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Covenant Village: 9% Tax Credit (S)

Schedule A: Project Cash Flow

Annual

  Total 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
DEVELOPMENT/CAPITAL ACCTS                                  
Depr. assets acquired                                  
Land Development -741153 -741153                              
Building Cost -3409478 -3409478                              
Service structures -240000 -240000                              
Architecture & Engineering -133445 -133445                              
Elevator/Escalator                                  
Furniture & Equipment                                  
Misc. Administration -54800 -54800                              
Dev. Costs Expensed -5760 -5760                              
Grants & Reimbursements                                  
Contingency -227606 -227606                              
Land -350000 -350000                              
Financing Fees -274000 -214000 -60000                            
Construction Interest -682843 -179321 -193659 -155856 -110913 -43095                      
Internal Interest                                  
Accounting Transfers 609296 105774 193659 155856 110913 43095                      
Capitalized Cost -5509789 -5449789 -60000                            
Capital Replacement -466097   -21600 -22680 -23814 -25005 -26255 -27568 -28946 -30393 -31913 -33509 -35184 -36943 -38790 -40730 -42767
Ending Value . 5,509,789                               5,509,789
Capital Before Fin -466097 -5449789 -81600 -22680 -23814 -25005 -26255 -27568 -28946 -30393 -31913 -33509 -35184 -36943 -38790 -40730 5,467,022
Principal Flows . 2,644,175 5,205,563 250027 149565 102119 -307273                     -2755825
Developers Capital 2,178,078 -244226 168427 126885 78305 -332278 -26255 -27568 -28946 -30393 -31913 -33509 -35184 -36943 -38790 -40730 2,711,197
                                   
OPERATIONS                                  
Income 8,868,519   476150 491049 506405 522229 538539 555348 572673 590530 608935 627908 640076 652848 673631 695056 717144
Expenses . -4822095 -5760 -223200 -234360 -246078 -258382 -271301 -284866 -299109 -314065 -329768 -346256 -363569 -381748 -400835 -420877 -441921
Net Avail. for D.S. 4,046,424 -5760 252950 256689 260327 263847 267238 270482 273563 276465 279167 281651 276507 271100 272795 274179 275223
Debt Service -3680313 -100014 -400377 -362574 -317631 -249814 -206718 -206718 -206718 -206718 -206718 -206718 -206718 -206718 -206718 -194718 -194718
Ground Rent -315000   -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000
Participation .                                  
Cash Flow 51111 -105774 -168427 -126885 -78305 -6967 39519 42763 45845 48746 51449 53933 48789 43382 45077 58460 59505
Amortization . 244175   261 1543 2991 4621 6454 8511 10815 13392 16270 19481 23059 27043 31474 36397 41864
Earnings B.N.C.C. 295286 -105774 -168166 -125341 -75314 -2345 45973 51274 56659 62138 67719 73414 71848 70425 76550 94857 101368
Non-Cash Charges . -2789224   -207281 -207281 -207281 -207281 -207281 -152321 -152321 -152321 -152321 -152321 -194542 -224700 -204020 -189249 -178698
Taxable Income -2493938 -105774 -375447 -332623 -282595 -209627 -161308 -101047 -95662 -90184 -84602 -78907 -122694 -154275 -127470 -94392 -77330
                                   
FINANCING SUMMARY                                  
Project Cash Flow. 3,933,634 -5268016 231350 234009 240167 340961 240983 242914 244617 246071 247254 248143 241323 234157 234005 233449 5,742,246
NOAH Dev.Corp.(sub) 1,686,337 -455774 21000 21000 24655 -216126 21133 21152 21169 21184 21195 21204 21136 21064 21063 21177 2,080,104
Southeast Bank 3,042,556 -3712672 732350 795009 797513 1,139,087 188718 188718 188718 188718 188718 188718 188718 188718 188718 188718 1,404,085
Syndication 2,347,048 35603 -199208 -213623 -230462 -255023 341844 323472 323346 322941 322234 321197 54767 58303 49130 49325 1,043,201
Other Entities -193570 -1099570 78000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 6000 606000
IRS -2948738 -35603 -400792 -386377 -369538 -344977 -328713 -308429 -306616 -304772 -302893 -300976 -41299 -51929 -42906 -31772 608856


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