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2017-2018 Cambridge CS BudgetCambridge at CSCollege Station, TX 778402017-2018 Cambridge at CS Budget176 = Units$0530 = Beds131,164 = Sq FtG/L2017-2018Cost perCost perCodes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18Apr-18 May-18 Jun-18 Jul-18Aug-18 ForecastBed UnitProjected Beds--> 295 295 295 295 295 295 295 295 295 5 5 295 OCCUPANCY % 55.71% 55.71% 55.71% 55.71% 55.71% 55.71% 55.71% 55.71% 55.71% 1.00% 1.00% 55.71% 46.59%OPERATING INCOMEGross Potential RentGross Market Rent 5005-0000 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 4,993,865 9,422 28,374 Food Revenue 5005-0100 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 2,119,903 4,000 12,045 Contract Gain (Loss) to Lease 5010-0000 - - - - - - - - - - - - - - - Total Gross Potential Rent592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 7,113,768 13,422 40,419 Economic VariancesConcessions - New Leases 5030-0200 (21,548) (21,548) (21,548) (21,548) (21,548) (21,548) (21,548) (21,548) (21,548) 780 780 (21,548) (213,920) (404) (1,215) Bad Debt5025-0000 (4,162) (4,162) (4,162) (4,162) (4,162) (4,162) (4,162) (4,162) (4,162) (4,162) (4,162) (4,162) (49,939) (94) (284) TSHA Scholarship Program 5064-0000 (23,380) (23,380) (23,380) (23,380) (23,380) (23,380) (23,380) (23,380) (23,380) - - (23,380) (233,800) (441) (1,328) Vacancy Loss 5065-0000 (282,382) (282,382) (282,382) (282,382) (282,382) (282,382) (282,382) (282,382) (282,382) (586,886) (586,886) (282,382) (3,997,595) (7,543) (22,714) Total Economic Variances(331,472) (331,472) (331,472) (331,472) (331,472) (331,472) (331,472) (331,472) (331,472) (590,267) (590,267) (331,472) (4,495,254) (8,482) (25,541) 20.35% 20.35% 20.35% 20.35% 20.35% 20.35% 20.35% 20.35% 20.35% -41.84% -41.84% 20.35% 9.98%NET RENTAL INCOME 261,342 261,342 261,342 261,342 261,342 261,342 261,342 261,342 261,342 2,547 2,547 $261,342 $2,618,514 $4,941 $14,87836.8%Other Operating IncomeApplication 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 - - - - - - - - - 100,000 100,000 - 200,000 377 1,136 Camp - Room 5231-0200 - - - - - - - - - 170,000 170,000 - 340,000 642 1,932 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 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 - - 1,000 10,000 19 57 Key & Access Card Income 5290-0000 - - - - - - - - - - - - - - - Laundry Income 5300-0000 1,200 1,200 820 720 800 1,000 720 600 400 - - 1,440 8,900 17 51 Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 275 275 275 275 275 275 275 275 - - 275 275 2,750 5 16 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 - - - - - 1,500 6,750 12,000 23 68 Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 - - - - - - - - - - - - - - - Miscellaneous Income 5315-0000 - - - - - - - - - - - - - - - RUBS Income - Electric 5370-0100 - - - - - - - - - - - - - - - RUBS Income - Water 5370-0300 - - - - - - - - - (0) (0) - (0) (0) (0) 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 Income4,940 4,300 3,910 6,410 5,700 4,900 5,620 8,550 13,000 272,850 273,000 29,840 633,020 1,194 3,597 8.9%EFFECTIVE GROSS INCOME 266,282 265,642 265,252 267,752 267,042 266,242 266,962 269,892 274,342 275,397 275,547 291,182 3,251,534 6,135 18,475 45.7%Account Descriptions11/29/201711/29/2017Page 1of6 Cambridge at CSCollege Station, TX 778402017-2018 Cambridge at CS Budget176 = Units$0530 = Beds131,164 = Sq FtG/L2017-2018Cost perCost perCodes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18Apr-18 May-18 Jun-18 Jul-18Aug-18 ForecastBed UnitAccount Descriptions11/29/2017OPERATING EXPENSESGeneral & AdministrativeAudit 6002-0200 - - - 13,385 - - - - - - - - 13,385 25 76 Legal 6002-0300 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 600,000 1,132 3,409 Bank Charges/Fees 6005-0000 232 232 232 232 232 232 232 232 232 232 232 232 2,783 5 16 Data Processing/Computer Expense 6030-0000 712 712 712 712 712 1,012 712 932 712 712 712 712 9,064 17 52 Collection & Eviction Processing6020-0000 - - - - - - - - - - - - - - - Resident Screening6095-0000 - - - 200 200 300 300 300 300 300 300 200 2,400 5 14 Dues & Subscriptions 6035-0000 - 72 - - 72 - - 72 - - 72 - 288 1 2 Equipment & Supplies 6045-0000 750 750 750 750 600 500 750 750 750 750 750 750 8,600 16 49 Postage & Delivery 6070-0000 300 300 400 400 400 400 400 400 400 400 400 300 4,500 8 26 Licenses, Fees & Permits 6060-0000 - - - 500 - 100 - 100 - - - 100 800 2 5 Professional Fees 6080-0000 - 100 - 100 - 100 - 100 - 100 - 100 600 1 3 Rent Refunds - Residents 6090-0000 1,000 - - - - - - - - 1,000 1,000 3,000 6 17 Telephone 6105-0000 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 Telephone-Answering Service 6110-0000 - - - - - - - - - - - - - - - Training6115-0000 649 199 49 49 699 49 49 199 649 49 199 49 2,891 5 16 Travel 6120-0000 501 151 500 150 500 500 150 500 150 150 150 500 3,902 7 22 Uniforms 6135-0000 - - - - 400 - - - - - - 2,900 3,300 6 19 Miscellaneous 6065-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 4 12 Reversal of Property Tax Liability Reserve (356,290) (283,843) (274,797) (292,026) (239,931) (281,447) (1,728,334) (3,261) (9,820) Total General & Administrative(300,771) (229,952) (220,779) (224,173) (184,741) (226,879) 53,968 54,960 54,568 54,068 55,190 58,218 (1,056,320) (1,993) (6,002) -32.5%Food DepartmentAccompaniments 6155-0000 6,000 6,000 5,000 3,000 3,500 5,400 4,300 4,300 3,000 6,500 6,500 3,000 56,500 107 321 Baked Goods 6156-0000 2,000 1,500 1,300 1,300 1,000 1,300 1,000 1,000 850 2,250 2,000 1,000 16,500 31 94 Beverages 6157-0000 2,600 3,000 2,000 1,900 1,000 1,550 1,900 2,250 1,250 4,000 3,500 1,600 26,550 50 151 Dairy 6158-0000 3,500 3,500 2,500 1,000 1,500 2,500 2,250 2,500 1,750 3,000 3,000 1,250 28,250 53 161 Food Cost 6159-0000 - - - - - - - - - - - - - - - Frozen Goods 6160-0000 5,750 4,500 2,700 1,500 2,000 3,400 3,350 3,350 2,100 5,500 4,500 1,500 40,150 76 228 Ice Cream 6161-0000 - - - - - - - - - - - - - - - Meats 6162-0000 12,250 11,000 10,600 5,000 7,700 9,500 8,500 10,000 6,000 12,500 11,000 6,350 110,400 208 627 Milk 6163-0000 1,000 1,000 850 650 650 650 1,000 1,000 750 1,350 1,150 500 10,550 20 60 Produce 6164-0000 4,000 3,500 2,000 1,250 2,500 2,500 2,500 3,150 2,000 3,500 3,000 1,250 31,150 59 177 China/Glass/Silver 6171-0000 500 - - - 250 - - - - - - 250 1,000 2 6 Contract Cleaning6172-0000 - 1,510 - - 600 - - - - 600 - 1,510 4,220 8 24 Decorations 6173-0000 - 50 - 50 - 50 - 50 - 50 - 50 300 1 2 Equipment Rental 6174-0000 150 150 115 115 115 115 115 115 115 115 115 115 1,450 3 8 Kitchen Equipment Repair 6175-0000 1,400 1,400 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,300 29 87 Linen Laundry/Rental 6176-0000 370 370 370 270 190 370 370 370 270 370 370 275 3,965 7 23 Other Expense 6178-0000 250 250 250 150 900 400 150 150 200 750 250 500 4,200 8 24 Linen Replacement 6177-0000 - - - - - - - - - - - - - - - Paper6179-0000 350 350 350 150 150 350 350 350 350 350 350 250 3,700 7 21 Supplies 6180-0000 - - - - - - - - - - - - - - - Supplies - Cleaning6180-0100 750 800 650 400 500 750 600 900 450 900 750 500 7,950 15 45 Supplies - Dining Room 6180-0200 350 150 150 150 150 150 150 150 150 150 150 650 2,500 5 14 Supplies - Kitchen 6180-0300 600 450 450 100 600 450 300 450 100 450 450 400 4,800 9 27 Uniforms 6185-0000 75 75 75 75 825 75 75 75 75 75 75 825 2,400 5 14 Supplies - Laundry 6190-0000 - - - - - - - - - - - - - - - Total Food Department41,895 39,555 30,610 18,310 25,380 30,760 28,160 31,410 20,660 43,660 38,410 23,025 371,835 702 2,113 11.4%Payroll & BenefitsOffice Salaries 6205-0000 19,997 19,997 19,997 29,995 19,997 19,997 19,997 19,997 19,997 29,995 19,997 20,021 259,983 491 1,477 Commissions 6265-0000 - - - - - - - - - - - - - - - Bonuses 6260-0000 - - 9,000 - - - - - - - - - 9,000 17 51 Maintenance 6225-0000 9,311 8,561 8,561 12,717 8,561 8,561 8,561 8,561 9,311 13,467 9,311 12,311 117,795 222 669 Food Service 6225-0700 30,664 29,064 29,560 35,950 14,658 29,536 33,688 29,474 29,837 33,696 30,258 23,718 350,102 661 1,989 Payroll Taxes 6270-0100 7,197 6,915 8,054 9,439 5,186 6,971 7,470 6,964 7,097 9,259 7,148 6,726 88,426 167 502 Worker's Compensation 6270-0200 4,072 3,913 4,557 5,341 2,934 3,945 4,227 3,940 4,016 5,239 4,045 3,806 50,034 94 284 Group Insurance 6280-0000 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 63,000 119 358 Employee Recruiting6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits76,491 73,699 84,980 98,693 56,586 74,260 79,192 74,186 75,508 96,906 76,008 71,831 938,340 1,770 5,331 28.9%Contract ServicesContract-Alarm/Monitoring-Intrusion/Fire 6305-0000 - - - - - - - - - - - - - - - 11/29/2017Page 2of6 Cambridge at CSCollege Station, TX 778402017-2018 Cambridge at CS Budget176 = Units$0530 = Beds131,164 = Sq FtG/L2017-2018Cost perCost perCodes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18Apr-18 May-18 Jun-18 Jul-18Aug-18 ForecastBed UnitAccount Descriptions11/29/2017Contract-Bus Service 6310-0000 - - - - - - - - - - - - - - - Contract-Cleaning6315-0000 9,000 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 9,000 103,000 194 585 Contract-Elevator 6325-0000 1,500 625 625 1,500 625 625 1,500 625 625 1,500 625 625 11,000 21 63 Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 1,900 1,900 1,900 1,900 1,900 2,900 1,900 1,900 1,900 1,900 1,900 2,400 24,300 46 138 Contract-Other Contract Services 6345-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 41,100 41,100 1,100 93,200 176 530 Contract-Parking6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 3,900 3,900 3,900 4,800 4,400 3,900 3,900 3,900 4,700 4,100 4,100 4,100 49,600 94 282 Contract-Pest Control 6350-0000 350 350 350 350 350 350 350 350 350 350 350 350 4,200 8 24 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 1,830 1,330 1,330 1,830 16,960 32 96 Total Contract Services19,080 17,705 17,705 19,480 18,205 18,705 18,580 17,705 19,005 58,780 57,905 19,405 302,260 570 1,717 9.3%Repairs & MaintenanceAppliances6410-0000 250 1,250 250 1,250 250 1,250 250 1,250 250 1,250 250 1,250 9,000 17 51 Blind/Drapes 6415-0000 - - - - - - - - - - - - - - - Boilers 6420-0000 1,500 500 500 - - 1,500 500 500 - - 1,500 500 7,000 13 40 Building - Interior 6425-0100 4,000 150 150 150 150 150 150 150 4,000 4,000 1,000 150 14,200 27 81 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 750 150 150 150 150 150 150 2,000 150 150 150 150 4,250 8 24 Furniture 6478-0000 - - - - - - 3,000 - - 3,000 - - 6,000 11 34 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 - 250 - 250 - 250 - 250 - 250 - 250 1,500 3 9 HVAC6495-0000 6,000 5,000 4,000 3,500 3,500 4,000 5,000 5,000 5,500 6,000 6,000 6,000 59,500 112 338 Keys & Locks 6500-0000 100 100 100 100 100 100 100 100 850 100 100 100 1,950 4 11 Landscaping6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 650 250 250 250 250 250 250 250 650 650 650 550 4,900 9 28 Miscellaneous 6525-0000 40 40 40 40 40 40 40 40 40 40 40 40 480 1 3 Painting6530-0000 150 150 150 150 150 150 150 150 4,250 4,250 4,250 150 14,100 27 80 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 100 100 1,100 2,200 4 13 Plumbing6540-0000 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 25 75 Pools 6545-0000 1,000 500 500 500 500 500 500 1,000 1,000 500 500 1,000 8,000 15 45 Recreation 6550-0000 150 400 150 400 150 400 150 400 150 400 150 400 3,300 6 19 Roofs 6555-0000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 3 10 Signs 6560-0000 - - - - - - - - - - - - - - - Supplies 6570-0000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 28 85 Tools 6575-0000 - 100 - 100 - 100 - 100 - 100 - 100 600 1 3 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance17,190 11,440 8,840 9,440 7,840 11,440 12,840 13,790 19,440 23,290 17,190 14,240 166,980 315 949 5.1%Make-Ready MaintenanceContract ServicesCarpet Cleaning/Repairs 6610-0000 - - - - - - - - - - 6,000 15,000 21,000 40 119 Cleaning6615-0000 - - - - - - - - - - - - - - - Painting6635-0000 - - - - - - - - - - - - - - - Total Make-Ready Contract Services- - - - - - - - - - 6,000 15,000 21,000 40 119 SuppliesInterior Repairs 6630-0000 - - - - - - - - - - - - - - - Appliance Supplies 6652-0000 - - - - - - - - - - - - - - - Cleaning Supplies 6655-0000 900 900 900 900 1,000 900 900 1,000 2,000 2,000 2,000 1,600 15,000 28 85 Paint Supplies 6660-0000 - - - - - - - - - - - - - - - Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies900 900 900 900 1,000 900 900 1,000 2,000 2,000 2,000 1,600 15,000 28 85 Total Make-Ready Maintenance900 900 900 900 1,000 900 900 1,000 2,000 2,000 8,000 16,600 36,000 68 205 11/29/2017Page 3of6 Cambridge at CSCollege Station, TX 778402017-2018 Cambridge at CS Budget176 = Units$0530 = Beds131,164 = Sq FtG/L2017-2018Cost perCost perCodes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18Apr-18 May-18 Jun-18 Jul-18Aug-18 ForecastBed UnitAccount Descriptions11/29/20171.1%MarketingAdvertisingPrint 6705-0200 - - - - - - - - - - - - - - - Publications 6730-0000 - - 1,000 2,000 2,000 3,500 1,500 - - - - - 10,000 19 57 Direct Mail 6715-0000 - - - - - - - 7,500 7,500 5,000 - - 20,000 38 114 Radio 6705-0300 - - - - - 3,000 - - - - - - 3,000 6 17 Signs 6735-0000 - - - - - 750 - - - - - - 750 1 4 Internet Ads 6720-0000 4,276 4,276 4,276 4,382 4,276 4,276 4,276 4,276 4,276 4,276 4,276 4,476 51,618 97 293 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising4,276 4,276 5,276 6,382 6,276 11,526 5,776 11,776 11,776 9,276 4,276 4,476 85,368 161 485 Other MarketingBrochures 6750-0000 1,000 - - 2,500 - 2,500 - - - - - - 6,000 11 34 Locator Fees 6760-0000 - - - - - - - - - - - - - - - Portal Expense 6770-0000 - - - - - - - - - - - - - - - Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 50,000 - - - 1,000 9,500 2,250 10,000 10,000 - - - 82,750 156 470 Resident Activities/Tenant Relations 6790-0000 1,800 1,550 1,050 1,700 4,800 1,050 800 800 1,050 - - 1,800 16,400 31 93 Websites 6740-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 11 34 Total Other Marketing53,300 2,050 1,550 4,700 6,300 13,550 3,550 11,300 11,550 500 500 2,300 111,150 210 632 Total Marketing57,576 6,326 6,826 11,082 12,576 25,076 9,326 23,076 23,326 9,776 4,776 6,776 196,518 371 1,117 6.0%Cable & InternetCable TV6805-0000 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 67,200 127 382 Internet 6825-0000 5,665 5,665 5,665 5,665 5,665 5,665 5,665 5,665 5,665 5,665 5,665 5,665 67,980 128 386 Total Cable / Internet 11,265 11,265 11,265 11,265 11,265 11,265 11,265 11,265 11,265 11,265 11,265 11,265 135,180 255 768 4.2%UtilitiesElectricityElec-Common Area 6910-0100 40,000 33,000 24,000 20,000 18,000 20,000 22,500 26,500 28,750 33,000 40,000 40,000 345,750 652 1,964 Elec-Residential Units 6910-0200 - - - - - - - - - - - - - - - Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity40,000 33,000 24,000 20,000 18,000 20,000 22,500 26,500 28,750 33,000 40,000 40,000 345,750 652 1,964 Other Utilities- - Gas 6920-0000 4,400 4,100 3,700 3,000 1,900 2,500 2,500 3,100 3,000 2,900 2,900 4,200 38,200 72 217 Water / Sewer 6930-0000 6,348 6,348 6,348 6,348 6,348 6,348 6,348 6,348 6,348 6,625 6,625 6,348 76,732 145 436 Utility Billing Fee 6950-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 7 20 Total Other Utilities11,048 10,748 10,348 9,648 8,548 9,148 9,148 9,748 9,648 9,825 9,825 10,848 118,532 224 673 Total Utilities51,048 43,748 34,348 29,648 26,548 29,148 31,648 36,248 38,398 42,825 49,825 50,848 464,282 876 2,638 14.3%Property Management Fee 6990-0000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 240,000 453 1,364 Asset Management 8915-0000 5,326 5,313 5,305 5,355 5,341 5,325 5,339 5,398 5,487 5,508 5,511 5,824 65,031 123 369 Total Management Fees25,326 25,313 25,305 25,355 25,341 25,325 25,339 25,398 25,487 25,508 25,511 25,824 305,031 1,452 4,371 9.4%TaxesProperty Taxes 7005-0000 - - - - - - - - - - - - - - - Personal Property Taxes 7010-0000 - - - - - - - - - - - - - - - Property Tax Consultant 7020-0000 - - - - - - - - - - - - - - - Franchise Taxes 7060-0000 - - - - - - - - - - - - - - - Total Taxes - - - - - - - - - - - - - - - 0.0%InsuranceIns-Property & Casualty Insurance 7105-0100 - - - - - - - - 58,884 - - - 58,884 111 335 Total Insurance- - - - - - - - 58,884 - - - 58,884 111 335 1.8%TOTAL OPERATING EXPENSES (0) (0) 0 (0) 0 0 271,219 289,039 348,541 368,078 344,080 298,032 1,918,989 4,497 13,541 59.0%266,282 265,643 265,252 267,752 267,042 266,242 (4,257) (19,146) (74,199) (92,682) (68,534) (6,850) 1,332,546 2,514 7,571 41.0% NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 11/29/2017Page 4of6 Cambridge at CSCollege Station, TX 778402017-2018 Cambridge at CS Budget176 = Units$0530 = Beds131,164 = Sq FtG/L2017-2018Cost perCost perCodes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18Apr-18 May-18 Jun-18 Jul-18Aug-18 ForecastBed UnitAccount Descriptions11/29/2017Debt ServiceInterest Expense 7210-0000 - - 654,250 - - - - - 633,275 - - - 1,287,525 2,429 7,315 Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - 560,000 - - - - - - - - - 560,000 1,057 3,182 Total Interest / Financing Costs- - 1,214,250 - - - - - 633,275 - - - 1,847,525 3,486 10,497 56.8%Capital ImprovementsWasher/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 - - - - - - - - - - - - - - - Carpet/Vinyl/Tile 8315-1000 - - - - - - - - - - - 4,000 4,000 8 23 Furniture 8315-5000 - - - - - - - - - - - - - - - Total Recurring Capital- - - - - - - - - - - 4,000 4,000 8 23 0.1%Capital Improvements - Non RecurringAlarms/Access Systems 8315-0100 - - - - - - - - - - - - - - - Bldg Impr - Bathroom Renovations 8315-0300 - - - - - - - - - - - - - - - Building8315-0600 - - - - - - - - - - - - - - - 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 Cart8315-8100 - - - - - - - - - - - - - - - HVAC8315-2100 - - - - - - - - - - - - - - - Keys & Locks 8315-2200 - - - - - - - - - - - - - - - Landscaping8315-2300 - - - - - - - - - - - - - - - Light Fixtures 8315-2500 - - - - - - - - - - - - - - - Miscellaneous 8315-2700 - - - - - - - - - - - - - - - Painting (Exterior) 8315-2900 - - - - - - - - - - - - - - - Parking Lot & Sidewalks 8315-3000 - - - - - - - - - - - - - - - Personal Property 8315-8000 - - - - - - - - - - - - - - - Plumbing8315-3100 - - - - - - - - - - - - - - - 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 AccountsSeries A Debt Service Reserve- - - Series A Debt Service Funding- - - Series B Debt Service Reserve- - - Series B Debt Service Funding- - - Senior Reserve- - - Subordinate Reserve- - - Tax Reserve 1080-0100 - - - - - - - - - - - - - - - Tax Funding1080-0100 - - - - - - - - - - - - - - - Insurance Reserve 1080-0300 - - - - - - - - - - - - - - - Insurance Reserve Funding1080-0300 - - - - - - - - - - - - - - - Replacement Reserve 1080-0400 9,923 19,845 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 133,958 253 761 Replacement Reserve Reimb. 1080-0400 - - - - - - - - - - - - - - - Net Escrow Activity9,923 19,845 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 133,958 253 761 4.1%11/29/2017Page 5of6 Cambridge at CSCollege Station, TX 778402017-2018 Cambridge at CS Budget176 = Units$0530 = Beds131,164 = Sq FtG/L2017-2018Cost perCost perCodes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18Apr-18 May-18 Jun-18 Jul-18Aug-18 ForecastBed UnitAccount Descriptions11/29/2017Other ExpensesAccounting / 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 - - - - - - - - - - - - - - - TSHA Scholarship Program 8996-0000 - - - - - - - - - - - - - - - Total Other Expenses - - - - - - - - - - - - - - - 0.0%INCOME (LOSS) Before Depr / Amort256,359 245,798 (959,417) 257,333 256,623 255,823 (14,676) (29,565) (717,893) (103,101) (78,953) (21,269) (652,937) (1,232) (3,710) Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0%MONTHLY CASH FLOW 256,359 245,798 (959,417) 257,333 256,623 255,823 (14,676) (29,565) (717,893) (103,101) (78,953) (21,269) (652,937) (1,232) (3,710) -20.1%Cumulative Cash Flow Estimate256,359 502,157 (457,260) (199,927) 56,696 312,519 297,843 268,278 (449,615) (552,716) (631,668) (652,937) (652,937) 11/29/2017Page 6of6