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<br /> <br /> The first graph depicts the golf course’s financial summary over the past 5 years. <br /> <br /> <br />Cedarholm Golf Course Financial Summary <br />(Depreciation) <br />Including <br /> $1,000,000 <br />$876,836 <br /> $800,000 <br />$638,852 <br /> $600,000 <br />$417,153 <br />$249,563 <br /> $400,000 <br /> $200,000 <br /> $- <br />20102011201220132014 <br />RevenuesExpendituresCash BalanceNet Assets <br /> <br /> <br />This graph depicts the revenues, expenditures, cash balance, and net assets of the golf course. It <br />includes all expenditures including the administrative charges and depreciation. As shown here, <br />expenditures have exceeded revenues each and every year which has resulted in a steady decline <br />of both cash reserves and net assets. <br /> <br />The next graph depicts the golf course’s financial summary over the past 5 years excluding the <br />depreciation expense. <br /> <br />Cedarholm Golf Course Financial Summary <br />(Depreciation) <br />Excluding <br /> $1,000,000 <br />$876,836 <br /> $800,000 <br />$638,852 <br /> $600,000 <br />$417,153 <br />$249,563 <br /> $400,000 <br /> $200,000 <br /> $- <br />20102011201220132014 <br />RevenuesExpendituresCash BalanceNet Assets <br /> <br /> <br /> <br /> 4 <br /> <br />