RESERVE STUDY SPECIALISTS
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1 RESERVE STUDY SPECIALISTS P.O. BOX 9178, CALABASAS, CA TEL: FAX: VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION FULL RESERVE STUDY September 06, 2017 for Fiscal Year 2018
2 RESERVE STUDY SPECIALISTS P.O. BOX 9178, CALABASAS, CA TEL: FAX: TABLE OF CONTENTS Assumptions Page 1 Findings Page 3 Visual Condition of Complex Page 5 Reserve Components Page 20 Liability Analysis Page 22 Future Expenditure Analysis Page 24 Cash Flow Analysis Page 30 Future Liability Analysis Page 33 Summary Page 35 Funding Plan Summary Page 36 Disclosures Page 38 VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06, 2017 Copyright Reserve Study Specialists
3 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Initial Reserves Initial reserves for this Reserve Study were known to be $63,325 on July 31, As per information provided by the Association the reserve balance at study start date of January 01, 2018 is projected to be $63,500. Reserve Funding Goal The baseline reserve funding goal is to plan the minimum reserve account balance consistent with cash demands of maintenance and replacement of reserve items annually. (Baseline Funding) Depth of Study Full Service Reserve Study with Field Inspection. A field inspection was made to verify the existing condition of the various reserve study components, their physical condition, and to verify component quantities. In place testing, laboratory testing, and non-destructive or destructive testing of the reserve study components were not performed. Field measurements of component quantities were made, where necessary, to determine quantities of various components. Statement Reserve Study Specialists is pleased to present to the Board of Directors the requested Reserve Funding Study. We believe that you will find the attached study thorough and complete. After you have had an opportunity to review the report you may have questions. Please do not hesitate to write or call, we would be pleased to answer any questions you may have. Project Description Village Green East Homeowners Association is a 70 unit condominium complex built in The Association maintains the roofs, exterior including painting, private roads, fences & walls, mailboxes, pool, spa, tennis court, common area landscaping, irrigation system, signs, lighting, concrete gutter & walks and other common area components. Summary of Financial Assumptions The table below contains a partial summary of information provided by the Association. Fiscal Calendar Year Begins January 01 Reserve Study by Fiscal Calendar Year Starting January 01, 2018 Funding Study Length 30 Years Number of Dues Paying Members 70 Reserve Balance as of January 01, 2018 $63,500 Annual Inflation Rate 3% Tax Rate on Reserve Interest 25% Minimum Reserve Account Balance $0 Dues Change Period 1 Year Monthly Dues $340 VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
4 Reserve Study Assumptions Cost estimates and financial information are accurate and current. No unforeseen circumstances will cause a significant reduction of reserves. Sufficient comprehensive property insurance exists to protect from insurance risks. The association plans to continue to maintain the existing common area and amenities. Reserve payments occur at the end of every calendar month. Expenses occur at the end of the expense year. Impact of Component life The projected life expectancy of the major components and the reserve funding needs of the association are closely tied. Performing the appropriate routine maintenance for each major component generally increases the component useful life, effectively moving the component expense into the future, which reduces the reserve funding payments of the association. Failure to perform such maintenance can shorten the remaining useful life of the major components, bringing the replacement expense closer to the present, which increases the reserve funding payments of the association. Study Method Funding studies may be done in several ways, but we believe that the value of a funding study lies in the details. Bulk studies are quick, usually inexpensive, and almost always border on worthless. We believe that meaningful answers to funding studies lie in the details. In this study, we have used the Component method because it is the only method, which allows scrutiny of the funding details. The method is pragmatic, and allows human judgment and experience to enter into the equation. Unless noted otherwise, the present cost of every reserve item in this report has been estimated using the National Construction Estimator, a nationally recognized standard, and modified by an area cost adjustment factor. Where possible, known costs have been used. In addition, every reserve item has been given an estimated remaining useful life, an estimated useful life when new, and has been cast into the future to determine the inflated cost. Equal annual payments are calculated for each reserve item based upon a payment starting year and a payment ending year using the end of period payment method. Interest earned on accumulated reserve funds and taxes on the reserve interest are also calculated. Initial reserve funds are consumed as expenses occur. As you review this report, we are certain that you will appreciate the level of detail provided, allowing you to review each reserve item in detail. VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
5 Summary of Findings Reserve Study Specialists has estimated future projected expenses for the association based upon preservation of existing improvements. The attached funding study is limited in scope to those expense items listed in the reserve study. Of primary concern is the preservation of a positive funding balance with funds sufficient to meet projected expenses throughout the study life. Based upon the attached funding study, it is our professional opinion that annual reserve contributions as shown in the attached study will realize this goal. The association warrants that the information provided to Reserve Study Specialists, including but not limited to that information contained in the attached reserve study, that the maintenance records are complete and accurate, and that Reserve Study Specialists may rely upon such information and documents without further verification or corroboration. Where the age of a particular Reserve Item (as listed in the Reserve Study) is unknown, the association shall provide to Reserve Study Specialists best-estimated age of that item. If the association is unable to provide an estimate of a Reserve Item s age, Reserve Study Specialists shall make its own estimate of age of the Reserve Item. The Reserve Study is created for the association s use, and is a reflection of information provided to Reserve Study Specialists. This information is not for the purpose of performing an audit, historical records, quality or forensic analyses. Special Assessments Special assessments are not required in this reserve study, unless specified in the funding plan, provided the Board of Directors and association members adopt this reserve study as submitted. Any material change from the recommended reserve contributions may result in special assessments in future. Percent Funded Many reserve studies use the concept of Percent Funded to measure the reserve account balance against a theoretically perfect value. Percent Funded is often used as a measure of the Financial Health of an association. The assumption is, the higher the percentage, the greater the Financial Health. The question of substance is simply: How much is enough? To answer the question, some understanding of Percent Funded is required. Percent Funded is defined as the current cash reserves divided by the Fully Funded value at any instant in time. Fully Funded value is defined as the total depreciated value or accrued liability of all reserve items. Most reserve items with a remaining life greater than the study life are not included in the calculation unless they are specifically instructed by the HOA to be included. For example; building framing, foundations, water lines, and other long-lived items that fall outside the envelope of the reserve study are excluded from the calculation. Percent Funded is then, the current reserve balance divided by the Fully Funded value multiplied by 100 (to give a percentage). The concept of percent funded is useful when the reserve study is comprehensive, but misleading when the reserve study is superficial or constrained. As a result, we recommend that the statement Percent Funded be used with caution. This study will attempt to achieve a fully-funded reserves (100% funded) during the length of the study. VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
6 Keeping Your Reserve Study Current Reserve Study Specialists believes that funding studies are an essential part of property management. People and property are constantly changing and evolving. As a result, the useful life of a funding study is at best a few years and certainly not more than five years. This reserve study should be updated to remain an accurate estimation of reserve funding: At changes in interest rates At changes in inflation rates At changes in the number of dues paying members Before starting new improvements Before making changes to the property After a flood or fire After the change of ownership or management After Annexation or Incorporation Statement of Qualifications Reserve Study Specialists is a professional in the business of preparing reserve studies for community associations. I have inspected the association improvements, and have made a complete review of all components required to complete a reserve study. I have completed a physical inspection of the components listed in this reserve study. My inspection included a review of current condition, economic life, remaining useful life, and replacement cost of all components included in this reserve study. No destructive testing was done. Conflict of Interest As the preparer of this reserve study, Reserve Study Specialists certifies that we do not have any vested interests, financial interests, or other interests that would cause a conflict of interest in the preparation of this reserve study. Reserve Study Specialists would like to thank the association for the opportunity to be of service in the preparation of the attached Funding Study. Again, please feel free to write or call at our letterhead address if you have any questions. Prepared by: Fred Etemad, PhD CEO VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
7 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
8 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
9 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
10 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
11 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
12 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
13 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
14 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
15 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
16 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
17 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
18 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
19 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
20 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
21 RESERVE STUDY SPECIALISTS P. O. BOX 9178, CALABASAS, CA TEL: FAX: Visual Condition of Complex at the time of Inspection VILLAGE GREEN EAST HOMEOWNERS ASSOCIATION September 06,
22 RESERVE COMPONENTS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast % Repair Total Rem Unit Reserve Components Cost Life Life Quantity Unit Cost Description ROOFING 1- Flat Roof, Phase sq ft 4.00 Built-up flat roof replacement budget every 20 years, Phase 1 2- Composition Shingles Roof, Phase sq ft 4.00 Composition shingles roof replacement budget every 25 years, Phase 1 3- Flat Roof, Phase sq ft 4.00 Built-up flat roof replacement budget every 20 years, Phase 2 4- Composition Shingles Roof, Phase sq ft 4.00 Composition shingles roof replacement budget every 25 years, Phase 2 5- Flat Roof, Phase sq ft 4.00 Built-up flat roof replacement budget every 20 years, Phase 3 6- Composition Shingles Roof, Phase sq ft 4.00 Composition shingles roof replacement budget every 25 years, Phase 3 7- Gutters & Downspouts ft 8.00 Gutters & downspouts replacement budget every 30 years 8- Roof Inspection & Repair budget Roof inspection & repair budget every 5 years PAINTING 9- Wood Siding & Trim Paint sq ft 1.00 Wood siding & trim paint budget every 7 years 10- Wood Siding & Trim Repair sq ft 8.00 Wood siding & trim repair/replace budget at 5% of total every 7 years 11- Wood Fences Paint sq ft 0.80 Wood fences paint budget every 7 years 12- Wood Fences Repair sq ft 8.00 Wood fences repair budget at 5% of total every 7 years 13- Wrought Iron Fences Paint sq ft 1.40 Wrought iron fences repair & paint budget every 5 years ASPHALT & CONCRETE 14- Asphalt Sealcoat & Striping sq ft 0.22 Asphalt sealcoat & Striping budget every 6 years 15- Asphalt Cut & Patch, Repair sq ft 4.50 Asphalt cut & patch repair budget at 5% of total every 6 years 16- Asphalt Remove & Replace/Overlay sq ft 3.50 Asphalt remove/replace at 75% or 100% overlay budget every 36 years 17- Concrete Gutter ft Concrete gutter repair/replace budget at 10% of total every 12 years 18- Concrete Walks budget Concrete walks repair/replace budget every 5 years 19- Concrete Pool Deck sq ft Concrete pool deck repair/replace budget at 10% of total every 12 years FENCES & WALLS 20- Block Wall ft Perimeter concrete block wall repair/replace budget at 5% every 12 years 21- Wood Fences ft Wood patio fences & gates, 6 ft high, replacement budget every 25 years 22- Wrought Iron Fences, Pool Area ft Wrought iron fences, pool area, replacement budget every 45 years 23- Wrought Iron Fences, Perimeter sq ft Wrought iron fences, perimeter, replace budget at 10% every 10 years LIGHTING 24- Pole Lights each Pole lights fixtures & pole replacement budget every 20 years 25- Unit Entry Lights each Unit Entry light fixtures replacement budget every 20 years 26- Buildings Security Lights each Buildings security light fixtures replacement budget every 20 years 27- Security Lights & Poles each Security light fixtures & poles replacement budget every 15 years
23 RESERVE COMPONENTS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast % Repair Total Rem Unit Reserve Components Cost Life Life Quantity Unit Cost Description BUILDINGS 28- Balcony Decks Recoat sq ft 3.50 Balcony decks membrane recoat & repair budget every 6 years 29- Balcony Decks Resurface sq ft 8.50 Balcony decks membrane resurface budget every 24 years 30- Water Heaters each Water heaters (12) replacement budget at 2 units every 2 years 31- Termite Inspection & Repair budget Termite inspection & repair budget every 14 years 32- Plumbing & Utilities Repairs budget Plumbing, sewer & utility lines repair/replace budget every 10 years TENNIS COURT 33- Court Surface Repair & Paint sq ft Tennis court surface repair at 5% & paint budget every 10 years 34- Tennis Court Equipment budget Tennis court equipment replacement budget every 10 years 35- Chain Link Fences ft Chain link fences, tennis court, replacement budget every 35 years POOL & SPA 36- Pool Chlorinator each Pool chlorinator replacement budget every 6 years 37- Pool Filter each Pool filter replacement budget every 10 years 38- Pool Pump & Motor each Pool pump & motor replacement budget every 10 years 39- Pool Replastering sq ft 6.00 Pool Replastering budget every 12 years 40- Pool Tile & Coping ft Pool tile & coping repair/replacement budget every 24 years 41- Spa Chlorinator each Spa chlorinator replacement budget every 6 years 42- Spa Filter each Spa filter replacement budget every 10 years 43- Spa Heater each Spa heater replacement budget every 10 years 44- Spa Pump & Motor each Spa pumps & motors replacement budget every 10 years 45- Spa Replastering sq ft Spa replastering budget every 10 years 46- Spa Tile & Coping ft Spa tile & coping repair/replacement budget every 20 years 47- Pool & Spa Deck Caulking ft 7.00 Pool & spa deck caulking budget every 5 years 48- Pool Area Furniture budget Pool area furniture replace/upgrade/remodel budget every 5 years 49- Restroom Remodel, Pool Area budget Pool area restroom remodeling budget every 20 years LANDSCAPING 50- Irrigation Equipment budget Irrigation backflow, timers, valves & lines repair/replace every 5 years 51- Landscape & Trees budget Landscaping remodel/upgrade & tree maintenance budget every 5 years OTHERS 52- Mailboxes each Cluster mailboxes replacement budget every 25 years 53- Signs budget Traffic & other signs replace/upgrade budget every 10 years 54- Unplanned Project Fund budget % of Annual liability for unplanned or emergency projects
24 LIABILITY ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast % Repair Total Rem Reserve Components Cost Life Life Annual Liability Accrued Liability % of Annual Liability Notes ROOFING 20.37% 1- Flat Roof, Phase % 2- Composition Shingles Roof, Phase % 3- Flat Roof, Phase % 4- Composition Shingles Roof, Phase % 5- Flat Roof, Phase % 6- Composition Shingles Roof, Phase % 7- Gutters & Downspouts % 8- Roof Inspection & Repair % PAINTING 37.07% 9- Wood Siding & Trim Paint % 10- Wood Siding & Trim Repair % 11- Wood Fences Paint % 12- Wood Fences Repair % 13- Wrought Iron Fences Paint % ASPHALT & CONCRETE 12.70% 14- Asphalt Sealcoat & Striping % 15- Asphalt Cut & Patch, Repair % 16- Asphalt Remove & Replace/Overlay % 17- Concrete Gutter % 18- Concrete Walks % 19- Concrete Pool Deck % FENCES & WALLS 4.42% 20- Block Wall % 21- Wood Fences % 22- Wrought Iron Fences, Pool Area % 23- Wrought Iron Fences, Perimeter % LIGHTING 1.59% 24- Pole Lights % 25- Unit Entry Lights % 26- Buildings Security Lights % 27- Security Lights & Poles % Percent funded, end of Dec %
25 LIABILITY ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast % Repair Total Rem Reserve Components Cost Life Life Annual Liability Accrued Liability % of Annual Liability Notes BUILDINGS 13.68% 28- Balcony Decks Recoat % 29- Balcony Decks Resurface % 30- Water Heaters % 31- Termite Inspection & Repair % 32- Plumbing & Utilities Repairs % TENNIS COURT 1.58% 33- Court Surface Repair & Paint % 34- Tennis Court Equipment % 35- Chain Link Fences % POOL & SPA 4.33% 36- Pool Chlorinator % 37- Pool Filter % 38- Pool Pump & Motor % 39- Pool Replastering % 40- Pool Tile & Coping % 41- Spa Chlorinator % 42- Spa Filter % 43- Spa Heater % 44- Spa Pump & Motor % 45- Spa Replastering % 46- Spa Tile & Coping % 47- Pool & Spa Deck Caulking % 48- Pool Area Furniture % 49- Restroom Remodel, Pool Area % LANDSCAPING 3.63% 50- Irrigation Equipment % 51- Landscape & Trees % OTHERS 0.62% 52- Mailboxes % 53- Signs % 54- Unplanned Project Fund TOTAL
26 FUTURE EXPENDITURE ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast Year % Repair Total Rem Reserve Components Cost Life Life ROOFING 1- Flat Roof, Phase Composition Shingles Roof, Phase Flat Roof, Phase Composition Shingles Roof, Phase Flat Roof, Phase Composition Shingles Roof, Phase Gutters & Downspouts Roof Inspection & Repair PAINTING 9- Wood Siding & Trim Paint Wood Siding & Trim Repair Wood Fences Paint Wood Fences Repair Wrought Iron Fences Paint ASPHALT & CONCRETE 14- Asphalt Sealcoat & Striping Asphalt Cut & Patch, Repair Asphalt Remove & Replace/Overlay Concrete Gutter Concrete Walks Concrete Pool Deck FENCES & WALLS 20- Block Wall Wood Fences Wrought Iron Fences, Pool Area Wrought Iron Fences, Perimeter LIGHTING 24- Pole Lights Unit Entry Lights Buildings Security Lights Security Lights & Poles
27 FUTURE EXPENDITURE ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast Year % Repair Total Rem Reserve Components Cost Life Life BUILDINGS 28- Balcony Decks Recoat Balcony Decks Resurface Water Heaters Termite Inspection & Repair Plumbing & Utilities Repairs TENNIS COURT 33- Court Surface Repair & Paint Tennis Court Equipment Chain Link Fences POOL & SPA 36- Pool Chlorinator Pool Filter Pool Pump & Motor Pool Replastering Pool Tile & Coping Spa Chlorinator Spa Filter Spa Heater Spa Pump & Motor Spa Replastering Spa Tile & Coping Pool & Spa Deck Caulking Pool Area Furniture Restroom Remodel, Pool Area LANDSCAPING 50- Irrigation Equipment Landscape & Trees OTHERS 52- Mailboxes Signs Unplanned Project Fund TOTAL
28 FUTURE EXPENDITURE ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast Year % Repair Total Rem Reserve Components Cost Life Life ROOFING 1- Flat Roof, Phase Composition Shingles Roof, Phase Flat Roof, Phase Composition Shingles Roof, Phase Flat Roof, Phase Composition Shingles Roof, Phase Gutters & Downspouts Roof Inspection & Repair PAINTING 9- Wood Siding & Trim Paint Wood Siding & Trim Repair Wood Fences Paint Wood Fences Repair Wrought Iron Fences Paint ASPHALT & CONCRETE 14- Asphalt Sealcoat & Striping Asphalt Cut & Patch, Repair Asphalt Remove & Replace/Overlay Concrete Gutter Concrete Walks Concrete Pool Deck FENCES & WALLS 20- Block Wall Wood Fences Wrought Iron Fences, Pool Area Wrought Iron Fences, Perimeter LIGHTING 24- Pole Lights Unit Entry Lights Buildings Security Lights Security Lights & Poles
29 FUTURE EXPENDITURE ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast Year % Repair Total Rem Reserve Components Cost Life Life BUILDINGS 28- Balcony Decks Recoat Balcony Decks Resurface Water Heaters Termite Inspection & Repair Plumbing & Utilities Repairs TENNIS COURT 33- Court Surface Repair & Paint Tennis Court Equipment Chain Link Fences POOL & SPA 36- Pool Chlorinator Pool Filter Pool Pump & Motor Pool Replastering Pool Tile & Coping Spa Chlorinator Spa Filter Spa Heater Spa Pump & Motor Spa Replastering Spa Tile & Coping Pool & Spa Deck Caulking Pool Area Furniture Restroom Remodel, Pool Area LANDSCAPING 50- Irrigation Equipment Landscape & Trees OTHERS 52- Mailboxes Signs Unplanned Project Fund TOTAL
30 FUTURE EXPENDITURE ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast Year % Repair Total Rem Reserve Components Cost Life Life ROOFING 1- Flat Roof, Phase Composition Shingles Roof, Phase Flat Roof, Phase Composition Shingles Roof, Phase Flat Roof, Phase Composition Shingles Roof, Phase Gutters & Downspouts Roof Inspection & Repair PAINTING 9- Wood Siding & Trim Paint Wood Siding & Trim Repair Wood Fences Paint Wood Fences Repair Wrought Iron Fences Paint ASPHALT & CONCRETE 14- Asphalt Sealcoat & Striping Asphalt Cut & Patch, Repair Asphalt Remove & Replace/Overlay Concrete Gutter Concrete Walks Concrete Pool Deck FENCES & WALLS 20- Block Wall Wood Fences Wrought Iron Fences, Pool Area Wrought Iron Fences, Perimeter LIGHTING 24- Pole Lights Unit Entry Lights Buildings Security Lights Security Lights & Poles
31 FUTURE EXPENDITURE ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Current Fiscal Year End Dec 31 Repair Replace Forecast Year % Repair Total Rem Reserve Components Cost Life Life BUILDINGS 28- Balcony Decks Recoat Balcony Decks Resurface Water Heaters Termite Inspection & Repair Plumbing & Utilities Repairs TENNIS COURT 33- Court Surface Repair & Paint Tennis Court Equipment Chain Link Fences POOL & SPA 36- Pool Chlorinator Pool Filter Pool Pump & Motor Pool Replastering Pool Tile & Coping Spa Chlorinator Spa Filter Spa Heater Spa Pump & Motor Spa Replastering Spa Tile & Coping Pool & Spa Deck Caulking Pool Area Furniture Restroom Remodel, Pool Area LANDSCAPING 50- Irrigation Equipment Landscape & Trees OTHERS 52- Mailboxes Signs Unplanned Project Fund TOTAL
32 CASH FLOW ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Year Number of units STARTING BALANCE TOTAL ANNUAL EXPENDITURE ANNUAL RESERVE CONTRIBUTION Reserve contribution per unit per month Reserve contribution increase % SPECIAL ASSESSMENTS INTEREST RECEIVED RATE % TAX ON INTEREST RATE % END OF YEAR BALANCE PERCENT FUNDED 19.25% 9.64% 24.96% 40.48% 37.21% 31.19% 49.29% 63.47% 48.86% 73.77% End of year Balance Forecast
33 CASH FLOW ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Year Number of units STARTING BALANCE TOTAL ANNUAL EXPENDITURE ANNUAL RESERVE CONTRIBUTION Reserve contribution per unit per month Reserve contribution increase % SPECIAL ASSESSMENTS INTEREST RECEIVED RATE % TAX ON INTEREST RATE % END OF YEAR BALANCE PERCENT FUNDED 88.42% 96.61% % % % % % % % % End of year Balance Forecast
34 CASH FLOW ANALYSIS VILLAGE GREEN EAST Inflation Rate % 3 Year Number of units STARTING BALANCE TOTAL ANNUAL EXPENDITURE ANNUAL RESERVE CONTRIBUTION Reserve contribution per unit per month Reserve contribution increase % SPECIAL ASSESSMENTS INTEREST RECEIVED RATE % TAX ON INTEREST RATE % END OF YEAR BALANCE PERCENT FUNDED % % % % % % % % % % End of year Balance Forecast
35 FUTURE LIABILITY ANALYSIS (PERCENT FUNDED) VILLAGE GREEN EAST % % % 80.00% 60.00% 40.00% 20.00% 0.00% % % % 80.00% 60.00% 40.00% 20.00% 0.00% % % % 80.00% 60.00% 40.00% 20.00% 0.00%
36 PRESENT % ANNUAL LIABILITY OF MAIN EXPENSE CATEGORY VILLAGE GREEN EAST % % % % % % 1- ROOFING 20.37% 2- PAINTING 37.07% 3- ASPHALT & CONCRETE 12.70% 4- FENCES & WALLS 4.42% 5- LIGHTING 1.59% 6- BUILDINGS 13.68% 7- TENNIS COURT 1.58% 8- POOL & SPA 4.33% 9- LANDSCAPING 3.63% 10- OTHERS 0.62% % % % %
37 Summary VILLAGE GREEN EAST ASSOCIATION Association name VILLAGE GREEN EAST Address Arleta Ave. & Van Nuys Blvd., Los Angeles, CA Association Type Condominium Number of Units 70 Year Built 1984 FINANCIAL Fiscal year begins January 01 Starting fiscal year 2018 Monthly dues $340 End of year Projected reserve balance $63,500 Current annual reserve contribution $73,200 Reserve account interest rate % 0.10 ASSUMPTIONS Inflation rate % 3.00 Tax rate % Minimum reserve balance $0 Unplanned project fund % of annual liability 5.00 FUNDING PLAN SIX YEAR SUMMARY Year Special assessments $0 $0 $0 $0 $0 $0 Annual Reserve contribution $102,600 $132,000 $161,400 $162,417 $163,440 $164,470 Contribution per unit/month $ $ $ $ $ $ Contribution increase on the year before $35.00 $35.00 $35.00 $1.21 $1.22 $1.23 Contribution increase % 40.16% 28.65% 22.27% 0.63% 0.63% 0.63% Annual expenses $37,551 $205,984 $64,095 $39,683 $228,398 $237,307 End of year balance $128,635 $54,797 $152,204 $275,113 $210,423 $137,804 Accrued liability $668,274 $568,284 $609,762 $679,552 $565,456 $441,845 Percent funded 19.25% 9.64% 24.96% 40.48% 37.21% 31.19% Deficiency per unit/ Surplus ( ) $7,709 $7,336 $6,537 $5,778 $5,072 $4,343
38 30 YEAR RESERVE FUNDING PLAN (RECOMMENDED) VILLAGE GREEN EAST Reserve Reserve Contribution Starting Total Annual Contribution Contribution Increase End of Fully Deficiency Calendar Reserve Annual Reserve Per Unit Increase Per Unit Special Interest Tax on Year Funded Percent Surplus ( ) Year Balance Expenditure Contribution Per Month % Per Month Assessment Received Interest Balance Balance Funded Per Unit 2018 $63,500 $37,551 $102,600 $ $35.00 $0 $115 $29 $128,635 $668, % $7, $128,635 $205,984 $132,000 $ $35.00 $0 $195 $49 $54,797 $568, % $7, $54,797 $64,095 $161,400 $ $35.00 $0 $135 $34 $152,204 $609, % $6, $152,204 $39,683 $162,417 $ $1.21 $0 $233 $58 $275,113 $679, % $5, $275,113 $228,398 $163,440 $ $1.22 $0 $357 $89 $210,423 $565, % $5, $210,423 $237,307 $164,470 $ $1.23 $0 $293 $73 $137,804 $441, % $4, $137,804 $59,216 $165,506 $ $1.23 $0 $221 $55 $244,260 $495, % $3, $244,260 $60,124 $166,549 $ $1.24 $0 $328 $82 $350,930 $552, % $2, $350,930 $369,505 $167,598 $ $1.25 $0 $435 $109 $149,349 $305, % $2, $149,349 $21,311 $168,654 $ $1.26 $0 $234 $58 $296,866 $402, % $1, $296,866 $10,877 $169,716 $ $1.26 $0 $382 $95 $455,992 $515, % $ $455,992 $70,922 $170,785 $ $1.27 $0 $541 $135 $556,262 $575, % $ $556,262 $120,472 $171,861 $ $1.28 $0 $642 $161 $608,132 $591, % ($237) 2031 $608,132 $45,162 $172,944 $ $1.29 $0 $695 $174 $736,435 $686, % ($711) 2032 $736,435 $26,700 $174,034 $ $1.30 $0 $823 $206 $884,386 $806, % ($1,108) 2033 $884,386 $326,654 $175,130 $ $1.31 $0 $972 $243 $733,592 $634, % ($1,418) 2034 $733,592 $243,643 $176,233 $ $1.31 $0 $822 $205 $666,799 $543, % ($1,759) 2035 $666,799 $144,465 $177,344 $ $1.32 $0 $755 $189 $700,244 $553, % ($2,098) 2036 $700,244 $45,201 $178,461 $ $1.33 $0 $789 $197 $834,095 $666, % ($2,389) 2037 $834,095 $37,852 $179,585 $ $1.34 $0 $924 $231 $976,521 $795, % ($2,589) 2038 $976,521 $40,439 $180,717 $ $1.35 $0 $1,067 $267 $1,117,599 $929, % ($2,688) 2039 $1,117,599 $48,588 $181,855 $ $1.36 $0 $1,209 $302 $1,251,773 $1,063, % ($2,683) 2040 $1,251,773 $445,395 $183,001 $ $1.36 $0 $1,343 $336 $990,387 $810, % ($2,571) 2041 $990,387 $109,452 $184,154 $ $1.37 $0 $1,082 $271 $1,065,900 $889, % ($2,514) 2042 $1,065,900 $40,740 $185,314 $ $1.38 $0 $1,159 $290 $1,211,343 $1,045, % ($2,369) 2043 $1,211,343 $98,896 $186,481 $ $1.39 $0 $1,305 $326 $1,299,906 $1,152, % ($2,103) 2044 $1,299,906 $145,023 $187,656 $ $1.40 $0 $1,394 $348 $1,343,585 $1,222, % ($1,734) 2045 $1,343,585 $120,946 $188,838 $ $1.41 $0 $1,438 $360 $1,412,556 $1,323, % ($1,276) 2046 $1,412,556 $42,083 $190,028 $ $1.42 $0 $1,508 $377 $1,561,631 $1,511, % ($712) 2047 $1,561,631 $945,553 $191,225 $ $1.43 $0 $1,657 $414 $808,547 $808, % ($5)
39 30 YEAR RESERVE FUNDING PLAN (WITH NO INCREASE IN CONTRIBUTION) VILLAGE GREEN EAST Reserve Reserve Contribution Starting Total Annual Contribution Contribution Increase End of Fully Deficiency Calendar Reserve Annual Reserve Per Unit Increase Per Unit Special Interest Tax on Year Funded Percent Surplus ( ) Year Balance Expenditure Contribution Per Month % Per Month Assessment Received Interest Balance Balance Funded Per Unit 2018 $63,500 $37,551 $73,200 $ $0 $0 $100 $25 $99,224 $668, % $8, $99,224 $205,984 $73,200 $ $0 $0 $136 $34 ($33,459) $568, % $8, ($33,459) $64,095 $73,200 $ $0 $0 $3 $1 ($24,351) $609, % $9, ($24,351) $39,683 $73,200 $ $0 $0 $12 $3 $9,175 $679, % $9, $9,175 $228,398 $73,200 $ $0 $0 $46 $11 ($145,988) $565, % $10, ($145,988) $237,307 $73,200 $ $0 $0 $0 $0 ($310,095) $441, % $10, ($310,095) $59,216 $73,200 $ $0 $0 $0 $0 ($296,111) $495, % $11, ($296,111) $60,124 $73,200 $ $0 $0 $0 $0 ($283,035) $552, % $11, ($283,035) $369,505 $73,200 $ $0 $0 $0 $0 ($579,340) $305, % $12, ($579,340) $21,311 $73,200 $ $0 $0 $0 $0 ($527,451) $402, % $13, ($527,451) $10,877 $73,200 $ $0 $0 $0 $0 ($465,128) $515, % $14, ($465,128) $70,922 $73,200 $ $0 $0 $0 $0 ($462,850) $575, % $14, ($462,850) $120,472 $73,200 $ $0 $0 $0 $0 ($510,123) $591, % $15, ($510,123) $45,162 $73,200 $ $0 $0 $0 $0 ($482,085) $686, % $16, ($482,085) $26,700 $73,200 $ $0 $0 $0 $0 ($435,585) $806, % $17, ($435,585) $326,654 $73,200 $ $0 $0 $0 $0 ($689,039) $634, % $18, ($689,039) $243,643 $73,200 $ $0 $0 $0 $0 ($859,481) $543, % $20, ($859,481) $144,465 $73,200 $ $0 $0 $0 $0 ($930,747) $553, % $21, ($930,747) $45,201 $73,200 $ $0 $0 $0 $0 ($902,748) $666, % $22, ($902,748) $37,852 $73,200 $ $0 $0 $0 $0 ($867,400) $795, % $23, ($867,400) $40,439 $73,200 $ $0 $0 $0 $0 ($834,639) $929, % $25, ($834,639) $48,588 $73,200 $ $0 $0 $0 $0 ($810,027) $1,063, % $26, ($810,027) $445,395 $73,200 $ $0 $0 $0 $0 ($1,182,221) $810, % $28, ($1,182,221) $109,452 $73,200 $ $0 $0 $0 $0 ($1,218,473) $889, % $30, ($1,218,473) $40,740 $73,200 $ $0 $0 $0 $0 ($1,186,013) $1,045, % $31, ($1,186,013) $98,896 $73,200 $ $0 $0 $0 $0 ($1,211,710) $1,152, % $33, ($1,211,710) $145,023 $73,200 $ $0 $0 $0 $0 ($1,283,533) $1,222, % $35, ($1,283,533) $120,946 $73,200 $ $0 $0 $0 $0 ($1,331,279) $1,323, % $37, ($1,331,279) $42,083 $73,200 $ $0 $0 $0 $0 ($1,300,162) $1,511, % $40, ($1,300,162) $945,553 $73,200 $ $0 $0 $0 $0 ($2,172,514) $808, % $42,582
40 ASSESSMENT AND RESERVE FUNDING DISCLOSURE SUMMARY 1 VILLAGE GREEN EAST HOA Sep 06, 2017, For the Fiscal Year Ending Dec 31, 2017 (1) The regular assessment per ownership interest is $ per month Note: If assessments vary by the size or type of ownership interest, the assessment applicable to this ownership interest may be found on page of the attached summary. (2) Additional regular or special assessments that have already been scheduled to be imposed or charged, regardless of the purpose, if they have been approved by the Board and/or members: Date assessment will be Due: Amount per Ownership Interest per Month (If Assessments are variable, see note immediately below): Purpose of the Assessment Total: Note: If assessments vary by the size or type of ownership interest, the assessment applicable to this ownership interest may be found on page of the attached report. (3) Based upon the most recent reserve study and other information available to the Board of Directors, will currently projected reserve account balances be sufficient at the end of each year to meet the Association's obligation for repair and/or replacement of major components during the next 30 years? Yes No X NOTE: If the association adopts the recommended 30-year funding plan in this reserve study the answer to the question #3 could be YES. (4) If the answer to #3 is no, what additional assessments or other contributions to reserves would be necessary to ensure that sufficient reserve funds will be available each year during the next 30 years that have not yet been approved by the board or the members? Approximate Date Assessment will be Due: Amount per Ownership Interest per Month: Reserve contribution increase by $35.00/ownership/month, each year Reserve contribution increase by 0.63%, each year Total: 1 Civil Code. Section 5570 effective January 1, 2014
41 Page 2 of 2 ASSESSMENT AND RESERVE FUNDING DISCLOSURE SUMMARY VILLAGE GREEN EAST HOA Sep 06, 2017, For the Fiscal Year Ending Dec 31, 2017 (5) All major components are included in the reserve study and are included in its calculations. (6) Based on the method of calculation in paragraph (4) of subdivision (b) of Section 5570, the estimated amount required in the reserve fund at the end of the current fiscal year is $604,256, based in whole or in part on the last reserve study or update prepared by Reserve Study Specialists as of Sep 06, 2017 The projected reserve fund cash balance at the end of current fiscal year is $63,500, resulting in reserves being 10.51% percent funded at this date. If an alternate, but generally accepted, method of calculation is also used, the required reserve amount is $63,500. (See attached explanation) (7) Based on the method of calculation in paragraph (4) of subdivision (b) of Section 5570 of the Civil Code, the estimated amount required in the reserve fund at the end of each of the next five budget years is (SEE ATTACHED 30 YEAR FUNDING PLAN) and the projected reserve fund cash balance in each of those years, taking into account only assessments already approved and other known revenues, is (SEE ATTACHED 30 YEAR FUNDING PLAN) leaving the reserve at (SEE ATTACHED 30 YEAR FUNDING PLAN) percent funding. If the Reserve Funding Plan approved by the association is implemented, the projected reserve fund cash balance in each of those years will be (SEE ATTACHED 30 YEAR FUNDING PLAN), leaving the reserve at (SEE ATTACHED 30 YEAR FUNDING PLAN) percent funding. Note: The financial representations set forth in this summary are based on the best estimates of the preparer at that time. The estimates are subject to change. At the time this summary was prepared, the assumed long-term beforetax interest rate earned on reserve funds was 0.10 percent per year, and the assumed long-term inflation rate to be applied to major component repair and replacement costs was 3.00 percent per year. (1) "Estimated remaining useful life" means the time reasonably calculated to remain before a major component will require replacement. (2) "Major component" has the meaning used in Section [sic; s/b 5550]. Components with an estimated remaining useful life of more than 30 years may be included in a study as a capital asset or disregarded from the reserve calculation, so long as the decision is revealed in the reserve study report and reported in the Assessment and Reserve Funding Disclosure Summary. [Civil Code Section 5570 (b)(4) referred to paragraphs (6) and (7) provides : "For the purpose of the report and summary, the amount of reserves needed to be accumulated for a component at a given time shall be computed as the current cost of replacement or repair multiplied by the number of years the component has been in service divided by the useful life of the component. This shall not be construed to require the Board to fund in accordance with this calculation."] DISCLAIMER: The information contained in this disclosure is a PROJECTION ONLY. Because the reserve study is a projection, the estimated lives and costs of components will likely change over time depending on a variety of factors such as (i) future inflation rates, (ii) levels of maintenance applied by future boards, unknown defects in materials that may lead to premature failures, etc. As a result, some components may experience longer lives while others will experience premature failures. Some components may cost less at the time of replacement while others may cost more.
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