Assets Current assets: Cash Accounts receivable Interest receivable Inventory Prepaid items Total current assets Non current assets: Restricted cash and cash equivalents Land- non depreciable Buildings - (Net) Improvements other than buildings - (Net) Equipment - (Net) Construction in process Debt issue costs (net of amortization Planning/Dev/Startup (net of amortization Secuities lending collateral Total noncurrent assets Total assets Liabilities Current liabilities: Accounts payable Accrued interest payable Bonds payable Leases payable Compensated absences payable Intra?tnd payable Total current liabilities Noncurrent liabilities Long term liabilities - bonds payable Defen?ed revenue Leases payable Securities lending collateral liability Total noncurrent liabilities Total liabilities Net Assets Invested in capital assets, net of related debt Restricted for: Capitol projects (Net) Bond debt service reserve Other Unrestricted Total net assets Giants Ridge Golf& Ski Resort Statement ofNet Assets June 30, 2004 Golf Golf Real Estate Management "Legend" "The Quarry? Restaurant Development 5 5,002,122 55,092 5 147,959 *5 17,838 5 109,035 3,419 21,266 14,017 8,271 9,605 - - 3,960 13,578 - - - 138,933 92,636 24,484 - 5,002,122 219,252 268,190 50,593 118,640 37,419 3 - 371,000 ?3 2,294,789 5 ?3 8 354,443 343,000 - 195,590 - 448,436 1,190,572 37,611 4,459,351 - 4,790,013 7,982,361 1,604,790 - 313,524 730,773 41,448 449,587 - 14,958 7,129 14,958 - 89,224 383,883 - 1,189,879 188,420 - - 7,571,477 8 79,059 6,724,276 5,002,122 7,790,729 13,389,115 3 129,653 6,842,916 3,419 25,442 8 52,244 5 101,037 26,109 118,640 3,419 37,232 142,409 . 70,000 240,000 01653 - 40,469 . 22,263 - 112,630 12,839 $092000 . - - - .. 2,047,705 170,129 26,109 271,740 5 16,256 - 3,060,000 1 1,810,000 5 8 - - 21,044 $_3,060,000 21,044 5 - 5_ 2,047,705 5 _3,230,129 5 12,293,447 5 _26,109 5 292,784 5 _16,_258 - 5 4,058,559 372,544 79,059 6,662,757 - 371,000 1,229,000 - 2,954,417 131,041 (505,872) 24,484 (112,630) (12,839) 3 2,954,417 4,560,600 1,095,672 103,543 6,550,127 5 (12,839) 5,335,466 53,159 17,539 256,053 _5,662,217 3 2,665,789 893,033 6,135,969 14,377,164 1,535,332 37,045 473,107 1,378,299 27,495,738 33,157,954 326,892 179,641 310,000 51,122 147,732 2,000,000 11,015,387 14,870,000 21,044 14,891,044 5 11,172,918 0 1,600,000 2,478,601 15,251,519 FE 1,019,812 74,461 18,571 147,066 1,259,910 3,609,115 814,233 6,021,394 14,615,513 1,708,921 219,954 501,858 1,420,365 30,171,263 858,944 1 10,305 310,000 121,121 158,51 1 576,173 2,135,054 15,180,000 72,156 15,252,156 $_17,337,210 5 12,812,373 0 (28,321 1 12,784,051 Revenues: Admissions Advertising Marketing Sales Commissions Facility Rental Retail Sales Equipment Rental Miscellaneous Revenue Total Revenue Expenses: Salaries Bene?ts Utilities Advertising Marketing Communications General Administrative Equipment Rental Management Fees Professional Services Expense Reimbursements Other Professional Services Insurance Maintenance Repairs Supplies Travel Other Operational Costs Minor Equipment Depreciation-operating assets Depreciation-contrbuted assets Ammortization Total Operational Expenses Operating Income (Loss) Non Operating Revenues I Expenses Interest and Investment Revenue Miscellaneous Revenue Interest Expense Miscellaneous Expense Net non-operating revenue 1? (expense) Income before other rev. exp, gains, or losses Capitol Contributions Operating Contributions Drawn from Fiscal Agent - Bonds Special Items Debt Service Contributions Internal Transfers in Internal Transfers Out Increase (decrease) in net assets Net assets Net assets 6/30/04 Giants Ridge Golf& Ski Resort Statement of Revenues, Expenses, and Changes in Net Assets For the Fiscal Year Ended June 30 2004 Golf Golf Real Estate Manageme?m llaegsnil" Ski Restaurant Devebamem 0:1 1303. - 1,101,845 8 998,286 5 1,090,810 5 - - 8 3,190,941 3 1,874,841 - 36,146 - 36,146 22,825 28,033 28,033 26,446 - - 107,837 - 107,837 101,876 - 230.331 103.551 - 683.041 - 1,016,923 735,140 780 160 - - 940 245,986 36,271 25,306 1,516 15 426,697 499,805 96,286 5 8 1,369,227 3 1,127,303 3 1,274,342 683,056 8 426,697 4,880,625 3,103,400 3 155,868 8 362,345 8 349.672 794,427 5 254,348 3 74.162 1; 1,990,822 8 1,862,488 - 34,848 25,621 130,284 26,928 492 218,173 191,021 25,128 - . 8,188 - 10 33,326 135,134 43,057 8,294 7.13 8 1 1,319 2,942 587 73,337 70,679 228 - - 1.134 - 1,362 2,009 1,251 256 256 4,454 - 6,217 8,088 73,285 73,285 13,270 - 159,840 1 1 1,189 15,770 1,560 - 2,050 - 19,380 21,376 3,673 460,871 358,186 1,524 353,808 - 1,178,062 920,829 4,200 - 2,700 - - 6,900 21,705 27,468 23,395 54,855 - 105,718 99,500 447 55 147,135 55 147,692 138,619 6,416 1 15 674 159,266 - 166,471 144,236 22,896 1,499 660 1,537 - 484 27,076 30,056 21,991 23,341 21 143 58,837 14,745 140,057 113,052 8,446 - - 8,446 6,042 - 18,696 2 18,696 22,664 277,135 356,638 484,138 13,315 (9,253) 1,121,973 785,323 49,970 _20.84_7 70,817 51,707 8 300,925 1,321,042 8 1,237,515 8 1,888,990 8 679,41 1 5 66,482 8 5,494,365 8 4,735,716 (300,925) 8 48,185 8 (110,212) (614,648) 5 3,645 8 360,215 8 (613,740) 8 (1.632.316) - 3 24,276 8 88,979 113,256 5 23,447 . 13,838 . 13,838 (24,100) (233,163) (931,562) (5,028) - - (1,169,752) (253,353) - (510) (2,590) - - (3,100) . - (209.397) (831,334) 8 (5.028) - (1,045,759) 8_ (254,006) (300.925) 8 (161,211) 8 (941.546) 3 (619,676) 8 3.645 360,215 8 (1,659,499) 5 (1,886,322) - 198,290 397,006 58,497 - - 653,793 329,832 5,278,832 (361,325) (152,869) 124,089 (14,575) (334,539) 4,539,613 4,329,613 139,205 5,600 146,191 - (34,698) 256,298 25,376 248,273 428,990 - - - 677,263 1,415,128 (2,000,000) - - (2000.000) (3.546.463) 3 2,977,907 63,233 8 (262,819) 3 (290,900) 8 (10,930) 8 (9.022) 3 2,467,469 667.165 (23,490) 8 4,497,366 6,841,029 114,473 8 (3.818) 12,784,053 8 12,116,887 8 2,954,417 4,560,599 1,095,674 5 6,550,129 8 103,543 a; (12,840) 5 15,251,522 3 12,784,052 Assets Current Assets: Cash Accounts Receivable Interest Receivable Inventory Total Current Assets Noncurrent Assets: Restricted Cash and Cash Equivalents Land - Nondepreciable Buildings Structures (Net) Improvements other than Buildings (Net) Equipment (Net) Construction In Process Debt Issue Costs (Net of Amortization) Total Noncurrent Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Interest Payable Bonds Payable Leases Payable Compensated Absences Payable Intrafund Payable Total Current Liabilities Noncurrent Liabilities: Long Term Liabilities - Bonds Payable Leases Payable Total Noncurrent Liabilities Total Liabilities Net Assets Invested in Capital Assets, Net of Related Debt? Restricted for: Bond Debt Service Reserve Unrestricted Total Net Assets Giants Ridge Golf Ski Resort Statement of Net Assets June 30, 2005 Golf Golf Real Estate Management "Legend" "The Quarly? Restaurant Develoument 1,520,798 199,423 239,937 5 49,390 79,352 784,808 22,677 1 1,895 10,385 5,328 10,097 - - 3,899 13,883 121,857 92,942 - 29,663 - 5 1,543,475 337,073 357,148 54,718 8 119,112 784,808 371,000 3 1,679,208 - - - 354,443 343,000 195,590 - 448,005 1,206,547 4,297,265 36,569 4,629,391 7,777,247 1,541,222 - 317,843 656,463 457,154 56,142 - - 16,852 . 76,478 367,878 - - 1,152,655 183,578 - - - - _7,_349,815 3 12,230,774 3 6,491,231 92,711 - 8 1,543,475 7,686,888 12,587,921 6,545,949 5 21 1,823 784,808 29,881 89,220 59,204 143,762 5 25,094 3,821 36,532 140,010 - - - 100,000 515,000 - - - - 21,044 25,317 - - 124,203 - 12,457 55,198 5 714,214 5 239,009 25094 16,278 8 2,960,000 1 1,295,000 - - - . _2,960,000 5 11,295,000 5_ 55,198 3,185,752 12,009,214 5 2_89,1_109 25,094 16,278 2,628,885 113,574 6,375,087 92,71 1 - 1,488,275 1,872,251 465,137 (118,148) 94,018 768,530 1,488,275 4,501,136 578,710 5 6,256,940 186,729 768,530 FY05 FY04 2,873,708 5,335,466 60,383 53,159 17,782 17,539 244,462 256,053 3,196,334 5,662,217 2,050,209 2,665,789 893,033 893,033 5,988,386 6,135,969 13,947,861 14,377,164 1,487,601 1,535,332 16,852 37,045 444,356 473,107 1,336,233 1,378,299 15,161,531 27,495,738 29,360,865 33,157,954 5 350,983 8 326,892 176,542 179,641 615,000 310,000 21,044 51,122 161,977 147,732 - 2,000,000 s_ ?#87 3 14,255,000 14,870,000 - 21,044 5 14,255,000 14,891,044 5 15,580,515 17,906,431 9,210,257 11,172,918 - 1,600,000 4,570,064 2,478,604 5 13,780,321 15,251,522 Giants Ridge Golf Ski Resort Statement of Revenues, Expenses and Changes in Net Assets Year Ended June 30, 2005 Golf Golf Real Estate Management "Legend" "The Quargy" Ski Development FY05 PM Revenues: Admissions - 9 I 7,894 962,969 1,050,906 8 - 5 8 2,931,769 3,190,941 Advertising Marketing Sales - - - 38,690 - - 38,690 36,146 Commissions - - 24,866 - - 24,866 28,033 Facility Rental - - - 1 10,975 - - 110,975 107,837 Retail Sales - 163,896 120,000 698,447 - 982,343 1,016,923 Equipment Rental 818 670 - - - 1,488 940 Miscellaneous Revenue - 36,979 17,457 13,443 6,544 I. 935,546. 499,805 Total Revenues - $_l,119,587 1,101,096 1,238,880 8 704,991 861,123 4,880,625 Expenses: Salaries Bene?ts 8 161.193 397,271 8 409,676 787,338 266,593 77 387 2,099,458 1,990,822 Utilities 37,667 27,073 136,902 28,727 299 230,668 218,173 Advertising Marketing (1,379) 631 - 1,370 - 965 1,587 33,326 Communications 6,824 8,532 7,063 11,304 3,061 648 37,432 73,337 General Administrative 1,668 - - 1,360 - 3,028 1,362 Equipment Rental 895 50,950 256 7,435 - 59,536 6,217 Management Fees - 75,088 75,088 - 13,596 - 163,772 159,840 Professional Services 1,677 (449) 1,745 (299) - - 2,674 19,380 Expense Reimbursements 598 404,775 379,944 1,329 307,031 - 1,093,677 1,178,062 Other Professional Services - - 2,700 - 2,700 6,900 Insurance 191 23,917 23,062 49,924 - - 97,094 105,718 Maintenance Repairs 495 77 442 135,086 78 - 136,178 147,692 Supplies 4,289 1,911 921 168,370 950 - 176,441 166,471 Travel 22,310 - - 2,725 - 17 25,052 27,076 Other Operational Costs 12,880 15,023 19,702 44,343 15,421 438 107,808 140,057 Minor Equipment 4,740 1 4,821 - - 9,562 8,446 Depreciation-Operating Assets - - - 16,922 - - 16,922 18,696 Depreciation-Contrbuted Assets - 288,597 371,758 486,265 14,741 - 1,161,360 1,121,973 Ammortization - 49,970 20,847 - - - 70,817 70,817 Total Operational Expenses 1$ 216,381 $_l,353,961 8 1,337,577 8 1,857,895 650,198 79,754 5,495,766 3 5,494,365 Operating Income (Loss) (216,381) 8 (234,374) (236,481) (619,015) 8 54,793 8 781,369 (470,089) (613,740) Non Operating Revenues/Expenses 8 - 25,406 95,420 - 120,826 113,256 Miscellaneous Revenue - - - - - - 13,838 Interest Expense - (224,326) (847,258) (2,747) - - (1,074,330) (1,169,752) Miscellaneous Expense (261%) (510) (1,690) - - - (269,200) (3,100) Net Non-Operating Revenue/(Expense) (267,000) (199,430) (753,527) 8 (2,747) 8 - (1,222,704) 8 (1,045,759) Income Before Other Rev, Exp, Gains, or Losses 8 (483,381) (433,804) 5 (990,009) 8 (621,762) 8 54,793 781,369 (1,692,793) 8 (1,659,499) Capitol Contributions (461,705) 122,266 69,771 195,866 28,393 (45,408) 653,793 Operating Contributions (1 10,306) - - 10,306 - - - 4,539,613 Special Items - - - - - 256,298 Debt Service Contributions (677,748) 155,272 522,476 - - - - 677,263 Internal Transfers-In 267,000 1 11,761 - 22,398 - - 401,159 Internal Transfers-Out I - (14,9519 (119,200) - (134,158) (2,000,000) Increase (Decrease) in Net Assets ?8 (1,466,140) (59,464) (516,961) 8 (293,192) 8 83,186 781,369 (1,471,201) 2,467,469 Net Assets, July 1, 2004 '8 2,954,417 8 4,560,600 8 1,095,672 8 6,550,129 103,54_3 (12,839) 8 15,251,522. 12,784,053 Net Assets, June 30, 2005 ?8 1,488,277 4,501,136 5 578,71 1 6,256,937 186,729 768,530 13,780,321 15,251,522 Assets Current Assets: Cash Accounts Receivable Interest Receivable Inventory Total Current Assets Noncurrent Assets: Restricted Cash and Cash Equivalents Land - Nondepreciable Buildings Structures (Net) Improvements other than Buildings (Net) Equipment (Net) Construction In Process Debt Issue Costs (Net of Amortization) Planning/Dev/Startup (Net of Amortization) Total Noncurrent Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Interest Payable Deferred Revenue Bonds Payable Leases Payable Compensated Absences Payable Deferred revenue Total Current Liabilities Noncurrent Liabilities: Long Term Liabilities - Bonds Payable Deferred revenue Leases Payable Compensated Absences Payable Total Noncurrent Liabilities Total Liabilities Net Assets Invested in Capital Assets, Net ofRelated Debt Restricted for: Bond Debt Service Reserve Unrestricted Total Net ASsets Giants Ridge Golf Ski Resort Statement of Net Assets June 30. 2006 Golf Golf Real Estate Management "Legend" "The Quarry" S_ki Restaurant Development FY06 886,803 5 202,848 504,106 5 60,146 165,475 803,249 2,622,626 2,873,708 44 14,057 24,412 18,590 10,389 - 67,492 60,383 - 3,906 14,555 - - 18,462 17,782 - 128,362 88,404 38,485 255,251 244,462 886,847 3_49_,17_3 _63_1,477 3; 78E 8 214,349 3 803,249 3 2,963,830 3,196,334 374,115 3 1,696,188 3 - 2,070,303 2,050,209 - 354,443 343,000 195,590 - 893,033 893,033 446,582 1,170,815 4,033,376 35,528 5,686,300 5,988,386 - 4,475,564 7,578,927 1,483,179 - 13,537,671 13,947,861 - 373,886 545,959 565,492 40,824 1,526,161 1,487,601 - a - - - 16,852 63,732 351,873 415,605 444,356 4 1,115,431 178,736 - - 1,294,167 1,336,233 3 - 7,203,753 138654499 8 6,277,637 8 76,352 25,423,240 26,164,531 886,847 7,552,926 5 12,496,975 8 6,356,373 290,700 3 803,249 28,387,070 29,360,865 35,032 3 108,950 8 110,651 3 76,886 41,955 5,117 378,590 5 350,983 - 35,490 134,645 - - - 170,135 176,542 48,148 - - - 48,148 - a 115,000 550,000 - - 665,000 615,000 - - - 37,394 - - 37,394 21,044 5,085 - 23,926 - 29,011 161,977 88,265 259,440 3 795,296 138,207 41,955 8 1,328,278 3 1,325,545 2,845,000 8 10,745,000 3 '3 - - 13,590,000 14,255,000 - 142.755 - - 142,755 I 26,460 - - 123,764 18 26_,4@ 2,845,000 10,745_,000 8 266,519 5 - .?11 - 13,882,979 14,255,000 1 14,725 3,104,440 8 1 1,540,296 404,725 41,955 15,211,257 15,580,545 5 3,005,664 7,104 5 6,088,076 5 76,351 3 9,177,195 9,210,257 7_72,122_ 1,442,_82_3_ 1 $949,575 (136,429) 172,394 798,132 3,998,618 4,310,064 772,122 4,448,487 956,679 5 5,951,647 248,746 798,132 5 13,175,814 13,780,321 Revenues: Admissions Advertising Marketing Sales Commissions Facility Rental Retail Sales Equipment Rental Miscellaneous Revenue Total Revenues Expenses: Salaries Bene?ts Utilities Advertising 86 Marketing Communications General Administrative Equipment Rental Management Fees Professional Services Expense Reimbursements Other Professional Services Insurance Maintenance Repairs Supplies Travel Other Operational Costs Minor Equipment Depreciation-Operating Assets Depreciation-Contrbuted Assets Ammortization Total Operational Expenses Operating Income (Loss) Non Operating Revenues/Expenses Interest and Investment Revenue Miscellaneous Revenue Interest Expense Miscellaneous Expense Net Non-Operating Revenue/(Expense) Income Before Other Rev, Exp, Gains, 0r Losses Capitol Contributions Operating Contributions Special Items Debt Service Contributions [ntemal Transfers-1n lntemal Transfers-Out Increase (Decrease) in Net Assets Net Assets, July 1,2005 Net Assets, June 30, 2006 Giants Ridge Golf Ski Resort Statement of Revenues, Expenses and Changes in Net Assets Year Ended June 30, 2006 Golf Golf Real Estate Management "Legend" "The Quam? Ski Restaurant Development 8 - 863,838 1,059,250 1,110,826 - - - 59,865 - - - 27,353 132,358 - 165,604 138,960 - 848,618 - 138 180 - - - 13,063 8,429 7 12,504 13,332 1942643 8 1,206,819 _1342,906 8 8 101472 208,196 5 435,351 389,199 8 970,338 342,264 8 70 434 52,311 28,234 147,505 30,856 334 187,110 - 49 - 399 59,910 6,904 5,380 17,226 1,242 918 5,263 - 294 - - 895 79,372 277 8,054 - - - 85,773 88,873 - 14,037 1 42,199 . 4,000 5,783 439,852 427,318 944 372,428 156 5,185 - - 2,700 - 8,266 22,789 22,050 45,038 820 - 26,223 - 4,311 2,898 213,802 12,048 283 2,193 - 13 28,445 21,853 49,716 44,537 19,029 1 14 185 - 1,092 3,728 1,500 16,590 . . - 256,839 378,709 493,573 16,359 419,979. 18 568,616 1,453,912 _1,4_10_,886_ 1,990,158 799,943 77,868 (568,616) (411,269) (204,067) 8 (647,252) 62,007 29,602 - 26,998 104,307 8 - 5 8 - 1,050 (1,049) - - (216,065) (823,963) (4,552) - (93) 4,864 11,768 10 I - (93) 5 (183,154) 8 (708,937) 8 (4,552) 8 10_ (568,709) (594,423) (913,004) 5 (651,804) 62,017 29,602 (516,812) 249,081 35,751 231,980 - (114,534) - - 1 14,534 (1,547,918) 292,692 1,255,226 - 2,031,814 - (716,159) 8 (52,649) 8 377,972 5 (305,290) 62,017 29,602 8 4,_5_01_,1_36 _57_8,_710_ .8 6,256,940 186,729 _768,539_ 772,118 5 4,448,487 956,682 5,951,650 8 248,746 8 798,132 3,033,914 3 2,931,769 59,865 38,690 27,353 24,866 132,353 110,975 1,153,132 932,343 313 1,433 154,793 935,546 4,561,788 5,025,677 2,415,732 3 2,099,453 259,240 230,668 137,553 1,537 91,530 37,432 5,557 3,023 33,593 59,536 188,683 163,772 46,199 2,674 1,246,481 1,093,677 7,335 2,700 93,143 97,094 27,043 136,178 221,011 176,441 14,537 25,052 163,694 107,303 6,505 9,562 16,590 16,922 1,145,430 1,161,360 70,317 70,317 6,301,384 3 5,495,766 (1,739,599 3 (470,039) 131,305 120,326 1 . (1,044,530) (1,074,330) 16,549 (269,200) (896,725) 3 (1,222,704) (2,636,321) 3 (1,692,793) (45,403) 2,031,314 401,159 4 (134,153) (604,507) 3 (1,471,201) 13,730,321 s_15,251,522 13,175,314 3 13,730,321 Assets Current Assets: Cash Accounts Receivable Interest Receivable Inventory Total Current Assets Noncurrent ASSets: Restricted Cash and Cash Equivalents Land - Nondepreeiable Buildings Structures (Net) Improvements other than Buildings (Net) Equipment (Net) Construction In Process Debt Issue Costs (Net of Amortization) Planning/Dev/Startup (Net of Amortization) Total Noncurrent Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Interest Payable Deferred Revenue Bonds Payable Leases Payable Compensated Absences Payable Other Total Current Liabilities Noncurrent Liabilities: Long Term Liabilities - Bonds Payable Deferred Revenue Leases Payable Compensated Absences Payable Total Noncurrent Liabilities Total Liabilities Net Assets Invested in Capital Assets, Net of Related Debt Restricted for: Bond Debt Service Reserve Unrestricted Total Net Assets Giants Ridge Golf& Ski Resort Statement of Net Assets June 30. 2007 Golf Golf Real Estate Man,ageme_m "Legend! "39.099117! Ski Restagram 5 1,740,353 1; 175,404 8 607,681 8 48,466 84,749 8 769,531 16 37,343 40,033 30,838 10,880 300 3919 13,304 - - . 1 19.248 80.316 - 33.915 3 1,740,369 335,913 741,334 3 79,304 8 129,543 769,831 5 380,276 5; 1,246,904 - 354,443 343,000 195.590 425,448 1,642,879 3,752,426 34,487 4,321.419 7,379,611 1,425,880 - 3 I 6,070 431,807 463,536 3 I ,349 50,986 335,868 1.078.207 173.894 . s_ 8 6,926,850 8 11,553,964 8_ 5,837,432 8 65,835 5 1,740,369 3 7,262,762 8 12,295,299 8 5,916,736 5 195,378 769,831 59,372 47,394 3 130,736 8 108,936 (32,210) 2,384 - 34,292 128,916 - 64,039 - - - 125,000 580,000 - . - 38,910 5,627 26,340 119.1138 8 206,686 839,652 174,186 3 (32,210) 2,384 5 5 2,720,000 8 10,165,000 5 8 3 - - 103.842 3,585 166,445 - 3,585 5 2,720,000 8 10,165,000 s__2_70,287 5 132,623 8 2,926,686 8 11,004,652 3 444,473 3 (32,219) 8 2,384 8 2,946,180 207,553 8 5,652,857 8 65,835 1,389,896 1,083,093 (180,594) 161,753 767,447 5 1.1417340 4,336,076 3 1,290,647 8 5,472,263 227,538 5 767,447 FY07 5 3,426,183 1 19,41 1 17.222 233,478 1,627,130 893,033 5,855,240 13,126,910 1,242,763 386,854 1.252.101 ?_2i33_480? 3 28,180,375 3 1,319,735 8 12,885,000 103 842 170,030 8 13,158,872 8 14,478,607 8 8,872,426 48.21.32 13,701,768 FY06 3 2,622,626 67.492 1 8,462 255.251 2,963,830 5 2,070,303 893,033 5,686,300 13,537,671 1,526,161 4 5,605 .294.1 67 25 ,423,240 28,387,070 378,590 170,135 48,148 665,000 37,394 29,01 1 8 1,328,278 13,590,000 142.755 150,224 5 13,882,979 15,211,257 9,177,195 3,998,618 L222: 100,693 74 1 8,553 77 Giants Ridge Golf Ski Resort Statement of Revenues, EXpenses and Changes in Net Assets Year Ended June 30, 2007 Golf Golf Real Estate Mtumgeine?l "Legend" "The Quanx'i Ski Restaurant Development M7 Revenues: Admissions - 695,010 3 916,876 1,005,481 - 8 2,617,367 3,033,914 Advertising Marketing Sales - - 54,494 - 54,494 59,865 Commissions - - 28,209 - - 28,209 27,353 Facility Rental - - 122,750 - - 122,750 132,358 Retail Sales - 207,340 116,702 - 832,317 - 1,156,359 1,153,182 Equipment Rental - 259 2,190 - - - 2,449 318 Miscellaneous Revenue - 22i81 1&039 14,973 14,229 65,932 154,798 Total Revenues - 924,990 1,049,80_7 1,225,907 846,546 8 _310 4,047,560 4,561,788 Expenses: Salaries Bene?ts 182,889 447,822 416,293 1,060,180 394,685 5 16,132 8 2,518,001 2,415,782 Utilities - 58,181 29,901 146,756 33,615 438 268,891 259,240 Advertising Marketing 249,438 6,064 - 2,050 257,552 187,558 Communications 78,045 9,490 7,513 13,055 2,885 752 111,740 91,580 General Administrative 2,330 - 668 2,998 5,557 Equipment Rental 1,108 79,300 204 6,164 - - 86,776 88,598 Management Fees - 43,009 43,009 21,407 - 107,424 188,683 Professional Services 58,820 - - - - 7,160 65,980 46,199 Expense Reimbursements 12,053 520,610 367,1 17 1,153 383,796 1,488 1,286,217 1,246,481 Other Professional Services 2,145 3,500 - - 5,645 7,885 Insurance 9,980 22,982 22,213 44,100 99,275 98,143 Maintenance Repairs 545 - - 19,475 - - 20,020 27,043 Supplies 7,974 788 788 187,629 - 42 197,221 221,011 Travel 7,523 - - 2,006 - - 9,529 14,537 Other Operational Costs 38,946 21,087 20,789 66,880 20,800 2,933 171,435 163,694 Minor Equipment 5,700 8,053 - 13,753 6,505 Depreciation-Operating Assets - - 1 1,464 1 1,464 16,590 Depreciation-Contrbuted Assets - 261,893 396,844 484,454 10,516 - 1,153,707 1,145,480 Ammortization - 7 .1 49,970 _20,847 - - - 70,817 70,817 Total Operational Expenses 5_,1_3_2 1,331,217 8 861m 3? _30_,99_5 6,458,444 6,301,384 Operating Income (Loss) 8 (651,796) (590,142) (281,410) 8 (835,694) 8 (21,158) (30,683 (2,410,884) (1,739,596) Non Operating Revenues/Expenses Interest and Investment Revenue 8,522 32,833 49 115,999 8 A - 157,355 3 131,305 Miscellaneous Revenue - - - - - Interest Expense - (208,148.63) (784,953) (6,881) - - (999,983) (1,044,580) Miscellaneous Expense (510) (1,690) - - - (2,200) 16,549 Net Non-Operating Revenue/(Expense) {ii (175,825) (670,644) (6,881) - (844,828) 8 (896,725) Income Before Other Rev, Exp, Gains, or Losses 1$ (643,274) 8 (765,967) (952,05-1) (842,575) (21,158) 8 (30,685) 3 (3,255,712) (2,636,321) Capitol Contributions (184,744) 81,246 35,918 67,580 - - - - Operating Contributions (566,948) 271,337 295,61 1 - - - Special Items Debt Service Contributions 1 (1,551,077) 300,973 1,250,104 - - - - Internal Transfers-In 1 3,781,666 - - - - - 3,781,666 2,031,814 Intemal Transfers-Out Increase (Decrease) in Net Assets 3$ _835,624 8 (112,411) _333,968 (479,384) (21,158) 8 (30,685) 525,954 (604,507) Net Assets, July 1, 2006 :3 772,122 4,448,?7 956,679 248,746 8 798,132 13,175,814 5 117815322 Net Assets, June 30, 2007 1,607,746 4,336,076 1,290,647 5,472,263 227,588 767,447 8 13,701,768 13,175,814 Assets Current Assets: Cash Accounts Receivable Interest Receivable Inventory Total Current Assets Noneurrent Assets: Restricted Cash and Cash Equivalents Land - Nondepreciable Buildings Structures (Net) Improvements other than Buildings (Net) Equipment (Net) Construction In Process Debt Issue Costs (Net ofAmortization) Planning/Dev/Startup (Net ofAmortization) Total Noncurrent Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Interest Payable Deferred Revenue Bonds Payable Leases Payable Compensated Absences Payable Other Total Current Liabilities Noncurrent Liabilities: Long Term Liabilities Bonds Payable Deferred Revenue Leases Payable Compensated Absences Payable Total Noncurrent Liabilities Total Liabilities Net Assets Invested in Capital Assets, Net of Related Debt Restricted for: Bond Debt Service Reserve Unrestricted Total Net Assets Giants Ridge Golf Ski Resort Statement of Net Assets June 30. 2008 Golf Golf Real Estate Management "Legend" "The Quarry" S_k_1 Restagant Development FY08 07 3,087,580 157,030 705,074 3 40,172 177,175 5 705,862 3 4,872,893 3,426,183 (13,688) 53,553 43,837 17,297 9,667 110,666 119,411 - 3.919 13,179 - - 17.098 17.222 - 105,909 74,255 - 33.219 - 213,383 233,478 ?5 3,073,892 320,410 5 836,345 57,469 5 220,061 705,862 8 3,796,294 383,798 5: 1,234,504 - 1,618,302 1,627,180 354,443 343,000 195,590 - 893,033 893,033 - 733,382 1,594,484 3,484,835 34,487 5,847,188 5,855,240 4,161,187 7,175,367 1,359,976 12,696,530 13,126,910 236,729 285,869 410,624 31,349 - 964,571 1,242,763 - - - 31,148 - - 31,148 - - 38,240 319,863 - - 358,103 386,854 - 1,040,983 169,052 - - - 1,210,035 1,252,101 8 - 39484762 11,122,139 8 5,482,173 65,835 - 23,618,910 24,384,081 3,073,892 7,269,172 11,958,484 5 5,539,642 285,896 705,862 28,832,950 8 28,180,375 79,979 121,870 72,307 8 76,908 21,242 3 2,734 375,040 316,611 32.959 122,729 - - 155,688 163,208 40,947 - 40,947 64,039 1 10,000 650,000 760,000 705,000 - - - 40,488 - - 40,488 38,910 4,087 20,948 51 1 25,546 31,967 125.1113 5 _2_64,_829 845,036 8 138314 8 21_,242 _3,2_45 1,3917% 2,610,000 3 9,515,000 '5 12,125,000 5 12,885,000 - 63,351 - 63.351 103.842 . 24,465 - -. 1_25,381 3,058 152,904 170,030 8 24,465 8_ 188,732 5 _3_,058 12,341,255 13,158,872 :3 149,478 8 2,874,829 5 10,360,036 327,076 3 6,303 13,738,964 14,478,607 3,064,706 460,731 8 5,354,142 65,835 8,945,414 8,872,426 2,924,414 1,329,635 1,137,721 (141,574) 198,820 699,559 6,148,575 4,829,342 2,924,414 5 4,394,341 8 1,598,451 5,212,568 264,655 5 699,559 8 15,093,989 13,701,768 Giants Ridge Golf Ski Resort Statement of Revenues, Expenses and Changes in Net Assets Year Ended June 30, 2008 Golf Golf Real Estate 1 Management "Legend" "The Quarw" Ski Restaurant Development Fi? Revenues: Admissions - 815,510 5 881,071 1,135,860 - 3 - 8 2,832,441 2,617,367 Advertising Marketing Sales - 28,650 - 29,400 - a 58,050 54,494 Commissions - - - 21,193 - - 21,193 28,209 Facility Rental 128,349 - - 128,349 122,750 Retail Sales A 143,577 114,481 858,685 - 1,116,743 1,156,359 Equipment Rental - 617 520 1,137 2,449 Miscellaneous Revenue A 29,223 4,915 ?0578 7 _10_,372_ - 58,568 65,932 Total Revenues A 1,017,577 8 1,000,987 861057 $_4,216,481 4,047,560 Expenses: Salaries Bene?ts 8 241,133 404,621 381,454 13,695 402,865 36,446 8 2,580,213 2,518,001 Utilities - 45,054 30,488 160,805 34,737 374 271,458 268,891 Advertising Marketing I 256,842 - - 12,136 15,698 284,676 257,552 Communications 109,563 8,307 7,277 11,643 3,360 511 140,661 111,740 General Administrative 1,358 - - 451 - 122 1,931 2,998 Equipment Rental 5,268 79,423 327 193 - - 85,211 86,776 Management Fees - 25,188 25,188 - 25,127 - 75,503 107,424 Professional Services 74,521 - - - 11,325 85,846 65,980 Expense Reimbursements 6,603 446,665 442,883 347,264 38 1,243,453 1,286,217 Other Professional Services - 4,653 - - 4,653 5,645 Insurance 9,529 22,826 21,724 43,896 - - 97,975 99,275 Maintenance Repairs 860 17,866 (3,050) 64,584 - - 80,260 20,020 Supplies 4,318 - 1,973 226,690 - 232,981 197,221 Travel 373 - 200 991 - 47 1,611 9,529 Other Operational Costs 43,619 20,580 22,477 66,966 18,638 131 172,411 171,435 Minor Equipment 2,733 12,149 - 3,195 18,077 13,753 Depreciation - Operating Assets - - - 7,866 - 7,866 1 1,464 Depreciation - Contrbuted Assets 270,988 401,33 1 427,706 - - 1,100,026 1,153,707 Ammonization - 49,970 20,_847 - - - 72,811 70,817 Total Operational Expenses 756,720 $_1,_35i1_19 5 2,154,424 83L991 _67,887 5 ?55,629 8_ 6,458,444 Operating Income (Loss) 5 (756,720) 3 (373,912) (352,132) (825,564) 37,066 (618$) 8 (2,339,148) (2,410,884) Non Operating Revenues/Expenses Interest and Investment Revenue (3 12,737 28,879 92,279 (7,449) - - 126,446 157,355 Miscellaneous Revenue - - - - - - - Interest Expense - (200,420) (748,748) (5,364) - - (954,532) (999,983) Miscellaneous Expense - (255) (845) - - - (1,100) (2,200) Net Non-Operating Revenue/(Expense) 12,737 (171,796) (657,3?) 8 (12,813) - - (829,186) (844,828) Income Before (Ether Rev, Exp, Gains, or Losses 8 (743,983) (545,707) (1,009,446) (838,377) 37,066 8 (67,887) 8 (3,168,334) (3,255,712) Capital Contributions 1 (490,125) 260,993 86,910 142,222 - Operating Contributions . (476,060) 39,600 - 436,460 - - - - Special Items - - - - - - Debt Service Contributions (1,533,716) 303,380 1,230,337 - - - - - Internal Transfers-1n 4,560,551 - - - 4,560,551 3,781,666 Internal Transfers-Out - - - - Increase (Decrease) in Net Assets 3 1,316,667 5 58,265 3 307,801 (259,695) 37,066 (67,887) 8 _1,392,2_17 525,954 Net Assets, July 1, 2007 5 1,607,746 4,336,076 1,290,647 5 5,472,263 227,588 767,447 8 _13,_701,768 13,175,814 Net Assets, June 30, 2008 8 2,924,413 4,394,341 1,598,448 5 5,212,569 264,654 8 699,560 5 15,093,985 8 13,701,768 Assets Current Assets: Cash Accounts Receivable Interest Receivable Inventory Total Current Assets Noncurrent Assets: Restricted Cash and Cash Equivalents Land - Nondepreciable Buildings Structures (Net) Improvements other than Buildings (Net) Equipment (Net) Construction In Process Debt Issue Costs (Net of Amortization) Planning/Dev/Startup (Net ofAmortization): Total Noncurrent Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Interest Payable Deferred Revenue Bonds Payable Leases Payable Compensated Absences Payable Other Total Current Liabilities Noncurrent Liabilities: Long Term Liabilities - Bonds Payable Deferred Revenue Leases Payable Compensated Absences Payable Total Noncurrent Liabilities Total Liabilities Net Assets Invested in Capital Assets, Net of Related Debt Restricted for: Bond Debt Service Reserve Unrestricted Total Net Assets Giants Ridge Golf Ski Resort Statement of Net Assets June 30. 2009 Golf Golf Real Estate Management "Legend" "The Quarm? S_ki Restaurant Development FY09 FY08 8 3,241,278 152,841 8 677,151 5 111,954 5 219,810 698,791 5,101,825 4,872,893 19) 77,795 1,033 31,609 5,095 a 11 1,413 110,666 a 3,896 13.185 - - - 17.080 17,098 - 98,132 64,579 - 31,863 - 194,574 213,383 3,237,160 332,664 5 755,947 5 143,563 256,768 698,791. 8 5,424,892 5,214,040 5 383,852 1,216,407 - 5 1,600,259 1,618,302 354,443 343,000 195,590 893,033 893,033 695,183 1,548,150 3,226,129 32,404 5,501,866 5,847,188 4,009,999 6,979,688 1.31 1,142 - 12,300,829 12,696,530 - 184.936 146,665 353,037 27,267 711,905 964,571 - 1,698,312 1,698,312 31,148 - 25,494 303,858 329,352 358,103 - 1,003,759 164,210 1,167,969 1,210,035 13,27,666 10,701,979 8 6,784,211 5 59,670 8 - 24,203,526 23,618,910 5 3,237,160 6,990,330 11,457,926 8 6,927,773 5 316,439 698,791 29,628,418 28,832,950 158,589 52,579 39,444 357,509 5 22,553 3 91,673 722,348 5 375,040 - 31.767 115,687 - - - 147,454 155,688 45,631 - - - 45,631 40,947 - 135,000 680,000 - - - 815,000 760,000 - - - 42,130 - - 42,130 40,488 4,612 - 21,976 543 27.131 25,546 208,832 219,346 5 835,131 5 421,615 22,553 92,216 1,799,694 1,397,709 - 2,475,000 8,835,000 - - - 11,310,000 12,125,000 - - 21.217 - 21,217 63.351 28,810 - - 137,270 3,389 169,469 152,904 8 28,810 2,475,000 8,835,000 158,487 '5 5 11,500,6g 12,341,255 237,642 2,694,346 9,670,13 580,102 5 22?553 5 95,605 5 13,300,380 13,738,964 8 3,018,413 718,910 5 6,473,048 59,670 5 10,270,042 8,945,414 2,999,518 1,277,569 1,068,888 (125,377) 234,216 603,186 6,057,998 6,148,575 2,999,518 4,295,982 1,787,798 5 6,347,671 8 293,886 5 603,186 16,328,041 15,093,989 Revenues: Admissions Advertising Marketing Sales Commissions Facility Rental Retail Sales Equipment Rental Miscellaneous Revenue Total Revenues Expenses: Salaries Bene?ts Utilities Advertising Marketing Communications General Administrative Equipment Rental Management Fees Professional Services Expense Reimbursements Other Professional Services Insurance Maintenance Repairs Supplies Travel Other Operational Costs Minor Equipment Depreciation - Operating Assets Depreciation - Contrbuted Assets Ammortization Total Operational Expenses Operating Income (Loss) Non Operating Revenues/Expenses Interest and Investment Revenue Miscellaneous Revenue Interest Expense Miscellaneous Expense Net Non-Operating Revenue/(Expense) Income Before Other Rev, Exp, Gains, or Losses Capitol Contributions Operating Contributions Special Items Debt Service Contributions Internal Transfers - In Internal Transfers - Out Increase (Decrease) in Net Assets Net Assets, July 1,2008 Net Assets, June 30, 2009 Giants Ridge Golf Ski Resort Statement of Revenues, Expenses and Changes in Net Assets Year Ended June 30, 2009 Golf Golf Real Estate Management "Legend" "The Quargy': ?i Restaurant Developmen_t 767,809 795,203 51 1,046,677 60,000 34,665 - 16,267 136,468 102,497 102,657 837,009 - 1,149 720 . . E26 12,617 12,938 50,000 _9_5_1,1_90 3 993,0_06_ 5_ ?46,694 849% 500% 238,580 9 402,792 8 401,350 ?5 1,179,982 394,773 8 40,562 39,181 30,206 165,853 34,073 405 243,970 - 9,667 430 173 105,948 6,427 5,458 12,891 1,609 512 724 - - 819 - 6,158 75,062 22,332 292 - - 26,013 26,013 25,951 - 48,875 3,820 1,241 95,007 13,508 519,116 493,425 - 338,782 2,230 27,500 . . . 9,291 21,624 21,362 42,071 903 38,759 2,593 88,208 - - 8,440 - 1,648 243,307 249 279 303 - - 390 - 3,538 47,206 20,679 21,398 79,990 18,685 3,668 1,277 - (367) 8,052 - - - - - 7,866 - - - 265,789 395,876 404,800 16,180 49,970 20,847 a - '5 72,68} 1,469,232 1,442,141 2,245,429 830,732 146,374 131 (752,683) (518,042) (449,135) (998,735) 19,215 (96,374) I 17,328 24,169 41 8 62,041 13,909 5 - (4) (188,475) (712,713) (3,786) - - - 065) (2.235) - - 17,324 $35,070) ?5 (653,207) 5 10,122 - (735,359) (683,113) (1,102,341) (988,613) 19,215 (96,374) (1,676,968) 109,442 22,152 1,535,359 10,015 - (782,865) 194,507 - 588,358 - (1,550,339) 280,805 1,269,534 4 A 4,820,636 - 75,105 (98,359) 189,345 8 1,135,104 29,230 8 (96,374) 2,924,413 4,394,341 5 1,598,448 8 5,212,569 264,654 3 699,560 2,999,518 4,295,982 1,787,793 6,347,673 293,884 603,187 L9.) FY09 FY08 8 2,609,689 2,832,441 94,665 58,050 16,267 21,193 136,468 128,349 1,042,163 1,116,743 1,869 1,137 189,716 58,56_8_ 8 4,090,837 4,21_6,481_ 5 2,658,038 2,580,213 269,718 271,458 254,240 284,676 132,845 140,661 1,543 1,931 103,844 85,21 1 77,977 75,503 148,943 85,846 1,367,062 1,243,453 27,500 4,653 94,348 97,975 130,463 80,260 253,923 232,981 4,231 1,611 191,626 172,41 1 8,962 18,077 7,866 7,866 1,082,645 1,100,026 70,817 70,817 5 6,886,591 6,555,629 8 (2,795,754) (2,339,148) 117,447 5 126,446 (904,978) (954,532) (3,300) (1,100) 5 (790,831) 8 (829,186) (3,586,585) 8 (3,168,334) 4,820,636 4,560,551 1,234,051 8 1,392,217 5 13,701,768 16,328,036 8 15,093,985 Assets Current Assets: Cash Accounts Receivable Interest Receivable Inventmy Total Current Assets Noncurrent Assets: Restricted Cash and Cash Equivalents Land - Nondepieciable Buildings Structures (Net) Improvements other than Buildings (Net) Equipment (Net) Construction In Process Debt Issue Costs (Net of Amortization) Planning/DevlStartup (Net of Amortization); Total Noncurrent Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Interest Payable Deferred Revenue Bonds Payable Leases Payable Compensated Absences Payable Other Total Cunent Liabilities Noncurrent Liabilities: Long Term Liabilities Bonds Payable Deferred Revenue Leases Payable Compensated Absences Payable Total Noncurrent Liabilities Total Liabilities Net Assets Invested in Capital Assets, Net of Related Debt Restricted for: Bond Debt Service Reserve Unrestricted Total Net Assets Giants Ridge Golf Ski Resort Statement of Net Assets June 30. 2010 Golf Golf Real Estate Management "Legend" "The Quarry" ?amint Development 3,385,479 92,994 339,277 5 135,765 5 235,618 584,231 126 153,412 17,401 27,664 3,716 - - 3.896 13.185 - - 94,004 79.300 - 33,211 - 3_ 3,385,605 s_ 344,306 8 _449,162 5' 163,430 272,545 8 584,231 5 - 383,852 >1 1,216,148 - 3 - - - 354,443 343,000 791,875 - - - 715,341 1,499,326 4,658,676 31,362 - - 3,846,643 6,771,791 1,237,971 - - 227,920 331,949 426,785 28,572 12,748 287,853 966,535 159,368 - A - _s 8 7,115,307 53,934 3,385,605 6,851,788 11,058,597 5 7,278,737 332,479 5 584,231 63,382 80,670 112,256 158,089 5,899 47,918 - 30,282 108,207 - - - 54,042 - - - 215,000 610,000 - - 16,665 24,997 21,624 - - 4,774 - 23.310 - 122,198 342,617 3 855,460 203,023 3 5,899 47,918 8 5 7.3001100 1% 8.1251111? 5 - - 414.373 15-13151 - 28,8111 a 1411,1111: -l 24.441 2-2.1432? 523.131.1929: 5. 1.792111 5 1+ 3 21151130 9.105.114; 345,937. 5 5,899 5 47,918 - 2,986,016 1,154,923 7,047,276 59,934 8 3,234,546 1,214,781 738,235 (1 12,472) 266,647 536,313 3,234,546 3 4,200,797 8 1.891158 8 6,934,804 326,581 536,313 FY10 FY09 8 4,773,364 8 5,101,825 202,319 111,413 17,080 17,080 206,515 194,574 3.5199278 5,424,892 8 1,600,000 1,600,259 1,489,318 893,033 6,904,706 5,501,866 11,856,405 12,300,829 1,015,225 711,905 - 1,698,312 300,601 329,352 1,125,903 1,167,969 5 24,292,158 5 24,203,526 5 29,491,436 5 29,628,418 5 468,215 8 722,348 138,489 147,454 54,042 45,631 825,000 815,000 63,285 42,130 28,084 27,131 1,577,115 1,799,694 5 10,485,000 11,310,000 133.354 21.217 169,771 169,469 Losigg s__u,500,686 12,365,240 1: 13,300,380 5 11,248,149 8 10,270,042 528715.029 _620?928. 8 17,126,199 16,328,041 Revenues: Admissions Advertising Marketing Sales Commissions Facility Rental Retail Sales Equipment Rental Miscellaneous Revenue Total Revenues Expenses: Salaries Bene?ts Utilities Advertising Marketing Communications General Administrative Equipment Rental Management Fees Professional Services Expense Reimbursements Other Professional Services Insurance Maintenance Repairs Supplies Travel Other Operational Costs Minor Equipment Depreciation - Operating Assets Depreciation - Contrbuted Assets Ammonization Total Operational Expenses Operating Income (Loss) Non Operating Revenues/Expenses Interest and Investment Revenue Miscellaneous Revenue Interest Expense Miscellaneous Expense Net Non-Operating Revenue/(Expense) Income Before Other Rev, Exp, Gains, or Losses Capitol Contributions Operating Contributions Special Items Debt Service Contributions Internal Transfers - In Internal Transfers - Out Increase (Decrease) in Net Assets Net Assets, July 1,2009 Net Assets, June 30, 2010 Giants Ridge Golf& Ski Resort Statement of Revenues, Expenses and Changes in Net Assets Year Ended June 30, 2010 Golf Golf Real Estate Management "Legend" "The uar Restaurant Developmer? Fm FY09 764,864 715,466 1,002,195 - - 3 2,482,525 2,609,689 150,000 - 31,485 - 181,485 94,665 16,852 16,852 16,267 - 129,615 - - 129,615 136,468 104,548 80,995 858,361 1,043,904 1,042,163 419 1191) - - - 909 1,869 211?7 .3120}? 4_1:291_ 6693.9 . . 223.935 1,044,828 8 828,583 s__1,247,33g 8_ 899,652 8_ 4,083,325 8 4,090,837 3 237,052 8 471,277 8 471,906 5 1,194,957 444,788 (3,932) 2,816,048 2,658,038 - 36,800 33,714 153,385 26,428 489 250,816 269,718 242,547 - - 4,873 377 - 247,797 254,240 142,657 10,258 8,887 11,375 5,076 543 178,796 132,845 399 - 1 10 - 509 1,543 5,206 67,567 67,231 452 140,456 103,844 2,500 26,981 26,981 26,916 83,378 77,977 39,824 4,575 - 9,743 54,142 148,943 11.899 593,219 473,680 350 346,828 304 1,426,280 1,367,062 - - - 3,090 - 8,196 11,286 27,500 9,173 20,758 20,758 40,985 - 91,674 94,348 2,568 - - 58,048 60,616 130,463 3,154 4,730 238,687 51 246,622 253,923 1,917 - - 382 - 2,299 4,231 59,301 20,008 23,823 71,149 16,808 2,449 193,538 191,626 2,927 - - 10,606 - - 13,533 8,962 - - - 7,866 - 7,866 7,866 269,082 323,226 548,846 10,333 1,151,487 1,082,645 _49a"_70 ?20,347_ .. . _70?7 761,124 1,570,650 3 1,471,053 8 2,349,737 8 877,554 17,82 6,886,591 (761,124) 8 (525,822) 8 (642,470) _(1,102,405) 22,098 8 _4_5,081 8 (2,964,635) (2,795,754) - 23,373 8 77,427 - 5 - 8 - 8 100,800 8 117,447 (41,553) (10,175) 19.589 2.845 - (29,293) - (186,927) (666,470) (2,555) (855,952) (904,978) (3300) 141,553) (173,729) 3 (569,453) 8 291 - (784,445) (790,831) (802.6761 3' (699,551) (1,211,923) (1,102,114) 22,098 45,087 5 (3,749,080) 5 (3,586,585) (666,884.) 80,443 43,285 532,559 10,597 - - - (786,552) 226,149 - 560,403 - - (1,571,773) 297,775 1,273,999 - . - 4,062,913 - - 484,325 - 4,547,238 4,820,636 - 111,960 - (111,960) 235,028 8 __105,360_ 3 587,133 5 I 32,695 8 (66,873) 3 798,158 8 1,234,051 _2,999,518 5 4,295,982 1,787,793 5 6,347,673 293,884 8 603,187 3 16,328,036 15,093,985 3,234,545 8 4,200,797 8 1,893,153 6,934,806 326,579 536,314 5 17,126,195 16,328,036 LI) Assets Current Assets: Cash Accounts Receivable Interest Receivable Inventory Total Current ASSets Noncurrent Assets: Restricted Cash and Cash Equivalents Land - Nondepreciable Buildings Structures (Net) Improvements other than Buildings (Net) Equipment (Net) Construction In Process Debt Issue Costs (Net ofArnortization) PIanning/Dev/Startup (Net of Amortization) Total Noucunent Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Interest Payable Deferred Revenue Bonds Payable Leases Payable Compensated Absences Payable Other Total Current Liabilities Noncurrent Liabilities: Long Term Liabilities - Bonds Payable Deferred Revenue Leases Payable Compensated Absences Payable Total Noncurrent Liabilities Total Liabilities Net Assets Invested in Capital Assets. Net of Related Debt Restricted for: Economic and Workforce Development Unrestricted Total Net Assets Giants Ridge Golf Ski Resort Statement of Net Assets June 30. 2011 Golf Golf Real Estate Management "Legend" "The Quany" S_i Restaurzmt Developmen_t 134,808 8 170,874 43,713 5 106,815 192,501 36,603 36,818 12,327 24,024 10,325 - - 104,450 81,396 - 34.244 - 1_34_,808 312,142 3 137,937 130,1?9 _237,070 _36,60_3 - 3 - - - 5 - 354,443 343,000 791,875 - - 686,881 1,450,503 4,399,515 30,321 3,683,286 6,563,895 1,164,800 - - 163,940 214,899 650,618 23,655 - 271,848 - 929.311 151.526 8,998_,67_1 7,006,808 __53,976_ Lh?igg? 3 6,130,003 9,136,607 7,137,647 291,047 36,603 77,473 17,694 5 6,424 118,968 5 10,344 67 28,063 - 17,211 25,816 43,896 4,755 - - 24,961 110,291 34,905 39,240 187,825 5 _10_,344 67 3 - - 31.162 59.166 172.033 - - 3 156,504 - 29,810 2,163 59,166 3 328,537 5 - 140,101 66,067 3 91,406 516,362 5 10,344 67 - 4,840,177 3 8,487,314 5 6,753,072 3 49,660 - (5,293) 1,223,759 557,889 (131,788) 231,044 36,536 (5,293) 6,063,936 8 9,045,204 8 6,621,285 280,704 36,536 m) 685,314 8 4,773,364 83,994 202,319 - 17.080 220,090 206,515 989,399 8 5,199,278 1,600,000 1,489,318 1,489,318 6,567,219 6,904,706 11,411,980 11,856,405 1,053,113 1,015,225 271,848 300,601 1,083,837 1,125,903 21,877,316 24,292,158 22,866,714 8 29,491,436 230,971 468,215 . 138,489 28,063 54,042 - 825,000 86,922 63,285 29,716 28,084 375,672 8 1,57_7_,115_ - 8 10,485,000 262.361 133.354 186,314 169,771 448,675 10,788,125 824,347 8 12,365,240 20,130,224 11,248,149 1,912,148 5,878,050 22,042,372 8 17,126,199 Revenues: Admissions Advertising Marketing Sales Commissions Facility Rental Retail Sales Equipment Rental Miscellaneous Revenue Total Revenues Expenses: Salaries Bene?ts Utilities Advertising Marketing Communications General Administrative Equipment Rental Management Fees Professional Services Expense Reimbursements Other Professional Services Insurance Maintenance Repairs Supplies Travel Other Operational Costs Minor Equipment Depreciation - Operating Assets Depreciation - Contrbuted Assets Ammortimtion Total Operational Expenses Operating Income (Loss) Non Operating Revenues/Expenses Interest and Investment Revenue Miscellaneous Revenue Interest Expense Miscellaneous Expense Net Non-Operating Revenue/(Expense) Income Before Other Rev, Exp, Gains, or Losses Capitol Contributions Operating Contributions Special Items Debt Service Contributions Internal Transfers - In Internal Transfers - Out Increase (Decrease) in Net Assets Net Assets, July 1, 2010 Net Assets, June 30, 201 1 Giants Ridge Golf Ski Resort Statement of Revenues, Expenses and Changes in Net Assets Year Ended June 30, 2011 Golf Golf Real Estate Management legend" "The Quarg? .?iki Restaura_nt Developmelt 721,726 8 701,951 1,110,800 3 - 23,307 18,800 133,522 90,808 85,519 - 861,262 470 1,341 . . l3,_252 _4,538 42,323 20 8 826,256 793,349 5 _1,31_1,9_32 903,585 1- 239,081 5 476,427 484,626 5 1,282,056 480,963 8 - 3 44,364 36,603 193,373 31,803 452 215,389 - - 6,629 867 6 127,439 18,907 17,657 12,686 3,622 577 80 - - 210 - 5,412 67,231 67,231 - - 32,332 27,052 29,552 - 26,987 - 67,325 1,920 - - 1,813 43,166 445,463 345,880 (437) 377,255 (2,379) (1) - 38,750 - (927) 11,004 20,772 20,772 41,136 41732 (2.145) 64,054 3,586 1,558 330 281,484 - - 1,147 1,16] - 64,111 21,167 34,220 80,787 17,691 262 4,350 - 14,626 - - - - - 6,713 - 257,942 322,754 618,410 10,274 __49:9_72 _-7-0:3:17 - 1_,428,_710 2,641?37 949,462 42043) (819,153) (602,454) (589,043) (1,329,705) (45,877) 22_3 43,287 18,221.07 5 27,855 (2,221) - - - (58,810) (425,842) (8,282) - 43,287 5 (40,589) (397,987) (10,503) 5 - 8 - (775,866) (643,042) (937,030) 3 (1,340,203) (45,877) 3 223 (434,071) 20,951 39,504 373,616 - - (460,204) 307,132 - 653,072 - (500,000) (1,569,700) 366,1 17 1,203,583 - - - 1,81 1,981 6,895,988 - (3,239,841) 1,863,139 7,152,045 (313,520) (45,877) (499,777) 3,234,545 4,200,797 1,893,153 6,934,806 326,579 536,314 (5,296) 6,063,936 5 9,045,198 6,621,286 280,702 36,537 2,534,477 5 2,432,525 23,307 131,435 13,300 16,352 133,522 129,615 1,037,539 1,043,904 1,311 909 35,636 223,035 3,335,142 3 4,033,325 2,963,153 3 2,316,043 306,595 250,316 222,335 247,797 130,333 173,796 290 509 139,374 140,456 115,923 33,373 71,053 54,142 1,203,943 1,426,230 37,322 11,236 93,634 91,674 66,641 60,616 236,953 246,622 2,303 2,299 213,233 193,533 13,976 13,533 6,713 7,366 1,209,379 1,151,437 70,319 70,317 7,221,151 7,047,960 (3,336,009) (2,964,635) 37,142 3 100,300 (29,293) (492,934) (355,952) (405,792) (784,445) (3,791,800) (3,749,080) 0 3,707,969 4,547,233 3 4,916,169 3 793$ 3 _16,328,036 3 22,042,364 3 17,126,195 Assets Current assets Cash Accounts receivable interest receivable Inventory Prepaid items Total current assets Non current assets: Restricted cash and cash equivalents Land- non depreciable Buildings structures - (Net) lmprot'emenls other than buildings - (Net) Equipment - (Net) Construction in process Debt issue costs (net olamortimlion) PIanninngew?Slartup (net ofamortizalion) olT Total noncurrent assets Total assets Liabilities Current liabilities: Accounts payable Accrued interest payable Deferred Revenue Bonds payable Leas: payable Compensated absences payable lntral'ttnd payable Total current liabilities Noncurrenl liabilities Long term liabilities - bonds payable Deferred revenue Leases payable Compensated absences payable Securities lending collateral liability Total noncurrent liabilities Total liabilities Net Assets invested in capital assets, net olrelated debt Restricted for: Capital projects (Net) dultt. 17mm: 41:17:13: Other? GR sales [as Unrestricted Total net assets Giants Ridge Goll'& Ski Result Statement oI'Nel Assets - CAFR Jttne30,2012 . . Adpumstralite Adterttsing and Golf Food Beverage BuIIdIngs .52 Real FYIZ Marketing Estate 5 1,764 672 5 (337,003) 5 (434,256) 3 (334,555) 5 (355 063) 397 5. 154,135 1; 635,314 (1,553) - 23 052 33,230 26,330 - 91,159 33.994 - 1 61 1,4115 5 3, 797 219,202 220,090 1,763,119 (337,003) (4562?04) (135,371) 269 391 _397 464,546 939,399 791.375 697,443 - 1 1,439,313 1,439,313 3 993.510 2 057,953 29,230 6,035,742 6,567,219 1 091.623 9,875,923 10,967,556 11,411,930 513,313 302,417 14,525 330,759 1,053,113 - 255.343 - 255,343 271,343 1 011,772 1,041,772 1,033,337 5 A 5? 6395.331 3 14,231,355 3 43,305 5 3 20,670,990 3 21,377,316 Is 1 1.763.119 3 (337,003) 5' 5939,627 5' 14,045,434 5 (226,036) 3 397 5 21,135,536 22,866,714 1 5 20,234 3 33,321 3 53.147 3 36,116 5 59,653 5 3 203,020 3 230,971 . - 23,063 - . 46 157 44,435 90,592 36,922 2257 2,355 23.1133 - 33,195 29,716 1.3 23.53 3 127.337 3 30,551 5 ?59:653 3 - 326.307 1 375,672 125 376 45,392 171,763 262,361 11,323 14,953 147 096 . - 173,372 136,314 5_ 1133 1_4,953 5? _272,972 3? ?_45,32 s_ 5 _345,641 5 443,675 5; 33.361 .5 51.629 5 400,359 3' 126,443 3 59.653 3 - 672,447 324,347 5 A 5 6223793 5 12,343,413 3 43,305 3 5 19111016 3 20,130,224 1,723,755 (433,632) (634,531) 1,075,630 (329,542) 397 1,352,073 1,912,143 is 1,723,755 3 (433,632) 5 5,539,263 3 13,919,044 5? (235,733) 3 3W 5 20463094 5 22,042,372 . Giants Ridge Golf and Ski Resort Statement of Revenues, Expenses and Changes in Net Assets - CAFR For the Fiscal Year Ended 6/30/12 Administrative Advertismg 8 Ski Golf Food 8 Buildings 8 FY12 Total Marketing Beverage Real Estate Operating Revenue 63200l - Admissions 685,719 685,719 632002 - Advertising Sales - 3.080 - 3.080 632003 - Misc Revenue 105,282 29,562 97,261 - 232.104 632005 - Season Pass 247.793 1 247.793 632007 - Reservations 19.227 - 19.227 632009 Revenue Refund (10) - - (10) 6320l0 - Facility Lease/Rental 122.246 122.246 6320i Commissions 15,530 - - 15,530 632012 - Retail Sales 183,404 1,132,471 1,315,875 Green Fees 1.215.182 1,215,182 6320l4 - Cart Rentals 1,485 1,485 Total Revenue 19.217 1.179.649 1.429.532 1.229.732 3.858.230 Less: Cost of goods sold 149.166 571.210 720.375 Gross Margin 19.217 1.179.649 1.280.466 658.523 3,137,855 Operating Expenses . Salaries 8 Bene?ts - 78,342 142,802 1,179,253 901.885 729.162 - 3.031.444 Utilities (elect. water. gas, cable, security) - - 175,448 79.909 27.432 311 283,099 Leases A 42,258 42,258 Property taxes - - - 27.028 - 27,028 Advertising 8 marketing 61 201,453 2,140 18,633 - 222.287 Printing 12,688 580 - - 13,268 Communications - - Postage I Freight 6,402 61,113 2,451 4,603 - 74,569 Phone 1' Fiber Internet 11,969 210 7,593 25,389 7,888 - 53,050 General 8 administrative 3.087 3,408 102 - - - 6,596 Equipment rental - 133.020 - 133,020 Management Fees? 61,473 2.087 6.148 31.189 36.100 136.997 Expense reimbursements 155,453 - - (1.904) (1.510) - 152.039 Professional services 62,572 37,006 2,578 - - 9.950 112.106 Insurance 10.403 40.672 40,671 - 91.746 Maintenance 8 repairs 3.803 8,188 11.695 414,413 37,633 - 475.732 Supplies - - - - - - Gasoline 1' Diesel - 62,236 72,055 - 134.291 General Supplies 6.987 8.294 156.173 45.701 126.716 - 343.871 Travel 1.280 - 1.940 5.986 5.061 14,267 Bank I CC fees 19.492 34.557 9.559 - 63.608 Other operational costs 16.101 46.424 88.685 5.059 15.298 86 171,653 Depreciation - - 630.977 563.294 10.172 1,204,442 Amortization 58.071 - - 58.071 Total Operational Expenses 417.933 523.671 2.388164 2.432532 1072.797 10.347 6.845.444 Operating Income (Loss) (398.715) (523.671) (1208.514) (1.152.055) {414.275i (10.347) (3.707.539) Non Operating Revenue I (Expenses) Investment income - - Grants and Subsidies (4.885) - (4,885) Other Nonoperating Revenue 5.752 - - 5,752 lnterestand Financing Costs Gain (Loss) on disposal ofcapital assets 1,050 1,050 Net Non Operating Revenue (Expenses) 5.752 _(15330) (2.937) (12.515) Income before other rev. exp . gains. or losses (392.965) (523.67 (1.223.844) (1,155,002) (414,275) (10,347) (3,720,104) Capitol Contributions . . . . . Operating Contributions - - - Special Items - - - - - - - Transfers In 2,619,352 85.040 141.827 (35.096) (152.167) (25.793) 2.633.163 Transfers Out (492.339) - - - - (492,339) Increase (Decrease) in net assets 1,734,048 (438,632) (1,082,017) (1.190.098) (566.441) (36.139) (1 ,579.280) Net assets 7/1/11 (5.293) - 6,621,285 15,109,140 280.704_ 36.536 22.042.372 Net assets 6730/12 1,728,755 (438,632) 5.539.268 13,919.042 (285,738) 397 20,463,093 Assets Current assets: Cash Accounts reachable lnleresl receivable Inventory Prepaid items Total current assets Non current assels: Restricted cash and cash equitalents Land- non deprminble Buildings slruclures - (Net) Improvements othet than buildings (Net) Equipment - (Net) Construction in process Debt issue costs (net ofamortimlion) Planning/Da'ISLartup (net ol'umortiulion olT Total noneurrenl usels Total assets Liabilities Current liabilitis: Accounts payable Aecrued interest payable Deferred Revenue Bonds payable Lanes payable Compensated absences payable intml?und payable Total current liabllilies Noneurrent liabilities Long term liabilities - bonds parable Deferred revenue Leam payable Compensated absenets pajnb e Securities lending collateral liabilin T?lni 4100;101:111 IIttl1ailIl?9 Total liabilities Net Assets lmesled in capital assets. net of related debt Restricted for: Capitol pruieets (Net) Fluan Iktll punt-c men: Othct Unrestricted Total net assets Note: - Insert to war using sereensbot - screen clipping Giants thlue ski Rcsun Slalemeul ul' Net Assets - CAFR June Elli. 2013 Advertising and Ski Golf Food 41 Beverage Buildings at Real 131']? 2 Marketine Estate I 5 3. 04 1123 1. 1743.320) 5 111511 119 43) 5 11.116 773 67) 1732 916 010 5 1204.034 421 5 243.059 5 154.135 11751 1631713 40.092 714 25 246 - 911406 91.159 . - 163.3147 66.977 230 364 219.202 I . i . 1743.320) (1141,1102) 14 75.294) (690694) 12.94.1134) 577.629 464.546 . . 791 1175 697 443 I 4119 3111 1.489.3l8 - 3 746 726 I 934 ?ljl 28.133 5 759 415 6.085.742 I 030 330 9 516.547 - 10 546 377 10 967.556 350 964 202 235 11 I74 591 372 030.759 . . 7.55.343 I - 1.041.772 l? I - I . t. 5.949.095 5 12.400676 5 36.412 3 5 113.306.9112 5 20,670,990 5 3.113.573 5 4743.320) 5 5.108.092 5 11925.30: 5 (654.282) 5 (204.1134) 5 964 611 5 2 .l35.536 .303 75 -. 21.01111 1; 25 535 7 11211 5 5.113 1: 3.337 101 326 203 020 . . - 4x 505 45.590 94 395 90 592 3.155 2 366 19.9411 79u 26 292 33.195 5 23.53?11' 23154 5_ 94 021' _53 719 5.113 5 9.176 209013 5 3261107 77.371 171.7611 13.546 10 159 35 793 3.3115 112 886 l73.872 5 13.5.11. 5 10.159 5 163.164 5 4 5 3.3110 190 25_7 345.641 5 37.071. 5 33.613 5 257.1115 5 53.719 9_ i 113 3 12.565 5 399.270 5 672.447 5 - 5 - 5.324.019 5 12 354 7116 36.41147 19111016 1 3.576.493 1776 933) 1973 112) 1433 120) 16950051 1297 399) 350 129 1352.070 3,576.49? 5 (776.933) 4.350.907 I (659.394) (297.39?) 18.561346 20,463,094 Giants Ridge Golf and Ski Resort Statement of Revenues, Expenses and Changes in Net Assets - CAFR For the Fiscal Year Ended 6/30/13 Administrative Advertising 8. Ski Golf Food Buildings 8 FY13 Total FY12 Total Marketing Beverage Real Estate Operating Revenue 632001 - Admissions - 722.188 - - - 722.188 685.719 632002 - Advertising Sales 1.450 - - 1.450 3.080 632003 - Misc Revenue 11,000 - 165.382 23.656 137.153 337.191 232.104 632005 - Season Pass 221.127 - - 221.127 247.793 632007 - Reservations 19.822 - - - - 19.822 19.227 632009 - Revenue Refund (10) 632010 - Facility Lease/Rental 122.808 122.808 122.246 632011 - Commissions - - 15,889 - - 15,889 15,530 632012 - Retail Sales - 179,694 1,486,359 1.666.053 1.315.875 632013 - Green Fees - - 1,361,489 - 1,361,489 1,215,182 632014 - Cart Rentals 1,237 1,237 1.485 Total Revenue 30.859 - 1,248,845 1,566,076 1,623,512 4.4691293 3.856.230 Less: Cost of goods sold 138,174 751,436 889.609 720.375 Gross Margin 30.859 1,248,845 1,427,903 872,077 3,579,684 3.137.855 Operating Expenses Salaries 8: Benefits . 180,973 132,496 1,135,201 (127,133 965,374 73,204 3,414,380 3,031,444 Utilities (elect. water, gas. cable, security)? - 123.433 51.798 - 129.380 304.611 283.099 Leases - - 45.500 45.500 42.253 Property taxes 40.902 40.902 27.028 Advertising 8. marketing 339 301,579 5,982 29,374 5.848 343.122 222.237 Printing - 917 - 917 13,268 Communications - - - - - - Postage I Freight 1.093 - 2,181 4,545 - 392 8.211 74.569 Phone I Fiber I Internet 349 3,131 1.111 - 4.590 53,050 General 8- administrative 4,530 57,420 9,096 100 71.145 6.596 Equipment rental 1.450 813 374 142.045 133.020 Management Fees" 39.996 41.825 45.875 - 127,696 136,997 Expense reimbursements 160.004 - - 1,707 (5.897) - 155.814 152.039 ProfeSSional services (3.234) - - 9.500 6.267 112.106 Insurance 86,934 14.969 2.512 - 104.415 91.746 Maintenance 8 repairs 161,358 373,537 18,809 153.259 706.962 475.732 Supplies - - 686 - - - 686 - Gasoline I Diesel - - 82.685 62,652 - 145.337 134.291 General Supplies 4,327 (8.040) 38.146 102.350 39.681 176.464 343.871 Travei 5,060 2.749 9,364 1.360 83 18.616 14.267 Bank I CC fees - - 18.121 36,421 9,502 - 64,044 63,608 Other operational costs 25,635 - 54,022 1,304,360 255 53.090 1,437,363 171,653 Capital and non capital assets - - 667 - - 52.824 53.491 Depreciation - - 445.936 53 3,064 7.393 - 986,393 1,262,513 Total Operational Expenses 505.556 434.075 2.027.591. 3.523.653_ 1.25DE93 . 8,358,972 6,645,444 Operating income {Loss} (474.7971 (434.075) (778,853) (2,200,950) (378,726) (511,888) (4,779,289) (3,707,589) Non Operating Revenue I (Expenses) Investment income - - Grants and Subsidies (4.885) Ollicr Nonopcmling Revenue - - - - Interest and Financing Costs - - (8.184) (2.577) (10.750) (14.431) Gain (Loss) on disposal ofcapilal assets - - 1,050 Net Non Operating Revenue (Expenses) @1847 ($517) - (10,760) (12,515) Income before other rev. exp . gains. or tosses (474.797) (434.075) (787,037) (2,203,527) (378,726) (511,888) (4,790,049) (3,720,104) Capitol Contributions - - - - - Operating Contributions 1 - - - Special Items - - - - - - - Transfers in 5 2.322.539 95.774 98.676 156,149 5.070 214,092 2,892,301 2,633,163 Transfers Out - - - - - (492,339) Increase (Decrease) in net assets 1,847,743 (338,301) (688,361) (2,047,377) (373,656) (297,796) (1,897,748) (1,579,280) Net assets 711/12 1,728,755 (438,632) 5,539,268 13,919,044 (285,738) 397 20,463,094 22,042,372 Net assets 6/30/13 3,576,498 (776,933) 4,850,907 11,871,666 (659,394) (297,399) 18,565,346 20,463,093 Assets Current usseLs: Cash Account l?'r'Jl'Bbil Interest receivable Prepaid items Nun current assets: Restricted cash and cash equivalents Land- non depresinble Buildings structures - (Net) Improvements other than buildings - (Net) Equipment - (Nel) Total current assets Construction in process Debt issue casls (net ol?nmonizalion) Planninngm'lStartup (net ol?amonimtion) Liabilities Current liabilities: Net Assets Invested in capital assets net ol'relnted debt Ratricted for: Capitol projects (Net) Bond debt service reserve Other Unrestn'eled Accounts payable Total noncurrent assets Total assets Accrued interest payable Deferred Revenue Bonds payable Lass payable Compmsated absences pauble Inlml?und p331blc unenl liabilities Total current liabilities Long lenn liabilities - bonds payable Deferred revenue Lcam payable Compensated absences payable Securities lending collateral liability Note: - Insert lo n-urd using semenshol - screen clipping IuL'tl Tolal 11ab1l111es Total net assets Giants (3617.11 Ski Resorl Slatenicnt nl' Net Assets - CAFR June 30. 2014 Mmmilmlixc Advenising and Ski Golt' Food Beverage Buildings Real Fll-l 1 Marketine Blnle 5 7.0211934 (1 153075) 3 (1.336.1131371 5 (139227617) 3 (1 1169 3113 71) 1: (615 734 42) 3 1461.632 3 243.359 I23 000 7.376 149.444 39 241 133.635 230.364 7.051.934 (1.153.075) (1329-155) (1.242.332) (1.030.143) 461111.744 577.629 - 791.1175 697.443 1.439.313 1.439.313 I 1 749.552 1 373 6119 3.623 240 5.759 415 - 1.937410 11 5711 5911 10516007 10546 377 1 1 179 133 90 249 269.433 591.372 1 I 5 - .4 6511020 1; 11 239979 5 - s_ ?397.993 s_ 111.336.9112 11 7.011711 3 (1.153.075) 3.323.564 3 9.997147 5 (1.030.143) 3 (615.734) 5 17 573 742 111964.611 247 [5.735 12 96?} 3 I ?25 (1'5 ll) 57? 5 I113 9750.973 . 50 9e 94.395 3.305 2.473 20.654 1.101 27 533 26.292 5? 13.5.77 5 13.213 5 94.596 3 1 1E5 615 5" 39.570 15.934 3? 1137.432 3_ 209.013 26.3911 26.3911 77 371 14.690 11.017 911116 4.1196 122419 112.336 3_ i;_1_4_690 3 11.017 5_ 101214 190.257 3 1 123.242 5 29.230 5_ 2 1 035 1; 5 _20.1130 1; _1336.299 5 399.270 3 I 1: 3 4.530 649 11 239 979 5 1 3 15.1120 629 11 13215217 1 . . - . i 7.1123 7411 (1.132.305) (1.464 395) (2 2611.445) (1.049 713) (636 564) 421 318 350.129 I . . 5 7,021,240 3 (1.132305) 3 3.115755 5 3971.534 3 (1.049.713) (636.564) 3 16,242,446 3 13565346 Giants Ridge Golf and Ski Resort Statement of Revenues, Expenses and Changes in Net Assets CAFR For the Fiscal Year Ended 6/30/14 Administrative Advertising 8 Ski Golf Food 8 Buildings 81. FY14 Total FY13 Total Marketing Beverage Real Estate Operating Revenue 632001 - Admissions 660.625 660,525 722,188 632002 - Advertising Sales - - 1,750 - 1,750 1,450 632003 Misc Revenue 177,222 15,783 118,608 311,613 337,191 632005 - Season Pass - - 246,180 - - - 246,180 221,127 632007 - Reservations (6,679) (6,679) 19,822 632009 - Revenue Refund 148 - - 148 38 632010 - Facility Lease/Rental - - 109.556 - - 109,556 122,808 63201 - Commissions 16,326 - - 16,326 15,889 632012 Retail Sales 132,707 1,267,794 1,450,501 1,666,053 632013 - Green Fees 1,406,899 - 1,406,399 1,361,489 632014 - Can Rentals 1.998 1,998 1,237 590001 Mite off (369)_ (369) - Total Revenue (6.531) 1,211,289 1,607,387 1,386,402 4,198,547 4,469,293 Less: Cost of goods sold - 147,4 72 631,568 779,041 889,609 Gross Margln (9,531) 7.7.935 3,419,507 3,579,934 Operating Expenses Salaries 8. Benefits 196.695 145,363 1,243,419 1,122,604 823,062 69.020 3,600,252 3.414.380 Utilities (elect. water. gas, cable, security) - - 121.703 61,076 - 171.535 354,314 304,611 Leases - 38.776 - 38.776 45.500 Property taxes - 20,535 20,535 40,902 Advertising 8 marketing 6,719 407,660 4,428 36.716 12.126 467,849 343,122 Printing - - 5.869 - 5.869 917 Communications - - Postage 7 Freight 7,099 4 459 106 11,664 8,211 Phone I Fiber! Internet - 3,536 909 4.445 4,590 General administrative 400 61,461 7,959 69,823 71,145 Equipment rental - 95,833 1,857 97,739 142,045 Management Fees? 39,996 48,057 42,146 - 130,199 127,696 Expense reimbursements 160,004 - - 171,201 13,920 - 345,124 155,814 Professional services 41 ,650 - - - - 4,800 46,450 6,267 Insurance 85,698 - 20,075 681 - 107,453 104,415 Maintenance 8 repairs - 171,577 294,552 26,851 23,630 516,608 706,962 Supplies - - - 686 Gasoline I Diesel - - 100,228 64,822 - - 165,050 145,337 General Supplies 6,749 - 1.047 61,305 107,124 34.699 211.013 176.464 Travel 5.015 3.692 14,307 2,362 462 25.838 18,616 Bank I CC fees - - 17.551 27,924 10,330 - 55.805 64,044 Other operational costs 7,502 61 ,811 101,971 36,412 35,022 242,718 1,437,363 Capital and non capital assets - - 826,175 1,109,708 - 1,935,883 53,491 Depreciation 652,018 1,059,086 1,711,104 986,393 Total Opewtional Expansus 559.126 53.224 1 I-15.153 339.166 10,104,514 ?1,358.93 Operating Income (Loss) (564,658) ?998,630) (990.319) ?ng 65) (6,745,007) (4,779,289) Non Operating Revenue I (Expenses) Investment income - 7 Grants and Subsidies - (13.408) - - - (13.408) - Olhcr Nonopcrallng Rmcnue - 17,028 - 17,023 - Interest and Financing Costs - (5,835) l22) (5,957) (10,760) Gain (Loss) on disposal ofcapilal - - - - Net Non Operating Revenue 7' [Expenses] (2,215) (1.122) - (3.337) (10.760) Income before other rev, exp gains. or losses (564.658) (553,224) (2,000,845) (2,900,132) (390.319) (339,166) (6,748,344) (4,790,049) Capitol Contributions - - - - - - Operating Contributions - - - Special Items - - - - Transfers In 4,011,899 147.851 265.693 - - 4,425,442 2,892,301 Transfers Out - Increase (Decrease) in net assets 3.447.241 (405,373) (1,735,153) (2.9007927 (390.3191' ?(539,163) (2,322,901) (1,897,748) Net assets 711/13 3,576,498 (776,933) _i8m07_ 4091.324) _?(391393 18,565,346 20,463,094 Net assets 6730/14 7,023,739 (1 ,182.306) 3,115,755 8,971,534 (1,049,713) (636,565) 16,242,445 18,565,346