Budget Worksheet
Income and Expense Projections
Project Name:
Proposed 2005 Budget Worksheet
Project Number:
Description of Account Rental Income 5100 Rent Revenue - Gross Potential Tenant Assistance Payments Rent Revenue - Stores and Commercial Garage and Parking Spaces Flexible Subsidy Income Miscellaneous Rent Revenue (see attachment) Excess Rent Rent Revenue / Insurance Special Claims Revenue Retained Excess Income Total Rent Revenue Potential at 100% Occupancy Apartments Stores and Commercial Rental Concessions Garage and Parking Spaces Miscellaneous (see attachment) Total Vacancies Net Rental Revenue (Rent Revenue less Vacancies) Nursing Homes / Assisted Living / Board & Care / Other Elderly Care / Coop / Other Revenues Financial Revenue - Project Operations Revenue from Investments - Residual Receipts Revenue from Investments - Replacement Reserve Revenue from Investments - Misc. (see attachment) Total Financial Revenue Laundry and Vending Revenue Tenant Charges Interest Reduction Payment Revenue Cable TV / Internet Access Revenue Miscellaneous Revenue (see attachment) Total Other Revenue
MHDC Acct. No. 5120 5121 5140 5170 5180 5190 5191 5192 5193 5194 5100T 5220 5240 5250 5270 5290 5200T 5152N 5300 5410 5430 5440 5490 5400T 5910 5920 5945 5954 5990 5900T 5000T 6203 6204 6210 6250 6310 6311 6312 6313 6320 6331 6340 6350 6360 6370 6390 6263T 6450 6451 6452 6453 6454 6400T
Statement of Profit/Loss for FY
Current FY Expenses ( months)
Budget Submitted for FY
Vacancies 5200
Revenues 5300 Financial Revenue 5400
Other Revenue 5800
Total Revenue
Admin. Expenses 6200 / 6300 Conventions, Meetings, and Training Management Consultants Advertising and Marketing Other Renting Expense Office Salaries (see attachment) Office Supplies (see attachment) Office or Model Apartment Rent Leased Furniture Management Fee/Bookkeeping/Accounting Services Administrative Rent Free Unit Legal Expenses - Project Audit Expenses Telephone Expense Bad Debts Misc. Administrative Expenses (see attachment) Total Administrative Expenses Electricity Water Gas Sewer Cable TV / Internet Access Total Utilities Expense
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Utilities 6400
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Project Name:
Project Number:
Proposed 2005 Budget Worksheet Statement of Profit/Loss for FY Current FY Expenses ( months) Budget Submitted for FY
Description of Account Operating & Mainten. Expenses 6500 Payroll (see attachment) Supplies (see attachment) Contracts (see attachment) Operating and Maintenance Rent Free Unit Garbage and Trash Removal Security Payroll / Contract Security Rent Free Unit Heating / Cooling Repairs and Maintenance Snow Removal Maintenance Tools and Equipment Vacant Unit Preparation (see attachment) Misc. Operating & Maintenance Exp. (see attachment) Total Operating & Maintenance Expenses Real Estate Taxes Payroll Taxes (Project's share) Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance & Other Employee Benefits Misc. Taxes, Licenses, Permits & Ins. (see attachment) Total Taxes and Insurance Interest on Mortgage Payable Interest on Notes Payable (Long-Term) * Interest on Notes Payable (Short-Term) * Mortgage Insurance Premium / Service Charge Miscellaneous Financial Expenses (see attachment) Total Financial Expenses Nursing Homes / Assisted Living / Board & Care / Other Elderly Care/ Coop / Other Expenses
MHDC Acct. No. 6510 6515 6520 6521 6525 6530 6531 6546 6548 6571 6580 6590 6500T 6710 6711 6720 6721 6722 6723 6790 6700T 6820 6830 6840 6850 6890 6800T 6900 6000T
Taxes and Insurance 6700
Financial Expenses 6800
Expenses 6900
Total Cost of Operations
Reserve for Replacement Deposits Required Principal Payments Required Debt Service Reserve (if required) General Operating Reserve (Coops) Total Cash Requirements Less Total Revenue
Operating Income(Loss)
NonProject Expenses** Excess Fidelity Bond Insurance (if Account 6721 > $500) Debt Service for other loans (subordinate/non-MHDC/partner loans) Depreciation and Amortization Expense Transfers from Reserves for Replacement Capital Expenditures (if there is Reserves for Replacement) Asset Management Fees Partnership Expenses Partnership Management/Incentive Fees
Net Income (Loss) after Non-Project Expenses
* Approved Secondary Financing - Only for Budget Projections ** Non-Project Expenses are exculuded from the Net Cash Surplus (Deficiency)
I hereby certify that all the information stated herein, as well as any information provided in the accompaniment herewith, is true and accurate.
(Signature) Date (mm/dd/yyyy)
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Missouri Housing Development Commission
Frequently Asked Questions for the Budget Worksheet
1.
What number should be in the Project Number box? If the project has a HOME or MHDC loan, then the project number should be the loan number. If the project is a tax credit only project, then the project number should be the tax credit number (but not the bin number). If the project has both a loan and tax credits, then list both numbers.
2.
What do the column headings mean? The first column heading "Statement of Profit/Loss for FY" should be completed by the property with the year number (e.g. 2002) for the last complete year of profit and loss information. The second column "Current FY Expenses ( months)" should be completed by the property with the number of months being reported (e.g. 10 for figures through October for a calendar year project) for the current year of profit and loss information. The third column heading "Budget Submitted for FY" should be completed by the property with the year number (e.g. 2004) for the budget year of profit and loss information being submitted.
3.
How do I calculate the Rent Revenue - Gross Potential? Rent Revenue - Gross Potential should be calculated by multiplying the APPROVED rent amounts by the number of units. If the property, expects a rent increase to occur then they may adjust the rent amount appropriately.
4.
Why can't I enter miscellaneous income/expense figures on the worksheet with formulas? Any miscellaneous income or expense items should be entered on the Attachment sheet so that a short description of the income or expense item may be entered next to the line item description. For instance, if the property had bank account service charges that it wanted to be separate from Bookkeeping Fees/Accounting Services, it could show those under Misc. Administrative Expenses Bank Account Charges on the Attachment sheet. All the figures entered on the Attachment sheet flow forward to the main Budget Worksheet. When submitting the budget, be sure to submit the Budget Worksheet with the Attachment sheet.
5.
Why can't I enter Office Salaries, Office Supplies, Operating & Maintenance Payroll, Supplies, Contracts, or Vacant Unit Preparation figures on the worksheet with formulas? As noted above in question 4, these items should all be entered on the Attachment sheet so that a description of the items making up the overall total for these categories may be entered. There are some examples of items in these categories shown. The items shown may be used, if applicable, or they may be changed to reflect the specific items of usage for the property. Once again, anything entered on the Attachment sheet will flow forward to the Budget Worksheet, and the Attachment sheet should accompany the Budget Worksheet when the budget is submitted.
6.
What are Non-Project Expenses? Non-Project Expenses include items such as Partnership Expenses, Asset Management Fees, and Transfers from Replacement Reserve. These items are excluded from the budget for MHDC purposes but are displayed on the budget worksheets for the projects benefit. If the project maintains a Reserve for Replacement, Capital Expenditures should be included here and not in the Operating and Maintenance line items.
7.
The property's Regulatory Agreement/Land Use Restriction Agreement says a line may be inserted in the budget for the NOI from the property's 2013. Where do I put this amount? The property does not need to worry about inserting this figure in the operating budget that it submits to MHDC. When MHDC reviews rent increase requests, MHDC inserts the property's appropriate NOI figure into MHDC's rent increase review worksheet.
Budget Worksheet
Attachment
Project Name: Project Number:
Description of Account Misc. Rent Revenue Misc. Rent Revenue Misc. Vacancies Misc. Vacancies Misc. Revenue from Investments Misc. Revenue from Investments Misc. Other Revenue Misc. Other Revenue Misc. Administrative Expenses Misc. Administrative Expenses Misc. Operating & Mtce. Expenses Misc. Operating & Mtce. Expenses Misc. Taxes, Licenses, Permits & Ins. Misc. Taxes, Licenses, Permits & Ins. Misc. Financial Expenses Misc. Financial Expenses Office Salaries - Resident Manager Office Salaries - Leasing Clerk Office Salaries - Billing / Accounting Clerk Office Salaries Office Salaries Operating & Mtce. Payroll - Janitorial / Cleaning Operating & Mtce. Payroll - Exterminating Operating & Mtce. Payroll - Grounds Operating & Mtce. Payroll - Repairs / Decorating Operating & Mtce. Payroll Operating & Mtce. Payroll Office Supplies - Supplies / Stationery Office Supplies - Postage Office Supplies - Copying / Faxing Office Supplies Office Supplies Operating & Mtce. Supplies - Janitorial / Cleaning Operating & Mtce. Supplies - Exterminating Operating & Mtce. Supplies - Grounds Operating & Mtce. Supplies - Repairs / Decorating Operating & Mtce. Supplies Operating & Mtce. Supplies Operating & Mtce. Contracts - Janitorial / Cleaning Operating & Mtce. Contracts - Exterminating Operating & Mtce. Contracts - Grounds Operating & Mtce. Contracts - Repairs / Decorating Operating & Mtce. Contracts - Elevator Maintenance Operating & Mtce. Contracts - Swimming Pool Mtce. Operating & Mtce. Contracts Operating & Mtce. Contracts Vacant Unit Prep. - Carpeting Vacant Unit Prep. - Tile / Vinyl Vacant Unit Prep. - Painting / Wall Repairs Vacant Unit Prep. - Appliances Vacant Unit Prep. - Cabinets / Countertops Vacant Unit Prep. Vacant Unit Prep. Attachment
MHDC Acct. No. 5190 5190 5290 5290 5490 5490 5990 5990 6390 6390 6590 6590 6790 6790 6890 6890 6310 6310 6310 6310 6310 6510 6510 6510 6510 6510 6510 6311 6311 6311 6311 6311 6515 6515 6515 6515 6515 6515 6520 6520 6520 6520 6520 6520 6520 6520 6580 6580 6580 6580 6580 6580 6580
Statement of Profit/Loss for FY
Current FY Expenses ( months)
Budget Submitted for FY
Vacant Unit Prep. Detail
Contracts Detail
Supplies Detail
Salaries & Payroll Detail
Miscellaneous Explanations/Detail