Spreadsheet: 47784d1246968413-one-problem-sheet-infected-proforma-pa-44-june-2009-db-rev
Sheet: Budget and Cash Flow

 | [NAME] 44 | BUDGET |  |  |  |  |  |  |  |  |  | CASH FLOW
 |  | Original | Approved |  | Approved |  | PROPOSED |  | PROPOSED | Revis as %
 |  | Budget | Changes |  | Changes |  | Changes |  | Revised | of Original |  | Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Mar | Apr-June | Jul-Sept | Oct-Dec | Jan-Mar | Apr-June | July-Sept |  | Balance
 |  | 2006-01-01 00:00:00 | 2007-11-01 00:00:00 |  | 2008-02-01 00:00:00 |  | 2008-06-01 00:00:00 |  | Budget |  |  | 1Q2007 | 2Q2007 | 3Q2007 | 4Q2007 | 1Q2008 | 2Q2008 | 3Q2008 | 4Q2008 | 1Q2009 | 2Q2009 | 3Q2009 | TOTAL | to Complete
 | Land and acquisition
 | Land/Villa Acquisition | 1200000 | 0 |  |  |  |  |  | 1200000 | 1 |  | 1200000 |  |  |  |  |  |  |  |  |  |  | 1200000 | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Transfer Tax | 50000 | 50000 | (1) |  |  |  |  | 100000 | 2 |  |  | 52745 |  |  |  |  | 42925 |  |  |  |  | 95670 | 4330
 | Taxes (IVSS Property) | 8000 | 2000 | (4) |  |  |  |  | 10000 | 1.25 |  |  | 3023.97 |  |  |  |  | 12431 | 0 | 0 | 0 | 0 | 15454.97 | -5454.969999999999
 | Legal | 32000 | -20000 | (6) |  |  |  |  | 12000 | 0.375 |  |  | 3650 |  | 140 |  | 3817 | 1500 |  |  |  |  | 9107 | 2893
 |  |  |  |  |  |  |  |  | 0 | #N/A |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0
 | Sub-Total | 1290000 | 32000 |  | 0 |  | 0 |  | 1322000 | 1.024806201550388 |  | 1200000 | 59418.97 | 0 | 140 | 0 | 3817 | 56856 | 0 | 0 | 0 | 0 | 1320231.97 | 1768.030000000001
 | Hard Cost and [NAME] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Construction | 455000 | 265219 | (7) | 0 | (7) |  |  | 720219 | 1.582898901098901 |  | 150000 | 145000 | 150400 | 260000 | 62000 |  |  | 7719 | 0 | 0 | 0 | 775119 | -54900
 | Landscaping | 5000 | 15000 | (5) | 2000 |  | 1870 |  | 23870 | 4.774 |  |  |  |  |  |  |  | 23870 | 342 | 0 | 0 | 0 | 24212 | -342
 | Decorating/Bedding Kitchen supplies | 100000 | 110863 | (3) |  |  | 10000 |  | 220863 | 2.20863 |  |  |  |  |  |  |  | 16985 | 4746 | 0 | 0 | 0 | 21731 | 199132
 | Fixtures, Electronics, Appliances, A/C | 63000 |  |  | 15480 |  |  |  | 78480 | 1.245714285714286 |  |  |  | 23228 | 4903 |  | 2000 | 24707.12 | 2618 | 0 | 0 | 0 | 57456.12 | 21023.88
 | Lighting |  |  |  | 33000 |  |  |  | 33000 |  |  |  |  |  |  |  | 3287 | 18678 | 0 | 0 | 0 | 1 | 21966 | 11034
 | Gen. [NAME] ( supplies. security, cleanup,utilities) | 0 | 12000 | (9) |  |  | 6200 |  | 18200 |  |  | 12049.46 |  | 4800 | 400 |  |  | 13200 | 1178 | 6715 | 0 | 0 | 38342.46 | -20142.46
 | Sub-Total | 623000 | 403082 |  | 50480 |  | 18070 |  | 1094632 | 1.757033707865169 |  | 162049.46 | 145000 | 178428 | 265303 | 62000 | 5287 | 97440.12 | 16603 | 6715 | 0 | 1 | 938826.58 | 155805.42
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Soft Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Management Fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Fund Exec. Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Mortgage Taxes | 0 | 11550 |  |  |  | 5000 |  | 16550 |  |  |  |  | 10902 |  |  | 5014.04 |  |  |  |  |  | 15916.04 | 633.9599999999991
 | Interest | 49500 | 5500 |  |  |  |  |  | 55000 | 1.111111111111111 |  |  |  |  | 16859.3 | 12426.71 | 13377.71 | 18673.38 | 20222.21 | 20000 | 20444.44 | 0 | 122003.75 | -67003.75
 | Insurance | 0 | 3000 | (2) |  |  |  |  | 3000 |  |  |  |  | 1261 | 1261.5 |  |  | 5358 | 6801.2 | 0 | 5492.2 | 0 | 20173.9 | -17173.9
 | Marketing & Travel | 6000 | 4000 | (8) |  |  |  |  | 10000 | 1.666666666666667 |  |  |  |  | 6187.66 |  |  |  |  | 1269 |  |  | 7456.66 | 2543.34
 | Sub-Total | 55500 | 24050 |  | 0 |  | 5000 |  | 84550 | 1.523423423423423 |  | 0 | 0 | 12163 | 24308.46 | 12426.71 | 18391.75 | 24031.38 | 27023.41 | 21269 | 25936.64 | 0 | 165550.35 | -81000.35000000003
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Project Contingency | 0 |  |  |  |  | 50000 |  | 50000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | TOTAL  USES | 1968500 | 459132 |  | 50480 |  | 73070 |  | 2551182 | 1.296003048006096 |  | 1362049.46 | 204418.97 | 190591 | 289751.46 | 74426.70999999999 | 27495.75 | 178327.5 | 43626.41 | 27984 | 25936.64 | 1 | 2424608.9 | 76573.09999999998
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Capitalization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | [NAME] | 951375 | 344349 |  | 37860 | 0 |  |  | 1200886.5 | 1.26226409144659 |  | 948300 | 156750 | 9000 |  |  |  |  |  |  |  |  | 1114050 | 86836.5
 | CDC Investor, LLC | 317125 | 114783 |  | 12620 | 0 |  |  | 400295.5 | 1.26226409144659 |  | 316100 | 52250 | 3000 |  |  |  |  |  |  |  |  | 371350 | 28945.5
 | Sub-Total | 1268500 | 459132 |  | 50480 | 0 | 0 |  | 1601182 | 1.26226409144659 |  | 1264400 | 209000 | 12000 |  |  |  |  |  |  |  |  | 1485400 | 115782
 | ECONCA (Builder) | 150000 |  |  |  |  |  |  | 150000 |  |  | 150000 |  |  |  |  |  |  |  |  |  |  | 150000 | 0
 | Total Equity | 1418500 | 459132 |  | 50480 | 0 | 0 |  | 1751182 | 1.234530842439196 |  | 1414400 | 209000 | 12000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1635400 | 115782
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | Construction Fin (Banco Popular) | 550000 |  |  |  |  | 250000 |  | 800000 | 1.454545454545455 |  |  |  | 210000 | 284903 | 27000 | 278097 |  |  |  |  |  | 800000 | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
 | TOTAL SOURCES | 1968500 | 459132 |  | 50480 |  | 250000 |  | 2551182 | 1.296003048006096 |  | 1414400 | 209000 | 222000 | 284903 | 27000 | 278097 | 0 | 0 | 0 | 0 | 0 | 2435400 | 115782
 | Incr/(Decr) Cash |  |  |  |  |  |  |  |  |  |  | 52350.54000000004 | 4581.029999999999 | 31409 | -4848.460000000021 | -47426.70999999999 | 250601.25 | -178327.5 | -43626.41 | -27984 | -25936.64 | -1
 | Cumulative Cash on Hand |  |  |  |  |  |  |  |  |  |  | 52350.54000000004 | 56931.57000000004 | 88340.57000000004 | 83492.11000000002 | 36065.40000000002 | 286666.65 | 108339.15 | 64712.74000000002 | 36728.74000000002 | 10792.10000000002 | 10791.10000000002 |  | #N/A
 | Restrictive Cash
 | [NAME] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | #N/A
 | Operational Results
 | USES
 | Costasur
 | Electric
 | Other
 | Rental Commissions
 | Real estate Taxes
 | Insurance
 | Payroll
 | Pool & garden maintenance
 | Maintenance
 | Marketing
 | Villa Management
 | Other
 | TOTAL USES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0
 | SOURCES
 | Rental Income
 | Other (Insurance)
 | TOTAL SOURCES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0
 | Incr/(Decr) Cash
 | Cumulative Cash on Hand
 | Restrictive Cash
 | [NAME]
 | Notes
 | (1) Original idea was to transfer from [NAME] direct to new buyer.  In order to get financing leverage need to transfer twice
 | (2) Change in law from old IVSS luxury to flat 1% of asset value (original purchase)
 | (3) Received and accepted [NAME] (Yudelka) quotation.  50% of project on consignment.  Revision includes decorator fee,lighting est.
 | (5) Additional required landscaping for interiors and water features
 | (6) Legal from original budget was for formation documents which should be applied to overall fund.
 | (7)Architect requested changes see: Construction cost Breakdown sheet for details
 | (8) Discussion on upgrading marketing materials
 | (9) Casa dC maintenance, utilities, guard (from Aug '07 capital call)