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The first graph depicts the golf course's financial summary over the past 5 years. <br />Cedarholm Golf Course Financial Sununary <br />(Including Depreciation) <br />IIIIIIIIIIIIIIII Revenues uuuuuuuuuuuuuuuuuuuii Expenditures Cash Balance . ......... Net Assets <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 />The next graph depicts the golf course's financial summary over the past 5 years excluding the <br />depreciation expense. <br />Cedarholm Golf Course Financial Sununary <br />(Excluding Depreciation) <br />IIIIIIIIIIIIIIII Revenues uuuuuuuuuuuuuuuuuuuu Expenditures Cash BalanceNet Assets <br />11 <br />