Tab-9
Pro Forma Forms - Development Budget Assumptions
umptlOns • Please enter
information used in
Worksheet for current rates and escalation factors
nnmAnt of the submitted Pro forma.
refer to Rate
Academic
Year
Rents & Income
Operating Expenses
----
9·Month
---- %
%
%
----%
**
Internet
Project Staffing *
quantity
Cable TV
Water
Sewer
Power
Gas
Other (specify)
Trash
whether Utilities are
Professional Staff
Res. Hall Director
Maintenance Technician
Custodians
Other (Specify)
Students per RA
Students per Professional Staff
Summer
Connections No.ofUnit5
Common <::»p,aces Other (specify)
1-Jul-07
Summer
No. of Beds
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom
Four-Person Suite Shared
Four-Person Suite Private
**
Cost/Mo.
$_­
$_­
$_­
$_­
$_­
$_­
$_­
$_­
$_­
included in "P!fol,eclted
Capital Reserves
$_­
* Staff categories listed above should not
be interpreted as either all-inclusive or as
on:
Construct. Capitalized Debt Service Reserve
Fund
Interest Fund
Fund
%
%
%
No. of Beds
Appendix E: Tab-9 Financial Pro Forma Forms - Program Data
No. of
Units
Unit Type
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other
Total Unit Program
Other Spaces
Residence Life
Residence Life Storage
Maintenance Shop/Areas
Custodial
Common Space (Lounge, Lobby, Rec Areas, etc.)
Circulation - Elevators, Stairwells
Circulation - Corridors
Building Service - MEP
Building Service - Telecommunications
Other (Specify)
Total Square Footage
Project Totals
1
No. of
Beds
Gross Sq
Ft/Unit
Total Sq Ft
Financial Pro Forma Forms - Local Rate Data
escalation rates should be used in lieu of rates published in the Master Plan and are
for actual rates is the fiscal year
June
2001
First year for operation of Phase 1 will
2011.
apply escalation from
rates at Phase 1
rate
Escalation for electric utilities is based on
company
and previously
on the following:
1, 2001 to August 15, 2011 to
that will be placed
2011.
Escalation
6/30/2007
Cost Der
Ft
5.00% *
8.00%
2.00%
t Maintenance & Custodial SUDDlies
* Developers should be aware that
present time and January 2011, the local
removed.
Inrl",!'nn
increases
than 5%
associated with
2011. Between the
process will be
Appendix E: Tab-9 Financial Pro Forma Forms - Rental Rates & Projections %
OPERATING
Rental Rates
Price per
Semester
Price per
Academic Yr
Price Per
Summer Term
#1 (3 Wks)
Price Per
Summer Term
#2 (5 Wks)
Price Per
Summer Term
#3 (5 Wks)
Total Annual
Price
Summer Term
#1 Occupancy
%
Summer Term
#2 Occupancy
%
Summer Term
#3 Occupancy
%
Annual
Occupancy %
Unit Type
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other (Specify)
Occupancy
Projections
Fall Term Spring Term
Occupancy Occupancy
%
%
Occupancy Per Unit
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other (Specify)
Vacancy Rate %
I
Appendix E: Tab-9 Financial Pro Forma Forms - Operating Budget Revenue Projections
OPERATING BUDGET
Revenue Projections
Total
Academic Year Lease Gross Potential Rent
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other (Specify)
Total Academic Year Lease Gross Potential Rent
Academic Year Lease Vacancy
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other(Specify)
Total Academic Year Lease Vacancy
Summer Term #1 Gross Potential Rent 13 Weeksl
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other (Specify)
Summer Term #2 Gross Potential Rent 15 Weeksl
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other (Specify)
Per Unit
Per Bed
Per SQ Ft
Appendix E: Tab-9 Financial Pro Forma Forms - Operating Budget Revenue Projections
OPERATING BUDGET
ISummer Term #3 Gross Potential Rent (5 Weeks\
!Semi-Suite Shared
ISemi-Suite Private
rwo-Person Suite Shared
1 <U -t:I::iO n Suite Private
1 <U-Dt:U' vv I Apar" ""''''
Four 't:';:'UI Suite Shared
Four 't:'''VIl Suite Private
C5tFier (Specify)
Total Summer Lease Gross
.~.~~ ..-:
Rent
r5umer Lease Vacancy
[Serrn-Suite Shared
rserm::suite Private
Two-Person Suite Shared
ifwo,Qerson Suite Private
rfwo-oearuur I Apartment
~t::r5ull Suite Shared
~t:r:sur I Suite Private
[Oihe-r (SJ.lt:l:ify
Total Summer Lease Vacanev
Total Rental Revenue
IOther Revenue
IOther Rental Income
.... ~.,"\,;dllUI Fees
Interest Income from Debt Service r\t:5t:IVt:
Interest Income - Other
DamaQe
,n,,"
CancellationfT<:: "" I<"'UI Fees
Cu """"'"""': Center Income (if applicable space is in proposal)
Rent from no, <::;:"u<::,ltial spaces
Other (Specify)
Total Other Rental Income
~ Facilitv Income
Vending
Laundry
Commons Fee (fee for use!u~ facility amenities)
L;0PYt
-ClX
Rec. Equip Rentals
Other (Specify)
ITotal Misc. Facility Income
Total Other Ri;::Yot:nue
Total Revenue
2
Appendix E: Tab-9 Financial Pro Forma Forms - Operating Budget, Non-Residential
OPERATING BUDGET
Operating Expenses - Non Residential
Total
Utilities - Non-Residential
Water & Sewer
Electricity
Heat
Gas
Trash Removal
Internet Cable
Telephone
Other (Specify)
Total Utilities - Non-Residential
Administrative Salaries, Wages, & Benefits - Non-Residential
Administrative Salaries, Wages & Benefits
Overtime
Benefits
Total Administrative Salaries, Wages, & Benefits - Non-Residential
General & Administrative Expenses Services & Supplies - Non-Residential
Total G & A Supplies & Services Expenses - Non-Res.
Miscellaneous Expenses - Non-Residential
Conference Office Operation
Workers Compensation
Insurance Property & General Liability
Ground Lease Base Rent Payment to University - Common & Office Areas *
PASSHE - .5% of Gross Revenues, excluding University Rent
Other (Specify)
Total Miscellaneous Expenses - Non-Residential
Maintenance Salaries, Wages, & Benefits - Non-Residential
Maintenance Supervisor(s) (specify number)
Maintenance Technicians (specify number)
Groundskeeper(s) (specify number)
Custodians (specify number)
Other (specify positions)
Overtime
Benefits
Total Maintenance Salaries, Wages, & Benefits - Non-Residential
Maintenance & Custodial Supplies & Services Expenses - Non-Res.
Appliances
Carpet Cleaning
Cleaning
Cleaning Supplies
Doors
Drives & Parking (if applicable)
Electrical Repair
Furniture Expense
HVAC
Lighting
Locks & Keys/ Cards or Software Maintenace Expense
Maintenance Supplies
Miscellaneous (specify)
Computer & Management Info Systems Support
Painting
Plumbing
Windows
Carpentry
Other (Specify, such as other trades not covered above)
Total Maintenance & Custodial Supplies & Services Expenses - Non-Res.
1
2,848
Per Unit
Per Bed
Per Sq Ft
Appendix E: Tab-9 Financial Pro Forma Forms - Operating Budget, Non-Residential
OPERATING BUDGET
Operating Expenses - Non Residential
Contract Services - Non-Residential
Answering Service
Fire & Sprinkler
HVAC Controls
Security System
Landscaping
Pest Control (Exterior)
Mobile Pagers
Pest Control (Interior)
Snow Removal
Security (Police & Public Safety Services)
Other (Specify)
Total Contract Services - Non-Residential
Total Maintenance Expenses - Non-Residential
Management Fee @ ___% of Total Revenue
Total Management Fee
Other Fees
System (PASSHE) One-Time Reimbursement for Expenses
Other (Specify)
Total Other Fees
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
* Amounts described as rental payments are preliminary and will be final when a
Ground Lease is fully negotiated and executed between MAC and the University
2
Appendix E: Tab-9 Financial Pro Forma Forms - Operating Budget, Residential
OPERATING BUDGET
Operating Expenses - Residential
Total
Utilities - Residential
Water & Sewer
Common Electricity
Resident Electricity
Heat
Gas
Trash Removal & Recycle
Internet Cable
Telephone
Other (Specify)
Total Utilities - Residential
Administrative Salaries, Wages, & Benefits - Residential
Administrative Salaries, Wages & Benefits
Professional Staff:
Area Coordinator (specify number)
Director of Housing/Residence Life (1)
RD (specify number)
RA (specify number)
Student Employees (Desk Assistants, Clerical Assistants, etc.)
Other (specify positions, i.e. Marketing, Accounts Rep., etc.)
Overtime
Benefits
Total Administrative Salaries, Wages, & Benefits - Residential
General & Administrative Expenses Services & Supplies - Residential
Audit & Accounting Fees
Bank Charges
Computer Hardware
Computer Repairs & Service
Computer Software (separate from info systems)
Employee Relations
Local Travel
Miscellaneous (specify)
Office Supplies
Overnight/Express Mail Expense
Penalties & Late Charges
Postage
Printing
Recruiting
Relocation
Resident Assistant Training
Training
Travel - Airfare
Travel Auto
Travel - Lodging
Travel - Meals
Issuer & Trustee Fee
Other (Specify)
Total General & Administrative Supplies & Services Expenses - Res.
Miscellaneous Expenses - Residential
Insurance Property & General Liability
Ground Lease Base Rent Payment to University *
PASSHE - .5% of Gross Revenues, excluding University Rent
Other (Specify)
11,390
Total Miscellaneous Expenses - Residential
1
Per Unit
Per Bed
Per Sq Ft
Appendix E: Tab-9 Financial Pro Forma Forms - Operating Budget, Residential
OPERATING BUDGET
Operating Expenses - Residential
Marketing & Leasing
Advertising
Direct Mail
Materials
Other - Marketing
Printing
Programming
Promotions
Special Events
Web-Site Expenses
Other (Specify)
Total Marketing & Leasing Expenses
Total Administrative Expenses - Residential
Maintenance Salaries, Wages, & Benefits - Residential
Maintenance Supervisor(s) (specify number)
Maintenance Technicians (specify number)
Groundskeeper(s) (specify number)
Custodians (specify number)
Other (specify positions)
Overtime
Benefits
Total Maintenance Salaries, Wages, & Benefits - Residential
Maintenance & Custodial Supplies & Services Expenses - Residential
Appliances
Carpet Cleaning
Cleaning
Cleaning Supplies
Doors
Drives & Parking (if applicable)
Electrical Repair
Furniture Expense
HVAC
Lighting
Locks & Keys/ Cards or Software Maintenace Expense
Maintenance Supplies
Miscellaneous (specify)
Computer & Management Info Systems Support
Painting
Plumbing
Windows
Carpentry
Other (Specify, such as other trades not covered above)
Total Maintenance & Custodial Supplies & Services Expenses - Res.
2
Appendix E: Tab-9 Financial Pro Forma Forms - Operating Budget, Residential
OPERATING BUDGET
Operating Expenses - Residential
Contract Services - Residential
Answering Service
Elevator Maintenance
Fire & Sprinkler
HVAC Controls
Security System
Landscaping
Pest Control (Exterior)
Mobile Pagers
Pest Control (Interior)
Residence Life Programming
Snow Removal
Security (Police & Public Safety Services)
Linen Service
Uniforms
Other (Specify)
Total Contract Services - Residential
Turnover (TO) - Move-in/Move-out
Carpet Cleaning
Carpet Repairs
Complete Painting
Locks & Keys or Cards
Contract Cleaning
Other (Specify)
Total Turnover - Move-in/Move-out Expenses
Total Maintenance Expenses - Residential
* Amounts described as rental payments are preliminary and will be final when
a Ground Lease is fully negotiated and executed between MAC and the
University.
3
Appendix E: Tab-9 Financial Pro Forma Forms - Summary Pro Forma
Mansfield Auxiliary Corporation
Summary Operating Pro Forma
576 Beds
Assumptions
Annual Rental Rate Growth %
Annual Expense Growth %
Summer Occupancy %
No. of
Units
No. of
Beds
Per Bed
Rental
Rate
REVENUES
Academic Year Rental Revenues
Director of Housing/Residence Life (Professional Staff)
Area Coordinator Units (Professional Staff)
Resident Director Units
Resident Assistant Units
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other (Specify)
Gross Potential Rents for Academic Year
Summer Rental Revenues (Use Calculated Summer Totals)
Director of Housing/Residence Life (Professional Staff)
Area Coordinator Units (Professional Staff)
Resident Director Units
Resident Assistant Units
Semi-Suite Shared
Semi-Suite Private
Two-Person Suite Shared
Two-Person Suite Private
Two-Bedroom Apartment
Four-Person Suite Shared
Four-Person Suite Private
Other (Specify)
Gross Potential Rents for Summer
VACANCY
Academic Year Vacancy
Professional Staff Units %
Resident Director Units %
Resident Assistant Units %
Vacancy %
Summer Vacancy
Professional Staff Units %
Resident Director Units %
Resident Assistant Units %
Vacancy %
Net Annual Rental Revenue
1
2009-10
Year 1
2010-11
Year 2
2011-12
Year 3
Extend to
30 years
Appendix E: Tab-9 Financial Pro Forma Forms - Summary Pro Forma
Mansfield Auxiliary Corporation
Summary Operating Pro Forma
576 Beds
Assumptions
Annual Rental Rate Growth %
Annual Expense Growth %
Summer Occupancy %
No. of
Units
OTHER INCOME
Application Fees
Interest Earned from Debt Service Reserve
Interest Income - Other
Damage Recoveries
Cancellation/Termination Fees
Commons Fee (fee for use/upkeep of facility amenities)
Copy/Fax
Rent from non-residential spaces
Vending
Laundry
Rec. Equip. Rentals
Other (Specify such as late fees, check fees, etc.)
TOTAL REVENUE
No. of
Beds
Per Bed
Rental
Rate
Rate/Bed
2009-10
Year 1
2010-11
Year 2
2011-12
Year 3
Extend to
30 years
OPERATING EXPENSES
Utilities - Residential
Total Administrative Salaries, Wages, & Benefits - Residential
General & Administrative Supplies & Services Expenses - Residential
Total Miscellaneous Expenses - Residential
Total Marketing & Leasing Expenses
Total Maintenance Salaries, Wages, & Benefits - Residential
Total Maintenance & Custodial Supplies & Services Expenses - Residential
Total Contract Services Expenses - Residential
Total Turnover - Move-in/Move-out Expenses
Marketing & Leasing
Sub-Total Operating Expenses - Residential
Utilities - Non-Residential
Total Administrative Salaries, Wages, & Benefits - Non-Residential
General & Administrative Supplies & Services Expenses - Non-Residential
Total Miscellaneous Expenses - Non-Residential
Total Maintenance Salaries, Wages, & Benefits - Non-Residential
Total Maintenance & Custodial Supplies & Services Expenses - Non-Res.
Total Contract Services Expenses - Non-Residential
Sub-Total Operating Expenses - Non-Residential
Ground Lease Provisions for Debt Service on present obligations *
Other Fees (Specify)
321716
Total Operating Expenses
Net Operating Income (Total Revenue-Total Expenses)
2
321716
321716
321716
321716
321716
321716
321716
Appendix E: Tab-9 Financial Pro Forma Forms - Summary Pro Forma
Mansfield Auxiliary Corporation
Summary Operating Pro Forma
576 Beds
Assumptions
Annual Rental Rate Growth %
Annual Expense Growth %
Summer Occupancy %
No. of
Units
No. of
Beds
Per Bed
Rental
Rate
2009-10
Year 1
2010-11
Year 2
Replacement Reserves per Bed
Net Income After Reserves
DEBT SERVICE & FEES
Principle
Interest
Capitalized Interest
Other (Specify)
NET DEBT SERVICE & FEES
DEBT COVERAGE RATIO
Management Fee @ ___% of Total Revenue
CASH SURPLUS
* This line accounts for improvements to units in existing residence halls that will be vacated upon completion of Phase 1
3
2011-12
Year 3
Extend to
30 years