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Home My WebLink About2003-2004 Midwestern Budget ��r'�T�� . � II� cc1 � � ''�< U s � !� , 3704 Louis J.Rodriguez I3n Wichita Falls, Texas 76308-2i199 �Ff�TAFAt. �iC�tBe'�. �i0'S �ornpl�x Coordinator,�unwatcher V6llage (940)397 4788,fax(94d}397 4778 e-mail michael.milis@mwsu.edu T�xas Student Flousing Corporafiian-MSU Pr�ajec4 Annual �udget Fiscal Year 2003-2004 Cash Fiow Analysis For the fiscal year ending August 31, 2004 Rental Revenue $1,640,400.00 Other Revenue 13,000.00 Less:Vacancies 40,000.00 Net Rental Revenues 1,613,400.00 Investment Earnings 27,224.00 Total Revenues 1,640,624.00 Utilities 256,332.00 Trustee Fee 5,000.00 Insurance 30,000.00 Replacement Reserve 58,800.00 Total Operating Expenses 350,132.00 Net Operating Income 1,290,492.00 Annual Debt Service 902,576.00 Debt Service Coverage 1.43 Net Cash Flow before Sub Costs 387,916.00 Salaries 63,468.00 Benefits 19,528.00 Hourly Wages 6,534.00 Administrative 110,668.00 F�epairs & Maintenance 45,015.00 Turnover 32,738.00 Leasing &Advertising 7,610.00 Audit Fee 2,500.Q0 Total Subordinate Expenses 288,061.00 Cash Fiow After Sub Costs 99,855.00 Issuer Fee 25,000.00 Net Cash Flow ta Surplus $74,855.OQ Cumulative total for R&R fund $58,800.00 llnit �x Rental Revenue Unit Mix l9nit T�pe #of Apfs. #of�eds Nlonthly Rent 'Total Renfi l'otal Rent 2 Bed/2 Bath 9-Month Leases 11 23 $560 $5,040 $115,920 12-Month Leases 13 25 �490 $5,880 $147,000 Summer Option 10 $490 $1,470 $14,70Q 4 Bed/2 Bath 9-Month Leases 38 155 $470 $4,230 $655,650 12-Month �eases 34 133 �405 $4,860 $646,380 Summer Option 50 $405 $1,215 $60,750 TQIG�I $�yCD`'Foyr&'�o t r i I I ( ri Salary Michael Mills-Complex Coordinator $25,OOO.QO Sue Kinney-Secretary II $18,896.00 Dora Hilbreth-Custodian $19,572.00 Total �63,468.00 Full Time Employee Benefits $19,528.00 'fotal Salaries and enefits �82,996.00 �� Reginald Irvin-Resident Assistant $1,122.OQ Joshua Davenport-Residenf Assistant $1,122.00 Alexandra Torres-Resident Assistant $930.00 Luis Rodriguez-Resident Assistant $930.00 Jared Wilson-Resident Assistant $930.00 StudentAssistant Helper $1,500.00 T'ota( �6,534.00 u �ch r il� ti9iti (figures based upon estimates) Electricity $120 per apartment*96 units=$11,520 per month $200 per month for the clubhouse annual totai=$140,640 Gable'TV $3,600 per month annual total=$43,200 1'elephone Lines 911 service=$156 per month Basic Line=$765 per month annual total for both services=$11,052 VVater�ill $4,800 per month annual total=$57,600 P�sf Control $315 per month annual total=$3,780 Total $256,272 i i tr iv t Room and Board RA RoomS 5(RA)*$490*12=$29,4Q0 CC Apartment 4BR*$405*12=$19,440 CC &RA Board 6*$1,094*2=$13,128 Total Room and Board $61,968 Electricify incentive Plan $100 per month annual total=$1,200 Post Office Charge $3,024 per semester pius labor annual total=$11,500 (plus al!other costs of running the complex) (approximately$36,000 per year) Total $110,668 �_�,SI'ATF U�! � � '"a� �' �. . � �rr ' �� 3704 Louis 3.Rodriguez D�. Wiel:ita Falls, Texas 7630�-2099 cylTnNAc� Sur�watcher Village Henry C. Smyth Executive Director Texas Student Housing Corporation 3 Village Circle, Suite 207 Solana Westlake, TX 76262 Dear Hank, Enclosed you will find the first annual budget for Sianwatcher Village, Midwestern State University's newest housing project. I am delighted to report that we have achieved 104% occupancy and already have several students on a waiting list for both this coming year and next year. I have also examined the bond documents, and this budget seems to be in accordance with the financial covenants,pay all necessary fees, and give us the proper amount of money to successfully and smoothly manage the property. I have met several times with different people of our university administration, including our controller and internal auditor. All of the proper accounts are set up and we seem to have a system in place for monitoring our progress,which will be able to give you accurate reports and statements anytilne they are needed. I have tried to break down the different sections of the budget into as much detail as possible, but as you know, the first year of a project forces us to estimate some of the startup costs. Should you have any questions or comments concerning any part of the budget,please do not hesitate to call me. 5incerely, �� Michael T. Mills Complex Coordinator Sunwatcher Village