GREEN MOUNTAIN NATIONAL GOLF CLUB2012 - Seasonal Third Party Managed2012 -Seasonal Third Party ManagedJAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL201-7-96-430.00 Clubhouse Sup&Maint. - - - 250 250 250 250 250 - - - - 1,250201-7-96-430.01 Driving Range Bldg - - - - - - - - - - - - -201-7-96-431.00 Clubhouse Rep&Equipment 300 300 300 300 300 300 300 300 300 300 300 300 3,600201-7-96-442.00 Golf Carts Lease - - - - - - - - - - - - -201-7-96-490.00 Sales Tax to St <strong>of</strong> VT - - - - - 2,000 3,000 4,000 4,000 4,000 2,000 - 19,000201-7-96-490.01 Property Taxes - Mendon - 1,550 - - - - - - 1,550 - - - 3,100201-7-96-520.00 Insurance 850 850 850 850 850 850 850 850 850 850 850 850 10,200201-7-96-535.00 Marketing & Promotion - - - 2,000 2,000 2,000 1,500 1,500 1,500 1,500 - - 12,000201-7-96-536.00 Website/Marketing - - - 400 400 400 400 400 400 400 - - 2,800201-7-96-580.00 Travel/Training/Dues - - - - 600 600 600 600 600 600 - - 3,600201-7-96-580.01 Lesson Sharing - - - - 750 750 2,250 1,500 750 - - - 6,000201-7-96-610.00 Ofc Supplies/Postage - - - 400 500 500 500 500 500 400 - - 3,300201-7-96-610.01 Range & Course Supplies - - - 1,000 1,000 500 500 500 250 250 - - 4,000201-7-96-620.00 Clubhouse Utilities & SW 1,600 1,800 1,000 1,000 1,000 2,200 1,800 2,000 2,000 2,500 1,600 1,400 19,900201-7-96-630.00 Cost <strong>of</strong> Goods/Pro Shop - - - - 7,000 11,900 12,600 10,500 11,200 9,800 - - 63,000201-7-96-830.00 Credit Card Discounts - - - - - - - - - - - 15,000 15,0002,750 4,500 2,150 13,033 33,733 44,583 46,883 45,233 46,233 39,433 11,783 17,550 307,864201-7-97 Restaurant201-7-97-110.01 Wages - Rest. Mgr. - - - - 4,625 4,625 4,625 4,625 4,625 4,625 2,325 - 30,075201-7-97-110.02 Wages - Rest. Others - - - - 3,850 3,850 3,850 3,850 3,850 3,850 1,925 - 25,025201-7-97-330.00 Laundry Service - - - - 500 500 500 500 500 500 - - 3,000201-7-97-420.00 Cleaning Bldg - - - - - - - - - - 4,450 - 4,450201-7-97-431.00 Equip Repair & Maint. - - - - 200 200 200 200 200 200 - 1,200201-7-97-490.00 Meals Tax to St <strong>of</strong> VT - - - - - 1,890 3,870 3,600 4,410 3,960 1,080 - 18,810201-7-97-610.00 Operating Supplies - - - - 200 200 200 200 200 200 - - 1,200201-7-97-610.01 Operating Sup. SGSC Check - - - - 300 300 300 300 300 300 - - 1,800201-7-97-630.00 Cost <strong>of</strong> Goods/Rest. - - - - 7,350 15,050 14,000 17,150 15,400 4,200 - - 73,150201-7-97-630.01 Cost <strong>of</strong> Goods SGSC checks - - - - - - - - - - - - -201-7-97-830.00 SGSC Credit Card Discount - - - - - - - - - - - 1,200 1,200- - - - 17,025 26,615 27,545 30,425 29,485 17,835 9,780 1,200 159,910201-7-98 EMPLOYEE BENEFITS201-7-98-210.00 Health Insurance - - - 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 - 16,000201-7-98-220.00 Social Security - - - 1,567 3,458 3,707 3,707 3,707 3,707 3,439 2,443 - 25,736201-7-98-230.00 Retirement - - - - - - - - - - - - -201-7-98-250.00 Golf Unemployment Insuran 5,000 - - 5,000 - - 5,000 - - 5,000 - - 20,000201-7-98-260.00 Worker's Compensation 8,000 - - - - - 8,000 - - - - - 16,000201-7-98-290.00 Uniforms - - - - - - - - - - - - -
GREEN MOUNTAIN NATIONAL GOLF CLUB2012 - Seasonal Third Party Managed2012 -Seasonal Third Party ManagedJAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL13,000 - - 8,567 5,458 5,707 18,707 5,707 5,707 10,439 4,443 - 77,736Total Expenses 18,575 6,625 6,125 50,000 118,816 116,880 136,510 120,140 117,100 101,432 50,381 20,875 863,460Net Operating Income (18,575) (6,625) (6,125) (50,000) 75,384 85,520 92,890 101,260 130,300 (2,232) (50,381) (20,875) 330,540Assumptions:1 - management company was hired to oversee operations at $36K annually2 - eliminated sales director position as this would be apart <strong>of</strong> management company's services3 - scaled back head pro and superintendent's wages for a more junior seasonal staff4 - scaled back health insurance options to industry average5 - eliminated retirement contributions as it's not a common benefit in the golf industryAll other revenue and expense line items remain the same. BGM believes the property could see an additional increase to NOI based upon having a veteran managementcompany in place by them implementing proven revenue programs and managing expenses through their relationships, management p hilosophy and skillset.
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