N SITE RESERVE STUDY Presented by:
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1 N SITE RESERVE STUDY Presented by: PO Box 1714 Stow Akron Cleveland Fax
2 STUDY FULL RESERVE IN THIS SECTION: NARRATIVE REPORT CONCLUSION DEFINITIONS
3 1 Edgebrook Condominium Unit Owners Association, Inc. EXECUTIVE SUMMARY At the direction of the Board of Directors that recognizes the need for proper reserve planning, we have conducted a Full Reserve Study of Edgebrook Condominium Unit Owners Association, Inc. (the Association) located in Stow, Ohio and submit our findings in this report. The effective date of this study is the date of our visual, noninvasive inspection, October 10, This Reserve Study is a budget planning tool that identifies the current status of the reserve fund and a stable and equitable Reserve Funding Plan to offset the anticipated future major common area expenditures. This Full Reserve Study is in compliance with and exceeds the standards set forth by Community Association Institute (CAI) and the Association of Professional Reserve Analysts (APRA) fulfilling the requirements of a Full Reserve Study. For brevity, we use the term Reserve Study herein. A Reserve Study comprises two parts: Physical Analysis Component Inventory Condition Assessment Estimated Useful Life, Remaining Life and Replacement Cost Financial Analysis Fund Status Funding Plan Operating Budget Analysis Proposed Operating Budget Exhibit B presents the numerical data of the Physical and Financial Analyses. The Association is a condominium style development of eighty nine (89) units in thirty four (34) buildings. The exteriors of the buildings comprise brick, aluminum siding and asphalt shingle roofs. The buildings were built in Fifteen (15) major Reserve Components are likely to require capital repair or replacement during the next 30 years. The unaudited cash status of the reserve fund, as of October 1, 2008 as reported by management, is $114,373. The Association Board projects a reserve fund balance of $116,302 at January 1, If the Association were to continue to fund reserves at its 2008 budgeted amount of $24,453, the reserve fund would, hypothetically, incur a potential shortage by The Funding Goal of this Reserve Study is to keep the reserve balance above an adequate, not excessive, threshold.
4 2 The Association can fund capital repairs and replacements in any combination of the following: 1) Special assessments or increases in the operating budget during years when the shortages occur, 2) Loans using borrowed capital for major replacement projects, or; 3) Level monthly reserve assessments annually adjusted upward for inflation to increase reserves to fund the expected major future expenditures. 4) A combination of the above We do not advocate special assessments or loans unless near term circumstances dictate otherwise. Although loans provide a gradual method of funding a replacement, the costs are higher than if the Association were to accumulate reserves ahead of the actual replacement. Interest earnings on reserves also accumulate in this process of saving or reserving for future replacements, thereby defraying the amount of gradual reserve collections. We do advocate the third method of Level Monthly Reserve Assessments with relatively minor annual adjustments. This method ensures that homeowners pay their fair share of the weathering and aging of the commonly owned property each year. Level reserve assessments preserve the property and enhance the resale value of the homes. This Reserve Study applies the Cash Flow Method to compute the Reserve Funding Plan. The Reserve Funding Plan determines adequate, not excessive, Reserve Contributions through a 30 year Cash Flow Analysis that incorporates the current reserve funds, future interest earned, and projected Reserve Expenditures. The Reserve Expenditures reflect current and future local costs of replacement, projected earned interest, the average annual fund balances and anticipated inflation. Sources for local costs of replacement include our proprietary database, historical costs and local contractor bids. We identified the anticipated Reserve Expenditures for Reserve Components during the next 30 years as either near term or long term. Near term expenditures relate to capital needs from now through 2013, the next five years beyond this current fiscal year. These near term expenditures comprise $35,400 or about two percent (2.41%) of the next 30 years of Exhibit B Reserve Expenditures. Expenditures beyond the next five years are more important when compared with the current needs of the Association and tend to govern the amounts of recommended Reserve Contributions.
5 3 The Association has budgeted $24,453 for Reserve Contributions in We recommend that the Association increase the reserve budget to 66,000 in Afterwards, the Association should monitor the budget to identify any need for gradual annual increases in reserve funding that in part consider the effects of inflation. The recommended year 2009 Reserve Contribution of $66,000 represents a zero percent (25.95%) adjustment in the 2008 total Operating Budget of $160,125. This adjustment of $35,547 is equivalent to an average monthly increase of $33.28 per unit owner. These contributions will gradually create and maintain a Reserve Fund for the major expenditures as identified in Exhibit B. Exhibit B Reserve Funding Plan enumerates the details regarding recommended annual Reserve Contributions and projected year end reserve balances. Based on the investigation and analysis as detailed in the accompanying narrative, we recommend the following Reserve Funding Plan (Reserve Contributions) to offset the anticipated future Reserve Expenditures of the subject Reserve Components during the next 30 years. RECOMMENDED RESERVE CONTRIBUTIONS Year $ Year $ Year $ Year $ 2009 $66, $95, $50, $50, $57, $102, $50, $50, $61, $50, $50, $50, $66, $50, $50, $50, $71, $50, $50, $50, $76, $50, $50, $50, $82, $50, $50, $88, $50, $50,000
6 4 RECOMMENDED RESERVE FUNDING PLAN Ongoing Board reviews and an Update of this Reserve Study in two to three years are necessary to ensure an equitable funding plan since a Reserve Study is a snapshot in time. Many variables change after the study is conducted that may result in significant homeowner overfunding or underfunding the reserve account. Examples include deferred or accelerated projects based on Board discretion, interest rate changes on reserve investments and local construction inflation rate changes including the price of gas and oil. We have not investigated any liabilities against the property. Respectfully submitted, Bruce A. Cedar, CMCA, AMS Kare Condominium Management Company, INC. (330)
7 5 NARRATIVE REPORT At the direction of the Board that recognizes the need for proper reserve planning, we have conducted a Full Reserve Study of certain property exhibited to us as that of Edgebrook Condominium Unit Owners Association, Inc Stow, Ohio and submit our findings in this report. The effective date of this study is the date of our visual, noninvasive inspection, October 10, Reserves for replacement are the amounts of money required for future expenditures to repair or replace Reserve Components that wear out before the entire facility or project wears out. Reserving funds for future repair or replacement of the Reserve Components is also one of the most reliable ways of protecting the value of the property s infrastructure and marketability. This Reserve Study uses a 30 year Cash Flow Analysis to project and illustrate the Reserve Funding Plan. National standards 1 require a Reserve Component to have a predictable remaining Useful Life. Estimating Remaining Useful Lives and Reserve Expenditures beyond 30 years is often indeterminate and may involve more than one life cycle for a particular Reserve Component. Construction inflation can also vary greatly over many years. Manner of Report Presentation Our report comprises an Executive Summary, Narrative, Conclusion, Supplementary Information, Definitions and Exhibits. The Executive Summary identifies the property, fiscal considerations, recommended reserve funding and projections concerning reserve funding. The Narrative sets forth the nature and extent of the investigation and includes the following sections: Manner of Report Presentation Considerations and Methodology Identification of Reserve Components Condition Assessment Explanation of the Exhibits Conclusion 1 Identified in the APRA Standards Terms and Definitions and the CAI Terms and Definitions.
8 6 Supplementary Information for Financial Statements Supplementary Information for Financial Statements contains significant unaudited information from the Reserve Expenditures about Reserve Component categories and estimated current and future replacement costs. Definitions contain terms and definitions used throughout this Reserve Study and the industry. Exhibits A, B, C, and D contain pertinent information relating to the analysis. Exhibit A Photographs documents the conditions of various property components as of the date of our visual inspection, October 10, The Condition Assessment contains references to these photographs. Exhibit B Spreadsheets presents two tables. The first table Reserve Expenditures includes the Reserve Component Inventory, Reserve Expenditures, estimates of future costs and anticipated times of replacements during the next 30 years. The second table Reserve Funding Plan includes Reserve Contributions for the next 30 years based on Reserve Expenditures. Exhibit C Reserve Funding Graphs contains one graph and one pie chart. The graph Recommended Reserve Funding Plan shows the future fund balances based on the anticipated Reserve Expenditures and recommended annual Reserve Contributions during the next 30 years. The second graph Reserve Balances compares the recommended year end amounts of accumulated reserves with the potential shortage of reserves if the Association were to continue contributing to reserves at its current budgeted amount for the next 30 years. The pie chart Estimated Future Reserve Expenditures illustrates the relative importance of Reserve Expenditures and relative funding during the next 30 years. Exhibit D describes Assumptions of the Reserve Study of how we collect and analyze data. The statement of Professional Service Conditions identifies the general manner of professional services provided, as stated in the original authorized Confirmation of Services for this Reserve Study.
9 7 Considerations and Methodology This Reserve Study is in compliance with and exceeds the standards set forth by Community Associations Institute (CAI) and the Association of Professional Reserve Analysts (APRA), fulfilling the requirements of a Full Reserve Study. For brevity, we use the term Reserve Study herein. We considered the following factors in our analysis: Information Furnished by Management Oct 1, 2008 unaudited Cash Status of the Reserve Fund $114, remaining Budgeted Reserve Contributions $ 4,078 Anticipated Interest on Reserve Fund $ 81 Less Anticipated Reserve Expenditures $ 2,500 Projected 2008 Year End Reserve Balance $116,302 The Cash Flow Method to compute the 30 year Reserve Funding Plan The identification of individual Reserve Components with their anticipated year of replacement as detailed in Exhibit B Reserve Expenditures Local costs of material, equipment and labor The current and future costs of replacement for the Reserve Components The costs of removal of the worn out elements as part of the cost of replacement Local economic conditions and a historical perspective to arrive at our estimate of future inflation for construction costs in the Stow, Ohio area at an annual inflation rate of 3.0%. The past and current maintenance practices of The Association and their effects on remaining useful lives. The Funding Plan excludes necessary operating budget expenditures. It is our understanding that the current operating budget and future operating budgets will provide for the ongoing normal maintenance of Reserve Components or property elements unless specifically identified in the Reserve Component Inventory of Exhibit B Reserve Expenditures. The Association should continue to include this cost of maintenance in the operating budget. The anticipated effects of appreciation of the reserves over time in accord with an anticipated future return or yield on investment of your cash equivalent assets at an annual rate of 1.5% (We did not consider the costs, if any, of Federal and State Taxes on income derived from interest and/or dividend income) Interest rates or yields on reserve savings are stable. Volatility in the 10 year U.S. Treasury is gone and the rate has hovered for many months in a range of 1% to 2%. The Federal Reserve has commented that an overall decline in long term rates may be fundamental and long lasting. As a
10 8 result, yields on money market savings and certificates of deposit are likely to remain stable throughout the balance of this year. Further downward pressure on rates would occur if the economy continues to soften. Bear in mind that most money market rates are tiered and barely keep pace with inflation. These forthcoming yields of short term savings instruments (government bonds and CD s) on reserve savings may barely keep pace with your local construction inflation rate. Updates to this Reserve Study will continue to monitor historical facts and trends concerning the external market conditions. We advise the Board to consult a professional investment counselor to determine an appropriate investment strategy to maximize the returns on reserve savings in light of the recent changes in near term yields on money market accounts and certificates of deposits. IDENTIFICATION OF RESERVE COMPONENTS The Association is a condominium style development of eighty nine (89) units in thirty four (34) buildings. The exteriors of the buildings are comprised of brick and vinyl siding with asphalt shingle roofs. The buildings were built from 1999 to Fifteen (15) major Reserve Components are likely to require capital repair or replacement during the next 30 years. Our investigation included Reserve Components or property elements as set forth in your Declaration. Our analysis began by segregating the property elements into several areas of responsibility for repair and replacement. We derived these segregated classes of property from our review of the information provided to us and through conversations with Management and the Board. These four classes of property include: 1) Reserve Components 2) Long Lived property Elements 3) Operating Budget Funded Repairs and Replacements 4) Property Maintained by Homeowners We advise that the Board conduct an annual review of these classes of property to confirm its policy concerning the manner of funding, i.e., from reserves or the operating budget. The following pages briefly describe these four classes.
11 9 Reserve Components are defined as property elements with: 1) Association responsibility; 2) Limited Useful Life expectancies; 3) Predictable Remaining Useful Life expectancies; and 4) A replacement cost above a minimum threshold. The reserve Components comprises 16 line items likely to require Reserve Expenditures during the next 30 years. summarize as follows: Exhibit B Reserve Expenditures details this first class of property which we Exterior Building Elements (Line Items 1 through 6) Pitch Roofs Gutters & Downspouts Property Site elements (Line Items 7 through 15) Concrete Driveways Concrete Sidewalks Concrete Stoops Asphalt Roads In addition to the Reserve Components listed above, we list the following Long Lived Property Elements, defined as those items without predictable Remaining Useful Life expectancies: Electrical Systems Fascia & Soffits Fences Foundations Post Lights Siding Storm Drains and Catch Basins Underground Utility Pipes, Water and Sewer
12 10 Long Lived property Elements (without predictable Remaining Useful Lives) sometimes requires infrequent repairs due to abuse, normal wear and tear or unknown construction defects. The Association should fund the cost of these infrequent replacements from the operating budget. Funding untimely or unexpected replacements from reserves will necessitate adjustments to future Reserve Contributions. An update of this Reserve Study will help determine the merits of adjusting the Reserve Funding Plan. The operating budget provides money for the repair and replacement of certain Reserve Components. Operating Budget Funded Repairs and Replacements relate to: General Maintenance to the Common Elements Landscape Painting Signage Other Repairs Normally Funded Through the Operating Budget Certain items have been designated as the responsibility of the homeowner to repair or replace. Property Maintained by Homeowners relates to unit: Heating, Ventilating and Air Conditioning (HVAC) Units Interiors Windows Doors, Interior and Exterior Patios and Decks Condition Assessment The Condition Assessment of this Reserve Study includes Enhanced Solutions and Procedures (ESP) for select significant components. These ESP narratives describe the Reserve Component, document specific problems and conditions, and may include detailed solutions and procedures for necessary capital repairs and replacements for the benefit of current and future Board members. We advise the Board use this information to help define the scope and procedures for repair or replacement when soliciting bids or proposals from contractors. However, the Report in whole or part is not and should not be used as a design specification or design engineering service.
13 11 Exterior Building Elements Pitch Roofs, Asphalt Shingles The roofing of The Association is comprised of approximately 1736 squares 2 of organic asphalt fiberglass reinforced 3 tab 20 year shingles. Shingles were gun nailed on over 15 pound felt on OSB (7/16 thick). At time of inspection, there was no ice and water shield found. Aluminum flashing had a.019 gauge and was for the most part, installed correctly. Aluminum High Profile ridge vents was used. The valleys had open (w) aluminum metal about 24 wide which is appropriate in northern climates. The soil stack flashings were plastic with neoprene boots. We believe a higher grade of flashing, i.e., aluminum with neoprene rubber boots, would be more appropriate. Heat stacks were of a normal gauge and type. The roofs on these thirty four (34) buildings are approximately eight (8) years old. The current roof condition appears to be normal with the expected amount of granule (or grit) loss. We estimate that the roofs will last another six (6) to eight (8) years in normal conditions. Note however, that the lack of ice and water shield may increase the rate of ice back up conditions. In addition, the 20 year roofing shingles do not have as good of a sealing strip as 30 year laminate shingles. See Exhibit A Photographs for examples of these conditions. We include the following solutions and procedures pertaining to the components of an asphalt shingle roof system, times of replacement, recommended method of replacement and coordination of other related work for the benefit of present and future board members. Insulation and ventilation are two major components of a sloped roof system. Together, proper insulation and ventilation help to control attic moisture and maintain an energy efficient building. Both insulation and ventilation prevent moisture buildup which can cause wood rot, mold and mildew growth, warp sheathing, deteriorate shingles, and eventually damage building interiors. Sufficient insulation helps to minimize the quantity of moisture that enters the attic spaces and adequate ventilation helps to remove any moisture that enters the attic spaces. These two roof system components also help to reduce the amount of energy that is required to heat and cool a building. Proper attic insulation minimizes heat gain and heat loss between the residential living spaces and attic spaces. This reduces energy consumption year round. Proper attic ventilation removes excessive heat from attic spaces that can radiate into residential living spaces and cause air conditioners to work harder. Properly installed attic insulation and ventilation work together to maximize the useful life of sloped roof systems. 2 We quantify the roof area in squares where one square is equal to 100 square feet of surface area
14 12 In addition to moisture control and energy conservation, proper attic insulation and ventilation are essential components to prevent the formation of ice dams. Ice dams occur when warm air accumulates at the peak of an attic while the roof eaves remain cold. Warm air from the attic melts the snow at the ridge of the roof and the water runs down the slope of the roof. At the cold roof eaves, the water refreezes and forms a buildup of snow and ice. This buildup often traps water that can prematurely deteriorate asphalt shingles and ultimately seep under the shingles and cause water damage to the roof deck and building interiors. Proper insulation minimizes the amount of heat that enters attic spaces. Together, these components help to prevent ice dams with a cold roof deck that melts snow and ice evenly. Roof vents provide ventilation to the attic space through the combined use of soffit vents and ridge vents at the peaks or ridges of the roofs. This system appears to provide adequate ventilation. The Association should periodically ensure that the soffit vents are clear of debris such as paint and are not blocked from above by attic insulation. If the soffit vents are blocked from above, the Association should install polystyrene vent spaces or baffles between the roof joists at these locations to ensure proper ventilation. budget. The Association should fund this ongoing maintenance through the operating Certain characteristics of condition govern the times of replacement. Replacement of an asphalt shingle roof becomes necessary when there are multiple or recurring leaks and when the shingles begin to cup, curl and lift. These conditions are indications that the asphalt shingle roof is near the end of its useful life. Even if the shingles are largely watertight, the infiltration of water in one area can lead to permanent damage to the underlying roof sheathing. This type of deterioration requires replacement of saturated sections of sheathing and greatly increases the cost of roof replacement. Roof leaks may occur from interrelated roof system components, i.e., flashings and soil vent boots. Therefore, the warranty period, if any, on the asphalt shingles, may exceed the useful life of the roof system. Our estimate of remaining useful life considers this possibility and the Association should anticipate the need for capital repairs to the shingles and other roof system components to achieve or maximize the remaining useful life of the roofs. The Association should fund ongoing roof repairs as normal maintenance from the operating budget. Contractors use one of two methods of replacement for sloped roofs, either an overlayment or a tear off. Overlayment is the application of new shingles over an existing roof. This method, although
15 13 initially more economical, may hide defects to the components of the roof system that are covered by the shingles. Therefore, we recommend only the tear off method of replacement. Removal provides an opportunity to conduct a more thorough inspection of the sheathing and flashings. This also allows for correction of deficiencies which extends the useful life of the new roof. The tear off method of replacement includes removal of the existing shingles, flashings if required and underlayments. The contractor should then inspect the roof sheathing for areas of water damage and partially replace the sheathing as needed. Once the roof sheathing is repaired the contractor can begin installation of the new underlayments, flashings and shingles. The following crosssectional schematic illustrates an asphalt shingle roof system. The two types of underlayment most often used in an asphalt shingle roof system are ice and water shield membrane and organic felt paper of varying weights depending on local building codes. Both types of underlayment protect the roof sheathing from moisture damage and wind driven ice and snow. They have a low vapor resistance that impedes the accumulation of moisture between the
16 14 underlayment and the roof sheathing. Ice and water shield membrane is thicker than organic paper and is used in areas that are subject to ice dams and standing water. The contractor should install ice and water shield membranes (often a modified bitumen product) at the outer 36 inches of the gutter and rake edge roof eaves, and in the roof valleys. Standard 15 pound organic felt paper should provide sufficient protection over the remaining portions of the roof. Underlayments work in conjunction with flashings to form a water tight roof system. The function of flashing is to provide a water tight junction between the roofing material and the other parts of the structure and between roof sections. Flashing material is usually galvanized metal, although some roofs use copper or synthetic rubber. The Association should require the contractor to augment existing flashings or replace deteriorated flashings at the time of roof replacement: Wherever the slope of the roof changes, At valleys, Where the roof meets a wall, vertical structure, roof penetration, i.e., vent stacks, and; At the rakes (sloped edges of the roof (and soffits (lower roof edges). Another critical type of flashing is drip edge flashing. This important flashing sheds water off the edges of the roofs. The drip edge flashing allows storm water to run off the roof into the gutters without coming into contact with the underlayment and eave board. The special profile of a metal drip edge also prevents or minimizes the possibility of rain water blowing back under the shingles. The contractor should install this flashing at the gutter edge before the installation of underlayment and at the rake edge after the installation of underlayment. The contractor should install the shingles atop the underlayment and in conjunction with certain types of flashing, i.e., chimney flashing. The Association should use a standard strip, inorganic, Class A, minimum weight class of 210 pounds per square self sealing shingle at the time of replacement. The self sealing strip affixes the lower exposed edges of the shingles. Heat from ambient weather and sunlight activates the shingle adhesive material and seals the two adjacent courses of shingles together. Contractor proposals should specify the types of proposed materials and types of proposed fasteners. The Association should require the use of nail fasteners, not staples, at the time of replacement. Nail guns are acceptable. Staples are of lesser quality and may not penetrate into the wood sheathing.
17 15 The Association should plan to coordinate the replacement of gutters, downspouts and skylights with the adjacent roofs. This will result in the most economical unit price and minimize the possibility of damage to other roof components as compared to separate replacements. Based on the age and condition of the roofs, we recommend that the Association plan to replace the roofs beginning by The Association should fund any repairs prior to the complete replacement of the roofs through the operating budget. Line items 1 3 of Exhibit B Reserve Expenditures note our estimate of future costs and anticipated times of replacements. The estimated costs include using 30 year shingles and ice guards. Gutters and Downspouts Approximately 15,130 linear feet of gutters and downspouts drain storm water from the sloped roofs. These gutters and downspouts are in good overall condition. The useful life of gutters and downspouts is approximately 30 years and the replacement reserve recommendation is to budget for 1/30 th of the total replacement expense each year. This will result in the most economical unit price by replacing on an as needed basis. Line items 4 6 of Exhibit B Reserve Expenditures note our estimate of future costs and anticipated times of replacements. The Association should inspect and conduct minor interim repairs as normal maintenance. Gutters Gutters should have a minimum ratio of gutter depth to width of 3 to 4 The front edge should be one half inch (13 mm) lower than the back edge Four inches is considered the minimum width except on the roofs of canopies and small porches. Make certain all gutters are clean and slope uniformly, without low areas, to downspouts. If there is a screen or similar device to prevent anything but water from flowing into the gutter, check its condition, fit, and position, to be sure water really can enter the gutter. Check gutters without screens or similar devices to be sure that basket strainers are installed at each downspout. Check the physical and functional condition of all gutters. Joints should be soldered or sealed with mastic. Also examine the placement of gutters: the steeper the roof pitch, the lower the gutter placement.
18 16 On roofs with lower slopes make sure gutters are placed close to the roof's surface. Hangers should be placed no more than three feet apart. Where ice and snow are long lasting, hangers should be placed no more than 18 inches (460 mm) apart. Wherever a gutter is exposed, check the strength of its fastening to the roof fascia or building exterior. Rusted fasteners and missing hangers should be replaced. Ice dams Ice dams can form on pitched roof overhangs in cold climates subject to prolonged periods of freezing weather, especially those climates with a daily average January temperature of 30 F ( 1 C) or less. Heat loss through the roof and heat from the sun (even in freezing temperatures) can cause snow on a roof to melt. As water runs down the roof onto the overhang, it freezes and forms an ice dam just above the gutter. The ice dam traps water from melting snow and forces it back under the shingles and into the buildings interior. Check the edge of the roof overhang for evidence of ice dams and observe the eaves and soffit for evidence of deterioration and water damage. Check gutters and the immediately adjacent roofing for the presence of electrical de icing cables, which may be evidence of an ice dam problem. When the interior inspection is made, check the inside of exterior walls and adjacent ceilings for signs of water damage. If the house has an attic, check the underside of the roof deck at exterior walls for signs of water damage. Downspouts Downspouts should be checked for size. Seven square inches is generally the minimum except for small roofs or canopies. Check downspout attachments; there should be attachments or straps at the top, at the bottom, and at each intermediate joint. Check straps for rust, deformation, and failed or loose fasteners.
19 17 Check the capacity of the drainage system. At least one downspout is usually needed for each 40 feet (12 m) of gutter. For roofs with gutters, make sure that downspouts are clear and that they discharge so water will drain away from the foundation. For low slope roofs without gutters, interior downspouts cannot be examined from the roof, but check that basket strainers are in place. During the interior inspection, examine areas through which interior downspouts pass for signs of water damage. On buildings with multiple roofs, one roof sometimes drains to another roof. Where that happens, water should not be discharged directly onto roofing material. Check to be sure that water is always directed to a gutter and that higher gutters discharge to lower gutters through downspouts. Occasionally, wooden gutters and downspouts are used, usually in older or historic residences. They may be built into roof eaves and concealed by roof fascias. Wooden gutters are especially susceptible to rot and deterioration and should be carefully checked. Pitched roofs in older buildings may end at a parapet wall with a built in gutter integrated with the roof flashing. Here, drainage is accomplished by a scupper (a metal lined opening through the parapet wall that discharges into a leader head box that in turn discharges to a downspout). Check the leader head box to be sure it has a strainer. Check the scupper for deterioration and open seams and check all metal roof flashings, scuppers, leader head boxes, and downspouts to make certain they are made of similar metals. Property Site Elements Concrete, Flatwork The Association maintains approximately 56,880 square feet of concrete driveway, approximately 4,407 square feet of concrete sidewalk and approximately 4750 square feet of stoops. These applications of concrete have useful lives of up to 65 years. Annual freeze and thaw cycles, and variable concrete mixtures and finishing techniques at the time of construction can result in chips, cracks or splits. In addition, adjacent soil movement will cause settlement of these concrete applications. These conditions create deterioration and require the Association plan for periodic replacements. Deterioration will not develop uniformly. Therefore, we recommend partial concrete
20 18 replacement instead of complete replacement at one time. We comment on the respective quantities, conditions, and timing of partial replacement of Concrete Flatwork in the following narratives: Concrete Driveway Approximately 56,880 square feet of concrete driveway is located throughout the community. The existing condition of the driveway is good. We estimate that up to 17,064 square feet of concrete driveway, or thirty percent (30%), of the total will require replacement during the next 30 years. We advise the Association budget for one 1/30 th of the thirty year replacement cost and conduct replacement on an as needed basis. Line item 7 of Exhibit B Reserve Expenditures note our estimate of future costs and anticipated times of replacements. Concrete Sidewalks Approximately 4,407 square feet of sidewalks are located throughout the community. The existing condition of the sidewalks is good. We estimate that up to 1,322 square feet of concrete sidewalks, or thirty percent (30%), of the total will require replacement during the next 30 years. We advise the Association budget for one 1/30 th of the thirty year replacement cost and conduct replacement on an as needed basis. Line item 8 of Exhibit B Reserve Expenditures note our estimate of future costs and anticipated times of replacements. Concrete Stoops Approximately 4,750 square feet of stoops are located throughout the community. The existing condition of the stoops is good. We estimate that up to 1,425 square feet of concrete stoops, or thirty percent (30%) of the total will require replacement during the next 30 years. We advise the association budget for 1/30 th of the thirty year replacement cost and conduct replacement on an as needed basis. Line item 9 of Exhibit B Reserve Expenditures note our estimate of future costs and anticipated times of replacements. Asphalt Roadways The Association maintains approximately 8,672 square yards of asphalt roads and parking areas. This is divided into three (3) sections. Section 1 is approximately 2883 square yards, section 2 is approximately 3,521 square yards and section 3 is approximately 2,268 square yards. The asphalt roads are 7 9 years old and are in good overall condition with only minor areas of surface cracking (shown in Exhibit A Photographs). Properly maintained asphalt roads of this type in the Stow, OH area have a useful life expectancy of years. We estimate the current asphalt will need to be replaced in 9 to 11 years. The methods for maintaining and replacing the asphalt pavement are detailed below.
21 19 Asphalt Road Maintenance Maintenance of asphalt surfaces consists of filling cracks as they appear and seal coating the surface to prevent damage due to the freezing and thawing of moisture that can penetrate the surface. Because the roads were laid inverted, meaning they slope to the center, special attention must be paid to the center of the road. The cost of crack filling and sealing should be budgeted from the normal operating budget. Asphalt Road Replacement There are two methods to consider when replacing asphalt, Milling and Overlay, and Total Replacement. Milling and Overlay consists of grinding off the top layer of asphalt (usually 2 inches) and replacing with a new layer of asphalt. This method may be used when there is no damage to the bottom layer or sub base. Under normal conditions, the first time asphalt is replaced, this is the recommended method. We estimate that Milling and Overlay will need to be performed in 9 to 11 years as shown on Exhibit B Reserve Expenditures, Line Items Total replacement must be considered when the pavement is in poor condition and/or damage has been done to the bottom layer of pavement and/or there is damage to the sub base. This method involves removing all pavement, compacting the soil, adding size 304 stone to the sub base and applying two (2) 2 thick layers of asphalt. This insures a stable sub base and road surface. We advise that this method be used for the second asphalt replacement as shown in Exhibit B Reserve Expenditures, Line Items Electrical Box/Meters The Association maintains 89 electric box/meters. These items have an interminable life expectancy and therefore we advise the Association to replace these on an as needed basis out of the normal operating fund. Fascia Board and Soffits Fascia board and soffits protect the roof line and allow for aeration of underneath the roofing and are in good condition. The fascia boards and soffits used in the construction of the units are made of a non corrosive metal material and should last a lifetime. Visual inspection shows the fascia boards have holes in the bottom to allow ventilation to flow through to the roof. As ours was a non invasive inspection, we did
22 20 not go into the attics to ensure the fascia boards were not covered by insulation that would prohibit the flow of air. As noted above, proper ventilation is necessary to prolong the useful life of the roof. The Association should inspect and conduct minor interim repairs as normal maintenance. Fence, Vinyl The Association maintains approximately 4704 linear feet of vinyl fence. Since vinyl fencing is U.V. protected it never needs to be painted. The color goes all the way through the material so scratches or gouges are almost invisible. The posts are made of 100% virgin vinyl and will never rot, shrink, decompose or rust like a wood or iron fence post. Although wood fence or iron fencing may initially cost less than vinyl fence, that advantage is soon lost because of painting, repair, maintenance and replacement. Because most vinyl fence manufacturers offer a lifetime warranty, after installation there is little to be done except maybe rinse it off once in a while (usually Mother Nature takes care of this!). Many associations are now able to remove fence as a line item on their reserve account because of the warranty. 3 We advise the board to fund any repairs and maintenance out of the operating fund as needed. Foundations The 34 buildings at the Association have poured concrete foundations as shown in Exhibit A Photographs. Poured concrete foundations are typically built by pouring concrete into forms and inserting reinforcing rods into the concrete. This insures a long lasting, solid foundation. Foundations have an indeterminate useful life expectancy. We advise the board to fund any repairs or maintenance out of the operating fund. We have been made aware, through the Board and Management Company of significant issues with the foundations settling, causing cracks to form in the walls. We advise that funds needed to repair near term foundation damage be special assessed outside of the reserve funds. We have not included a line item for this assessment in the Reserve Funding Plan. Post Lights There are 11 post lights along the roads throughout the property. Post lights have an undeterminable useful life expectancy and any repair or maintenance to the post lights should be funded from the operating fund as needed. 3 vinyl.php
23 21 Siding The Association maintains approximately 1,867 4 squares of siding throughout the property. The siding is in overall good condition as shown in Exhibit A Photographs and has a useful life of over 40 years. Vinyl siding requires very little maintenance. We advise the board to fund any repairs and maintenance out of the operating fund as needed. Storm Drains and Catch Basins Storm Drains and Catch Basins collect the water from the pavement and deliver it to the storm sewers. The Association maintains 16 catch basins throughout the property. The catch basins are in generally good condition as shown in Exhibit A Photographs Catch Basins have an indeterminate useful life. We advise the board to fund any repairs and maintenance out of the operating fund as needed. Underground Utility Pipes, Water and Sewer There are an undeterminable amount of water and sewer pipes below ground at the Association. These pipes have an indeterminate useful life and repairs or maintenance should be funded out of the operating fund as needed. Reserve Study Update An ongoing review by the Board and an Update of this Reserve Study in two to three years are necessary to ensure an adequate funding plan since a Reserve Study is a snapshot in time. Many variables change after the study is conducted that may result in significant homeowner overfunding or underfunding the reserve account. Variables that may affect the Reserve Funding Plan include, but are not limited to: Deferred or accelerated capital projects based on Board discretion Changes in the interest rates on reserve investments Changes in the local construction inflation rate Additions and deletions to the Reserve Component Inventory Unusually mild or extreme wear Technological advancements Contractor Application and installation Periodic updates incorporate these variable changes since the last Reserve Study or Update. 4 A square is defined as a 10 x 10 section, or 100 square feet
24 22 The Association can expense the fee for an Update with site visit from the reserve account. This fee is included in the Reserve Funding Plan. We base this budgetary amount on updating the same property components and quantities of this Reserve Study report. Budgeting for an update demonstrates the Board s objective to continue fulfilling its fiduciary responsibility to maintain the commonly owned property and to fund reserves appropriately. Line item 16 of Exhibit B Reserve Expenditures notes our estimate of future costs. Explanation of the Exhibits Exhibit A Photographs documents the conditions of various property components as of the date of our visual inspection, October 10, several references to these photographs. The previous section, Condition Assessment, contains Exhibit B contains two tables. The first table, Reserve Expenditures, includes the Reserve Component Inventory, Reserve Expenditures, estimates of future costs and anticipated times of replacements during the next 30 years. It incorporates a 3.0% annual percentage rate of anticipated inflation. The table arranges the following information in columns: Line Items are included for reference purposes Total Quantities are the total anticipated quantity for replacement during the next 30 years (this is not necessarily the total quantity maintained by the Association as this quantity may represent more than one Useful Life cycle or a partial replacement) Per Phase Quantities are the anticipated quantity for each replacement event Units clarify the unit of measure used to quantify the elements Reserve Component Inventory identifies each Reserve Component The Estimated First year of Replacement is included to help the Association understand the priority of future Reserve Expenditures Results of the Life Analysis show both the total Useful Life and Remaining useful Life for each Reserve Component Unit Cost is the cost per unit we used to calculate the per phase cost The Total Future Costs of Replacement is the total cost for all phases of replacement during the next 30 years and includes the effects of inflation, and The remaining columns in Reserve Expenditures present the anticipated years and estimated future inflated costs for each replacement event for the next 30 years.
25 23 The second table of data in Exhibit B is the Reserve Funding Plan. It includes the Cash Flow Analysis and Reserve Contributions for the next 30 years based on the Reserve Expenditures and an anticipated 1.5% annual percentage rate earned on the average annual fund balances. The specific information includes: Reserves at Beginning of Year, Recommended Reserve Contribution (positive cash flow), Estimated Interest Earned, Anticipated Expenditures (negative cash flow), Anticipated Reserves at Year End, and; Predicted Reserves (based on current funding levels). Exhibit C Reserve Funding Graphs contains one graphs and a pie chart based on the numerical data found in the Reserve Funding Plan. The graph illustrates our recommendations and observations pertaining to reserve balances, recommended annual Reserve Contributions and Reserve Expenditures during the next 30 years. The graph Recommended Reserve Funding Plan shows the following data points: Recommended Reserve Balances that are the result of expenditures as matched against existing reserves and contributions to reserves Recommended Reserve Contributions that increase reserves Reserve Expenditures The pie chart Estimated Future Reserve Expenditures illustrates the relative importance of the Reserve Expenditures and relative funding during the next 30 years. The Association can regard reserve needs for these expenditures as requiring a similar allocation of existing reserves and future Reserve Contributions. Exhibit D describes Assumptions of the Reserve Study of how we collect and analyze data. The statement of Professional Service Conditions identifies the general manner of professional services provided, as stated in the original authorized Confirmation of Services for this Reserve Study.
26 24 CONCLUSION At the direction of the Board of Directors that recognizes the need for proper reserve planning, we have conducted a Full Reserve Study of Edgebrook Condominium Unit Owners Association, Inc (The Association) located in Stow, Ohio and submit our findings in this report. The effective date of this study is the date of our visual, noninvasive inspection, October 10, This Reserve Study is a budget planning tool that identifies the current status of the reserve fund and a stable and equitable Reserve Funding Plan to offset the anticipated future major common area expenditures. The unaudited cash status of the reserve fund, as of October 1, 2009 as reported by management, is $114,373. The Association board projects a reserve fund balance of $116,302 at January 1, If the Association were to continue to fund reserves at its 2008 budgeted amount of $24,453, the reserve fund would, hypothetically, incur a potential shortage by The Funding Goal of this Reserve Study is to keep the reserve balance above an adequate, not excessive, threshold. The Association can fund capital repairs and replacements in any combination of the following: 1) Special assessments or increases in the operating budget during years when the shortages occur, 2) Loans using borrowed capital for major replacement projects, or; 3) Level monthly reserve assessments annually adjusted upward for inflation to increase reserves to fund the expected major future expenditures. We do not advocate special assessments or loans unless near term circumstances dictate otherwise. Although loans provide a gradual method of funding a replacement, the costs are higher than if the Association were to accumulate reserves ahead of the actual replacement. Interest earnings on reserves also accumulate in this process of saving or reserving for future replacements, thereby defraying the amount of gradual reserve collections. We do advocate the third method of Level Monthly Reserve Assessments with relatively minor annual adjustments. The method ensures that homeowners pay their fair share of the weathering and aging of the commonly owned property each year. Level reserve assessments preserve the property and enhance the resale value of the homes. This Reserve Study applies the Cash Flow Method to compute the Reserve Funding Plan. The Reserve Funding Plan determines adequate, not excessive, Reserve Contributions through a 30 year
27 25 Cash Flow Analysis that incorporates the current reserve funds, future interest earned, and projected Reserve Expenditures. The Reserve Expenditures reflect current and future local costs of replacement, projected earned interest, the average annual fund balances and anticipated inflation. Sources for local costs of replacement include our proprietary database, historical costs and local contractor bids. We identified the anticipated Reserve Expenditures for Reserve Components during the next 30 years as either near term or long term. Near term expenditures relate to capital needs from now through 2013, the next five years beyond this current fiscal year. These near term expenditures comprise $35,400 or about two percent (2.41%) of the next 30 years of Exhibit B Reserve Expenditures. Expenditures beyond the next five years are more important when compared with the current needs of Edgebrook Condominium and tend to govern the amounts of recommended Reserve Contributions. The Association has budgeted $24,453 for Reserve Contributions in We recommend that the Association increase the reserve budget to 66,000 in Afterwards, the Association should monitor the budget to identify any need for gradual annual increases in reserve funding that in part consider the effects of inflation. The recommended year 2009 Reserve Contribution of $66,000 represents a zero percent (25.95%) adjustment in the 2008 total Operating Budget of $160,125. This adjustment of $35,547 is equivalent to an average monthly increase of $33.28 per unit owner. These contributions will gradually create and maintain a Reserve Fund for the major expenditures as identified in Exhibit B. Exhibit B Reserve Funding Plan enumerates the details regarding recommended annual Reserve Contributions and projected year end reserve balances. Based on the investigation and analysis as detailed in the accompanying narrative, we recommend the following Reserve Funding Plan (Reserve Contributions) to offset the anticipated future Reserve Expenditures of the subject Reserve Components during the next 30 years.
28 26 RECOMMENDED RESERVE CONTRIBUTIONS Year $ Year $ Year $ Year $ 2009 $66, $95, $50, $50, $57, $102, $50, $50, $61, $50, $50, $50, $66, $50, $50, $50, $71, $50, $50, $50, $76, $50, $50, $50, $82, $50, $50, $88, $50, $50,000 The Reserve Funding Plan recommends 2038 year end accumulated reserves of approximately $592,543. We judge this amount of accumulated reserves in 2038 desirable or necessary, in part, in consideration of the age, size and complexity of the property. An ongoing review by the Board and an Update of this Reserve Study in three to five years are necessary to ensure a continued equitable funding plan since a Reserve Study is a snapshot in time. However, due to the current political and economic climate (recessionary period) we recommend an update be completed in a minimum of three years. Many variables change after the Reserve Study is conducted that may result in significant homeowner overfunding or underfunding. Examples include deferred or accelerated capital projects based on Board discretion, changes in the interest rates on reserve investments; and changes in the local construction inflation rate. This report, although preliminary in nature, is a valid opinion. The Association should consider this report as complete and final if it does not request a final report. SUPPLEMENTARY INFORMATION FOR FINANCIAL STATEMENTS The Audit and Accounting Guide for Common Interest Realty Associations presents recommendations on Supplementary Information on Future Major Repairs and Replacements in end of fiscal year Audits of Financial Statements for community association. Accountants use discretion and judgment on how to present the Supplementary Information on Future Major Repairs and Replacements. However, the Supplementary Information on Future Major Repairs and Replacements often references and includes excerpts from our Reserve Studies. The following table excerpts significant unaudited information from the Reserve Expenditures about Reserve Component categories and estimated current and future replacement costs based on inflation at an annual rate of 3.0%.
29 27 Unaudited Supplemental Information on Future Major Repairs and Replacements Reserve Component Total Current Total Future or Inflated % of Total Future Component of Projected Categories Replacement Costs Replacement Costs Replacements 2008 YE Fund Balance Exterior Building Elements $570,539 $ 713, % $56,368 Property Site Elements $396,149 $ 755, % $59,644 Totals $966,688 $1,468, % $116,032 The information included in the table above may be included as part of the Supplementary Information on future Major Repairs and Replacements. However, KareCondo does not certify that the information in the table will fully satisfy the recommendations of the AICPA guideline.
30 28 5 DEFINITIONS Cash Flow Method A method of calculating Reserve Contributions 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. Current cost of Replacement That amount required today derived from the quantity of a Reserve Component and its unit cost to replace or repair a Reserve Component using the most current technology and construction materials, duplicating the productive utility of the existing property at current local market prices for materials, labor and manufactured equipment, contractors; overhead, profit and fees, but without provisions for building permits, over time, bonuses for labor or premiums for material and equipment. We include removal and disposal costs in the cost of replacement where applicable. Funding Goal The stated purpose of this Reserve Study to determine the adequate, not excessive, future annual, reasonable Reserve Contributions to fund future Reserve Expenditures. Future Cost of Replacement Reserve Expenditure derived from the inflated current cost of replacement or current cost of replacement as defined above, with consideration given to the effects of inflation on local market rates for materials, labor and equipment. Long Lived Property Component Property component of Association responsibility not likely to require capital repair or replacement during the next 30 years with an unpredictable remaining Useful Life beyond the next 30 years. Remaining Useful Life The estimated remaining functional or useful time in years of a Reserve Component based on its age, condition and maintenance. Reserve Component Property elements with: 1) Association responsibility: 2) limited Useful Life expectancies: 3) predictable Remaining useful Life expectancies: and 4) a replacement cost above a minimum threshold. Reserve Component Inventory Line Items in Exhibit B Reserve Expenditures that identify a Reserve Component. Reserve Contribution An amount of money set aside or Reserve Assessment Contributed to a Reserve Fund for future Reserve Expenditures to repair or replace Reserve Components. Reserve Expenditure Future Cost of Replacement of a Reserve Component Reserve Fund Status The accumulated amount of reserves in dollars at a given point in time, i.e., at year end. Reserve Funding Plan The portion of the Reserve Study identifying the Cash Flow Analysis and containing the recommended Reserve Contributions and projected annual expenditures, interest earned and reserve balances. Reserve Study A budget planning tool that identifies the current status of the reserve fund and a stable and equitable Funding Plan to offset the anticipated future major common area expenditures. Useful Life The anticipated total time in years that Reserve Component is expected to serve its intended function in its present application or installation. 5 Definitions are derived from the standards set forth by the community Associations Institute (CAI) representing America s 250,000 condominium and homeowners associations and cooperatives, and the Association of Professional Reserve Analysts, setting the standards of care for reserve study practitioners.
31 PHOTOGRAPHS IN THIS SECTION: SATELLITE PHOTOS CONCRETE ASPHALT ROOFS CARPET / WALLPAPER CATCH BASIN POOL AREA GUTTERS & DOWNSPOUTS EXTERIOR LIGHTING RETAINING WALL
32
33
34
35
36
37
38
39
40 SPREADSHEETS IN THIS SECTION: RESERVE EXPENDITURES RESERVE FUNDING PLAN
41 11/18/2009 RESERVE EXPENDITURES Explanatory Notes: for 1) 3.00% is the estimated future Inflation Rate for estimating Future Replacement Costs. Edgebrook Condominium Unit Owners' Association 2) Fiscal Year is beginning January 1 and ending December 31. Estimated Estimated Year Total Future Line Life Analysis, Years Cost of Year Last of 1st Cost of Item Quantities Units Reserve Component Inventory Useful Remaining Replacement Replaced Replacement Unit Cost Replacement Exterior Building Elements Roof Squares Building Type 1; Roofing Never 25 to , , , Roof Squares Building Type 2; Roofing Never 25 to , , , Roof Squares Building Type 3; Roofing Never 25 to , , , Roof Squares Building Type 3; Roofing Never 25 to , , , ,370 Linear Feet Building Type 1; Gutters & Downspouts Never to ,480 39,977 39, ,496 Linear Feet Building Type 2; Gutters & Downspouts Never to ,984 12,279 12, ,007 Linear Feet Building Type 3; Gutters & Downspouts Never to ,028 10,170 10, ,257 Linear Feet Building Type 3; Gutters & Downspouts Never to ,028 11,779 11,779 Property Site Elements 9 56,880 Square Feet Concrete Driveways Never to , ,747 7,968 4,164 4,289 4,418 4,550 4,687 4,828 4,972 5,122 5,275 5,434 5,597 5,764 5, ,407 Square Feet Concrete Sidewalks Never to ,858 14, ,750 Square Feet Concrete Stoops Never to ,095 31,191 1, ,883 Square Yards Asphalt Roads - Milling & Overlay (Section 1) Never 15 to ,610 34,720 34, ,521 Square Yards Asphalt Roads - Milling & Overlay (Section 2) Never 15 to ,499 43,676 43, ,268 Square Yards Asphalt Roads - Milling & Overlay (Section 3) Never 15 to ,934 28,977 28, ,883 Square Yards Asphalt Roads - Repavement (Section 1) Never 15 to , , ,521 Square Yards Asphalt Roads - Repavement (Section 2) Never 15 to , , ,268 Square Yards Asphalt Roads - Repavement (Section 3) Never 15 to , , Allowance Reserve Study Update with Site Visit , ,500 25,000 2,500 2,500 2,500 2,500 2,500 Anticipated Expenditures, By Year 966,688 1,468,634 9,917 7,683 5,338 5, , , , ,110 50,050 35,542 9,262 6,965 7,174 9,889 Line Item Quantities Units Reserve Component Inventory Exterior Building Elements Roof Squares Building Type 1; Roofing Roof Squares Building Type 2; Roofing Roof Squares Building Type 3; Roofing Roof Squares Building ud Type ype3; Roofing 5 8,370 Linear Feet Building Type 1; Gutters & Downspouts 6 2,496 Linear Feet Building Type 2; Gutters & Downspouts 7 2,007 Linear Feet Building Type 3; Gutters & Downspouts 8 2,257 Linear Feet Building Type 3; Gutters & Downspouts Property Site Elements 9 56,880 Square Feet Concrete Driveways 6,115 6,299 6,488 6,683 6,883 7,090 7,302 7,521 7,747 7,979 8,219 8,465 8,719 8,981 9, ,407 Square Feet Concrete Sidewalks ,750 Square Feet Concrete Stoops 1,021 1,052 1,084 1,116 1,150 1,184 1,220 1,256 1,294 1,333 1,373 1,414 1,456 1,500 1, ,883 Square Feet Asphalt Roads - Milling & Overlay (Section 1) 13 3,521 Square Feet Asphalt Roads - Milling & Overlay (Section 2) 14 2,268 Square Feet Asphalt Roads - Milling & Overlay (Section 3) 15 2,883 Square Yards Asphalt Roads - Repavement (Section 1) 126, ,521 Square Yards Asphalt Roads - Repavement (Section 2) 158, ,268 Square Yards Asphalt Roads - Repavement (Section 3) 105, Allowance Reserve Study Update with Site Visit 2,500 2,500 2,500 2,500 2,500 Anticipated Expenditures, By Year 7,611 7,839 10,574 8,316 8,566 11,323 9,088 9,360 12,141 9,930 10, , , ,520 14,012
42 Explanatory Notes: 11/18/ $116,032 The projected reserve fund balance as of January 1, RESERVE FUND PLAN 2. Year 1, Actual. Year 2, Budgeted, Year 3-30 recommended Option #1 3. No special assessment % The estimated rate of return on invested reserves. CASH FLOW ANALYSIS 5 Accumulated year 2038 ending reserves consider the age, size, overall condition and complexity of the property. Edgebrook Condominium Unit Owners' Association Reserve at Beginning of Year (Note 1) $116, , , , , , , , ,867 16,181 54,919 70, , , ,337 Total Recommended Reserve Contribution (Note 2) $66,000 $57,508 $71,500 $73,645 $75,854 $78,130 $80,474 $82,888 $85,375 $87,936 $50,000 $50,000 $50,000 $50,000 $50,000 Total Recommended Special Assessment (Note 3) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Plus Estimated Interest Earned, During Year (Note 4) $2,208 $3,075 $3,936 $4,974 $6,097 $7,267 $6,223 $4,267 $3,049 $851 $1,175 $1,411 $2,047 $2,728 $3,416 Less Anticipated Expenditures, By Year (6,965) (9,917) (7,683) (5,338) (5,498) (155,569) (217,358) (168,884) (235,110) (50,050) (35,542) (9,262) (6,965) (7,174) (9,889) Anticipated Reserves at Year End 177, , , , , , , ,867 16,181 54,919 70, , , , ,864 Total increase in funding $41,457 ($8,492) $13,992 $2,145 $2,209 $2,276 $2,344 $2,414 $2,487 $2,561 ($37,936) $0 $0 $0 $0 Per Unit Increase in funding per month $38.82 ($7.95) $13.10 $2.01 $2.07 $2.13 $2.19 $2.26 $2.33 $2.40 ($35.52) $0.00 $0.00 $0.00 $0.00 Per Unit Special Assessment per month $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Percentage increase in funding 20.00% % 24.33% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% % 0.00% 0.00% 0.00% 0.00% Percentage increase to the overall budget 7.51% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% Reserve at Beginning of Year (Note 1) 246, , , , , , , , , , , , , , ,880 Total Recommended Reserve Contribution (Note 2) $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Plus Total Recommended Special Assessment (Note 3) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Plus Estimated Interest Earned, During Year (Note 4) $4,074 $4,775 $5,484 $6,163 $6,885 $7,615 $8,370 $9,115 $9,866 $10,587 $11,352 $12,124 $10,959 $9,318 $8,454 Less Anticipated Expenditures, By Year (7,611) (7,839) (10,574) (8,316) (8,566) (7,611) (9,088) (9,360) (12,141) (9,930) (10,228) (139,257) (169,631) (116,520) (14,012) Anticipated Reserves at Year End 293, , , , , , , , , , , , , , ,322 Total increase in funding $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Per Unit Increase in funding per month. $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Per Unit Special Assessment per month $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Percentage increase in funding 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% (Note 5)
43 RESERVE FUNDING GRAPHS IN THIS SECTION: RESERVE ALLOCATION RECOMMENDED FUNDING PLAN
44 Reserves Allocation Pitch Roofs Gutters & Downspouts 16% 48% 29% Asphalt 7% Concrete
45 Recomended Reserve Funding Plan $500,000 $400,000 $300,000 $200,000 $100,000 $0 ($100,000) ($200,000) ($300,000) Annual Beginning Balance Annual Expenditures Annual Contributions Annual Interest
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