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2014-2015 Denton Budget
6/4/2014 Page 1of5 Ridge at North Texas Denton, TX 76210 2014/2015 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2014/2015 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 841 841 841 841 823 823 823 823 823 823 823 823 OCCUPANCY %96.00%96.00%96.00%96.00%93.95%93.95%93.95%93.95%93.95%93.95%93.95%93.95%94.63% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 446,040 446,040 446,040 446,040 446,040 446,040 446,040 446,040 446,040 446,040 446,040 446,040 5,352,480 6,110 18,585 Contract Gain (Loss) to Lease 5010-0000 (440)(440)(440)(440)(440)(440)(440)(440)(440)(440)(12,750)(12,750)(29,900)(34)(104) Total Gross Potential Rent 445,600 445,600 445,600 445,600 445,600 445,600 445,600 445,600 445,600 445,600 433,290 433,290 5,322,580 6,076 18,481 Economic Variances Concessions - Amenity 5030-0050 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - Misc.5030-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - New Leases 5030-0200 (18,000)(18,000)(18,000)(18,000)(18,000)(18,000)(18,000)(18,000)(18,000)(18,000)(18,000)(18,000)(216,000)(247)(750) Concessions - Renewals 5030-0400 (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)(110)(333) Concessions - Schlrshps/Mstr Lease 5030-0500 (3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)0 0 (37,500)(43)(130) Down Units 5040-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Units 5045-0000 (12,375)(12,375)(12,375)(12,375)(12,375)(12,375)(12,375)(12,375)(12,375)(12,375)(12,375)(12,375)(148,500)(170)(516) Courtsey Officer Discount 5050-0000 (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)(23)(69) Model Units 5055-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debt 5025-0000 (12,500)(6,700)(6,700)(7,500)(6,700)(6,700)(6,700)(6,700)(6,700)(6,700)(6,700)(9,000)(89,300)(102)(310) Vacancy Loss 5065-0000 (17,821)(17,821)(17,821)(17,821)(26,986)(26,986)(26,986)(26,986)(26,986)(26,986)(26,986)(26,986)(287,176)(328)(997) Total Economic Variances (74,096)(68,296)(68,296)(69,096)(77,461)(77,461)(77,461)(77,461)(77,461)(77,461)(73,711)(76,011)(894,276)(1,021)(3,105) Econ %83.39%84.69%84.69%84.51%82.63%82.63%82.63%82.63%82.63%82.63%83.47%82.96%83.29% Retail Income Commerical/Retail Income 5102-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CAM 5115-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Retail Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET RENTAL INCOME 371,504 377,304 377,304 376,504 368,139 368,139 368,139 368,139 368,139 368,139 359,579 357,279 4,428,304 5,055 15,376 Other Operating Income Accelerated Rent 5205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Fees 5210-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Application Fees 5220-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Damages Income 5260-0000 2,400 5,000 3,200 1,150 1,100 1,000 500 800 100 900 100 2,500 18,750 21 65 Deposit Forfeitures 5265-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carport/Garages/Parking Income 5235-0000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,125 1,125 1,125 14,625 17 51 Furniture Income 5270-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Key & Access Card Income 5290-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal & Collections 5310-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Late Charges 5295-0000 7,000 6,500 7,500 6,000 8,000 5,500 7,000 5,000 5,000 6,000 6,000 0 69,500 79 241 Month-to-Month Fees 5320-0000 1,625 1,625 1,625 1,625 1,125 1,125 1,125 1,125 1,125 0 0 0 12,125 14 42 NSF Check Fees 5325-0000 100 50 100 150 100 50 100 50 100 50 150 100 1,100 1 4 Pet Fees 5330-0000 2,000 250 250 300 300 300 300 300 300 250 250 2,000 6,800 8 24 Premium Fees 5335-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Relet/Cancellation Fees 5340-0000 300 1,500 100 500 3,200 1,200 500 1,500 3,500 2,000 2,000 3,200 19,500 22 68 Reservation Fees 5350-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax Income 5355-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Shuttle Bus Income 5360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Storage Income 5365-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transfer Fees 5375-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vending Income 5390-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous Income 5315-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income - Electric 5370-0100 15,000 10,000 10,000 10,000 5,500 15,000 15,000 15,000 15,000 6,500 6,500 6,500 130,000 148 451 RUBS Income - Gas 5370-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income - Water 5370-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income -Trash 5370-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Income 5285-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Operating Income 29,775 26,275 24,125 21,075 20,675 25,525 25,875 25,125 26,475 16,925 16,225 15,525 273,600 312 950 0 EFFECTIVE GROSS INCOME 401,279 403,579 401,429 397,579 388,814 393,664 394,014 393,264 394,614 385,064 375,804 372,804 4,701,904 5,367 16,326 5/1/2014 Account Descriptions 6/4/2014 Page 2of5 Ridge at North Texas Denton, TX 76210 2014/2015 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2014/2015 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 5/1/2014 Account Descriptions OPERATING EXPENSES Cable & Internet 0 0 Cable TV 6805-0000 6,535 6,535 6,535 6,535 6,535 6,535 6,535 6,535 6,535 6,535 6,535 6,535 78,420 90 272 Internet 6825-0000 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 127,200 145 442 Total Cable / Internet 17,135 17,135 17,135 17,135 17,135 17,135 17,135 17,135 17,135 17,135 17,135 17,135 205,620 235 714 General & Administrative Audit 6002-0200 0 0 8,000 0 3,500 0 0 0 0 0 0 0 11,500 13 40 Legal 6002-0300 100 500 100 100 400 100 100 100 100 500 100 100 2,300 3 8 Bank Charges/Fees 6005-0000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 3 10 Data Processing/Computer Expense 6030-0000 2,000 100 100 100 100 100 100 100 100 100 100 100 3,100 4 11 Resident Screening 6095-0000 150 50 50 50 400 400 600 700 1,000 1,200 1,200 1,200 7,000 8 24 Dues & Subscriptions 6035-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment & Supplies for Equipment 6045-0000 1,000 650 650 650 650 650 650 650 650 650 650 750 8,250 9 29 Postage & Delivery 6070-0000 650 500 500 300 300 250 500 450 300 500 300 250 4,800 5 17 Licenses, Fees & Permits 6060-0000 0 0 500 0 375 0 0 275 0 0 100 0 1,250 1 4 Portal Expense 6770-0000 3,500 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 16,150 18 56 Professional Fees 6080-0000 330 330 330 330 330 330 330 330 330 330 330 330 3,960 5 14 Supplies 6100-0000 350 150 150 150 350 150 150 150 150 350 150 150 2,400 3 8 Telephone 6105-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 15 46 Telephone-Answering Service 6110-0000 140 140 140 140 140 140 140 140 140 140 140 140 1,680 2 6 Telephone-Radios/Pagers/Cell 6107-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Training 6115-0000 500 0 0 0 1,450 0 0 0 250 0 0 0 2,200 3 8 Travel 6120-0000 200 200 200 200 200 200 200 300 300 750 550 750 4,050 5 14 Travel-Meals 6120-0300 0 0 25 0 0 25 50 50 70 250 100 250 820 1 3 Uniforms 6135-0000 700 0 0 0 400 0 0 0 500 0 0 0 1,600 2 6 Miscellaneous 6065-0000 300 300 300 300 300 300 300 300 300 300 300 1,000 4,300 5 15 Total General & Administrative 11,570 5,720 13,845 5,120 11,695 5,445 5,920 6,345 6,990 7,870 6,820 7,820 95,160 109 330 Payroll & Benefits Office Salaries 6205-0000 12,466 10,466 10,466 15,699 10,466 10,466 10,466 10,466 10,466 15,699 10,466 15,466 143,060 163 497 Performance 6265-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Leasing 6260-0000 12,000 8,000 0 0 0 0 0 0 0 0 0 0 20,000 23 69 Maintenance 6225-0000 10,649 7,649 7,649 11,473 7,649 7,649 7,649 7,649 7,649 11,473 7,649 12,649 107,435 123 373 Contract Labor 6250-0000 2,400 0 0 0 0 0 0 0 0 0 0 2,400 4,800 5 17 Payroll Taxes 6270-0100 4,502 3,134 2,174 3,261 2,174 2,174 2,174 2,174 2,174 3,261 2,174 3,662 33,035 38 115 Worker's Compensation 6270-0200 4,044 2,815 1,953 2,929 1,953 1,953 1,953 1,953 1,953 2,929 1,953 3,290 29,677 34 103 Group Insurance 6280-0000 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 1,860 22,320 25 78 Employee Recuriting 6290-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Relations 6295-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Payroll & Benefits 47,921 33,924 24,102 35,222 24,102 24,102 24,102 24,102 24,102 35,222 24,102 39,326 360,327 411 1,251 Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 235 235 235 235 235 235 235 235 235 235 235 2,500 5,085 6 18 Contract-Bus Service 6310-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Cleaning 6315-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Elevator 6325-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - HVAC 6335-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - Fire/Saftey 6327-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Landscape Maintenance 6340-0000 3,000 3,000 3,000 3,000 3,000 3,000 5,500 3,000 5,500 3,000 3,000 3,000 41,000 47 142 Contract-Other Contract Services 6345-0000 600 600 600 600 600 600 600 600 600 600 600 600 7,200 8 25 Contract-Security/Patrol/Courtesy Officer 6365-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Pest Control 6350-0000 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 19,200 22 67 Contract-Pool 6360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Snow Removal 6370-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Trash Removal 6375-0000 6,000 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 6,000 44,000 50 153 Total Contract Services 11,435 8,635 8,635 8,635 8,635 8,635 11,135 8,635 11,135 8,635 8,635 13,700 116,485 133 404 6/4/2014 Page 3of5 Ridge at North Texas Denton, TX 76210 2014/2015 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2014/2015 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 5/1/2014 Account Descriptions Repairs & Maintenance Appliances 6410-0000 3,500 3,000 3,000 3,000 3,000 2,000 2,000 2,000 2,000 2,000 2,000 3,500 31,000 35 108 Blind/Drapes 6415-0000 200 30 30 20 20 20 20 20 20 20 1,000 500 1,900 2 7 Boilers 6420-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building - Interior 6425-0100 5,000 100 100 100 100 100 100 100 100 100 100 100 6,100 7 21 Building - Exterior 6425-0200 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 Common Areas 6440-0000 2,500 0 0 1,000 1,000 0 0 0 0 0 0 2,000 6,500 7 23 Countertops/Sink 6445-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Doors/Windows 6450-0000 1,000 1,000 50 50 50 50 50 50 50 50 50 200 2,650 3 9 Electrical 6455-0000 200 0 0 200 0 200 0 200 0 200 0 200 1,200 1 4 Elevators 6460-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 6470-0000 250 250 250 2,500 250 250 250 250 250 250 250 2,500 7,500 9 26 Fire/Saftey 6475-0000 500 2,000 1,000 100 100 100 100 650 100 100 500 2,000 7,250 8 25 Generator 6483-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Glass/Mirrors/Screens 6485-0000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 3 10 Golf Carts 6490-0000 500 0 0 500 0 0 0 0 0 500 0 0 1,500 2 5 HVAC 6495-0000 4,250 2,250 2,000 2,000 2,000 2,000 2,850 2,750 2,350 3,250 3,250 4,150 33,100 38 115 Keys & Locks 6500-0000 500 100 100 100 100 100 100 100 100 100 100 1,000 2,500 3 9 Landscaping 6510-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Lights, Fixtures, Light Bulbs 6520-0000 1,500 750 200 1,000 750 500 500 300 300 300 300 1,000 7,400 8 26 Miscellaneous 6525-0000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Painting 6530-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Parking Lots & Sidewalks 6535-0000 500 1,100 100 1,000 100 100 100 100 100 100 100 100 3,500 4 12 Plumbing 6540-0000 1,000 500 500 500 900 1,000 1,000 1,000 500 1,000 600 600 9,100 10 32 Pools 6545-0000 3,500 300 300 300 300 400 600 600 500 500 400 600 8,300 9 29 Recreation 6550-0000 500 50 50 50 50 50 50 50 50 50 50 50 1,050 1 4 Roofs 6555-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signs 6560-0000 1,000 0 0 200 0 0 0 0 0 0 0 0 1,200 1 4 Supplies 6570-0000 500 500 300 300 400 350 350 300 300 700 500 350 4,850 6 17 Tools 6575-0000 500 100 100 100 100 500 100 100 100 100 100 200 2,100 2 7 Total Repairs & Maintenance 28,900 13,530 9,580 14,520 10,720 9,220 9,670 10,070 8,320 10,820 10,800 20,550 156,700 179 544 Make-Ready Maintenance Carpet Cleaning/Repairs 6610-0000 33,910 33,910 0 0 2,370 0 0 0 1,820 0 0 625 72,635 83 252 Cleaning 6615-0000 14,500 14,500 0 0 1,600 0 0 0 1,600 0 0 0 32,200 37 112 Interior Repairs 6630-0000 33,000 2,000 0 0 0 0 0 33,000 0 0 4,000 3,000 75,000 86 260 Painting 6635-0000 21,825 21,825 0 0 4,450 325 325 325 4,450 0 0 0 53,525 61 186 Appliance Supplies 6652-0000 5,000 0 0 0 0 0 0 0 0 0 1,000 5,000 11,000 13 38 Cleaning Supplies 6655-0000 2,500 0 0 0 0 0 0 0 0 0 0 0 2,500 3 9 Paint Supplies 6660-0000 8,000 8,000 0 0 0 0 0 0 0 0 0 0 16,000 18 56 Total Make-Ready Maintenance 118,735 80,235 0 0 8,420 325 325 33,325 7,870 0 5,000 8,625 262,860 300 913 Marketing Advertising Print 6705-0200 200 200 200 2,500 250 250 250 500 500 500 200 200 5,750 7 20 Publications 6730-0000 1,500 3,000 1,500 1,500 3,000 3,000 3,000 3,000 3,000 5,200 3,200 2,000 32,900 38 114 Direct Mail 6715-0000 0 0 0 0 0 0 0 2,000 3,500 2,000 0 0 7,500 9 26 Radio 6705-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signs 6735-0000 0 0 0 0 300 0 0 0 300 0 0 0 600 1 2 Internet Ads 6720-0000 150 150 150 150 1,500 1,500 1,500 1,500 1,500 1,500 1,500 150 11,250 13 39 Other 6748-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Brochures/Promo Items 6750-0000 0 0 0 0 3,000 0 3,000 0 3,000 0 0 0 9,000 10 31 Locator Fees 6760-0000 1,200 200 200 200 200 200 200 200 200 200 200 200 3,400 4 12 Referral Fees 6780-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Promotion & Events 6775-0000 13,000 0 0 0 0 0 0 1,000 0 0 0 0 14,000 16 49 Resident Activities/Tenant Relations 6790-0000 1,500 1,000 750 500 500 750 500 750 500 500 250 250 7,750 9 27 Websites 6740-0000 650 650 650 650 650 650 650 650 650 650 650 650 7,800 9 27 Total Marketing 18,200 5,200 3,450 5,500 9,400 6,350 9,100 9,600 13,150 10,550 6,000 3,450 99,950 114 347 Utilities Electricity Elec-Common Area 6910-0100 2,800 2,800 2,600 2,600 2,600 2,200 2,000 2,000 2,200 2,200 2,400 2,800 29,200 33 101 6/4/2014 Page 4of5 Ridge at North Texas Denton, TX 76210 2014/2015 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2014/2015 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 5/1/2014 Account Descriptions Elec-Residential Units 6910-0200 43,000 33,000 33,000 30,000 38,000 38,000 38,000 30,000 30,000 35,000 41,000 37,000 426,000 486 1,479 Elec-Vacant Units 6910-0900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Electricity 45,800 35,800 35,600 32,600 40,600 40,200 40,000 32,000 32,200 37,200 43,400 39,800 455,200 520 1,581 Other Utilities Gas 6920-0000 225 225 550 625 300 300 200 300 150 100 100 125 3,200 4 11 Water / Sewer 6930-0000 15,000 15,000 14,000 14,000 15,000 15,000 15,000 15,000 15,000 16,000 22,500 22,500 194,000 221 674 Utility Billing Fee 6950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Utilities 15,225 15,225 14,550 14,625 15,300 15,300 15,200 15,300 15,150 16,100 22,600 22,625 197,200 225 685 Total Utilities 61,025 51,025 50,150 47,225 55,900 55,500 55,200 47,300 47,350 53,300 66,000 62,425 652,400 745 2,265 Management Fees 4.00%6990-0000 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 103 313 Asset Management 1.00%3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 Taxes Property Taxes 7005-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property Taxes 7010-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property Tax Consultant 7020-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Franchise Taxes 7060-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax 7085-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Ins-Property & Casualty Insurance 7105-0100 7,810 7,810 0 0 0 0 0 0 22,900 7,810 7,810 7,810 61,950 71 215 General Liability 7105-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Insurance 7,810 7,810 0 0 0 0 0 0 22,900 7,810 7,810 7,810 61,950 71 215 TOTAL OPERATING EXPENSES 333,731 234,214 137,897 144,357 157,007 137,712 143,587 167,512 169,952 162,342 163,302 191,841 2,143,452 2,447 7,443 67,548 169,365 263,532 253,221 231,807 255,952 250,427 225,752 224,662 222,721 212,502 180,962 2,558,452 2,921 8,884 Debt Service Interest Expense 7210-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mortgage Principal 7205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Interest / Financing Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Improvements Appliances 8315-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Washer/Dryer 8315-0280 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Blinds 8315-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carpet 8315-1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Furniture 8315-5000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vinyl/Tile 8315-1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Recurring Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Boilers 8315-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building 8315-0600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Clubhouse/Model 8315-1200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carports 8315-1100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Computers 8315-4000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Countertop/Sink/Cabinets 8315-1400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Elevators 8315-1700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment (Office & Maintenance)8315-5100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 8315-1800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fire/Saftey 8315-1900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 HVAC 8315-2100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keys & Locks 8315-2200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Landscaping 8315-2300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 6/4/2014 Page 5of5 Ridge at North Texas Denton, TX 76210 2014/2015 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2014/2015 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 5/1/2014 Account Descriptions Light Fixtures 8315-2500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8315-2700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Painting (Exterior)8315-2900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Parking Lot & Sidewalks 8315-3000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pools 8315-3200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pool Furniture 8315-5900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Recreation/Amenity Areas 8315-3300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Renovations (Units)8315-3400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Roofs 8315-3600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signage 8315-3700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tubs/Showers 8315-3950 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Non Recurring Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Escrow Accounts Tax Reserve 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax Funding 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve Funding 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve 1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve Reimb.1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Escrow Activity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Expenses Accounting / Audit / Tax 8905-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Expense 8910-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal/LLC fees 8950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Travel 8995-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Start Up Cost 8983-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8960-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INCOME (LOSS) Before Depr / Amort 67,548 169,365 263,532 253,221 231,807 255,952 250,427 225,752 224,662 222,721 212,502 180,962 2,558,452 2,921 8,884 Distribution Payments 4201-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MONTHLY CASH FLOW 67,548 169,365 263,532 253,221 231,807 255,952 250,427 225,752 224,662 222,721 212,502 180,962 2,558,452 2,921 8,884