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Mike Gaffron OSIEFAUT{Q5J---8ER 31,2002,2003,2004,2005 AND 2006 Pagel
<br /> .,m._ .. ..
<br /> See Accountant's Compilation Report
<br /> Beginning 2001 2002 2003 2004 2005 2006
<br /> Cash - - - -_
<br /> Resident receivable:
<br /> Lodging - 120,121 813,376 877,897 904,233 931,360
<br /> Percentage 2% 2% 2% 2% 2% 2%
<br /> Balance -. 2 402_ 16.268 17 558, 18 085. 18 627
<br /> Resident receivable:
<br /> Lodging - - - - - -
<br /> Percentage 2% 2% 2% 2% 2% 2%
<br /> Balance - - - - - - -
<br /> 2 14 26 38 50 62
<br /> Payment 2000 2001 2002 2003 2004 2005 2006
<br /> Note receivable:
<br /> Land sale 6,494 834,333 814,175 792,559 769,381 744,528 717,877
<br /> 834,333 814,175 792,559 769,381 744,528 717,877
<br /> Current portion:
<br /> Land sale 20,158 21,615 23,178 24,854 26,650 28,577
<br /> 20,158 21,615 23,178 24,854 26650 28,577
<br /> Note receivable-net $- $814,175 $792,559 $769,381 $744,528 $717,877 $689,301
<br /> Interest income:
<br /> Land sale 240 7.00% 9,734 57,698 56,236 54,668 52,987 51,184
<br /> $9.734 _ $57 698 $56.236 $54,668 $52,987 $51,184
<br /> Construction in progress:
<br /> Beginning - 2,794,295 - - - -
<br /> Additions:
<br /> Building construction fund 6,320,558 1,172,239 4,110,761 -
<br /> Land acquisition 837,558 - -
<br /> Development fee 333,577 333,577
<br /> Architectural 164,300 164,300
<br /> Furniture&Fixtures 73,211 73,211
<br /> Organizational costs 200,000
<br /> Less: land sale -
<br /> 6,891,646
<br /> Capitalized interest
<br /> Capitalized interest 408,851 20,660 388,192
<br /> Project fund-interest income (55,494) (3,456) (52,038)
<br /> Capitalized interest fund (10,973) (1,881) (9,092) - - - -
<br /> Debt service fund-interest income (11,476) (1,913) (9,563)
<br /> Total cost additions 330,908 2,794,295 4,428,259 - - - -
<br /> Reclassification 7,222,554 (7,222,554)
<br /> Ending 2,794,295 - - - - -
<br /> Beginning_ 20.01 2002 2003 2004 2005 2006
<br /> PROPERTY ADDITIONS:
<br /> Land - 837,558 - - - -
<br /> Buildings - 6,019,996.29 - - - -
<br /> Equipment - 365,000 - - - -
<br /> Replacement reserves - - - -
<br /> Total 7,222,554 - -
<br /> DEPRECIATION EXPENSE
<br /> Prior Year - - 42,135 252,809 252,809 252,809
<br /> Land
<br /> Buildings 30 - 33,444 167,222.12 - - -
<br /> Equipment - 8,690 43,452.38 - -
<br /> Total -. 42 135, 252 809. 252 809 252 809 252.809
<br /> Net property and equipment 7,180,419 6 927 610, 6 674 801. 6 421 991. 6 169 182
<br /> Capitalized/prepaid interest fund:
<br /> Beginning - 545,529 56,552 - - -
<br /> Additions.
<br /> Capitalized interest fund 564,307 - - - - -
<br /> Debt service fund interest income 10,943
<br /> Interest income(capitalized) 2.00% 1,881 9,092
<br /> Interest income 2.00% 1,818 94 -
<br /> 566,188 21,854 94 - -
<br /> Use (20,660) (510 830) (56,646) - - -
<br /> Ending 545.529 56 552 - - -
<br /> Project fund:
<br /> Beginning - 4,058,723 - - - -
<br /> Additions 6,836,152 - - - - -
<br /> Interest income 3,456 52,038
<br /> Uses (2,780,885) (4,110,761) - - - -
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