21289 E. Lords Way Queen Creek, AZ Tel: (480) Fax: (888) October 27, Sample Association

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1 21289 E. Lords Way Queen Creek, AZ Tel: (480) Fax: (888) October 27, 2012 Sample Association Regarding: Level I Capital Replacement Reserve Study We are pleased to submit this Level I Reserve Study for Sample Association. This report is a budgeting tool designed to help you navigate the uncertain future. It contains financial projections to help you understand your future reserve expenses. This report will help you answer the questions where do we stand in regards to reserves? and how much do we need to contribute to our reserve fund? If you have questions about the Reserve Study, please contact us at (480) We look forward to doing business with you in the future. Thank you

2 Sample Association Level I Full Reserve Study Contents Report Guide... 3 Report Summary... 3 Methodology... 3 Financial Analysis... 3 Physical Analysis... 3 Project Overview... 4 Financial Overview Year Summary of Reserve Funding... 5 Percent Funded... 5 Five Year Expense Summary... 6 Immediately Necessary Repairs and Replacement... 6 Methodology... 7 Reserve Study... 7 Reserve Component Four-Part Test... 7 Determining Expected Useful Life... 7 Cost Estimates... 7 Reserve Funding Level... 7 Recommended Funding Strategy... 8 Financial Analysis... 9 Reserve Fund Strength... 9 Recommended Funding Goal Recommended Reserve Contribution Reserve Fund Account Projected Reserve Contributions Projected Reserve Account Balance Reserve Component List Projected Reserve Expenses Supplemental Disclosures Definitions Physical Analysis Capital Reserve Analysts

3 Sample Association Level I Full Reserve Study Report Guide The Board of Directors or governing body of common interest entities has a fiduciary responsibility to maintain and preserve the value of common area assets belonging to the entity. As part of their fiduciary duty, board members are responsible for the long-term planning and funding of future major repairs and replacements of community assets such as; remodeling the clubhouse, retrofit of the fire alarm system and resurfacing of private streets. The purpose of this study is to provide the Association with an inventory of reserve components that require periodic repair and replacement and a reserve funding plan to offset the associated costs of these projects. This report provides condition assessments and maintenance schedules of each reserve component to assist the association in making budget decisions regarding reserve funding. This reserve study adheres to the Community Association Institute s (CAI) standards regarding service levels and disclosures. This report is in compliance with The American Institute of Certified Public Accountants (AICPA) guidelines for Common Interest Realty Associations. Recommendations and accompanying assumptions included herein are based on information provided to Capital Reserve Analysts and assembled for the Association s use. The report has been divided into four easy-to-understand sections: Report Summary Provides an overview of the Association s current physical condition and financial situation, outlining significant findings and conclusions. This section of the report should be used as a quick reference in helping the reader to understand the parameters and results of the study. Methodology Details the framework, methods, and materials used in developing the reserve study and the associated funding plan. This section provides a comprehensive understanding of the methodology and the process taken to develop the report. Financial Analysis Examines report finding and results with projections for individual reserve components expenses and recommended funding. Physical Analysis Provides in-depth, detailed condition assessments for each reserve component along with maintenance recommendations and depreciation schedules based on estimated useful life, remaining useful life and current replacement costs. 3 Capital Reserve Analysts

4 Sample Association Level I Full Reserve Study Project Overview Association Name: Sample Association Location: Phoenix, AZ Year Constructed 1998 Project Description HOA Type of Study Level I Full Funding Strategy Recommended Full Funding Number of Units 51 Date Prepared January 21, 2014 Next Study FY 2015 Project Summary Report Period (Fiscal Year) 1/1/ /31/2044 Inflation Rate 3.00% Interest Rate 0.50% Projected Starting Reserve Balance $11,891 Fully Funded Balance $84,516 Percent Funded 14.1% Special Assessment N/A 4 Capital Reserve Analysts

5 Sample Association Level I Full Reserve Study Financial Overview 5-Year Summary of Reserve Funding The graph below shows the comparison between the current level of annual reserve contributions as measured against our recommended level of Full funding annual reserve contributions. Full Funding Current $16,800 $17,304 $17,823 $18,358 $18,909 $4,080 $4,202 $4,328 $4,458 $4, Percent Funded The graph below highlights the movement of the association s reserve fund status (14.1%) in relation to the reserve contribution rate (Full vs. Current) 120% Recommended Funding Plan Current Funding Plan 100% 80% 60% 40% 20% 0% Capital Reserve Analysts

6 Sample Association Level I Full Reserve Study Five Year Expense Summary Fiscal Year Starting Reserve Balance $11,891 $19,124 $35,018 $41,288 $52,887 Annual Reserve Contribution $16,800 $17,304 $17,823 $18,358 $18,909 Special Assessments/Loans $0 $0 $0 $0 $0 Interest Earnings $78 $135 $191 $235 $291 Total Income $28,769 $36,563 $53,032 $59,881 $72,087 Reserve Asset COMMON AREA Stamped Concrete - Partial $0 $0 $4,742 $0 $0 Asphalt - Seal Coat $4,425 $0 $0 $0 $4,980 Entry Signage - Replace $0 $0 $0 $0 $1,688 Park Furniture - Replace $0 $0 $0 $1,093 $0 Stucco Walls - Repaint $3,720 $0 $0 $0 $0 Drywells - Repair $0 $0 $5,305 $0 $0 POOL AREA Pool Deck - Seal/Repair $0 $0 $1,697 $0 $0 Pool Furniture - Replace $0 $0 $0 $1,967 $0 Metal Fence - Repaint $1,500 $0 $0 $0 $1,688 Pool Pumps - Replace (2007) $0 $0 $0 $3,934 $0 Spa Heater - Replace $0 $1,545 $0 $0 $0 Total Expenses $9,645 $1,545 $11,744 $6,993 $8,357 Ending Reserve Balance: $19,124 $35,018 $41,288 $52,887 $63,730 Immediately Necessary Repairs and Replacements The table above identifies systems or components which are expected to have a remaining useful life of less than five (5) years, which are found to be in need of attention, which must be modified, repaired or replaced in order to maintain or preserve the useful life of the asset, or which are otherwise in a state of deferred maintenance. 6 Capital Reserve Analysts

7 Sample Association Level I Full Reserve Study Methodology Reserve Study A Reserve Study is a budgeting tool to help prepare and plan for future expenditures. It should be noted that the projections made in this study are just that, projections and do not predict with 100% surety the future. We do however, use well defined methodologies and extensive research is done in preparation of each Reserve Study. In this Report you will find the Reserve Component List. It contains our estimates for Useful Life, Remaining Useful Life, and the current repair or replacement cost for each major component the client is responsible to maintain or replace. Based on that list and your starting balance we calculated the Reserve Fund Strength, which is measured as Percent Funded, and created a recommended 30-year Reserve Funding Strategy to offset future Reserve expenditures. Reserve Component Four-Part Test There is a national-standard four-part test to determine which expenses should be funded through Reserves. First, it must be a common area maintenance responsibility. Second, the component must have a limited life. Third, the limited life must be predictable. Fourth, the component must be above a minimum threshold cost. This means that Reserve Components should be major, predictable expenses. It is incorrect to include lifetime components, unpredictable expenses (such as insurance related losses), and expenses more appropriately handled from the Operational Budget. **No items have been reserved for which have an estimated useful life of less than one year or a total cost less than $500** Determining Expected Useful Life 1) Visual Inspection (observed wear and age) 2) Cost Database of experience and similar projects 3) Client Component History 4) Vendor Expertise and Recommendations Cost Estimates Financial projections and our current cost estimates are established in this order: 1) Client Cost History 2) Comparison to Cost database 3) Vendor Recommendations 4) Reliable National Industry cost estimating software Reserve Funding Level Do you have enough money in Reserves to fund future capital replacements? Reserve adequacy is measured by comparing where you need to be to where you are currently at with respect to Reserves: 7 Capital Reserve Analysts

8 Sample Association Level I Full Reserve Study 1) Calculate your Fully Funded Balance (where you need to be). 2) Compare to the Reserve Fund Balance (where you currently are), and express as a percentage. The Fully Funded Balance increases as assets deteriorate and age. The Fully Funded Balance shrinks when projects are completed. Recommended Funding Strategy We utilize four funding principals in establishing our recommended Reserve Contributions: 1. Ensuring that the client has sufficient funds to perform current reserve projects on time. 2. Put in place a stable contribution rate over the 30-years. 3. Evenly distributed contributions over the years. (Prepare now with manageable monthly contributions rather than face unmanageable expenses in the future) 4. Assist board members and officials in doing their fiduciary duty to guide the entity s future. 8 Capital Reserve Analysts

9 Sample Association Level I Full Reserve Study Financial Analysis The Financial Analysis is made up of a finding of the client s current Reserve Fund Status (measured in cash and Percent Funded) and a recommendation for an appropriate Reserve contribution rate (Funding Plan) in order to adequately plan for the ongoing major maintenance, repair and replacement of common area elements. 1. Projected Starting Reserve Balance $11, Fully Funded Balance $84, Percent Funded 14.1% 4. Recommended Monthly Reserve Contributions $1, Report Start Date 1/1/ Your projected starting reserve balance is the dollar amount projected to be in the reserve account at the beginning of the report period. This amount is calculated based on client figures and is not audited. 2. Fully funded balance is the amount needed to cover future reserve expenses and reduce special assessment risk. 3. Percent funded compares what you currently have in the reserve account to what you should have in the reserve account. 4. Recommended reserve contributions are the amount we recommend contributing to the reserve fund on a monthly basis in order to gradually bring you to the 100% funded level. 5. Report start date is the date the funding model begins to calculate. Reserve Fund Strength Reserve fund strength is measured as a percentage. Typically associations with a percent funded level of 70% and above have a low risk for special assessments conversely, associations with a percent funded level of 30% and below have a high risk of special assessments and deferred maintenance. The chart below illustrates Sample Association s reserve fund percentage which is currently 14.1% this represents a poor position. 0% 20% 40% 60% 80% 100% 9 Capital Reserve Analysts

10 Sample Association Level I Full Reserve Study Recommended Funding Goal Full Funding: maintains the Reserve Fund at a level equal to the physical deterioration that has occurred is called Full Funding (100% Funded). As each asset ages and becomes used up, the Reserve Fund grows proportionally. We have utilized the Full Funding approach for the Sample Association Capital Replacement Reserve Study. Entities in the 100% range rarely experience deferred maintenance or the need to raise emergency capital. Baseline Funding: allows the Reserves to fall close to zero, but not below zero. In these instances, deterioration occurs without matching Reserve contributions. With a low Percent Funded, emergency funding and deferred maintenance are common. Threshold Funding: is the title of all other objectives randomly selected between Baseline Funding and Full Funding. Recommended Reserve Contribution Sample Association was established during 2010 and has not created a reserve fund. Most of the assets are relatively new and do not require immediate replacement however, the client will face significant reserve expenditures roughly seven years from the report start date (2013). In order to prepare for major capital expenditures, we recommend establishing monthly reserve contributions at $1,400. It is our goal to keep or bring the reserve fund to the 70%-100% funded range, maintaining a strong reserve position. Your Reserve funding plan, based on all the assumptions, assures that funds for major repairs and replacements will be available when needed. We recommend preparing now with stable monthly contributions rather than face unmanageable capital expenditures in the future. 10 Capital Reserve Analysts

11 Sample Association Level I Full Reserve Study Reserve Fund Account Projected Reserve Contributions Reserve contributions should be set at a stable level in order to match annual deterioration and keep up with inflation; this level generally falls around 3-5% annual increases. Recommended Current $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $ Projected Reserve Account Balance The chart below illustrates our goal of gradually bringing the reserve fund balance to the 100%. *Projections based on starting balance and increases of 3% for 15 years & 2.5% for 15 years $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $ Target Balance 100% Recommended Plan Current Plan 11 Capital Reserve Analysts

12 Sample Association Level I Full Reserve Study Reserve Component List Unit of Reserve Asset Title Quantity Measure EL RUL Current Cost COMMON AREA Stamped Concrete - Partial 4,470 Sq Ft 10 2 $4,470 Asphalt - Replace 49,170 Sq Ft $73,755 Asphalt - Seal Coat 49,170 Sq Ft 4 0 $4,425 Pole Lights - Replace 36 Each $43,200 Entry Signage - Replace 1 Each 12 4 $1,500 Entry System - Replace 1 Each $2,000 Gate Operators - Replace 2 Each 12 5 $3,000 Strobe Detectors - Replace 2 Each 15 8 $1,600 Park Furniture - Replace 2 Each 10 3 $1,000 Stucco Walls - Repaint 9,300 Sq Ft 6 0 $3,720 Drywells - Repair 12 Each 10 2 $5,000 Mailboxes - Replace 52 Each $2,550 Trash Gates - Replace 8 Each $7,200 POOL AREA Pool - Resurface 95 LF 15 8 $9,500 Spa - Resurface 20 LF 12 5 $2,520 Pool Deck - Resurface 1,450 Sq Ft 15 8 $5,445 Pool Deck - Seal/Repair 1,450 Sq Ft 5 2 $1,600 Pool Furniture - Replace 9 Each 6 3 $1,800 Metal Fence - Replace 332 LF $11,620 Metal Fence - Repaint 332 LF 4 0 $1,500 Pool Pumps - Replace (2007) 4 Each 10 3 $3,600 Pool Pump - Replace (2012) 1 Each 10 8 $900 Pool Filters - Replace 2 Each 15 8 $2,000 Spa Heater - Replace 1 Each 8 1 $1,500 **Line items with have a remaining life of zero and are scheduled for replacement this year (2013) ** 12 Capital Reserve Analysts

13 Sample Association Level I Full Reserve Study Projected Reserve Expenses Fiscal Year Starting Reserve Balance $11,891 $19,124 $35,018 $41,288 $52,887 Annual Reserve Contribution $16,800 $17,304 $17,823 $18,358 $18,909 Special Assessments/Loans $0 $0 $0 $0 $0 Interest Earnings $78 $135 $191 $235 $291 Total Income $28,769 $36,563 $53,032 $59,881 $72,087 Reserve Asset COMMON AREA Stamped Concrete - Partial $0 $0 $4,742 $0 $0 Asphalt - Replace $0 $0 $0 $0 $0 Asphalt - Seal Coat $4,425 $0 $0 $0 $4,980 Pole Lights - Replace $0 $0 $0 $0 $0 Entry Signage - Replace $0 $0 $0 $0 $1,688 Entry System - Replace $0 $0 $0 $0 $0 Gate Operators - Replace $0 $0 $0 $0 $0 Strobe Detectors - Replace $0 $0 $0 $0 $0 Park Furniture - Replace $0 $0 $0 $1,093 $0 Stucco Walls - Repaint $3,720 $0 $0 $0 $0 Drywells - Repair $0 $0 $5,305 $0 $0 Mailboxes - Replace $0 $0 $0 $0 $0 Trash Gates - Replace $0 $0 $0 $0 $0 POOL AREA Pool - Resurface $0 $0 $0 $0 $0 Spa - Resurface $0 $0 $0 $0 $0 Pool Deck - Resurface $0 $0 $0 $0 $0 Pool Deck - Seal/Repair $0 $0 $1,697 $0 $0 Pool Furniture - Replace $0 $0 $0 $1,967 $0 Metal Fence - Replace $0 $0 $0 $0 $0 Metal Fence - Repaint $1,500 $0 $0 $0 $1,688 Pool Pumps - Replace (2007) $0 $0 $0 $3,934 $0 Pool Pump - Replace (2012) $0 $0 $0 $0 $0 Pool Filters - Replace $0 $0 $0 $0 $0 Spa Heater - Replace $0 $1,545 $0 $0 $0 Total Expenses $9,645 $1,545 $11,744 $6,993 $8,357 Ending Reserve Balance: $19,124 $35,018 $41,288 $52,887 $63, Capital Reserve Analysts

14 Sample Association Level I Full Reserve Study Projected Reserve Expenses Fiscal Year Starting Reserve Balance $63,730 $77,159 $93,203 $112,411 $102,091 Annual Reserve Contribution $19,476 $20,060 $20,662 $21,282 $21,920 Special Assessments/Loans $0 $0 $0 $0 $0 Interest Earnings $352 $426 $514 $536 $556 Total Income $83,558 $97,645 $114,379 $134,229 $124,567 Reserve Asset COMMON AREA Stamped Concrete - Partial $0 $0 $0 $0 $0 Asphalt - Replace $0 $0 $0 $0 $0 Asphalt - Seal Coat $0 $0 $0 $5,605 $0 Pole Lights - Replace $0 $0 $0 $0 $0 Entry Signage - Replace $0 $0 $0 $0 $0 Entry System - Replace $0 $0 $0 $0 $0 Gate Operators - Replace $3,478 $0 $0 $0 $0 Strobe Detectors - Replace $0 $0 $0 $2,027 $0 Park Furniture - Replace $0 $0 $0 $0 $0 Stucco Walls - Repaint $0 $4,442 $0 $0 $0 Drywells - Repair $0 $0 $0 $0 $0 Mailboxes - Replace $0 $0 $0 $0 $0 Trash Gates - Replace $0 $0 $0 $0 $0 POOL AREA Pool - Resurface $0 $0 $0 $12,034 $0 Spa - Resurface $2,921 $0 $0 $0 $0 Pool Deck - Resurface $0 $0 $0 $6,898 $0 Pool Deck - Seal/Repair $0 $0 $1,968 $0 $0 Pool Furniture - Replace $0 $0 $0 $0 $2,349 Metal Fence - Replace $0 $0 $0 $0 $0 Metal Fence - Repaint $0 $0 $0 $1,900 $0 Pool Pumps - Replace (2007) $0 $0 $0 $0 $0 Pool Pump - Replace (2012) $0 $0 $0 $1,140 $0 Pool Filters - Replace $0 $0 $0 $2,534 $0 Spa Heater - Replace $0 $0 $0 $0 $1,957 Total Expenses $6,399 $4,442 $1,968 $32,138 $4,306 Ending Reserve Balance: $77,159 $93,203 $112,411 $102,091 $120, Capital Reserve Analysts

15 Sample Association Level I Full Reserve Study Projected Reserve Expenses Fiscal Year Starting Reserve Balance $120,261 $143,498 $167,531 $159,916 $147,217 Annual Reserve Contribution $22,578 $23,255 $23,953 $24,671 $25,412 Special Assessments/Loans $0 $0 $0 $0 $0 Interest Earnings $659 $777 $818 $768 $801 Total Income $143,498 $167,531 $192,302 $185,355 $173,430 Reserve Asset COMMON AREA Stamped Concrete - Partial $0 $0 $6,373 $0 $0 Asphalt - Replace $0 $0 $0 $0 $0 Asphalt - Seal Coat $0 $0 $6,309 $0 $0 Pole Lights - Replace $0 $0 $0 $0 $0 Entry Signage - Replace $0 $0 $0 $0 $0 Entry System - Replace $0 $0 $2,852 $0 $0 Gate Operators - Replace $0 $0 $0 $0 $0 Strobe Detectors - Replace $0 $0 $0 $0 $0 Park Furniture - Replace $0 $0 $0 $1,469 $0 Stucco Walls - Repaint $0 $0 $5,304 $0 $0 Drywells - Repair $0 $0 $7,129 $0 $0 Mailboxes - Replace $0 $0 $0 $3,745 $0 Trash Gates - Replace $0 $0 $0 $10,573 $0 POOL AREA Pool - Resurface $0 $0 $0 $0 $0 Spa - Resurface $0 $0 $0 $0 $0 Pool Deck - Resurface $0 $0 $0 $0 $0 Pool Deck - Seal/Repair $0 $0 $2,281 $0 $0 Pool Furniture - Replace $0 $0 $0 $0 $0 Metal Fence - Replace $0 $0 $0 $17,064 $0 Metal Fence - Repaint $0 $0 $2,139 $0 $0 Pool Pumps - Replace (2007) $0 $0 $0 $5,287 $0 Pool Pump - Replace (2012) $0 $0 $0 $0 $0 Pool Filters - Replace $0 $0 $0 $0 $0 Spa Heater - Replace $0 $0 $0 $0 $0 Total Expenses $0 $0 $32,386 $38,138 $0 Ending Reserve Balance: $143,498 $167,531 $159,916 $147,217 $173, Capital Reserve Analysts

16 Sample Association Level I Full Reserve Study Projected Reserve Expenses Fiscal Year Starting Reserve Balance $173,430 $197,727 $95,017 $37,196 $57,754 Annual Reserve Contribution $26,174 $26,828 $27,499 $28,186 $28,891 Special Assessments/Loans $0 $0 $0 $0 $0 Interest Earnings $928 $732 $330 $237 $362 Total Income $200,532 $225,287 $122,847 $65,620 $87,007 Reserve Asset COMMON AREA Stamped Concrete - Partial $0 $0 $0 $0 $0 Asphalt - Replace $0 $118,355 $0 $0 $0 Asphalt - Seal Coat $0 $7,101 $0 $0 $0 Pole Lights - Replace $0 $0 $71,403 $0 $0 Entry Signage - Replace $0 $2,407 $0 $0 $0 Entry System - Replace $0 $0 $0 $0 $0 Gate Operators - Replace $0 $0 $4,959 $0 $0 Strobe Detectors - Replace $0 $0 $0 $0 $0 Park Furniture - Replace $0 $0 $0 $0 $0 Stucco Walls - Repaint $0 $0 $0 $6,333 $0 Drywells - Repair $0 $0 $0 $0 $0 Mailboxes - Replace $0 $0 $0 $0 $0 Trash Gates - Replace $0 $0 $0 $0 $0 POOL AREA Pool - Resurface $0 $0 $0 $0 $0 Spa - Resurface $0 $0 $4,165 $0 $0 Pool Deck - Resurface $0 $0 $0 $0 $0 Pool Deck - Seal/Repair $0 $0 $2,645 $0 $0 Pool Furniture - Replace $2,804 $0 $0 $0 $0 Metal Fence - Replace $0 $0 $0 $0 $0 Metal Fence - Repaint $0 $2,407 $0 $0 $0 Pool Pumps - Replace (2007) $0 $0 $0 $0 $0 Pool Pump - Replace (2012) $0 $0 $0 $1,532 $0 Pool Filters - Replace $0 $0 $0 $0 $0 Spa Heater - Replace $0 $0 $2,479 $0 $0 Total Expenses $2,804 $130,270 $85,651 $7,865 $0 Ending Reserve Balance: $197,727 $95,017 $37,196 $57,754 $87, Capital Reserve Analysts

17 Sample Association Level I Full Reserve Study Projected Reserve Expenses Fiscal Year Starting Reserve Balance $87,007 $106,403 $134,009 $144,606 $131,508 Annual Reserve Contribution $29,613 $30,354 $31,112 $31,890 $32,688 Special Assessments/Loans $0 $0 $0 $0 $0 Interest Earnings $483 $601 $696 $690 $692 Total Income $117,104 $137,357 $165,818 $177,187 $164,888 Reserve Asset COMMON AREA Stamped Concrete - Partial $0 $0 $8,565 $0 $0 Asphalt - Replace $0 $0 $0 $0 $0 Asphalt - Seal Coat $7,992 $0 $0 $0 $8,995 Pole Lights - Replace $0 $0 $0 $0 $0 Entry Signage - Replace $0 $0 $0 $0 $0 Entry System - Replace $0 $0 $0 $0 $0 Gate Operators - Replace $0 $0 $0 $0 $0 Strobe Detectors - Replace $0 $0 $0 $3,158 $0 Park Furniture - Replace $0 $0 $0 $1,974 $0 Stucco Walls - Repaint $0 $0 $0 $0 $7,562 Drywells - Repair $0 $0 $9,581 $0 $0 Mailboxes - Replace $0 $0 $0 $0 $0 Trash Gates - Replace $0 $0 $0 $0 $0 POOL AREA Pool - Resurface $0 $0 $0 $18,749 $0 Spa - Resurface $0 $0 $0 $0 $0 Pool Deck - Resurface $0 $0 $0 $10,746 $0 Pool Deck - Seal/Repair $0 $0 $3,066 $0 $0 Pool Furniture - Replace $0 $3,349 $0 $0 $0 Metal Fence - Replace $0 $0 $0 $0 $0 Metal Fence - Repaint $2,709 $0 $0 $0 $3,049 Pool Pumps - Replace (2007) $0 $0 $0 $7,105 $0 Pool Pump - Replace (2012) $0 $0 $0 $0 $0 Pool Filters - Replace $0 $0 $0 $3,947 $0 Spa Heater - Replace $0 $0 $0 $0 $0 Total Expenses $10,701 $3,349 $21,211 $45,679 $19,606 Ending Reserve Balance: $106,403 $134,009 $144,606 $131,508 $145, Capital Reserve Analysts

18 Sample Association Level I Full Reserve Study Projected Reserve Expenses Fiscal Year Starting Reserve Balance $145,281 $176,450 $211,762 $236,088 $254,347 Annual Reserve Contribution $33,505 $34,342 $35,201 $36,081 $36,983 Special Assessments/Loans $0 $0 $0 $0 $0 Interest Earnings $804 $970 $1,119 $1,226 $1,335 Total Income $179,590 $211,762 $248,083 $273,394 $292,665 Reserve Asset COMMON AREA Stamped Concrete - Partial $0 $0 $0 $0 $0 Asphalt - Replace $0 $0 $0 $0 $0 Asphalt - Seal Coat $0 $0 $0 $10,124 $0 Pole Lights - Replace $0 $0 $0 $0 $0 Entry Signage - Replace $0 $0 $0 $3,432 $0 Entry System - Replace $0 $0 $4,443 $0 $0 Gate Operators - Replace $0 $0 $0 $0 $7,070 Strobe Detectors - Replace $0 $0 $0 $0 $0 Park Furniture - Replace $0 $0 $0 $0 $0 Stucco Walls - Repaint $0 $0 $0 $0 $0 Drywells - Repair $0 $0 $0 $0 $0 Mailboxes - Replace $0 $0 $0 $0 $0 Trash Gates - Replace $0 $0 $0 $0 $0 POOL AREA Pool - Resurface $0 $0 $0 $0 $0 Spa - Resurface $0 $0 $0 $0 $5,939 Pool Deck - Resurface $0 $0 $0 $0 $0 Pool Deck - Seal/Repair $0 $0 $3,554 $0 $0 Pool Furniture - Replace $0 $0 $3,998 $0 $0 Metal Fence - Replace $0 $0 $0 $0 $0 Metal Fence - Repaint $0 $0 $0 $3,432 $0 Pool Pumps - Replace (2007) $0 $0 $0 $0 $0 Pool Pump - Replace (2012) $0 $0 $0 $2,059 $0 Pool Filters - Replace $0 $0 $0 $0 $0 Spa Heater - Replace $3,141 $0 $0 $0 $0 Total Expenses $3,141 $0 $11,995 $19,047 $13,008 Ending Reserve Balance: $176,450 $211,762 $236,088 $254,347 $279, Capital Reserve Analysts

19 Sample Association Level I Full Reserve Study Thirty Year Summary Beginning Fully Funded Percent Reserve Interest Reserve Ending Year Balance Balance Funded Contribution Earned Expenses Balance 2014 $11,891 $84, % $16,800 $78 $9,645 $19, $19,124 $89, % $17,304 $135 $1,545 $35, $35,018 $103, % $17,823 $191 $11,744 $41, $41,288 $107, % $18,358 $235 $6,993 $52, $52,887 $117, % $18,909 $291 $8,357 $63, $63,730 $126, % $19,476 $352 $6,399 $77, $77,159 $138, % $20,060 $426 $4,442 $93, $93,203 $152, % $20,662 $514 $1,968 $112, $112,411 $170, % $21,282 $536 $32,138 $102, $102,091 $158, % $21,920 $556 $4,306 $120, $120,261 $174, % $22,578 $659 $0 $143, $143,498 $196, % $23,255 $777 $0 $167, $167,531 $219, % $23,953 $818 $32,386 $159, $159,916 $211, % $24,671 $768 $38,138 $147, $147,217 $196, % $25,412 $801 $0 $173, $173,430 $221, % $26,174 $928 $2,804 $197, $197,727 $244, % $26,828 $732 $130,270 $95, $95,017 $137, % $27,499 $330 $85,651 $37, $37,196 $73, % $28,186 $237 $7,865 $57, $57,754 $89, % $28,891 $362 $0 $87, $87,007 $113, % $29,613 $483 $10,701 $106, $106,403 $128, % $30,354 $601 $3,349 $134, $134,009 $152, % $31,112 $696 $21,211 $144, $144,606 $159, % $31,890 $690 $45,679 $131, $131,508 $141, % $32,688 $692 $19,606 $145, $145,281 $150, % $33,505 $804 $3,141 $176, $176,450 $178, % $34,342 $970 $0 $211, $211,762 $210, % $35,201 $1,119 $11,995 $236, $236,088 $232, % $36,081 $1,226 $19,047 $254, $254,347 $248, % $36,983 $1,335 $13,008 $279, Capital Reserve Analysts

20 Sample Association Level I Full Reserve Study Supplemental Disclosures General: CRA has no other involvement(s) with Sample Association which could result in actual or perceived conflicts of interest. Physical Analysis: Capital Reserve Analysts conducted a thorough physical inspection. We started our site inspection beginning with the roofs. We met with facilities manager John Doe. All areas were inspected and quantified. Completeness: CRA has found no material issues which, if not disclosed, would cause a distortion of the Association's situation. Reliance on Client Data: Information provided by the official representative of the client regarding financial, physical, quantity, or historical issues will be deemed reliable by CRA. Scope: This Reserve Study is a reflection of information provided to CRA and assembled for the client's use, not for the purpose of performing an audit, quality/forensic analysis, health and safety inspection, or background checks of historical records. Reserve Balance: The actual beginning reserve fund balance in this Reserve Study is based upon information provided and was not audited. Reserve Projects: Information provided about reserve projects will be considered reliable. Any on-site inspection should not be considered a project audit, quality inspection, or health and safety review. 20 Capital Reserve Analysts

21 Sample Association Level I Full Reserve Study Definitions CASH FLOW METHOD: A method of developing a Reserve Funding Plan where contributions to the Reserve fund are designed to offset the variable annual expenditures from the Reserve fund. Different Reserve Funding Plans are tested against the anticipated schedule of Reserve expenses until the desired Funding Goal is achieved. COMPONENT: The individual line items in the Reserve Study developed or updated in the Physical Analysis. These elements form the building blocks for the Reserve Study. Components typically are: 1) Association responsibility, 2) with limited Useful Life expectancies, 3) predictable Remaining Useful Life expectancies, 4) above a minimum threshold cost, and 5) as required by local codes. COMPONENT INVENTORY: The task of selecting and quantifying Reserve Components. This task can be accomplished through on-site visual observations, review of association design and organizational documents, a review of established association precedents, and discussion with appropriate association representative(s) of the association or cooperative. COMPONENT METHOD: A method of developing a Reserve Funding Plan where the total contribution is based on the sum of contributions for individual components. See Cash Flow Method. CONDITION ASSESSMENT: The task of evaluating the current condition of the component based on observed or reported characteristics. CURRENT REPLACEMENT COST: See Replacement Cost. DEFICIT: An actual (or projected) Reserve Balance less than the Fully Funded Balance. The opposite would be a Surplus. EFFECTIVE AGE: The difference between Useful Life and Remaining Useful Life. Not always equivalent to chronological age, since some components age irregularly. Used primarily in computations. FINANCIAL ANALYSIS: The portion of a Reserve Study where current status of the Reserves (measured as cash or Percent Funded) and a recommended Reserve contribution rate (Reserve Funding Plan) are derived, and the projected Reserve income and expense over time is presented. The Financial Analysis is one of the two parts of a Reserve Study. FULLY FUNDED: 100% Funded. When the actual (or projected) Reserve balance is 21 Capital Reserve Analysts

22 Sample Association Level I Full Reserve Study equal to the Fully Funded Balance. FULLY FUNDED BALANCE (FFB): Total Accrued Depreciation. An indicator against which Actual (or projected) Reserve balance can be compared. The Reserve balance that is in direct proportion to the fraction of life used up of the current Repair or Replacement cost. This number is calculated for each component, then summed together for an association total. Two formulae can be utilized, depending on the provider s sensitivity to interest and inflation effects. Note: Both yield identical results when interest and inflation are equivalent. FFB = Current Cost X Effective Age / Useful Life Or FFB = (Current Cost X Effective Age / Useful Life) + [(Current Cost X Effective Age /Useful Life) / (1 + Interest Rate) ^ Remaining Life] - [(Current Cost X Effective Age /Useful Life) / (1 + Inflation Rate) ^ Remaining Life] FUND STATUS: The status of the reserve fund as compared to an established benchmark such as percent funding. FUNDING GOALS: Independent of methodology utilized, the following represent the basic categories of Funding Plan goals: Baseline Funding: Establishing a Reserve funding goal of keeping the Reserve cash balance above zero. Full Funding: Setting a Reserve funding goal of attaining and maintaining Reserves at or near 100% funded. Statutory Funding: Establishing a Reserve funding goal of setting aside the specific minimum amount of Reserves required by local statues. Threshold Funding: Establishing a Reserve funding goal of keeping the Reserve balance above a specified dollar or Percent Funded amount. Depending on the threshold, this may be more or less conservative than Fully Funding. FUNDING PLAN: An association s plan to provide income to a Reserve fund to offset anticipated expenditures from that fund. Funding Principles: Sufficient Funds When Required Stable Contribution Rate over the Years Evenly Distributed Contributions over the Years 22 Capital Reserve Analysts

23 Sample Association Level I Full Reserve Study Fiscally Responsible LIFE AND VALUATION ESTIMATES: The task of estimating Useful Life, Remaining Useful Life, and Repair or Replacement Costs for the Reserve components. PERCENT FUNDED: The ratio, at a particular point of time (typically the beginning of the Fiscal Year), of the actual (or projected) Reserve Balance to the Fully Funded Balance, expressed as a percentage. PHYSICAL ANALYSIS: The portion of the Reserve Study where the Component Inventory, Condition Assessment, and Life and Valuation Estimate tasks are performed. This represents one of the two parts of the Reserve Study. REMAINING USEFUL LIFE (RUL): Also referred to as Remaining Life (RL). The estimated time, in years, that a reserve component can be expected to continue to serve its intended function. Projects anticipated to occur in the initial year have zero Remaining Useful Life. REPLACEMENT COST: The cost of replacing, repairing, or restoring a Reserve Component to its original functional condition. The Current Replacement Cost would be the cost to replace, repair, or restore the component during that particular year. RESERVE BALANCE: Actual or projected funds as of a particular point in time that the association has identified for use to defray the future repair or replacement of those major components which the association is obligated to maintain. Also known as Reserves, Reserve Accounts, Cash Reserves. Based upon information provided and not audited. RESERVE PROVIDER: An individual that prepares Reserve Studies. RESERVE STUDY: A budget planning tool which identifies the current status of the Reserve fund and a stable and equitable Funding Plan to offset the anticipated future major common area expenditures. The Reserve Study consists of two parts: the Physical Analysis and the Financial Analysis. Our budget and finance committee is soliciting proposals to update our Reserve Study for next year s budget. 23 Capital Reserve Analysts

24 Sample Association Level I Full Reserve Study Physical Analysis Reserve Asset Photographic Inventory 24 Capital Reserve Analysts

25 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Stamped Concrete Partial Repair (Allowance) Item Number 1 Measurement Basis Sq. Ft. Type Concrete Estimated Useful Life 10:00 Category Common Area Basis Cost $10/Sq. Ft. Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 10:00 4,470 GSF $4,470 $4,742 Comments This stamped concrete is located at the community entrance and is in decent condition. There is no expectancy to completely replace all of the concrete. Concrete is typically a long-life component under normal circumstances. This component provides an allowance to replace 10% of the total according to the schedule above. The funding amount and timing shown here could vary by amount/year and is not a recommendation for a specific project, rather large scale needs that cannot be adequately handled within the annual sidewalk maintenance line item in the budget. Track expenses and make adjustments to this component if merited. PRN:10/12/2012 CRA - License # P Page 2 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

26 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Asphalt Resurface Item Number 2 Measurement Basis Sq. Ft. Type Asphalt Estimated Useful Life 24:00 Category Common Area Basis Cost $1.50/Sq. Ft. Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future 49, :00 24:00 GSF $73,755 $118,355 Comments These streets were installed during Streets observed to be in good condition. No major cracking or deterioration noted. Resurfacing is not needed yet. Recommend seal coating surfaces to maintain and preserve the asphalt. Lifespan is based on periodically seal coating and maintaining the surface. PRN:10/12/2012 CRA - License # P Page 3 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

27 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Asphalt Seal Coat Item Number 3 Measurement Basis Sq. Ft. Type Asphalt Estimated Useful Life 4:00 Category Common Area Basis Cost $0.09/Sq. Ft. Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future 49, :00 4:00 GSF $4,425 $4,980 Comments Surfaces are dry and faded. Recommend a seal coat in the near future. Regular cycles of seal coats should be applied to asphalt surfaces in order to maintain and preserve the asphalt. PRN:10/12/2012 CRA - License # P Page 4 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

28 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Pole Lights - Replace Item Number 4 Measurement Basis Unit Pole Type Lights Estimated Useful Life 25:00 Category Common Area Basis Cost $1,200/Light Tracking Method Logistical Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future (36) Pole :00 25:00 Lights $43,200 $71,403 Comments These pole lights were installed during Intact and in fair condition. No signs of instability or rusting. Future replacement should be anticipated. Inspect regularly; clean, locally repair and change bulbs as part of annual maintenance budget. Anticipate replacement around year mark of life; 25 year service life shown here to coincide with future overlay/seal projects for cost efficiency/consistency. PRN:10/12/2012 CRA - License # P Page 5 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

29 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Entry Signage - Replace Item Number 5 Measurement Basis Unit Type Signage Estimated Useful Life 12:00 Category Common Area Basis Cost $1,500 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 12:00 (1) Signs $1,500 $1,688 Comments This is a vinyl lighted entry sign/map. Appears to be slightly faded but still visible and functional. Future replacement should be anticipated according to the schedule and cost listed above. Regular maintenance and cleaning should be handled as an operating expense. PRN:10/12/2012 CRA - License # P Page 6 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

30 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Entry System - Replace Item Number 6 Measurement Basis Unit Type Door King Estimated Useful Life 15:00 Category Common Area Basis Cost $2,000 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future (1) Entry :00 15:00 System $2,000 $2,852 Comments Installed during 2011 per client. This system is functional and in good condition. No reported issues. These systems generally have a useful life of years. Future replacement should be anticipated. PRN:10/12/2012 CRA - License # P Page 7 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

31 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Gate Operators Replace Item Number 7 Measurement Basis Unit Type Gate Operators Estimated Useful Life 12:00 Category Common Area Basis Cost $1,500 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future (2) :00 12:00 Operators $3,000 $3,478 Comments Installed during Appear to be functional and in decent condition. These are ½ HP chain gate operators manufactured by Eagle. MFG Model Serial HP Eagle 2000-DM D /2 Eagle 2000-DM AGLED /2 PRN:10/12/2012 CRA - License # P Page 8 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

32 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Strobe Detectors - Replace Item Number 8 Measurement Basis Unit Type Tomar Estimated Useful Life 15:00 Category Common Area Basis Cost $800/Detector Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future (2) :00 15:00 Detectors $1,600 $2,027 Comments Installed during These are Tomar strobe detectors. These detectors allow emergency vehicles to enter the community during an emergency. Future replacement should be anticipated. PRN:10/12/2012 CRA - License # P Page 9 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

33 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Park Furniture - Replace Item Number 9 Measurement Basis Unit Type Metal Estimated Useful Life 10:00 Category Common Area Basis Cost $1,000 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 10:00 (2) Pieces $1,500 $1,093 Comments Park furniture includes: (1) 6 picnic table and (1) metal pedestal BBQ grill. Furniture appears worn and weathered. Future replacement should be anticipated. PRN:10/12/2012 CRA - License # P Page 10 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

34 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Stucco Walls - Repaint Item Number 10 Measurement Basis Unit Type Perimeter Walls Estimated Useful Life 6:00 Category Common Area Basis Cost $0.40/Sq. Ft. Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 6:00 9,300 GSF $3,720 $4,442 Comments This line item budgets to repaint the stucco perimeter walls throughout the community. There were no signs of structural problems observed. Some chipping and fading noted. Recommend repainting the stucco walls in the near future. PRN:10/12/2012 CRA - License # P Page 11 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

35 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Drywells Repair (Allowance) Item Number 11 Measurement Basis Unit Type Drainage Estimated Useful Life 10:00 Category Common Area Basis Cost $5,000 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 10:00 (12) Drywells $5,000 $5,305 Comments Drywells should be inspected and cleaned on a regular basis per the Arizona Department of Environmental Quality. This line item provides an allowance for periodic repairs and inspections. PRN:10/12/2012 CRA - License # P Page 12 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

36 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Mailboxes - Replace Item Number 12 Measurement Basis Unit Type Auth-Florence Estimated Useful Life 20:00 Category Common Area Basis Cost $2,550 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 20:00 (52) Boxes $2,550 $3,745 Comments These Mailboxes manufactured by Auth-Florence and installed during Observed to be intact and in good condition. No major damage noted. Future replacement should be anticipated. PRN:10/12/2012 CRA - License # P Page 13 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

37 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Trash Gates - Replace Item Number 13 Measurement Basis Unit Type Metal Estimated Useful Life 20:00 Category Common Area Basis Cost $900/Gate Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 20:00 (8) Gates $7,200 $10,573 Comments These are 6 x5 metal trash gates. Trash gates are generally subject to significant abuse. Eventual replacement should be anticipated at the recommended schedule above. PRN:10/12/2012 CRA - License # P Page 14 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

38 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Pool - Resurface Item Number 14 Measurement Basis Unit Type Pool Surface Estimated Useful Life 15:00 Category Common Area Basis Cost $9,500 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 15:00 95 LF $9,500 $12,034 Comments Pool surface observed to be in good condition. No signs of cracking or deterioration. We recommend proactive cleaning and maintenance and use of covers when possible. Plan to resurface at the time frame above. PRN:10/12/2012 CRA - License # P Page 15 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

39 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Spa Resurface Item Number 21 Measurement Basis LF Type Spa Estimated Useful Life 12:00 Category Pool Area Basis Cost $2,520 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 12:00 20 LF $2,520 $2,921 Comments Installed during Overall fair to good conditions observed. Spa surfaces typically experience a shorter life span due to chemicals and extreme temperatures. PRN:10/12/2012 CRA - License # P Page 16 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

40 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Pool Deck - Resurface Item Number 15 Measurement Basis Sq. Ft. Type Pool Deck Estimated Useful Life 15:00 Category Pool Area Basis Cost $3.75/Sq. Ft. Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 15:00 1,450 GSF $5,445 $6,898 Comments This pool deck is in good condition. No signs of cracks or chipping noted. Recommend applying regular seal coats to help maintain and preserve the life of the Kool Decking. We suggest inspecting each year prior to annual operating budget process and factoring any local repair/replacement needs at that time. We contacted association pool vendor for timing and pricing recommendations (see above). RN:10/12/2012 CRA - License # P Page 17 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

41 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Pool Deck Seal/Repair Item Number 16 Measurement Basis Sq. Ft. Type Pool Deck Estimated Useful Life 5:00 Category Pool Area Basis Cost $1.10/Sq. Ft. Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 5:00 1,450 GSF $1,600 $1,697 Comments Plan to periodically seal/repair the pool decking as needed. This pool deck was reportedly resurfaced during 2011 for an approximate cost of $3,000. This line item also includes periodic re-staining of the pool decks, based on the historical +/- 5 year life cycle the association has experienced over the recent past. Any adjustments to the remaining useful lives were included at the association's direction. PRN:10/12/2012 CRA - License # P Page 18 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

42 Sample Association HOA Capital Reserve Study Analysis Date July 12, 2013 Item Parameters - Full Detail Pool Furniture - Replace Item Number 17 Measurement Basis Unit Type Vinyl Furniture Estimated Useful Life 6:00 Category Pool Area Basis Cost $1,800 Tracking Logistical Method Fixed Service Replace Rem Est. Replacement Cost Code Description Date Date Life Life Quantity Current Future :00 6:00 (9) Pieces $1,800 $1,967 Comments This pool furniture appears newer and in good condition, actual age unknown. There are (6) chairs and (3) lounges. Pool furniture typically receives high exposure to sunlight, therefore replacement should be anticipated. While minor replacements and/or additions can be expected from time to time, and assuming a routine re-strapping and/or refinishing program as a function of general maintenance, a life cycle of 6-8 years has been observed for major pool deck furniture replacements in properties of similar quality (chaise lounges, tables, chairs, trash receptacles, etc.). PRN:10/12/2012 CRA - License # P Page 19 Capital Reserve Analysts, Inc. Copyright 2012 All Rights Reserved

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