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HomeMy WebLinkAboutAvenue Flats Pro Forma ConstructionPROJECT SUMMARY Development: Owner: Location: County: Total Units: Units by Bedroom Size Efficiency 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5+ Bedroom Total Operating Budget Gross Rent Potential Other Income Vacancy Adjusted Gross Income Operating Expenses Net Operating Income Debt Service Debt & Cash Flow Over Time Year 1 Operating Margin Year 5 Operating Margin Year 10 Operating Margin Year 15 Operating Maring Development Costs Predevelopment & Feasibility Building & Property Acquisition Construction Costs Professional Services Carrying & Construction Financing Costs Permanent Financing & Syndication Reserves Construction & Bridge Loan Interest Developer Fee Total Development Costs Sources Mortgage- FMAC City of Wilmington New Hanover County Mortgage- N/A Tax Credit Equity Investment Income Deffered Developer Fee Total Sources Surplus/(Gap) Avenue Flats Blue Ridge Atlantic Development 509 S Kerr Ave, Wilmington, NC 28403 New Hanover County 184 0 58 78 48 0 0 184 Annual 2557176 21000 827018 1570685.68 9.32507018416458E-02 0.129894646391524 0.171859396574631 0.208860570805568 Units by Income Target 0.3 0.4 0.5 0.6 0.8 1.2 Total Per Unit 13897.6957 114.1304 4494.663 8536.3352 Year 1 Net Cash Flow Year 5 Net Cash Flow Year 10 Net Cash Flow Year 15 Net Cash Flow Total 902360 4814832 38102776 115000 4363094 2668714 1188643 2625680.2623 4140000 58921099.2623 Total 21200000 5000000 1500000 4500000 21906215 2849727 1965157 0 58921099 -0.2623 30 0 36 65 53 0 184 Long-Term Trending Assumptions Combined Vacancy Rate: Rent Inflation: Expense Inflation: Administration Maintenance Operating Escrows & Reserves Per Unit 4904.1304 26167.5652 207080.3043 625 23712.4674 14503.8804 6460.0163 14270.0014 22500 320223.3656 Per Unit 115217.3913 27173.913 8152.1739 24456.5217 119055.5163 15487.6467 10680.2011 0 320223.3641 -0.0014 % of TDC 1.53147176698721E-02 8.17166016976215E-02 0.64667456101598 1.95176263579425E-03 7.40497725709396E-02 4.52930110506174E-02 2.01734695191163E-02 4.45626489514657E-02 7.02634548885928E-02 1 % of TDC 0.359803198946417 8.48592450345324E-02 2.54577735103597E-02 7.63733205310792E-02 0.37178897329283 4.83651363549046E-02 3.33523478788653E-02 0 0.999999995548988 -4.45101153396455E-09 Units by Structure Type Single Family Duplex Triplex Fourplex Townhome Apartment Condo Other Total 204516.2657 298366.114 420237.5264 546610.7425 True 0 0 0 0 0 184 0 0 184 0.07 0.02 0.03 0.03 0.03 0.03 1111.5014 1621.555 2283.8996 2970.7106 Units 1 1 1 1 1 1 1 1 173 1 1 1 0 0 0 0 0 0 0 0 184 Units 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 REVENUE PROJECTIONS Address Total Units Other Income Miscellaneous & Interest Laundry Carports Tenant Charges (late fees, nonsufficient funds, etc) Other Totals Unit 9 14 7 15 12 9 17 30 18 17 22 14 184 Structure Type Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Bedrooms 1 2 3 1 2 3 1 2 3 1 2 3 Baths 1 2 2 1 2 2 1 2 2 1 2 2 Total Sq Footage Monthly 1750 1750 Sq Ft 661 931 1120 661 931 1120 661 931 1120 661 931 1120 164716 Annually 0 0 0 0 21000 21000 Income Target 0.3 0.3 0.3 0.5 0.5 0.5 0.6 0.6 0.6 0.8 0.8 0.8 Utility Allowance 72 91 110 72 91 110 72 91 110 72 91 110 Monthly Rent Potential Annual Rent Potential Proposed Contract Rent 496 591 678 875 1046 1204 1065 1273 1467 1200 1400 1800 213098 2557176 1091.25 Gross Rent 568 682 788 947 1137 1314 1137 1364 1577 1272 1491 1910 0 0 0 0 0 0 0 0 Max Rent Allowed 568 682 788 947 1137 1314 1137 1364 1577 1349 1515 1992 Rent Acceptable? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 ANNUAL OPERATING BUDGET REVENUE Gross Rent Potential Other Revenue Subtotal Combined Vacancy Factor Adjusted Income TOTAL OPERATING EXPENSES Administrative Costs Advertising Management Legal/Partnership Accounting/Audit Compliance Monitoring Telephone, Supplies, Misc Subtotal Maintenance Preventative Maintenance Unit Turns Exterminating Grounds Security Equipment Subtotal Operating Elevator Project Paid Fuel Common Electricity Water/Sewer Gas Trash Removal Payroll Payroll Taxes & Fringes Other Subtotal Escrows & Reserves Insurance Real Estate Taxes Other Taxes Replacement Reserve Other: Subtotal Total Operating Expenses Net Operating Income MORTGAGE Debt Coverage Ratio Max Mortgage Pmt Amortization (years) Interest Rate Projected Mortgage ACTUAL Mortgage Override Mortgage Payment Cash Flow Operating Margin 0.07 Annual 2557176 21000 2578176 180472.32 2397703.68 Annual Total Annual 15000 107897 750 21824 8000 24990 178461 Annual 54170 8500 7550 21500 18000 109720 Annual 0 0 14800 75000 0 15000 210000 13342 0 328142 Annual 163595 0 1100 46000 0 210695 827018 1570685.68 1.15 1365813.6348 35 0.055 21194479.0693 21200000 1366169.4143 Annual 204516.2657 9.32507018416458E-02 Per Unit 13897.6957 114.1304 14011.8261 980.8278 13030.9983 Per Unit Total Per Unit 81.5217 586.3967 4.0761 118.6087 43.4783 135.8152 969.8967 Per Unit 294.4022 46.1957 41.0326 116.8478 97.8261 596.3043 Per Unit 0 0 80.4348 407.6087 0 81.5217 1141.3043 72.5109 0 1783.3804 Per Unit 889.1033 0 5.9783 250 0 1145.0815 4494.663 8536.3352 7422.9002 115187.3862 115217.3913 Per Unit 1111.5014 1 % of Revenue 7.44299645901198E-02 4.57604502654807E-02 0.136856777898427 8.78736608520366E-02 0.344920853606064 0.655079146393936 0.569634040342553 8.84179316102981 Override 15000 107897 750 21824 8000 24990 54170 8500 7550 21500 18000 14800 75000 15000 210000 13342 163595 0 1100 46000 Unit Address Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 9 Apartment 1 2 0 14 Apartment 2 3 0 7 Apartment 3 4 0 15 Apartment 1 5 0 12 Apartment 2 6 0 9 Apartment 3 7 0 17 Apartment 1 8 0 30 Apartment 2 9 0 18 Apartment 3 10 0 17 Apartment 1 11 0 22 Apartment 2 12 0 14 Apartment 3 13 0 0 0 0 14 0 0 0 0 15 0 0 0 0 16 0 0 0 0 17 0 0 0 0 18 0 0 0 0 19 0 0 0 0 20 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Operating Cash Flow Projection REVENUE Gross Income Potential Vacancy Factor Net Income Per Unit OPERATING EXPENSES Administration Maintenance Operating Escrows & Reserves Total Operating Expenses Per Unit Net Operating Income Per Unit Debt Service Debt Coverage Ratio Operating Margin CASH FLOW Per Unit Operating Deficit Reserve Analysis Starting Balance Annual Operating Deficit Interest Earned on Reserve Ending Balance 0.07 Inflator 0.02 Inflator 0.03 0.03 0.03 0.03 0.04 Year 1 2578176 180472.32 2397703.68 13030.9983 178461 109720 328142 210695 827018 4494.663 1570685.68 8536.3352 1366169.4143 1.14970051555146 9.32507018416458E-02 204516.2657 1111.5014 0 0 0 0 Year 2 2629739.52 184081.7664 2445657.7536 13291.6182 183814.83 113011.6 337986.26 217015.85 851828.54 4629.5029 1593829.2136 8662.1153 1366169.4143 1.16664097209882 0.102642023998255 227659.7993 1237.2815 0 0 0 0 Year 3 2682334.3104 187763.4017 2494570.9087 13557.4506 189329.2749 116401.948 348125.8478 223526.3255 877383.3962 4768.388 1617187.5125 8789.0626 1366169.4143 1.18373863116422 0.11188419410061 251018.0981 1364.2288 0 0 0 0 Year 4 2735980.9966 191518.6698 2544462.3268 13828.5996 195009.1531 119894.0064 358569.6232 230232.1153 903704.8981 4911.4397 1640757.4288 8917.1599 1366169.4143 1.20099118859963 0.120970581020131 274588.0144 1492.3262 0 0 0 0 Year 5 2790700.6165 195349.0432 2595351.5734 14105.1716 200859.4277 123490.8266 369326.7119 237139.0787 930816.045 5058.7829 1664535.5284 9046.3887 1366169.4143 1.21839613072811 0.129894646391524 298366.114 1621.555 0 0 0 0 Year 6 2846514.6289 199256.024 2647258.6048 14387.275 206885.2106 127195.5514 380406.5133 244253.2511 958740.5264 5210.5463 1688518.0785 9176.7287 1366169.4143 1.23595072524986 0.13864995735197 322348.6641 1751.8949 0 0 0 0 Year 7 2903444.9214 203241.1445 2700203.7769 14675.0205 213091.7669 131011.418 391818.7087 251580.8486 987502.7422 5366.8627 1712701.0348 9308.1578 1366169.4143 1.25365201181925 0.147230199191051 346531.6204 1883.324 0 0 0 0 Year 8 2961513.8199 207305.9674 2754207.8525 14968.5209 219484.5199 134941.7605 403573.2699 259128.2741 1017127.8244 5527.8686 1737080.028 9440.6523 1366169.4143 1.27149679228197 0.155629187863203 370910.6137 2015.8186 0 0 0 0 Year 9 3020744.0963 211452.0867 2809292.0095 15267.8914 226069.0555 138990.0133 415680.468 266902.1223 1047641.6592 5693.7047 1761650.3504 9574.1867 1366169.4143 1.28948162056073 0.163840882314379 395480.936 2149.3529 0 0 0 0 Year 10 3081158.9782 215681.1285 2865477.8497 15573.2492 232851.1272 143159.7137 428150.8821 274909.186 1079070.9089 5864.5158 1786406.9408 9708.7334 1366169.4143 1.30760279217806 0.171859396574631 420237.5264 2283.8996 0 0 0 0 Year 11 3142782.1578 219994.751 2922787.4067 15884.7142 239836.661 147454.5051 440995.4086 283156.4615 1111443.0362 6040.4513 1811344.3705 9844.2629 1366169.4143 1.32585633340392 0.179679011568774 445174.9562 2419.4291 0 0 0 0 Year 12 3205637.8009 224394.6461 2981243.1549 16202.4085 247031.7608 151878.1403 454225.2708 291651.1554 1144786.3273 6221.6648 1836456.8276 9980.7436 1366169.4143 1.34423799001576 0.187294186597984 470287.4132 2555.9099 0 0 0 0 Year 13 3269750.5569 228882.539 3040868.018 16526.4566 254442.7136 156434.4845 467852.0289 300400.6901 1179129.9171 6408.3148 1861738.1008 10118.1419 1366169.4143 1.36274321565816 0.19469957044623 495568.6865 2693.3081 0 0 0 0 Year 14 3335145.5681 233460.1898 3101685.3783 16856.9858 262075.995 161127.519 481887.5898 309412.7108 1214503.8146 6600.5642 1887181.5637 10256.4215 1366169.4143 1.38136715978866 0.201890012066768 521012.1493 2831.5878 0 0 0 0 Year 15 3401848.4794 238129.3936 3163719.0859 17194.1255 269938.2749 165961.3446 496344.2175 318695.0921 1250938.9291 6798.5811 1912780.1568 10395.5443 1366169.4143 1.4001046551963 0.208860570805568 546610.7425 2970.7106 0 0 0 0 Year 16 3469885.449 242891.9814 3226993.4676 17538.008 278036.4231 170940.1849 511234.544 328255.9448 1288467.0969 7002.5386 1938526.3707 10535.4694 1366169.4143 1.41895020507844 0.215606526120454 572356.9563 3110.6356 0 0 0 0 Year 17 3539283.158 247749.8211 3291533.3369 17888.7681 286377.5158 176068.3905 526571.5803 338103.6232 1327121.1099 7212.6147 1964412.2271 10676.1534 1366169.4143 1.43789796966157 0.22212338675699 598242.8128 3251.3196 0 0 0 0 Year 18 3610068.8212 252704.8175 3357364.0037 18246.5435 294968.8413 181350.4422 542368.7277 348246.7319 1366934.7431 7428.9932 1990429.2605 10817.5503 1366169.4143 1.45694175235082 0.228406899344562 624259.8462 3392.7166 0 0 0 0 Year 19 3682270.1976 257758.9138 3424511.2838 18611.4744 303817.9065 186790.9555 558639.7896 358694.1338 1407942.7854 7651.863 2016568.4983 10959.6114 1366169.4143 1.47607498539272 0.234453056378874 650399.084 3534.7776 0 0 0 0 Year 20 3755915.6015 262914.0921 3493001.5094 18983.7039 312932.4437 192394.6841 575398.9833 369454.9579 1450181.069 7881.4189 2042820.4404 11102.285 1366169.4143 1.49529071503532 0.240258103559992 676651.0261 3677.4512 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 DEVELOPMENT BUDGET Predevelopment & Feasibility Appraiser Architect & Engineer Environmental Reviews & Reports (Phase I, Phase II, etc) Market Analysis Preliminary Title Search Survey Consultant Application Fees Zoning, U/A, Geo Tech Building & Property Acquisition Land Closing Costs @ Acquisition Misc Construction Costs Base Construction Costs Permits, Impact/Tap Fees Landscaping Appliance Package On site Improvements, Demolition, Construction bonding Contractor General Conditions (calc on Base) Contractor Overhead Contractor Profit CONSTRUCTION CONTINGENCY Professional Services Legal Title & Recording Cost Certification Marketing /Advertising Carrying & Construction Financing Costs Inspection & Draw Fees Points & Bank Fees Builder's Risk Insurance Property Insurance Real Estate Taxes Interim/Capitalized Operating Costs Permanent Financing & Syndication Points & Bank Fees Title & Recording Partnership & Organization Expense Legal (including tax opinion) Other: Soft Costs Other: Bond Issuance Costs Reserves Rent Up Reserves Operating Reserves Deficit Reserve (as calculated by 20 Year Projection) Replacement Reserves Other Construction & Bridge Loan Interest Developer Fee TOTAL DEVELOPMENT COSTS (TDC): 231.3241 per sq. ft. /Hard & Soft Costs 0.06 0.02 0.06 0.05 Subtotal Hard & Soft Costs Total Predevelopment: Total Acquisition: / hard cost / hard cost / hard cost / hard cost Total Construction: Total Professional Fees: Total Carrying Costs: Total Permanent Financing & Syndication: Total Reserves: 54781099.2623 Project Totals 5000 774600 16000 5000 0 20000 0 15760 66000 902360 4500000 314832 0 4814832 26976483 546275 0 0 4646378 1807200 602400 1807200 1716840 38102776 80000 0 15000 20000 115000 34000 270000 154123 238533 0 3666438 4363094 489749 193200 1500 50000 1165575 768690 2668714 55200 36849 1096594 0 0 1188643 2625680.26225849 4140000 58921099.2623 Per Unit 27.1739130434783 4209.78260869565 86.9565217391304 27.1739130434783 0 108.695652173913 0 85.6521739130435 358.695652173913 4904.1304 24456.5217391304 1711.04347826087 0 26167.5652 146611.320652174 2968.88586956522 0 0 25252.0543478261 9821.73913043478 3273.91304347826 9821.73913043478 9330.65217391304 207080.3043 434.782608695652 0 81.5217391304348 108.695652173913 625 184.782608695652 1467.39130434783 837.625 1296.375 0 19926.2934782609 23712.4674 2661.67934782609 1050 8.15217391304348 271.739130434783 6334.64673913044 14503.8804 300 200.266304347826 5959.75 0 0 6460.0163 14270.0014253179 22500 320223.3656 Override 5000 774600 16000 5000 0 20000 0 15760 66000 4500000 314832 0 26976483 546275 0 0 4646378 1807200 602400 1807200 1716840 80000 0 15000 20000 34000 270000 154123 238533 0 3666438 489749 193200 1500 50000 1165575 768690 55200 36849 1096594 Unit Addresss Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 9 Apartment 1 included in construction costs included in construction costs 0 0 0 0 Interst on tax exempt bond, interest during construction, soft dollar interest payments during construction 0 2 0 14 Apartment 2 0 0 0 0 0 3 0 7 Apartment 3 0 0 0 0 0 4 0 15 Apartment 1 0 0 0 0 0 5 0 12 Apartment 2 0 0 0 0 0 6 0 9 Apartment 3 0 0 0 0 0 7 0 17 Apartment 1 0 0 0 0 0 8 0 30 Apartment 2 0 0 0 0 0 9 0 18 Apartment 3 0 0 0 0 0 10 0 17 Apartment 1 0 0 0 0 0 11 0 22 Apartment 2 0 0 0 0 0 12 0 14 Apartment 3 0 0 0 0 13 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 0 0 15 0 0 0 0 0 0 0 0 16 0 0 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 18 0 0 0 0 0 0 0 0 19 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 USES OF FUNDS Predevelopment & Feasibility Acquisition Construction Professional Services Carrying & Construction Financing Permanent Financing & Syndication Reserves Developer Fee SUB-TOTAL USES SOURCES OF FUNDS Prior Month Ending Cash Mortgage- FMAC City of Wilmington New Hanover County Mortgage- N/A Tax Credit Equity Investment Income Deffered Developer Fee SUB-TOTAL SOURCES Construction Loan Construction Loan Calculation Construction Loan Draw TOTAL SOURCES Paydown Calculation Construction Loan Paydown TOTAL USES Ending Cash CONSTRUCTION LOAN INT & BALANCES Draw (Loan Payoff) Construction Loan Interest Loan Balance Total Budget 902360 4814832 38102776 115000 4363094 2668714 1188643 4140000 56295419 21200000 5000000 1500000 4500000 21906215 2849727 1965157 0 58921099 34357353.4655 0.08 32875273.2683 Month 1 902360 4814832 115000 1354851 2668714 55200 828000 10738957 5000000 1500000 953025.15 3285932.25 10738957.4 -0.4 0 10738957.4 0.4 10738957 0.4 0 0 Month 2 1731944.3636 1731944.3636 0.4 105464.16 105464.56 1626479.8036 1626479.8036 1731944.3636 0 0 1731944.3636 0 1626479.8036 0 0 1626479.8036 Month 3 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 10843.1987 3215781.2514 Month 4 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 21438.5417 4815678.0422 Month 5 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 32104.5203 6426240.8116 Month 6 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 42841.6054 8047540.6661 Month 7 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 53650.2711 9679649.1863 Month 8 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 64530.9946 11322638.4299 Month 9 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 75484.2562 12976580.9352 Month 10 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 86510.5396 14641549.7239 Month 11 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 97610.3315 16317618.3045 Month 12 1683922.4091 1133443 2817365.4091 0 105464.16 105464.16 2711901.2491 2711901.2491 2817365.4091 0 0 2817365.4091 0 2711901.2491 0 108784.122 19138303.6756 Month 13 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 127588.6912 20844350.6158 Month 14 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 138962.3374 22561771.2024 Month 15 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 150411.808 24290641.2595 Month 16 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 161937.6084 26031037.117 Month 17 1683922.4091 1683922.4091 0 5467050.22 105464.16 5572514.38 -3888591.9709 0 5572514.38 3888591.9709 3888591.9709 5572514.38 0 0 -3888591.9709 173540.2474 22315985.3935 Month 18 1683922.4091 1683922.4091 0 144063.4 105464.16 249527.56 1434394.8491 1434394.8491 1683922.4091 0 0 1683922.4091 0 1434394.8491 0 148773.236 23899153.4785 Month 19 1683922.4091 1683922.4091 0 144063.4 105464.16 249527.56 1434394.8491 1434394.8491 1683922.4091 0 0 1683922.4091 0 1434394.8491 0 159327.6899 25492876.0175 Month 20 1683922.4091 1683922.4091 0 105464.16 105464.16 1578458.2491 1578458.2491 1683922.4091 0 0 1683922.4091 0 1578458.2491 0 169952.5068 27241286.7734 Month 21 1683922.4091 1683922.4091 0 0 1683922.4091 1683922.4091 1683922.4091 0 0 1683922.4091 0 1683922.4091 0 181608.5785 29106817.7609 Month 22 1683922.4091 1683922.4091 0 0 1683922.4091 1683922.4091 1683922.4091 0 0 1683922.4091 0 1683922.4091 0 194045.4517 30984785.6218 Month 23 1683922.4091 1683922.4091 0 0 1683922.4091 1683922.4091 1683922.4091 0 0 1683922.4091 0 1683922.4091 0 206565.2375 32875273.2683 Month 24 1683922.4091 1683922.4091 0 1965157 1965157 -281234.5909 0 1965157 281234.5909 281234.5909 1965157 0 0 -281234.5909 219168.4885 32813207.1659 Total 902360 4814832 38778237.3636 115000 1354851 2668714 1188643 828000 0 5000000 1500000 953025.15 9041109.27 2003819.04 1965157 0 Total 2625680.2623 Trial Balance Balanced Balanced Over Balanced Under Balanced Balanced Under Under Balanced Balanced Under Under Under Balanced Balanced Variance 0 0 -675461.3636 0 3008243 0 0 3312000 21200000 0 0 3546974.85 12865105.73 845907.96 0 0