|
( crEdr�sf ,dNrdMONTHS ENDING DECEMBER 31,2001 AND
<br /> Mike Gaffron OrnoPage 11
<br /> DECEMBER 31,2002,:2003,2004,2005_AND 2006.. ..,. .. ..;,_..._.,...__.
<br /> 2001 2002 2003 2004 2005 2006
<br /> Cash flows from operating activities:
<br /> Increase(decrease)in net assets(deficit),unrestricted $9,734 $(41,010) $(204,408) $(146,505) $(113,663) $(79,128)
<br /> Adjustments to reconcile increase(decrease)in net
<br /> assets(deficit),unrestricted to cash flows from
<br /> operating activities:
<br /> Depreciation and amortization - 53,614 321,683 321,683 321,683 321,683
<br /> Change in operating assets and liabilities:
<br /> Resident receivables - (2,402) (13,865) (1,290) (527) (543)
<br /> Accounts payable - 6,677 25,891 149 (246) (276)
<br /> Cash flows from operating activities 9,734 16,878 129,301 174,036 207,247 241,736
<br /> Cash flows from investing activities:
<br /> Change in project fund (4,058,723) 4,058,723 - - - -
<br /> Change in capitalized interest fund (545,529) 488,976 56,552 - - -
<br /> Change in marketing and leaseup fund (70,000) 10,000 60,000 - - -
<br /> Cash paid for construction in progress (2,794,295) (4,428,259) - - - -
<br /> Receipts of note receivable 3,225 20,158 21,615 23,178 24,854 26,650
<br /> Purchases of fixed assets,including improvements - - - - - -
<br /> Payment to debt service reserve fund (573,806) - - - - -
<br /> Cash flows from investing activities (8,039,128) 149,599 138,168 23,178 24,854 26,650
<br /> Cash flows from financing activities:
<br /> Proceeds from bonds payable 7,940,000 - - - - -
<br /> Proceeds from subordinated debt 250,000 - - - - -
<br /> Payments for debt issuance costs (344,367) - - - - -
<br /> Payments on bonds payable - - - (85,000) (95,000) (100,000)
<br /> Payments on subordinated debt - - - (56,107) (68,550) (84,193)
<br /> Proceeds from deferred note payable 200,000
<br /> Cash flows from financing activities 8,045,633 - - (141,107) (163,550) (184,193)
<br /> Increase in cash and cash equivalents 16,239 166,477 267,468 56,107 88,550 84,193
<br /> Cash and cash equivalents,beginning of period - 16,239 182,716 450,184 506291 574,841
<br /> Cash and cash equivalents,end of period $16 239_ $182 716_ $450 184 $506 291. $574 841. $659 034
<br /> Supplemental cash flows information:
<br /> Cash paid for interest,net of capitalized interest $- $122,638 $510,830 $504,905 $492,096 $478,087
<br /> Noncash investing and financing activities:
<br /> Note receivable received for sale of land $637 558
<br /> Construction in progress transferred to property $- $7 222 554 $- $- $- $-
<br /> See accompanying summary of significant assumptions and accounting policies and report of independent public accountants.
<br />
|