SENIOR HOUSING BOARD CORPORATION BOARD OF DIRECTORS HANDBOOK
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1 SENIOR HOUSING BOARD CORPORATION BOARD OF DIRECTORS HANDBOOK Senior Citizen Housing Board Martin Stone, President Jim Latta, Vice President Karen Gorin, Secretary Paula Rotolo, CFO Jim de Cordova, Board Member Laura Freeman, Board Member Terry Sue Aikens, Board Member City Council Mayor, Suzanne Fuentes Mayor Pro Tem, Carl Jacobson Council Member, Dave Atkinson Council Member, Marie Fellhauer Council Member, Michael Dugan
2 TABLE OF CONTENTS SECTION 1 Senior Housing Board Corporation Board of Directors General Information SECTION 2 Background Information SECTION 3 Operating Agreement between SHBC and City of El Segundo SECTION 4 Plan of Operations SECTION 5 Loan Repayment Agreement between SHBC and City of El Segundo SECTION 6 Management Company SECTION 7 Park Vista Resident Handbook SECTION 8 Park Vista Rental Information SECTION 9 Park Vista Safety Information SECTION 10 Services Agreements for Park Vista SECTION 11 Policy Revisions SECTION 12 Park Vista Finances
3 Senior Housing Board Corporation Board of Directors Handbook Table of Contents Section 1 - Senior Housing Board Corporation Board of Directors General Information A Board of Directors Roster B Municipal Guide Handebood for Elected and Appointed Officials C Roles and Responsibilities D Life of a Motion Section 2 - Background Information A Memorandum from City Attorney - October 27, 2004 Section 3 - Operating Agreement between SHBC and City of El Segundo A Original Agreement # May 6, 1986 B Amendment #1 to Operating Agreement - April 7, 1992 C Amendment #2 - July 19, 2005 Section 4 - Plan of Operations A Plan of Operations - revised June 2014 B Plan of Operations - revised July 2010 Section 5 - Loan Repayment Agreement between SHBC and City of El Segundo A Resolution # October 7, 1986 B Repayment Agreement # January 5, 1988 C Amendment #1 to Agreement # April 18, 1997 D Amendment #2 to Agreement # December 7, 2004 E Amendment #3 to Agreement # February 2009 F Exhibit A - Repayment Schedule Section 6 - Management Company A Original Request for Proposals for Management Services (RFP) # July 15, 2004 B Cadman Group Proposal for RFP #04-05 C Property Management Agreement #3364 between Senior Housing Board Corporation and Cadman Group - October 1, and Staff Report to City Council August 17, 2014 D Amendment #1 to Property Management Agreement # July 25, and Staff Report to Council August 21, 2007 E Amendment #2 to Property Management Agreement # October 26, 2011 Section 7 - Park Vista Resident Handbook A Utility Company Phone Numbers B Park Vista Rental Agreement C State of Authorization and Responsibility D Emergency Medical Form E Bed Bug Infestation Addendum F Park Vista Rental Agreement Addendum #1 - House Rules and House Rules Affidavit G Park Vista Rental Agreement Addendum #2 - Pet Agreement, Exhibit A - Pet Rules, Pet Registration Form H Park Vista Rental Agreement Addendum #3 - Move-In & Move-Out Procedures I Park Vista Rental Agreement Addendum #4 - Unit Inspection Report
4 Section 8 - Park Vista Rental Information A Eligibility Requirements and Application for Residency at Park Vista B Rental Rates C Apartment Floor Plans Section 9 - Park Vista Safety Information A Evacuation Plan B Facility Diagrams with Fire Extinguisher Locations Section 10 - Services Agreements for Park Vista A Amtech Elevator Services B Prudential Overall Supply (Employee Uniforms) C Time Warner Cable D Web Service Company (Laundry Facilities) Section 11 - Policy Revisions A Annual Calendar of Recurring Discussion Items B Waiting List Policy - revised April 19, 2012 C Move-In & Move-Out Procedures on Weekends - revised?? Section 12 - Park Vista Finances A 2014 Budget B Reserve Study
5 Section 1 Senior Housing Board Corporation Board of Directors General Information
6 Senior Housing Board Corporation - Board Members Board Member Term Start Date Term Exp. Date Position Marty Stone appointed 7/17/12 6/30/2016 appt President June 2012 Jim decordova appointed 7/17/12 6/30/2016 Laura Freeman appointed 5/3/11 6/30/2015 Karen Gorin appointed 5/3/11 6/30/2015 appt Secretary June 2012 Paula Rotolo appointed 6/15/10 6/30/2014 appt CFO at least 2006 (and possibly before) Jim Latta appointed 7/16/13 6/30/2017 appt Vice President September 2013 Terry Sue Aikens appointed 7/16/13 6/30/2017 Recording Secretary Cindy Mortesen Staff Contact Information Meredith Petit City of El Segundo Neil Cadman Cadman Group Elizabeth Calciano City Attorney
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22 Section 2 Background Information
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29 Section 3 Operating Agreement between SHBC and City of El Segundo
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46 Section 4 Plan of Operations
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57 Section 5 Loan Repayment Agreement between SHBC and City of El Segundo
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74 Section 6 Management Company
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134 EL SEGUNDO CITY COUNCIL MEETING DATE : August 17, 2004 AGENDA ITEM STATEMENT AGENDA HEADING : Committee s, Commissions and Boards AGENDA DESCRIPTION : Consideration and possible action to award management contract for El Segundo Senior Housing complex, Park Vista, 615 E. Holly Avenue, El Segundo, to Cadman Group Real Estate Management and Consulting. RECOMMENDED COUNCIL ACTION : 1. Approve Senior Housing Board recommendation to award Park Vista Senior Housing management contract to Cadman Group Real Estate Management and Consulting. 2. Alternatively, discuss and take other action regarding this item. BACKGROUND & DISCUSSION : The Park Vista Senior Housing complex is currently managed by Community Housing Management Services (CHMS). Their previous contract expired May 31, 2004, with an extension granted for June 1 through August 31, 2004 to cover services during the RFP process. On July 15, 2004 proposals were received from two management companies : CHMS and the Cadman Group-Real Estate Management and Consulting. Interviews were conducted on July 22, 2004 with a panel consisting of Stacia Mancini, Recreation and Parks Director ; Peter Freeman, President, Senior Housing Corporation and Don Mcllroy, Vice President, Senior Housing Corporation. As CHMS has held the management contract for Park Vista during the past six years, the committee deemed it necessary to visit the senior housing site currently managed Cadman Group as part of the interview process. Therefore, on August 2, 2004 the interview panel visited a Long Beach senior complex currently managed by the Cadman Group. On August 4m the Senior Citizen Housing Corporation conducted a special board meeting to review, discuss and evaluate both proposals and site visit. At said meeting, the Corporation decided to recommend contracting with the Cadman Group beginning September 1, The Cadman Group is a local El Segundo management company with experience operating a non-hud senior housing complex in Long Beach. In business since 1995, their philosophy is focused upon direct involvement with all aspects of daily operations for optimum tenant satisfaction and effective financial management. Cadman Group currently manages approximately 750 apartment units and 20 light industrial/warehouse spaces. Half of their management portfolio is located in El Segundo. ATTACHED SUPPORTING DOCUMENTS : none FISCAL IMPACT : Operating Budget : Amount Requested : Account Number : Appropriation Required : none none not applicable Yes X No ORIGINATED : DATE : Stacia Mancini, ecreation and Parks Director REVIEWED BY : DATE : Mary Stren, C it ana- ge r /~~f' UJ4 4
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139 Section 7 Park Vista Resident Handbook
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172 Section 8 Park Vista Rental Information
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186 Section 9 Park Vista Safety Information
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237 Senior Housing Board Calendar of Recurring Items January Changes to Plan of Operations, if necessary, to City Council Financial Audit - Previous Calendar Year February March April May June Board Member Terms expire 6/30 July New Board Members Begin Board Position Elections August September October October 31, 2014 Reserve Study Rent Rate Analysis Budget Preperation Current contract term expires for Cadman Management Group November December As needed Current Calendar Year's Senior Housing Board Accomplishments, to City Council Next Calendar Year's budget approval, to City Council Modifications to House Rules, per Board Direction Modifications to Plan of Operations, per Board Direction Emergency Repairs Maintenance Contracts & Service Agreements
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242 Section 12 Park Vista Finances
243 Budget Detail Report Property: Park Vista E. Holly Avenue El Segundo, CA Period Beginning: Jan 2014 Date Prepared: 01/14/2014 Prepared By: Cadman Group Budget Description: Draft 2014 Budget Jan 2014 Feb 2014 Mar 2014 Apr 2014 May 2014 Jun 2014 Jul 2014 Aug 2014 Sep 2014 Oct 2014 Nov 2014 Dec 2014 Total Percent Income RENT Rent Income 47, , , , , , , , , , , , , Parking Income 1, , , , , , , , , , , , , RENT 48, , , , , , , , , , , , , Laundry Income , Total Budgeted Income 49, , , , , , , , , , , , , Expense Fire Service , Maintenance 6, , , , , , , , , , , , , Elevator service , Gardening 1, , , , , , , , , , , , , Management Fees 12, , , , , , , , , , , , , Pest Control , Insurance - Property , , Licenses and Permits Electricity 1, , , , , , , , , , , , , Gas 1, , , , , , , , , , , , , Water 2, , , , , , , , , , , , , Telephone , Cable/Television 3, , , , , , , , , , , , , Stenographer , Office Supplies , Uniforms , Advertising & Promotion , Created on 01/14/2014 Page 1 of 2
244 Budget Detail Report Jan 2014 Feb 2014 Mar 2014 Apr 2014 May 2014 Jun 2014 Jul 2014 Aug 2014 Sep 2014 Oct 2014 Nov 2014 Dec 2014 Total Percent Entertainment , Bank Service Fees Professional Fees , Total Budgeted Expense 30, , , , , , , , , , , , , Total Budgeted Income 49, , , , , , , , , , , , , Total Budgeted Expense 30, , , , , , , , , , , , , Net Operating Income 18, , , , , , , , , , , , , Other Income Interest on Bank Accounts Total Budgeted Other Income Other Expense Loan Principle Reduction 13, , , , , , , , , , , , , Total Budgeted Other Expense 13, , , , , , , , , , , , , Created on 01/14/2014 Page 2 of 2
245 Update No-Site-Visit Reserve Study Park Vista Apartments El Segundo, CA Report #: For Period Beginning: January 1, 2014 Expires: December 31, 2014 Date Prepared: August 19, 2013
246 Hello, and welcome to your Reserve Study! T his Report is a valuable budget planning tool, for with it you control the future of your association. It contains all the fundamental information needed to understand your current and future Reserve obligations, the most significant expenditures your association will face. W ith respect to Reserves, this Report will tell you where you are and where to go from here. In this Report, you will find 1) A List of What you re Reserving For 2) An Evaluation of your Reserve Fund Size and Strength 3) A Recommended Multi-Year Reserve Funding Plan More Questions? Visit our website at or call us at: 800/ Association Reserves, Inc. 8/19/2013
247 Table of Contents 3-Minute Executive Summary...i Reserve Study Summary...i Reserve Component List Table 1...ii Introduction, Objectives, and Methodology...1 Which Physical Assets are Covered by Reserves?...2 How are Useful Life and Remaining Useful Life established?...2 How are Cost Estimates Established?...2 How much Reserves are enough?...3 How much should we contribute?...4 What is our Funding Goal?...4 Projected Expenses...5 Expense Graph Figure Reserve Fund Status & Recommended Funding Plan...6 Funding Plan Graph Figure Cash Flow Graph Figure % Funded Graph Figure Table Descriptions...8 Reserve Component List Detail Table Contribution & Fund Breakdown Table Year Reserve Plan Summary Table Year Reserve Plan Year by Year Detail Table Accuracy, Limitations, and Disclosures...18 Terms and Definitions...19 Association Reserves, Inc. 8/19/2013
248 3-Minute Executive Summary Association: Park Vista Apartments Assoc. #: Location: El Segundo, CA # of Units: 97 Report Period: January 1, 2014 through December 31, 2014 Results as-of 1/1/2014: Projected Starting Reserve Balance:...$403,284 Fully Funded Reserve Balance:...$474,932 Average Reserve Deficit Per Unit:...$739 Percent Funded: % Recommended 2014 Monthly Reserve Contribution:...$8,245 Recommended 2014 Special Assessment for Reserves:... $0 Most Recent Reserve Contribution Rate:...$7,000 Economic Assumptions: Net Annual After Tax Interest Earnings Accruing to Reserves % Annual Inflation Rate % This is an Update No-Site-Visit Reserve Study, based on a prior Report prepared by Association Reserves, Inc. for your 2013 Fiscal Year. No site inspection was performed as part of this Reserve Study. This Reserve Study was prepared by, or under the supervision of, a credentialed Reserve Specialist (RS). Because your Reserve Fund is at 84.9% Funded, this represents a fair position. In perspective, associations below 30% typically are at a higher risk of special assessments and deferred maintenance whereas associations above 70% usually enjoy less risk of such crisis. Your multi-year Funding Plan is designed to gradually bring you to the 100% level, or Fully Funded. Based on this starting point, your anticipated future expenses, and your historical Reserve contribution rate, our recommendation is to increase your Reserve contributions. No assets appropriate for Reserve designation were excluded. Association Reserves, Inc. i 8/19/2013
249 Table 1: Executive Summary Useful Rem. Current Future Life Useful Average Average # Component (yrs) Life (yrs) Cost Cost 104 5th Floor Patio Deck - Seal/Repair 5 2 $2,500 $2, Balcony/Patio Decks - Seal/Repair 5 0 $33,000 $38, th Floor Patio Deck - Resurface $7,000 $13, Balcony/Patio Decks - Resurface $132,000 $193, Asphalt - Remove & Replace 24 7 $18,750 $23, Asphalt - Seal/Repair 4 0 $1,500 $1, TV - Replace 8 7 $1,500 $1, HVAC System - Replace $5,000 $8, Security System - Modernize 12 6 $4,500 $5, Awnings - Replace 10 2 $23,000 $24, Entry Awning - Replace 10 9 $9,000 $11, Mailboxes - Replace $7,000 $10, Patio Furniture - Replace 8 7 $5,000 $6, BBQ - Replace 10 4 $800 $ Carpet - Replace 10 4 $101,500 $114, Key Card System - Replace 8 4 $3,500 $3, Intercom - Replace 12 0 $3,500 $4, Gate Operator (A) - Replace 12 5 $3,500 $4, Gate Operator (B) - Replace 12 0 $3,500 $4, Gate Operator (C) - Replace 12 0 $3,500 $4, Boilers - Replace $19,000 $27, Boiler Tanks - Replace 10 0 $3,500 $4, Rec. Room Furniture - Replace $8,000 $12, Rec. Room Kitchen - Remodel 20 0 $7,000 $12, Kitchen Appliances - Replace 10 0 $3,500 $4, Interior Surfaces - Repaint 10 4 $28,500 $32, Stucco - Repaint 12 0 $146,000 $208, Roof - Replace $346,000 $523, Elevator - Modernize $200,000 $350, Elevator Cab - Remodel $16,000 $24, Landscaping - Refurbish 5 4 $15,000 $16, Total Funded Components Note 1: a Useful Life of N/A means a one-time expense, not expected to repeat. Note 2: highlighted line items are expected to require attention in the initial year Association Reserves, Inc. ii 8/19/2013
250 Assoc Introduction A Reserve Study is the art and science of anticipating, and preparing for, an association s major common area repair and replacement expenses. Partially art, because in this field we are making projections about the future. Partially science, because our work is a process of research and analysis along well defined methodologies. In this Report you will find the Reserve Component List (what you are reserving Reserve Study for). It contains our estimates for Useful Life, Remaining Useful Life, and the Component List current repair or replacement cost for each Reserve Fund Strength major component the association is Recommended Contribs obligated to maintain. Based on that List and your starting balance we computed the association s Reserve Fund Strength (measured as Percent Funded ), and created a recommended multi-year Reserve Funding Plan to offset future Reserve expenses. As the physical assets age and deteriorate, it is important to accumulate financial assets to keep the two in balance. A stable Reserve Funding Plan that offsets the irregular Reserve expenses will ensure that each owner pays their own fair share of ongoing common area deterioration. Methodology First we establish what the projected expenses are, then we determine the Reserve Study Types association s financial status and create a Funding Plan. For this Update No-Site- Full Visit Reserve Study, we started with a Update With-Site-Visit review of your prior Reserve Study, recent Update No-Site-Visit Reserve expenditures, an evaluation of how expenditures are handled (ongoing maintenance vs Reserves), and research into any well-established association precedents. We adjusted life and cost factors based on time since the last Reserve Study and interviews with association representatives. Association Reserves, Inc. 1 8/19/2013
251 Assoc Which Physical Assets are Covered by Reserves? There is a national-standard four-part test to determine which expenses should be funded Reserve Components through Reserves. First, it must be a common area maintenance responsibility. Second, the Common Area component must have a limited life. Third, the Limited Useful Life limited life must be predictable (or it by definition is a surprise which cannot be Predictable Life Limit accurately anticipated). Fourth, the Cost must be Significant component must be above a minimum threshold cost. This limits Reserve Components to major, predictable expenses. Within this framework, it is inappropriate to include lifetime components, unpredictable expenses (such as damage due to fire, flood, or earthquake), and expenses more appropriately handled from the Operational Budget or as an insured loss. How are Useful Life and Remaining Useful Life established? 1) Reported Condition (wear and age since last report) 2) Association Reserves database of experience 3) Client Component History 4) Vendor Evaluation and Recommendation How are Cost Estimates Established? Financial projections are based on the average of our Best Case and Worst Case estimates, which are established in this order 1) Client Cost History 2) Comparison to Association Reserves database or work done at similar associations 3) Vendor Recommendations 4) Reliable National Industry cost estimating guidebooks Association Reserves, Inc. 2 8/19/2013
252 Assoc How much Reserves are enough? Your Reserve cash Balance can measure reserves, but the true measure is whether the funds are adequate. Adequacy is measured in a two-step process: 1) Calculate the association s Fully Funded Balance (FFB) 2) Compare to the Reserve Fund Balance, and express as a percentage. The FFB grows as assets age and the Reserve needs of the association increase, but shrinks when projects are accomplished and the Reserve needs of the association decrease. The Fully Funded Balance changes each year, and is a moving but predictable target. Percent Funded - 130% Ideal - 100% - 70% - 30% - 0% Strong Fair Weak Special assessments and deferred maintenance are common when the Percent Funded is below 30%. While the 100% point is Ideal, a Reserve Fund in the 70% - 130% range is considered strong because in this range cash flow problems are rare. Measuring your Reserves by Percent Funded tells how well prepared your association is for upcoming Reserve expenses. New buyers should be very aware of this important disclosure! Association Reserves, Inc. 3 8/19/2013
253 Assoc How much should we contribute? There are four Funding Principles that we balance in developing your Reserve Funding Plan. Our first objective is to design a plan that provides you with sufficient cash to perform your Reserve projects on time. A stable contribution rate is desirable because it is a hallmark of a proactive plan. Reserve contributions that are evenly distributed over the owners, over the years, enable each owner to pay their fair share of the association s Reserve expenses (this means we recommend special assessments only when all other options have been exhausted). And finally, we develop a plan that is fiscally responsible and safe for Boardmembers to recommend to their association. Funding Principles Sufficient Cash Stable Contribution Rate Evenly Distributed Fiscally Responsible What is our Funding Goal? Maintaining the Reserve Fund at a level equal to the physical deterioration that has occurred is called Full Funding the Reserves (100% Funded). As each asset ages and becomes used up, the Reserve Fund grows proportionally. This is simple, responsible, and our recommendation. As stated previously, associations in the 100% range rarely experience special assessments or deferred maintenance. Allowing the Reserves to fall close to zero, but not below zero, is called Baseline Funding. In these associations, deterioration occurs without matching Reserve contributions. With a low Percent Funded, special assessments and deferred maintenance are common. Threshold Funding is the title of all other objectives randomly selected between Baseline Funding and Full Funding. Funding Goals Full Funding Threshold Funding Baseline Funding Association Reserves, Inc. 4 8/19/2013
254 Assoc Projected Expenses The figure below shows the array of the projected future expenses at your association. This figure clearly shows the near term and future expenses that your association will face. Note the expenses in 2014, made up primarily of stucco expenses. Annual Reserve Expenses $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $ Figure 1 Years A summary of this information is shown in Table 4, while details of the projects that make up this information are shown in Table 5. Since this is a projection about future events that may or may not take place as anticipated, we feel more certain about near-term projects than those many years away. While this Reserve Study is a one-year document, it is based on 30 years worth of looking forward into the future. Association Reserves, Inc. 5 8/19/2013
255 Assoc Reserve Fund Status The starting point for our financial analysis is your Reserve Fund balance, projected to be $403,284 as-of the start of your Fiscal Year on January 1, This is based on your actual balance on 6/30/2013 of $707, and anticipated Reserve contributions of $42,000 and expenses of $346,000 projected through the end of your Fiscal Year. As of January 1, 2014, your Fully Funded Balance is computed to be $474,932 (see Table 3). This figure represents the deteriorated value of your common area components. Comparing your Reserve Balance to your Fully Funded Balance indicates your Reserves are 85% Funded. As indicated earlier in the Executive Summary, this represents a fair status. Recommended Funding Plan Based on your current Percent Funded and your projected cash flow requirements, we are recommending Reserve contributions of $8,245/month this Fiscal Year. This represents the first year of a 30-year Funding Plan. This same information is shown numerically in both Table 4 and Table 5. Funding Plan Recom m ended Current $20,000 $18,000 $16,000 Monthly Contributions $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $ Years Figure 2 Association Reserves, Inc. 6 8/19/2013
256 Assoc The following chart shows your Reserve Balance under our recommended Funding Plan and your current Funding Plan, and your always-changing Fully Funded Balance target. $2,500, Yr Cash Flow T arget Fully Funded Balance Recom mended Funding Plan Current Funding Plan $2,000,000 $1,500,000 $1,000,000 $500,000 $ Figure 3 Years In this figure it is easy to see how your Reserve Fund gradually draws closer to the Fully Funded (100%) level. 120% Percent F unded Recom mended Funding Plan Current Funding Plan 100% 80% 60% 40% 20% 0% Years Figure 4 Association Reserves, Inc. 7 8/19/2013
257 Assoc Table Descriptions The tabular information in this Report is broken down into five tables. Table 1 summarizes your funded Reserve Components, and is part of the Executive Report summary that appeared earlier in this Report. Table 2 provides the main component description, life, and cost factors for all components determined to be appropriate for Reserve designation. This table represents the core information from which all other tables are derived. Table 3 is presented primarily as an accounting summary page. The results of the individual line item Fully Funded Balance computations are shown. These individual quantities are summed to arrive at the Fully Funded Balance for the association as of the start date of the Report. The figures in the Current Fund Balance column and the Monthly Reserve Contribution column show our distribution throughout the line items. If the association is underfunded, Reserve Funds are distributed first to components with a short Remaining Useful Life. If the association s Reserve Balance is above 100% Funded, funds are distributed evenly for all components. Contribution rates for each component are a proportionate distribution of the total contribution on the basis of the component s significance to the association (current cost divided by useful life). This presentation is not meant to cause clients to redistribute association funds, it simply presents one way to evenly distribute the total among all the different line items. Table 4: This table provides a one-page 30-year summary of the cash flowing into and out of the association, compared to the Fully Funded Balance for each year. Table 5: This table shows the cash flow detail for the next 30 years. This table makes it possible to see what components are projected to require repair or replacement each year, and the size of those individual expenses. Association Reserves, Inc. 8 8/19/2013
258 Table 2: Reserve Component List Detail Rem. Current Useful Useful Best Worst # Component Quantity Life Life Cost Cost 104 5th Floor Patio Deck - Seal/Repair Approx. 1,000 GSF 5 2 $2,000 $3, Balcony/Patio Decks - Seal/Repair Approx. 13,200 GSF 5 0 $26,000 $40, th Floor Patio Deck - Resurface Approx. 1,000 GSF $6,000 $8, Balcony/Patio Decks - Resurface Approx. 13,200 GSF $106,000 $158, Asphalt - Remove & Replace Approx. 6,000 GSF 24 7 $16,500 $21, Asphalt - Seal/Repair Approx. 6,000 GSF 4 0 $1,000 $2, TV - Replace (1) 50" Flat Screen 8 7 $1,000 $2, HVAC System - Replace Furnace&Packaged Unit $4,000 $6, Security System - Modernize (6) Cameras 12 6 $4,000 $5, Awnings - Replace Approx. 1,900 GSF 10 2 $18,000 $28, Entry Awning - Replace (1) Awning 10 9 $8,000 $10, Mailboxes - Replace (102) Metal Boxes $6,000 $8, Patio Furniture - Replace (55) Pieces 8 7 $4,000 $6, BBQ - Replace (2) Char-Broil 10 4 $600 $1, Carpet - Replace Approx. 2,900 GSY 10 4 $87,000 $116, Key Card System - Replace (7) Access Points 8 4 $3,000 $4, Intercom - Replace (1) System 12 0 $3,000 $4, Gate Operator (A) - Replace (1) DKS 1/2 HP Slider 12 5 $3,000 $4, Gate Operator (B) - Replace (1) Elite 1/2 HP Slider 12 0 $3,000 $4, Gate Operator (C) - Replace (1) Elite 1/2 HP Slider 12 0 $3,000 $4, Boilers - Replace (2) Raypak 400,000 BTU $17,000 $21, Boiler Tanks - Replace (2) Raypak 115 Gallon 10 0 $3,000 $4, Rec. Room Furniture - Replace Numerous Pieces $7,000 $9, Rec. Room Kitchen - Remodel Cabinets,Counter,Fixtures 20 0 $6,000 $8, Kitchen Appliances - Replace (5) Pieces 10 0 $3,000 $4, Interior Surfaces - Repaint Approx. 45,000 GSF 10 4 $23,000 $34, Stucco - Repaint (97) Units 12 0 $127,000 $165, Roof - Replace Approx. 17,100 GSF $341,000 $351, Elevator - Modernize (2) 6-Stop $190,000 $210, Elevator Cab - Remodel (2) Standard Cabs $14,000 $18, Landscaping - Refurbish Plants,Trees,Lights 5 4 $10,000 $20, Total Funded Components Association Reserves, Inc. 9 8/19/2013
259 Table 3: Contribution and Fund Breakdown Rem. Fully Current Useful Useful Current Funded Fund Reserve # Component Life Life (Avg) Cost Balance Balance Contributions 104 5th Floor Patio Deck - Seal/Repair 5 2 $2,500 $1,500 $1, $ Balcony/Patio Decks - Seal/Repair 5 0 $33,000 $33,000 $33, $ th Floor Patio Deck - Resurface $7,000 $840 $0.00 $ Balcony/Patio Decks - Resurface $132,000 $63,360 $63, $ Asphalt - Remove & Replace 24 7 $18,750 $13,281 $13, $ Asphalt - Seal/Repair 4 0 $1,500 $1,500 $1, $ TV - Replace 8 7 $1,500 $188 $ $ HVAC System - Replace $5,000 $250 $0.00 $ Security System - Modernize 12 6 $4,500 $2,250 $2, $ Awnings - Replace 10 2 $23,000 $18,400 $18, $ Entry Awning - Replace 10 9 $9,000 $900 $ $ Mailboxes - Replace $7,000 $2,800 $0.00 $ Patio Furniture - Replace 8 7 $5,000 $625 $ $ BBQ - Replace 10 4 $800 $480 $ $ Carpet - Replace 10 4 $101,500 $60,900 $60, $1, Key Card System - Replace 8 4 $3,500 $1,750 $1, $ Intercom - Replace 12 0 $3,500 $3,500 $3, $ Gate Operator (A) - Replace 12 5 $3,500 $2,042 $2, $ Gate Operator (B) - Replace 12 0 $3,500 $3,500 $3, $ Gate Operator (C) - Replace 12 0 $3,500 $3,500 $3, $ Boilers - Replace $19,000 $7,600 $7, $ Boiler Tanks - Replace 10 0 $3,500 $3,500 $3, $ Rec. Room Furniture - Replace $8,000 $533 $ $ Rec. Room Kitchen - Remodel 20 0 $7,000 $7,000 $7, $ Kitchen Appliances - Replace 10 0 $3,500 $3,500 $3, $ Interior Surfaces - Repaint 10 4 $28,500 $17,100 $17, $ Stucco - Repaint 12 0 $146,000 $146,000 $146, $1, Roof - Replace $346,000 $23,067 $4, $2, Elevator - Modernize $200,000 $48,000 $0.00 $ Elevator Cab - Remodel $16,000 $1,067 $0.00 $ Landscaping - Refurbish 5 4 $15,000 $3,000 $3, $ Total Funded Components $474,932 $403,284 $8,245 Association Reserves, Inc. 10 8/19/2013
260 Table 4: 30-Year Reserve Plan Summary Fiscal Year Beginning: 01/01/14 Interest: 1.0% Inflation: 3.0% Starting Fully Annual Loans or Projected Reserve Funded Percent Reserve Special Interest Reserve Year Balance Balance Funded Rating Contribs. Assmts Income Expenses 2014 $403,284 $474, % Strong $98,940 $0 $3,519 $205, $300,743 $363, % Strong $101,908 $0 $3,533 $ $406,184 $463, % Strong $104,965 $0 $4,472 $27, $488,568 $540, % Strong $108,114 $0 $5,451 $ $602,134 $649, % Strong $111,358 $0 $5,756 $169, $549,521 $591, % Strong $114,699 $0 $5,884 $42, $627,790 $664, % Strong $118,140 $0 $6,873 $5, $747,429 $781, % Strong $121,684 $0 $7,948 $34, $842,933 $875, % Strong $125,334 $0 $9,088 $1, $975,455 $1,008, % Strong $129,094 $0 $10,291 $31, $1,083,525 $1,117, % Strong $132,967 $0 $11,283 $53, $1,174,018 $1,211, % Strong $136,956 $0 $12,482 $ $1,323,457 $1,366, % Strong $141,065 $0 $12,529 $293, $1,183,343 $1,227, % Strong $145,297 $0 $11,644 $193, $1,146,437 $1,190, % Strong $149,656 $0 $8,350 $780, $524,249 $552, % Strong $154,145 $0 $5,677 $72, $611,626 $627, % Strong $158,770 $0 $6,930 $2, $774,918 $781, % Strong $163,533 $0 $8,556 $9, $937,090 $936, % Strong $168,439 $0 $10,222 $7, $1,108,090 $1,102, % Strong $173,492 $0 $9,986 $401, $890,015 $872, % Strong $178,697 $0 $9,367 $93, $984,161 $956, % Strong $183,164 $0 $10,807 $ $1,178,132 $1,145, % Strong $187,743 $0 $12,466 $62, $1,316,067 $1,279, % Strong $192,437 $0 $14,123 $12, $1,509,799 $1,474, % Strong $197,248 $0 $13,056 $617, $1,102,540 $1,056, % Strong $202,179 $0 $11,745 $69, $1,247,369 $1,196, % Strong $207,233 $0 $13,572 $ $1,468,174 $1,417, % Strong $212,414 $0 $15,788 $5, $1,690,823 $1,644, % Strong $217,725 $0 $18,022 $11, $1,915,130 $1,878, % Strong $223,168 $0 $15,655 $936,735 Association Reserves, Inc. 11 8/19/2013
261 Table 5: 30-Year Income/Expense Detail (yrs 0 through 4) Fiscal Year Starting Reserve Balance $403,284 $300,743 $406,184 $488,568 $602,134 Annual Reserve Contribution $98,940 $101,908 $104,965 $108,114 $111,358 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $3,519 $3,533 $4,472 $5,451 $5,756 Total Income $505,743 $406,184 $515,621 $602,134 $719,248 # Component 104 5th Floor Patio Deck - Seal/Repair $0 $0 $2,652 $0 $0 104 Balcony/Patio Decks - Seal/Repair $33,000 $0 $0 $0 $ th Floor Patio Deck - Resurface $0 $0 $0 $0 $0 105 Balcony/Patio Decks - Resurface $0 $0 $0 $0 $0 201 Asphalt - Remove & Replace $0 $0 $0 $0 $0 202 Asphalt - Seal/Repair $1,500 $0 $0 $0 $1, TV - Replace $0 $0 $0 $0 $0 303 HVAC System - Replace $0 $0 $0 $0 $0 305 Security System - Modernize $0 $0 $0 $0 $0 401 Awnings - Replace $0 $0 $24,401 $0 $0 401 Entry Awning - Replace $0 $0 $0 $0 $0 403 Mailboxes - Replace $0 $0 $0 $0 $0 404 Patio Furniture - Replace $0 $0 $0 $0 $0 407 BBQ - Replace $0 $0 $0 $0 $ Carpet - Replace $0 $0 $0 $0 $114, Key Card System - Replace $0 $0 $0 $0 $3, Intercom - Replace $3,500 $0 $0 $0 $0 705 Gate Operator (A) - Replace $0 $0 $0 $0 $0 705 Gate Operator (B) - Replace $3,500 $0 $0 $0 $0 705 Gate Operator (C) - Replace $3,500 $0 $0 $0 $0 801 Boilers - Replace $0 $0 $0 $0 $0 804 Boiler Tanks - Replace $3,500 $0 $0 $0 $0 903 Rec. Room Furniture - Replace $0 $0 $0 $0 $0 904 Rec. Room Kitchen - Remodel $7,000 $0 $0 $0 $0 905 Kitchen Appliances - Replace $3,500 $0 $0 $0 $ Interior Surfaces - Repaint $0 $0 $0 $0 $32, Stucco - Repaint $146,000 $0 $0 $0 $ Roof - Replace $0 $0 $0 $0 $ Elevator - Modernize $0 $0 $0 $0 $ Elevator Cab - Remodel $0 $0 $0 $0 $ Landscaping - Refurbish $0 $0 $0 $0 $16,883 Total Expenses $205,000 $0 $27,053 $0 $169,727 Ending Reserve Balance: $300,743 $406,184 $488,568 $602,134 $549,521 Association Reserves, Inc. 12 8/19/2013
262 Table 5: 30-Year Income/Expense Detail (yrs 5 through 9) Fiscal Year Starting Reserve Balance $549,521 $627,790 $747,429 $842,933 $975,455 Annual Reserve Contribution $114,699 $118,140 $121,684 $125,334 $129,094 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $5,884 $6,873 $7,948 $9,088 $10,291 Total Income $670,104 $752,803 $877,062 $977,355 $1,114,840 # Component 104 5th Floor Patio Deck - Seal/Repair $0 $0 $3,075 $0 $0 104 Balcony/Patio Decks - Seal/Repair $38,256 $0 $0 $0 $ th Floor Patio Deck - Resurface $0 $0 $0 $0 $0 105 Balcony/Patio Decks - Resurface $0 $0 $0 $0 $0 201 Asphalt - Remove & Replace $0 $0 $23,060 $0 $0 202 Asphalt - Seal/Repair $0 $0 $0 $1,900 $0 301 TV - Replace $0 $0 $1,845 $0 $0 303 HVAC System - Replace $0 $0 $0 $0 $0 305 Security System - Modernize $0 $5,373 $0 $0 $0 401 Awnings - Replace $0 $0 $0 $0 $0 401 Entry Awning - Replace $0 $0 $0 $0 $11, Mailboxes - Replace $0 $0 $0 $0 $0 404 Patio Furniture - Replace $0 $0 $6,149 $0 $0 407 BBQ - Replace $0 $0 $0 $0 $0 601 Carpet - Replace $0 $0 $0 $0 $0 701 Key Card System - Replace $0 $0 $0 $0 $0 704 Intercom - Replace $0 $0 $0 $0 $0 705 Gate Operator (A) - Replace $4,057 $0 $0 $0 $0 705 Gate Operator (B) - Replace $0 $0 $0 $0 $0 705 Gate Operator (C) - Replace $0 $0 $0 $0 $0 801 Boilers - Replace $0 $0 $0 $0 $0 804 Boiler Tanks - Replace $0 $0 $0 $0 $0 903 Rec. Room Furniture - Replace $0 $0 $0 $0 $0 904 Rec. Room Kitchen - Remodel $0 $0 $0 $0 $0 905 Kitchen Appliances - Replace $0 $0 $0 $0 $ Interior Surfaces - Repaint $0 $0 $0 $0 $ Stucco - Repaint $0 $0 $0 $0 $ Roof - Replace $0 $0 $0 $0 $ Elevator - Modernize $0 $0 $0 $0 $ Elevator Cab - Remodel $0 $0 $0 $0 $ Landscaping - Refurbish $0 $0 $0 $0 $19,572 Total Expenses $42,314 $5,373 $34,129 $1,900 $31,315 Ending Reserve Balance: $627,790 $747,429 $842,933 $975,455 $1,083,525 Association Reserves, Inc. 13 8/19/2013
263 Table 5: 30-Year Income/Expense Detail (yrs 10 through 14) Fiscal Year Starting Reserve Balance $1,083,525 $1,174,018 $1,323,457 $1,183,343 $1,146,437 Annual Reserve Contribution $132,967 $136,956 $141,065 $145,297 $149,656 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $11,283 $12,482 $12,529 $11,644 $8,350 Total Income $1,227,775 $1,323,457 $1,477,050 $1,340,284 $1,304,443 # Component 104 5th Floor Patio Deck - Seal/Repair $0 $0 $3,564 $0 $0 104 Balcony/Patio Decks - Seal/Repair $44,349 $0 $0 $0 $ th Floor Patio Deck - Resurface $0 $0 $0 $0 $0 105 Balcony/Patio Decks - Resurface $0 $0 $0 $193,846 $0 201 Asphalt - Remove & Replace $0 $0 $0 $0 $0 202 Asphalt - Seal/Repair $0 $0 $2,139 $0 $0 301 TV - Replace $0 $0 $0 $0 $0 303 HVAC System - Replace $0 $0 $0 $0 $0 305 Security System - Modernize $0 $0 $0 $0 $0 401 Awnings - Replace $0 $0 $32,793 $0 $0 401 Entry Awning - Replace $0 $0 $0 $0 $0 403 Mailboxes - Replace $0 $0 $0 $0 $0 404 Patio Furniture - Replace $0 $0 $0 $0 $0 407 BBQ - Replace $0 $0 $0 $0 $1, Carpet - Replace $0 $0 $0 $0 $153, Key Card System - Replace $0 $0 $4,990 $0 $0 704 Intercom - Replace $0 $0 $4,990 $0 $0 705 Gate Operator (A) - Replace $0 $0 $0 $0 $0 705 Gate Operator (B) - Replace $0 $0 $4,990 $0 $0 705 Gate Operator (C) - Replace $0 $0 $4,990 $0 $0 801 Boilers - Replace $0 $0 $27,089 $0 $0 804 Boiler Tanks - Replace $4,704 $0 $0 $0 $0 903 Rec. Room Furniture - Replace $0 $0 $0 $0 $12, Rec. Room Kitchen - Remodel $0 $0 $0 $0 $0 905 Kitchen Appliances - Replace $4,704 $0 $0 $0 $ Interior Surfaces - Repaint $0 $0 $0 $0 $43, Stucco - Repaint $0 $0 $208,161 $0 $ Roof - Replace $0 $0 $0 $0 $523, Elevator - Modernize $0 $0 $0 $0 $ Elevator Cab - Remodel $0 $0 $0 $0 $24, Landscaping - Refurbish $0 $0 $0 $0 $22,689 Total Expenses $53,757 $0 $293,707 $193,846 $780,194 Ending Reserve Balance: $1,174,018 $1,323,457 $1,183,343 $1,146,437 $524,249 Association Reserves, Inc. 14 8/19/2013
264 Table 5: 30-Year Income/Expense Detail (yrs 15 through 19) Fiscal Year Starting Reserve Balance $524,249 $611,626 $774,918 $937,090 $1,108,090 Annual Reserve Contribution $154,145 $158,770 $163,533 $168,439 $173,492 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $5,677 $6,930 $8,556 $10,222 $9,986 Total Income $684,071 $777,325 $947,008 $1,115,751 $1,291,568 # Component 104 5th Floor Patio Deck - Seal/Repair $0 $0 $4,132 $0 $0 104 Balcony/Patio Decks - Seal/Repair $51,413 $0 $0 $0 $ th Floor Patio Deck - Resurface $0 $0 $0 $0 $0 105 Balcony/Patio Decks - Resurface $0 $0 $0 $0 $0 201 Asphalt - Remove & Replace $0 $0 $0 $0 $0 202 Asphalt - Seal/Repair $0 $2,407 $0 $0 $0 301 TV - Replace $2,337 $0 $0 $0 $0 303 HVAC System - Replace $0 $0 $0 $0 $8, Security System - Modernize $0 $0 $0 $7,661 $0 401 Awnings - Replace $0 $0 $0 $0 $0 401 Entry Awning - Replace $0 $0 $0 $0 $15, Mailboxes - Replace $10,906 $0 $0 $0 $0 404 Patio Furniture - Replace $7,790 $0 $0 $0 $0 407 BBQ - Replace $0 $0 $0 $0 $0 601 Carpet - Replace $0 $0 $0 $0 $0 701 Key Card System - Replace $0 $0 $0 $0 $0 704 Intercom - Replace $0 $0 $0 $0 $0 705 Gate Operator (A) - Replace $0 $0 $5,785 $0 $0 705 Gate Operator (B) - Replace $0 $0 $0 $0 $0 705 Gate Operator (C) - Replace $0 $0 $0 $0 $0 801 Boilers - Replace $0 $0 $0 $0 $0 804 Boiler Tanks - Replace $0 $0 $0 $0 $0 903 Rec. Room Furniture - Replace $0 $0 $0 $0 $0 904 Rec. Room Kitchen - Remodel $0 $0 $0 $0 $0 905 Kitchen Appliances - Replace $0 $0 $0 $0 $ Interior Surfaces - Repaint $0 $0 $0 $0 $ Stucco - Repaint $0 $0 $0 $0 $ Roof - Replace $0 $0 $0 $0 $ Elevator - Modernize $0 $0 $0 $0 $350, Elevator Cab - Remodel $0 $0 $0 $0 $ Landscaping - Refurbish $0 $0 $0 $0 $26,303 Total Expenses $72,445 $2,407 $9,917 $7,661 $401,553 Ending Reserve Balance: $611,626 $774,918 $937,090 $1,108,090 $890,015 Association Reserves, Inc. 15 8/19/2013
265 Table 5: 30-Year Income/Expense Detail (yrs 20 through 24) Fiscal Year Starting Reserve Balance $890,015 $984,161 $1,178,132 $1,316,067 $1,509,799 Annual Reserve Contribution $178,697 $183,164 $187,743 $192,437 $197,248 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $9,367 $10,807 $12,466 $14,123 $13,056 Total Income $1,078,079 $1,178,132 $1,378,341 $1,522,627 $1,720,103 # Component 104 5th Floor Patio Deck - Seal/Repair $0 $0 $4,790 $0 $0 104 Balcony/Patio Decks - Seal/Repair $59,602 $0 $0 $0 $ th Floor Patio Deck - Resurface $0 $0 $13,413 $0 $0 105 Balcony/Patio Decks - Resurface $0 $0 $0 $0 $0 201 Asphalt - Remove & Replace $0 $0 $0 $0 $0 202 Asphalt - Seal/Repair $2,709 $0 $0 $0 $3, TV - Replace $0 $0 $0 $2,960 $0 303 HVAC System - Replace $0 $0 $0 $0 $0 305 Security System - Modernize $0 $0 $0 $0 $0 401 Awnings - Replace $0 $0 $44,070 $0 $0 401 Entry Awning - Replace $0 $0 $0 $0 $0 403 Mailboxes - Replace $0 $0 $0 $0 $0 404 Patio Furniture - Replace $0 $0 $0 $9,868 $0 407 BBQ - Replace $0 $0 $0 $0 $1, Carpet - Replace $0 $0 $0 $0 $206, Key Card System - Replace $6,321 $0 $0 $0 $0 704 Intercom - Replace $0 $0 $0 $0 $7, Gate Operator (A) - Replace $0 $0 $0 $0 $0 705 Gate Operator (B) - Replace $0 $0 $0 $0 $7, Gate Operator (C) - Replace $0 $0 $0 $0 $7, Boilers - Replace $0 $0 $0 $0 $0 804 Boiler Tanks - Replace $6,321 $0 $0 $0 $0 903 Rec. Room Furniture - Replace $0 $0 $0 $0 $0 904 Rec. Room Kitchen - Remodel $12,643 $0 $0 $0 $0 905 Kitchen Appliances - Replace $6,321 $0 $0 $0 $ Interior Surfaces - Repaint $0 $0 $0 $0 $57, Stucco - Repaint $0 $0 $0 $0 $296, Roof - Replace $0 $0 $0 $0 $ Elevator - Modernize $0 $0 $0 $0 $ Elevator Cab - Remodel $0 $0 $0 $0 $ Landscaping - Refurbish $0 $0 $0 $0 $30,492 Total Expenses $93,918 $0 $62,273 $12,828 $617,563 Ending Reserve Balance: $984,161 $1,178,132 $1,316,067 $1,509,799 $1,102,540 Association Reserves, Inc. 16 8/19/2013
266 Table 5: 30-Year Income/Expense Detail (yrs 25 through 29) Fiscal Year Starting Reserve Balance $1,102,540 $1,247,369 $1,468,174 $1,690,823 $1,915,130 Annual Reserve Contribution $202,179 $207,233 $212,414 $217,725 $223,168 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $11,745 $13,572 $15,788 $18,022 $15,655 Total Income $1,316,463 $1,468,174 $1,696,376 $1,926,570 $2,153,953 # Component 104 5th Floor Patio Deck - Seal/Repair $0 $0 $5,553 $0 $0 104 Balcony/Patio Decks - Seal/Repair $69,095 $0 $0 $0 $ th Floor Patio Deck - Resurface $0 $0 $0 $0 $0 105 Balcony/Patio Decks - Resurface $0 $0 $0 $0 $0 201 Asphalt - Remove & Replace $0 $0 $0 $0 $0 202 Asphalt - Seal/Repair $0 $0 $0 $3,432 $0 301 TV - Replace $0 $0 $0 $0 $0 303 HVAC System - Replace $0 $0 $0 $0 $0 305 Security System - Modernize $0 $0 $0 $0 $0 401 Awnings - Replace $0 $0 $0 $0 $0 401 Entry Awning - Replace $0 $0 $0 $0 $21, Mailboxes - Replace $0 $0 $0 $0 $0 404 Patio Furniture - Replace $0 $0 $0 $0 $0 407 BBQ - Replace $0 $0 $0 $0 $0 601 Carpet - Replace $0 $0 $0 $0 $0 701 Key Card System - Replace $0 $0 $0 $8,008 $0 704 Intercom - Replace $0 $0 $0 $0 $0 705 Gate Operator (A) - Replace $0 $0 $0 $0 $8, Gate Operator (B) - Replace $0 $0 $0 $0 $0 705 Gate Operator (C) - Replace $0 $0 $0 $0 $0 801 Boilers - Replace $0 $0 $0 $0 $0 804 Boiler Tanks - Replace $0 $0 $0 $0 $0 903 Rec. Room Furniture - Replace $0 $0 $0 $0 $18, Rec. Room Kitchen - Remodel $0 $0 $0 $0 $0 905 Kitchen Appliances - Replace $0 $0 $0 $0 $ Interior Surfaces - Repaint $0 $0 $0 $0 $ Stucco - Repaint $0 $0 $0 $0 $ Roof - Replace $0 $0 $0 $0 $815, Elevator - Modernize $0 $0 $0 $0 $ Elevator Cab - Remodel $0 $0 $0 $0 $37, Landscaping - Refurbish $0 $0 $0 $0 $35,348 Total Expenses $69,095 $0 $5,553 $11,440 $936,735 Ending Reserve Balance: $1,247,369 $1,468,174 $1,690,823 $1,915,130 $1,217,218 Association Reserves, Inc. 17 8/19/2013
267 Assoc Accuracy, Limitations, and Disclosures Because we have no control over future events, we cannot claim that all the events we anticipate will occur as planned. We expect that inflationary trends will continue, and we expect that financial institutions will provide interest earnings on funds on-deposit. We believe that reasonable estimates for these figures are much more accurate than ignoring these economic realities. The things we can control are measurements, which we attempt to establish within 5% accuracy. Your starting Reserve Balance and current Reserve interest earnings are also numbers that can be identified with a high degree of certainty. These figures have been provided to us, and were not confirmed by our independent research. Our projections assume a stable economic environment and lack of natural disasters. Because both the physical status and financial status of the association change each year, this Reserve Study is by nature a one-year document. This information can and should be adjusted annually as part of the Reserve Study Update process so that more accurate estimates can be reflected in the Reserve plan. Reality often differs from even the best assumptions due to changing economic factors, physical factors, or ownership expectations. Because many years of financial preparation help the preparation for large expenses, this Report shows expenses for the next 30 years. We fully expect a number of adjustments will be necessary through the interim years to both the cost and timing of distant expense projections. It is our recommendation and that of the American Institute of Certified Public Accountants (AICPA) that your Reserve Study be updated annually. Association Reserves, Inc., and its employees have no ownership, management, or other business relationships with the client other than this Reserve Study engagement. Robert M. Nordlund, P.E., R.S., company president, is a California licensed Professional Engineer (Mechanical, #22322), and credentialed Reserve Specialist (#5). All work done by Association Reserves is performed under his Responsible Charge. There are no material issues to our knowledge that have not been disclosed to the client that would cause a distortion of the association s situation. We have relied upon the client to provide the current (or projected) Reserve Balance, the estimated net-after-tax current rate of interest earnings, and to indicate if those earnings accrue to the Reserve Fund. In addition, we have considered the association s representation of current and historical Reserve projects reliable, and we have considered the representations made by its vendors and suppliers to also be accurate and reliable. Component quantities indicated in this Report were derived from the prior Reserve Study, unless otherwise noted in our Site Inspection Notes comments. No destructive or intrusive testing was performed, nor should the site inspection be assumed to be anything other than for budget purposes. Association Reserves, Inc. 18 8/19/2013
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