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2008-2009 Townlake BudgetAustin, TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98%98%98%98%98%98%98%98%98%95%95%95%97% 4005 Scheduled Rental Revenue 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 266,940 3,203,280 4030 Gain (Loss) to Lease (740)(740)(740)(740)(740)(740)(740)(740)(740)(740)(16,700)(16,700)(40,800) 4045 Short Term Rent Premium 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 0 0 0 20,250 4050 Vacancy Loss (5,339)(5,339)(5,339)(5,339)(5,339)(5,339)(5,339)(5,339)(5,339)(13,347)(13,347)(13,347)(88,090) 4055 Prior Period Adj-Vacany 0 0 0 0 0 0 0 0 0 0 0 0 0 4056 Prior Period Adj-Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 4060 Lease Concessions (17,840)(17,840)(17,840)(17,840)(17,840)(17,840)(17,840)(17,840)(17,840)(17,840)(4,940)(4,940)(188,280) 4061 Lease Prorate Concessions 0 0 0 0 0 0 0 0 0 0 0 0 0 4062 Other Concess-Scholorship 0 0 0 0 0 0 0 0 0 0 0 0 0 4075 Accelerated Rent 500 500 500 500 500 500 500 500 500 500 500 500 6,000 4082 Write-offs Rental Income (2,640)(2,640)(2,640)(2,640)(2,640)(2,640)(2,640)(2,640)(2,640)(2,640)(2,640)(2,640)(31,680) 4085 Non-Resident/Emp. Rnt. Disc. Units (4,140)(4,140)(4,140)(4,140)(4,140)(4,140)(4,140)(4,140)(4,140)(4,140)(4,140)(6,140)(51,680) Total Rental Income 238,991 238,991 238,991 238,991 238,991 238,991 238,991 238,991 238,991 228,733 225,673 223,673 2,829,000 Economic Occupancy 90%90%90%90%90%90%90%90%90%86%85%84%88% 4095 Garage/Carport Rent 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 3,020 36,240 4096 Garage/Carport Concession 0 0 0 0 0 0 0 0 0 0 0 0 0 4105 Pet Fees/Rent/Non-Ref Dep.200 200 200 200 200 200 200 200 200 200 200 200 2,400 4115 Storage Rental Income 0 0 0 0 0 0 0 0 0 0 0 0 0 4155 Vending Income 35 35 35 35 35 35 35 35 35 35 35 35 420 4175 Appliction Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4177 Application Fee Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 4185 Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4187 Write-Offs Cancellation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4190 Relet Fees 400 400 400 400 400 400 400 400 400 400 400 400 4,800 4200 NSF Fees 50 50 50 50 50 50 50 50 50 50 50 50 600 4205 Late Fees 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 2,550 30,600 4210 Access Card Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4215 Damages 75 75 75 75 75 75 75 75 75 75 75 75 900 4216 Write-Offs Damages 0 0 0 0 0 0 0 0 0 0 0 0 0 4217 Administrative Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4220 Forfeited Deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 4255 Common Area Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4260 Lease Violations Income 50 50 50 50 50 50 50 50 50 50 50 50 600 4305 Other Rental Income (Misc. Income)1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 4309 Write-offs - Other Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 4510 Short-term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Income 7,380 7,380 7,380 7,380 7,380 7,380 7,380 7,380 7,380 7,380 7,380 7,380 88,560 Total Income 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 236,113 233,053 231,053 2,917,560 Town Lake Austin, TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98%98%98%98%98%98%98%98%98%95%95%95%97% Town Lake 5023 Salaries - Management 13,034 8,686 8,688 8,688 8,688 8,688 13,034 8,686 8,686 8,688 8,688 8,688 112,946 5025 Hourly Wages - Service 9,416 6,275 6,277 6,277 6,277 6,277 9,416 6,275 6,275 6,277 6,277 6,277 81,595 5030 Hourly Wages - Housekeeping 0 0 0 0 0 0 0 0 0 0 0 0 0 5045 Overtime 0 0 0 0 0 0 0 0 0 0 0 0 0 5046 Overtime - Management 3,500 0 0 0 0 0 0 0 0 0 0 750 4,250 5047 Overtime - Service 5,500 0 0 0 0 0 0 0 0 0 0 1,250 6,750 5050 Overtime - Maint/Grounds 0 0 0 0 0 0 0 0 0 0 0 0 0 5055 Overtime - Housekeeping 0 0 0 0 0 0 0 0 0 0 0 0 0 5062 Temporary Employment 1,000 0 0 0 0 0 0 0 0 0 0 1,000 2,000 5080 Payroll Taxes 3,294 2,755 1,796 1,796 1,796 1,946 2,844 1,885 1,885 1,826 1,796 1,796 25,415 5090 Group Insurance 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600 5100 Workers Compensation 3,294 2,755 1,796 1,796 1,964 1,946 2,844 1,885 1,885 1,826 1,796 1,796 24,596 5105 Employer 401k Contributions 0 0 0 0 0 0 0 0 0 0 0 0 0 5114 Uniforms 0 75 0 75 0 75 0 75 0 75 0 75 450 5117 Other Personnel Expense 300 300 300 300 300 300 300 300 300 300 300 300 3,600 5146 Employee Screening Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5147 Employee Recruiting Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5149 Help Wanted Newspaper Ad 75 75 75 75 75 75 75 75 75 75 75 75 900 5190 Leasing Commissions 5,000 8,000 0 0 0 1,250 1,250 750 750 250 0 0 17,250 Total Personnel Expense 46,214 30,721 20,732 20,807 20,900 22,357 31,564 21,731 21,656 21,117 20,732 23,807 301,351 5411 Electricity-Clubhouse 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 37,200 5413 Electricity-Vacants 3,250 150 150 150 150 150 150 150 150 150 150 1,000 5,750 5414 Electricity-Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 5436 Water/Sewer-Clubhouse 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 27,500 330,000 5442 Water/Sewer-Residents 0 0 0 0 0 0 0 0 0 0 0 0 0 5456 Gas 0 0 0 0 0 0 0 0 0 0 0 0 0 5460 Gas-Clubhouse/Models 400 400 400 750 1,000 1,000 750 400 400 400 400 400 6,700 5475 Refuse Removal 4,000 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 2,500 18,000 5505 Cable 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 11,500 138,000 5514 Resident Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0 5520 Other Fuels Utilities 0 0 0 0 0 0 0 0 0 0 0 0 0 5525 Resident Internet 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Utilities 49,750 43,800 43,800 44,150 44,400 44,400 44,150 43,800 43,800 43,800 43,800 46,000 535,650 Austin, TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98%98%98%98%98%98%98%98%98%95%95%95%97% Town Lake 5656 Telephone - Basic 475 475 475 475 475 475 475 475 475 475 475 475 5,700 5657 Telephone - Long Distance 150 150 150 150 150 150 150 150 150 150 150 150 1,800 5665 Answering Service/Pagers 150 150 150 150 150 150 150 150 150 150 150 150 1,800 5805 Postage 175 175 175 175 175 175 175 175 175 175 175 175 2,100 5810 Courier/Overnight Delivery 150 150 150 150 150 150 150 150 150 150 150 150 1,800 5820 Computer Supplies 0 0 0 0 0 0 0 0 0 0 0 0 0 5825 Computer Equip-Software 25 1,025 25 25 2,025 775 25 25 25 25 25 25 4,050 5838 Bank Charges 10 10 10 10 10 10 10 10 10 10 10 10 120 5839 Employee Evaluations 0 0 0 0 0 0 0 0 0 0 0 0 0 5840 Credit Card Charges 50 50 50 50 50 50 50 50 50 50 50 50 600 5842 Office Supplies 250 250 250 250 250 250 250 250 250 250 250 250 3,000 5843 Office Decorations 0 0 75 75 75 0 75 75 0 0 0 75 450 5844 Safety Equipment 50 50 50 50 50 50 50 50 1,075 50 50 50 1,625 5845 Fire Alarm Inspection/Equipment 0 0 0 0 0 0 0 0 6,000 0 0 0 6,000 5846 Printing and Stationary 50 50 50 50 50 50 50 50 50 50 700 50 1,250 5847 Copier/Fax Expense 350 350 350 350 350 350 350 350 350 350 350 350 4,200 5852 Licenses/Permits/Fees 75 75 75 75 75 75 75 75 75 75 75 75 900 5865 Security/Alarm Expense 50 0 0 50 0 0 50 0 0 50 0 0 200 5887 Employee Training/Education 0 0 0 200 0 0 0 200 0 0 0 200 600 5890 Other Administrative Expense 6,500 500 500 500 500 500 500 500 500 500 500 500 12,000 Total Administration Expense 8,510 3,460 2,535 2,785 4,535 3,210 2,585 2,735 9,485 2,510 3,110 2,735 48,195 6110 Extermination 220 220 220 220 220 220 220 220 220 220 220 220 2,640 6115 Landscape Contract 2,750 2,750 11,000 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 41,250 6130 Protection Services Contract 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 12,300 6145 Cleaning 0 0 0 0 0 0 0 0 0 0 0 0 0 6150 Other Contract Services 350 350 350 350 350 350 350 350 350 350 350 350 4,200 Total Contract Services 4,345 4,345 12,595 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 4,345 60,390 6160 Alarm System Repair 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6165 Appliance Repair 1,275 75 75 575 75 75 75 575 75 75 75 575 3,600 6185 Interior Electrical Repair 60 60 60 60 60 60 60 60 60 60 60 60 720 6190 Interior Light Bulbs 50 50 50 50 50 50 50 50 50 50 50 50 600 6195 Interior Paint and Wallpaper 25 25 25 25 25 25 25 25 25 25 25 25 300 6200 Carpet Clean/Repair/Dry 325 325 325 325 325 325 325 325 325 325 325 325 3,900 6205 Interior Sheetrock Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 6210 Interior Vinyl and Tile 415 15 15 15 15 15 15 15 15 15 15 15 580 6215 Plumbing Repair 125 125 125 125 125 125 125 125 125 125 125 125 1,500 6235 Janitorial Supplies 450 150 150 150 150 150 150 150 150 300 150 450 2,550 6240 Window Coverging Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 6245 Recreation Facility Repair 50 50 1,250 50 1,550 50 550 50 50 50 50 50 3,800 6250 Locks and Keys 50 50 50 50 50 50 50 50 50 50 50 50 600 6265 Other Interior Repairs and Maintenance 50 50 50 50 50 50 50 50 50 50 50 50 600 Total Interior Maintenance 3,005 1,105 2,305 1,605 2,605 1,105 1,605 1,605 1,105 1,255 1,105 1,905 20,310 Austin, TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98%98%98%98%98%98%98%98%98%95%95%95%97% Town Lake 6275 Pool & Spa Supplies and Repair 250 250 250 250 250 250 250 250 250 250 250 250 3,000 6280 Golf Cart Repair 25 25 25 25 25 25 25 25 25 25 25 25 300 6285 HVAC Repair and Maintenance 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 6290 Landscaping Supplies 15 15 15 15 15 15 15 15 15 15 15 15 180 6310 Roof Repairs 50 50 50 50 50 50 50 50 50 50 50 50 600 6315 Windows and Screens 35 35 35 35 35 35 35 35 35 35 35 35 420 6320 Exterior Paint 20 20 20 20 20 20 20 20 20 20 20 20 240 6325 Exterior Electrical 25 25 25 25 25 25 25 25 25 25 25 25 300 6330 Exterior Light Bulbs 50 50 50 50 50 50 50 50 50 50 50 50 600 6335 Exterior Repairs 25 25 25 25 25 25 25 25 25 25 25 25 300 6345 Access Gate Repair 75 75 75 75 75 75 75 75 75 75 75 75 900 6350 Walks and Parking Lots 20 20 20 20 20 20 20 20 20 20 20 20 240 6360 Tools and Equipment 50 50 50 50 50 50 50 50 50 50 50 50 600 6365 Fence Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 Total Exterior Maintenance 1,855 1,855 1,855 1,855 1,855 1,855 1,855 1,855 1,855 1,855 1,855 1,855 22,260 Total Repairs and Maintenance 4,860 2,960 4,160 3,460 4,460 2,960 3,460 3,460 2,960 3,110 2,960 3,760 42,570 6380 Make Ready - Interior Repairs 2,000 1,150 0 0 250 0 0 0 0 500 0 1,000 4,900 6385 Make Ready - Int. Rep. - Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6390 Make Ready - Carpet Cleaning 10,000 7,000 0 0 250 0 0 0 0 500 0 0 17,750 6395 Make Ready - Carpet Cleaning - Reimb.0 0 0 0 0 0 0 0 0 0 0 0 0 6400 Make Ready - Carpet Replacement 10,000 7,000 0 0 0 0 0 0 0 1,500 0 0 18,500 6405 General Cleaning 20,000 5,000 0 0 250 0 0 0 0 500 0 0 25,750 6410 Make Ready - Gen. Clean. - Reimb.0 0 0 0 0 0 0 0 0 0 0 0 0 6415 Make Ready - Interior Paint Repair 27,500 7,500 0 0 500 0 0 0 0 1,500 0 0 37,000 6420 Make Ready - Interior Paint - Reimb.0 0 0 0 0 0 0 0 0 0 0 0 0 6425 Appliance Repair 1,000 0 0 0 0 0 0 0 0 250 0 0 1,250 6430 Lock/Keys 750 0 0 0 0 0 0 0 0 250 0 250 1,250 6435 Interior Light Bulbs 350 0 0 0 0 0 0 0 0 0 0 100 450 6440 Window Covering Repair 1,250 0 0 0 0 0 0 0 0 0 0 0 1,250 6445 Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6450 Write-offs/Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6455 Make Ready - Miscellaneous Exp.3,000 0 0 0 0 500 0 0 0 500 0 0 4,000 6580 Light Fixtures 500 0 0 0 500 0 0 0 500 0 0 0 1,500 6585 Furniture 17,500 0 0 0 0 0 0 0 0 15,000 0 0 32,500 Total Turnover Expense 93,850 27,650 0 0 1,750 500 0 0 500 20,500 0 1,350 146,100 6645 Locator Fees 12,500 10,200 200 200 200 200 200 200 200 200 200 200 24,700 6650 Locator Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 6655 Resident Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 6656 Resident Functions 1,250 1,000 600 450 600 700 700 350 350 350 0 0 6,350 6658 Campus Events 0 0 0 0 0 500 0 0 0 0 0 200 700 6670 Newspapers 200 200 200 200 200 200 200 200 200 200 200 200 2,400 6675 Magazines 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6685 Brochure Advertising 0 0 3,000 0 0 0 0 0 0 0 0 0 3,000 6690 Direct Mail 0 0 0 0 3,000 3,000 0 0 0 0 0 0 6,000 6695 Apartment Guides 0 0 0 0 0 0 0 0 0 0 0 0 0 6700 Signage/Sign Placement 50 50 50 50 50 50 50 50 50 50 50 50 600 6715 Internet Advertising 850 850 850 850 850 850 850 850 850 850 850 850 10,200 6720 Model Apartment Expense 25 25 25 25 25 25 25 25 25 25 25 25 300 6725 Flags/Banners/Mats 125 600 125 125 125 125 125 125 125 125 125 125 1,975 6730 Office Refreshments 0 0 0 0 0 0 0 0 0 0 0 0 0 6735 Other Advertising & Marketing 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6740 Radio 0 0 0 0 0 2,000 2,000 2,000 1,250 1,250 0 0 8,500 Total Advertising & Promotions 15,400 13,325 5,450 2,300 5,450 8,050 4,550 4,200 3,450 3,450 1,850 2,050 69,525 Austin, TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98%98%98%98%98%98%98%98%98%95%95%95%97% Town Lake 6910 Legal Fees 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Total Legal Fees 200 200 200 200 200 200 200 200 200 200 200 200 2,400 6915 Accounting Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 6925 Audit Fees 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 6935 Other Professional Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Professional Fees 0 0 10,500 0 0 0 0 0 0 0 0 0 10,500 7205 Travel and Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 7210 Airfare 0 0 0 0 0 0 0 0 0 0 0 0 0 7215 Auto Rental/Gas 0 0 0 0 0 0 0 0 0 0 0 0 0 7220 Lodging 0 0 0 0 0 0 0 0 0 0 0 0 0 7225 Meals 0 0 0 0 0 0 0 0 0 0 0 0 0 7240 Parking, Tolls and Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Travel and Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 7420 Property Mgmt Fee 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,445 9,322 9,242 116,702 Total Management Fee 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,855 9,445 9,322 9,242 116,702 7510 Property Insurance 1,965 14,925 7,065 7,065 7,065 5,100 5,100 8,900 7,165 7,165 2,065 2,065 75,645 7525 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Insurance and Taxes 1,965 14,925 7,065 7,065 7,065 5,100 5,100 8,900 7,165 7,165 2,065 2,065 75,645 7775 Basic Program Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 7960 Asset Management Fee 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 28,380 Total Dues and Membership Fees 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 2,365 28,380 Total Operating Income 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 246,371 236,113 233,053 231,053 2,917,560 Total Operating Expenses 237,314 153,606 119,257 97,332 105,325 103,342 108,174 101,591 105,781 118,006 90,749 97,919 1,437,409 Net Operating Income 9,057 92,765 127,114 149,039 141,046 143,029 138,197 144,780 140,590 118,107 142,304 133,134 1,480,151 9410 Interest Expense-Fixed 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 Austin, TX 5/12/2008 216 Units 648 Beds Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Totals Occupancy 98%98%98%98%98%98%98%98%98%95%95%95%97% Town Lake 9510 Exterior Paint 0 0 0 0 0 0 0 0 0 0 0 100,000 100,000 9515 HVAC 0 0 0 0 0 0 0 0 0 0 0 0 0 9520 Landscape 0 0 0 0 0 0 0 0 0 0 0 0 0 9530 Signage 0 0 0 0 0 0 0 0 0 0 0 0 0 9555 Carpet 0 0 0 0 0 0 0 0 0 0 0 0 0 9570 Countertops 0 0 0 0 0 0 0 0 0 0 0 0 0 9575 Doors 0 0 0 0 0 0 0 0 0 0 0 0 0 9580 Light Fixtures 0 0 0 0 0 0 0 0 0 0 0 0 0 9590 Blinds 0 0 0 0 0 0 0 0 0 0 0 0 0 9600 Plumbing 0 0 0 0 0 0 0 0 0 0 0 0 0 9605 Recreations Facilities 0 0 0 0 0 0 0 0 0 0 0 0 0 9610 Security System 0 0 0 0 0 0 0 0 0 0 0 0 0 9620 Vinyl 0 0 0 0 0 0 0 0 0 0 0 0 0 9630 Ceiling Fans 0 0 0 0 0 0 0 0 0 0 0 0 0 9635 Appliances 0 0 0 0 0 0 0 0 0 0 0 0 0 9645 Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 9650 Replacements - Other 0 0 0 0 0 0 0 0 0 0 0 0 0 9655 Furniture 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Replacements 0 0 0 0 0 0 0 0 0 0 0 100,000 100,000 9827 Start-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 Start-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 9860 Basic Program Administator Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 Issurer's Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 9900 Tax Return Prep Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Asset Management Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 9906 Service Fees 417 417 417 417 417 417 417 417 417 417 417 413 5,000 9915 Trustee and Issuer ees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Expense 417 417 417 417 417 417 417 417 417 417 417 413 5,000 Insurance Reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Suspense 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Non-operating Expenses 417 417 417 417 417 417 417 417 417 417 417 100,413 105,000 CASH FLOW 8,640 92,348 126,697 148,622 140,629 142,612 137,780 144,363 140,173 117,690 141,887 32,721 1,375,151