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GOLF COURSE OPERATIONS
<br />STATEMENT OF REVENUES AND EXPENSES
<br />FOR THE TWELVE [MONTHS ENDED DECEMBER 31, 2013
<br />ELBEL ERSKINE STUDEBAKER TOTAL
<br />I
<br />Golf Operating Revenues:
<br />Daily Green Fees
<br />$182,970
<br />$185,6D5
<br />$69,582
<br />9,346
<br />$436,156
<br />160,918
<br />Season Ticket Sales (a)
<br />70,420
<br />209,803
<br />80,250
<br />175,005
<br />18,629
<br />402,637
<br />Cart Rentals
<br />Merchandise Sales
<br />65,336
<br />58,911
<br />2,453
<br />N/A
<br />126,700
<br />19,751
<br />Driving Range
<br />19,751
<br />753
<br />N/A
<br />17,059
<br />39
<br />17,651
<br />Gift Ce¢ificstes(Net)
<br />519
<br />627
<br />180
<br />1,326
<br />League Entry Fees
<br />Shared Revenues (b)
<br />4,418
<br />4,418
<br />2,209
<br />11,044
<br />Trade -in Payment
<br />1,621
<br />325
<br />0
<br />0
<br />1,946
<br />D
<br />GPS Advertising
<br />0
<br />7,964
<br />0
<br />2,337
<br />0
<br />10,301
<br />Course Trends
<br />0
<br />0
<br />0
<br />0
<br />Mlsoellaneous
<br />0
<br />787
<br />0
<br />2,470
<br />0
<br />D
<br />3,257
<br />Total Golf Operating Revenues:
<br />$562,754
<br />$524,535
<br />$102.439
<br />$1,169,729
<br />Concession Operating Revenues:
<br />$32,283
<br />$22171
<br />$1,497
<br />$65,951
<br />Food Sales
<br />22,379
<br />21,896
<br />B74
<br />49,149
<br />,149
<br />Pop Sales
<br />Alcohol Sales
<br />49,963
<br />33,202
<br />NfA
<br />NIA
<br />83,165
<br />3,361
<br />Golf Outings
<br />3,255
<br />107
<br />WA
<br />D
<br />441
<br />Miscellaneous/Catering /Other
<br />356
<br />85
<br />($190,586)
<br />Total Concession Operating Revenues: $108,236 $77461 $6,371 $192,069
<br />Total operating Revenues: $670,990 $601,997 $108,810 $1,381,796
<br />Golf 0 e atin Expenses-
<br />personnel
<br />$339,836
<br />$305,045
<br />$82,716
<br />12,191
<br />$727,596
<br />121,909
<br />Shared Administrative Expenses (b)
<br />54,859
<br />54,859
<br />1,029
<br />107,635
<br />Cost of Good Sold
<br />52,996
<br />125,802.
<br />53,609
<br />105,775
<br />13,112
<br />244,689
<br />Supplies
<br />Contractual
<br />105,751
<br />99,018
<br />13,741
<br />218,508
<br />1,673
<br />Trade -in Allowance
<br />1,621
<br />52
<br />0
<br />D
<br />0
<br />Debt Service
<br />0.
<br />0
<br />Total Golf Operating Expenses:
<br />$680,865
<br />$618,356
<br />$122,789
<br />$1,422,010
<br />Concession Operating Expenses:
<br />$37,339
<br />$32,950
<br />$0
<br />$70,288
<br />Personnel
<br />Cost of Goods Sold
<br />43,204
<br />3D,984
<br />2,548
<br />76,827
<br />0
<br />Suppiie8
<br />0
<br />787
<br />0
<br />2,470
<br />0
<br />D
<br />3,257
<br />Contractual
<br />0
<br />0
<br />0
<br />0
<br />Capital
<br />Total Concession Operating Expenses:
<br />$81,420
<br />468,404
<br />$2,648
<br />$150,373
<br />Total 0peratingExpenses:
<br />62285
<br />$684,760
<br />$125,337
<br />$1,572382
<br />Operating Income (Loss)
<br />($91,2957
<br />($82,7fi3
<br />16,527)
<br />($190,586)
<br />(a) Season ticket sales are allocated to Elbe[, Erskine, and Studebaker based on
<br />percentage of season pass play. (44 °,6, 5o °4, 6 %, respectively)
<br />(b) Shared advertising revenues and administrative
<br />expenses are allocated to Elbel. Erskine, and Studebaker
<br />on a 45%,45%, 101A basis, respectively. The expenses Include shared personnel costs, supplies,
<br />contractuals, and administrative fees.
<br />1
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