Hotel on the Cay
Exhibit F - Operating Budget and Unit Owner's Expenses

				       Oct 02 - Sep 03
					______________
Ordinary Income/Expense
      Income
	4000 Room Rental		$   297,000.00
	4010 Maintenance Fees		    684,999.96
	4013 Laundry Income			800.04
	4015 Beach Chairs Rental	     12,000.00
	4020 Conference Room		     15,000.00
	4030 Energy charge		     14,000.04
	4040 Ferry Income		     75,000.00
	4050 In House Exchange		      2,000.04
	4051 Lease Extension		     20,000.04
	4070 Phone Income		      3,000.00
	4090 Utilities Income		     33,000.00
					______________
      Total Income			  1,156,800.12
      					______________
Gross Profit				  1,156,800.12

      Expense
	4110 Ferry Expenses		      8,800.08
	4140 Housekeeping		     32,672.04
	4200 Administrative Expense	     10,000.08
	4300 Guest Services Expense	      3,999.96
	4400 Marketing Expense		     37,399.92
	4500 Office Expense		     54,299.88
	4600 Repairs & Maintenance	     39,250.08
	4700 Exterminating		      1,440.00
	5000 Payroll Expenses		    477,740.88
	6140 Contributions		        200.04
	6160 Dues and Subscriptions	      3,504.00
	6180 Insurance			     34,771.56
	6400 Utilities			    106,728.84
	6500 Lease - Island		     42,000.00
	6501 Landscaping		      9,999.96
	6600 Taxes			     21,999.96
					______________
      Total Expenses			    884,807.28
					______________
	Net Ordinary Income		    271,992.84
					______________
Net Income				    271,992.84
					______________

					--------------