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North Carolina Department of Revenue

North Carolina Department of Revenue. ADVANCED PERSONAL PROPERTY SEMINAR Joseph S. Koury Convention Center Sheraton Greensboro Hotel at Four Seasons Mall Greensboro, North Carolina September 15, 2011. Andy Hinds, MAI, SGA ® * Hotel and Club Associates, Inc. ahinds@hotelandclub.com

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North Carolina Department of Revenue

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  1. North Carolina Department of Revenue ADVANCED PERSONAL PROPERTY SEMINAR Joseph S. Koury Convention Center Sheraton Greensboro Hotel at Four Seasons Mall Greensboro, North Carolina September 15, 2011

  2. Andy Hinds, MAI, SGA® * Hotel and Club Associates, Inc. ahinds@hotelandclub.com 336-379-1400 * Member of the Appraisal Institute, Society of Golf Appraisers 2:30 pm – 3:20 pm Trends in Golf Course Valuation

  3. I. Cost Approach

  4. II. Income Approach • Uniform System of Financial Reporting forClubs1 An example of the Uniform System of Financial Reporting for Clubs for a hypothetical public golf facility is shown next. 1.Uniform System of Financial Reporting for Clubs, Sixth Revised edition Club Managers Association of America, Inc. www.cmaa.org

  5. Hypothetical Example of Application of the Uniform System on a Public Golf Facility

  6. Recap of Uniform System Example

  7. Capitalization Sources of overall golf capitalization rates: • Actual Golf Sales from: buyers & sellers, brokers, appraisers • Society of Golf Appraisers www.golfappraisers.org • Realty Rates www.realtyrates.com

  8. Sales Comparison Approach • Sources of Data • Public Records • Articles • Appraisers and Brokers • CB Richard Ellis www.cbre.com • Hilda Allen www.hilda-allen.com • Marcus & Millichapwww.marcusmillichap.com • Hodges Ward Elliott www.hwehotels.com • Coldwell Banker Commercial www.kbgolfcoursesales.com • Golf Pros, Managers and Owners • Publications • Golf Inc. www.golfincmagazine.com • Golf Business Magazine www.golfbusiness.com

  9. Units of Comparison • GRM – Gross Revenue Multiplier or NIM – Net Income Multiplier • Price per Hole • Price Per Round, Price Per Acre or Price Per Member

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