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Pinewood Golf Course
<br />Operating Projections
<br />Projected Projected Projected Projected Projected
<br />Assumption 2006 2007 2008 2009 2010
<br />Rounds 16,000 16,500 17,000 17,500 18,000
<br />Average Green Fees 3% $ 10.50 $ 10.82 $ 11.14 $ 11.47 $ 11.82
<br />REVENUE
<br />Green Fees Revenue 3% $ 168,000 $ 178,448 $ 189,371 $ 200,789 $ 212,721
<br />Golf Cart Rentals 3% $ 10,000 $ 10,300 $ 10,609 $ 10,927 $ 11,255
<br />Food & Beverage Sales 3% $ 12,000 $ 12,360 $ 12,731 $ 13,113 $ 13,506
<br />Merchandise Sales 3% $ 2,500 $ 2,575 $ 2,652 $ 2,732 $ 2,814
<br />Building Rental 3% $ - $ 500 $ 1,000 $ 1,500 $ 2,000
<br />Advertising 3% $ 3,000 $ 3,090 $ 3,183 $ 3,278 $ 3,377
<br />TOTAL REVENUE $ 1 95,500 $ 207,273 $ 219,545 $ 232,339 $ 245,673
<br />OPERATING EXPENSES
<br />Personnel -Clubhouse 3% $ 55,000 $ 56,650 $ 58,350 $ 60,100 $ 61,903
<br />Personnel-Maintenance 3% $ 38,000 $ 39,140 $ 40,314 $ 41,524 $ 42,769
<br />Payroll Taxes/Benefits @ 25% 3% $ 23,250 $ 23,948 $ 24,666 $ 25,406 $ 26,168
<br />Total Personnel $ 116,250 $ 119,738 $ 123,330 $ 127,030 $ 130,840
<br />Clubhouse Other Expenses 3% $ 14,500 $ 14,935 $ 15,383 $ 15,845 $ 16,320
<br />Maintenance Other Expenses 3% $ 52,105 $ 53,668 $ 55,278 $ 56,937 $ 27,934
<br />Cost of Sales 3% $ 7,000 $ 7,210 $ 7,426 $ 7,649 $ 7,879
<br />Total Operating Expenses $ 73,605 $ 75,813 $ 78,088 $ 80,430 $ 52,132
<br />TOTAL OPERATING EXPENSES $1 89,855 195,551 201,417 207,460 182,973
<br />NET PROFIT/LOSS $ 5,645 $ 11,722 $ 18,128 $ 24,879 $ 62,700
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