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Mike Gaffron -Orno model (1).xIS THE YEARS ENDING DECEMBER 31,2002,2003,2004,2005 AND 2006 Page 20
<br /> Interest income 3.0% 3.0% 3.0% 3.0% 3.0%
<br /> Income increase 3.0%
<br /> Expense increase 4.0%
<br /> ORONO SENIOR HOUSING,LLC
<br /> FORECASTED STATEMENTS OF FINANCIAL POSITION
<br /> DECEMBER 31,2001,2002,2003,2004,2005 AND 2006
<br /> 2001 2002 2003 2004 2005 2006
<br /> Assets:
<br /> Current assets:
<br /> Cash and cash equivalents $16,239 $182,716 $450,184 $506,291 $574,841 $659,034
<br /> Resident receivables - 2,402 16,268 17,558 18,085 18,627
<br /> Current portion of note receivable 20,158 21,615 23,178 24,854 26,650 28,577
<br /> Total current assets 36,397 206,734 489,630 548,702 619,576 706,238
<br /> Assets limited to use:
<br /> Debt service reserve fund 573,806 573,806 573,806 573,806 573,806 573,806
<br /> Capitalized interest fund 545,529 56,552 - - - -
<br /> Project fund 4,058,723 - - - - -
<br /> Construction in progress 1,956,737 - - - - -
<br /> Total assets limited to use 7,134,795 630,358 573,806 573,806 573,806 573,806
<br /> Fixed assets,net - 6,342,861 6,090,052 5,837,243 5,584,433 5,331,624
<br /> Notes receivable,net 814,175 792,559 769,381 744,528 717,877 689,301
<br /> Debt issuance costs,net 344,367 332,888 264,015 195,141 126,268 57,395
<br /> Total assets $8.329.734 $8.305,401 $8,186,884 $7,899,420 $7.621.961 $7.358,363
<br /> Liabilities and net assets(deficit):
<br /> Current liabilities:
<br /> Current portion of bonds payable $- $- $85,000 $95,000 $100,000 $105,000
<br /> Current portion of subordinated debt - - 56,107 68,550 84,193 41,150
<br /> Accounts payable - 6,677 32,568 32,716 32,471 32,194
<br /> Total current liabilities - 6,677 173,675 196,267 216,664 178,344
<br /> Bonds payable,net of current portion 7,940,000 7,940,000 7,855,000 7,760,000 7,660,000 7,555,000
<br /> Subordinated debt,net of current portion 250,000 250,000 193,893 125,343 41,150 0
<br /> Deferred note payable 200,000 200,000 200,000 200,000 200,000 200,000
<br /> Total liabilities 8,390,000 8,396,677 8,422,568 8,281,610 8,117,814 7,933,344
<br /> Net assets(deficit):
<br /> Unrestricted 9,734 (31,276) (235,684) (382,189) (495,853) (574,981)
<br /> Total net assets(deficit) 9,734 (31,276) (235,684) (382,189) (495,853) (574,981)
<br /> Total liabilities and net assets(deficit) $8.399.734 $8.365.401 $8.186.884 $7.899.420 $7.621,961 $7.358.363
<br /> See accompanying summary of significant assumptions and accounting policies and report of independent public accountants.
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