliances 64100000 750 750 750 750 750 750 750 750 750 750 750 750 9,000 14 42 Blinds & Drapes 64150000 20 20 20 20 20 20 20 20 20 20 20 20 240 0 1 Building - Exterior 64250200 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Building - Interior 64250100 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Common Areas 64400000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Electrical 64550000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Fencing & Gates 64700000 250 250 250 500 250 250 250 250 250 250 250 2,500 5,500 8 25 Fire/Safety 64750000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 5 14 Glass, Mirrors & Screens 64850000 75 75 75 75 75 75 75 75 75 75 75 75 900 1 4 Miscellaneous 65250000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 HVAC 64950000 800 800 800 800 800 800 800 800 800 800 800 800 9,600 15 44 Keys & Locks 65000000 500 100 100 100 100 100 100 100 100 100 100 500 2,000 3 9 Landscape 65100000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Lights, Fixtures, Light Bulbs 65200000 500 1,000 200 200 200 200 200 200 200 200 200 500 3,800 6 18 Painting 65300000 50 50 50 50 500 50 50 50 500 50 50 50 1,500 2 7 Parking Lots & Sidewalks 65350000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Plumbing 65400000 350 350 350 350 350 350 350 350 350 350 350 1,000 4,850 7 22 Pools 65450000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 7 22 Recreation 65500000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Roofs 65550000 300 - - 300 - - 300 - - 300 - - 1,200 2 6 Supplies 65700000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6 17 Tool Replacement 65750000 75 75 75 75 75 75 75 75 75 75 75 75 900 1 4 Total Repairs & Maintenance 5,520 5,120 4,520 4,870 4,970 4,320 4,820 4,320 4,970 4,620 4,520 7,920 60,490 93 280 Make-Ready Maintenance Contract Services Carpet Cleaning & Repair 66100000 18,500 - - 300 - - - - 750 - - - 19,550 30 91 Interior Repairs 66300000 - - - - - - - - - - 2,500 500 3,000 5 14 Maid Service / Cleaning 66150000 27,000 - - 500 - - - - 1,000 - - - 28,500 44 132 Painting 66350000 28,000 10,000 - 750 - - - - 1,500 - - - 40,250 62 186 Total Make-Ready Contract Services 91,300 141 423 Supplies Appliances 66050000 1,200 - - - - - - - - - - 2,400 3,600 6 17 Cleaning Supplies 66550000 - - - - - - - - - - - 1,250 1,250 2 6 Paint Supplies 66600000 - - - - - - - - - - - 10,000 10,000 15 46 Total Make-Ready Supplies 1,200 - - - - - - - - - - 13,650 14,850 23 69 Total Make-Ready Maintenance 1,200 - - - - - - - - - - 13,650 106,150 164 491 Marketing Advertising Print 67050200 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6 17 Publications 67300000 - 750 750 750 750 750 750 750 750 750 750 - 7,500 12 35 Direct Mail 67150000 - - 500 500 1,500 3,000 1,500 1,500 - - - - 8,500 13 39 Radio 67050300 - - - - - 2,000 2,000 2,000 1,500 - - - 7,500 12 35 Signs 67350000 - 300 - - 300 - - 300 - - 300 - 1,200 2 6 Internet Ads 67200000 700 700 700 700 700 700 700 700 700 700 700 700 8,400 13 39 Other 67480000 - - - - - - - - - - - - - - - Total Advertising 1,000 2,050 2,250 2,250 3,550 6,750 5,250 5,550 3,250 1,750 2,050 1,000 36,700 57 170 Other Marketing Brochures 67500000 - - 3,500 - 3,500 - - - - - - - 7,000 11 32 Locator Fees 67600000 12,000 12,000 24,000 37 111 Referral Fees 67800000 - - - - - - - - - - - - - - Promotion & Events 67750000 - - - - - 5,000 - - - - - - 5,000 8 23 Resident Activities/Tenant Relations 67900000 500 750 500 500 750 750 500 500 500 250 250 250 6,000 9 28 Total Other Marketing 12,500 12,750 4,000 500 4,250 5,750 500 500 500 250 250 250 42,000 65 194 Total Marketing 13,500 14,800 6,250 2,750 7,800 12,500 5,750 6,050 3,750 2,000 2,300 1,250 78,700 121 364 Utilities Electricity Common Area 69100100 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 26,400 41 122 Vacant Units 69100900 4,000 250 250 250 250 250 250 250 250 250 250 250 6,750 10 31 Total Electricity 6,200 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 33,150 51 153 Other Utilities Gas 69200000 225 225 225 225 225 225 225 225 225 225 225 225 2,700 4 13 Water / Sewer 69300000 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 270,000 417 1,250 Total Other Utilities 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 22,725 272,700 421 1,263 Total Utilities 28,925 25,175 25,175 25,175 25,175 25,175 25,175 25,175 25,175 25,175 25,175 25,175 305,850 472 1,416 Management Fees 4.00%69900000 9,588 9,476 9,476 9,500 9,385 9,369 9,393 9,393 9,429 9,138 8,984 9,272 112,401 173 520 Asset Management Fees - - - - - - - - - - - - - - - Insurance (budget when paid) Property & Casualty 69720000 5,650 - - - - - 11,350 5,650 5,650 5,650 5,650 5,650 45,250 70 209 General Liability 69800000 - - - - - - - - - - - - - - - Total Insurance 5,650 - - - - - 11,350 5,650 5,650 5,650 5,650 5,650 45,250 70 209 TOTAL OPERATING EXPENSES 124,752 116,468 99,306 85,086 90,114 95,324 113,453 94,045 93,327 93,300 89,289 121,562 1,307,327 2,017 6,052 114,942 120,427 137,588 152,409 144,499 138,890 121,361 140,768 142,387 135,151 135,323 110,250 1,502,694 2,319 6,957 Capital Improvements Appliances 83150200 3,000 3,000 - - 1,000 - - - 1,000 - - - 8,000 12 37 Pool Furniture - - 10,000 - - - - - - - - - 10,000 15 46 Tubs/Showers 83153950 5,000 - - - - - - - - - - - 5,000 8 23 Carpet 83151000 16,000 9,000 - - 1,500 - - - 1,500 - - - 28,000 43 130 Furniture 83155000 30,000 - - - - - - 30,000 - - - 60,000 93 278 Fitness Equipment - - 16,000 16,000 Recreation Equipment 10,000 6,000 - 16,000 TV for Common Areas and Office 6,500 6,500 Computer Lab 10,000 10,000 Miscellaneous 83152700 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 19 56 Total Capital Improvements 81,500 13,000 17,000 17,000 3,500 1,000 1,000 1,000 33,500 1,000 1,000 1,000 171,500 190 569 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 - - - - - - - - - - - - - - - NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL Total Non-Operating 81,500 13,000 17,000 17,000 3,500 1,000 1,000 1,000 33,500 1,000 1,000 1,000 171,500 265 265 MONTHLY CASH FLOW 33,442 107,427 120,588 135,409 140,999 137,890 120,361 139,768 108,887 134,151 134,323 109,250 1,331,194 2,054 6,163 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Revenues Contract Revenues Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Potential Room Revenue 427,123 427,123 427,123 427,123 427,123 427,123 427,123 427,123 417,123 417,123 418,123 418,123 5,087,473 70.5%$25,956 $25,956.50 $38.12 Potential Food Revenue 177,069 177,069 177,069 177,069 177,069 177,069 177,069 177,069 177,069 177,069 177,069 177,069 2,124,831 29.5%$10,841 $10,840.97 $15.92 Total Potential Revenue 604,192 604,192 604,192 604,192 604,192 604,192 604,192 604,192 594,192 594,192 595,192 595,192 7,212,304 100.0%$36,797 $36,797.47 $54.04 Non-Rev/Vacancy Loss Room -19,829 -19,829 -19,829 -19,829 -19,829 -19,829 -19,829 -19,829 -19,829 -412,952 -412,952 -19,829 -1,024,196 -14.2%-$5,225 -$5,225.49 -$7.67 Non-Rev/Vacancy Loss Food -8,418 -8,418 -8,418 -8,418 -8,418 -8,418 -8,418 -8,418 -8,418 -175,299 -175,299 -8,418 -434,773 -6.0%-$2,218 -$2,218.23 -$3.26 Total Non-Rev/Vacancy Loss -28,247 -28,247 -28,247 -28,247 -28,247 -28,247 -28,247 -28,247 -28,247 -588,250 -588,250 -28,247 -1,458,969 -20.2%-$7,444 -$7,443.72 -$10.93 Budget Contract - Room 407,293 407,293 407,293 407,293 407,293 407,293 407,293 407,293 397,293 4,171 5,171 398,293 4,063,277 56.3%$20,731 $20,731.00 $30.45 Budget Contract - Food 168,652 168,652 168,652 168,652 168,652 168,652 168,652 168,652 168,652 1,771 1,771 168,652 1,690,058 23.4%$8,623 $8,622.74 $12.66 Concessions -8,000 -8,000 -8,000 -8,000 -8,000 -8,000 -8,000 -8,000 -8,000 -8,000 -80,000 TSHA Incremental Sch. (50)-18,500 -18,500 -18,500 -18,500 -18,500 -18,500 -18,500 -18,500 -18,500 -18,500 -185,000 -3.2%-$944 -$340.07 -$1.39 Payplan Charge/Discount -28,857 -28,857 -28,857 -28,857 -28,857 -28,857 -28,857 -28,857 -28,857 -29,149 -288,858 -4.0%-$1,474 -$1,473.77 -$2.16 Total Contract Revenue 520,589 520,589 520,589 520,589 520,589 520,589 520,589 520,589 510,589 5,942 6,942 511,296 5,199,477 72.1%$26,528 $26,527.94 $38.96 Other Revenues Parking Lot - Contract 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 0 0 4,000 40,000 0.7%$204 $73.53 $0.30 Conference/Camp - Food 0 0 0 0 0 0 0 0 0 110,000 107,000 6,500 223,500 3.9%$1,140 $410.85 $1.67 Conference/Camp - Room 0 0 0 0 0 0 0 0 0 110,000 107,000 6,500 223,500 3.9%$1,140 $410.85 $1.67 Damages Recovered 500 1,000 500 250 300 300 300 300 6,000 5,000 1,000 500 15,950 0.3%$81 $29.32 $0.12 Application Fess 0 0 0 1,000 2,000 3,000 5,000 7,000 7,000 0 0 0 25,000 0.4%$128 $45.96 $0.19 Accelertated Rent 0 0.0%$0 $0.00 $0.00 Cancellation Fess 0 0 0 2,500 1,500 500 0 0 0 1,000 6,500 12,000 0.2%$61 $22.06 $0.09 Late Charges 125 125 125 125 125 125 125 125 125 125 125 125 1,500 0.0%$8 $2.76 $0.01 Outside Board Contracts 0 0.0%$0 $0.00 $0.00 Cash Food Sales 0 0.0%$0 $0.00 $0.00 Vending Commissions 100 100 100 100 100 100 100 700 0.0%$4 $1.29 $0.01 Wash Mach Commissions 1,300 1,300 900 900 1,000 1,100 900 500 500 0 0 1,600 10,000 0.2%$51 $18.38 $0.07 Telephone Commissions 0 0.0%$0 $0.00 $0.00 Interest Income 90 200 190 140 0 0 0 100 100 100 100 0 1,020 0.0%$5 $1.88 $0.01 Catering 0 0 0 0 500 500 500 500 0 0 0 0 2,000 0.0%$10 $3.68 $0.01 Returned Check/Late Fees 25 25 25 25 25 25 25 25 25 25 25 25 300 0.0%$2 $0.55 $0.00 Banquets 0 0.0%$0 $0.00 $0.00 Other - Food 0 0.0%$0 $0.00 $0.00 Guest/Transient Income 8,000 150 1,450 800 2,500 2,500 1,000 1,300 1,034 250 100 14,000 33,084 0.6%$169 $60.82 $0.25 Retained Fees 0 0.0%$0 $0.00 $0.00 Miscellaneous Income 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 Transaction Fee 500 200 200 200 200 200 200 200 500 1,000 1,000 650 5,050 0.1%$26 $9.28 $0.04 0.0%$0 $0.00 $0.00 Total Other Revenue 14,740 7,100 7,590 10,040 12,350 12,350 12,250 14,150 19,384 226,700 217,550 40,600 594,804 10.3%$3,035 $1,093.39 $4.46 Total Revenue 535,329 527,689 528,179 530,629 532,939 532,939 532,839 534,739 529,973 232,642 224,492 551,896 5,794,281 100.0%$29,563 $10,651.25 $43.42 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Food Department Food Cost Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Beverages 5,022 5,080 4,312 2,902 2,910 4,899 4,122 5,012 2,435 3,625 3,625 2,903 46,847 0.8%$239 $86.12 $0.35 Baked Goods 2,292 2,318 2,054 1,338 1,322 2,236 1,837 2,283 1,116 1,667 1,667 1,339 21,469 0.4%$110 $39.47 $0.16 Dairy 5,925 4,775 4,617 2,212 2,783 3,774 3,084 4,317 2,513 2,778 2,778 2,214 41,770 0.7%$213 $76.78 $0.31 Milk 1,634 1,665 1,475 1,012 1,012 1,595 1,316 1,628 811 1,190 1,190 1,012 15,540 0.3%$79 $28.57 $0.12 Meats 15,748 15,040 15,012 9,326 10,024 15,784 13,078 15,784 8,887 12,247 12,247 10,124 153,301 2.6%$782 $281.80 $1.15 Frozen Goods 6,578 5,863 5,247 3,677 3,585 5,656 4,667 5,758 4,002 5,724 6,845 3,679 61,281 1.1%$313 $112.65 $0.46 Accompaniments 14,578 9,952 9,702 4,891 4,905 8,359 6,836 8,546 4,121 6,224 6,247 4,894 89,255 1.5%$455 $164.07 $0.67 Produce 3,707 3,749 3,890 2,265 2,271 3,617 2,990 3,692 1,825 2,691 2,691 2,266 35,654 0.6%$182 $65.54 $0.27 Total Food Cost 55,484 48,442 46,309 27,623 28,812 45,920 37,930 47,020 25,710 36,146 37,290 28,431 465,117 8.0%$2,373 $854.99 $3.49 Food Department Payroll Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Salaries/Wages 31,500 31,500 41,254 30,145 12,098 27,011 31,079 29,001 29,073 40,001 31,092 29,023 362,777 6.3%$1,851 $666.87 $2.72 Benefits & Taxes 8,975 8,745 10,988 9,008 4,858 7,713 8,648 8,170 8,417 10,700 8,881 8,175 103,279 1.8%$527 $189.85 $0.77 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Vacation Pay 0 0 0 3,200 0 0 3,200 0 876 876 0 0 8,152 0.1%$42 $14.99 $0.06 Holiday Pay 1,000 0 0 2,500 2,500 0 0 0 1,000 0 1,000 0 8,000 0.1%$41 $14.71 $0.06 Sick Pay 0 0 496 424 440 472 424 410 119 1,500 440 0 4,725 0.1%$24 $8.69 $0.04 Bonus 0 5,000 0 0 0 0 0 0 0 0 0 5,000 0.1%$26 $9.19 $0.04 Contract Labor 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Total Payroll 41,475 45,245 52,738 45,277 19,896 35,196 43,351 37,581 39,485 53,077 41,413 37,198 491,933 8.5%$2,510 $904.29 $3.69 Food Department Food Department Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Pest Control 110 110 110 110 110 110 110 110 110 110 110 110 1,320 0.0%$7 $2.43 $0.01 Linen Laundry/Rental 350 350 350 255 170 350 350 350 255 350 350 255 3,735 0.1%$19 $6.87 $0.03 Uniforms 0 0 0 0 1,000 0 0 0 0 0 0 800 1,800 0.0%$9 $3.31 $0.01 Dining Room Supplies 1,200 350 350 350 350 350 350 350 350 350 350 650 5,350 0.1%$27 $9.83 $0.04 Decorations 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 Kitchen Supplies 600 450 450 100 600 450 300 450 100 450 450 400 4,800 0.1%$24 $8.82 $0.04 China/Glass/Silver 1,000 0 0 0 1,000 0 0 0 0 500 0 1,000 3,500 0.1%$18 $6.43 $0.03 Cleaning Supplies 1,350 1,200 1,000 600 935 800 800 800 1,200 750 750 900 11,085 0.2%$57 $20.38 $0.08 Contract Cleaning 482 357 312 494 1,000 297 128 295 400 0 0 0 3,765 0.1%$19 $6.92 $0.03 Paper 500 500 500 250 250 500 500 500 350 500 500 350 5,200 0.1%$27 $9.56 $0.04 Equipment Rental 300 300 300 300 300 300 300 300 300 300 300 300 3,600 0.1%$18 $6.62 $0.03 Other Expense 500 500 500 500 1,000 500 500 500 500 500 1,000 500 7,000 0.1%$36 $12.87 $0.05 Total Other Expense 6,492 4,217 3,972 3,059 6,815 3,757 3,438 3,755 3,665 3,910 3,910 5,365 52,355 0.9%$267 $96.24 $0.39 Total Food Expense 103,451 97,904 103,019 75,959 55,523 84,873 84,719 88,356 68,860 93,133 82,613 70,994 1,009,405 17.4%$5,150 $1,855.52 $7.56 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Gen & Admn Dept Payroll Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Salaries/Wages 13,385 13,385 13,385 20,077 13,385 13,385 13,385 13,385 13,385 20,077 13,385 13,385 174,000 3.0%$888 $319.85 $1.30 Benefits & Taxes 3,598 3,598 3,598 5,138 3,598 3,598 3,598 3,598 3,598 5,138 3,598 3,598 46,260 0.8%$236 $85.04 $0.35 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Vacation Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Holiday Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Bonus 0 0 7,000 0 0 0 0 0 0 0 0 0 7,000 0.1%$36 $12.87 $0.05 Total Payroll 16,983 16,983 23,983 25,215 16,983 16,983 16,983 16,983 16,983 25,215 16,983 16,983 227,260 3.9%$1,159 $417.76 $1.70 Management Fee Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Management Fee 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 280,800 4.8%$1,433 $516.18 $2.10 Gen & Admn Dept Other Expense Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Equipment Lease 750 1,550 1,490 1,035 2,992 2,469 740 1,392 845 740 1,177 2,106 17,286 0.3%$88 $31.78 $0.13 Computer & Software Maint 150 150 150 150 150 1,750 150 150 150 150 150 150 3,400 0.1%$17 $6.25 $0.03 Audit 3,150 7,150 10,300 0.2%$53 $18.93 $0.08 Other Professional Expense 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 Taxes, Licenses & Fees 500 200 200 200 200 200 200 200 200 2,100 0.0%$11 $3.86 $0.02 Resident Screening 500 500 500 1,000 1,000 1,000 1,000 500 500 6,500 0.1%$33 $11.95 $0.05 Hotel Tax Expense 0 0.0%$0 $0.00 $0.00 Property Insurance 0 0.0%$0 $0.00 $0.00 Telephone - Ld 400 400 400 400 400 400 400 400 500 500 500 400 5,100 0.1%$26 $9.38 $0.04 Telephone - Local 650 650 650 650 650 650 650 650 800 800 800 650 8,250 0.1%$42 $15.17 $0.06 Office Supplies 900 900 900 500 500 900 900 900 900 900 900 900 10,000 0.2%$51 $18.38 $0.07 Postage 150 150 700 700 600 700 700 700 700 700 700 300 6,800 0.1%$35 $12.50 $0.05 Dues/Subscriptions 75 75 75 75 75 75 75 75 75 75 75 75 900 0.0%$5 $1.65 $0.01 Travel-Local Supervision 150 150 150 150 150 150 150 150 150 150 150 150 1,800 0.0%$9 $3.31 $0.01 TSHA Admin Fee 10,270 10,270 10,270 10,270 10,270 10,270 10,270 10,270 10,270 3,219 3,219 3,219 102,084 1.8%$521 $187.65 $0.76 Legal Fees 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 102,000 1.8%$520 $187.50 $0.76 Recruiting Expense 0 0.0%$0 $0.00 $0.00 Training Expense 1,500 1,000 2,500 0.0%$13 $4.60 $0.02 Security Service 0 0.0%$0 $0.00 $0.00 Collection Expense 0 0.0%$0 $0.00 $0.00 Bad Debt Expense 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 2.1%$612 $220.59 $0.90 Other G&A Expense 100,000 200 200 200 200 200 200 200 200 200 200 80,000 182,000 3.1%$929 $334.56 $1.36 Uniforms 1,500 2,500 4,000 0.1%$20 $7.35 $0.03 Bank Service Charges 2,100 1,500 1,300 1,100 1,700 1,500 1,100 1,200 1,000 950 550 1,400 15,400 0.3%$79 $28.31 $0.12 Courtesy Officer 4,200 4,200 4,200 5,300 4,800 4,150 4,150 4,150 5,100 4,200 4,200 4,200 52,850 0.9%$270 $97.15 $0.40 Credit Card Fees 0 0.0%$0 $0.00 $0.00 Rent Refunds/Prepaids 10,000 1,000 1,000 1,000 0 0 1,000 1,000 15,000 0.3%$77 $27.57 $0.11 Total Other Expense 149,895 39,795 40,085 44,280 49,937 42,514 39,285 40,037 41,990 32,384 32,921 116,350 669,470 11.6%$3,416 $1,230.64 $5.02 0.0%$0 $0.00 $0.00 Total G&A Expenses 166,878 56,778 64,068 69,494 66,920 59,497 56,268 57,020 58,973 57,599 49,904 133,333 896,730 15.5%$4,575 $1,648.40 $6.72 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Marketing Dept Other Expense Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Outdoor Advertising 0 0.0%$0 $0.00 $0.00 Direct Mail 3,000 4,000 5,000 8,000 5,000 25,000 0.4%$128 $45.96 $0.19 News/Magazines 350 550 550 1,000 2,500 2,500 2,500 2,500 750 0 0 0 13,200 0.2%$67 $24.26 $0.10 Radio/Tv Advertising 3,300 3,300 0.1%$17 $6.07 $0.02 Brochures 2,000 15,000 750 17,750 0.3%$91 $32.63 $0.13 Promotion - External 1,200 5,000 100 6,300 0.1%$32 $11.58 $0.05 Lease Comm. - Residential 250 250 250 250 250 1,250 0.0%$6 $2.30 $0.01 Web Adv/Presence 800 800 800 800 800 800 800 800 800 800 800 800 9,600 0.2%$49 $17.65 $0.07 Other Expense 11,000 200 200 300 300 300 300 12,600 0.2%$64 $23.16 $0.09 Total Marketing Expenses 14,150 1,550 17,750 2,350 6,550 16,900 8,650 11,850 6,850 800 800 800 89,000 1.5%$454 $163.60 $0.67 Residence Life & Student Development Other Expense Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Res. Life & Dev.2,100 2,100 2,100 1,000 3,600 2,300 1,700 1,650 1,600 1,900 20,050 0.3%$102 $36.86 $0.15 Total Res. Life 2,100 2,100 2,100 1,000 3,600 2,300 1,700 1,650 1,600 1,900 20,050 0.3%$102 $36.86 $0.15 Telecom Expenses Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF 0.0%$0 $0.00 $0.00 Telecom 500 500 500 500 500 500 500 500 500 500 500 500 6,000 0.1%$31 $11.03 $0.04 Residential Long Distance 0 0.0%$0 $0.00 $0.00 Data 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 2.1%$612 $220.59 $0.90 Cable TV 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 2.1%$612 $220.59 $0.90 Total Telecom Expense 20,500 20,500 20,500 20,500 20,500 20,500 20,500 20,500 20,500 20,500 20,500 20,500 246,000 4.2%$1,255 $452.21 $1.84 Utilities/Energy Expenses Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF 0.0%$0 $0.00 $0.00 Electric - Public 27,458 25,345 27,012 11,390 10,087 16,784 15,175 18,390 20,478 25,897 24,741 28,471 251,228 4.3%$1,282 $461.82 $1.88 Electric - Residential 13,679 10,658 11,078 7,112 7,456 8,856 8,278 9,727 10,124 12,412 12,088 12,547 124,015 2.1%$633 $227.97 $0.93 Electric - Resident Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Fuel (Gas)5,033 4,365 4,698 3,703 2,249 3,713 4,061 3,907 3,538 3,036 5,238 5,255 48,796 0.8%$249 $89.70 $0.37 Sewer 3,675 3,375 3,475 3,675 2,975 3,675 3,375 3,175 3,345 3,175 3,275 3,175 40,370 0.7%$206 $74.21 $0.30 Water 3,657 3,938 3,900 3,300 2,700 3,500 2,899 3,600 2,584 2,671 2,500 2,390 37,639 0.6%$192 $69.19 $0.28 Total Utility Expense 53,502 47,681 50,163 29,180 25,467 36,528 33,788 38,799 40,069 47,191 47,842 51,838 502,048 8.7%$2,561 $922.88 $3.76 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Rep/Maint Dept Payroll Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Salaries/Wages 8,500 8,500 8,500 12,750 8,500 8,500 8,500 8,500 8,500 12,750 8,500 8,500 110,500 1.9%$564 $203.13 $0.83 Benefits & Taxes 2,735 2,735 2,735 3,712 2,735 2,735 2,735 2,735 2,735 3,712 2,735 2,735 34,775 0.6%$177 $63.92 $0.26 Employee Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Vacation Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Holiday Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Sick Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Other Benefits 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Total Payroll 11,235 11,235 11,235 16,462 11,235 11,235 11,235 11,235 11,235 16,462 11,235 11,235 145,275 2.5%$741 $267.05 $1.09 Housekeepers Payroll Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Salaries/Wages 646 646 646 969 646 646 646 646 646 969 646 646 8,400 0.1%$43 $15.44 $0.06 Benefits & Taxes 149 149 149 223 149 149 149 149 149 223 149 149 1,932 0.0%$10 $3.55 $0.01 Contract Housekeeping 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 11,100 133,200 2.3%$680 $244.85 $1.00 Vacation Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Holiday Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Sick Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Other Benefits 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Total Payroll 11,895 11,895 11,895 12,292 11,895 11,895 11,895 11,895 11,895 12,292 11,895 11,895 143,532 2.5%$732 $263.85 $1.08 Rep/Maint Dept Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF 0.0%$0 $0.00 $0.00 Waste Removal 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 15,960 0.3%$81 $29.34 $0.12 Rooms Supplies 0 0.0%$0 $0.00 $0.00 Cleaning Supplies 900 850 1,100 1,100 1,100 750 1,100 750 2,650 2,650 2,650 900 16,500 0.3%$84 $30.33 $0.12 Contract Cleaning 0 0.0%$0 $0.00 $0.00 Equipment Rental 0 0.0%$0 $0.00 $0.00 Pest Control 300 300 300 300 300 300 300 300 300 300 300 300 3,600 0.1%$18 $6.62 $0.03 Other Expense 40 40 40 40 40 40 40 40 40 40 40 40 480 0.0%$2 $0.88 $0.00 Buildings Maintenance 2,000 350 350 350 350 350 350 350 2,000 2,000 2,000 200 10,650 0.2%$54 $19.58 $0.08 Food Service Equip Repair 1,000 1,000 1,000 1,000 1,600 1,000 1,000 1,000 1,000 1,600 1,000 1,000 13,200 0.2%$67 $24.26 $0.10 Drive/Park Lot Maint.100 100 100 100 100 100 100 100 100 4,500 100 100 5,600 0.1%$29 $10.29 $0.04 Elevator Maintenance 1,750 630 800 1,750 800 800 1,750 630 800 1,750 800 630 12,890 0.2%$66 $23.69 $0.10 Laundry Equip. Maint.0 0.0%$0 $0.00 $0.00 Hvac Maintenance 1,500 1,000 800 800 800 1,000 1,000 1,000 1,500 1,500 1,500 1,500 13,900 0.2%$71 $25.55 $0.10 Carpet/Drapery Cleaning 500 0 500 0 500 0 500 0 5,000 5,000 5,000 0 17,000 0.3%$87 $31.25 $0.13 Plumbing 1,000 500 1,000 500 1,000 500 1,000 500 1,000 500 1,000 1,000 9,500 0.2%$48 $17.46 $0.07 Grounds/Landscaping 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 0.4%$122 $44.12 $0.18 Swimming Pool 800 400 400 400 400 400 400 400 800 400 400 800 6,000 0.1%$31 $11.03 $0.04 Furniture Repair 2,500 2,500 1,500 6,500 0.1%$33 $11.95 $0.05 Maint. Equip. Repair 175 175 175 175 175 175 175 175 175 175 175 175 2,100 0.0%$11 $3.86 $0.02 Fire Equipment Repair 1,300 150 150 150 150 150 150 1,500 150 150 150 150 4,300 0.1%$22 $7.90 $0.03 Carpet Repl./Repair 0 0.0%$0 $0.00 $0.00 Rec. Equip. Repair 500 200 500 200 500 200 500 200 500 200 200 500 4,200 0.1%$21 $7.72 $0.03 Maintenance Supplies 700 700 700 400 700 500 500 500 900 1,000 1,000 1,000 8,600 0.1%$44 $15.81 $0.06 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Light Bulbs 750 350 350 350 350 350 350 350 750 750 750 550 6,000 0.1%$31 $11.03 $0.04 Paint/Decorating 100 100 100 100 1,000 100 100 100 8,000 8,000 8,000 100 25,800 0.4%$132 $47.43 $0.19 Other Expense 0 0.0%$0 $0.00 $0.00 Uniforms 500 500 1,000 0.0%$5 $1.84 $0.01 Appliances 175 175 175 175 175 175 175 175 175 175 175 175 2,100 0.0%$11 $3.86 $0.02 Boilers 2,000 2,000 2,000 2,000 8,000 0.1%$41 $14.71 $0.06 Locks & Keys 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.0%$6 $2.21 $0.01 0 0.0%$0 $0.00 $0.00 Total Other Expenses 19,020 10,450 11,970 13,320 13,970 10,320 12,920 13,500 31,770 36,620 32,170 13,050 219,080 3.8%$1,118 $402.72 $1.64 0.0%$0 $0.00 $0.00 Total Rep/Maint. Expenses 42,150 33,580 35,100 42,075 37,100 33,450 36,050 36,630 54,900 65,375 55,300 36,180 507,887 8.8%$2,591 $933.62 $3.81 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 2.4%$707 $254.57 $1.04 Taxes/Insurance/Reserves TOTAL %Per Unit Per Bed PSF Repair & Replacement Reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Operating Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Sales Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Hotel Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0%$0 $0.00 $0.00 Insurance 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 47,385 0.8%$242 $87.10 $0.36 Total Reserves, Taxes and Insurance 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 3,949 47,385 0.8%$242 $87.10 $0.36 Net Operating Income before Other Operating Expenses 16,764 240,247 208,130 262,722 239,931 251,543 263,815 252,585 250,873 -79,305 -59,816 209,002 2,056,491 35.5%$10,492 $3,780.31 $15.41 Other Expenses Bad Debt - Prior Year 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 2.1%$612 $220.59 $0.90 Net Operating Income 6,764 230,247 198,130 252,722 229,931 241,543 253,815 242,585 240,873 -89,305 -69,816 199,002 1,936,491 33.4%$9,880 $3,559.73 $14.51 CAMBRIDGE @ COLLEGE STATION, TEXAS Operating Budget Summary Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 TOTAL %Per Unit Per Bed PSF Total Revenue 535,329 527,689 528,179 530,629 532,939 532,939 532,839 534,739 529,973 232,642 224,492 551,896 5,794,281 100.0%$29,563 $10,651.25 $43.42 Total Expenses 518,564 287,441 320,049 267,907 293,008 281,396 269,023 282,153 279,100 311,947 284,308 342,894 3,737,790 64.5%$19,070 $6,870.94 $28.01 Net Operating Income 16,764 240,247 208,130 262,722 239,931 251,543 263,815 252,585 250,873 -79,305 -59,816 209,002 2,056,491 35.5%$10,492 $3,780.31 $15.41 TOTAL Repair & Replacement Reserve 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 113,400 2.0%$579 $208.46 $0.85 Less: Proposed Capital Electronic door locks 73,500 73,500 1.3%$375 $135.11 $0.55 Updating lobby décor and furniture 15,000 15,000 0.3%$77 $27.57 $0.11 Updating café décor 1,000 1,000 0.0%$5 $1.84 $0.01 New computer for the computer lab 16,000 16,000 0.3%$82 $29.41 $0.12 Resurafce pool 10,000 10,000 0.2%$51 $18.38 $0.07 Carpet Replacement 10,000 10,000 0.2%$51 $18.38 $0.07 Furniture 7500 7,500 0.1%$38 $13.79 $0.06 Pool Furniture 40,000 Couch and Sofa Chair 30,000 30,000 0.5%$153 $55.15 $0.22 Total Capital Disubursements 195,500 - - - - - - - - - 0 7,500 203,000 3.5%$1,036 $373.16 $1.52 NET REPAIR/REPLACEMENT (186,050)9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 9,450 1,950 -89,600 -1.5%-$457 -$164.71 -$0.67