James W. Turner Construction, Ltd.
Internal Project Accounting
Project   Baltimore DPW Snow Emergency
Client   City of Baltimore — DPW
Report Date   June 15, 2026
Project Profit & Loss Statement

Baltimore DPW Emergency Snow & Ice Removal

Books closeout · 24-hour continuous operations February 1 – February 12, 2026
Basis of Presentation. Revenue is taken from the QuickBooks invoice register through June 15, 2026. Costs are taken from the QuickBooks job-costing report (Baltimore_QB_as_of_2026-06-15) supplied by C. Zak-Knepper on June 15, 2026. All three invoices submitted to the City of Baltimore have been collected in full. Corporate adjustments (wage enforcement accrual, corporate overhead labor for Tiffany Ward, Jazmin Janakes, and Charlene Zak-Knepper, Brian Benoit out-of-pocket reimbursements allocated to the project, and the Castlerock Resources invoice received post-QB-pull) are included as direct cost reductions of project profit. Allocated JWTC corporate G&A, executive time for J.W. Turner and Brian Benoit (TBD), and the Phase One Consulting Mar–Jun true-up (TBD) are excluded; see Note 4.

Executive Summary

Revenue Earned
$18,023,685
3 invoices, 100% collected
Job-Costed Direct Costs
$11,595,967
Per QuickBooks job-cost report¹
Corporate Adjustments
$132,434
OH labor, OOP, Castlerock, wage enforcement
Total Project Costs
$11,728,402
QuickBooks + adjustments
Gross Profit, Pre-Overhead
$6,295,283
34.9% gross margin2
Cash Receipts
$18,023,685
All collected; no open A/R

The project earned $18,023,685 in revenue against $11,728,402 in direct and corporate-adjusted costs, producing a gross profit of $6,295,283 (34.9% margin). This figure includes the $592,999 Indy A-Team retainage, which JWTC is retaining (Indy non-performance) and carrying as Held — TBD pending final documentation. These figures are stated after the corporate adjustments captured above and before any allocation of JWTC executive time (J.W. Turner, Brian Benoit) or the Phase One Consulting Mar–Jun true-up. Operations ran 24 hours a day for twelve days (February 1 – 12, 2026) and demobilized on February 12. The remaining open items are settlement-side rather than operational.

Contract Position

DocumentDateDescriptionAmount
City of Baltimore Emergency AwardJan 2026Emergency snow & ice removal — unit / time-charge basis$18,023,684.50
JWTC ↔ Indy A-Team MSAFeb 12, 2026Prime sub agreement; pay-if-paid; 10% retainage; flow-down (Md. venue)
Direct Payment Agreements (DPA)Mar 26, 2026JWTC ↔ 14 second-tier subs; isolates JWTC from Indy retainage liability
Final Settlement Addendum v2Apr 29, 2026Final disbursement framework to 14 subtiers
Contract Value Realized$18,023,684.50

Schedule of Revenue

Invoice Date Description Amount Payment Ref Status
Inv2/1-4/2602/28/26Work performed 2/1 – 2/4/26 (initial deployment)$1,848,922.50City pay
In2/4-12/2603/31/26Work performed 2/4 – 2/12/26 (FINAL operations)16,174,765.00City pay
In2/4-12/26 CM04/28/26Credit memo — true-up to actual payment(3.00)City pay
Total Revenue Earned & Collected$18,023,684.50

Schedule of Direct Costs — per QuickBooks Job-Cost Report (6/15)

Cost Category Class Amount % of Costs
Tier-1 Subcontractors — $7,067,663.11
Indy A-Team Services LLC (net of $592,999 retainage reclass)²Sub Insured Labor$5,343,588.3146.1%
ICS Materials IncSub Insured Labor1,391,644.8012.0%
Randy A Ball dba Reclaimit EnterprisesSub Insured Labor266,280.002.3%
Interlock Paving IncSub Insured Labor66,150.000.6%
Total Tier-1 Subcontractors$7,067,663.1160.9%
Tier-2 Subcontractors via DPA — $4,528,304.24
Stihlwater Environmental ServicesSub Insured Labor$865,362.007.5%
Local Buckets LLCSub Insured Labor794,379.406.9%
Steven Lambert dba Debris Pro LLCSub Insured Labor740,721.006.4%
Western Excavation LLCSub Insured Labor566,599.004.9%
Total Disaster Services LLC³Sub Insured Labor435,261.603.8%
The Clawguy LLCSub Insured Labor344,874.003.0%
Truckers Alliance Brokerage dba TDR LLCSub Insured Labor200,000.001.7%
Midwest Industrial Contractors CorpSub Insured Labor170,330.001.5%
PrimeCoat Concrete Designs, LLCSub Insured Labor98,934.300.9%
BMB Group LLCSub Insured Labor69,020.000.6%
The Ground Keeper LLCSub Insured Labor61,190.500.5%
Black Water FleetSub Insured Labor54,040.000.5%
Slave Driver LLCSub Insured Labor44,510.200.4%
Musick Trucking LLCSub Insured Labor29,148.000.3%
HD Worxs (crew travel & lodging)Other Construction Costs13,170.970.1%
Phase One Consulting, LLC (Feb invoice)Other Construction Costs11,002.690.1%
Bank of America Commercial (project CC)Travel / Auto / Supplies7,765.520.1%
Paul Bader (foreman, OCC 1099)OCC – Labor 10996,600.000.1%
Joseph Pace (vehicle damage backcharge to Church's)Midwest to Subtier Church's5,995.060.1%
Dreamlions Financial Solutions (L. Schlegel reconciliation)Sub Insured Labor5,000.000.0%
Beverly Cochran (foreman supervision)Sub Insured Labor4,400.000.0%
Total Tier-2 Subcontractors via DPA$4,528,304.2439.1%
Total Direct Project Costs (Job-Costed)$11,595,967.35100.0%

Corporate Adjustments — Brian-Directed June 15, 2026

Item Basis Amount
Baltimore wage enforcement (pending)Accrued liability against project$17,000.00
Tiffany Ward — corporate overhead labor60 hours × $80/hr4,800.00
Jazmin Janakes — corporate overhead labor60 hours × $80/hr4,800.00
Charlene Zak-Knepper — reconciliation labor~325 hours × $120/hr (30 hrs/wk × 2.5 months)39,000.00
Lindsey Baumgardner — JWTC labor120 hours × $80/hr9,600.00
Melissa Markus — JWTC labor40 hours × $80/hr3,200.00
Nick Sobrino — JWTC labor40 hours × $80/hr3,200.00
Brian Benoit — garage door repair (out-of-pocket)Paid personally; unpaid; allocated to Baltimore1,000.00
Brian Benoit — JWTC Reimbursement Pkg, Baltimore portion$8,888.49 of $20,713.06 expense report (2/21 – 5/10), submitted 6/14, unpaid8,888.49
Castlerock Resources LLC — INV-1082157Leased employee services (A. Barfield & M. Matus); invoice dated 6/11/26, Net 1540,945.71
Total Corporate Adjustments$132,434.20

Statement of Operations

Contract Revenue Earned$18,023,684.50
Less: Tier-1 Subcontractors (Indy net, ICS, Reclaimit, Interlock)(7,067,663.11)
Less: Tier-2 Subcontractors via DPA (20 vendors)(4,528,304.24)
Total Direct Project Costs (Job-Costed)(11,595,967.35)
Less: Corporate Adjustments (wage enforcement, OH labor, OOP, Castlerock)(132,434.20)
Total Costs Incurred(11,728,401.55)
Gross Profit, Pre-Overhead$6,295,282.95
Gross margin percentage34.9%
Includes $592,999 Indy A-Team retainage retained by JWTC and carried as Held — TBD (see note 2).
Note: Direct project costs and the corporate adjustments captured above represent the project's fully-burdened cost. Gross profit of $6,295,283 (34.9%) is the reported result. Allocations of JWTC executive time (J.W. Turner, Brian Benoit) and the Phase One Consulting Mar–Jun true-up remain to be set and would adjust the figure if applied.

Items Footnoted — Held & Disputed

ItemBasisAmountTreatment
Indy A-Team retainage (retained by JWTC) Per Brian (6/15) — retained on Indy non-performance; reflected in profit, carried as Held — TBD pending final documentation $592,998.69 Held — TBD
TDS settlement dispute ($295K claim vs $197,822 offer) JWTC settling at HOLD wire amount; balance not paid $97,178.40 Not Paying
TDS additional dispute Separate item; not paying $92,000.00 Not Paying
Indy retainage withheld FROM subtiers Sub claim against Indy per DPA — not JWTC liability $522,501.67

Notes to the Statement

1. Source of cost data. The QuickBooks job-cost report dated June 15, 2026 (Baltimore_QB_as_of_2026-06-15) supersedes the June 10 pull. The principal change between the two pulls is a $592,998.69 General Journal reclass of the 10% Indy A-Team retainage from "Sub Insured Labor" expense into a balance-sheet payable ("NP – Indy A-Team Retainage," $592,998.69). This is a GL reclassification, not a cash movement, and is why Indy A-Team's recognized project cost dropped from $5,936,587.00 to $5,343,588.31 between the two pulls. A $5,995.06 backcharge to Joseph Pace (Mercedes C300 damage flowed to Midwest / Church's sub-sub) was added in the same window.

2. Indy A-Team retainage treatment. Per Brian Benoit's direction on June 15, 2026, the $592,998.69 NP – Indy A-Team Retainage is retained by JWTC on the basis of Indy A-Team non-performance and is reflected in the gross profit above. It is carried as Held — TBD pending final documentation of the retention; the position is considered settled in JWTC's favor, with the “TBD” reflecting paperwork rather than outcome. It is not released to Indy.

3. Total Disaster Services (TDS) — settlement posture. The $197,821.60 wire dated 5/22/26 labeled "HOLD" is the TDS settlement payment. TDS has claimed approximately $295,000 owed; JWTC's position is to settle at $197,822 (a $97,178 dispute) and to deny a separate $92,000 dispute. Both disputed amounts are footnoted above but not deducted from profit pending written settlement.

4. Remaining items not yet allocated. The corporate adjustments above capture the project's fully-burdened operating cost, and gross profit of $6,295,283 (34.9%) is the reported result — not an estimate. Two items remain open and would adjust the figure if and when set: allocations of JWTC executive time for J.W. Turner and Brian Benoit (hours and rate to be determined) and the Phase One Consulting Mar–Jun true-up (approximately 78 days of post-operations Final Settlement drafting, retainage forensic analysis, KATZ communications analysis, DPA wire support, and daily close-out support; rate to be set by Brian). The Castlerock Resources invoice has been deducted in full per Brian Benoit's direction on June 15, 2026.

5. Source documents. Baltimore_QB_as_of_2026-06-15_Charlene.xlsx; Brian Benoit JWTC Reimbursement Package FINAL (2/21 – 5/10), submitted 6/14/26; Subtier Comparison Summary as of 04-28-26 R1; Leslie Schlegel's Final Report 4.17.26; Final Settlement Addendum v2 (sent 4/29/26); Direct Payment Agreement final 3/26/26; Indy A-Team MSA executed 2/12/26; all settlement-wire ACH detail through 5/22/26; Castlerock Resources INV-1082157 (received 6/11/26).

Close-Out Items

  1. Settle Total Disaster Services at $197,821.60. Close out the $97,178 and $92,000 disputes in writing. The 5/22 HOLD wire is already in the cost figures above.
  2. Resolve Baltimore wage enforcement ($17,000 accrued). Confirm exposure and disposition. Release the accrual if resolved favorably.
  3. Process Brian Benoit's reimbursement ($9,888.49 Baltimore portion). $1,000 garage door repair (out-of-pocket) and $8,888.49 Baltimore portion of expense report submitted 6/14/26. Reimburse and post to Baltimore project cost.
  4. Set Brian Benoit and J.W. Turner time allocations. Hours and rates to be determined. Tiffany Ward (60 hrs × $80), Jazmin Janakes (60 hrs × $80), and Charlene Zak-Knepper (~325 hrs × $120) are reflected above; Brian and JW remain TBD pending Brian's direction.
  5. Pay Castlerock Resources INV-1082157. $40,945.71 dated 6/11/26 (Net 15) for Amanda Barfield and Marla Matus. Deducted from profit per Brian (6/15/26); confirm scope/period and process payment.
  6. Set Phase One Consulting Mar–Jun true-up rate; issue invoice. ~78 days of post-operations work (Final Settlement drafting, retainage forensic analysis, KATZ communications analysis, DPA wire support, daily close-out). Brian to set rate.
  7. Apply JWTC corporate overhead allocation. Corporate G&A, executive time, insurance, bonding. Agree allocation method and book a closing journal entry to bring the statement to fully-burdened P&L.
  8. Document Indy A-Team retainage retention ($592,998.69). Retained by JWTC on Indy non-performance and reflected in profit; carried as Held — TBD pending final documentation. Memorialize the JWTC-side justification (Final Settlement language, Indy non-performance) in writing to close the TBD.
Prepared by Internal Project Accounting For internal management use only · Not a financial audit
James W. Turner Construction, Ltd.
Baltimore DPW Snow Emergency · Updated Jun 15, 2026