505 South 336 th St., Ste 620 Calabasas, CA Federal Way, WA Regional Offices. Full Reserve Study. Steven's Cove HOA.
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1 Washington Office Corporate Office 505 South 336 th St., Ste 620 Calabasas, CA Federal Way, WA Regional Offices TEL 253/ Phoenix, AZ FAX 253/ San Francisco, CA Denver, CO Honolulu, HI Las Vegas, NV Full Reserve Study Steven's Cove HOA Lake Stevens, WA Report #: For Period Beginning: January 1, 2014 Expires: December 31, 2014 Date Prepared: October 17, 2013
2 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: Association Reserves, Inc.
3 Table of Contents 3- Minute Executive Summary...i Reserve Study Summary...i Reserve Component List Table 1...ii Introduction, Objectives, and Methodology...1 How are Useful Life and Remaining Useful Life established?...2 How are Cost Estimates Established?...2 What is our Recommended Funding Goal?...4 Projected Expenses...6 Expense Graph Figure Reserve Fund Status & Recommended Funding Plan...7 Funding Plan Graph Figure Cash Flow Graph Figure % Funded Graph Figure Table Descriptions...9 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...19 Terms and Definitions...21 Photographic Inventory... Appendix Association Reserves, Inc.
4 3- Minute Executive Summary Association: Steven's Cove HOA Assoc. #: Location: Lake Stevens, WA # of Units: 87 Report Period: January 1, 2014 through December 31, 2014 Results as-of 1/1/2014: Projected Starting Reserve Balance:...$37,000 Fully Funded Reserve Balance:...$138,126 Average Reserve Deficit (Surplus) Per Unit:...$1,162 Percent Funded: % 100% Full Funding 2014 Annual Reserve Contribution...$16,128 70% Threshold Annual Reserve Contribution...$15,000 Baseline Contribution (min to maintain reserves above $0)...$14,020 Recommended 2014 Special Assessment for Reserves:... $0 Most Recent Reserve Contribution Rate:...$5,000 Economic Assumptions: Net Annual After Tax Interest Earnings Accruing to Reserves % Annual Inflation Rate % The information in this Reserve Study is based on our site inspection on August 15, 2013 and meets or exceeds all requirements of the RCW. This Reserve Study was prepared by a credentialed Reserve Specialist (RS #238). Your Reserve Fund is currently 26.8% Funded. Comparatively, the % level is where associations statistically enjoy fiscal stability with low risk of special assessment and/or deferred maintenance. Based on this starting point and your anticipated future expenses, our recommendation is to budget Annual Reserve Contributions to within the 70% to 100% Full Funding range as noted above (Tables and charts herein reflect Full Funding as our recommended contribution). Full and 70% contribution rates are designed to achieve the stated funding objective by the end of our 30-year report scope. See photo pages for detailed component information and the basis of our assumptions. Association Reserves, Inc. i
5 Table 1: Executive Summary Useful Rem. Current Future Life Useful Average Average # Component (yrs) Life (yrs) Cost Cost 100 Concrete/Curb - Repair/Replace 5 1 $2,000 $2, Wood Steps - Replace 20 4 $4,000 $4, Metal Fence/Gates - Replace $12,000 $34, Metal Rail - Replace $3,150 $6, Asphalt - Resurface $162,850 $285, Asphalt - Seal/Repair 5 1 $20,600 $21, Fence: Wood - Replace 20 1 $14,000 $14, Fence: Wood - Clean/Stain 5 6 $2,550 $3, Split Rail Fence - Replace 25 9 $2,100 $2, Fence: Chain Link - Replace $14,000 $28, Landscape - Refurbish 10 5 $4,000 $4, Storm Detention Facility - Maintain 3 0 $2,000 $2, Mailboxes - Replace $8,400 $12, Required Signage - Replace 20 4 $1,700 $1, Gazebo - Repair/Replace 25 9 $1,500 $1, Concrete Sports Courts - Replace $2,150 $3, Basketball Equipment - Replace $1,000 $1, Play Equipment - Replace $2,300 $3, Picnic Tables - Replace $5,000 $7, Trash Receptacles - Replace $1,500 $2, Wood Dock - Repair/Replace 20 4 $6,950 $7, Total Funded Components Note: Cross reference component numbers with photographic inventory appendix. Highlighting denotes projects either anticipated to occur in the initial year. A reserve-funding threshold of $500 is suggested for your association (expenses below this level expected to be factored within operating budget). Association Reserves, Inc. ii
6 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 Reserve Component List (what you are reserving for). Study It contains our estimates for Useful Life, Component List Remaining Useful Life, and the current repair or replacement cost for each major Reserve Fund Strength component the association is obligated to Recommended Contribs 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 association s financial status and create a Reserve Study Types Funding Plan. For this Full Reserve Study, we started with a review of your Governing Full Documents, recent Reserve expenditures, Update With-Site-Visit an evaluation of how expenditures are Update No-Site-Visit handled (ongoing maintenance vs Reserves), and research into any wellestablished association precedents. We performed an on-site inspection to quantify and evaluate your common areas, creating your Reserve Component List from scratch. Association Reserves, Inc. 1
7 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, Limited Useful Life the 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) Visual Inspection (observed wear and age) 2) Association Reserves database of experience 3) Client Component History 4) Vendor Evaluation and Recommendation How are Cost Estimates Established? In this order 1) Client Cost History 2) Comparison to Association Reserves database of work done at similar associations 3) Vendor Recommendations 4) Reliable National Industry cost estimating guidebooks Association Reserves, Inc. 2
8 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
9 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 Recommended 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. Funding Goals Full Funding Threshold Funding Baseline Funding Threshold Funding is the title of all other objectives randomly selected between Baseline Funding and Full Funding. Association Reserves, Inc. 4
10 Assoc Site Inspection Notes During our site visit on August 15, 2013, we started with a brief meeting with Emerson Hevia, and then started the site inspection beginning with the asphalt. We visually inspected the property, and were able to see all visible common areas. Early planning for future maintenance projects and following reserve study recommendations is key to the successful ongoing maintenance of the community. Association Reserves, Inc. 5
11 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. Annual Reserve Expenses $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $ Years Figure 1 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. 6
12 Assoc Reserve Fund Status The starting point for our financial analysis is your Reserve Fund balance, projected to be $37,000 as-of the start of your Fiscal Year on January 1, This is based on your actual balance on 8/13/13 of $37,000 and anticipated Reserve contributions and expenses projected through the end of your Fiscal Year. As of January 1, 2014, your Fully Funded Balance is computed to be $138,126 (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 27% Funded. As indicated earlier in the Executive Summary, this represents a weak status. Recommended Funding Plan Based on your current Percent Funded and your projected cash flow requirements, we are recommending Reserve contributions of $16,128/year this Fiscal Year. This represents the first year of the 30-year Funding Plan shown below. This same information is shown numerically in both Table 4 and Table 5. Funding Plan Recom m ended Current $45,000 $40,000 $35,000 Annual Contributions $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $ Years Figure 2 Association Reserves, Inc. 7
13 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. $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50, Yr Cash Flow T arget Fully Funded Balance Recomm ended Funding Plan Current Funding Plan $ Years Figure 3 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. 8
14 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 Annual 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. 9
15 Table 2: Reserve Component List Detail Rem. Current Useful Useful Best Worst # Component Quantity Life Life Cost Cost 100 Concrete/Curb - Repair/Replace Extensive Sq Ft 5 1 $1,000 $3, Wood Steps - Replace (1) assembly 20 4 $3,000 $5, Metal Fence/Gates - Replace ~ 80 Lin Ft $10,000 $14, Metal Rail - Replace ~ 90 Lin Ft $2,700 $3, Asphalt - Resurface ~ 101,800 Sq Ft $142,500 $183, Asphalt - Seal/Repair ~ 82,400 Sq Ft 5 1 $16,500 $24, Fence: Wood - Replace ~ 560 Lin Ft 20 1 $11,200 $16, Fence: Wood - Clean/Stain ~ 560 Lin Ft 5 6 $2,000 $3, Split Rail Fence - Replace ~ 140 Lin Ft 25 9 $2,000 $2, Fence: Chain Link - Replace ~ 670 Lin Ft $12,000 $16, Landscape - Refurbish Extensive landscaping 10 5 $3,000 $5, Storm Detention Facility - Maintain 60 x 18 concrete 3 0 $1,500 $2, Mailboxes - Replace (6) cluster stands $7,200 $9, Required Signage - Replace ~ (17) metal signs 20 4 $1,400 $2, Gazebo - Repair/Replace (1) wood structure 25 9 $1,000 $2, Concrete Sports Courts - Replace ~ 240 Sq Ft $1,900 $2, Basketball Equipment - Replace (1) assembly $800 $1, Play Equipment - Replace (1) play set, (1) swing $2,000 $2, Picnic Tables - Replace (7) assorted types $4,000 $6, Trash Receptacles - Replace (3) metal assemblies $1,200 $1, Wood Dock - Repair/Replace ~ 460 Sq Ft 20 4 $5,800 $8, Total Funded Components Association Reserves, Inc. 10
16 Table 3: Contribution and Fund Breakdown Rem. Fully Current Useful Useful Current Funded Fund Reserve # Component Life Life (Avg) Cost Balance Balance Contributions 100 Concrete/Curb - Repair/Replace 5 1 $2,000 $1,600 $1, $ Wood Steps - Replace 20 4 $4,000 $3,200 $3, $ Metal Fence/Gates - Replace $12,000 $1,200 $0.00 $ Metal Rail - Replace $3,150 $1,260 $0.00 $ Asphalt - Resurface $162,850 $74,446 $0.00 $5, Asphalt - Seal/Repair 5 1 $20,600 $16,480 $16, $4, Fence: Wood - Replace 20 1 $14,000 $13,300 $13, $ Fence: Wood - Clean/Stain 5 6 $2,550 $0 $0.00 $ Split Rail Fence - Replace 25 9 $2,100 $1,344 $0.00 $ Fence: Chain Link - Replace $14,000 $5,600 $0.00 $ Landscape - Refurbish 10 5 $4,000 $2,000 $0.00 $ Storm Detention Facility - Maintain 3 0 $2,000 $2,000 $2, $ Mailboxes - Replace $8,400 $2,940 $0.00 $ Required Signage - Replace 20 4 $1,700 $1,360 $ $ Gazebo - Repair/Replace 25 9 $1,500 $960 $0.00 $ Concrete Sports Courts - Replace $2,150 $1,147 $0.00 $ Basketball Equipment - Replace $1,000 $533 $0.00 $ Play Equipment - Replace $2,300 $230 $0.00 $ Picnic Tables - Replace $5,000 $2,667 $0.00 $ Trash Receptacles - Replace $1,500 $300 $0.00 $ Wood Dock - Repair/Replace 20 4 $6,950 $5,560 $0.00 $ Total Funded Components $138,126 $37,000 $16,128 Association Reserves, Inc. 11
17 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 $37,000 $138, % Weak $16,128 $0 $443 $2, $51,571 $153, % Fair $17,096 $0 $415 $37, $31,383 $134, % Weak $18,121 $0 $406 $ $49,911 $153, % Fair $19,209 $0 $587 $2, $67,521 $171, % Fair $20,361 $0 $709 $14, $74,353 $178, % Fair $21,583 $0 $832 $4, $92,131 $195, % Fair $22,878 $0 $878 $32, $83,468 $184, % Fair $24,251 $0 $960 $ $108,679 $207, % Fair $25,706 $0 $1,221 $ $135,606 $231, % Fair $27,248 $0 $1,462 $7, $157,009 $249, % Fair $28,883 $0 $1,722 $ $187,614 $276, % Fair $29,460 $0 $1,858 $34, $184,119 $268, % Fair $30,050 $0 $1,986 $2, $213,304 $294, % Strong $30,651 $0 $2,235 $12, $233,854 $311, % Strong $31,264 $0 $2,444 $12, $255,234 $329, % Strong $31,889 $0 $2,677 $9, $280,452 $351, % Strong $32,527 $0 $2,766 $42, $272,980 $341, % Strong $33,177 $0 $2,909 $ $309,066 $375, % Strong $33,841 $0 $3,238 $7, $338,824 $403, % Strong $34,518 $0 $2,143 $285, $89,926 $146, % Fair $35,208 $0 $1,080 $ $126,215 $176, % Strong $35,912 $0 $1,064 $76, $86,639 $129, % Fair $36,630 $0 $1,054 $ $124,324 $160, % Strong $37,363 $0 $1,437 $ $163,124 $193, % Strong $38,110 $0 $1,505 $64, $138,097 $161, % Strong $38,872 $0 $1,540 $8, $170,134 $187, % Strong $39,650 $0 $1,636 $54, $157,182 $167, % Strong $40,443 $0 $1,760 $4, $194,942 $200, % Strong $41,252 $0 $2,166 $ $238,359 $238, % Strong $42,077 $0 $2,606 $0 Association Reserves, Inc. 12
18 Table 5: 30-Year Income/Expense Detail (yrs 0 through 4) Fiscal Year Starting Reserve Balance $37,000 $51,571 $31,383 $49,911 $67,521 Annual Reserve Contribution $16,128 $17,096 $18,121 $19,209 $20,361 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $443 $415 $406 $587 $709 Total Income $53,571 $69,081 $49,911 $69,706 $88,591 # Component 100 Concrete/Curb - Repair/Replace $0 $2,060 $0 $0 $0 110 Wood Steps - Replace $0 $0 $0 $0 $4, Metal Fence/Gates - Replace $0 $0 $0 $0 $0 114 Metal Rail - Replace $0 $0 $0 $0 $0 120 Asphalt - Resurface $0 $0 $0 $0 $0 121 Asphalt - Seal/Repair $0 $21,218 $0 $0 $0 140 Fence: Wood - Replace $0 $14,420 $0 $0 $0 141 Fence: Wood - Clean/Stain $0 $0 $0 $0 $0 145 Split Rail Fence - Replace $0 $0 $0 $0 $0 155 Fence: Chain Link - Replace $0 $0 $0 $0 $0 170 Landscape - Refurbish $0 $0 $0 $0 $0 185 Storm Detention Facility - Maintain $2,000 $0 $0 $2,185 $0 205 Mailboxes - Replace $0 $0 $0 $0 $0 210 Required Signage - Replace $0 $0 $0 $0 $1, Gazebo - Repair/Replace $0 $0 $0 $0 $0 320 Concrete Sports Courts - Replace $0 $0 $0 $0 $0 330 Basketball Equipment - Replace $0 $0 $0 $0 $0 340 Play Equipment - Replace $0 $0 $0 $0 $0 346 Picnic Tables - Replace $0 $0 $0 $0 $0 350 Trash Receptacles - Replace $0 $0 $0 $0 $0 400 Wood Dock - Repair/Replace $0 $0 $0 $0 $7,822 Total Expenses $2,000 $37,698 $0 $2,185 $14,238 Ending Reserve Balance: $51,571 $31,383 $49,911 $67,521 $74,353 Association Reserves, Inc. 13
19 Table 5: 30-Year Income/Expense Detail (yrs 5 through 9) Fiscal Year Starting Reserve Balance $74,353 $92,131 $83,468 $108,679 $135,606 Annual Reserve Contribution $21,583 $22,878 $24,251 $25,706 $27,248 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $832 $878 $960 $1,221 $1,462 Total Income $96,768 $115,887 $108,679 $135,606 $164,316 # Component 100 Concrete/Curb - Repair/Replace $0 $2,388 $0 $0 $0 110 Wood Steps - Replace $0 $0 $0 $0 $0 112 Metal Fence/Gates - Replace $0 $0 $0 $0 $0 114 Metal Rail - Replace $0 $0 $0 $0 $0 120 Asphalt - Resurface $0 $0 $0 $0 $0 121 Asphalt - Seal/Repair $0 $24,597 $0 $0 $0 140 Fence: Wood - Replace $0 $0 $0 $0 $0 141 Fence: Wood - Clean/Stain $0 $3,045 $0 $0 $0 145 Split Rail Fence - Replace $0 $0 $0 $0 $2, Fence: Chain Link - Replace $0 $0 $0 $0 $0 170 Landscape - Refurbish $4,637 $0 $0 $0 $0 185 Storm Detention Facility - Maintain $0 $2,388 $0 $0 $2, Mailboxes - Replace $0 $0 $0 $0 $0 210 Required Signage - Replace $0 $0 $0 $0 $0 215 Gazebo - Repair/Replace $0 $0 $0 $0 $1, Concrete Sports Courts - Replace $0 $0 $0 $0 $0 330 Basketball Equipment - Replace $0 $0 $0 $0 $0 340 Play Equipment - Replace $0 $0 $0 $0 $0 346 Picnic Tables - Replace $0 $0 $0 $0 $0 350 Trash Receptacles - Replace $0 $0 $0 $0 $0 400 Wood Dock - Repair/Replace $0 $0 $0 $0 $0 Total Expenses $4,637 $32,419 $0 $0 $7,307 Ending Reserve Balance: $92,131 $83,468 $108,679 $135,606 $157,009 Association Reserves, Inc. 14
20 Table 5: 30-Year Income/Expense Detail (yrs 10 through 14) Fiscal Year Starting Reserve Balance $157,009 $187,614 $184,119 $213,304 $233,854 Annual Reserve Contribution $28,883 $29,460 $30,050 $30,651 $31,264 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $1,722 $1,858 $1,986 $2,235 $2,444 Total Income $187,614 $218,933 $216,155 $246,189 $267,562 # Component 100 Concrete/Curb - Repair/Replace $0 $2,768 $0 $0 $0 110 Wood Steps - Replace $0 $0 $0 $0 $0 112 Metal Fence/Gates - Replace $0 $0 $0 $0 $0 114 Metal Rail - Replace $0 $0 $0 $0 $0 120 Asphalt - Resurface $0 $0 $0 $0 $0 121 Asphalt - Seal/Repair $0 $28,515 $0 $0 $0 140 Fence: Wood - Replace $0 $0 $0 $0 $0 141 Fence: Wood - Clean/Stain $0 $3,530 $0 $0 $0 145 Split Rail Fence - Replace $0 $0 $0 $0 $0 155 Fence: Chain Link - Replace $0 $0 $0 $0 $0 170 Landscape - Refurbish $0 $0 $0 $0 $0 185 Storm Detention Facility - Maintain $0 $0 $2,852 $0 $0 205 Mailboxes - Replace $0 $0 $0 $12,336 $0 210 Required Signage - Replace $0 $0 $0 $0 $0 215 Gazebo - Repair/Replace $0 $0 $0 $0 $0 320 Concrete Sports Courts - Replace $0 $0 $0 $0 $3, Basketball Equipment - Replace $0 $0 $0 $0 $1, Play Equipment - Replace $0 $0 $0 $0 $0 346 Picnic Tables - Replace $0 $0 $0 $0 $7, Trash Receptacles - Replace $0 $0 $0 $0 $0 400 Wood Dock - Repair/Replace $0 $0 $0 $0 $0 Total Expenses $0 $34,813 $2,852 $12,336 $12,328 Ending Reserve Balance: $187,614 $184,119 $213,304 $233,854 $255,234 Association Reserves, Inc. 15
21 Table 5: 30-Year Income/Expense Detail (yrs 15 through 19) Fiscal Year Starting Reserve Balance $255,234 $280,452 $272,980 $309,066 $338,824 Annual Reserve Contribution $31,889 $32,527 $33,177 $33,841 $34,518 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $2,677 $2,766 $2,909 $3,238 $2,143 Total Income $289,800 $315,745 $309,066 $346,145 $375,485 # Component 100 Concrete/Curb - Repair/Replace $0 $3,209 $0 $0 $0 110 Wood Steps - Replace $0 $0 $0 $0 $0 112 Metal Fence/Gates - Replace $0 $0 $0 $0 $0 114 Metal Rail - Replace $0 $0 $0 $0 $0 120 Asphalt - Resurface $0 $0 $0 $0 $285, Asphalt - Seal/Repair $0 $33,057 $0 $0 $0 140 Fence: Wood - Replace $0 $0 $0 $0 $0 141 Fence: Wood - Clean/Stain $0 $4,092 $0 $0 $0 145 Split Rail Fence - Replace $0 $0 $0 $0 $0 155 Fence: Chain Link - Replace $0 $0 $0 $0 $0 170 Landscape - Refurbish $6,232 $0 $0 $0 $0 185 Storm Detention Facility - Maintain $3,116 $0 $0 $3,405 $0 205 Mailboxes - Replace $0 $0 $0 $0 $0 210 Required Signage - Replace $0 $0 $0 $0 $0 215 Gazebo - Repair/Replace $0 $0 $0 $0 $0 320 Concrete Sports Courts - Replace $0 $0 $0 $0 $0 330 Basketball Equipment - Replace $0 $0 $0 $0 $0 340 Play Equipment - Replace $0 $0 $0 $3,916 $0 346 Picnic Tables - Replace $0 $0 $0 $0 $0 350 Trash Receptacles - Replace $0 $2,407 $0 $0 $0 400 Wood Dock - Repair/Replace $0 $0 $0 $0 $0 Total Expenses $9,348 $42,765 $0 $7,320 $285,558 Ending Reserve Balance: $280,452 $272,980 $309,066 $338,824 $89,926 Association Reserves, Inc. 16
22 Table 5: 30-Year Income/Expense Detail (yrs 20 through 24) Fiscal Year Starting Reserve Balance $89,926 $126,215 $86,639 $124,324 $163,124 Annual Reserve Contribution $35,208 $35,912 $36,630 $37,363 $38,110 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $1,080 $1,064 $1,054 $1,437 $1,505 Total Income $126,215 $163,190 $124,324 $163,124 $202,739 # Component 100 Concrete/Curb - Repair/Replace $0 $3,721 $0 $0 $0 110 Wood Steps - Replace $0 $0 $0 $0 $8, Metal Fence/Gates - Replace $0 $0 $0 $0 $0 114 Metal Rail - Replace $0 $0 $0 $0 $6, Asphalt - Resurface $0 $0 $0 $0 $0 121 Asphalt - Seal/Repair $0 $38,322 $0 $0 $0 140 Fence: Wood - Replace $0 $26,044 $0 $0 $0 141 Fence: Wood - Clean/Stain $0 $4,744 $0 $0 $0 145 Split Rail Fence - Replace $0 $0 $0 $0 $0 155 Fence: Chain Link - Replace $0 $0 $0 $0 $28, Landscape - Refurbish $0 $0 $0 $0 $0 185 Storm Detention Facility - Maintain $0 $3,721 $0 $0 $4, Mailboxes - Replace $0 $0 $0 $0 $0 210 Required Signage - Replace $0 $0 $0 $0 $3, Gazebo - Repair/Replace $0 $0 $0 $0 $0 320 Concrete Sports Courts - Replace $0 $0 $0 $0 $0 330 Basketball Equipment - Replace $0 $0 $0 $0 $0 340 Play Equipment - Replace $0 $0 $0 $0 $0 346 Picnic Tables - Replace $0 $0 $0 $0 $0 350 Trash Receptacles - Replace $0 $0 $0 $0 $0 400 Wood Dock - Repair/Replace $0 $0 $0 $0 $14,128 Total Expenses $0 $76,551 $0 $0 $64,643 Ending Reserve Balance: $126,215 $86,639 $124,324 $163,124 $138,097 Association Reserves, Inc. 17
23 Table 5: 30-Year Income/Expense Detail (yrs 25 through 29) Fiscal Year Starting Reserve Balance $138,097 $170,134 $157,182 $194,942 $238,359 Annual Reserve Contribution $38,872 $39,650 $40,443 $41,252 $42,077 Planned Special Assessments $0 $0 $0 $0 $0 Interest Earnings $1,540 $1,636 $1,760 $2,166 $2,606 Total Income $178,509 $211,420 $199,385 $238,359 $283,042 # Component 100 Concrete/Curb - Repair/Replace $0 $4,313 $0 $0 $0 110 Wood Steps - Replace $0 $0 $0 $0 $0 112 Metal Fence/Gates - Replace $0 $0 $0 $0 $0 114 Metal Rail - Replace $0 $0 $0 $0 $0 120 Asphalt - Resurface $0 $0 $0 $0 $0 121 Asphalt - Seal/Repair $0 $44,426 $0 $0 $0 140 Fence: Wood - Replace $0 $0 $0 $0 $0 141 Fence: Wood - Clean/Stain $0 $5,499 $0 $0 $0 145 Split Rail Fence - Replace $0 $0 $0 $0 $0 155 Fence: Chain Link - Replace $0 $0 $0 $0 $0 170 Landscape - Refurbish $8,375 $0 $0 $0 $0 185 Storm Detention Facility - Maintain $0 $0 $4,443 $0 $0 205 Mailboxes - Replace $0 $0 $0 $0 $0 210 Required Signage - Replace $0 $0 $0 $0 $0 215 Gazebo - Repair/Replace $0 $0 $0 $0 $0 320 Concrete Sports Courts - Replace $0 $0 $0 $0 $0 330 Basketball Equipment - Replace $0 $0 $0 $0 $0 340 Play Equipment - Replace $0 $0 $0 $0 $0 346 Picnic Tables - Replace $0 $0 $0 $0 $0 350 Trash Receptacles - Replace $0 $0 $0 $0 $0 400 Wood Dock - Repair/Replace $0 $0 $0 $0 $0 Total Expenses $8,375 $54,238 $4,443 $0 $0 Ending Reserve Balance: $170,134 $157,182 $194,942 $238,359 $283,042 Association Reserves, Inc. 18
24 Assoc Accuracy, Limitations, and Disclosures Washington disclosure, per RCW : This reserve study should be reviewed carefully. It may not include all common and limited common element components that will require major maintenance, repair or replacement in future years, and may not include regular contributions to a reserve account for the cost of such maintenance, repair, or replacement. The failure to include a component in a reserve study, or to provide contributions to a reserve account for a component, may, under some circumstances, require you to pay on demand as a special assessment your share of common expenses for the cost of major maintenance, repair or replacement of a reserve component. 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. James D. Talaga R.S., company president, is a credentialed Reserve Specialist (#66). 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. Association Reserves, Inc. 19
25 Assoc 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 developed by Association Reserves 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. 20
26 Assoc Terms and Definitions BTU DIA GSF GSY HP LF British Thermal Unit (a standard unit of energy) Diameter Gross Square Feet (area) Gross Square Yards (area) Horsepower Linear Feet (length) Effective Age: The difference between Useful Life and Remaining Useful Life. Note that this is not necessarily equivalent to the chronological age of the component. Fully Funded Balance (FFB): The Reserve Balance that is in direct proportion to the fraction of life used up of the current Repair or Replacement cost. This benchmark balance represents the value of the deterioration of the Reserve Components. This number is calculated for each component, then summed together for an association total. FFB = (Current Cost X Effective Age) / Useful Life Inflation: Interest: Cost factors are adjusted for inflation at the rate defined in the Executive Summary and compounded annually. These increasing costs can be seen as you follow the recurring cycles of a component on Table 5. Interest earnings on Reserve Funds are calculated using the average balance for the year (taking into account income and expenses through the year) and compounded monthly using the rate defined in the Executive Summary. Annual interest earning assumption appears in the Executive Summary, page ii. Percent Funded: The ratio, at a particular point in time (typically the beginning of the Fiscal Year), of the actual (or projected) Reserve Balance to the Fully Funded Balance, expressed as a percentage. Remaining Useful Life: The estimated time, in years, that a common area component can be expected to continue to serve its intended function. Useful Life: The estimated time, in years, that a common area component can be expected to serve its intended function. Association Reserves, Inc. 21
27 Assoc Photographic Inventory Appendix The primary purpose of the photographic appendix is to provide the reader with the basis of our funding assumptions resulting from our physical analysis and subsequent research. The photographs herein represent a wide range of elements that were observed and measured against National Reserve Study Standards to determine if they meet the criteria for reserve funding: 1) Common area maintenance, repair & replacement responsibility 2) Components must have a limited life 3) Life limit must be predictable 4) Above a minimum threshold cost (board s discretion typically ½ to 1% of annual operating expenses). Some components are recommended for reserve funding, while others are not. The components that meet these criteria in our judgment are shown with corresponding maintenance, repair or replacement cycles to the left of the photo (UL = Useful Life or how often the project is expected to occur, RUL = Remaining Useful Life or how many years from our reporting period) and a representative market cost range termed Best Cost and Worst Cost below the photo. There are many factors that can result in a wide variety of potential costs; we are attempting to represent a market average for budget purposes. Where there is no UL, the component is expected to be a one-time expense. Where no pricing, the component deemed inappropriate for Reserve Funding. Association Reserves, Inc. 22
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