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HomeMy WebLinkAbout2014-2015 Cambridge Budget FINAL6/5/2014 Page 1of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed Unit Projected Beds-->525 525 525 525 525 525 525 525 525 5 5 525 OCCUPANCY %99.00%99.00%99.00%99.00%99.00%99.00%99.00%99.00%99.00%1.00%1.00%99.00%82.67% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 440,546 440,546 440,546 440,546 440,546 440,546 440,546 440,546 440,546 440,546 440,546 440,546 5,286,549 9,975 30,037 Food Revenue 5005-0100 187,012 187,012 187,012 187,012 187,012 187,012 187,012 187,012 187,012 187,012 187,012 187,012 2,244,147 4,234 12,751 Contract Gain (Loss) to Lease 5010-0000 (27,021) (27,021) (27,021) (27,021) (27,021) (27,021) (27,021) (27,021) (27,021) - - (27,021) (270,207) (510) (1,535) Total Gross Potential Rent 600,537 600,537 600,537 600,537 600,537 600,537 600,537 600,537 600,537 627,558 627,558 600,537 7,260,489 13,699 41,253 Economic Variances Concessions - New Leases 5030-0200 (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) - - (6,000) (60,000) (113) (341) Bad Debt 5025-0000 (4,978) (4,978) (4,978) (4,978) (4,978) (4,978) (4,978) (4,978) (4,978) (4,978) (4,978) (4,978) (59,738) (113) (339) TSHA Incremental Scholarship 5064-0000 (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) - - (19,050) (190,500) (359) (1,082) Vacancy Loss 5065-0000 (30,021) (30,021) (30,021) (30,021) (30,021) (30,021) (30,021) (30,021) (30,021) (621,282) (621,282) (30,021) (1,542,771) (2,911) (8,766) Total Economic Variances (60,049) (60,049) (60,049) (60,049) (60,049) (60,049) (60,049) (60,049) (60,049) (626,261) (626,261) (60,049) (1,853,009) (3,496) (10,528) 86.37%86.37%86.37%86.37%86.37%86.37%86.37%86.37%86.37%-42.16%-42.16%86.37%64.95% NET RENTAL INCOME 540,489 540,489 540,489 540,489 540,489 540,489 540,489 540,489 540,489 1,297 1,297 $540,489 $5,407,481 $10,203 $30,724 74.5% Other Operating Income Application Fees 5220-0000 - - - 500 500 1,000 2,000 5,000 5,000 - - - 14,000 26 80 Banquet/Catering Income 5227-0000 - - - - - - - - - - - - - - - Camp - Food 5231-0100 - - - - - - - - - 95,000 95,000 - 190,000 358 1,080 Camp - Room 5231-0200 - - - - - - - - - 101,500 101,500 - 203,000 383 1,153 Cancellation Fees 5232-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 350 350 350 250 350 350 350 300 4,500 2,500 1,000 350 11,000 21 63 Carport/Garages/Parking Income 5235-0000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 - - 3,500 35,000 66 199 Key & Access Card Income 5290-0000 - - - - - - - - - - - - - - - Laundry Income 5300-0000 1,300 1,300 900 900 1,000 1,100 900 500 500 - - 1,600 10,000 19 57 Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 225 225 225 225 225 225 225 225 - - 225 225 2,250 4 13 Meals - Transient 5312-0000 2,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 2,000 250 100 20,000 33,100 62 188 Meals - Others 5313-0000 - - - - - - - - - - - - - - - NSF Check Fees 5325-0000 25 25 25 25 25 25 25 25 - - 25 25 250 0 1 Outside Board Sales 5327-0000 - - - - - - - - - - - - - - - Premium Fees 5335-0000 - - - - - - - - - - - - - - - Relet/Cancellation Fees 5340-0000 - - - 2,250 1,500 750 - - - - 1,500 6,750 12,750 24 72 Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 50 - 50 - 50 - 50 - - 100 100 100 500 1 3 Miscellaneous Income 5315-0000 510 510 510 510 510 510 510 510 510 510 510 510 6,120 12 35 RUBS Income - Electric 5370-0100 - - - - - - - - - (0) 0 - (0) (0) (0) RUBS Income - Water 5370-0300 - - - - - - - - - (0) 1,028 - 1,028 2 6 Telephone Income 5372-0000 - - - - - - - - - - - - - - - Transient Income 5374-0000 - - - - - - - - - - - - - - - Interest Income 5285-0000 90 200 190 140 - - - 100 100 100 100 - 1,020 2 6 Total Other Operating Income 8,050 7,360 7,000 9,550 8,910 8,710 8,810 11,410 16,110 199,960 201,088 33,060 520,018 981 2,955 7.2% EFFECTIVE GROSS INCOME 548,539 547,849 547,489 550,039 549,399 549,199 549,299 551,899 556,599 201,257 202,385 573,549 5,927,498 11,184 33,679 Account Descriptions 6/5/2014 6/5/2014 Page 2of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 81.6% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - 7,500 3,500 - - - - - - - - 11,000 21 63 Legal 6002-0300 18,500 18,500 18,500 18,500 18,500 18,500 18,500 18,500 18,500 18,500 18,500 18,500 222,000 419 1,261 Bank Charges/Fees 6005-0000 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 19,583 37 111 Data Processing/Computer Expense 6030-0000 662 662 662 662 662 1,212 662 882 662 662 662 662 8,714 16 50 Collection & Eviction Processing 6020-0000 - - - - - - - - - - - - - - - Resident Screening 6095-0000 - - - 500 500 600 600 600 600 600 500 500 5,000 9 28 Dues & Subscriptions 6035-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Equipment & Supplies 6045-0000 900 900 900 900 500 500 900 900 900 900 900 900 10,000 19 57 Postage & Delivery 6070-0000 150 150 600 600 600 600 600 600 600 600 600 300 6,000 11 34 Licenses, Fees & Permits 6060-0000 - - - 500 200 200 200 200 200 200 200 200 2,100 4 12 Professional Fees 6080-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Rent Refunds - Residents 6090-0000 1,000 - - 1,000 - - - - - - 1,000 1,000 4,000 8 23 Telephone 6105-0000 1,200 1,200 1,200 1,200 1,200 1,300 1,500 1,500 1,500 1,300 1,400 1,300 15,800 30 90 Telephone-Answering Service 6110-0000 - - - - - - - - - - - - - - - Training 6115-0000 649 199 49 49 699 49 49 199 649 49 199 49 2,891 5 16 Travel 6120-0000 500 150 500 150 500 500 150 500 150 150 150 500 3,900 7 22 Uniforms 6135-0000 - - - - 500 - - - - - - 4,500 5,000 9 28 Miscellaneous 6065-0000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 5 14 Total General & Administrative 25,593 23,793 31,943 29,593 25,893 25,493 25,193 25,913 25,793 24,993 26,143 30,443 320,789 605 1,823 5.4% Food Department Accompaniments 6155-0000 10,390 9,087 8,692 5,235 5,455 8,620 7,142 8,824 4,881 6,812 7,024 5,385 87,547 165 497 Baked Goods 6156-0000 2,808 2,456 2,349 1,415 1,474 2,330 1,930 2,385 1,319 1,841 1,898 1,455 23,660 45 134 Beverages 6157-0000 5,054 4,421 4,229 2,547 2,654 4,194 3,475 4,293 2,375 3,314 3,417 2,620 42,593 80 242 Dairy 6158-0000 4,774 4,175 3,994 2,405 2,506 3,961 3,282 4,054 2,243 3,130 3,228 2,474 40,226 76 229 Food Cost 6159-0000 - - - - - - - - - - - - - - - Frozen Goods 6160-0000 6,065 5,305 5,074 3,056 3,185 5,032 4,169 5,151 2,850 3,977 4,100 3,144 51,108 96 290 Ice Cream 6161-0000 - - - - - - - - - - - - - - - Meats 6162-0000 19,656 17,191 16,445 9,905 10,321 16,309 13,512 16,694 9,235 12,888 13,288 10,187 165,631 313 941 Milk 6163-0000 1,966 1,719 1,644 990 1,032 1,631 1,351 1,669 924 1,289 1,329 1,019 16,563 31 94 Produce 6164-0000 5,448 4,764 4,558 2,745 2,860 4,520 3,745 4,627 2,559 3,572 3,683 2,823 45,904 87 261 China/Glass/Silver 6171-0000 1,000 - - - 1,000 - - - - 500 - 1,000 3,500 7 20 Contract Cleaning 6172-0000 450 350 300 500 1,000 300 100 250 400 500 500 1,350 6,000 11 34 Decorations 6173-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Equipment Rental 6174-0000 225 225 225 225 225 225 225 225 225 225 225 225 2,700 5 15 Kitchen Equipment Repair 6175-0000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 27 82 Linen Laundry/Rental 6176-0000 350 350 350 255 170 350 350 350 255 350 350 255 3,735 7 21 Other Expense 6178-0000 425 425 425 425 750 425 425 425 425 425 750 425 5,750 11 33 Linen Replacement 6177-0000 - - - - - - - - - - - - - - - Paper 6179-0000 500 500 500 250 250 500 500 500 350 500 500 350 5,200 10 30 Supplies 6180-0000 - - - - - - - - - - - - - - - Supplies - Cleaning 6180-0100 1,350 1,200 1,000 600 935 800 800 800 1,200 750 750 900 11,085 21 63 Supplies - Dining Room 6180-0200 1,200 350 350 350 350 350 350 350 350 350 350 650 5,350 10 30 Supplies - Kitchen 6180-0300 600 450 450 100 600 450 300 450 100 450 450 400 4,800 9 27 Uniforms 6185-0000 - - - - 1,250 - - - - - - 1,250 2,500 5 14 Supplies - Laundry 6190-0000 - - - - - - - - - - - - - - - Total Food Department 63,561 54,268 51,885 32,303 37,317 51,297 42,956 52,347 30,991 42,173 43,142 37,212 539,452 1,018 3,065 9.1% Payroll & Benefits Office Salaries 6205-0000 15,250 15,250 15,250 22,875 15,250 15,250 15,250 15,250 15,250 15,250 22,875 15,274 198,272 374 1,127 Commissions 6265-0000 - - - - - - - - - - - - - - - Bonuses 6260-0000 - - 12,000 - - - - - - - - - 12,000 23 68 Maintenance 6225-0000 8,702 8,702 8,702 13,052 8,702 8,702 8,702 8,702 9,702 9,702 14,052 11,602 119,020 225 676 Food Service 6225-0700 34,459 32,984 33,480 43,592 16,727 33,456 37,476 33,394 33,103 36,028 35,019 33,984 403,699 762 2,294 Payroll Taxes 6270-0100 7,009 6,832 8,332 9,542 4,881 6,889 7,371 6,881 6,966 7,317 8,633 7,303 87,959 166 500 6/5/2014 Page 3of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 Worker's Compensation 6270-0200 3,966 3,866 4,714 5,399 2,762 3,898 4,171 3,894 3,942 4,140 4,885 4,132 49,770 94 283 Group Insurance 6280-0000 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 88,200 166 501 Employee Recruiting 6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 76,735 74,983 89,827 101,810 55,672 75,544 80,319 75,470 76,312 79,787 92,814 79,645 958,920 1,809 5,448 16.2% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 - - - - - - - - - - - - - - - Contract-Bus Service 6310-0000 125,000 - - - - - - - - - - - 125,000 236 710 Contract-Cleaning 6315-0000 11,000 10,500 10,500 10,500 10,500 10,500 10,500 10,500 10,500 10,500 10,500 11,000 127,000 240 722 Contract-Elevator 6325-0000 2,000 625 625 2,000 625 625 2,000 625 625 2,000 625 625 13,000 25 74 Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 2,000 2,000 2,000 2,000 2,000 3,000 2,000 2,000 2,000 2,000 2,000 2,500 25,500 48 145 Contract-Other Contract Services 6345-0000 1,250 1,000 2,000 1,300 2,500 1,000 1,500 2,000 1,850 1,200 1,100 1,850 18,550 35 105 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 4,200 4,200 4,200 5,300 4,800 4,150 4,150 4,150 5,100 4,200 4,200 4,200 52,850 100 300 Contract-Pest Control 6350-0000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 9 27 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,530 16,160 30 92 Total Contract Services 147,180 20,055 21,055 22,830 22,155 21,005 21,880 21,005 21,805 21,630 20,155 22,105 382,860 722 2,175 6/5/2014 Page 4of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 6.5% Repairs & Maintenance Appliances 6410-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 4 12 Blind/Drapes 6415-0000 - - - - - - - - - - - - - - - Boilers 6420-0000 500 500 1,000 1,000 1,000 1,000 1,000 500 500 500 500 1,000 9,000 17 51 Building - Interior 6425-0100 2,000 275 275 275 275 275 275 275 2,000 2,000 2,000 200 10,125 19 58 Building - Exterior 6425-0200 - - - - - - - - - - - - - - - Common Areas 6440-0000 - - - - - - - - - - - - - - - Doors/Windows 6450-0000 - - - - - - - - - - - - - - - Electrical 6455-0000 - - - - - - - - - - - - - - - Elevators 6460-0000 - - - - - - - - - - - - - - - Fencing & Gates 6470-0000 - - - - - - - - - - - - - - - Fire/Safety 6475-0000 2,300 150 150 150 150 150 150 2,500 150 150 150 150 6,300 12 36 Furniture 6478-0000 - - - - - - - - 2,250 2,250 1,250 - 5,750 11 33 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 - - - - - - - - - - - - - - - HVAC 6495-0000 4,000 2,200 1,000 1,000 1,000 1,400 1,100 1,100 2,400 3,000 3,000 4,000 25,200 48 143 Keys & Locks 6500-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 750 350 350 350 350 350 350 350 750 750 750 550 6,000 11 34 Miscellaneous 6525-0000 40 40 40 40 40 40 40 40 40 40 40 40 480 1 3 Painting 6530-0000 100 100 100 100 1,000 100 100 100 5,500 5,500 5,500 100 18,300 35 104 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 4,500 100 100 5,600 11 32 Plumbing 6540-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 7 20 Pools 6545-0000 800 400 400 400 400 400 400 400 800 400 400 800 6,000 11 34 Recreation 6550-0000 200 500 200 500 200 500 200 500 200 500 200 500 4,200 8 24 Roofs 6555-0000 - - - - - - - - - - - - - - - Signs 6560-0000 - - - - - - - - - - - - - - - Supplies 6570-0000 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 23 68 Tools 6575-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 4 12 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 12,540 6,365 5,365 5,665 6,265 6,065 5,465 7,615 16,440 21,340 15,640 9,190 117,955 223 670 2.0% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 500 - 500 - 500 - 500 - - - 5,000 10,000 17,000 32 97 Cleaning 6615-0000 - - - - - - - - - - - - - - - Painting 6635-0000 - - - - - - - - - - - - - - - Total Make-Ready Contract Services 500 - 500 - 500 - 500 - - - 5,000 10,000 17,000 32 97 Supplies Interior Repairs 6630-0000 - - - - - - - - - - - - - - - Appliance Supplies 6652-0000 - - - - - - - - - - - - - - - Cleaning Supplies 6655-0000 900 850 1,100 1,100 1,100 750 1,100 750 2,650 2,650 2,650 900 16,500 31 94 Paint Supplies 6660-0000 - - - - - - - - - - - - - - - Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies 900 850 1,100 1,100 1,100 750 1,100 750 2,650 2,650 2,650 900 16,500 31 94 Total Make-Ready Maintenance 1,400 850 1,600 1,100 1,600 750 1,600 750 2,650 2,650 7,650 10,900 33,500 63 190 6/5/2014 Page 5of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 0.6% Marketing Advertising Print 6705-0200 - - - - - - - - - - - - - - - Publications 6730-0000 - - - 1,000 1,000 2,000 2,000 1,000 - - - - 7,000 13 40 Direct Mail 6715-0000 - - - - - - 14,000 14,000 - - - - 28,000 53 159 Radio 6705-0300 - - - - - 3,500 500 - - - - - 4,000 8 23 Signs 6735-0000 500 - - - - - 2,500 - - - - - 3,000 6 17 Internet Ads 6720-0000 586 586 586 692 586 586 586 586 586 586 586 786 7,338 14 42 Other 6748-0000 30,000 - - - - 3,500 - - - - - - 33,500 63 190 Total Advertising 31,086 586 586 1,692 1,586 9,586 19,586 15,586 586 586 586 786 82,838 156 471 Other Marketing Brochures 6750-0000 1,000 - - 15,000 - 1,500 - - - - - - 17,500 33 99 Locator Fees 6760-0000 - - - - - - - - - - - - - - - Portal Expense 6770-0000 - - - - - - - - - - - - - - - Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 - - - - - 7,500 - - - - - - 7,500 14 43 Resident Activities/Tenant Relations 6790-0000 2,250 1,500 1,500 2,250 5,000 1,500 1,500 1,500 2,250 - - 1,750 21,000 40 119 Websites 6740-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 11 34 Total Other Marketing 3,750 2,000 2,000 17,750 5,500 11,000 2,000 2,000 2,750 500 500 2,250 52,000 98 295 Total Marketing 34,836 2,586 2,586 19,442 7,086 20,586 21,586 17,586 3,336 1,086 1,086 3,036 134,838 254 766 2.3% Cable & Internet Cable TV 6805-0000 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 66,000 125 375 Internet 6825-0000 6,200 6,200 6,200 6,200 6,200 6,200 6,200 6,200 6,200 6,200 6,200 6,200 74,400 140 423 Total Cable / Internet 11,700 11,700 11,700 11,700 11,700 11,700 11,700 11,700 11,700 11,700 11,700 11,700 140,400 265 798 2.4% Utilities Electricity Elec-Common Area 6910-0100 30,000 25,800 24,500 12,800 10,500 15,200 16,400 20,123 20,492 26,400 23,200 28,900 254,315 480 1,445 Elec-Residential Units 6910-0200 17,368 11,097 9,460 7,404 7,346 9,219 8,621 9,917 10,541 13,157 8,911 13,060 126,100 238 716 Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 47,368 36,897 33,960 20,204 17,846 24,419 25,021 30,040 31,033 39,557 32,111 41,960 380,415 718 2,161 Other Utilities - - Gas 6920-0000 4,450 4,450 4,450 4,000 3,000 5,000 5,000 3,350 3,350 3,750 3,750 4,450 49,000 92 278 Water / Sewer 6930-0000 7,136 7,136 7,346 6,407 6,296 6,926 6,506 6,506 6,506 6,360 6,360 6,034 79,520 150 452 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 11,586 11,586 11,796 10,407 9,296 11,926 11,506 9,856 9,856 10,110 10,110 10,484 128,520 242 730 Total Utilities 58,953 48,483 45,756 30,610 27,142 36,345 36,527 39,896 40,890 49,667 42,221 52,444 508,935 960 2,892 8.6% Management Fees 6990-0000 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 23,400 23,400 6/5/2014 Page 6of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 4.7% Taxes Property Taxes 7005-0000 - - - - - - - - - - - - - - - Personal Property Taxes 7010-0000 - - - - - - - - - - - - - - - Property Tax Consultant 7020-0000 - - - - - - - - - - - - - - - Franchise Taxes 7060-0000 - - - - - - - - - - - - - - - Total Taxes - - - - - - - - - - - - - - - 0.0% Insurance Ins-Property & Casualty Insurance 7105-0100 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 66,420 125 377 Total Insurance 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 5,535 66,420 125 377 1.1% TOTAL OPERATING EXPENSES 461,434 272,019 290,653 283,988 223,765 277,720 276,162 281,218 258,852 283,961 289,486 285,610 3,484,868 29,445 41,605 58.8% 87,104 275,830 256,836 266,050 325,633 271,478 273,137 270,681 297,746 (82,704) (87,101) 287,939 2,442,631 4,609 13,879 41.2% Debt Service Interest Expense 7210-0000 - - - - - - - - - - - - - - - Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - - - - - - - - - - - - - - Total Interest / Financing Costs - - - - - - - - - - - - - - - 0.0% Capital Improvements Washer/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 - - - - - - - - - - - - - - - Carpet/Vinyl/Tile 8315-1000 - - - - - - - - - - - 4,000 4,000 8 23 Furniture 8315-5000 112,000 - - - - - - - - - - - 112,000 211 636 Total Recurring Capital 112,000 - - - - - - - - - - 4,000 116,000 219 659 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 6/5/2014 Page 7of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 2.0% Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 - - - - - - - - - - - - - - - Bldg Impr - Bathroom Renovations 8315-0300 - - - - - - - - - - - - - - - Boilers 8315-0500 - - - - - - - - - - - - - - - Building 8315-0600 - - - - - - - - - - - - - - - Building - Exterior 8315-0700 - - - - - - - - - - - - - - - Building - Interior 8315-0800 - - - - - - - - - - - - - - - Building - Structural 8315-0900 - - - - - - - - - - - - - - - Clubhouse/Model 8315-1200 - - - - - - - - - - - - - - - Carports 8315-1100 - - - - - - - - - - - - - - - Computers 8315-4000 - - - - - - - - - - - - - - - Countertop/Sink/Cabinets 8315-1400 - - - - - - - - - - - - - - - Doors & Related Hardware 8315-1500 - - - - - - - - - - - - - - - Electrical 8315-1600 - - - - - - - - - - - - - - - Elevators 8315-1700 - - - - - - - - - - - - - - - Equipment (Office & Maintenance)8315-5100 - - - - - - - - - - - - - - - Fencing & Gates 8315-1800 - - - - - - - - - - - - - - - Fire/Safety 8315-1900 - - - - - - - - - - - - - - - Glass, Mirrors & Screens 8315-2000 - - - - - - - - - - - - - - - Golf Cart 8315-8100 - - - - - - - - - - - - - - - HVAC 8315-2100 - - - - - - - - - - - - - - - Keys & Locks 8315-2200 - - - - - - - - - - - - - - - Landscaping 8315-2300 - - - - - - - - - - - - - - - Light Fixtures 8315-2500 - - - - - - - - - - - - - - - Miscellaneous 8315-2700 - - - - - - - - - - - - - - - Painting (Exterior)8315-2900 - - - - - - - - - - - - - - - Parking Lot & Sidewalks 8315-3000 - - - - - - - - - - - - - - - Personal Property 8315-8000 - - - - - - - - - - - - - - - Plumbing 8315-3100 - - - - - - - - - - - - - - - Pools 8315-3200 - - - - - - - - - - - - - - - Pool Furniture 8315-5900 - - - - - - - - - - - - - - - Recreation/Amenity Areas 8315-3300 - - - - - - - - - - - - - - - Renovations (Units)8315-3400 - - - - - - - - - - - - - - - Roofs 8315-3600 - - - - - - - - - - - - - - - Signage 8315-3700 - - - - - - - - - - - - - - - Site Improvements 8315-3800 - - - - - - - - - - - - - - - Tenant Improvements 8315-3900 - - - - - - - - - - - - - - - Tubs/Showers 8315-3950 - - - - - - - - - - - - - - - Total Non Recurring Capital - - - - - - - - - - - - - - - 0.0% Escrow Accounts Tax Reserve 1080-0100 - - - - - - - - - - - - - - - Tax Funding 1080-0100 - - - - - - - - - - - - - - - Insurance Reserve 1080-0300 - - - - - - - - - - - - - - - Insurance Reserve Funding 1080-0300 - - - - - - - - - - - - - - - Replacement Reserve 1080-0400 - 88,485 - - 50,000 - - - - - - - 138,485 261 787 Replacement Reserve Reimb.1080-0400 - - - - - - - - - - - - - - - Net Escrow Activity - 88,485 - - 50,000 - - - - - - - 138,485 261 787 6/5/2014 Page 8of8 Cambridge at CS College Station, TX 77840 2014-2015 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 2.3% Other Expenses Accounting / Audit / Tax 8905-0000 - - - - - - - - - - - - - - - Administrative Expense 8910-0000 - - - - - - - - - - - - - - - Prior Year Operating Expenses 8965-0000 - - - - - - - - - - - - - - - Legal/LLC fees 8950-0000 - - - - - - - - - - - - - - - Travel 8995-0000 - - - - - - - - - - - - - - - Start Up Cost 8983-0000 - - - - - - - - - - - - - - - Miscellaneous 8960-0000 - - - - - - - - - - - - - - - Asset Management 8915-0000 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 128,640 243 731 Total Other Expenses 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 128,640 243 731 2.2% INCOME (LOSS) Before Depr / Amort (35,616) 176,625 246,116 255,330 264,913 260,758 262,417 259,961 287,026 (93,424) (97,821) 273,219 2,059,506 3,886 11,702 Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0% MONTHLY CASH FLOW (35,616) 176,625 246,116 255,330 264,913 260,758 262,417 259,961 287,026 (93,424) (97,821) 273,219 2,059,506 3,886 11,702 34.7% Cumulative Cash Flow Estimate (35,616) 141,009 387,125 642,456 907,369 1,168,127 1,430,544 1,690,505 1,977,532 1,884,108 1,786,287 2,059,506 2,059,506