Complete 2012 forensic audit documents - Kansas Bioscience ...

Recommended
Actual Used
Per Square Foot Per Square Foot
Per Year
Per Year
Wet Lab Space $ 28 $ 28
Additional Rent $4.00-$5.00 $ 4
Office Space $ 18 $ 18
Recommended
Actual Used
Per Month
Per Month
Single Office $ 275-$400 $ 340
Double Office $ 550-$800 $ 650
Single Wet Lab $ 1,100 $ 1,500
Double Wet Lab $ 2,200 $ 3,000
KBA is currently using the flat monthly rate fee for new leases. At full occupancy, the Venture
Accelerator has a revenue potential of nearly $45,000 a month.
Lease
Rate Total
Potential
Revenue
Single Office $ 340 16 $ 5,440
Double Office $ 650 12 $ 7,800
Single Wet Lab $ 1,500 5 $ 7,500
Double Wet Lab $ 3,000 8 $ 24,000
$ 44,740
However, occupancy of the Venture Accelerator has been below projected levels.
FY2011 FY2012*
Budgeted 50% 75%
Actual 13% 21%
* As of August 2011
KBA did not begin FY2012 at 75% occupancy as planned; therefore they have modified their
budget revenue projections. These projections are based on occupancy percentages for office
space and lab space separately. Their modified projections show an increase in occupancy
throughout the year. KBA is maintaining revenue at these modified projections through
September 2011. According to the “Revenues and Expense Budget Comparison for Year-to-date
September 30, 2011,” rent revenue had a year-to-date budget of $18,216 for which KBA had
collected $21,222, resulting in a favorable variance of $3,006.
July Aug. Sept. Oct. Nov. Dec. Jan Feb. Mar. Apr. May June
2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012
Office Space 30% 30% 30% 50% 50% 50% 50% 50% 50% 75% 75% 75%
Lab 16% 16% 16% 50% 50% 50% 50% 50% 50% 75% 75% 75%
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