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<br />Pinewood Golf Course
<br />Operating Projections
<br />
<br />Rounds
<br />Average Green Fees
<br />
<br />Projected Projected Projected Projected Projected
<br />Assumption 2006 2007 2008 2009 2010
<br /> 16,000 16,500 17,000 17,500 18,000
<br />3% $ 10.50 $ 10.82 $ 11.14 $ 11.47 $ 11.82
<br />
<br />REVENUE
<br />Green Fees Revenue
<br />Golf Cart Rentals
<br />Food & Beverage Sales
<br />Merchandise Sales
<br />Building Rental
<br />Advertising
<br />
<br />TOTAL REVENUE
<br />
<br />3% $ 168,000 $ 178,448 $ 189,371 $ 200,789 $ 212,721
<br />3% $ 10,000 $ 10,300 $ 10,609 $ 10,927 $ 11,255
<br />3% $ 12,000 $ 12,360 $ 12,731 $ 13,113 $ 13,506
<br />3% $ 2,500 $ 2,575 $ 2,652 $ 2,732 $ 2,814
<br />3% $ $ 500 $ 1,000 $ 1,500 $ 2,000
<br />3% $ 3,000 $ 3,090 $ 3,183 $ 3,278 $ 3,377
<br /> $ 195,500 $ 207,273 $ 219,545 $ 232,339 $ 245,673
<br />
<br />OPERATING EXPENSES
<br />Personnel - Clubhouse 3% $ 55,000 $ 56,650 $ 58,350 $ 60,100 $ 61,903
<br />Personnel - Maintenance 3% $ 48,000 $ 49,440 $ 50,923 $ 52,451 $ 54,024
<br />Payroll Taxes/Benefits @ 25% 3% $ 25,750 $ 26,523 $ 27,318 $ 28,138 $ 28,982
<br />Total Personnel $ 128,750 $ 132,613 $ 136,591 $ 140,689 $ 144,909
<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 />Taxes $ 3,500 $ 5,000 $ 5,000 $ $
<br />Cost of Sales 3% $ 7,000 $ 7,210 $ 7,426 $ 7,649 $ 7,879
<br />Total Operating Expenses $ 77,105 $ 80,813 $ 83,088 $ 80,430 $ 52,132
<br />TOTAL OPERATING EXPENSES $2()5,855 213,426 219,678 221,119 197,042
<br />
<br />$ (10,355) $ (6,153) $ (133) $ 11,220 $ 48,631
<br />
<br />NET PROFIT/LOSS
<br />
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