# Fictional investment committee decision paper

Educational example only. Currency: millions of currency units. Unlevered, pre-tax, annual end-period cashflows; no debt, VAT or transaction taxes modelled. Discount rate is an illustrative 12% hurdle, not a market recommendation.

Decision: conditional acquisition approval, subject to evidence and downside funding.

| Case | t0 land | t1 costs | t2 net receipts | t3 net receipts | NPV at 12% |
| --- | ---: | ---: | ---: | ---: | ---: |
| Base | -4 | -6 | 13 | 0 | 1.01 |
| One-year receipt delay | -4 | -6 | -0.5 | 13 | -0.50 |

The base receipt is gross proceeds of 15 less final costs of 2. The delay case moves that net receipt to t3 and adds 0.5 of holding cost at t2. Timing assumptions require validation; construction spending is otherwise held unchanged to isolate the test.

Base pre-receipt cash requirement: 10. Delay requirement: 10.5. Budget authority and available cash must cover the timing gap. Model source IDs and versions must be inserted before using this template for a real decision.

Approve only if title/planning due diligence is satisfactory, the team substantiates the sales evidence, and the committee accepts or mitigates the negative delay-case NPV. Otherwise defer. Assign owners and dates to each condition.

Unresolved: procurement terms, sales absorption, local taxes, financing conditions, approvals and independence of evidence. No specialist review has been represented.