Assessmen atici Reserve Ftincling Disclosure Sumrnary

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1 Assessmen atici Reserve Ftincling Disclosure Sumrnary Clearwood Water System For Fiscal Year Beginning: 111/2015 # of Units: 1355 a) Budgeted Amounts: Total AVbrage Per unit* -. Reserve Contributions: $250, $ Operating Assessments: $170, $ Recommended amount: Total AVerage Per unit* Reserve Contributions: $525, $ Funding Plan Objective: Full Funding per: Year per: Year b) Additional 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 Due N/A N/A Total Amount Per Unit* Total: $0.00 Purpose c) Based on 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? No d) If the answer to "c" is no, what additional assessments or other contributions/loans to Reserves would be necessary to ensure that sufficient Reserve Funds will be available each year during the next 30 years? ApproximateFisoal.. Year Assessment Will Be Due Total Amount Per Unit* 2016 $ $ $1, $1,919 Total: $3,358 e) All computations/disclosures are based on the fiscal year start date of: Fully Funded Balance (based on formula defined in ROW (24 Projected Reserve Fund Balance: Percent Funded: Reserve Deficit (surplus) on a mathematical avg-lper-unit* basis- From the 4/15/2014 Reserve Study by Association Reserves and any minor changes since that date. 1/1/2015 $6,031, $338, % $4, * If assessments vary by the size or type of unit, allocate as noted within your Governing Documents. f/g) See attached 30-yr Summary Tables, showing the projected Reserve Funding Plan, Reserve Balance, and Percent Funded, under the recommended and actual budgeted Reserve Funding Plans. Prepared by: Association Reserves (Jim Taiaga, RS) Date: 4/24/2014 The financial representations at the time of preparation are based on the Reserve Study for the fiscal year shown at the fop of this page and The best estimates of the preparer. These estimates should be expected to change from year to year, Some information on this form has been provided to Association Reserves, and has not been independently verified. Association Reserves wwvv. Reserve Study. corn

2 :VntiVilkor, 1614%.4-40FAWAT.4.805`AWatt,, Fiscal Year Beginning: 01101/15 Interest: 0.1%1 Inflation: 3.01 Starting Fully Annual Loans or Projected Reserve Funded Percent Reserve Special Interest Reserve Year Balance Balance Funded Rating Contribs. Assmts Income Expenses 2015 $338,503 $6,031, % Weak $250,675 $0 $221 $486, $103,369 35,942, % Weak $250,675 $250,000 $62 $582, $21,507 $5,760, % Weak $250,675 $0 $92 $110, $162,174 $6,066, % Weak $250,675 $0 $272 $30, $382,164 $6,471, % Weak $250,675 $0 $259 $497, ,477 $6,416, % Weak $250,675 $0 $231 $60, $326,066 $6,819, % Weak $250,675 $0 $440 $23, $553,299 $7,279, % Weak $250,675 $0 $407 $543, $260,469 $7,228, % Weak $260,675 $0 $328 $116, $395,183 $7,625, % Weak $250,675 $0 $504 $32, $613,482 38,128, % Weak $250,675 $0 $307 $863, $998 $7,803, % Weak $250,675 $0 $117 $18, $233,241 $8,348, % Weak $250,675 $0 $332 $52, $431,281 $8,884, % Weak $250, ,000 $223 $867, $15,157 $8,611, % Weak $250,675 $0 $93 $94, $171,540 $9,135, % Weak $250,675 $0 $266 $61, $361,175 $9,721, % Weak $250,675 $1,500,000 $674 $1,125, $987,176 $9,242, % H Weak $250,675 $0 $839 $548, $690,473 $9,358, % Weak $250,675 $3 $761 $110, $831,370 $9,943, % Weak $250,675 $0 $416 $1,082, $144 $9,559, % Weak $250,675 $0 $13 $224, $26,279 $10,061, % Weak $250,675 $0 $78 $146, $130,385 $10,671, % Weak $250,675 $2,600,000 $1,219 $673, $2,308,424 $10,770, % Weak $250,675 $0 $2,407 $55, $2,505,594 $11,523, % Weak $250,675 $0 $2,548 $168, $2,590,034 $12,196, % Weak $250,675 $0 $1,905 $1,621, $1,220,816 $11,409, % Weak $250,675 $0 $1,272 $149, $1,323,527 $12,130, % Weak $250,675 $0 $1,442 $14, ,560,984 $13,027, % 1 Weak $250,675 $0 $789 $1,794, $17,683 $12,134, % Weak $250,675 $0 $113 $59,385 Association Reserves, inc. 4/22/2014 Page 1 of 1

3 75:ir. 0Var 61, 7, 0 fp! Fiscal Year Beginning: 01/01115 I Interest: 0.1%11 Inflation: 3.01 Starting Fully Annual Loans or Projected Reserve Funded Percent Reserve Special Interest Reserve Year Balance Balance Funded Rating Contribs. Assrots income Expenses ,503 $6,031, % Weak 5525,000 $0 $358 $486, $377,831 $5,942,404 6A% Weak $540,750 $0 $357 $582, $336,339 $5,760, % Weak $556,973 $0 $560 $110, $783,772 $6,066, % 1 Weak $573,682 $0 $1,056 $30, $1,327,552 $6,471, % Weak $590,892 $0 $1,375 $497, $1,422,198 $6,416, % Weak $608,619 $0 $1,697 $60, $1,972,197 $6,819, % Weak $626,877 $0 $2,275 $23, $2,577,468 $7,279, % Fair $645,684 $0 $2,630 $543, $2,651,869 $7,228, % Fair $665,054 $0 $2,958 $116, $3,233,592 $7,625, % Fair $685,006 $0 $3,561 $32, $3,889,279 $8,128, % Fair $705,556 $0 $3,812 $863, $3,735,181 $7, % Fair $726,723 $0 $4,091 $18, $4,447,446 $8,348, % Fair $748,524 $0 ' $4,797 $52, $5,147,801 $8,884, % Fair $770,980 $0 $5,102 $867, ,056,861 $8,611, % Fair $794,110 $0 $5,409 $94, $5,761,994 $9,135, % Fair $817,933 $0 $6,143 $61, $6,524,764 $9,721, % Fair $842,471 $0 $6,386 $1,125, $6,248,273 $9,242, % Fair $867,745 $0 $5,411 $648, $6,574,212 $9,358, % Strong $893,777 $0 $6,969 $110, $7,364,419 $9,943, % Strong $920,591 $0 $7,287 $1,082, $7,209,980 $9,559,546 75A% Strong $948,208 $0 $7,575 $224, $7,941,210 $10,061, % Strong $976,655 $0 $8,360 $146, $8,779,578 $10,571, % Strong $1,005,954 $0 $8,950 $673, $9,120,627 $10,770, % Strong $1,036,133 $0 $9,615 $55, $10,110,463 $11,523, % Strong 51,067,217 $0 $10,565 $168,783, ,019,462 $12,196, % Strong $1,099,233 $0 $10,763 $1,621, $10,507,660 $11,409, % Strong $1,132,210 $0 $11,004 $149, $11,501,638 $12,130, % Strong $1,166,177 $0 $12,083 $14, $12,665,237 $13,027, % Strong $1,201,162 $0 $12,374 $1,794, $12,084,009 $12,134, % Strong 51,237,197 $0 $12,679 $59,385 Association Reserves, Inc. 4/15/2014 Page 1 of 1

4 3-Minute Executive Summary Association: Location: # of Units: Report Period: Clearwood Water System Assoc. #: d Yelm, WA 1355 January 1, 2015 through December 31, 2015 Results as-of 1/1/2015: ii t-unaing 5 Annual Reserve Contribul Annual Reserve Contribution Contribution (min to maintain reserves above...". ended 2015 Special Assessment for Reserve Most Recent Reserve Contribution Rate. $250,675 Economic Assumptions: Net Annual "After Tax" Interest Earnings Accruing to Reserves 0.10% Annual Inflation Rate 3.00% This is an "Update No-Site-Visit" Reserve Study, based on a prior Report prepared by Association Reserves for your 2014 Fiscal Year. No site inspection was performed as part of this Reserve Study. This Reserve Study meets or exceeds all requirements of the RCW and was prepared by a credentialed Reserve Specialist (RS). Your Reserve Fund is 5.6% Funded. Comparatively, the % level is where association statistically enjoy fiscal stability with low risk of special assessment and/or deferred maintenance. Based on this starting point and your anticipated future expenses, our recommendation is to increase your Annual Reserve Contributions to $525,000 with increases thereafter as noted in Tables 4 & 5 herein. 100%" Full" and 70% contribution rates are designed to achieve the stated funding objective by the end of our 30-year report scope. Association Reserves, Inc. 4/15/2014

5 Table 1: Executive Summary d Life (yrs) Rem. Life (yrs) Current Future Component 100 Sanitary Survey 3 1 $6,300 $5, Water System Plan - Update 6 2 $49,200 $52, Wells - Replace with New Well $400,000 $7,687, Well Pump I Motor #1 - Replace 10 0 $10,900 $14, Well # 1 - Replace Casing $132,600 $407, Well Pump I Motor #2 - Replace 10 8 $16,000 $20, Well #2 - Replace Casing $132,600 $547, Well Pump! Motor #4 - Replace 10 2 $19,650 $20, Well #4 - Replace Casing $132,600 $736, Source Flow Meters - Replace 6 1 $6,800 $7, Storage Tank #1 - Replace $601,000 $1,741, Storage Tank #1 - Coat Exterior Only $27,000 $141, Storage Tank #1 - Coat Int & Exterior $106,400 $170, Storage Tank #1 - Coat Int & Exterior $106,400 $308, Storage Tank #2 - Replace $819,550 $4,290, Storage Tank #2 - Coat Exterior Only $63,200 $615, Storage Tank #2 - Coat Int & Exterior $248,650 $410, Storage Tank #2 - Coat Int & Exterior $248,650 $742, Storage Reservoirs - Dive Inspect 5 0 $6,600 $7, Water Hammer Surge Tanks 50 6 $12,800 $14, Reservoir 2 Ladder - Repaint N/A 0 $10,900 $0 120 Reservoir Cathodic Protection $14,000 $23, Reservoir Cathodic Protection $20,000 $26, Water Main Project D-1: Replace 50 1 $625,200 $540, Water Main Project 0-2: Replace 60 4 $408,600 $459, Water Main Project 0-3: Replace 50 7 $408,600 $602, Water Main Project 0-4: Replace $525,200 $705, Water Main Project D-5a: Replace $554,450 $814, Water Main Project D-5b: Replace $554,450 $889, Water Main Project D-6: Replace $583,600 $1,023, Water Main Project D-7: Replace $291,800 $569, Remaining Water Main Lines -Replace $730,060 $1,528, Remaining Water Main Lines -Replace $730,050 $1,670, Main Lines Replaced 2002, Cycle $892,850 $2,665,360' 311 Main Lines Replaced 2009, Cycle $626,050 $1,927, Main Valves, Hydrants- Rplc (a) $54,700 $90, Main Valves, Hydrants- Rplc (b) $54,700 $111, Main Valves, Hydrants- Rplc (c) $54,700 $136, Main Valves, Hydrants- Rplc (d) $54,700 $149, Main Valves, Hydrants- Rplc (e) $54,700 $163, Main Valves, Hydrants- Rplc (f) $54,700 $178, Main Valves, Hydrants- Rplc (g) $57,350 $204, Main Valves, Hydrants- Rplc (h) $64,700 $213, Main Valves, Hydrants- Rplc (i) $47,650 $191, Main Valves, Hydrants- Rplc (j) $47,660 $196, Hydrant near Maint, Bldg, $6,500 $14, Main Valves, Hydrants- Rplc (k) $40,660 $172, Cla-Val Valves - Repair/Replace 5 0 $4,300 $4,985 Association Reserves, Inc. ii 4/15/2014

6 Table 1 Executive Summary # Component Life (yrs) Rem. Life (yrs) Current Future 324 Leak Detection 4 2 $6,600 $7, Water Service Meters - Replace (a) 10 6 $6,600 $7, Water Service Meters - Replace (b) 10 7 $6,600 $8, Water Service Meters - Replace (c) 10 8 $6,600 $8, Water Service Meters - Replace (d) 10 9 $6,600 $8, Water Service Meters - Replace (e) 10 0 $6,600 $8, Water Service Meters - Replace (1) 10 1 $6,600 $6, Water Service Meters - Replace (g) 10 2 $6,600 $7, Water Service Meters - Replace (h) 10 3 $6,600 $7, Water Service Meters - Replace (i) 10 4 $6,600 $7, Water Service Meters - Replace (j) 10 5 $6,600 $7, Water Meter Setters - Replace (a) $21,730 $34, Water Meter Setters - Replace (b) $21,730 $35, Water Meter Setters - Replace (c) $21,730 $36, Water Meter Setters - Replace (d) $21,730 $38, Water Meter Setters - Replace (e) 20 0 $21,730 $39, Water Meter Setters - Replace (f) 20 1 $21,730 $22, Water Meter Setters - Replace (g) 20 2 $21,730 $23, Water Meter Setters - Replace (h) 20 3 $21,730 $23, Water Meter Setters - Replace (i) 20 4 $21,730 $24, Water Meter Setters - Replace (j) 20 5 $21,730 $25, Well 4 Control Systems - Replace $19,150 $25, Wells 1 & 2 Cntrl Systems - Replace $32,850 $44, Treatment Systems - Repair/Replace $21,850 $34, Well #1 & #2 Generator & Controls $40,000 $170, Well #4 Generator - Replace $43,700 $81, Telemetry System - Replace 20 9 $18,600 $24, Well House 4 - Replace $10,900 $15, Well Houses 1, 2- Replace 40 7 $21,850 $26, Well Sites Fence - Replace $14,150 $20, Reservoir Fences - Replace $9,900 $14, Water Trailer 10 0 $5,000 $6, Water Truck - Replace 10 0 $20,000 $26, Total Funded Components Note: a Life of "N/A" means a one-time expense, not expected to repeat. Highlighting denotes projects anticipated to occur in the initial year. Association Reserves, Inc. iii 4/