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8/13/2019 RCC Pro Forma - January 23, 2014 Revision
1/16
SOURCES AND USES
Fund Usage Amount Fund Sources Amount
Long Term Capitalization Equity
Leasehold Improvements $0 Memberships 75,000$Equipment $650,000 Grassroots Fundraising 25,918$
Inventory $236,250 Grants from local & regional foundations 260,000$
Prof Fees for design/inventory $106,350 City of GSO Econ Dev't Grant 100,000$
Construction Management fee $0 Federal grants (USDA, SBA, Block grants) 200,000$
Total Long Term $992,600 Total Equity 660,918$
Short Term Capitalization Subordinated debt
Pre-Opening Membership/Fundraising 50,000$ 5 Year Owner Loans @ 3% 100,000$
Start-up staffing 92,116$ 10 Year Owner Loans @3% 100,000$Start-up promotion 18,390$ CFGG Loan @2.5% 50,000$
Interest paid pre-opening (owner loans) 3,750$ Total Subordinated Loans 250,000$
Post-opening professional support 30,000$
Operating cost prior to opening 15,000$ Government loans
Operatiing Capital (Cash) 220,681$ City of GSO Econ Dev't Loan (0%, 15 years) 600,000$
Total Short Term 429,937$ Total Government Loans 600,000$
Overrun allowance 213,381$ CDFI Loans
CDFI Loan ($125,000 @ 6.75%) 125,000$Total Capital Needed 1,635,918$ Total CDFI Loans 125,000$
EQUITY 660,918$
TOTAL TO BE BORROWED 975,000$ TOTAL BORROWED 975,000$
Assumptions from other sheets
Building Space Square Footage 10,000 From revenue model
First year sales 3,678,022$ From revenue model
Assumptions Data Source
Leasehold Improvements 35.00$ per total square foot S Reid/vanilla box
Sales Floor square footage 67 5% of total square footage S Reid
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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RCC Year 1 Income Statement
Month of Operation 1 2 3 4 5 6 7 8 9
Month Name November December January February March April May June July
Number of Weeks 4.29 4.43 4.43 4.00 4.43 4.29 4.43 4.29 4.43
Revenue Schedule
Gross sales 197,802$ 238,462$ 272,527$ 276,923$ 340,659$ 329,670$ 340,659$ 329,670$ 340,659$
Cost of goods sold 139,846$ 168,592$ 192,677$ 195,785$ 240,846$ 233,077$ 240,846$ 233,077$ 240,846$
Shrink 5,024$ 6,057$ 6,922$ 7,034$ 8,653$ 8,374$ 8,653$ 8,374$ 8,653$
Net Gross Profit 52,932$ 63,812$ 72,928$ 74,105$ 91,160$ 88,220$ 91,160$ 88,220$ 91,160$
Labor
Wages & Salary: Production Staff 27,587$ 32,307$ 36,108$ 34,330$ 38,008$ 36,782$ 38,008$ 36,782$ 38,008$
Wages & Salary: Admin Staff 12,804$ 13,230$ 13,230$ 11,950$ 13,230$ 12,804$ 13,230$ 12,804$ 13,230$
Payroll Taxes - Production employees 2,938$ 3,441$ 3,845$ 3,656$ 4,048$ 3,917$ 4,048$ 3,917$ 4,048$
Payroll taxes - Admin employees 1,364$ 1,409$ 1,409$ 1,273$ 1,409$ 1,364$ 1,409$ 1,364$ 1,409$
Workers Comp - Production employees 690$ 808$ 903$ 858$ 950$ 920$ 950$ 920$ 950$
Workers Comp - Admin Employees 128$ 132$ 132$ 120$ 132$ 128$ 132$ 128$ 132$
Benefits - FT production employees 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$
Benefits - FT admin employees 1,250$ 1,250$ 1,250$ 1,250$ 1,250$ 1,250$ 1,250$ 1,250$ 1,250$
Total Labor 49,759$ 55,577$ 59,878$ 56,437$ 62,028$ 60,164$ 62,028$ 60,164$ 62,028$
Variable expenses
Advertising 2,631$ 3,172$ 3,625$ 3,683$ 4,531$ 4,385$ 4,531$ 4,385$ 4,531$
Repairs 198$ 238$ 273$ 277$ 341$ 330$ 341$ 330$ 341$
Maintenance 593$ 715$ 818$ 831$ 1,022$ 989$ 1,022$ 989$ 1,022$
Bad Debt/Bank Charges 396$ 477$ 545$ 554$ 681$ 659$ 681$ 659$ 681$
Supplies 2,176$ 2,623$ 2,998$ 3,046$ 3,747$ 3,626$ 3,747$ 3,626$ 3,747$
Credit Card Charges 2,534$ 3,055$ 3,491$ 3,547$ 4,364$ 4,223$ 4,364$ 4,223$ 4,364$
Miscellaneous Expenses 593$ 715$ 818$ 831$ 1,022$ 989$ 1,022$ 989$ 1,022$
Total Variable Expenses 9,121$ 10,995$ 12,566$ 12,769$ 15,708$ 15,201$ 15,708$ 15,201$ 15,708$
Fixed expenses
Rent 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$
Electric 750$ 750$ 750$ 750$ 750$ 750$ 750$ 750$ 750$
HVAC 2,000$ 2,500$ 2,500$ 2,200$ 1,500$ 800$ 1,200$ 1,500$ 1,500$
Phone 150$ 150$ 150$ 150$ 150$ 150$ 150$ 150$ 150$
Water & Sewer 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$
Pest Control 80$ 80$ 80$ 80$ 80$ 80$ 80$ 80$ 80$
Commercial Trash Removal 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$
Month of Start-up
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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RCC Year 1 Income Statement
NET INCOME AFTER TAXES
Labor as a % of sales 25% 23% 22% 20% 18% 18% 18% 18% 18%
Cost of goods sold (before shrink) 70.7%Shrink 2.54%
Payroll Taxes 10.65% of wages
Workers Compensation (Risky) 0.025
Workers Compensation (Non-Risky) 0.01
Employee health benefits $3,000 per FT employee/year
credit card fee rate 0.03
% of credit card usage 0.4
Sales Tax 0.0675
Capital Depreciation 20 years
Equipment Depreciation 10 yearsIncome Tax 0.4
Advertsing &marketing costs 1.33% of sales
Repairs 0.1% of sales
Maintenance 0.3% of sales
Bad debt/Bank Charges 0.2% of sales
Supplies 1.1% of sales
Miscellaneous 0.3% of sales
Rent $11.00 psf
Square footage $10,000.00 square feet
Assumptions
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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5-Year Income Statement
1 2 3 4 5 Cumulative % of sales
Revenue Schedule
Gross sales 3,678,022$ 3,935,484$ 4,210,967$ 4,505,735$ 4,821,137$ 21,151,344$ 100.00%
Cost of goods sold 2,600,362$ 2,782,387$ 2,977,154$ 3,185,555$ 3,408,544$ 14,954,001$ 70.70%Shrink 93,422$ 99,961$ 106,959$ 114,446$ 122,457$ 537,244$ 2.54%
Net Gross Profit 984,239$ 1,053,135$ 1,126,855$ 1,205,735$ 1,290,136$ 5,660,100$ 26.76%
Labor
Wages & Salary: Production Staff 430,719$ 452,255$ 452,255$ 452,255$ 452,255$ 2,239,738$ 10.59%
Wages & Salary: Admin Staff 155,777$ 160,450$ 165,264$ 170,221$ 175,328$ 827,040$ 3.91%
Payroll Taxes - Production employees 45,872$ 48,165$ 50,573$ 53,102$ 55,757$ 253,469$ 1.20%
Payroll taxes - Admin employees 16,590$ 17,088$ 17,601$ 18,129$ 18,672$ 88,080$ 0.42%
Workers Comp - Production employees 10,768$ 11,091$ 11,424$ 11,766$ 12,119$ 57,169$ 0.27%Workers Comp - Admin Employees 1,558$ 1,605$ 1,653$ 1,702$ 1,753$ 8,270$ 0.04%
Benefits - FT production employees 36,000$ 37,080$ 38,192$ 39,338$ 40,518$ 191,129$ 0.90%
Benefits - FT admin employees 15,000$ 15,450$ 15,914$ 16,391$ 16,883$ 79,637$ 0.38%
Total Labor 712,283$ 743,184$ 752,875$ 762,905$ 773,286$ 3,744,532$ 17.70%
Variable expenses
Advertising 48,918$ 50,385$ 51,897$ 53,454$ 55,057$ 259,711$ 1.23%
Repairs 3,678$ 3,788$ 3,902$ 4,019$ 4,140$ 19,527$ 0.09%
Maintenance 11,034$ 11,365$ 11,706$ 12,057$ 12,419$ 58,581$ 0.28%
Bad Debt/Bank Charges 7,356$ 7,577$ 7,804$ 8,038$ 8,279$ 39,054$ 0.18%Supplies 40,458$ 41,672$ 42,922$ 44,210$ 45,536$ 214,798$ 1.02%
Credit Card Charges 47,115$ 48,529$ 49,985$ 51,484$ 53,029$ 250,142$ 1.18%
Miscellaneous Expenses 11,034$ 11,365$ 11,706$ 12,057$ 12,419$ 58,581$ 0.28%
Total Variable Expenses 169,594$ 174,681$ 179,922$ 185,319$ 190,879$ 900,395$ 4.26%
Fixed expenses
Rent 110,000$ 113,300$ 116,699$ 120,200$ 123,806$ 584,005$ 2.76%
Electric 9,000$ 9,270$ 9,548$ 9,835$ 10,130$ 47,782$ 0.23%
HVAC 19,000$ 19,570$ 20,157$ 20,762$ 21,385$ 100,874$ 0.48%
Phone 1,800$ 1,854$ 1,910$ 1,967$ 2,026$ 9,556$ 0.05%Water & Sewer 1,200$ 1,236$ 1,273$ 1,311$ 1,351$ 6,371$ 0.03%
Pest Control 960$ 989$ 1,018$ 1,049$ 1,080$ 5,097$ 0.02%
Commercial Trash Removal 1,200$ 1,236$ 1,273$ 1,311$ 1,351$ 6,371$ 0.03%
Insurance - Inclusive (R&D & liability etc.) 3,000$ 3,090$ 3,183$ 3,278$ 3,377$ 15,927$ 0.08%
Interest on Debt 15,246$ 15,083$ 13,814$ 12,475$ 11,060$ 67,678$ 0.32%
Year of operation of Start-up
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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Year 1 Cash Flow Analysis
1 2 3 4 5 6 7 8 9 10
Starting Cash 220,681$ 205,665$ 195,211$ 189,573$ 188,852$ 200,296$ 211,363$ 223,106$ 233,473$ 244,917$
Sources
Cash Sales 197,802$ 238,462$ 272,527$ 276,923$ 340,659$ 329,670$ 340,659$ 329,670$ 340,659$ 340,659$
Rental Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Short-term Loan Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Long-Term Loan Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Equity Capital Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Souces 197,802$ 238,462$ 272,527$ 276,923$ 340,659$ 329,670$ 340,659$ 329,670$ 340,659$ 340,659$
Uses
Payroll & Related 49,759$ 55,577$ 59,878$ 56,437$ 62,028$ 60,164$ 62,028$ 60,164$ 62,028$ 62,028$
Cost of Goods Sold + Shrink 144,870$ 174,649$ 199,599$ 202,818$ 249,499$ 241,451$ 249,499$ 241,451$ 249,499$ 249,499$
Rent 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ 9,167$ Utilities 3,000$ 3,500$ 3,500$ 3,200$ 2,500$ 1,800$ 2,200$ 2,500$ 2,500$ 2,500$
Pest Control & Trash 180$ 180$ 180$ 180$ 180$ 180$ 180$ 180$ 180$ 180$
Insurance 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$
Interest 1,307$ 1,301$ 1,294$ 1,287$ 1,281$ 1,274$ 1,267$ 1,261$ 1,254$ 1,247$
Professional services 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$
Other Fixed expenses 650$ 650$ 650$ 650$ 650$ 650$ 650$ 650$ 650$ 650$
Purchase Depreciable Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Purchase Non-Depr. Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Dividends, Owner Pay-outs -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Principle Payments 2,835$ 2,841$ 2,848$ 2,855$ 2,861$ 2,868$ 2,875$ 2,882$ 2,889$ 2,895$
Total Uses Before Taxes 212,819$ 248,915$ 278,166$ 277,644$ 329,216$ 318,604$ 328,916$ 319,304$ 329,216$ 329,216$
Income Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Uses After Taxes 212,819$ 248,915$ 278,166$ 277,644$ 329,216$ 318,604$ 328,916$ 319,304$ 329,216$ 329,216$
Net Change in Cash (15,016)$ (10,454)$ (5,638)$ (721)$ 11,444$ 11,067$ 11,744$ 10,367$ 11,444$ 11,444$
Ending Cash Position 205,665$ 195,211$ 189,573$ 188,852$ 200,296$ 211,363$ 223,106$ 233,473$ 244,917$ 256,360$
Net Change in Cash before Interest & Debt Pmt (10,874)$ (6,311)$ (1,496)$ 3,421$ 15,586$ 15,209$ 15,886$ 14,509$ 15,586$ 15,586$
Debt service coverage -2.63 -1.52 -0.36 0.83 3.76 3.67 3.84 3.50 3.76 3.7
Month of Start-up
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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Five-year Cash Flow Analysis
1 2 3 4 5
Starting Cash 220,681$ 279,371$ 361,149$ 502,153$ 707,050$
Sources
Cash Sales 3,678,022$ 3,935,484$ 4,210,967$ 4,505,735$ 4,821,137$Rental Income -$ -$ -$ -$ -$
Short-term Loan Proceeds -$ -$ -$ -$ -$
Long-Term Loan Proceeds -$ -$ -$ -$ -$
Equity Capital Proceeds -$ -$ -$ -$ -$
Total Souces 3,678,022$ 3,935,484$ 4,210,967$ 4,505,735$ 4,821,137$
Uses
Payroll & Related 712,283$ 743,184$ 752,875$ 762,905$ 773,286$
Cost of Food/Products Sold 2,693,783$ 2,882,348$ 3,084,112$ 3,300,000$ 3,531,000$
Rent 110,000$ 113,300$ 116,699$ 120,200$ 123,806$
Utilties 31,000$ 31,930$ 32,888$ 33,875$ 34,891$
Pest Control & Trash 2,160$ 2,225$ 2,292$ 2,360$ 2,431$
Insurance 3,000$ 3,090$ 3,183$ 3,278$ 3,377$
Interest 15,246$ 15,083$ 13,814$ 12,475$ 11,060$
Professional Services 9,600$ 9,888$ 10,185$ 10,490$ 10,805$
Other Fixed Expenses 7,800$ 8,034$ 8,275$ 8,523$ 8,779$
Purchase Depreciable Assets -$ -$ -$ -$ -$Purchase Non-Depr. Assets -$ -$ -$ -$ -$
Dividends, Owner Pay-outs -$ -$ -$ -$ -$
Debt Principle Payments 34,461$ 44,623$ 45,642$ 46,731$ 47,896$
Total Uses Before Taxes 3,619,333$ 3,853,705$ 4,069,964$ 4,300,838$ 4,547,331$
Income Taxes -$ -$ -$ -$ 24,202$
Total Uses After Taxes 3,619,333$ 3,853,705$ 4,069,964$ 4,300,838$ 4,523,129$
Net Change in Cash 58,689$ 81,779$ 141,003$ 204,897$ 298,007$
Ending Cash Position 279,371$ 361,149$ 502,153$ 707,050$ 1,005,057$
Net Change in Cash before Interest & Debt Pmt 108,395$ 141,485$ 200,459$ 264,104$ 356,964$
Debt servcie coverage 2.18 2.37 3.37 4.46 6.05
Summary Cash Flow Analysis
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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DepartmentsCut Out Sales
Gross
ProfitShrink Net Gross Profit Payroll
Grocery 40.0% 28,292.48$ 24.0% 6,790$ 1.0% 283$ 6,507$ 23.0% 2.5% 712$ $Frozen/Dairy 16.0% 11,316.99$ 26.0% 2,942$ 1.0% 113$ 2,829$ 25.0% 7.5% 850$ $
HABA/GM 4.0% 2,829.25$ 30.0% 849$ 5.0% 141$ 707$ 25.0% 6.0% 170$ $
Meat 18.0% 12,731.61$ 30.0% 3,819$ 4.0% 509$ 3,310$ 26.0% 7.7% 983$ $
Deli, Hot Foods & Catering 6.0% 4,243.87$ 40.0% 1,698$ 6.0% 255$ 1,443$ 34.0% 16.3% 690$ $
Seafood 5.0% 3,536.56$ 35.0% 1,238$ 3.0% 106$ 1,132$ 32.0% 11.5% 406$ $
Bakery 3.0% 2,121.94$ 40.0% 849$ 5.0% 106$ 743$ 35.0% 23.6% 500$ $
Produce 8.0% 5,658.50$ 45.0% 2,546$ 5.0% 283$ 2,263$ 40.0% 15.0% 850$ $
100.0% 70,731$ 29.3% 20,731$ 2.540% 1,797$ 18,935$ 26.8% 7.3% 5,160$
Front End, Janitorial, Security 3.2% 2,268$ $Management, bookkeeper, Community Manager 4.2% 2,988$ $
14.7% 10,415$ $
Variable Expenses
Payroll taxes 1,214$ 1.72%
Workers Comp 190$ 0.27%
Employee benefits 504$ 0.71% starts 6 months in for full time employees =$2,000 per employee for full year
Advertising 1,023$ 1.45%
Repairs 77$ 0.11%Maintenance 231$ 0.33%
Bad Debt/Bank Charges 154$ 0.22%
Supplies 846$ 1.20%
Credit Card Charges 985$ 1.39%
Miscellaneous Expenses 231$ 0.33%
Total Variable Expenses 5,455$ 7.71%
Fixed Expenses
Rent 2,115$ 3.0% $11 psf for 10,000 sq ft.
Insurance 58$ 0.1%Depreciation 1,363$ 1.9% *Based on $650,000 equipment package with 10 year depreciation
Pest & Trash 42$ 0.1%
Electric, HVAC & Phone 601$ 0.8%
Taxes & Licenses 93$ 0.1%
Professional Fees 186$ 0.3%
$
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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EMPLOYEE WORKSHEET
Hourly or Production Employees
Employee
Numbers
Wages Per
Hour
Hours Per
Week Total/Week
Total Per
Month
Total Per
Year
Total
Hours/DeptFront End Manager- (f/t) 1 $10.50 35 $368 $1,593 $19,110
Checkout - (f/t) 2 $10.00 30 $600 $2,600
Checkout - (p/t) 4 $10.00 20 $800 $3,467 $41,600
Checkout /Floor Total 7 175.00
Dairy/Frozen Manager (f/t) 1 $14.00 35 $490 $2,123 $25,480
Dairy/Frozen Clerks (p/t) 2 $10.00 20 $400 $1,733 $20,800
Dairy/Frozen Total 3 75.00
Produce Dept. Manager (f/t) 1 $14.00 35 $490 $2,123 $25,480
Produce Clerks (p/t) 2 $10.00 20 $400 $1,733 $20,800
Produce Total 3 75.00
Grocery Manager (f/t) 1 $14.00 35 $490 $2,123 $25,480
Grocery Clerks (p/t) 2 $10.00 20 $400 $1,733 $20,800
Grocery Total 3 75.00
Butcher/ Meat Dept. Mgr. (f/t) 1 $18.00 35 $630 $2,730 $32,760
Meat Dept. Staff (p/t) 3 $10.00 20 $600 $2,600 $31,200
Meat Dept Total 4 95.00
Deli Manager (f/t) 1 $14.00 35 $490 $2,123 $25,480
Deli & Meat staff (f/t) 2 $10.00 30 $600 $2,600 $31,200
Deli & Meat staff (p/t) 1 $10.00 20 $200 $867 $10,400
Deli Total (store hrs +2 prep.) 4 115.00
Bakery Staff (f/t) 1 $14.00 37.5 $525 $2,275 $27,300 37.50
Janitorial staff (f/t) 1 $10.00 35 $350 $1,517 $18,200
Janitorial Staff (p/t) 2 $10.00 20 $400 $1,733 $20,800
Janitorial Total 3 75.00
Security Staff (f/t) 1 $10 00 35 $350 $1 517 $18 200
RCC Employment - Weekly Payroll
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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DEBT SERVICE
Month of Operation 1 2 3 4 5 6 7 8 9 10 11 12 Annual
Month Name Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
CDFI Loan - interest 703$ 697$ 690$ 683$ 677$ 670$ 663$ 656$ 650$ 643$ 636$ 629$ 7,996$
CDFI Loan - principal 1,168$ 1,175$ 1,181$ 1,188$ 1,195$ 1,201$ 1,208$ 1,215$ 1,222$ 1,229$ 1,236$ 1,243$ 14,461$
5 Year Owner Loans - Interest 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 3,000$
5 Year Owner Loans - principal 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 1,667$ 20,000$
10 Year Owner Loans - interest 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 3,000$
10 Year owner Loans - principal -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Community Foundation - interest 104$ 104$ 104$ 104$ 104$ 104$ 104$ 104$ 104$ 104$ 104$ 104$ 1,250$
Community Foundation - principal -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
City of Greensboro - interest -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$City of Greensboro - principal -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Monthly interest 1,307$ 1,301$ 1,294$ 1,287$ 1,281$ 1,274$ 1,267$ 1,261$ 1,254$ 1,247$ 1,240$ 1,233$ 15,246$
Monthly principal 2,835$ 2,841$ 2,848$ 2,855$ 2,861$ 2,868$ 2,875$ 2,882$ 2,889$ 2,895$ 2,902$ 2,909$ 34,461$
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13
CDFI Loan - interest $7,996 $7,833 $6,814 $5,725 $4,560 $3,314 $1,981 $0 $0 $0CDFI Loan - principal $14,461 $14,623 $15,642 $16,731 $17,896 $19,142 $20,475 $0 $0 $0
5 Year Owner Loans - Interest 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ $0 $0 $0 $0 $0
5 Year Owner Loans - principal 20,000$ 20,000$ 20,000$ 20,000$ 20,000$ $0 $0 $0 $0 $0
10 Year Owner Loans - interest 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$ 3,000$
10 Year owner Loans - principal $0 $0 $0 $0 $0 20,000$ 20,000$ 20,000$ 20,000$ 20,000$
Community Foundation - interest 1,250$ 1,250$ $1,000 $750 $500 $250
Community Foundation - principal $0 $10,000 $10,000 $10,000 $10,000 $10,000
City of Greensboro - interest $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
City of Greensboro - principal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $60,000 $60,000 $60,000
Annual Interest $15,246 $15,083 $13,814 $12,475 $11,060 $6,564 $4,981 $3,000 $3,000 $3,000 $0 $0 $0
Annual Principal $34,461 $44,623 $45,642 $46,731 $47,896 $49,142 $40,475 $20,000 $20,000 $20,000 $60,000 $60,000 $60,000
Annual Debt Service $49,706 $59,706 $59,456 $59,206 $58,956 $55,706 $45,456 $23,000 $23,000 $23,000 $60,000 $60,000 $60,000
Debt Service year 1
Annual Debt Service years 1-20
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
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Mortgage Amortization - CDFI Loan
$125,000 $22,456.206.750% $1,871.357 $1,399.682014 $32,193.40November $157,193.40
Year MonthBeginning
BalancePayment Principal Interest
Cumulative
Principal
Cumulative
InterestEnding Balance
Nov $125,000.00 $1,871.35 $1,168.22 $703.13 $1,168.22 $703.13 $123,831.78Dec $123,831.78 $1,871.35 $1,174.80 $696.55 $2,343.02 $1,399.68 $122,656.98
2015 Jan $122,656.98 $1,871.35 $1,181.40 $689.95 $3,524.42 $2,089.63 $121,475.58Feb $121,475.58 $1,871.35 $1,188.05 $683.30 $4,712.47 $2,772.93 $120,287.53
Mar $120,287.53 $1,871.35 $1,194.73 $676.62 $5,907.20 $3,449.55 $119,092.80Apr $119,092.80 $1,871.35 $1,201.45 $669.90 $7,108.65 $4,119.45 $117,891.35May $117,891.35 $1,871.35 $1,208.21 $663.14 $8,316.86 $4,782.59 $116,683.14Jun $116,683.14 $1,871.35 $1,215.01 $656.34 $9,531.87 $5,438.93 $115,468.13Jul $115,468.13 $1,871.35 $1,221.84 $649.51 $10,753.71 $6,088.44 $114,246.29
Aug $114,246.29 $1,871.35 $1,228.71 $642.64 $11,982.42 $6,731.08 $113,017.58Sep $113,017.58 $1,871.35 $1,235.63 $635.72 $13,218.05 $7,366.80 $111,781.95Oct $111,781.95 $1,871.35 $1,242.58 $628.77 $14,460.63 $7,995.57 $110,539.37
YearBeginning
Balance
Payment Principal InterestCumulative
Principal
Cumulative
Interest
Ending
Balance2015 $122,656.98 $22,456.20 $14,623.45 $7,832.75 $16,966.47 $9,232.43 $108,033.532016 $108,033.53 $22,456.20 $15,641.98 $6,814.22 $32,608.45 $16,046.65 $92,391.552017 $92,391.55 $22,456.20 $16,731.10 $5,725.10 $49,339.55 $21,771.75 $75,660.452018 $75,660.45 $22,456.20 $17,896.05 $4,560.15 $67,235.60 $26,331.90 $57,764.402019 $57,764.40 $22,456.20 $19,142.12 $3,314.08 $86,377.72 $29,645.98 $38,622.282020 $38,622.28 $22,456.20 $20,474.94 $1,981.26 $106,852.66 $31,627.24 $18,147.342021 $18,147.34 $18,713.50 $18,147.34 $566.16 $125,000.00 $32,193.40 $0.00
Inputs Key Figures
Loan principal amount Annual loan paymentsBlended annual interest rate Monthly payments
Payments in First 12 Months
Yearly Schedule of Balances and Payments
Loan period in years Interest in first calendar yearBase year of loan Interest over term of loanBase month of loan Sum of all payments
208616397.xlsx.ms_office CDFI Amoritization Schedule
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
11/16
REVENUE MODEL
Gross Revenue
Month 1 2 3 4 5 6 7 8 9 10 11 12
November December January February March April May June July August September October T
Number of Weeks 4.29 4.43 4.43 4.00 4.43 4.29 4.43 4.29 4.43 4.43 4.29 4.43 5
Sales $197,802 $238,462 $272,527 $276,923 $340,659 $329,670 $340,659 $329,670 $340,659 $340,659 $329,670 $340,659 $3,6
Annual Sales asmp 4,000,000
Weekly Sales at capacity $76,923
1st Month % capacity 60%
2nd Month % capacity 70%
3rd Month % capacity 80%
4th Month % capacity 90%
5th Month % capacity 100%
Projected sales psf $400
Store square Footage 10,000
RCC Month of Start-up
Assumptions
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
12/16
Over # ofyears Months/year # of months
MonthlyDepreciation
Capital $106,350 20 12 240 $443.13
Equipment $650,000 10 12 120 $5,416.67
Total monthly depreciation $5,859.79
Straight Line Depreciation
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
13/16
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
14/16
Mortgage Amortization
$100,000 $21,562.44
3.000% $1,796.875 $1,668.452014 $7,812.20June $107,812.20
Year MonthBeginning
BalancePayment Principal Interest
Cumulative
Principal
Cumulative
InterestEnding Balance
Jun $100,000.00 $1,796.87 $1,546.87 $250.00 $1,546.87 $250.00 $98,453.13Jul $98,453.13 $1,796.87 $1,550.74 $246.13 $3,097.61 $496.13 $96,902.39
Aug $96,902.39 $1,796.87 $1,554.61 $242.26 $4,652.22 $738.39 $95,347.78
Sep $95,347.78 $1,796.87 $1,558.50 $238.37 $6,210.72 $976.76 $93,789.28Oct $93,789.28 $1,796.87 $1,562.40 $234.47 $7,773.12 $1,211.23 $92,226.88Nov $92,226.88 $1,796.87 $1,566.30 $230.57 $9,339.42 $1,441.80 $90,660.58Dec $90,660.58 $1,796.87 $1,570.22 $226.65 $10,909.64 $1,668.45 $89,090.36
2015 Jan $89,090.36 $1,796.87 $1,574.14 $222.73 $12,483.78 $1,891.18 $87,516.22Feb $87,516.22 $1,796.87 $1,578.08 $218.79 $14,061.86 $2,109.97 $85,938.14Mar $85,938.14 $1,796.87 $1,582.02 $214.85 $15,643.88 $2,324.82 $84,356.12
Apr $84,356.12 $1,796.87 $1,585.98 $210.89 $17,229.86 $2,535.71 $82,770.14May $82,770.14 $1,796.87 $1,589.94 $206.93 $18,819.80 $2,742.64 $81,180.20
Year BeginningBalance
Payment Principal Interest CumulativePrincipal
CumulativeInterest
EndingBalance
2015 $89,090.36 $21,562.44 $19,151.59 $2,410.85 $30,061.23 $4,079.30 $69,938.772016 $69,938.77 $21,562.44 $19,734.15 $1,828.29 $49,795.38 $5,907.59 $50,204.622017 $50,204.62 $21,562.44 $20,334.39 $1,228.05 $70,129.77 $7,135.64 $29,870.232018 $29,870.23 $21,562.44 $20,952.88 $609.56 $91,082.64 $7,745.21 $8,917.362019 $8,917.36 $8,984.35 $8,917.36 $66.99 $100,000.00 $7,812.20 $0.00
Payments in First 12 Months
Yearly Schedule of Balances and Payments
Loan period in years Interest in first calendar yearBase year of loan Interest over term of loanBase month of loan Sum of all payments
Inputs Key Figures
Loan principal amount Annual loan payments
Blended annual interest rate Monthly payments
Long Term Amoritization Schedule
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
15/16
Mortgage Amortization
$100,000 $22,099.80
4.000% $1,841.655 $2,227.162019 $10,499.00June $110,499.00
Year MonthBeginning
BalancePayment Principal Interest
Cumulative
Principal
Cumulative
InterestEnding Balance
Jun $100,000.00 $1,841.65 $1,508.32 $333.33 $1,508.32 $333.33 $98,491.68Jul $98,491.68 $1,841.65 $1,513.34 $328.31 $3,021.66 $661.64 $96,978.34
Aug $96,978.34 $1,841.65 $1,518.39 $323.26 $4,540.05 $984.90 $95,459.95
Sep $95,459.95 $1,841.65 $1,523.45 $318.20 $6,063.50 $1,303.10 $93,936.50Oct $93,936.50 $1,841.65 $1,528.53 $313.12 $7,592.03 $1,616.22 $92,407.97Nov $92,407.97 $1,841.65 $1,533.62 $308.03 $9,125.65 $1,924.25 $90,874.35Dec $90,874.35 $1,841.65 $1,538.74 $302.91 $10,664.39 $2,227.16 $89,335.61
2020 Jan $89,335.61 $1,841.65 $1,543.86 $297.79 $12,208.25 $2,524.95 $87,791.75Feb $87,791.75 $1,841.65 $1,549.01 $292.64 $13,757.26 $2,817.59 $86,242.74Mar $86,242.74 $1,841.65 $1,554.17 $287.48 $15,311.43 $3,105.07 $84,688.57
Apr $84,688.57 $1,841.65 $1,559.35 $282.30 $16,870.78 $3,387.37 $83,129.22May $83,129.22 $1,841.65 $1,564.55 $277.10 $18,435.33 $3,664.47 $81,564.67
Year BeginningBalance
Payment Principal Interest CumulativePrincipal
CumulativeInterest
EndingBalance
2020 $89,335.61 $22,099.80 $18,869.95 $3,229.85 $29,534.34 $5,457.01 $70,465.662021 $70,465.66 $22,099.80 $19,638.62 $2,461.18 $49,172.96 $7,918.19 $50,827.042022 $50,827.04 $22,099.80 $20,438.73 $1,661.07 $69,611.69 $9,579.26 $30,388.312023 $30,388.31 $22,099.80 $21,271.43 $828.37 $90,883.12 $10,407.63 $9,116.882024 $9,116.88 $9,208.25 $9,116.88 $91.37 $100,000.00 $10,499.00 $0.00
Payments in First 12 Months
Yearly Schedule of Balances and Payments
Loan period in years Interest in first calendar yearBase year of loan Interest over term of loanBase month of loan Sum of all payments
Inputs Key Figures
Loan principal amount Annual loan payments
Blended annual interest rate Monthly payments
Long Term Amoritization Schedule
8/13/2019 RCC Pro Forma - January 23, 2014 Revision
16/16
Mortgage Amortization
$600,000 $85,714.32
0.000% $7,142.867 $0.002021 $0.24January $600,000.24
Year MonthBeginning
BalancePayment Principal Interest
Cumulative
Principal
Cumulative
InterestEnding Balance
2021 Jan $600,000.00 $7,142.86 $7,142.86 $0.00 $7,142.86 $0.00 $592,857.14Feb $592,857.14 $7,142.86 $7,142.86 $0.00 $14,285.72 $0.00 $585,714.28Mar $585,714.28 $7,142.86 $7,142.86 $0.00 $21,428.58 $0.00 $578,571.42
Apr $578,571.42 $7,142.86 $7,142.86 $0.00 $28,571.44 $0.00 $571,428.56May $571,428.56 $7,142.86 $7,142.86 $0.00 $35,714.30 $0.00 $564,285.70Jun $564,285.70 $7,142.86 $7,142.86 $0.00 $42,857.16 $0.00 $557,142.84Jul $557,142.84 $7,142.86 $7,142.86 $0.00 $50,000.02 $0.00 $549,999.98
Aug $549,999.98 $7,142.86 $7,142.86 $0.00 $57,142.88 $0.00 $542,857.12Sep $542,857.12 $7,142.86 $7,142.86 $0.00 $64,285.74 $0.00 $535,714.26Oct $535,714.26 $7,142.86 $7,142.86 $0.00 $71,428.60 $0.00 $528,571.40Nov $528,571.40 $7,142.86 $7,142.86 $0.00 $78,571.46 $0.00 $521,428.54Dec $521,428.54 $7,142.86 $7,142.86 $0.00 $85,714.32 $0.00 $514,285.68
Year BeginningBalance
Payment Principal Interest CumulativePrincipal
CumulativeInterest
EndingBalance
2022 $514,285.68 $85,714.32 $85,714.08 $0.24 $171,428.40 $0.24 $428,571.602023 $428,571.60 $85,714.32 $85,714.32 $0.00 $257,142.72 $0.24 $342,857.282024 $342,857.28 $85,714.32 $85,714.32 $0.00 $342,857.04 $0.24 $257,142.962025 $257,142.96 $85,714.32 $85,714.32 $0.00 $428,571.36 $0.24 $171,428.642026 $171,428.64 $85,714.32 $85,714.32 $0.00 $514,285.68 $0.24 $85,714.322027 $85,714.32 $85,714.32 $85,714.32 $0.00 $600,000.00 $0.24 $0.00
Payments in First 12 Months
Yearly Schedule of Balances and Payments
Loan period in years Interest in first calendar yearBase year of loan Interest over term of loanBase month of loan Sum of all payments
Inputs Key Figures
Loan principal amount Annual loan payments
Blended annual interest rate Monthly payments
Long Term Amoritization Schedule