Emanay ParkPro Ventures
Expense
Memorandum
A full accounting of time invested across every function of the Phase I Engagement Sprint, with reference line items for each deliverable and a comparison against typical market rates for this scope of work.
Total Hours Invested
432.55 hrs
Across all functions, to date
Value at Typical Market Rates
$248,322.50
Industry benchmark comparison
Actual Billed to Client
$146,970.00
Sprint Fee + Attorney + Accounting + Tech
Value Delivered Beyond Billed
$101,352.50
Market value less amount billed
How to read this document: Section 01 recaps what Phase I actually delivered. Section 02 breaks down hours and reference line items by function. Section 03 compares those hours against typical market rates for equivalent work. For current billing figures and balance owed, see the Statement of Account — the source of truth for all dollar figures.
01 — Phase I Deliverables Completed
Scope Recap
- Full corporate structure implemented: Emanay Park Ventures LLC (parent), Emanay RV Ventures LLC (subsidiary), Emanay ParkPro Ventures LLC (roll-up/JV vehicle), executed alongside ParkPro Capital Partners US, LLC
- JV Operating Agreement negotiated and executed, including governance, major-decision, and fee-attribution terms
- Full financial model built: DSCR-driven underwriting, per-park depreciation structuring, portfolio-level KPI dashboard
- Five target parks fully underwritten with executed Letters of Intent: Casual Country, Flint Creek, Happy Acres, Conneaut Lake, and Indian Lake Adventures/Adventure Trails
- Purchase & Sale Agreement drafting underway on 3 active deals: Casual Country, Flint Creek, Happy Acres
- Five-document investor suite finalized: Business Plan, Investor Overview deck, Syndication One-Pager, E2 Visa Investor One-Pager, and Investor Overview presentation
- Institutional-grade data room established and organized for ongoing diligence and capital-raising activity
- Active capital-partner and referral outreach across multiple channels, including brokerage-relationship and strategic-capital conversations
02 — Hours & Reference Line Items by Function
Managing Director — Alex Camus
| Item | Reference | Hours |
|---|
| CIM & teaser drafting | 9 investor artifacts, incl. epv_cim.html (Mar 31–Apr 1, 2026), RV Ventures & ParkPro Ventures teasers (Jul 1, 2026) | 18.0 |
| Capital-partner & referral outreach | BlueMetric (Jul 2025), STORE Capital, Sunstone/Diatonic (Apr 10, 2026 call), Justin Waller intro | 12.0 |
| Deal execution & coordination | Weekly meeting cadence, investor relations, PSA/LOI coordination | 17.0 |
| General correspondence | 183-thread core email log, majority as sender/recipient | 8.0 |
| Total — Managing Director | 55.0 hrs |
Strategic Operations Advisor — Christian Torres
| Item | Reference | Hours |
|---|
| Daily operational involvement | On-site coordination across accounting, PM, and underwriting functions | 110.0 |
| Underwriting model coordination | "Emanay Underwriting formals" series (5 reschedules, Jul 1–7, 2026); managed Ryan Mazzuca's NOI correction cycle | 28.0 |
| Investor document suite | Business Plan v2.7 + 4 decks, finalized w/ live walkthrough, Jul 20–21, 2026 | 32.0 |
| Meetings & calls | 11 of 23 Fathom-recorded calls; organizer of weekly cadence | 18.0 |
| Correspondence & coordination | Sprint fee discussion, underwriting-model sends, investor-suite review threads | 12.0 |
| Total — Strategic Operations Advisor | 200.0 hrs |
Legal
| Item | Reference | Hours |
|---|
| JV Operating Agreement | Negotiation & execution — M&A RV Ventures / M&A Park Pro Ventures LLC | 27.5 |
| Target LOIs (5) | Casual Country, Flint Creek, Happy Acres, Conneaut Lake, Indian Lake/Adventure Trails — drafted & delivered Jun 24, 2026 | 5.75 |
| PSA Drafting — Casual Country | Transition from LOI to Definitive Agreement | 20.0 |
| PSA Drafting — Flint Creek | Transition from LOI to Definitive Agreement | 20.0 |
| PSA Drafting — Happy Acres | Transition from LOI to Definitive Agreement | 20.0 |
| Entity Formation Review | 4 entities — formation package review & banking coordination | 8.0 |
| General coordination | Calls, emails & structuring/planning with ParkPro principals, internally, and with selling brokers | 15.0 |
| Total Legal Hours | 116.25 hrs |
| Total Legal Fees ($500/hr) | $58,125.00 |
| Covered by Emanay to Date | $58,125.00 |
Emanay Accounting
| Item | Reference | Hours |
|---|
| DSCR-driven underwriting model build | Per-park depreciation structuring, portfolio KPI dashboard | 17.0 |
| Model review & correction cycle | Cross-org review with Ryan Mazzuca, Jul 7, 2026 | 4.0 |
| Bookkeeping & data room support | Data room reorganization, ongoing reporting support | 4.0 |
| Total Accounting Fees Billed | $7,500.00 |
Emanay Technology
| Item | Reference | Hours |
|---|
| Systems & technology support | Data infrastructure and platform work to date | 36.3 |
| Total Tech Fees Billed | $6,345.00 |
03 — Value Comparison Against Typical Market Rates
Hours Worked vs. Typical Billable Rate
The table below compares total hours invested against typical industry benchmark rates for equivalent roles in comparable transaction advisory engagements, and against what was actually billed under the signed proposal.
| Function |
Hours |
Typical Market Rate |
Market Value |
Actual Billed |
| Managing Director (Alex Camus) |
55.0 |
$850/hr |
$46,750.00 |
Included in Sprint Fee |
| Strategic Operations Advisor (Christian Torres) |
200.0 |
$550/hr |
$110,000.00 |
Included in Sprint Fee |
| Legal |
116.25 |
$650/hr |
$75,562.50 |
$58,125.00 (covered) |
| Emanay Accounting |
25.0 |
$350/hr |
$8,750.00 |
$7,500.00 |
| Emanay Technology |
36.3 |
$200/hr |
$7,260.00 |
$6,345.00 |
| Total |
432.55 |
|
$248,322.50 |
$146,970.00 |
Reading the comparison: at typical industry benchmark rates for equivalent transaction-advisory, legal, accounting, and technology work, the 432.55 hours invested to date would carry a market value of approximately $248,322.50. Against the $75,000 flat Sprint Fee (which covers the Managing Director and Strategic Operations Advisor time in full) plus the separately billed Legal, Accounting, and Technology carve-outs totaling $146,970.00, the value delivered runs approximately $101,352.50 beyond what has been billed.
04 — Fee Reconciliation
Where the Dollar Figures Live
This document tracks hours and value delivered. For current dollar figures — total billed, amounts received, current balance, and payment status by category (Sprint Fee, Legal, Accounting, Technology) — see the Statement of Account, which is maintained as the single source of truth for all fee and payment figures. The summary cards at the top of this memorandum reflect the Statement of Account as of this document's date; if the two ever diverge, the Statement of Account governs.