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Appendix A EPIC Associates 83-XII
Schedule D--Pro Forma
Cash-Flow and Taxable Income (Loss) Analysis
Through June 30, 1987
Application of Funds 1983 1984 1985 1986 1987 Total
Annual Cash-Flow
Rental Income1
Interest income $229,517.00 $325,246.14 $333,247.08 $356,488.68 $186,475.74 $1,430,974.63
Interest income 17,877.95 17,533.96 6,660.78 -0- -0- 42,072.68
Less: First mortgage payments2 386,822.00 546,101.64 546,101.64 546,101.64 273,050.82 2,298,177.74
Additional interest payments3 -0- -0- -0- 5,111.18 7,487.36 12,598.54
Taxes 34,859.01 51,516.95 55856.44 59,926.95 30,981.10 233,140.45
Insurance 15,229.20 22,467.54 24,402.55 26,337.55 13,652.53 102,089.36
Audit fees 3,454.27 4,876.62 4,876.62 4,876.62 2,438.31 20,522.44
Maintenance and repairs4 12,095.85 19,059.93 21,811.80 23,348.69 12,058.57 88,374.84
Property administration fee 21,675.00 30,600.00 30,600.00 30,600.00 15,300.00 128,775.00
Net cash-flow from operations -226,740.38 -331,842.58 -343,741.19 -339,813.95 -168,492.94 -1,410,631.04
Taxable Income (loss) analysis
Net cash-flow from operations -226,740.38 -331,842.58 -343,741.19 -339,813.95 -168,492.94 -1,410,631.04
Plus: Mortgage amortization -0- -0- -0- -0- -0- -0-
Other income recognized5 -0- -0- -0- -0- -0- -0-
Less: Depreciation 122,625.76 173.118.72 173,118.72 173,118.72 86,559.36 728,541.28
Amortization of mortgage loan fee 11,808.84 16,671.30 16,671.30 16,671.30 8,335.65 70,158.38
Accrued mortgage interest -0- -0- -0- -0- -0- -0-
Net taxable income -361,174.98 -521,632.60 -533,531.21 -529,603.97 -263,387.95 -2,209,330.71
1 It is assumed that the Raldon Corp. leases will terminate June 30, 1984. It is assumed that after builder lease
terminations, all properties will be rented out to individuals at 8-percent market value. In order to project the market of
value the properties at the time they are rented out, it is assumed they will appreciate 9 percent per year. For all
rentals to individuals, projected income is reduced by 20 percent to allow for vacancies and rental commissions.
2 Loan payments are not expected to increase within the period of these projections.
3 Fifteen percent per year on net advances to the partnership. The amount decreases at the beginning of each quarter by
the amount of the quarterly investment minus the Organization Fee. It increases during the year by the amount of the negative
cash-flow. To the extent EPIC owes the partnership money, interest will be paid at 12 percent per year.
4 While the houses are leased to the builder, the builder is responsible for all maintenance and repairs. Thereafter, it
is assumed that these payments will amount of 0.5 percent per year of the original purchase price.
5 Not applicable to this partnership.
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