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2003-2004 Cambridge Budget CMambr4fidge co station SiJE , r,o Operating 2003 - 2004 Operating Budget - Summary (Based on actual occupancy as of fall 2003) Revenue Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Total Revenue 137.436 10.347 83,302 59.507 76,580 93.719 75,847 99,670 01.043 128.679 115,047 367e33 1,3ee,857 ImDo% Food Service Payroll 28,306 29.81/ 27.032 25,520 18.910 27.877 26,92/ 29.980 25,227 29.498 30,094 27.914 327.101 23.4m Administrative Payroll 14.e90 1*.3e1 14.51e 14.440 14.440 14.047 14.361 14.20* 14.301 14'204 14.519 14.361 172.808 123% Maintenance Payroll 3,760 4.120 4.120 4,120 4.120 4.120 4,120 4.120 4.120 4.120 4.120 *.120 49,078 3.5% Housekeeping Payroll 3,895 4,811 4,713 4,71a 4,p11 4mr Food Cost 15.670 12.204 9.979 6,430 9,210 11.182 e.836 11.817 8.043 17.74* 36.094 33.792 180.281 12.9%--��������— Other Food Expense 2,300 2,200 1,850 1,750 2,750 1,950 1,750 1,850 2,750 2,550 550 6,550 � � � Management Fees v u v v o o u o u o n o u 0.0% Gen&Admn Other Exp 11.118 10,265 9,838 9,27e 9,678 10,082 9,659 10,223 9,308 10.847 10,524 16,503 127,320 91% Marketing Expense 925 1.600 19.1e4 11.020 1.9*5 3.685 3,510 2,285 3.185 6,060 3,385 2,935 59,759 4.3% Res. Life&Dnv. 1.500 eon oun e00 yuo sno 500 suo ono 100 100 4.000 10.300 oJ% Total Telecom Expense 15.520 15.520 15.520 15.520 15.520 15.520 15.520 15.520 15.520 15.520 15.520 15.520 18$.240 113% utmty/Enorgysxp 16.479 16.440 20.448 17.553 15.378 15.102 14.9e8 17.415 16.308 18.109 16.241 18.e18 203.058 1*a% nep/wa|mOther Exp 6.974 e.374 6,374 6,374 6.374 6,374 6,374 e.374 8.374 6.374 6,374 6.491 79.205 57% Total Expenses 121,437 118,392 134,176 117,315 103,976 114,955 111,139 119,000 111,107 129,645 144,932 155,518 1,481,594 105.8% Net Operating Income 15.9e9 -17.045 -50.874 -57.748 -27.416 -21.237 -an.uVo -19.324 -nn.oso -986 -29.e85 212.115 -e1.737 '5.8Y6 Taxes&Insurance Construction Interest n O n O o 0 O o o O u 0 o no% Personal Property Taxes O o O U u U o o O o V o O 0.0% Sales Tax 0 O 0 O n V 0 O O O o V o 0.8% Hotel Tax n u o o U u n n u o n n 0 0o*6 Insurance 11.000 8,500 e.500 8.500 8,500 8,500 8.500 8,500 8.500 o n O 7e.000 So% Total Taxes&Insurance 11,000 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 0 0 0 79,000 5.6% Net Inc Before Dep&Amt 4.999 -25.545 -59.374 '08.24e -35.916 -29.737 -43.792 -27.824 -58.565 -966 -zo.aoo 212.115 -160.737 -11.5% The Cambridge @}College Station 2uuomoo4Revised Budget Managed»rAsset Campus Housing 10/15/2003 Proprietary&Confidential Pagel Operating Budget- Detail (Based on actual occupancy as of fall 2003) Revenues Total Contract Revenue 121.003 87.235 70.351 47,838 64,087 78.019 61.300 83.692 *r.ww 6148* 48,209 286096 1,055,607 17.2u Other Revenues pommouot-cvmmct 2.967 2.967 2,967 2.967 2.967 2.967 2.967 2.967 2,967 o o u 2e.700 v.m» Conference/Camp'Food u o o n n u o o u 29.575 2e.575 29.575 88,725 6.3% Conference/Camp-Room o o u o n o o o n ee.575 29,575 2*.575 nnJmo som Residential Long Distance msr eer ee7 swr 667 e67 667 ee7 667 o o o 6,000 0.4m Telecom Fee 3,280 3,280 3.280 3.280 3,280 3,280 3,280 3,280 3.409 3.913 3.913 18.688 66,163 4.0% Outside Board Contracts 5.757 *.151 3,347 2.276 3,053 3.717 2.920 3.982 1.858 n o 1.741 32,803 2.3% Cash Food Sales 2,560 1.846 1.488 1.012 1.369 1.667 1.310 1.78e 1.012 1.310 953 1.310 17,623 1.3% Vending Comrnissmns 300 300 300 300 300 300 uoo 300 300 300 mm 300 3.600 0.3% Wash Mach c*mn-davmnw 228 228 228 ama oza 228 oue zzm 237 orz zrz 1^299 3,903 v.m& Catering mzs 325 son mm rem ouo oon 325 mm o o u 3.607 0.3% Returned Check/Late Fees so oo nn so ao mo mo 50 so em so ou oon o»% Banquets 300 300 300 300 300 300 300 300 300 o n o 2700 0.2% Application Fees o o o o o 2,200 2.200 2,200 2.200 2.200 2,200 o 13,200 0.9% Total Other Revenue 16,433 14,112 12,952 11,729 12,474 16,700 14,546 16,086 13,649 67,196 66,838 82,637 344,260 24.6% Total Revenue 137.*36 101.347 83,302 59,567 76.6*0 93./19 76.847 99.67e 61.043 1128,679 116.047 367.633 1.399,867 100.0m The Cambridge @ College Station um3/2m04Revised Budget Managed u/Asset Campus Housing 10m4/2003 Proprietary uConfidential Page Operating Budget- Detail (Based on actual occupancy as of fall 2003) Rental Payroll Sep-03 Oct�03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL m aulaxmax^mgew 2,800 3,040 2,800 e.880 e,960 2.800 2,800 2,960 2,960 2,800 2/960 2.960 34J20 2.5% Benefits aTaxes 1.015 1.771 1.753 1.753 1.771 1`717 1.735 1.753 1.771 1.717 1.771 1.753 20,283 1.4m Holiday Pay oo o 160 80 80 n 80 u 80 o 80 n mm o./% Total Payroll 3,895 *.811 4,713 4,713 4.811 4,517 *,615 4.713 4,811 *,517 *,811 4.713 66,643 4.0% The Cambridge @ College Station 20n3/2n04Revised Budget Managed uvAsset Campus Housing 10n4/2003 Proprietary uConfidential Page Operating Budget- Detail (Based on actual occupancy as of fall 2003) Food Department Food Cost Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Beverages 1,231 965 784 505 723 878 694 928 522 1,394 2,882 2,654 14,167 1.0% Baked Goods 704 552 448 289 414 503 397 531 299 797 1,649 1,519 8,102 0.6% Dairy 1,448 1,135 922 594 851 1,033 816 1,092 614 1,640 3,390 3,122 16,668 1.2% Milk 380 298 242 156 223 271 214 286 161 430 890 819 4,371 0.3% Meats 6,277 4,921 3,997 2,576 3,689 4,479 3,539 4,733 2,661 7,108 14,698 13,536 72,214 6.2% Frozen Goods 1,221 957 778 501 718 872 689 921 518 1,383 2,860 2,634 14,062 1.0% Accompaniments 3,062 2,400 1,950 1,256 1,800 2,185 1,726 2,309 1,298 3,467 7,170 6,603 35,226 2.5% Produce 1,347 1,056 858 553 792 961 760 1,016 571 1,526 3,155 2,906 16,601 1.1% Total Food Cost 15,670 12,284 9,979 6,430 9,210 11,182 8,836 11,817 6,643 17,745 36,694 33,792 180,281 12.9% Food Department Payroll Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Salaries/Wages 20,642 22,428 18,967 14,833 12,867 20,850 18,613 22,108 16,496 22,108 22,108 20,849 232,870 16.6% Benefits&Taxes 7,003 7,283 6,767 6,487 5,263 6,924 6,748 7,313 6,433 7,224 7,334 6,930 81,709 6.8% Vacation Pay 0 0 0 3,420 0 0 1,500 0 1,400 0 0 0 6,320 0.60/6 Holiday Pay 564 0 1,224 734 733 58 0 506 898 60 599 134 6,610 0.4% Sick Pay 98 106 74 46 47 46 66 53 0 106 53 0 692 0.0% Total Payroll 28,306 29,817 27,032 25,520 18,910 27,877 26,927 29,980 25,227 29,498 30,094 27,914 327,101 23.4% The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 10/14/2003 Proprietary&Confidential Page 4 Operating Budget- Detail (Based on actual occupancy as of fall 2003) Food Department Food Department Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jm-04 TOTAL m Pest Control mno mm sno 300 mm ono mm 300 300 rno 300 300 3,600 0.3% un^nLuvnawveomta| soo 300 300 aoo 300 oum 300 300 ouo 300 300 000 3,600 0.3% unnums. 150 150 u o 1.000 cwo u 100 o o n 100 1.700 0.1% Dining Room Supplies smo uoo 300 mm aoo 300 300 noo soo 300 oon sm o'000 0.3% ov,vmnvno 150 1e0 150 150 150 iso |so 150 150 150 150 150 1,800 0.1% Kitchen Supplies 000 300 mm mm 300 300 300 noo 300 oon mm 000 3,600 0.3% omnmxamvs/ai**, o o o u o o n o o o o 4.500 4.600 0.3% Cleaning Supplies moo roo mm 400 400 400 wm 400 400 400 400 600 5,800 0.4% Contract Cleaning o u o o o o o o /.000 o o n 1.000 0.1% Paper o n o o o o o n o mm 000 n 1.600 0.1m Total Other Expense 2,300 2.200 1.850 1.750 2,750 1.950 1.750 1.850 2,750 2,550 2,550 6.550 30,800 2.2% Total Food Expense 46.276 44,300 38,861 33.700 30.870 41.009 37.612 43,647 w\mm 49,793 69,338 68.266 638.182 38.4% The Cambridge @ College Station oonoouO4Revised Budget Managed uvAsset Campus Housing 10m4/2003 Proprietary&c*nfiopntio/ Page Operating Budget- Detail (Based on actual occupancy as of fall 2003) Gen&Adrnn Dept Payroll Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Salaries/Wages 11,096 10,968 10,840 10,904 10,904 10,712 10,968 10,840 10,968 10,840 10,968 10,968 130,976 9.4% Benefits&Taxes 3,510 3,393 3,423 3,408 3,408 3,335 3,393 3,364 3,393 3,364 3,423 3,393 40,808 2.9% Vacation Pay 320 0 0 0 0 0 0 0 0 0 0 0 320 0.0% Holiday Pay 64 0 256 128 128 0 0 0 0 0 128 0 704 0.1% Total Payroll 14,990 14,361 14,519 14,440 14,440 14,047 14,361 14,204 14,361 14,204 14,519 14,361 172,808 12.3% The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 10/14/2003 Proprietary 8 Confidential Page 6 Operating Budget- Detail (Based on actual occupancy as of fall 2003) Management Fee Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 'TOTAL % Management Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% Gen&Admn Dept Other Expense Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Equipment Lease 600 600 600 600 600 600 600 600 600 600 600 600 7,200 0.6% Computer&Software Maint 150 150 150 150 150 150 150 150 150 150 150 150 1,800 0.1% Legal 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.1% Audit 500 500 500 500 500 500 500 500 500 500 500 500 6,000 0.4% Other Professional Expense 50 50 50 50 50 50 50 50 50 50 50 50 600 0.0% Taxes,Licenses&Fees 218 218 218 218 218 218 218 218 218 218 218 218 2,614 0.2% Telephone-Ld 500 500 500 500 500 500 500 500 500 500 500 500 6,000 0.4% Telephone-Local 388 388 388 388 388 388 388 388 388 388 388 388 4,666 0.3% Office Supplies 300 300 300 300 300 300 300 300 300 300 300 300 3,600 0.3% Postage 250 250 250 250 250 250 250 250 250 250 250 250 3,000 0.2% Dues/Subscriptions 146 146 146 146 146 146 146 146 146 146 146 146 1,760 0.1% Travel-Local Supervision 15 15 15 15 15 15 15 15 15 15 15 15 175 0.0% TSHA Admin.Fee 2,749 2,027 1,666 1,191 1,531 1,874 1,517 1,994 1,221 2,574 2,301 7,353 27,997 2.0% Travel-Field Supervision 208 208 208 208 208 208 208 208 208 208 208 208 2,600 0.2% Recruiting Expense 150 150 150 150 150 150 150 150 '150 150 150 150 1,800 0.1% Bad Debt Expense 151 109 88 60 80 98 77 104 59 77 60 356 1,320 0.1% Other G&A Expense 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0.1% Bank Service Charges 167 167 167 167 167 167 167 167 167 167 167 167 2,000 0.1% Courtesy Officer 4,034 4,034 4,034 4,034 4,034 4,034 4,034 4,034 4,034 4,034 4,034 4,034 48,409 3.5% Credit Card Fees 344 253 208 149 191 234 190 249 153 322 288 919 3,600 0.3% Total Other Expense 11,119 10,265 9,838 9,275 9,678 10,082 9,659 10,223 9,308 10,847 10,524 16,503 127,320 9.1% Total G&A Expenses 26,109 24,626 24,356 23,715 24,118 24,129 24,020 24,427 23,669 25,052 25,043 30,865 300,129 21.4% The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 1 011 4/2 003 Proprietary&Confidential Page 7 Operating Budget- Detail (Based on actual occupancy as of fall 2003) Marketing Dept Other Expense Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Outdoor Advertising 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% Signage 523 0 0 0 0 0 0 0 0 0 0 0 523 0.0% News/Magazines 601 601 601 601 601 601 601 601 601 601 601 601 7,216 0.50/6 Radio/Tv Advertising 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% Brochures 0 0 8,000 0 0 0 0 0 0 0 0 0 8,000 0.6% Promotion-External 1,417 1,417 1,417 1,417 1,417 1,417 1,417 1,417 1,417 1,417 1,417 1,417 17,000 1.2% Lease Comm.-Residential 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% Web Adv/Presence 174 174 174 174 174 174 174 174 174 174 174 174 2,091 0.1% Other Expense 174 174 174 174 174 174 174 174 174 174 174 174 2,091 0.1% Total Other Expense 2,889 2,366 10,366 2,366 2,366 2,366 2,366 2,366 2,366 2,366 2,366 2,366 36,920 2.6% Total Marketing Expense 2,889 2,366 10,366 2,366 2,366 2,366 2,366 2,366 2,366 2,366 2,366 2,366 36,920 2.6% Residence Life&Student Development Other Expense Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Res.Life&Dev. 1,500 600 600 600 800 500 500 500 500 100 100 4,000 10,300 0.7% Total Res.Life 1,500 600 600 600 800 500 500 500 500 100 100 4,000 10,300 01% The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 10/14/2003 Proprietary&Confidential Page 8 Operating Budget- Detail (Based on actual occupancy as of fall 2003) Telecom Expenses Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jull-04 Aug-04 TOTAL % Telecom 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 8,820 106,840 7.6% Residential Long Distance 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 0.9% Cable TV-Data 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 5,700 68,400 4.9% Total Telecom Expense 15,520 15,520 15,520 15,520 15,520 15,520 15,520 15,520 15,520 15,520 15,520 15,520 186,240 13.3% Utilities/Energy Expenses Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Electric-Public 8,335 7,580 9,464 7,735 6,709 7,300 6,827 8,000 7,443 8,095 7,812 9,576 94,876 6.8% Electric-Residential 2,431 2,941 4,574 3,660 2,709 2,167 2,388 3,424 2,946 3,825 2,668 3,266 36,999 2.6% Fuel(Gas) 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 2.6% Sewer 2,116 2,116 2,116 2,116 2,116 2,116 2,116 2,116 2,116 2,116 2,116 2,116 25,390 1.8% Water 597 803 1,294 1,042 845 519 637 875 803 1,074 644 660 9,793 0.7% Total Utility Expense 16,479 16,440 20,448 17,553 15,378 15,102 14,968 17,415 16,308 18,109 16,241 18,618 203,058 14,501. The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 10/14/2003 Proprietary&Confidential Page Operating Budget- Detail (Based on actual,occupancy as of fall 2003) ReplMaint Dept Payroll Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Salaries/Wages 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 2,917 36,000 2.5% Benefits&Taxes 843 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 14,078 1.0% Holiday Pay 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% Total Payroll 3,760 4,120 4,120 4,120 4,120 4,120 4,120 4,120 4,120 4,120 4,120 4,120 49,078 15% The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 10/14/2003 Proprietary&Confidential Page 10 Operating Budget- Detail (Based on actual occupancy as of fall 2003) RepImpmoept Other Expenses Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Juw* m Waste Removal 1.1e8 1.168 1.168 1.168 1.168 1.1e8 1.168 1.168 1.1e8 1.168 1.168 1.168 14,018 1.0% Linen Replacement o o o o o n o o 2,000 u n o 2,000 0.1m Laundry Supplies o o n n o o u o u n o o o 0.0% unxmme sno o u u o o o o o o n o Soo 0.0% Rooms Supplies ozo 22e 225 zzs ozo 225 225 oam 225 uoo 225 225 2.700 0.2% Cleaning Supplies mm mno soo 500 500 scm 500 500 500 eou 500 mom 6.100 0.4% Contract Cleaning o o o o o n o o o u o o u n.n& Equipment Rental m o o o o o o o o o n o o 0.0% Post Control 624 e24 624 624 e24 e24 624 624 624 624 e24 ezo 7/488 Other Expense 42 42 wc 42 *c 42 42 *z *z vz wo 42 nou 0.0% Buildings Maintenance o o m o o n o o o o n o o 0.0% Food Service Equip Repair n o o o 0 o o o u o o n u 0.0% Drive/Park Lot Mm|m. o o n n n o o o o u u n o vom Elevator Maintenance eoo oam eoo sso 630 mou eoo 630 000 sno *oo mzw 7.e60 0.6% Laundry Equip.mu|m. o o o o o o o o o o o o o 0.0% *vac Maintenance |oo 100 /oo 100 100 100 100 100 100 100 /no /oo 1.200 0.1m comvuoraporyo|omnmo o o u o o o o o o o o o o 0.0% Water Treatment o o o o o o o o u o o n u 00% Grounds/La nuxcaping 1.600 1.600 /.000 1.600 1.600 1.600 1.600 1.600 1.600 /.600 1.600 1.600 19,200 1.4% Swimming Pool 225 225 225 225 zus 225 zxs 225 225 oum 225 uoe uJon 0.2m Fumuvmnep/nep|mpa o o u o o o n o o n o o o 0.0% Mu|m.Equip.Repair o o u o n n a o o o o o u 0.0% Fire Equipment Repair 1e7 167 167 167 167 1*7 /e7 167 167 167 167 1e7 2,000 0.1m oarpetnapunepmi, o u o n o o o u u o o o o 010% nro,Equip.Repair o o o n o n o n o n m o o 010% Maintenance Supplies nno uoo 000 300 300 onu 000 300 300 mm moo 300 3,600 o.»% Light Bulbs |on 100 100 100 100 100 100 1nn 100 100 100 100 1,200 0.1% po|m/Dwooranno 150 150 150 150 1e0 150 150 150 150 150 150 150 tmm 0.1% Pest Control 400 400 wm 400 400 *m 400 400 wm wm 400 wm 4,800 0.3% Damages Recovered '100 -/oo -100 -mo -mn -1100 -100 -mo -100 '100 '100 -100 '1.200 *.iw Other Expense 100 100 100 100 100 100 100 100 100 100 100 /00 1,200 01% The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 10n4/2003 Proprietary&nvnfiuenua/ Page 11 Operating Budget- Detail (Based on actual occupancy as of fall 2003) Rep/Mairvt Dept-Cont Other Expenses Sep-03 Oct-03 Nov-02 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL % Uniforms 44 44 44 44 44 44 44 44 44 44 44 44 623 0.0% Locks&Keys 50 50 50 50 50 50 50 50 50 50 50 167 717 0.1% Equipment Rental 50 50 50 50 50 50 50 50 50 50 50 50 600 0.0% Total Other Expenses 6,974 6,374 6,374 6,374 6,374 6,374 6,374 6,374 8,374 6,374 6,374 6,491 79,205 5.7% Total Maint.Expenses 10,734 10,494 10,494 10,494 10,494 10,494 10,494 10,494 12,494 10,494 10,494 10,611 128,284 9.2% The Cambridge @ College Station 2003/2004 Revised Budget Managed by Asset Campus Housing 10/14/2003 Proprietary&Confidential Page 12 Operating Budget- Detail (Based on actual occupancy as of fall 2003) Summary Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 TOTAL m Total Revenue 137,436 101,347 83,302 59,567 76,560 93,719 75,847 99,676 61,043 128,679 115,047 367,633 1,399,867 100.0% Total Expenses 123,402 119,168 126,368 108,662 104,358 113,637 109,996 119,082 110,289 125,952 143,914 164,949 1,468,755 104.2% Net Operating Income 14,035 -17,811 -42,066 -49,094 -27,797 -19,918 -34,149 -19,406 -49,246 2,727 -28,867 212,683 -58,898 -4.2% Taxes and Insurance TOTAL m Construction Interest u o o u o o o o u u n o o 0.0% Personal Property Taxes o o o u o o o o o o o o u 0.0% Sales Tax o n o n n n n n o o o o » »'«% Hotel Tax o o u o o o u o u o o u u 0.0% Insurance 11.000 8,500 8.500 8.500 8.500 8,500 8.500 8.500 e.500 o n n 79.000 5.6% Total Taxes and Insurance 11,000 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 0 0 0 79,000 6.6% lNet Inc Before Dep&Amort 3,035 -26,311 -60,656 -67,594 -36,297 -28,418 -427649 -27,906 -67,746 2,727 -28,867 212,683 -137,898 -9.9%1 The Cambridge @ College Station uumt2mmRevised Budget Managed ovAsset Campus Housing 10w4/2003 Proprietary aConfidential 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