13. 25,000Estimated Rounds used in Projection $29.00Estimated Revenue Per Round Advisory Board Projections Year 1Year 2Year 3Year 4Year 5 Rev/Rnd $29.00$30.00$31.00$32.00$33.00 Revenues: User Fees $ 725,000 $ 750,000 $ 775,000 $ 800,000 $ 825,000 Tournaments $ 100,000 $ 105,000 $ 110,000 Merchandise Sales $ 105,000 Food & Beverage $ 235,000 $ 250,000 $ 265,000 $ 275,000 $ 285,000 Total Golf Revenues $ 1,165,000 $ 1,210,000 $ 1,250,000 $ 1,290,000 $ 1,325,000 Expenses: Operations (2) $ 325,000 $ 335,000 $ 345,000 $ 355,000 $ 365,000 Maintenance(3) $ 485,000 $ 490,000 $ 497,000 $ 510,000 $ 522,000 Carts(5) $ 120,000 $ 125,000 $ 128,000 $ 130,000 Driving Range/Pro Shop $ 85,000 $ 87,000 Food & Beverage(4) $ 185,000 $ 190,000 $ 195,000 $ 200,000 $ 210,000 Total Golf Expenses (1) $ 1,200,000 $ 1,225,000 $ 1,250,000 $ 1,282,000 $ 1,314,000 Total Cash - (Need) $ (35,000) $ (15,000) $ - $ 8,000 $ 11,000 (1)Expenses exclude depreciation and includes lease payments (Capital & Interest) (2)Operations Depreciation $40,000 (3)Maintenance Depreciation $80,000 (4)Food & Beverage Depreciation $35,000 (5)Carts Depreciation $65,000