Beatitudes Campus Income Statement Forecast December 2017

Transcription

1

2 Income Statement Forecast December 2017 (Month 3 of Fiscal 2018) Year To Date Forecast For Remainder of Year Total Fiscal 2018 Actual Budget Variance % Remaining Budget Auto Calc Forecast Based on YTD Budget Variance % Manual Forecast (Overrides Auto Calc) Annual Forecast Annual Budget Variance % Revenue Skilled Nursing $1,598,452 $1,658,328 ($59,876) -4% $4,922,241 $4,744,517 $4,922,241 $6,520,693 $6,580,569 ($59,876) -1% Assisted Living $1,020,016 $996,735 $23,281 2% $2,956,678 $3,025,737 $4,045,753 $3,953,413 $92,340 2% Early Memory Support $400,115 $337,102 $63,013 19% $999,568 $1,186,413 $1,586,528 $1,336,670 $249,858 19% Beatitudes at Home $333,193 $338,791 ($5,598) -2% $1,005,322 $988,712 $1,015,375 $1,348,568 $1,344,113 $4,455 0% Home Health $237,944 $313,596 ($75,652) -24% $940,791 $713,835 $951,779 $1,254,387 ($302,608) -24% Comfort Matters $91,260 $165,980 ($74,720) -45% $644,650 $354,445 $515,720 $606,980 $810,630 ($203,650) -25% Independent Living $3,465,987 $3,657,719 ($191,733) -5% $10,854,497 $10,285,519 $10,745,952 $14,211,939 $14,512,216 ($300,278) -2% Total Operating Revenue $7,146,967 $7,468,251 ($321,284) -4% $22,323,747 $21,299,178 $17,199,288 $29,272,240 $29,791,998 ($519,758) -2% Other Revenue $510,261 $492,983 $17,278 4% $1,478,920 $1,530,753 $1,478,920 $1,989,181 $1,971,903 $17,278 1% Total Revenue $7,657,228 $7,961,234 ($304,006) -4% $23,802,667 $22,829,931 $18,678,208 $31,261,421 $31,763,901 ($502,480) -2% Expenses Personnel Expenses Payroll Related Salaries & Wages $3,096,877 $3,090,611 ($6,266) 0% $9,419,455 $9,438,554 $12,535,431 $12,510,066 ($25,365) 0% Registry Labor $0 $0 $0 #DIV/0! $0 $0 $0 $0 $0 #DIV/0! Payroll Related Benefits $440,919 $447,313 $6,394 1% $1,458,164 $1,437,322 $1,452,331 $1,893,250 $1,905,477 $12,227 1% Total Payroll Related $3,537,797 $3,537,924 $127 0% $10,877,619 $10,875,876 $1,452,331 $14,428,682 $14,415,543 ($13,139) 0% Fringe Benefits $435,910 $429,174 ($6,736) -2% $1,287,439 $1,307,646 $1,287,439 $1,723,349 $1,716,613 ($6,736) 0% Total Personnel Expenses $3,973,707 $3,967,098 ($6,609) 0% $12,165,058 $12,183,522 $2,739,770 $16,152,031 $16,132,156 ($19,875) 0% Purchased Services $320,731 $398,208 $77,477 19% $1,189,633 $958,172 $1,278,903 $1,587,841 $308,938 19% Supplies $782,504 $775,091 ($7,413) -1% $2,325,141 $2,347,379 $3,129,883 $3,100,232 ($29,651) -1% Utilities $315,292 $361,374 $46,082 13% $1,084,126 $945,880 $1,084,126 $1,399,418 $1,445,500 $46,082 3% Interest Expense $755,405 $815,178 $59,773 7% $2,445,537 $2,266,218 $2,337,654 $3,093,059 $3,260,715 $167,656 5% Other Expenses $680,214 $753,772 $73,558 10% $2,260,998 $2,040,354 $2,720,568 $3,014,770 $294,202 10% Total Expenses $6,827,853 $7,070,721 $242,868 3% $21,470,493 $20,741,525 $6,161,550 $27,773,862 $28,541,214 $767,352 3% Operating Income $829,375 $890,513 ($61,138) -7% $2,332,174 $2,088,406 $3,487,559 $3,222,687 $264,872 8% Depreciation & Amortization $1,062,767 $1,055,598 ($7,169) -1% $3,166,793 $3,188,301 $4,251,068 $4,222,391 ($28,677) -1% Contributions $6 $18,921 ($18,915) -100% $56,764 $18 $67,549 $67,555 $75,685 ($8,130) -11% Unrealized Gain / (Loss) on Investments $37,026 $0 $37,026 $0 $0 $37,026 $0 $37,026 Loss on Bond Refunding $1,122,526 $0 $1,122,526 $1,122,526 $0 $1,122,526 Gain/(Loss) on Disposal of Assets $0 $0 $0 $0 $0 $0 $0 $0 Net Income ($1,318,887) ($146,164) ($1,172,723) -802% ($777,855) ($1,099,877) ($1,781,454) ($924,019) ($857,435) -93% Operating Margin (Internal Definition) Revenue $7,657,228 $7,961,234 $31,261,421 $31,763,901 Contributions (grants & rebates from programs included in Expenses) $6 $18,921 $67,555 $75,685 Total Revenue $7,657,234 $7,980,155 $31,328,976 $31,839,586 Expenses w/o Depreciation, Amortization $6,827,853 $7,070,721 $27,773,862 $28,541,214 Operating Margin Amount $829,381 $909,434 $3,555,114 $3,298,372 Ratio

3 Entrance Fee Cash Flow Forecast December 2017 (Month 3 of Fiscal 2018) Year to Date Remainder of the Year Forecast Annual Forecast 1st Occupants Subsequent Occupants Total Occupants (1+2) Payments Received Non Installment Contracts $0 $570,690 $570,690 Installment Contract $0 $115,330 $115,330 Budget Variance (3-4) % Variance (5/4) Estimated Budget % Variance To Use as Forecast Driver (6 or Other Estimate) Remaining Budget 1st Occupants (11 Prorated as 1 is to 3) Subsequent Occupants (11 Prorated as 2 is to 3) Total Occupants (8 + (7x8)) 1st Occupants (1+9) Subsequent Occupants (2+10) Total Occupants (12+13) Total Payments $0 $686,020 $686,020 $1,611,000 ($924,980) -57% 15% $4,689,000 $0 $5,392,350 $5,392,350 $0 $6,078,370 $6,078,370 Refunds Non Installment Contracts ($1,026,679) ($245,048) ($1,271,727) Installment Contract $0 $0 $0 Total Refunds ($1,026,679) ($245,048) ($1,271,727) ($1,158,250) ($113,477) -10% -9% ($3,449,750) ($2,548,294) ($608,227) ($3,156,521) ($3,574,973) ($853,275) ($4,428,248) Net Cash Flow Non Installment Contracts ($1,026,679) $325,642 ($701,037) Installment Contract $0 $115,330 $115,330 Total Cash Flow ($1,026,679) $440,972 ($585,707) $452,750 ($1,038,457) 229% $1,239,250 ($2,548,294) $4,784,123 $2,235,829 ($3,574,973) $5,225,095 $1,650,122 Notes: > Current Entrance Fee Refunds Payable = $3,124 $703,350 $293,229 Months in Year Months to Date 3 Remaining Months in Year 9

4 Debt Service Coverage Ratio Year to Date Through Fiscal Quarter Ending December 31, 2018 Income Available For Debt Service Amount Increase / (Decrease) in Net Assets ($1,318,887) Subtract: Any Entrance Fee Amortization recorded as revenue during the period ($90,747) Any Upgrade Fee Amortization recorded as revenue during the period $0 Add: Depreciation & Amortization $1,062,767 Loss on Bond Refunding $1,122,526 Interest Expense $755,405 Provision for Bad Debts $9,000 Charity Provision $0 All received in cash (column 1) / All initial received in cash (column 2) $686,020 $0 Less: All Entrance Fee refunds paid during period (column 1) / All initial Entrance Fee refunds paid during period (column 2) ($1,271,727) X Pursuant to Section 3.06 of the Master Trust Indenture (Addition of Debt) All Received From the Initial Resident in a Unit All Received Specifically for the Customization of a Unit Pursuant to Section 3.07 of the Master Trust Indenture (Debt Service Coverage Calculation) All Received From the Initial Resident in a Unit financed with Qualifying Intermediate-Term Debt $0 Gifts, Grants, Bequests and Donations actually received not otherwise included in Income Available for Debt Service $0 Neutralize the effect on Income Available for Debt Service for the following: Any Gain or Loss from the extinguisment of debt or the sale, exchange or disposition of capital assets not made in the ordinary course of business $0 Any Unrealized Gains or Losses on investments (see definition for further detail) ($37,026) Any changes in restriced net assets (unless such restrictions allows for the assets to be used for payment of oblgations or operating expenses) $0 Any increase or decrease in obligations to provide future services $0 Any losses incurred from development of additional facilities that the governing board determines not to pursue $0 Any impairment charges $0 Investment income from any investment of funds held in an Qualified Escrow or any fund or account that is set aside for paying intermediate term debt $0 Total Income Available for Debt Service $917,332 Not Applicable Debt Service Year to Date $764,882 Debt Service Coverage Target (using Annual Debt Service) Debt Service Coverage Target 1.20 Times Coverage 1.20 Times Coverage

5 Debt Service Coverage Ratio Forecast For Fiscal Year Ending September 30, 2018 Income Available For Debt Service Amount Increase / (Decrease) in Net Assets ($1,781,454) Subtract: Any Entrance Fee Amortization recorded as revenue during the period ($362,989) Any Upgrade Fee Amortization recorded as revenue during the period $0 Add: Depreciation & Amortization $4,251,068 Loss on Bond Refunding $1,122,526 Interest Expense $3,093,059 Provision for Bad Debts $36,000 Charity Provision $0 All received in cash (column 1) / All initial received in cash (column 2) $6,078,370 $0 Less: All Entrance Fee refunds paid during period (column 1) / All initial Entrance Fee refunds paid during period (column 2) ($4,428,248) X Pursuant to Section 3.06 of the Master Trust Indenture (Addition of Debt) All Received From the Initial Resident in a Unit All Received Specifically for the Customization of a Unit Pursuant to Section 3.07 of the Master Trust Indenture (Debt Service Coverage Calculation) All Received From the Initial Resident in a Unit financed with Qualifying Intermediate-Term Debt $0 Gifts, Grants, Bequests and Donations actually received not otherwise included in Income Available for Debt Service $0 Neutralize the effect on Income Available for Debt Service for the following: Any Gain or Loss from the extinguisment of debt or the sale, exchange or disposition of capital assets not made in the ordinary course of business $0 Any Unrealized Gains or Losses on investments (see definition for further detail) ($37,026) Any changes in restriced net assets (unless such restrictions allows for the assets to be used for payment of oblgations or operating expenses) $0 Any increase or decrease in obligations to provide future services $0 Any losses incurred from development of additional facilities that the governing board determines not to pursue $0 Any impairment charges $0 Investment income from any investment of funds held in an Qualified Escrow or any fund or account that is set aside for paying intermediate term debt $0 Total Income Available for Debt Service $7,971,306 Not Applicable Annual Debt Service (Fiscal 2018) $3,059,528 Maximum Annual Debt Service (not including debt service on Qualifying Intermediate Term Debt) $5,063,625 Debt Service Coverage Target (using Annual Debt Service) Debt Service Coverage Target (using Maximuim Annual Debt Service) Debt Service Coverage Target 2.61 Times Coverage 1.57 Times Coverage 1.20 Times Coverage

6 Cash Flow December 2017 (Month 3 of Fiscal 2018) YTD Cash From Operations (Per Calendar Day) Actual Total Revenues Month to Date $82,985 Year to Date $83,231 Expenses Month to Date $70,847 Year to Date $74,216 Net Cash Flow Month to Date $12,138 Year to Date $9,015 Current Days Cash on Hand Total Unrestricted Cash Balance 12/31/2017 $5,844,307 Year to Date Average Cash Expenses per Calendar Day $74,216 Days Cash on Hand 79 Cash Forecast (Through Sep 2018) Amount Total Cash Sources & (Uses) For Remainder of the Year Unrestricted Cash Balance 12/31/2017 $5,844,307 Cash From Operations (From Income Statement Forecast) $2,456,502 Estimated Receipts Net of Expected Refunds $2,235,829 Payroll and Accounts Payable Adjustments Expected Capital Purchases ($1,824,178) Bond Principal Payments to Trustee $0 Forecasted Cash Balance 9/30/2018 $8,712,460 Average Cash Expenses per Calendar Day $76,093 Forecasted Days Cash on Hand 9/30/ Days Cash on Hand Bond Covenant Target 65

7 Days of Cash Tied Up in Entrance Fee Discounts Trend Month Discounted Units Refundable Portion of Paid Expected New When Apartments Turn Expected Increase In Cash Current Average Daily Cash Expenses Days of Cash Tied up in Entrance Fee Discounts Jun $6,725,295 $14,426,486 $7,701,191 $71, Sep $6,575,659 $14,090,539 $7,514,880 $71, Dec $5,923,302 $12,791,503 $6,868,201 $72, Mar $5,660,199 $12,292,893 $6,632,694 $73, Jun $5,104,060 $11,716,404 $6,612,344 $73, Sep $4,923,790 $11,041,078 $6,117,687 $74, Dec $4,761,444 $10,701,193 $5,939,749 $74,