DRAFT CAPITAL RESERVE STUDY. The Piano Works Condominium Association. Deep River, Connecticut FOR THE. Project Number:
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- Rosalyn Richards
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1 CAPITAL RESERVE STUDY DRAFT FOR THE Management Company: Sound Real Estate Services, Contact Name: Josh Parsons Date: August 22, 2016
2 Table of Contents Section Name Section # Executive Summary... 1 Reserve Study Disclosures... 2 Introduction... 3 Capital Reserve Methodology... 4 Capital Reserve Calculation...5 Capital Reserve Recommendations... 6 Component Narrative... 7 Reserve Summary... 8 Component Schedule... 9 Component Detail Disbursement Schedule Reserve Fund Scenarios Disbursements by Year...13 Reserve Fund Closing Balance Reserve Fund Contributions Definitions... DRAFT 16
3 Executive Summary The Piano Works is a 70 unit condominium associated in 3 high rise buildings that were previously used for industrial use. The Piano Works is located off of Main Street in, which is easily accessible from Route 9. Recreational amenities include a community room and an exercise room. Brick masonry siding is utilized on the exterior exposures of the buildings and a combination of composite asphalt shingles and EPDM are utilized on the various roofs. On the ground level a ballast EPDM roofing system is utilized above a portion of the building. Asphalt parking is provided on the exterior ground level with asphalt curbing. Cast-in-place concrete sidewalks are located around the back entrance to the building accompanied by concrete curbing. Level of Service Level I: New Study Fiscal Year of Study 2016 Current Status of Reserve Fund (Component Method) Current Balance $71,466 Fully Funded Balance $971,270 Percent Funded 7.36% Reserve Budget Recommendations Prior Budget Component Year Contribution Method * Contribution/Year $31,771 $261,208 Contribution/Unit $454 $3,732 Contribution/Unit/Month $38 $311 5% Threshold * $121,483 $1,735 $145 10% Threshold * $127,569 $1,822 $152 * Please note that this is the contribution for the period of July 2016 through June
4 Reserve Study Disclosures General - Becht Engineering BT is not aware of any involvement with this Association, which would lead to an actual or perceived conflict of interest. Physical Analysis - The inspections performed to determine the current physical condition of the common elements were visual in nature; no destructive testing or invasive inspections were performed. Quantities were taken from a combination of field counts/measurements and plan take-offs. Personnel Credentials - Preparation of this Reserve Study was performed by a CAI designated Reserve Specialist and licensed Building Inspector. Completeness - This Reserve Study assumes that proper preventative and corrective maintenance has been and will continue to be performed on the common elements. Failure to properly maintain the common elements may lead to premature failure. It should be noted that higher rates of inflation, lower earned interest rates or prematurely failing components can result in a negative closing cash balance. In addition, it is important to note that the capital fund contributions each year are assumed to rise at the assumed rate of inflation. Failure to raise the annual contributions with inflation will reduce the closing balance and may lead to a future shortfall. Reliance on Client Data - This Reserve Study was prepared based on certain information provided by an official representative of the Association. This information includes the current asset balance of the Reserve Fund and the ages of the common elements and dates of most recent replacements. Scope - This Reserve Study is a reflection of the information provided to us and assembled for the Association's use for budgeting purposes, not for the purpose of performing an audit, quality/forensic analysis or background checks of historical records. Interpretation of contradictions that may exist within the governing document's definition of common elements is not within the scope of this Study. Reserve Balance - The actual and projected Reserve Fund Balance is based upon information provided by the Association and was not audited. Component Quantities - Where this Reserve Study is an update of a previously prepared Study, the Association is considered to have deemed previously developed component listings and quantities as accurate and reliable. Estimated Replacement Costs - Replacement costs are to be considered estimated projections of the cost to replace common elements in kind. These cost estimates are to be considered preliminary until such time as a project specific design or scope of work is developed. These costs can be affected by many variables including inflation, project scope and hidden damage conditions. Reserve Projects - While the information provided in this Study is to be considered reliable, on-site inspections are not to be considered a project audit or quality inspection. 2
5 Introduction The purpose of a Capital Reserve Study is to estimate the amount of money that must be funded annually to replace those common element components that will require replacement before the end of the effective life of the project. Mortgage lenders recognize the conditions of inadequate reserves. Reserves are important in preserving the qualities of a particular complex or building and therefore can affect property values. Consequently, capital reserves are directly related to the security and risk of a lender's investment and the marketability of the property. The Capital Reserve Study develops a recommended basic annual contribution based upon current replacement costs. Inflation may increase future costs unpredictably, and the accumulation of interest on the reserve fund deposits increases available funds. Accurate projection of these factors is not possible. However, the effects of inflation and interest are shown via cash flow projections using assumed inflation and interest rates. Accurate reserve funding requires regular updates. The Community Associations Institute recommends yearly reviews and a formal study every three years. 3
6 Capital Reserve Methodology In preparing this study, when provided, we reviewed the master deed and offering statement to identify the common element components. The Association owns these building and site components. Only components with estimated remaining lives of 30 years or less have been included in the capital reserve fund. Components with estimated remaining lives that are greater than 30 years, such as building structures, piping and electrical wiring are usually replaced during a major renovation and financed at that time. Including these components in the reserve fund would result in an unrealistically high-recommended annual contribution to the capital reserve. Quantities of the components to be included in the reserve fund were then determined by field measurements, as well as a review of building and site plans, if available. Estimates of the costs to replace each component were derived from published industry standards, such as the R.S. Means Company cost-estimating guides and from our own experience in designing and supervising construction of similar projects. These cost estimates are to be considered preliminary until such time as a project specific design or scope of work is developed. Finally, estimated remaining lives were determined for each of the included components based on the reported or evident present age, available industry data related to typical useful lives and the condition of the component, as determined by our physical inspection. The capital reserve fund is not intended to cover annual maintenance. If maintenance items are included in the Capital Reserve Study, the tax status of the reserve fund can be jeopardized. However, expected lives are based on the assumption that proper annual maintenance is being performed. Therefore, this annual maintenance should be included in the Association's budget and maintenance fee. Without proper maintenance, accelerated deterioration can be expected, with shortened lives. Please note, it is only possible to reserve for future expenditures and that a current need must be financed separately by borrowing or assessments. This Capital Reserve Study is developed as an aid in the proper financial planning of the Association. As such, the common element components included are evaluated for their physical condition and only for the purpose of estimating their remaining lives. Identification of possible deficient conditions is beyond the intent and scope of the Capital Reserve Study. 4
7 Capital Reserve Calculation We have provided two Capital Reserve calculation methods as described below. Component Method The first method provided in this reserve study is what is known as the Component Method. This is the most conservative approach to calculating the reserve requirement. The Component Method analyzes each component individually and assumes that the money collected for each item will only be used to replace that item. Our program uses assumed rates of interest and inflation in the calculation of the annual contribution and fully funded balance. We compare the actual balance in the Association's Reserve Fund with the calculated fully funded balance and determine if a surplus or deficit condition exists. If a deficit condition exists, an additional contribution is calculated for each component to offset the deficit. Threshold Funding Method The second calculation method is known as the Threshold Funding Method. This method pools all the components and assumes that the money contributed to the fund is available for replacement of any item. Looking out over the next 30 years, the annual contribution is determined by lowering the contribution until the closing balance for any given year reaches a predetermined threshold. We typically provide two Threshold Method scenarios. These thresholds are based on a percentage of the current replacement cost of all the components in the Reserve Study. Basing the threshold on a percentage of the replacement cost of all components keeps the minimum proportional to the needs of a specific community. This minimizes the annual contribution while maintaining a minimum closing balance. Determining the optimum minimum closing balance is a subjective task. Certainly, the lower the minimum acceptable balance is the greater the risk that the fund will experience a deficit. It should be noted that this method only considers Reserve Account balances over the next 30 years. Large capital expenditures just beyond the 30- year window will not be considered using this method until in the future they fall within the 30-year window. 5
8 Capital Reserve Recommendations has a total of 19 components in the reserve fund with a current Replacement Cost of $1,398,205. presently has a total of $71,466 in the reserve fund. Using the Component Method, we have determined that the Basic Annual Contribution to the reserve fund should be $90,311. The fully funded balance required is $971,270. This leaves deficit of $899,804 in the reserve fund. The deficit will be offset on an annual basis, for each reserve component, based on the estimated remaining lives. The total of the next budget year contribution to the Contribution Adjustment is $170,898. This results in a Total Contribution to the reserve fund for the next budget year of $261,208. Based on your evaluation of the preferred calculation method, we suggest that you plan your annual contributions over the next few years according to the appropriate cash flow schedule. Each year for the next three years, you may choose to review these assumptions. At no later than three years, we suggest that you contact us for an update based on a proper engineering review of the facility and replacement costs. It should be noted that higher rates of inflation, lower earned interest rates or prematurely failing components can result in a negative closing cash balance. In addition, it is important to note that the capital fund contributions each year are assumed to rise at the assumed rate of inflation. Failure to raise the annual contributions with inflation will reduce the closing balance. We recommend that the Association review this Capital Reserve Study with their Certified Public Accountant to be utilized in the preparation of their annual budget. 6
9 Component Narrative Architectural Present Age: 36 Bridge, Wood Quantity: 550 SF Cost Per Unit: $30.00 Replacement Cost: $16,500 Present Age: 36 Carpeting Typical Life: 20 Typical Life: 10 Est Rem Life: 5 Quantity: 9,600 SF Cost Per Unit: $9.00 Replacement Cost: $86,400 Present Age: 23 Roof, Shingles-1993 Replacement Typical Life: 25 Est Rem Life: 5 Quantity: 1 LS Cost Per Unit: $18, Replacement Cost: $18,000 Comment: This price reflects the replacement of the roof and the gutter system. Present Age: 36 Roof, Shingles-Original Typical Life: 25 Est Rem Life: 2 Quantity: 1 LS Cost Per Unit: $19, Replacement Cost: $19,500 Comment: This price reflects the replacement of the roof and the gutter system. Present Age: 36 Roof, Single-Ply Bal-Ground Level Typical Life: 15 Est Rem Life: 5 Quantity: 1 LS Cost Per Unit: $150, Replacement Cost: $150,000 Comment: This price reflects the roofing system as a whole including the walkway above. Est Rem Life: 5 7-1
10 Component Narrative Architectural Present Age: 23 Roof, Single-Ply-1993 Replacement Quantity: 1 LS Cost Per Unit: $70, Replacement Cost: $70,575 Typical Life: 15 Comment: This price reflects the replacement of the roof and the gutter system. Present Age: 6 Roof, Single-Ply-2010 Replacement Typical Life: 15 Est Rem Life: 5 Quantity: 1 LS Cost Per Unit: $146, Replacement Cost: $146,938 Comment: This price reflects the replacement of the roof and the gutter system. Present Age: 2 Roof, Single-Ply-2014 Replacement Typical Life: 15 Est Rem Life: 9 Quantity: 1 LS Cost Per Unit: $47, Replacement Cost: $47,670 Comment: This price reflects the replacement of the roof and the gutter system. Present Age: 36 Roof, Single-Ply-Original Typical Life: 15 Est Rem Life: 13 Quantity: 1 LS Cost Per Unit: $27, Replacement Cost: $27,120 Comment: This price reflects the replacement of the roof and the gutter system. Present Age: 23 Windows, Double Hung Typical Life: 30 Est Rem Life: 5 Quantity: 442 EA Cost Per Unit: $ Replacement Cost: $309,400 Est Rem Life: 7 7-2
11 Component Narrative Electrical Present Age: 1 Lower Level Parking Lights Quantity: 1 LS Cost Per Unit: $16, Replacement Cost: $16,000 Typical Life: 25 Est Rem Life:
12 Component Narrative Mechanical Present Age: 5 Buffalo Fire Pump Quantity: 1 EA Cost Per Unit: $25, Replacement Cost: $25,000 Present Age: 36 Elevator System Typical Life: 25 Typical Life: 20 Est Rem Life: 20 Quantity: 1 LS Cost Per Unit: $200, Replacement Cost: $200,000 Comment: This price reflects the system as a whole, including the generators, motors, belts and cars. Est Rem Life:
13 Component Narrative Site Present Age: 26 Asphalt Paving Quantity: 5,150 SY Cost Per Unit: $20.00 Replacement Cost: $103,000 Typical Life: 20 Comment: Asphalt paving requires regular maintenance, including crack filling and pot hole repair to prevent accelerated damage. Present Age: 36 Concrete Sidewalks Typical Life: 30 Est Rem Life: 5 Quantity: 3,900 SF Cost Per Unit: $7.00 Replacement Cost: $27,300 Present Age: 36 Fence, Aluminum Typical Life: 25 Est Rem Life: 10 Quantity: 800 LF Cost Per Unit: $33.50 Replacement Cost: $26,800 Present Age: 5 Fire Escapes Typical Life: 50 Est Rem Life: 5 Quantity: 1 LS Cost Per Unit: $1.00 Replacement Cost: $1 Comment: This line item is currently a placeholder. Present Age: 36 Retaining Wall, Segmental-Basketball Court Typical Life: 40 Est Rem Life: 45 Quantity: 2,400 SF Cost Per Unit: $45.00 Replacement Cost: $108,000 Present Age: 36 Retaining Wall, Segmental-Parking Lot Typical Life: 40 Est Rem Life: 4 Quantity: 1 LS Cost Per Unit: $1.00 Replacement Cost: $1 Comment: This line item is currently a placeholder. Est Rem Life: 4 7-5
14 Capital Reserve Calculations
15 Reserve Summary Architectural Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Architectural $892,103 $45,263 $615,152 ($569,889) $62,705 $108,146 $170,851 Electrical $16,000 $61 $829 ($768) $833 $41 $875 Mechanical $225,000 $9,010 $122,449 ($113,439) $13,961 $12,863 $26,824 Site $265,102 $17,132 $232,840 ($215,708) $12,811 $49,848 $62,659 TOTALS $1,398,205 $71,466 $971,270 ($899,804) $90,311 $170,898 $261,208 8
16 Component Schedule Description Replacement Cost Present Age Est. Rem. Life Typical Life Basic Annual Contrib. Percent Total Present Fund Required Fund Surplus (Deficit) Contrib. Adjustment Architectural Bridge, Wood $16, $1, % $991 $13,475 ($12,483) $2,718 Carpeting $86, $10, % $3,461 $47,039 ($43,578) $9,490 Roof, Shingles-1993 Replacement $18, $ % $1,264 $17,184 ($15,920) $8,260 Roof, Shingles-Original $19, $1, % $1,250 $16,986 ($15,736) $3,427 Roof, Single-Ply Bal- Ground Level Roof, Single-Ply-1993 Replacement Roof, Single-Ply-2010 Replacement Roof, Single-Ply-2014 Replacement Roof, Single-Ply- Original $150, $12, % $8,012 $108,886 ($100,874) $21,967 $70, $5, % $3,770 $51,231 ($47,461) $10,336 $146, $11, % $4,964 $67,469 ($62,505) $7,972 $47, $3, % $560 $7,613 ($7,053) $650 $27, $2, % $1,449 $19,687 ($18,238) $3,972 Windows, Double Hung $309, $13, % $19,542 $265,583 ($246,041) $39,353 Electrical Lower Level Parking Lights $16, $ % $61 $829 ($768) $41 Mechanical Buffalo Fire Pump $25, $1, % $466 $6,329 ($5,864) $371 Elevator System $200, $12, % $8,544 $116,119 ($107,575) $12,492 Site Asphalt Paving $103, $6, % $6,189 $84,114 ($77,925) $16,970 Concrete Sidewalks $27, $1, % $1,555 $21,134 ($19,579) $2,273 Fence, Aluminum $26, $1, % $1,718 $23,345 ($21,627) $4,710 Fire Escapes $ $0 0.00% $0 $0 ($0) $0 Retaining Wall, Segmental-Basketball Court Retaining Wall, Segmental-Parking Lot $108, $3, % $7,670 $104,246 ($96,576) $25,894 $ $0 0.00% $0 $1 ($1) $0 9-1
17 Component Schedule Description Replacement Cost Present Age Est. Rem. Life Typical Life Basic Annual Contrib. Percent Total Present Fund Required Fund Surplus (Deficit) Contrib. Adjustment Totals $1,398,205 $90, % $71,466 $971,270 ($899,804) $170,898 The Piano Works is a 70 unit condominium associated in 3 high rise buildings that were previously used for industrial use. The Piano Works is located off of Main Street in, which is easily accessible from Route 9. Recreational amenities include a community room and an exercise room. Brick masonry siding is utilized on the exterior exposures of the buildings and a combination of composite asphalt shingles and EPDM are utilized on the various roofs. On the ground level a ballast EPDM roofing system is utilized above a portion of the building. Asphalt parking is provided on the exterior ground level with asphalt curbing. Cast-in-place concrete sidewalks are located around the back entrance to the building accompanied by concrete curbing. 9-2
18 Component Detail Architectural Quantity Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Bridge, Wood 550 SF $16,500 $991 $13,475 ($12,483) $1,044 $2,718 $3,763 Carpeting 9,600 SF $86,400 $3,461 $47,039 ($43,578) $10,033 $9,490 $19,523 Roof, Shingles-1993 Replacement Roof, Shingles- Original Roof, Single-Ply Bal- Ground Level Roof, Single-Ply-1993 Replacement Roof, Single-Ply-2010 Replacement Roof, Single-Ply-2014 Replacement Roof, Single-Ply- Original Windows, Double Hung 1 LS $18,000 $1,264 $17,184 ($15,920) $938 $8,260 $9,198 1 LS $19,500 $1,250 $16,986 ($15,736) $1,016 $3,427 $4,443 1 LS $150,000 $8,012 $108,886 ($100,874) $12,195 $21,967 $34,162 1 LS $70,575 $3,770 $51,231 ($47,461) $5,738 $10,336 $16,073 1 LS $146,938 $4,964 $67,469 ($62,505) $11,946 $7,972 $19,918 1 LS $47,670 $560 $7,613 ($7,053) $3,876 $650 $4,525 1 LS $27,120 $1,449 $19,687 ($18,238) $2,205 $3,972 $6, EA $309,400 $19,542 $265,583 ($246,041) $13,716 $39,353 $53,070 TOTALS $892,103 $45,263 $615,152 ($569,889) $62,705 $108,146 $170,
19 Component Detail Electrical Quantity Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Lower Level Parking Lights 1 LS $16,000 $61 $829 ($768) $833 $41 $875 TOTALS $16,000 $61 $829 ($768) $833 $41 $
20 Component Detail Mechanical Quantity Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Buffalo Fire Pump 1 EA $25,000 $466 $6,329 ($5,864) $1,302 $371 $1,673 Elevator System 1 LS $200,000 $8,544 $116,119 ($107,575) $12,659 $12,492 $25,150 TOTALS $225,000 $9,010 $122,449 ($113,439) $13,961 $12,863 $26,
21 Component Detail Site Quantity Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Asphalt Paving 5,150 SY $103,000 $6,189 $84,114 ($77,925) $6,519 $16,970 $23,489 Concrete Sidewalks 3,900 SF $27,300 $1,555 $21,134 ($19,579) $1,210 $2,273 $3,484 Fence, Aluminum 800 LF $26,800 $1,718 $23,345 ($21,627) $1,396 $4,710 $6,106 Fire Escapes 1 LS $1 $0 $0 ($0) $0 $0 $0 Retaining Wall, Segmental-Basketball Court Retaining Wall, Segmental-Parking Lot 2,400 SF $108,000 $7,670 $104,246 ($96,576) $3,686 $25,894 $29,580 1 LS $1 $0 $1 ($1) $0 $0 $0 TOTALS $265,102 $17,132 $232,840 ($215,708) $12,811 $49,848 $62,
22 Disbursement Schedule Year Description Base Cost Future Replacement Cost 2018 Roof, Shingles-1993 Replacement $18,000 $19,096 $18,000 $19, Retaining Wall, Segmental-Basketball Court $108,000 $121,555 Retaining Wall, Segmental-Parking Lot $1 $1 $108,001 $121, Asphalt Paving $103,000 $119,405 Bridge, Wood $16,500 $19,128 Carpeting $86,400 $100,161 Fence, Aluminum $26,800 $31,069 Roof, Shingles-Original $19,500 $22,606 Roof, Single-Ply Bal-Ground Level $150,000 $173,891 Roof, Single-Ply-1993 Replacement $70,575 $81,816 Roof, Single-Ply-Original $27,120 $31,440 $499,895 $579, Windows, Double Hung $309,400 $380,523 $309,400 $380, Roof, Single-Ply-2010 Replacement $146,938 $191,721 $146,938 $191, Concrete Sidewalks $27,300 $36,689 Elevator System $200,000 $268,783 $227,300 $305,
23 Disbursement Schedule Year Description Base Cost Future Replacement Cost 2029 Roof, Single-Ply-2014 Replacement $47,670 $70,005 $47,670 $70, Carpeting $86,400 $134,608 $86,400 $134, Buffalo Fire Pump $25,000 $45,153 Roof, Single-Ply Bal-Ground Level $150,000 $270,917 Roof, Single-Ply-1993 Replacement $70,575 $127,466 Roof, Single-Ply-Original $27,120 $48,982 $272,695 $492, Lower Level Parking Lights $16,000 $32,525 Roof, Single-Ply-2010 Replacement $146,938 $298,695 $162,938 $331, Asphalt Paving $103,000 $215,659 Bridge, Wood $16,500 $34,547 Carpeting $86,400 $180,902 $205,900 $431, Roof, Shingles-1993 Replacement $18,000 $39,983 $18,000 $39, Roof, Single-Ply-2014 Replacement $47,670 $109,066 $47,670 $109,
24 Disbursement Schedule Year Description Base Cost Future Replacement Cost 2046 Elevator System $200,000 $485,452 Fence, Aluminum $26,800 $65,051 Roof, Shingles-Original $19,500 $47,332 $246,300 $597,
25 Year DRAFT Reserve Fund Scenario Opening Balance Annual Contribution Contribution Adjustment Disbursements Calculation Method: Component Earned Interest Closing Balance $71,466 $90,311 $170,898 $0 $2,130 $334,804 $334,804 $93,020 $176,025 $0 $4,805 $608,654 $608,654 $95,811 $172,542 $19,096 $7,540 $865,450 $865,450 $98,685 $177,718 $0 $10,152 $1,152,005 $1,152,005 $101,645 $153,905 $121,556 $12,904 $1,298,904 $1,298,904 $104,695 $73,212 $579,515 $13,953 $911,249 $911,249 $107,836 $75,408 $0 $10,105 $1,104,598 $1,104,598 $111,071 $29,271 $380,523 $11,806 $876,222 $876,222 $114,403 $30,149 $0 $9,545 $1,030,319 $1,030,319 $117,835 $20,651 $191,721 $11,053 $988,138 $988,138 $121,370 $1,428 $305,472 $10,547 $816,010 $816,010 $125,011 $1,471 $0 $8,845 $951,337 $951,337 $128,761 $1,515 $0 $10,219 $1,091,832 $1,091,832 $132,624 $606 $70,005 $11,640 $1,166,697 $1,166,697 $136,603 $624 $0 $12,410 $1,316,334 $1,316,334 $140,701 $643 $134,608 $13,929 $1,336,999 $1,336,999 $144,922 $662 $0 $14,159 $1,496,742 $1,496,742 $149,270 $682 $0 $15,780 $1,662,473 $1,662,473 $153,748 $702 $0 $17,461 $1,834,385 $1,834,385 $158,360 $724 $0 $19,206 $2,012,674 $2,012,674 $163,111 $75 $492,518 $21,011 $1,704,353 $1,704,353 $168,004 $77 $0 $17,954 $1,890,389 $1,890,389 $173,045 $79 $0 $19,842 $2,083,354 $2,083,354 $178,236 $82 $0 $21,799 $2,283,472 $2,283,472 $183,583 $0 $331,219 $23,829 $2,159,664 $2,159,664 $189,090 $0 $431,109 $22,621 $1,940,267 $1,940,267 $194,763 $0 $0 $20,458 $2,155,488 $2,155,488 $200,606 $0 $39,983 $22,641 $2,338,752 $2,338,752 $206,624 $0 $109,066 $24,507 $2,460,818 $2,460,818 $212,823 $0 $0 $25,761 $2,699,402 $2,699,402 $219,208 $0 $597,835 $28,181 $2,348,
26 Year DRAFT Reserve Fund Scenario Opening Balance Annual Contribution Contribution Adjustment Disbursements Calculation Method: 5% of Rep. Cost Minimum Balance: $69,910 Earned Interest Closing Balance 2016 $71,466 $121,483 $0 $0 $1,373 $194, $194,322 $125,127 $0 $0 $2,621 $322, $322,070 $128,881 $0 $19,096 $3,919 $435, $435,774 $132,747 $0 $0 $5,077 $573, $573,598 $136,729 $0 $121,556 $6,477 $595, $595,248 $140,831 $0 $579,515 $6,715 $163, $163,279 $145,056 $0 $0 $2,419 $310, $310,754 $149,408 $0 $380,523 $3,917 $83, $83,556 $153,890 $0 $0 $1,669 $239, $239,115 $158,507 $0 $191,721 $3,250 $209, $209,151 $163,262 $0 $305,472 $2,976 $69, $69,917 $168,160 $0 $0 $1,610 $239, $239,687 $173,205 $0 $0 $3,335 $416, $416,227 $178,401 $0 $70,005 $5,129 $529, $529,752 $183,753 $0 $0 $6,293 $719, $719,798 $189,266 $0 $134,608 $8,223 $782, $782,679 $194,944 $0 $0 $8,883 $986, $986,506 $200,792 $0 $0 $10,953 $1,198, $1,198,251 $206,816 $0 $0 $13,103 $1,418, $1,418,170 $213,020 $0 $0 $15,336 $1,646, $1,646,526 $219,411 $0 $492,518 $17,654 $1,391, $1,391,073 $225,993 $0 $0 $15,135 $1,632, $1,632,201 $232,773 $0 $0 $17,583 $1,882, $1,882,557 $239,756 $0 $0 $20,124 $2,142, $2,142,437 $246,949 $0 $331,219 $22,762 $2,080, $2,080,929 $254,357 $0 $431,109 $22,187 $1,926, $1,926,364 $261,988 $0 $0 $20,683 $2,209, $2,209,035 $269,848 $0 $39,983 $23,552 $2,462, $2,462,452 $277,943 $0 $109,066 $26,130 $2,657, $2,657,459 $286,281 $0 $0 $28,125 $2,971, $2,971,865 $294,869 $0 $597,835 $31,316 $2,700,
27 Year DRAFT Reserve Fund Scenario Opening Balance Annual Contribution Contribution Adjustment Disbursements Calculation Method: 10% of Rep. Cost Minimum Balance: $139,821 Earned Interest Closing Balance 2016 $71,466 $127,569 $0 $0 $1,406 $200, $200,441 $131,396 $0 $0 $2,716 $334, $334,553 $135,338 $0 $19,096 $4,079 $454, $454,874 $139,398 $0 $0 $5,304 $599, $599,576 $143,580 $0 $121,556 $6,773 $628, $628,373 $147,887 $0 $579,515 $7,085 $203, $203,830 $152,324 $0 $0 $2,863 $359, $359,017 $156,894 $0 $380,523 $4,440 $139, $139,828 $161,601 $0 $0 $2,274 $303, $303,703 $166,449 $0 $191,721 $3,939 $282, $282,370 $171,442 $0 $305,472 $3,752 $152, $152,092 $176,585 $0 $0 $2,477 $331, $331,154 $181,883 $0 $0 $4,297 $517, $517,334 $187,339 $0 $70,005 $6,188 $640, $640,856 $192,959 $0 $0 $7,454 $841, $841,269 $198,748 $0 $134,608 $9,489 $914, $914,898 $204,710 $0 $0 $10,258 $1,129, $1,129,866 $210,851 $0 $0 $12,441 $1,353, $1,353,158 $217,177 $0 $0 $14,708 $1,585, $1,585,043 $223,692 $0 $0 $17,062 $1,825, $1,825,797 $230,403 $0 $492,518 $19,506 $1,583, $1,583,188 $237,315 $0 $0 $17,117 $1,837, $1,837,620 $244,434 $0 $0 $19,700 $2,101, $2,101,754 $251,767 $0 $0 $22,381 $2,375, $2,375,902 $259,320 $0 $331,219 $25,164 $2,329, $2,329,167 $267,100 $0 $431,109 $24,738 $2,189, $2,189,896 $275,113 $0 $0 $23,389 $2,488, $2,488,398 $283,366 $0 $39,983 $26,419 $2,758, $2,758,200 $291,867 $0 $109,066 $29,163 $2,970, $2,970,164 $300,623 $0 $0 $31,330 $3,302, $3,302,117 $309,642 $0 $597,835 $34,698 $3,048,
28 DRAFT Disbursements by Year 13
29 DRAFT Reserve Fund Closing Balance 14
30 DRAFT Reserve Fund Contributions 15
31 DRAFT Cumulative Contributions and Disbursements 16
32 Definitions 16-1
33 Definitions Base Cost - See definition "Current Replacement Cost Allowance." This calculation, based on current costs, is increased according to the assumed rates of inflation in the "Disbursement Schedule." Basic Annual Contribution - This is the amount that should have been contributed each year, while considering assumed rates of interest and inflation, to accumulate a reserve equal to the Current Replacement Cost at the anticipated replacement time (end-of-life). This is roughly calculated. Contribution Adjustment - If the capital reserve fund for a component is not fully funded, this is the increase in annual contributions that would be required to fully fund the reserve before the estimated end-oflife. If the capital reserve fund for a component is over-funded, this is the decrease in annual contributions that would offset the over-funded condition. Contribution, Total - This is the recommended Basic Annual Contribution plus the "Contribution Adjustment" (see definition) required to make up for past underfunding before replacement of the component is estimated to be required. The amount can decrease in future years because the required Contribution Adjustment decreases each year in which a reserve fund for a capital component is fully funded. Current Replacement Cost - The estimated cost to replace a component in kind at the time of the Study. Estimated Remaining Life - The anticipated number of years before replacement of this component can be expected to be necessary. This is based on the normal life, the current age, and an engineering assessment that considers site-specific condition. Deficit - This shows the amount that the Present Fund is undercapitalized. It is the present fund minus the Required Fund, A positive number (surplus) means excess cash reserves have been set aside to date. A negative number indicates a deficit in the Present Fund; this underfunding can be made up in one of two ways: 1) an increase in the annual fees to catch up or, 2) a special assessment between now and when the component requires replacement. This Study assumes the second method is used and recommends annual makeup on that basis. Interest - Interest accumulated on the capital reserve fund deposit based on the assumed interest rate listed at the top of the "Projected Cash Flow" pages. Inflation - The increased cost of future replacement expenditures are based on an assumed rate of inflation. Opening Balance - On the "Projected Cash Flow" pages, this is the reported total reserve fund on deposit 16-2
34 for the condominium Association. Percent Funded - Represents the ratio of the Reserve Fund balance to the Required Fund or Fully Funded Balance. This is a measure of the financial health of the Reserve Fund and an indicator of the risk of the future necessity of special assessments. Percentage Of Total - Percent of total recommended Basic Annual Contribution. This shows the significance of specific components relative to required contributions to the capital reserve fund. Present Age - Age of the component at the time of this Study. Present Fund - Present funds set aside for capital component replacement at this time. If present funds are not reserved for specific components but are an unallocated pool, the total present funds allocated between the components according to the Percentage Of Total column. Required Fund - This amount should have been set aside for each component in the fund to be considered fully funded. Surplus - This shows the amount that the Present Fund is overcapitalized. It is the present fund minus the Required Fund. A positive number (surplus) means excess cash reserves have been set aside to date. Typical Life - The anticipated number of years that a component may be expected to provide adequate service. Please note that this is based on industry standards. A component may outlive, or require replacement prior to, its typical life. 16-3
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