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Solomon Towers Pro Forma
PROJECT 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 Senior Debt - Permanent Loan LIHTC Equity NOI-Construction Seller Note (WHA) Deferred Development Fee Developer Equity New Hanover County WHSP Total Sources Surplus/(Gap) Solomon Towers City of Wilmington Housing Authority 15 Castle Street, Wilmington, NC 28401 New Hanover 151 100 50 1 0 0 0 151 Annual 1917390 13000 1343850 489889.1152 4.48367366939861E-02 7.28674239606699E-02 0.105328386212504 0.13494980539622 Units by Income Target 0.3 0.4 0.5 0.6 0.8 1.2 Total Per Unit 12697.947 86.0927 8899.6689 3244.2988 Year 1 Net Cash Flow Year 5 Net Cash Flow Year 10 Net Cash Flow Year 15 Net Cash Flow Total 1272150 11000000 12392000 420000 1105642.3636 479000 967500 0 2642500 30278792.3636 Total 6188612.3565 8953250.4363 329187.133 11000000 2307642.4378 100 1500000 0 30278792.3636 0 0 0 0 151 0 0 151 Long-Term Trending Assumptions Combined Vacancy Rate: Rent Inflation: Expense Inflation: Administration Maintenance Operating Escrows & Reserves Per Unit 8424.8344 72847.6821 82066.2252 2781.457 7322.1349 3172.1854 6407.2848 0 17500 200521.8037 Per Unit 40984.1878 59293.0492 2180.0472 72847.6821 15282.4003 0.6623 9933.7748 0 200521.8037 0 % of TDC 4.20145554262576E-02 0.363290578696564 0.409263350109802 1.38710948229597E-02 3.65154049180303E-02 1.58196533814231E-02 3.19530577171751E-02 0 8.72723049277882E-02 1 % of TDC 0.204387687664115 0.295693775656894 0.010871871277003 0.363290578696564 7.62131596960859E-02 3.30264162451422E-06 4.95396243677133E-02 0 1 0 Units by Structure Type Single Family Duplex Triplex Fourplex Townhome Apartment Condo Other Total 78690.6461 140176.046 227995.7115 329802.7729 True 0 0 0 0 0 0 0 151 151 0.05006806127079 0.03 0.03 0.03 0.03 0.03 521.1301 928.3182 1509.9054 2184.1243 Units 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 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 15 Castle Street, Wilmington, NC 28401 15 Castle Street, Wilmington, NC 28401 15 Castle Street, Wilmington, NC 28401 15 Castle Street, Wilmington, NC 28401 15 Castle Street, Wilmington, NC 28401 15 Castle Street, Wilmington, NC 28401 Total Units Other Income Miscellaneous & Interest Laundry Carports Tenant Charges (late fees, nonsufficient funds, etc) Other Totals Unit 60 30 0 40 20 1 151 Structure Type Other Other Other Other Other Other Bedrooms Eff 1 2 Eff 1 2 Baths 1 1 1 1 1 1 Total Sq Footage Monthly 500 583.3333 1083.3333 Sq Ft 437 570 865 437 570 865 3744 Annually 0 6000 0 7000 0 13000 Income Target 0.6 0.6 0.6 0.6 0.6 0.6 Utility Allowance 0 0 0 0 0 0 Monthly Rent Potential Annual Rent Potential Proposed Contract Rent 850 1075 1208 1129.7 1483.9 1666.5 159782.5 1917390 1235.5167 Gross Rent 850 1075 1208 1129.7 1483.9 1666.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Max Rent Allowed Section 8 RAD Section 8 RAD Section 8 RAD Section 18-PBV Section 18-PBV Section 18-PBV 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 Other Subtotal Maintenance Preventative Maintenance Unit Turns Exterminating Grounds Security Subtotal Operating Elevator Project Paid Fuel Common Electricity Water/Sewer Gas Trash Removal Payroll Payroll Taxes & Fringes Workman's Compensation Subtotal Escrows & Reserves Insurance Real Estate Taxes Other Taxes Replacement Reserve Resident Services 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 0.05006806127079 0 0 Annual 1917390 13000 1930390 96650.8848 1833739.1152 Annual Total Annual 2000 106000 11000 21000 0 46000 186000 Annual 280000 31000 8000 15000 30000 364000 Annual 9000 0 83000 80000 17000 7000 325000 63000 2000 586000 Annual 151000 0 0 52850 4000 207850 1343850 489889.1152 1.15 425990.535 40 0.0605 6411235.6597 6188612.3565 411198.4691 Annual 78690.6461 4.48367366939861E-02 Per Unit 12697.947 86.0927 12784.0397 640.0721 12143.9677 Per Unit Total Per Unit 13.245 701.9868 72.8477 139.0728 0 304.6358 1231.7881 Per Unit 1854.3046 205.298 52.9801 99.3377 198.6755 2410.596 Per Unit 59.6026 0 549.6689 529.8013 112.5828 46.3576 2152.3179 417.2185 13.245 3880.7947 Per Unit 1000 0 0 350 26.4901 1376.4901 8899.6689 3244.2988 2821.1294 42458.5143 40984.1878 Per Unit 521.1301 1 % of Revenue 0.101432094924452 0.198501519099465 0.319565632396392 0.113347639408857 0.732846885829166 0.267153114170834 0.232307055800725 3.37485976339025 Override 2000 106000 11000 21000 0 46000 280000 31000 8000 15000 30000 9000 0 83000 80000 17000 7000 325000 63000 2000 151000 0 0 52850 4000 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 15 Castle Street, Wilmington, NC 28401 60 Other Eff 2 15 Castle Street, Wilmington, NC 28401 30 Other 1 3 15 Castle Street, Wilmington, NC 28401 0 Other 2 4 15 Castle Street, Wilmington, NC 28401 40 Other Eff 5 15 Castle Street, Wilmington, NC 28401 20 Other 1 6 15 Castle Street, Wilmington, NC 28401 1 Other 2 7 0 0 0 0 8 0 0 0 0 9 0 0 0 0 10 0 0 0 0 11 0 0 0 0 12 0 0 0 0 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 0.05006806127079 Inflator 0.03 Inflator 0.03 0.03 0.03 0.03 0 Year 1 1930390 96650.8848 1833739.1152 12143.9677 186000 364000 586000 207850 1343850 8899.6689 489889.1152 3244.2988 411198.4691 1.19136901522312 4.48367366939861E-02 78690.6461 521.1301 0 0 0 0 Year 2 1988301.7 99550.4113 1888751.2887 12508.2867 191580 374920 603580 214085.5 1384165.5 9166.6589 504585.7887 3341.6277 411198.4691 1.22711008567981 5.20158147080756E-02 93387.3196 618.4591 0 0 0 0 Year 3 2047950.751 102536.9237 1945413.8273 12883.5353 197327.4 386167.6 621687.4 220508.065 1425690.465 9441.6587 519723.3623 3441.8766 411198.4691 1.26392338825021 0.059080813867039 108524.8932 718.7079 0 0 0 0 Year 4 2109389.2735 105613.0314 2003776.2421 13270.0413 203247.222 397752.628 640338.022 227123.3069 1468461.179 9724.9085 535315.0632 3545.1329 411198.4691 1.30184108989771 6.60314191498798E-02 124116.5941 821.9642 0 0 0 0 Year 5 2172670.9517 108781.4223 2063889.5294 13668.1426 209344.6387 409685.2068 659548.1627 233937.0062 1512515.0143 10016.6557 551374.5151 3651.4869 411198.4691 1.34089632259464 7.28674239606699E-02 140176.046 928.3182 0 0 0 0 Year 6 2237851.0803 112044.865 2125806.2153 14078.1869 215624.9778 421975.763 679334.6075 240955.1163 1557890.4647 10317.1554 567915.7505 3761.0315 411198.4691 1.38112321227248 7.95887269151069E-02 156717.2814 1037.8628 0 0 0 0 Year 7 2304986.6127 115406.211 2189580.4017 14500.5325 222093.7272 434635.0359 699714.6458 248183.7698 1604627.1787 10626.6701 584953.2231 3873.8624 411198.4691 1.42255690864066 8.61953285166784E-02 173754.7539 1150.6937 0 0 0 0 Year 8 2374136.2111 118868.3973 2255267.8138 14935.5484 228756.539 447674.087 720706.0851 255629.2829 1652765.9941 10945.4702 602501.8197 3990.0783 411198.4691 1.46523361589988 9.26873277377613E-02 191303.3506 1266.9096 0 0 0 0 Year 9 2445360.2974 122434.4492 2322925.8482 15383.6149 235619.2351 461104.3096 742327.2677 263298.1614 1702348.9739 11273.8343 620576.8743 4109.7806 411198.4691 1.50919062437687 9.90649185205814E-02 209378.4052 1386.612 0 0 0 0 Year 10 2518721.1063 126107.4827 2392613.6237 15845.1233 242687.8122 474937.4389 764597.0857 271197.1063 1753419.4431 11612.0493 639194.1806 4233.074 411198.4691 1.55446634310818 0.105328386212504 227995.7115 1509.9054 0 0 0 0 Year 11 2594282.7395 129890.7072 2464392.0324 16320.477 249968.4466 489185.5621 787534.9983 279333.0194 1806022.0264 11960.4108 658370.006 4360.0663 411198.4691 1.60110033340143 0.111478103949611 247171.5369 1636.8976 0 0 0 0 Year 12 2672111.2217 133787.4284 2538323.7933 16810.0913 257467.5 503861.1289 811161.0482 287713.01 1860202.6872 12319.2231 678121.1062 4490.8683 411198.4691 1.64913334340347 0.117514529001981 266922.6371 1767.6996 0 0 0 0 Year 13 2752274.5584 137801.0512 2614473.5071 17314.3941 265191.525 518976.9628 835495.8797 296344.4003 1916008.7678 12688.7998 698464.7393 4625.5943 411198.4691 1.69860734370557 0.123438199093501 287266.2702 1902.4256 0 0 0 0 Year 14 2834842.7951 141935.0828 2692907.7124 17833.8259 273147.2707 534546.2717 860560.7561 305234.7323 1973489.0308 13069.4638 719418.6815 4764.3621 411198.4691 1.74956556401674 0.129249728708418 308220.2124 2041.1935 0 0 0 0 Year 15 2919888.079 146193.1352 2773694.9437 18368.8407 281341.6888 550582.6598 886377.5788 314391.7743 2032693.7017 13461.5477 741001.242 4907.293 411198.4691 1.80205253093724 0.13494980539622 329802.7729 2184.1243 0 0 0 0 Year 16 3007484.7213 150578.9293 2856905.792 18919.9059 289781.9395 567100.1396 912968.9061 323823.5275 2093674.5128 13865.3941 763231.2792 5054.5118 411198.4691 1.85611410686536 0.140539186085762 352032.8101 2331.3431 0 0 0 0 Year 17 3097709.263 155096.2972 2942612.9658 19487.5031 298475.3977 584113.1438 940357.9733 333538.2334 2156484.7482 14281.3559 786128.2176 5206.1471 411198.4691 1.91179753007132 0.146018693418895 374929.7485 2482.9785 0 0 0 0 Year 18 3190640.5409 159749.1861 3030891.3548 20072.1282 307429.6596 601636.5381 968568.7125 343544.3804 2221179.2906 14709.7966 809712.0641 5362.3316 411198.4691 1.96915145597346 0.151389212113192 398513.595 2639.1629 0 0 0 0 Year 19 3286359.7571 164541.6617 3121818.0954 20674.292 316652.5494 619685.6343 997625.7739 353850.7118 2287814.6693 15151.0905 834003.4261 5523.2015 411198.4691 2.02822599965266 0.156651685362658 422804.957 2800.0328 0 0 0 0 Year 20 3384950.5498 169477.9115 3215472.6383 21294.5208 326152.1259 638276.2033 1027554.5471 364466.2331 2356449.1094 15605.6232 859023.5288 5688.8975 411198.4691 2.08907277964224 0.161807111284676 447825.0597 2965.7289 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 Soft Cost Contingency Building & Property Acquisition Land Closing Costs @ Acquisition Misc Construction Costs Base Construction Costs Permits, Impact/Tap Fees Landscaping Appliance Package P&P Bonds / Solar / FF&E 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 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): 3309.8291 9.56170229072358E-02 per sq. ft. /Hard & Soft Costs 0.06 0.02 0.06 0.1 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: 27636292.3636 Project Totals 7500 457000 175000 7500 10000 25000 37750 476900 75500 1272150 1100000 9900000 0 11000000 9271929.8245614 106000 0 0 659000 556315.789473684 185438.596491228 556315.789473684 1057000 12392000 300000 90000 30000 0 420000 0 416250 26000 151000 0 512392.36358528 1105642.36358528 454000 0 25000 0 0 479000 302000 466000 0 75500 124000 967500 0 2642500 30278792.3636 Per Unit 49.6688741721854 3026.49006622517 1158.94039735099 49.6688741721854 66.2251655629139 165.562913907285 250 3158.27814569536 500 8424.8344 7284.76821192053 65562.9139072848 0 72847.6821 61403.5087719298 701.986754966887 0 0 4364.23841059603 3684.21052631579 1228.0701754386 3684.21052631579 7000 82066.2252 1986.75496688742 596.026490066225 198.675496688742 0 2781.457 0 2756.62251655629 172.185430463576 1000 0 3393.3269111608 7322.1349 3006.62251655629 0 165.562913907285 0 0 3172.1854 2000 3086.09271523179 0 500 821.192052980132 6407.2848 0 17500 200521.8037 Override 7500 457000 175000 7500 10000 25000 37750 476900 75500 1100000 9900000 0 9271929.8246 106000 0 0 659000 556315.7895 185438.5965 556315.7895 1057000 300000 90000 30000 0 0 416250 26000 151000 0 512392.3636 454000 0 25000 0 0 302000 466000 0 75500 124000 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 15 Castle Street, Wilmington, NC 28401 60 Other Eff 0 0 0 0 0 2 15 Castle Street, Wilmington, NC 28401 30 Other 1 0 0 0 0 0 3 15 Castle Street, Wilmington, NC 28401 0 Other 2 0 0 0 0 0 4 15 Castle Street, Wilmington, NC 28401 40 Other Eff 0 0 0 0 0 5 15 Castle Street, Wilmington, NC 28401 20 Other 1 0 0 0 0 0 6 15 Castle Street, Wilmington, NC 28401 1 Other 2 0 0 0 0 0 7 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 10 0 0 0 0 0 0 0 0 0 11 0 0 0 0 0 0 0 0 0 12 0 0 0 0 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 PROJECT DEVELOPMENT CASH FLOW 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 Senior Debt - Permanent Loan LIHTC Equity NOI-Construction Seller Note (WHA) Deferred Development Fee Developer Equity New Hanover County WHSP 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 1272150 11000000 12392000 420000 1105642.3636 479000 967500 2642500 30278792.3636 6188612.3565 8953250.4363 329187.133 11000000 2307642.4378 100 1500000 0 30278792.3636 0 0 0.07 0 Month 1 1272150 11000000 265000 420000 1105642.3636 479000 325333.3333 83714.3905 14950840.0875 1547153.0891 1162414.6348 0 11000000 2307642.4378 100 0 16017310.1617 0 0 16017310.1617 0 14950840.0875 1066470.0742 0 0 Month 2 282540 8388.8889 0 290928.8889 1066470.0742 282540 27081.8427 27432.2611 0 1403524.178 0 0 1403524.178 0 0 290928.8889 1112595.2891 0 0 0 0 Month 3 581350 8388.8889 0 589738.8889 1112595.2891 581350 45284.3427 27432.2611 0 1766661.8929 0 0 1766661.8929 0 0 589738.8889 1176923.004 0 0 0 0 Month 4 930160 8388.8889 0 938548.8889 1176923.004 930160 63486.8427 27432.2611 0 2198002.1077 0 0 2198002.1077 0 0 938548.8889 1259453.2188 0 0 0 0 Month 5 1162700 8388.8889 0 1171088.8889 1259453.2188 290675 947646.8427 27432.2611 0 2525207.3226 0 0 2525207.3226 0 0 1171088.8889 1354118.4337 0 0 0 0 Month 6 1162700 8388.8889 0 1171088.8889 1354118.4337 1162700 75621.8427 27432.2611 0 2619872.5375 0 0 2619872.5375 0 0 1171088.8889 1448783.6486 0 0 0 0 Month 7 1162700 8388.8889 0 1171088.8889 1448783.6486 1162700 75621.8427 27432.2611 0 2714537.7523 0 0 2714537.7523 0 0 1171088.8889 1543448.8635 0 0 0 0 Month 8 1162700 8388.8889 0 1171088.8889 1543448.8635 231334.2673 256987.5753 27432.2611 750000 2809202.9672 0 0 2809202.9672 0 0 1171088.8889 1638114.0783 0 0 0 0 Month 9 1312700 8388.8889 0 1321088.8889 1638114.0783 0 1388321.8427 27432.2611 0 3053868.1821 0 0 3053868.1821 0 0 1321088.8889 1732779.2932 0 0 0 0 Month 10 1162700 8388.8889 0 1171088.8889 1732779.2932 0 1238321.8427 27432.2611 0 2998533.397 0 0 2998533.397 0 0 1171088.8889 1827444.5081 0 0 0 0 Month 11 1162700 8388.8889 0 1171088.8889 1827444.5081 0 1238321.8427 27432.2611 0 3093198.6118 0 0 3093198.6118 0 0 1171088.8889 1922109.7229 0 0 0 0 Month 12 1337700 8388.8889 0 1346088.8889 1922109.7229 0 1413321.8427 27432.2611 0 3362863.8267 0 0 3362863.8267 0 0 1346088.8889 2016774.9378 0 0 0 0 Month 13 706350 8388.8889 83714.3905 798453.2794 2016774.9378 0 52858.5184 27432.2611 750000 2847065.7172 0 0 2847065.7172 0 0 798453.2794 2048612.4378 0 0 0 0 Month 14 0 0 0 0 2048612.4378 0 0 0 0 2048612.4378 0 0 2048612.4378 0 0 0 2048612.4378 0 0 0 0 Month 15 0 0 0 0 2048612.4378 0 0 0 0 2048612.4378 0 0 2048612.4378 0 0 0 2048612.4378 0 0 0 0 Month 16 0 541500 133943.0249 675443.0249 2048612.4378 0 934473.0249 0 0 2983085.4627 0 0 2983085.4627 0 0 675443.0249 2307642.4378 0 0 0 0 Month 17 0 0 33485.7562 33485.7562 2307642.4378 0 33485.7562 0 0 2341128.194 0 0 2341128.194 0 0 33485.7562 2307642.4378 0 0 0 0 Month 18 0 0 0 0 2307642.4378 0 0 0 0 2307642.4378 0 0 2307642.4378 0 0 0 2307642.4378 0 0 0 0 Month 19 0 0 0 0 2307642.4378 0 0 0 0 2307642.4378 0 0 2307642.4378 0 0 0 2307642.4378 0 0 0 0 Month 20 0 0 0 0 2307642.4378 0 0 0 0 2307642.4378 0 0 2307642.4378 0 0 0 2307642.4378 0 0 0 0 Month 21 0 0 0 0 2307642.4378 0 0 0 0 2307642.4378 0 0 2307642.4378 0 0 0 2307642.4378 0 0 0 0 Month 22 0 0 0 0 2307642.4378 0 0 0 0 2307642.4378 0 0 2307642.4378 0 0 0 2307642.4378 0 0 0 0 Month 23 0 0 0 0 2307642.4378 0 0 0 0 2307642.4378 0 0 2307642.4378 0 0 0 2307642.4378 0 0 0 0 Month 24 0 0 2307642.4378 2307642.4378 2307642.4378 0 0 0 0 2307642.4378 0 0 2307642.4378 0 0 2307642.4378 0 0 0 0 0 Total 1272150 11000000 12392000 420000 1105642.3636 479000 967500 2642500 6188612.3565 8953250.4363 329187.133 11000000 2307642.4378 100 1500000 0 Total 0 Trial Balance Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Variance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0