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<br />CALLlPPE
<br />BUDGET
<br />200512006
<br /> IIQJl
<br /> START UP
<br /> gw - &III ~ ll<1 M2IlIIl Jlli >WI fli> /!lJ! &lIil - "'"'"
<br />ROUNDS 30,877 0 0 0 0 2,147 2,957 2,395 2,410 4,078 5,009 5,837 6,043
<br />REVENUE
<br />Green Fees 1,076,399 0 3,125 0 0 74,636 102,785 83,243 83,776 141,767 174,100 202,905 210,062
<br />Per Rnd. Avg. 34.86 34.76 34.76 34.76 34,76 34.76 34.76 34.76 34.76
<br />Carts 280,978 0 0 0 0 19,539 26,909 21,793 21,932 37,114 45,579 53,120 54,993
<br />Merchandise Sales 169,822 0 0 0 0 11,809 .16,263 13,171 13,256 22,432 27,547 32,105 33,238
<br />Food & Beverage 216,137 0 0 0 0 15,030 20,699 16,764 16,871 28,549 35,060 40,861 42,302
<br />DrMng Range 72,003 0 0 3,221 2,706 4,595 6,328 5,125 5,158 8,728 10,718 12,492 12,932
<br />other Miscellaneous Rev 30,877 0 0 0 0 2,147 2,957 2,395 2,410 4,078 5,009 5,837 6,043
<br />GROSS OPERATING REVENUE 1,846,215 0 3,125 3,221 2,706 127,757 175,941 142,490 143,403 242,668 298,013 347,320 359,571
<br />REV PER ROUND 59.79 #DIVIOI #DNlOl #DIVIOI #OIVIOI 59.50 59.50 59.50 59.50 59.50 59.50 59.50 59.50
<br />COST OF GOODS SOLD
<br />Merchandise 127,366 0 0 0 0 8,857 12,198 9,879 9,942 16,824 20,661 24,079 24,928
<br />Food & Beverage 75,648 0 0 0 0 5261 7245 5,867 5,905 9992 12271 14301 14806
<br />Total Cost of Goods Sold 203,014 0 0 0 0 14,118 19,442 15,746 15,847 26,816 32,932 38,380 39,734
<br />NET OPERATING REVENUE 1,643,201 0 3,125 3,221 2,706 113,639 156,499 126,745 127,556 215,852 265,082 308,940 319,837
<br />OPERATING EXPENSES
<br />Coursl! Malntenanee
<br />labor Costs 343,478 0 0 0 0 25,066 42,388 42,388 42,388 47,257 47,997 47,997 47,997
<br />Non labor Costs 360,205 0 0 3,125 0 36,431 18,957 18,967 27,600 25,816 69,601 70,697 89,011
<br />Mitigation Costs 63940 0 0 3125 0 7602 7602 7602 7602 7602 7602 7602 7602
<br />Subtotal 767,624 0 0 6,250 0 69,099 68,946 68,956 77,589 80,675 125,200 126,296 144,610
<br />Golf DDeratlons
<br />labor Costs 216,524 0 0 1,274 15,441 21,996 22,415 22,428 21,158 24,687 27,971 29,789 2f
<br />Non labor Costs 92184 0 4070 1863 2363 13048 13188 7728 11428 8824 7949 8724 ,.
<br />Subtotal 308,708 0 4,070 3,137 17,804 35,044 35,603 30,156 32,586 33,511 35,920 38,513 42,3b.:!
<br />Food & Beveraae
<br />labor Costs 102,506 0 0 0 7,018 9,722 10,802 11,152 11,152 12,213 12,959 13,744 13,744
<br />Non labor Costs 28483 0 0 0 2,325 2,325 2,271 4,628 2,531 2,756 4,377 3,551 3,719
<br />Subtotal 130,989 0 0 0 9,343 12,047 13,073 15,780 13,684 14,969 17,335 17,295 17,463
<br />General & Administrative
<br />labor Costs 102,150 0 3,625 7,250 8,410 10,358 10,358 10,358 10,358 10,358 10,358 10,358 10,358
<br />Non labor Costs 140254 0 1000 2083 2083 17142 14171 13395 13329 19273 19304 20 223 18251
<br />Subtotal 242,404 0 4,625 9,333 10,493 27,500 24,529 23,753 23,687 29,631 29,663 30,581 28,610
<br />Total Operating Expense 1,44B724 0 8,695 18,720 37,639 143,690 142,152 138,645 147547 158,787 208,119 212,685 233,046
<br />NOI Before Mgmt Fee & Reserve 193,477 0 (557{)'; ('i54%) i34,933) (3005i} 14,346 (11,901i (l:},f~1) 57,066 56,963 96,255 86791
<br />Management Fees
<br />Fixed 65,625 0 3,125 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250 6,250
<br />Incentive 34,246 0 0 0 162 4,260 4,260 4,260 4260 4,260 4,260 4,260 4,260
<br />Total Management Fees 99,871 0 3,125 6,250 6,412 10,510 10,510 10,510 10,510 10,510 10,510 10,510 10,510
<br />Replacement Reserve 36,924 0 63 64 54 2555 3519 2,850 2868 4853 5960 6946 7191
<br />NET OPERATING INCOME 56,681 0 (117!;..3) (2U':3) (4!,400} r,,3.;'16\ 317 l252151i i33Y39} 41,702 40,492 78798 69,089
<br /> 20052006 nov 11 open'fr1th mitlgaUon ~ start \lfl.XLS SUMMARY
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