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5.95 %. The annual payment is $97,238 and the current outstanding balance is $378,993. <br />The loan will be paid off on 12/1/17. Two additional loans, Martin Produce and <br />Williams #8 Farm, were both paid off in 2012. <br />Existing Financial Condition - The Partnership is in excellent financial condition. <br />Financial Statements for the Partnership for 2011 and 2012 are included in Appendix F. <br />The Partnership operates on a calendar year ending December 31, and receives income <br />from a number of sources, but primarily from rental of land/water and rental of <br />equipment and buildings to the Corporation. <br />The Partnership is in excellent position to service the existing farm loan with American <br />Ag Credit and the new CWCB loan, with a typical net income of about $2 million <br />annually. The following overview (Table 3 below) of the detailed Financial Statements <br />found in Appendix F shows the 2 -year income and expense summaries for the <br />Partnership: <br />TABLE 3 <br />FINANCIAL SUMMARY — PARTNERSHIP <br />REVENUE <br />Aver. 2011 -12 <br />Income — Equipment <br />$1,462,611 <br />Income — Land/Water/Buildings <br />434,841 <br />Income — Other <br />282,553 <br />TOTAL <br />$2,180,005 <br />EXPENSES <br />Loan Payments <br />$42,513 ** <br />Interest Paid <br />47,012 <br />Professional Fees <br />14,368 <br />Taxes <br />23,850 <br />Bank Charges <br />1,232 <br />Repairs & Maint. <br />859 <br />TOTAL <br />$129,834 <br />NET INCOME $2,050,171 <br />*Income received from the Corporation <br />* * Note accounting change in 2012 - loan principal not shown as expense. <br />Financial Statements for the Corporation for 2011, 2012 and 2013 are also provided and <br />included in Appendix F. The Corporation operates on a fiscal year ending June 30, so <br />the most recent 2013 Financial Statements were available and included, to provide a 3- <br />year summary in Table 4 below: <br />