hca bplan example

8/8/2019 HCA BPlan Example

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Confidential Information of HCA & Company Z 1

Company Z

Business Plan

Prepared For

Client Z

May 10, 2010

Kieran Gupta, Tim Munuhe, Riaz ViraniEnterprise Research Team

HOPKINS CONSULTING AGENCY

104 Whitehead HallThe Johns Hopkins University

3400 North Charles StreetBaltimore, MD 21218Office: 410.516.6421

Fax: [email protected]

www.jhu.edu/hca
mailto:[email protected]://www.jhu.edu/hcahttp://www.jhu.edu/hcamailto:[email protected]


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Table of ContentsI. Executive Summary .............................................................................................................. 3

I.A. Mission ..................................................................................................................... 4

I.B. Keys to Success ........................................................................................................ 4

I.C. Future Objectives ..................................................................................................... 4

II. Company Summary ............................................................................................................... 5

II.A. Company Ownership ................................................................................................ 5

II.B. Start-up Summary ..................................................................................................... 5

III. Services ................................................................................................................................. 7

III.A. Senior Citizens ......................................................................................................... 7

III.B. Autistic Young Men ................................................................................................. 7

IV. Market Analysis .................................................................................................................... 8

IV.A. Market Segmentation ............................................................................................... 9IV.B. Service Business Analysis ...................................................................................... 12

IV.C. Competition & Buying Patterns/Needs .................................................................. 13

V. Strategy and Implementation .............................................................................................. 15

V.A. Sales Strategy ......................................................................................................... 15

V.B. Sales Forecast ......................................................................................................... 16

V.C. Marketing Strategy ................................................................................................. 17

VI. Management ........................................................................................................................ 18

VII. Financial Plan ...................................................................................................................... 19VII.A. Assumptions ........................................................................................................... 19

VII.B. Break-Even Analysis .............................................................................................. 20

VII.C. Projected Profit and Loss ....................................................................................... 21

VII.D. Projected Balance Sheet ......................................................................................... 25

VII.E. Business Ratios ....................................................................................................... 27

VIII. Appendixes .......................................................................................................................... 28

VIII.A.Startup Summary .................................................................................................... 28

VIII.B.Payroll Calculations ............................................................................................... 30

VIII.C. Break-Even Calculations ........................................................................................ 31

VIII.D.Income Statement Calculations .............................................................................. 34

IX. References ........................................................................................................................... 38


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I. Executive SummaryIntroduction

Company Z (Z) is a start-up company in the Somewhere residential area. It is the mission of Zto construct a housing community to provide affordable living for senior citizens as well as an

activity day center to assist young men with autism in the Somewhere Area. Z aims to be anaffordable and reliable residential retirement community and autism day center operator.

The Company

Z is a limited liability company registered in the state of Somewhere. Its founder and soleproprietor is Mr. Client Z.

The company plans to be leveraged through private investment, bank loans, and grant money.The company expects to begin offering its services in August 2012.

The Services

Z plans to offer community-based services to independent senior citizens (with and withoutdisabilities) and day center services to autistic young men at affordable rates. These serviceswill include:

community-based activities and support services such as estate planning, cooking,fellowship, Bible study, and recreational activities to engage senior citizens in an activelifestyle

residential accommodations for seniors with disabilities shuttle service to local stores, banks, the local stadium, and other locations of interest for

seniors and autistic young men community support for autistic young men (include community outings and

speech/occupational therapy provided by third party licensed therapists) volunteer recreational activities to engage autistic individuals in the local community

(clean up of the local communities, volunteer assistance, etc)

The Market

The number of individuals reaching retirement age is at an all-time high, and is expected togrow by 36.2% between 2010 and 20201. A large percentage of those individuals require anaffordable, community-based environment in order to continue to lead active and healthy lives.Specifically, the population of those between the ages of 55 and 64 in the Somewhere areaalone rose by 19.1% between 2000 and 20072. With these same baby boomers reachingretirement age in the next decade, the retirement market is poised to undergo major growth inthe years to come. In 1999, the segment of the population over the age of 55 spent $179.4billion on housing.

3This housing expenditure will rise as baby boomers near retirement age.

Financial Considerations

Because the housing project has yet to be constructed, start-up expenses and funding


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requirements are relatively high. Most of the companys liabilities will be received from outside

private investors, relevant grant money, and borrowings from BB&T Bank, Chevy Chase Bank,or the local Federal Credit Union. A long term loan will be paid off in approximately 20 years.

The company expects to be profitable in the first year after operations begin and does not

anticipate any serious problems in cash flow. For the Retirement Home, we anticipate that 12sales per year will guarantee a break-even point. For the Autism Center, we anticipate that 30yearly membership fees will guarantee a break-even point.

I.A. Mission

It is the mission of Z to provide affordable residential community-based services in a newly-constructed senior-living community at the intersection of 1

stStreet and 2

ndStreet in the

Somewhere area. It is also the mission of Z to provide quality day services for autism youngmean at an Autism Community Day Center, to be constructed at the corner of 3rd Street and 4thStreet in the Somewhere Area. In addition Z will purchase rental properties in several areas for

purposes of renting to low-income families at affordable rates.

I.B. Keys to Success

Zs initial start-up success and long-term sustainability are guaranteed as follows: Mr. Client Zs existing experience working with senior citizens and autistic individuals in

his community through his church and other community-based organizations. A significant demand and need for an affordable senior residential community and day

center for autistic young men in the area. The residential neighborhood status of the proposed construction site. A proposed efficient management operation (managed directly by Mr. Z) with minimal

overhead and strong expected support from local volunteers.

I.C. Future Objectives

The three year goals for Company Z are as follows: Achieve break-even by year one after beginning operations. Provide quality housing at significantly lower cost than existing senior living housing

communities. Provide safe and affordable day services for young men with autism who, if left alone,

are potential dangers to themselves and those around them. Establish a minimum 95% resident satisfaction rate in order to foster goodwill towards

the company and encourage positive word-of-mouth marketing Secure tenants for all purchased properties through the Housing Authority in the

respective counties.


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II. Company SummaryCompany Z is a limited-liability company (LLC) registered in the state of Somewhere. Mr.Client Z, the founder of the company, has strong roots in community and volunteer organizationsand autism-awareness organizations. The company website can be found atww.companyzllc.com

II.A. Company Ownership

Z is owned by Mr. Client Z. He founded Z with the vision of improving local communities andproviding affordable real estate, residential, and activity center services.

II.B. Start-up Summary

The tables below provide details of expected startup expenses and sources of startup funding.

Retirement Home (see Appendix VIII.A)

SOURCES OF CAPITAL

Owner's InvestmentPersonal Investment $21,000

Expected Bank Loans $519,167

Expected Grants $10,000

Total Capital $550,167

STARTUPS EXPENSES

Buildings/Real Estate

Construction $400,000

Architect $7,000

Total Buildings/Real Estate $407,000

Capital Equipment

Furniture $35,000

Fixtures $10,000

Appliances $10,000

Computers/IT $2,000

Vans $20,000

Total Capital Equipment $77,000

Location and Admin Expenses

Utility Deposits $1,000

Legal and Accounting $5,000

PreOpening Salaries $4,167

Total Location and Admin Expenses $10,167

Working Capital $35,000

Total Expenses $529,167
http://www.taylor-fletcherinvestmentgroupllc.com/http://www.taylor-fletcherinvestmentgroupllc.com/http://www.taylor-fletcherinvestmentgroupllc.com/


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Autism Center (see Appendix VIII.A)

SOURCES OF CAPITAL

Owner's Investment

Personal Investment $14,500

Expected Bank Loans $276,750Expected Grants $10,000


STARTUPS EXPENSES


Construction $200,000

Architect $7,000


Capital Equipment

Furniture $15,000

Fixtures $6,000

Appliances $5,000

Computers/IT $3,000

Vans $20,000




Legal and Accounting $5,000

PreOpening Salaries$4,750


Working Capital $20,000



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III. ServicesIII.A.Senior Citizens

A three-story (2500 square feet per floor) residential building for independent seniorswhere services include:

Shuttle service to local shops, banks, the post office, the Stadium, and otherlocations of interest.

Bible study and fellowship community support. Cooking and other household-based activities. Estate planning to help senior citizens make informed decisions regarding their

assets and heirs. Recreational services to keep senior citizens engaged in an active lifestyle. Residential accommodations for seniors with disabilities (handicap-accessible

rooms, stand up bathing tubs, hand rail assistance in all locations, electric wheelchairs, etc).

Special events and activities on designated holidays throughout the year(Thanksgiving, Christmas, New Years, etc).

III.B.Autistic Young Men

A two-story (2200 square feet per floor) daytime activity center where services include: Recreational activities (sports games and other physical activities). Vocational training to give autistic individuals skills to be productive members of

society. Community outings to local stores to provide safe and convenient access to the

greater community. Volunteer activities in the local community. Third party speech therapist and occupational therapist services (services are

provided by licensed third-party therapists with sliding scale fees negotiateddirectly between therapist and client).


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IV. Market AnalysisZ will focus on several different market segments. The first market segment is the retirementmarket, consisting of elderly individuals and couples seeking to retire into an affordable andenjoyable senior community in the Somewhere area. The second market segment is the autisticyoung adult market, consisting of young men ages 18-30 who have serious cases of autism that

would otherwise render them a safety hazard to themselves and others if left alone without asupport community. The third market is low-income families who require affordable rentalproperties.

The retirement market has been growing over the past few decades. The percentage ofretirement-age individuals in the US is at 12.3% and is growing at a rate of 3% each year.4

The growth in the number of cases of children with autism, ages 6-22 in the Somewhere area,grew by 804% between 1993 and 2003.

5As more cases will be diagnosed in the coming years,

there will be a need for better resources to take care of this minority.

Demand for Residential Real Estate

Somewhere Area

Industry Market Size Growth

Rate

Base

Year

Basis for Estimate

ResidentialReal Estate(Projected 2012)

$112.5 million 1.8 %CAGR

(2007-11)

2007 The US market for residential real estate isdecelerating, with an expected CAGR of 1.8%for 2007-2011 period.6 The projected latentdemand for residential real estate managementin 2012 in the Somewhere Area isapproximately 0.18% of the total US demand.7

The following factors are positive drivers for the residential real estate industry:

Increasing number of baby boomers spending more money in the US housing market8

Promotion of green technologies has created demand for more environmentally responsible

construction9 Homicides in the Somewhere area grew by 10% between 2006 and 2008

10, and there were

8,320 violent crimes recorded in 200711. Violent crimes in the city will create a need forsafe, affordable housing.

The following factors present a threat to the residential real estate industry: Costs for building materials are expected to be high at least until 2010

12

Popularity of refurbishing homes instead of moving will remain, especially as the older

segment of the population insists on staying in their existing homes13

Recent subprime mortgage meltdown has led developers to cut down on residential

construction14


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IV.A.Market Segmentation

Market: Retirement-Age Individuals

Growth 2012 2013 2014 2015 2016 CAGRRetirees

in SomewhereArea

34% 59,304 61,192 63,080 64,968 66,856 34% between

2010-2020

Justification The retiredcommunity isexpected toincrease by34% between2010 and 2020.15

2012 retiree population was projected by use of SocialSecurity retiree statistics and Metropolitan DemographicTrends projected growth rates. Assuming steady growth overa 10-year period suggests annual growth rate of 3.4%.

54,000

56,000

58,000

60,000

62,000

64,000

66,000

68,000

2012 2013 2014 2015 2016

Retirees(Somewhere Area)


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Market: Autistic Young Men

Growth 2010 2011 2012 2013 2014 CAGRAutisticMales

in Somewhere

Area*

10% 305 335 365 395 425 39% growthexpected

2010 -201416

Justification Interpretationof autism caseannual growthchart17

Assuming constant growth rate.

* Note: detailed statistics and future projections for this market niche are unavailable; the information above is extrapolated fromexisting aggregate data

0

50

100

150

200

250

300

350

400

450

2010 2011 2012 2013 2014

Autistic Males(Somewhere Area)


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Market: Low-Income Rentals

Growth 2012 2013 2014 2015 2016 CAGRImpoverished

Familiesin Somewhere

Area*

-2.2 %

12592 12316 12047 11783 11525

-8.5 %between2012 and

2016Justification Data has been

extrapolatedfrom USCensus BureauData18

Impoverished families are defined by the United StatesDepartment of Health & Human Services PovertyGuidelines19. In addition, as of 2008, there were nearly 600homeless families in the Somewhere area.20

* Note: detailed statistics and future projections for this market niche are unavailable; the information above is extrapolated fromexisting aggregate data

While the calculated trend shows a steady decline in the number of impoverished families in theSomewhere area, this negative growth is not significant to create a sizable reduction in themarket. With this trend, the number of impoverished families would not decrease below 10,000until at least 2023. This is unlikely to happen, as no data was located that came during the recentsub-prime mortgage meltdown, which is said to be causing an increase in the number of

homeless families.21

As a result, it is likely that the market for impoverished families will behigher than what the data suggests.

10000

10500

11000

11500

12000

12500

13000

2012 2013 2014 2015 2016

Impoverished Families(Somewhere Area)


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IV.B.Service Business Analysis

The retirement home industry in general is highly crowded, with thousands of senior housingcommunities ranging from major brand-name firms to small independently-operated locations.However, in the targeted Somewhere area, there is a shortage of retirement communities,

especially those that are affordable. Independent living facilities in the US in 2006 hadoccupancy rates averaging 93%, hinting at the demand for these kinds of retirementcommunities.22

The industry for activity day centers for autistic young men is a niche market, with very fewfirms providing such specific services.23 There do exist some activity centers for individuals withspecial needs, however there are few in the Somewhere Area. There are mostly individualcaregivers, a few of whom are capable of working with adults.

24The Day Centers typically only

provide care for children (under the age of 18), and do not provide services for young men. 25

Therefore, the customer power in these industries is relatively low since the availability of

comparable housing communities and activity centers in the area is very low. Potential clientshave few choices when shopping for housing communities, thus generating market pulldemand for Zs services.


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IV.C.Competition & Buying Patterns/Needs

Z is more affordable than competitors and provides more personalized service. Also, Zeliminates overhead costs through efficient operations.

The following table gives an overview of some major corporate competitors in the residentialreal estate industry.

CompetitorsResidential Real Estate

Company Profile TrendEquity ResidentialProperties Trust26

Engaged in the acquisition, development, ownership,management and operation of multifamily properties.

Headquarters: Chicago, Illinois Operations: throughout the US (primarily) Size: 6,000 employees Revenue: $1,990.4 million (2006)

Growing

Ventas Inc.27 Acquires and manages nursing homes, hospitals, senior

housing properties, and real estate/mortgage loans Headquarters: Louisville, Kentucky Operations: US and Canada Size: 53 employees Revenue: $778.1 Million (FY2007)

Growing

Sunrise Senior Living,Inc.28

Provides independent and assisted living, as well as carefor those with Alzheimers, home care, nursing, and

rehabilitative health Headquarters: McLean, Virginia Operations: US, UK, Canada, and Germany Size: 41,000 employees Revenue: $1.65 Billion

Contracting

profits shrank by76.6% betweenthe 2005 and 2006fiscal years.


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The following table gives an overview of some major corporate competitors who operate DayCenters or Activity Centers to provide services to individuals with special needs. Note that theseCenters only provide services for children and do not permit young men (over age 21) to attendthe Center.

Competitors

Activity Centers for Special Needs IndividualsCompany Profile TrendEagleton School29 Based and operates in Western Massachusetts

Works with special needs boys ages 9-22 Residential, year long program

Steady, Eagletonis well establishedwith manyconnections

Twinkling Eye DayCenter30

Based and operates in Virginia Beach, Virginia Works with special needs children ages 2-12 Non-residential, day center

Growing, wasestablished in2007 and had 26kids as of lastyear31

The Auburn School32 Based and operates in Northern Virginia Works with special needs children grades 1 through 8

Charges $34,000+ in tuition and fees yearly Requires prospective students to go through admissions

process

Has not openedfor business yet


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V. Strategy and ImplementationZs business strategy is to begin operations in the limited Somewhere geographic area, whereMr. Client Z can leverage his years of personal experience working with the elderly and theautistic to provide a personalized support environment in his housing community at an extremelyaffordable rate. Z believes the Company can provide exemplary service in this limited market

and can easily out-compete larger brand-name retirement communities both in quality of serviceand affordability of cost.

V.A. Sales Strategy

Zs founder, Mr. Client Z, will focus on leveraging his extensive network of communityconnections with various senior citizen communities and autism-awareness organizations togenerate sales. In addition, Z will offer personalized service and attention to every customer,thereby garnering positive word-of-mouth advertisement and further business through references.


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V.B. Sales Forecast

Sales are based on the various clients we anticipate acquiring. The Company does not have anysignificant direct costs associated with sales.

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Year 1 Year 2 Year 3

Total Sales By Year

Retirement Home

$0

$100,000

$200,000

$300,000

$400,000


Total Sales By YearAutism Center


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V.C. Marketing Strategy

Z will utilize a diverse set of resources for marketing its services:

Mr. Client Z will leverage his existing connections with members of the senior citizen

communities in order to encourage word-of-mouth advertisement. Mr. Client Z will leverage his existing personal connections with autism-awareness

organizations to promote his day center to provide services to autistic young men. Mr. Client Z will leverage his existing community relationships (developed through his

active participation in church activities, community volunteer organizations, etc.) togarner word-of-mouth advertisement.

Mr. Client Z aims to provide personalized service and attention to each and everyindividual who is a member of his residential or day center community, therebydeveloping a positive reputation for Z.

Z will advertise through local newspapers, churches, and social service organizations. Z will conduct comparisons with other similar residential properties in order to

benchmark marketing strategy and services provided and to constantly improve both.


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VI. ManagementMr. Client Z will retain management of the Retirement Home and the Day Center.He will hire his own employees and personal management staff.

Personnel PlanRetirement Home (see Appendix VIII.B)Personnel Year 1 Year 2 Year 3

Assistant Manager $50,000 $51,000 $52,000Accountant ($50/hr) $6,000 $6,240 $6,480Secretarial/Office (part-time) ($13/hr) $13,500 $14,000 $14,500Cleaning Staff ($500 p/month) $6,000 $6,250 $6,500Driver (part-time for shuttles) ($10/hr) $10,000 $10,500 $11,000

Total Payroll $85,500 $87,990 $90,480

Personnel PlanAutism Center (see Appendix VIII.B)Personnel Year 1 Year 2 Year 3Manager $57,000 $58,000 $59,000Assistant Manager $55,000 $56,000 $58,000

Accountant ($50/hr) $6,000 $6,240 $6,480Secretarial/Office (part-time) ($13/hr) $13,500 $14,000 $14,500Cleaning Staff ($1000 p/month) $12,000 $12,500 $13,000Driver (for shuttles) ($10/hr) $10,000 $10,500 $11,000

Total Payroll $153,500 $157,240 $161,980

Management

65%

Part-Time

Support

16%

Clerical /

Accounting19%

Personnel Budget Breakdown


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VII. Financial PlanVII.A. Assumptions

In order to complete financial calculations, we have made the following assumptions:

For the Retirement Home, revenues will be almost entirely in cash. There will be nocredit given to tenants for credit, which is the Companys main source of revenue.

For both locations, after Year Three of operations, occupancy/membership will stay at ornear 100% due to the highly competitive cost of the facilities.

There will be healthy growth trend in the market for retirement home facilities and autismday centers (as indicated in IV.A Market Segmentation)

For the Retirement Home, the rent will be $1279 per month (excluding utilities), with amaximum occupancy capacity of 15 residents.

For the Autism Day Center, the fee will be on average $140 per week, with a maximumcapacity of 50 members. (This will be a sliding scale fee).


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VII.B. Break-Even Analysis

Our break-even analysis is based on the assumption that our gross margin is 100 percent (thedirect cost of sales is insignificant).

We estimate that the break-even point will occur at 12 sales for the Retirement Home.

(See Appendix VIII.C)

We estimate that the break-even point will occur at 30 sales for the Autism Center.

(See Appendix VIII.C)

-$200,000

-$150,000

-$100,000

-$50,000

$0

$50,000

$100,000

0 5 10 15

NetI

ncome

# of Residents

Break-Even AnalysisRetirement Home

-$250,000

-$200,000

-$150,000

-$100,000

-$50,000

$0

$50,000

$100,000

$150,000

0 10 20 30 40 50

Net

Income

# of Members

Break-Even AnalysisAutism Center


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VII.C. Projected Profit and Loss

Pro Forma Income StatementRetirement Home (see Appendix VIII.D)


Revenue

# of Units 12 13 14Annual Price p/Unit $15,348 $15,808 $16,441

Total Sales Revenue $184,176 $205,510 $230,171

Direct Cost of Sales $0 $0 $0

Gross Margin $184,176 $205,510 $230,171

Gross MarginPercentage

100% 100% 100%

ExpensesPayroll $85,500 $87,990 $90,480

Sales and Marketing $1,000 $1,030 $1,071

Depreciation $29,926 $51,876 $39,674

Utilities $6,640 $6,839 $7,113

Landlords Insurance33 $7,800 $8,034 $8,355

Travel $2,400 $2,472 $2,571

Misc Activities $8,400 $8,652 $8,998

Other $0 $0 $0

Total Operating

Expenses$141,666 $166,893 $158,262

EBIT* $42,511 $38,617 $71,909

Interest Expense $35,950 $35,058 $34,100

Earnings Before

Income Taxes$6,560 $3,559 $37,809

Income Tax $984 $534 $5,671

Net Income $5,576 $3,026 $32,138

EBITDA** $72,436 $90,493 $111,583

* Earnings before interest and taxes** Earnings before interest, taxes, depreciations, and amortization


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-$10,000

$0

$10,000

$20,000

$30,000

$40,000


Total Profits By YearRetirement Home

$0

$50,000

$100,000

$150,000

$200,000

$250,000


Gross Margin By YearRetirement Home


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Pro Forma Income StatementAutism Center (see Appendix VIII.D)


Revenue

# of Units 12 13 14

Annual Price p/Unit $15,348 $15,808 $16,441

Total Sales Revenue $184,176 $205,510 $230,171

Direct Cost of Sales $0 $0 $0

Gross Margin $184,176 $205,510 $230,171

Gross MarginPercentage

100% 100% 100%

ExpensesPayroll $85,500 $87,990 $90,480

Sales and Marketing $1,000 $1,030 $1,071

Depreciation $29,926 $51,876 $39,674Utilities $6,640 $6,839 $7,113

Landlords Insurance34 $7,800 $8,034 $8,355

Travel $2,400 $2,472 $2,571

Misc Activities $8,400 $8,652 $8,998

Other $0 $0 $0

Total Operating

Expenses$141,666 $166,893 $158,262

EBIT* $42,511 $38,617 $71,909

Interest Expense $35,950 $35,058 $34,100

Earnings Before

Income Taxes$6,560 $3,559 $37,809

Income Tax $984 $534 $5,671

Net Income $5,576 $3,026 $32,138

EBITDA** $72,436 $90,493 $111,583

* Earnings before interest and taxes** Earnings before interest, taxes, depreciations, and amortization


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-$50,000

$0

$50,000

$100,000

$150,000

$200,000


Total Profits By YearAutism Center

$0

$100,000

$200,000

$300,000

$400,000


Gross Margin By YearAutism Center


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VII.D. Projected Balance Sheet

Pro Forma Balance SheetRetirement Home

Year 0 Year 1 Year 2 Year 3

Assets

Current AssetsCash $44,167 $68,818 $110,475 $168,085

Utilities Deposit $1,000 $1,000 $1,000 $1,000

Total Current Assets $45,167 $69,818 $111,475 $169,085

Non-Current Assets

Land $21,000 $21,000 $21,000 $21,000

Building $407,000 $407,000 $407,000 $407,000

Accumulated Depreciation $0 $15,000 $43,876 $70,584

Net Value $407,000 $392,000 $363,124 $336,416

Furniture/Fixtures/Appliances $55,000 $55,000 $55,000 $55,000

Accumulated Depreciation 0 $7,860 $21,329 $30,949

Net Value $55,000 $47,141 $33,671 $24,052Computers/IT $2,000 $2,000 $2,000 $2,000

Accumulated Depreciation $0 $400 $1,040 $1,424

Net Value $2,000 $1,600 $960 $576

Vans $20,000 $20,000 $20,000 $20,000


Net Value $20,000 $13,334 $4,444 $1,482

Total Non-Current Assets $505,000 $475,075 $423,199 $383,526

TOTAL ASSETS $550,167 $544,892 $534,674 $552,611

LiabilitiesCurrent Liabilities

Utilities Payable $0 $1,500 $1,500 $1,500

Total Current Liabilities $0 $1,500 $1,500 $1,500

Non-Current Liabilities

Long-Term Notes Payable $519,167 $506,816 $493,572 $479,371

Total Non-Current Liab. $519,167 $506,816 $493,572 $479,371

TOTAL LIABILITIES $519,167 $508,316 $495,072 $480,871

Equity

Retained Earnings $0 $5,576 $8,602 $40,739Paid-In Capital $21,000 $21,000 $21,000 $21,000

Grant $10,000 $10,000 $10,000 $10,000

TOTAL EQUITY $31,000 $36,576 $39,602 $71,739


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Pro Forma Balance SheetAutism Center

Year 0 Year 1 Year 2 Year 3

Assets

Current AssetsCash $29,750 $103,509 $200,887 $313,426

Utilities Deposit $1,000 $1,000 $1,000 $1,000

Total Current Assets $30,750 $104,509 $201,887 $314,426

Non-Current Assets

Land $14,500 $14,500 $14,500 $14,500

Building $207,000 $207,000 $207,000 $207,000


Net Value $207,000 $199,500 $185,062 $171,708

Furniture/Fixtures/Appliances $26,000 $26,000 $26,000 $26,000

Accumulated Depreciation 0 $3,715 $10,083 $14,630

Net Value $26,000 $22,285 $15,917 $11,370

Computers/IT $3,000 $3,000 $3,000 $3,000

Accumulated Depreciation $0 $600 $1,560 $2,136Net Value $3,000 $2,400 $1,440 $864

Vans $20,000 $20,000 $20,000 $20,000


Net Value $20,000 $13,334 $4,444 $1,482

Total Non-Current Assets $270,500 $252,019 $221,363 $199,924

TOTAL ASSETS $301,250 $356,527 $423,251 $514,350

Liabilities

Current LiabilitiesUtilities Payable $0 $1,500 $1,500 $1,500

Total Current Liabilities $0 $1,500 $1,500 $1,500

Non-Current LiabilitiesLong-Term Notes Payable $276,750 $270,166 $263,107 $255,537

Total Non-Current Liab. $276,750 $270,166 $263,107 $255,537

TOTAL LIABILITIES $276,750 $271,666 $264,607 $257,037

Equity

Retained Earnings $0 $60,361 $134,144 $232,814

Paid-In Capital $14,500 $14,500 $14,500 $14,500

Grant $10,000 $10,000 $10,000 $10,000

TOTAL EQUITY $24,500 $84,861 $158,644 $257,314


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VII.E. Business RatiosRatio AnalysisRetirement Home


Main Ratios

Current 46.55 74.32 112.72Total Debt to Total Assets 0.93 0.92 0.87

Pre-Tax Return on Net Worth 17.94% 8.99% 52.70%

Pre-Tax Return on Assets 1.20% 0.67% 6.84%

Net Profit Margin 3.03% 1.47% 13.96%

Return on Equity 15.25% 7.64% 44.80%

Debt Ratios

Debt to Net Worth 13.90 12.50 6.70

Liquidity Ratios

Interest Coverage 1.18 1.10 2.11

Assets to Sales 2.96 2.60 2.40

Ratio AnalysisAutism Center


Main Ratios

Current 69.67 134.59 209.62

Total Debt to Total Assets 0.76 0.62 0.50

Pre-Tax Return on Net Worth 86.98% 59.25% 52.19%

Pre-Tax Return on Assets 20.70% 22.21% 26.11%Net Profit Margin 20.73% 22.52% 27.11%

Return on Equity 71.13% 46.51% 38.35%

Debt Ratios

Debt to Net Worth 3.20 1.67 1.00

Liquidity Ratios

Interest Coverage 4.85 6.03 8.39

Assets to Sales 1.22 1.29 1.41


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VIII.AppendixesVIII.A. Startup Summary

Retirement Home Explanation / Justification

SOURCES OF CAPITALOwner's Investment

Personal Investment $21,000Personal investment by Mr. Client Z(includes tax lien and legal fees).

Expected Bank Loans $519,167 Calculated as equal to startup expenses.

Expected Grants $10,000 Potential grant funding.


STARTUPS EXPENSES


Construction $400,000 Based on 3 floors, 2500 sq ft per floor.

Architect $7,000 Ibid.


Capital Equipment

Furniture $35,000 $2000/rm @ 15 rooms. Plus central rooms.

Fixtures $10,000

Appliances $10,000 Washing machines, refrigerators, microwaves.

Computers/IT $2,000 Small investment in IT infrastructure.

Vans $20,000 Cost of a used mid-size van. (Ford E-350).35




Legal and Accounting $5,000 Related to operation of business.

PreOpening Salaries $4,167 1 mo. salary for Assistant Manager.


Working Capital $35,000 Percentage of loan amount.



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Autism Center Explanation / Justification

SOURCES OF CAPITAL

Owner's Investment

Personal Investment $14,500Personal investment by Mr. Client Z(includes tax lien and legal fees).

Expected Bank Loans $276,750 Calculated as equal to startup expenses.Expected Grants $10,000 Potential grant funding.


STARTUPS EXPENSES


Construction $200,000 Based on 2 floors, 2200 sq ft per floor.

Architect $7,000 Ibid.


Capital Equipment

Furniture $15,000 Tables, chairs, desks, sofas, etc.

Fixtures $6,000

Appliances $5,000

Computers/IT $3,000 IT Investment to train autistic individuals.

Vans $20,000 Cost of a used mid-size van. (Ford E-350).36




Legal and Accounting $5,000 Related to operation of business.

PreOpening Salaries $4,750 1 mo. salary for Manager.Total Location and Admin Expenses $10,750

Working Capital $20,000 Percentage of loan amount.



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VIII.B. Payroll Calculations

Personnel Plan Retirement HomePersonnel Status # Hours Time Interval (1 Year) Year One Assistant Manager Full time 40 / week 52 weeks $50,000

Accountant End of month$50 / hr

10 / month 12 months $6,000

Secretarial/OfficePart Time$13/ hr

20 / week 52 weeks $13,500

Cleaning Staff37Monthly$500 / mo

12 months -- $6,000

DriverPart-Time$10 / hr

20 / week 50 weeks $10,000

Total Payroll $85,500

Personnel Plan

Autism CenterPersonnel Status # Hours Time Interval (1 Year) Year OneManager Full time 40 / week 52 weeks $57,000 Assistant Manager Full time 40 / week 52 weeks $55,000

AccountantEnd of month$50 / hr

10 / month 12 months $6,000

Secretarial/OfficePart Time$13/ hr

20 / week 52 weeks $13,500

Cleaning Staff38Monthly$1000 / mo

12 months -- $12,000

Driver Part-Time$10 / hr 20 / week 50 weeks $10,000

Total Payroll $153,500


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VIII.C. Break-Even Calculations

Break-Even Calculations Retirement Home

Revenue

# of Units 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Annual Priceper unit*

$15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348 $15,348

Total Sales

Revenue

$0 $15,348 $30,696 $46,044 $61,392 $76,740 $92,088 $107,436 $122,784 $138,132 $153,480 $168,828 $184,176 $199,524 $214,872 $230,220

Direct Costof Sales

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

GrossMargin

$0 $15,348 $30,696 $46,044 $61,392 $76,740 $92,088 $107,436 $122,784 $138,132 $153,480 $168,828 $184,176 $199,524 $214,872 $230,220

G.M. % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Expenses

TotalOperatingExpenses

$141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666 $141,666

EBIT** -$141,666 -$126,318 -$110,970 -$95,622 -$80,274 -$64,926 -$49,578 -$34,230 -$18,882 -$3,534 $11,815 $27,163 $42,511 $57,859 $73,207 $88,555

InterestExpense

$35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950 $35,950

Pre-TaxEarnings

-$177,616 -$162,268 -$146,920 -$131,572 -$116,224 -$100,876 -$85,528 -$70,180 -$54,832 -$39,484 -$24,136 -$8,788 $6,560 $21,908 $37,256 $52,604

Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $984 $3,286 $5,588 $8,151

Net Income -$177,616 -$162,268 -$146,920 -$131,572 -$116,224 -$100,876 -$85,528 -$70,180 -$54,832 -$39,484 -$24,136 -$8,788 $5,576 $18,622 $31,668 $44,453

* Based on $1279 per month rent** Earnings before interest and taxes


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Break-Even Calculations Autism Center

Revenue

# of Units 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Price/mem* $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280

Revenue $0 $7,280 $14,560 $21,840 $29,120 $36,400 $43,680 $50,960 $58,240 $65,520 $72,800 $80,080 $87,360 $94,640 $101,920 $109,200

COS** $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

G.M.*** $0 $7,280 $14,560 $21,840 $29,120 $36,400 $43,680 $50,960 $58,240 $65,520 $72,800 $80,080 $87,360 $94,640 $101,920 $109,200

G.M. % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Expenses

Oper. Ex. $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $ 198,221 $198,221 $198,221 $198,221 $198,221

EBIT**** -$198,221 -$190,941 -$183,661 -$176,381 -$169,101 -$161,821 -$154,541 -$147,261 -$139,981 -$132,701 -$125,421 -$118,141 -$110,861 -$103,581 -$96,301 -$89,021

Int. Exp. $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164

Earnings -$217,385 -$210,105 -$202,825 -$195,545 -$188,265 -$180,985 -$173,705 -$166,425 -$159,145 -$151,865 -$144,585 -$137,305 -$130,025 -$122,745 -$115,465 -$108,185

Inc. Tax 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Net Inc. -$177,616 -$162,268 -$146,920 -$131,572 -$116,224 -$100,876 -$85,528 -$70,180 -$54,832 -$39,484 -$24,136 -$8,788 $5,576 $18,622 $31,668 $44,453

Revenue

# of Units 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Price/mem* $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280

Revenue $116,480 $123,760 $131,040 $138,320 $145,600 $152,880 $160,160 $167,440 $174,720 $182,000 $189,280 $196,560 $203,840 $211,120 $218,400 $225,680

COS** $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

G.M.*** $116,480 $123,760 $131,040 $138,320 $145,600 $152,880 $160,160 $167,440 $174,720 $182,000 $189,280 $196,560 $203,840 $211,120 $218,400 $225,680

G.M. % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Expenses

Oper. Ex. $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $ 198,221 $198,221 $198,221 $198,221 $198,221

EBIT**** -$81,741 -$74,461 -$67,181 -$59,901 -$52,621 -$45,341 -$38,061 -$30,781 -$23,501 -$16,221 -$8,941 -$1,661 $5,619 $12,899 $20,179 $27,459

Int. Exp. $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164Earnings -$100,905 -$93,625 -$86,345 -$79,065 -$71,785 -$64,505 -$57,225 -$49,945 -$42,665 -$35,385 -$28,105 -$20,825 -$13,545 -$6,265 $1,015 $8,295

Inc. Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $152 $1,244

Net Inc. -$100,905 -$93,625 -$86,345 -$79,065 -$71,785 -$64,505 -$57,225 -$49,945 -$42,665 -$35,385 -$28,105 -$20,825 -$13,545 -$6,265 $862 $7,050

* Price per member. Based on $140 per week fee** Direct cost of sales*** Gross Margin**** Earnings before interest and taxes Interest Expense Income Tax


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Revenue

# of Units 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47

Price/mem* $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280 $7,280

Revenue $232,960 $240,240 $247,520 $254,800 $262,080 $269,360 $276,640 $283,920 $291,200 $298,480 $305,760 $313,040 $320,320 $327,600 $334,880 $342,160

COS** $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

G.M.*** $232,960 $240,240 $247,520 $254,800 $262,080 $269,360 $276,640 $283,920 $291,200 $298,480 $305,760 $313,040 $320,320 $327,600 $334,880 $342,160

G.M. % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Expenses

Oper. Ex. $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $198,221 $ 198,221 $198,221 $198,221 $198,221 $198,221

EBIT**** $34,739 $42,019 $49,299 $56,579 $63,859 $71,139 $78,419 $85,699 $92,979 $100,259 $107,539 $114,819 $122,099 $129,379 $136,659 $143,939

Int. Exp. $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164 $19,164

Earnings $15,575 $22,855 $30,135 $37,415 $44,695 $51,975 $59,255 $66,535 $73,815 $81,095 $88,375 $95,655 $102,935 $110,215 $117,495 $124,775

Inc. Tax $2,336 $3,428 $4,520 $5,612 $6,704 $7,994 $9,814 $11,634 $13,454 $15,822 $18,297 $20,773 $23,395 $26,234 $29,073 $31,912

Net Inc. $13,238 $19,426 $25,614 $31,802 $37,990 $43,981 $49,441 $54,901 $60,361 $65,272 $70,077 $74,882 $79,540 $83,981 $88,422 $92,863

Revenue

# of Units 48 49 50

Price/mem* $7,280 $7,280 $7,280

Revenue $349,440 $356,720 $364,000

COS** $0 $0 $0

G.M.*** $349,440 $356,720 $364,000

G.M. % 100% 100% 100%

Expenses

Oper. Ex. $198,221 $198,221 $198,221

EBIT**** $151,219 $158,499 $165,779

Int. Exp. $19,164 $19,164 $19,164

Earnings $132,055 $139,335 $146,615Inc. Tax $34,751 $37,591 $40,430

Net Inc. $97,303 $101,744 $106,185

* Price per member. Based on $140 per week fee** Direct cost of sales*** Gross Margin**** Earnings before interest and taxes Interest Expense Income Tax


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VIII.D. Income Statement Calculations

Retirement Home Details

Depreciation (MACRS Schedule)39

Retirement Home Year 1 Year 2 Year 3

AssetDepreciable

BaseMACRS % Depreciation MACRS % Depreciation MACRS % Depreciation

Building(20yr)

$400,000 3.75% $15,000 7.22% $28,876 6.68% $26,708

Furniture /Fixtures /

Appliances(7yr)

$55,000 14.29% $7,860 24.49% $13,470 17.49% $9,620

IT (5yr) $2,000 20.00% $400 32.00% $640 19.20% $384Vans (3yr) $20,000 33.33% $6,666 44.45% $8,890 14.81% $2,962Total $29,926 $51,876 $39,674

Utilities Retirement Home Year 1 Year 2 Year

Water $480 $494 $514Phone Line $2,000 $2,060 $2,142Electricity $2,000 $2,060 $2,142Trash Pickup $480 $494 $514Natural Gas $1,200 $1,236 $1,285Internet $480 $494 $514Total $6,640 $6,839 $7,113

Income Tax40 Retirement Home Year 1 Year 2 Year 3

TaxableIncome

Tax Rate Income Tax Amount Income Tax Amount Income Tax Amount

under 0 0% $0 $0 $0 $0 $0 $00 - 50,000 15% $6,560 $984 $3,559 $534 $37,809 $5,67150,000 -75,000

25% $0 $0 $0 $0 $0 $0

75,000 -100,000

34% $0 $0 $0 $0 $0 $0

100,000 -335,000

39% $0 $0 $0 $0 $0 $0

335,000 -10,000,000

34% $0 $0 $0 $0 $0 $0

10,000,000 -15,000,000 35% $0 $0 $0 $0 $0 $0

15,000,000 -18,333,333

38% $0 $0 $0 $0 $0 $0

Total $984 $534 $5,671

Source of Revenue Retirement HomeRent per resident (per month) $1,279


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Interest Expense Table Retirement Home

Month Payment Interest Principal BalanceAnnual

Interest TotalAnnual

Principal Paid0 $519,1671 $4,025 $3,028 $997 $518,1702 $4,025 $3,023 $1,002 $517,168

3 $4,025 $3,017 $1,008 $516,1594 $4,025 $3,011 $1,014 $515,1455 $4,025 $3,005 $1,020 $514,1256 $4,025 $2,999 $1,026 $513,0997 $4,025 $2,993 $1,032 $512,0678 $4,025 $2,987 $1,038 $511,0299 $4,025 $2,981 $1,044 $509,985

10 $4,025 $2,975 $1,050 $508,93511 $4,025 $2,969 $1,056 $507,87812 $4,025 $2,963 $1,062 $506,816 $35,950 $12,35113 $4,025 $2,956 $1,069 $505,74714 $4,025 $2,950 $1,075 $504,67215 $4,025 $2,944 $1,081 $503,591

16 $4,025 $2,938 $1,087 $502,50417 $4,025 $2,931 $1,094 $501,41018 $4,025 $2,925 $1,100 $500,31019 $4,025 $2,918 $1,107 $499,20320 $4,025 $2,912 $1,113 $498,09021 $4,025 $2,906 $1,120 $496,97022 $4,025 $2,899 $1,126 $495,84423 $4,025 $2,892 $1,133 $494,71224 $4,025 $2,886 $1,139 $493,572 $35,058 $13,24425 $4,025 $2,879 $1,146 $492,42626 $4,025 $2,872 $1,153 $491,27427 $4,025 $2,866 $1,159 $490,11528 $4,025 $2,859 $1,166 $488,948

29 $4,025 $2,852 $1,173 $487,77630 $4,025 $2,845 $1,180 $486,59631 $4,025 $2,838 $1,187 $485,40932 $4,025 $2,832 $1,194 $484,21633 $4,025 $2,825 $1,201 $483,01534 $4,025 $2,818 $1,208 $481,80835 $4,025 $2,811 $1,215 $480,59336 $4,025 $2,803 $1,222 $479,371 $34,100 $14,201

Loan Retirement HomeLoan Term (Years) 20Annual Percentage Yield (APY) Interest Rate 7.00 %

Loan Principal $519,167

Anticipated Inflation Rate41 Retirement HomeYear 1 to Year 2 3.00 %Year 2 to Year 3 4.00 %


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Autism Center Details

Depreciation (MACRS Schedule)42 Autism Center Year 1 Year 2 Year 3

AssetDepreciable

BaseMACRS % Depreciation MACRS % Depreciation MACRS % Depreciation

Building(20yr) $200,000

3.75% $7,500 7.22% $14,438 6.68% $13,354

Furniture /Fixtures /

Appliances(7yr) $26,000

14.29% $3,715 24.49% $6,367 17.49% $4,547

IT (5yr) $3,000 20.00% $600 32.00% $960 19.20% $576Vans (3yr) $20,000 33.33% $6,666 44.45% $8,890 14.81% $2,962Total $18,481 $30,655 $21,439

Utilities Autism Center Year 1 Year 2 Year

Water $480 $494 $514

Phone Line $2,000 $2,060 $2,142Electricity $2,000 $2,060 $2,142Trash Pickup $480 $494 $514Natural Gas $1,200 $1,236 $1,285Internet $480 $494 $514Total $6,640 $6,839 $7,113

Income Tax43 Autism Center Year 1 Year 2 Year 3

TaxableIncome

Tax Rate Income Tax Amount Income Tax Amount Income Tax Amount

under 0 0% $0 $0 $0 $0 $0 $0

0 - 50,000 15% $50,000 $7,500 $50,000 $7,500 $50,000 $7,50050,000 -75,000

25% $23,815 $5,954 $25,000 $6,250 $25,000 $6,250

75,000 -100,000

34% $0 $0 $18,989 $6,456 $25,000 $8,500

100,000 -335,000

39% $0 $0 $0 $0 $34,295 $13,375

335,000 -10,000,000

34% $0 $0 $0 $0 $0 $0

10,000,000 -15,000,000

35% $0 $0 $0 $0 $0 $0

15,000,000 -18,333,333

38% $0 $0 $0 $0 $0 $0

Total $13,454 $20,206 $35,625

Source of Revenue Autism CenterFee per member (per week) $140


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Interest Expense Table Autism Center

Month Payment Interest Principal BalanceAnnual

Interest TotalAnnual

Principal Paid0 $276,7501 $2,146 $1,614 $531 $276,2192 $2,146 $1,611 $534 $275,684

3 $2,146 $1,608 $537 $275,1474 $2,146 $1,605 $541 $274,6065 $2,146 $1,602 $544 $274,0636 $2,146 $1,599 $547 $273,5167 $2,146 $1,596 $550 $272,9658 $2,146 $1,592 $553 $272,4129 $2,146 $1,589 $557 $271,856

10 $2,146 $1,586 $560 $271,29611 $2,146 $1,583 $563 $270,73312 $2,146 $1,579 $566 $270,166 $19,164 $6,58413 $2,146 $1,576 $570 $269,59714 $2,146 $1,573 $573 $269,02415 $2,146 $1,569 $576 $268,447

16 $2,146 $1,566 $580 $267,86817 $2,146 $1,563 $583 $267,28418 $2,146 $1,559 $586 $266,69819 $2,146 $1,556 $590 $266,10820 $2,146 $1,552 $593 $265,51521 $2,146 $1,549 $597 $264,91822 $2,146 $1,545 $600 $264,31823 $2,146 $1,542 $604 $263,71424 $2,146 $1,538 $607 $263,107 $18,688 $7,06025 $2,146 $1,535 $611 $262,49626 $2,146 $1,531 $614 $261,88127 $2,146 $1,528 $618 $261,26328 $2,146 $1,524 $622 $260,642

29 $2,146 $1,520 $625 $260,01630 $2,146 $1,517 $629 $259,38831 $2,146 $1,513 $633 $258,75532 $2,146 $1,509 $636 $258,11933 $2,146 $1,506 $640 $257,47934 $2,146 $1,502 $644 $256,83535 $2,146 $1,498 $647 $256,18836 $2,146 $1,494 $651 $255,537 $18,178 $7,570

Loan Autism CenterLoan Term (Years) 20Annual Percentage Yield (APY) Interest Rate 7.00 %

Loan Principal $276,750

Anticipated Inflation Rate44 Autism CenterYear 1 to Year 2 3.00 %Year 2 to Year 3 4.00 %


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IX. References1The Brookings Institution. Getting Current. Recent Demographic Trends in Metropolitan America. 2009 2 Ibid.3Marigny Research Group, Inc. The U.S. Mature Market June 2000 4

US Census Bureau. The Older Population in the United States: 2008. June 2009

5FightingAutism. Somewhere Area Public Schools Autism Prevalence Report School Years 19922003November 20046Datamonitor. Real Estate Management & Development in the United States. Industry Profile. March 2007. 7Philip M. Parker, The 2007-2012 Outlook for Residential Real Estate Management in the United States.INSEAD, 2006, www.icongroup.com.8Mergent, Inc. The North America Property & Development Sectors January 2007 9Mergent, Inc. The North America Property Sections January 2009 10 http://mpdc.dc.gov/mpdc/cwp/view,a,1239,q,561242,mpdcNav_GID,1523,mpdcNav,|.asp (Accessed June 25th,2009)11 http://www.fbi.gov/ucr/cius2007/data/table_04.html(Accessed June 25th, 2009)12Mergent, Inc. The North America Property & Development Sectors January 2007 13 Ibid.14Mergent, Inc. The North America Property Sections January 2009 15Brookings Institution. Getting Current: Recent Demographic Trends in Metropolitan America 16http://fightingautism.org/idea/autism-state-rankings-prevalence.php (Accessed June 25th 2009)17 Ibid.18 http://factfinder.census.gov/servlet/DatasetMainPageServlet?_program=ACS&_submenuId=&_lang=en&_ts=(Accessed July 1st, 2009)19 http://aspe.hhs.gov/poverty/09poverty.shtml(Accessed July 1st, 2009)20 http://www.community-partnership.org/docs/The%20Future%20of%20Permanent%20Supportive%20Housing%20in%20DC.pdf(AccessedJuly 1st, 2009)21

Alex Johnson, Mortgage Crisis Inflicts Collateral Damage Msnbc.com

http://www.msnbc.msn.com/id/22246203/(Accessed July 3rd, 2009)22 Johnson, Emma. "Senior Class."Journal of Property Management V. 72 No. 5 (September/October 2007) P. 41-5,72.5 (2007): 41-45.23

ww.washingtonpost.com/wp-dyn/.../AR2009040303169.html (Accessed June 26th

, 2009)24http://www.care.com/special-need-....html(Accessed June 26th, 2009)25 http://www.snacknyc.com/(Accessed June 26th, 200926Datamonitor. Real Estate Management & Development in the United States. Industry Profile. March 2007. 27Datamonitor. Ventas, Inc. Company Profile. July 200828Datamonitor. Sunrise Senior Living, Inc. Company Profile. June 2008 29 www.EagletonSchool.com (Accessed June 26th, 2009)30 http://www.twinklingeyedaycenter.com/(Accessed June 26th, 2009)31 http://autism.healingthresholds.com/news/day-care-center-caters-to-childr (Accessed June 26th, 2009)32 www.theauburnschool.org (Accessed June 26th, 2009)33Landlord rules 101: Get the right insurance policy. The Salt Lake Tribune. Aug 08, 2009.http://www.sltrib.com/realestate/ci_12982364.(Accessed Aug 16, 2009).34Landlord rules 101: Get the right insurance policy. The Salt Lake Tribune. Aug 08, 2009.

http://www.sltrib.com/realestate/ci_12982364.(Accessed Aug 16, 2009).35 2008 Ford E-350. http://www.automotive.com/2008/09/ford/e-350/index.html. (Accessed Aug 16, 2009).36 Ibid.37 Janitorial Services Price Quote. ABM Janitorial Services. August 14 2009. www.abm.com.38 Ibid.39MACRS.http://en.wikipedia.org/wiki/MACRS. (Accessed Aug 16, 2009).40Corporate and Individual Tax Data, 2009.http://www.smbiz.com/sbrl001.html. (Accessed Aug 16, 2009).41Consumer Price Index for All Urban Consumers. Economic Research: Federal Reserve Bank of St. Louis.http://research.stlouisfed.org/fred2/series/CPIAUCNS.(Accessed Aug 16, 2009).42MACRS.http://en.wikipedia.org/wiki/MACRS. (Accessed Aug 16, 2009).
http://www.icongroup.com/http://mpdc.dc.gov/mpdc/cwp/view,a,1239,q,561242,mpdcNav_GID,1523,mpdcNav,%7C.asphttp://www.fbi.gov/ucr/cius2007/data/table_04.htmlhttp://fightingautism.org/idea/autism-state-rankings-prevalence.phphttp://fightingautism.org/idea/autism-state-rankings-prevalence.phphttp://factfinder.census.gov/servlet/DatasetMainPageServlet?_program=ACS&_submenuId=&_lang=en&_ts=http://aspe.hhs.gov/poverty/09poverty.shtmlhttp://www.community-partnership.org/docs/The%20Future%20of%20Permanent%20Supportive%20Housing%20in%20DC.pdfhttp://www.community-partnership.org/docs/The%20Future%20of%20Permanent%20Supportive%20Housing%20in%20DC.pdfhttp://www.msnbc.msn.com/id/22246203/http://www.care.com/special-need-....htmlhttp://www.care.com/special-need-....htmlhttp://www.care.com/special-need-....htmlhttp://www.snacknyc.com/http://www.eagletonschool.com/http://www.twinklingeyedaycenter.com/http://autism.healingthresholds.com/news/day-care-center-caters-to-childrhttp://www.theauburnschool.org/http://www.sltrib.com/realestate/ci_12982364http://www.sltrib.com/realestate/ci_12982364http://www.automotive.com/2008/09/ford/e-350/index.htmlhttp://en.wikipedia.org/wiki/MACRShttp://en.wikipedia.org/wiki/MACRShttp://www.smbiz.com/sbrl001.htmlhttp://www.smbiz.com/sbrl001.htmlhttp://research.stlouisfed.org/fred2/series/CPIAUCNShttp://en.wikipedia.org/wiki/MACRShttp://en.wikipedia.org/wiki/MACRShttp://en.wikipedia.org/wiki/MACRShttp://research.stlouisfed.org/fred2/series/CPIAUCNShttp://www.smbiz.com/sbrl001.htmlhttp://en.wikipedia.org/wiki/MACRShttp://www.automotive.com/2008/09/ford/e-350/index.htmlhttp://www.sltrib.com/realestate/ci_12982364http://www.sltrib.com/realestate/ci_12982364http://www.theauburnschool.org/http://autism.healingthresholds.com/news/day-care-center-caters-to-childrhttp://www.twinklingeyedaycenter.com/http://www.eagletonschool.com/http://www.snacknyc.com/http://www.care.com/special-need-....htmlhttp://www.msnbc.msn.com/id/22246203/http://www.community-partnership.org/docs/The%20Future%20of%20Permanent%20Supportive%20Housing%20in%20DC.pdfhttp://www.community-partnership.org/docs/The%20Future%20of%20Permanent%20Supportive%20Housing%20in%20DC.pdfhttp://aspe.hhs.gov/poverty/09poverty.shtmlhttp://factfinder.census.gov/servlet/DatasetMainPageServlet?_program=ACS&_submenuId=&_lang=en&_ts=http://fightingautism.org/idea/autism-state-rankings-prevalence.phphttp://www.fbi.gov/ucr/cius2007/data/table_04.htmlhttp://mpdc.dc.gov/mpdc/cwp/view,a,1239,q,561242,mpdcNav_GID,1523,mpdcNav,%7C.asphttp://www.icongroup.com/


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43Corporate and Individual Tax Data, 2009.http://www.smbiz.com/sbrl001.html. (Accessed Aug 16, 2009).44Consumer Price Index for All Urban Consumers. Economic Research: Federal Reserve Bank ofSt. Louis.http://research.stlouisfed.org/fred2/series/CPIAUCNS.(Accessed Aug 16, 2009).
http://www.smbiz.com/sbrl001.htmlhttp://www.smbiz.com/sbrl001.htmlhttp://research.stlouisfed.org/fred2/series/CPIAUCNShttp://research.stlouisfed.org/fred2/series/CPIAUCNShttp://www.smbiz.com/sbrl001.html

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