WATERMILL VILLAGE Income/Expense Statement Actual spreadsheet Start date: 01/01/06 Cutoff date: 07/31/06 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --------- REVENUE: Maintenance Fees 0 0 0 86220 17480 17480 17480 0 0 0 0 0 138660 Operating Interest 0 0 0 10 4 6 4 0 0 0 0 0 25 Reserve Interest 0 0 0 266 49 0 0 0 0 0 0 0 315 Restoration Int. Monthly 0 0 0 1488 582 603 333 0 0 0 0 0 3006 Res. Interest Replace 0 0 0 0 0 0 475 0 0 0 0 0 475 Other Income 0 0 0 1 0 0 0 0 0 0 0 0 1 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --------- Total Revenue 0 0 0 87985 18115 18090 18292 0 0 0 0 0 142482 EXPENSES: ADMINISTRATION Management & Bookkeeping 0 0 0 5039 1450 1250 1250 0 0 0 0 0 8989 Office Expense 0 0 0 356 166 35 76 0 0 0 0 0 634 Bank Expense 0 0 0 46 0 0 0 0 0 0 0 0 46 License/Fees/Corp Filing 0 0 0 0 0 125 0 0 0 0 0 0 125 CPA Review/Legal 0 0 0 1650 0 0 0 0 0 0 0 0 1650 Insurance (Liability/D&O) 0 0 0 1300 0 0 0 0 0 0 0 0 1300 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --------- Total Administration 0 0 0 8391 1616 1410 1326 0 0 0 0 0 12743 MAINTENANCE Maintenance 0 0 0 4606 37 745 700 0 0 0 0 0 6089 Pest Control 0 0 0 2512 0 360 0 0 0 0 0 0 2872 Grounds/Irrigation Contra 0 0 0 4550 1100 1100 1100 0 0 0 0 0 7850 Ground Misc/Non-Contract 0 0 0 898 0 320 150 0 0 0 0 0 1368 Tree Trimming/Pruning 0 0 0 776 0 0 0 0 0 0 0 0 776 Pool Service 0 0 0 230 230 243 243 0 0 0 0 0 945 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --------- Total Maintenance 0 0 0 13573 1367 2768 2193 0 0 0 0 0 19901 UTILITIES Electricity 0 0 0 436 136 111 76 0 0 0 0 0 759 Water 0 0 0 296 0 161 76 0 0 0 0 0 534 Trash 0 0 0 1334 333 345 365 0 0 0 0 0 2377 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --------- Total Utilities 0 0 0 2067 469 617 517 0 0 0 0 0 3670 RESERVE FUNDING Reserves - Roof 0 0 0 0 0 2500 833 0 0 0 0 0 3333 Reserves - Replacement 0 0 0 0 0 524 175 0 0 0 0 0 699 Reserves - Restoration 0 0 0 0 0 27672 9224 0 0 0 0 0 36896 Reserve Int. Expense 0 0 0 7660 0 0 0 0 0 0 0 0 7660 Reserve Loan Pymt Restora 0 0 0 20464 27672 18448 0 0 0 0 0 0 66584 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --------- Total Reserve Expens 0 0 0 28124 27672 49144 10232 0 0 0 0 0 115172 TOTAL EXPENSES 0 0 0 52154 31125 53939 14267 0 0 0 0 0 151486 CURRENT YEAR NET INCOME/( 0 0 0 35830 13010- 35849- 4025 0 0 0 0 0 9004- ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= =========