Reserve Study. Epworth United Methodist Church

Transcription

1 Reserve Study For Epworth United Methodist Church July 21, 2015 Reserve Study Prepared By The Whayland Group,LLC Sussex Highway Laurel, Delaware 19956

2 TABLE OF CONTENTS Epworth United Methodist Church PART I INFORMATION ABOUT YOUR RESERVE STUDY Important Information 1-1 Introduction 1-2 Funding Options 1-2 Types of Reserve Studies 1-3 Developing a Component List 1-3 Operational Expenses 1-4 Reserve Expenses 1-4 Funding Methods 1-5 Funding Strategies 1-6 Distribution of Reserves 1-7 User s Guide to Your Reserve Study 1-9 Definitions 1-9 Your Reserve Study is a Multi-Purpose Tool 1-12 Executive Summary 1-11 PART II RESERVE STUDY Threshold Funding Model Summary 2-1 Threshold Funding Model Projection 2-2 Annual Expenditure Detail 2-3 Detail Report by Category 2-11 Category Detail Index 2-82 Spread Sheet 2-85

3 Important Information This document has been provided pursuant to an agreement containing restrictions on its use. No part of this document may be copied or distributed, in any form or by any means, nor disclosed to third parties without the expressed written permission of The Whayland Group. The client shall have the right to reproduce and distribute copies of this report, or the information contained within, as may be required for compliance with all applicable regulations. This reserve analysis study and the parameters under which it has been completed are based upon information provided to us in part by representatives of the client, its contractors, assorted vendors, specialist and independent contractors, and various construction pricing and scheduling manuals including, but not limited to: Marshall & Swift Valuation Service, RS Means Facilities Maintenance & Repair Cost Data, RS Means Repair & Remodeling Cost Data, National Construction Estimator, National Repair & Remodel Estimator, Dodge Cost Manual and McGraw-Hill Professional. Additionally, costs are obtained from numerous vendor catalogues, actual quotations or historical costs, and our own experience in the field of property management and reserve study preparation. It has been assumed, unless otherwise noted in this report, that all assets have been designed and constructed properly and that each estimated useful life will approximate that of the norm per industry standards and/or manufacturer s specifications. In some cases, estimates may have been used on assets, which have an indeterminable but potential liability to the client. The decision for the inclusion of these as well as all assets considered is left to the client. We recommend that your reserve study be updated on an annual basis (2 or 3 years for studies of limited scope) due to fluctuating interest rates, inflationary changes, and the unpredictable nature of the lives of many of the assets under consideration. All of the information collected during our observation and computations made subsequently in preparing this reserve analysis study are retained in our computer files. Therefore, annual updates may be completed quickly and inexpensively each year. The Whayland Group would like to thank you for using our services. We invite you to call us at any time, should you have questions, comments or need assistance. In addition, any of the parameters and estimates used in this study may be changed at your request, after which we will provide a revised study. This reserve analysis study is provided as an aid for planning purposes and not as an accounting tool. Since it deals with events yet to take place, there is no assurance that the results enumerated within it will, in fact, occur as described. PAGE 1-1

4 Part I Introduction Preparing the annual budget and overseeing finances are among the most important responsibilities of the management team. The annual operating and reserve budgets reflect the planning and goals of the client and set the level and quality of service for all of the client s activities. Funding Options When a major repair or replacement is required, there are essentially four options available to address the expenditure: The first, and only logical means to ensure its ability to maintain the assets for which it is obligated, is by setting aside an adequate level reserves as part of the regular annual budget process. The congregation is not only comprised of present members, but also future members. Any decision to adopt a calculation method or funding plan, which would disproportionately burden future members in order to make up for past reserve deficits, would be a breach of its fiduciary responsibility to those future members. Unlike individuals determining their own course of action, the trustees are responsible to the congregation as a whole. The second option is for the client to acquire a loan from a lending institution in order to affect the required repairs. In some cases, banks will lend to a client using future collections as collateral for the loan. More often than not, the bank will require real estate collateral or personal guarantees. Regardless, the current trustees are pledging the future assets of the congregation. They are also incurring the additional expense of interest fees along with the original principal amount. In the case of a $150,000 roofing replacement, the client may be required to pay back the loan over a three to five year period, with interest. The third option, too often used, is simply to defer the required repair or replacement. This option, which is not recommended, can create an environment of declining property values due to expanding lists of deferred maintenance items and the client s financial inability to keep pace with the normal aging process of the common area components. The fourth option is to engage in special fundraisers to cover the expenditure. However, a client considering a special fundraiser cannot guarantee that an adequate amount of money can be raised in a reasonable time period. Consequently, the client cannot guarantee its ability to perform the required repairs or replacements to those major components when the need arises. Additionally, while relatively new buildings require very little in the way of major reserve expenditures, buildings reaching 12 to 15 years of age and older, find many components reaching the end of their effective useful lives. These required expenditures, all accruing at the same time, could be devastating to a client s overall budget. Types of Reserve Studies Most reserve studies fit into one of three categories: Full Reserve Study; Update with site inspection; and Update without site inspection. In a Full Reserve Study, the reserve provider conducts a component inventory, a condition assessment (based upon on-site visual observations), and life and valuation estimates to determine both a fund status and funding plan. PAGE 1-2

5 In an Update with site inspection, the reserve provider conducts a component inventory (verification only, not quantification unless new components have been added to the inventory), a condition assessment (based upon on-site visual observations), and life and valuation estimates to determine both the fund status and funding plan. In an Update without site inspection, the reserve provider conducts life and valuation estimates to determine the fund status and funding plan. The Reserve Study: A Physical and a Financial Analysis There are two components of a reserve study: a physical analysis and a financial analysis. Physical Analysis During the physical analysis, a reserve study provider evaluates information regarding the physical status and repair/replacement cost of the client s major common area components. To do so, the provider conducts a component inventory, a condition assessment, and life and valuation estimates. Developing a Component List The budget process begins with full inventory of all the major components for which the client is responsible. The determination of whether an expense should be labeled as operational, reserve, or excluded altogether is sometimes subjective. Since this labeling may have a major impact on the financial plans of the client, subjective determinations should be minimized. We suggest the following considerations when labeling an expense. PAGE 1-3

6 Operational Expenses Occur at least annually, no matter how large the expense, and can be budgeted for effectively each year. They are characterized as being reasonably predictable, both in terms of frequency and cost. Operational expenses include all minor expenses, which would not otherwise adversely affect an operational budget from one year to the next. Examples of operational expenses include: Utilities: Bank Service Charges Accounting Electricity Dues & Publications Reserve Study Gas Licenses, Permits & Fees Repair Expenses: Water Insurance(s) Tile Roof Repairs Telephone Services: Equipment Repairs Cable TV Landscaping Minor Concrete Repairs Administrative: Pool Maintenance Operating Contingency Supplies Street Sweeping Reserve Expenses These are major expenses that occur other than annually, and which must be budgeted for in advance in order to ensure the availability of the necessary funds in time for their use. Reserve expenses are reasonably predictable both in terms of frequency and cost. However, they may include significant assets that have an indeterminable but potential liability that may be demonstrated as a likely occurrence. They are expenses that, when incurred, would have a significant effect on the smooth operation of the budgetary process from one year to the next, if they were not reserved for in advance. Examples of reserve expenses include: Roof Replacements Painting Deck Resurfacing Fencing Replacement Asphalt Seal Coating Asphalt Repairs Asphalt Overlays Equipment Replacement Interior Furnishings Budgeting is Normally Excluded for: Park/Play Equipment Pool/Spa Re-plastering Pool Equipment Replacement Pool Furniture Replacement Tennis Court Resurfacing Lighting Replacement Insurance(s) Reserve Study Repairs or replacements of assets which are deemed to have an estimated useful life equal to or exceeding the estimated useful life of the facility or community itself, or exceeding the legal life of the community as defined in a client s governing documents or policies. Examples include the complete replacement of elevators, tile roofs, wiring and plumbing. Also excluded are insignificant expenses that may be covered either by an operating or reserve contingency, or otherwise in a general maintenance fund. Expenses that are necessitated by acts of nature, accidents or other occurrences that are more properly insured for, rather than reserved for, are also excluded. Financial Analysis PAGE 1-4

7 The financial analysis assesses the client s reserve balance or fund status (measured in cash or as percent fully funded) to determine a recommendation for the appropriate reserve contribution rate in the future, known as the funding plan. Preparing the Reserve Study Once the reserve assets have been identified and quantified, their respective replacement costs, useful lives and remaining lives must be assigned so that a funding schedule can be constructed. Replacement costs and useful lives can be found in published manuals such as construction estimators, appraisal handbooks, and valuation guides. Remaining lives are calculated from the useful lives and ages of assets and adjusted according to conditions such as design, manufactured quality, usage, exposure to the elements and maintenance history. By following the recommendations of an effective reserve study, the client should avoid any major shortfalls. However, to remain accurate, the report should be updated on an annual basis to reflect such changes as shifts in economic parameters, additions of phases or assets, or expenditures of reserve funds. The client can assist in simplifying the reserve analysis update process by keeping accurate records of these changes throughout the year. Funding Methods From the simplest to the most complex, reserve analysis providers use many different computational processes to calculate reserve requirements. However, there are two basic processes identified as industry standards: the cash flow method and the component method. The cash flow method develops a reserve-funding plan where contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the actual anticipated schedule of reserve expenses until the desired funding goal is achieved. This method sets up a window in which all future anticipated replacement costs are computed, based upon the individual lives of the components under consideration. The Whayland Group Threshold and The Whayland Group Current Assessment funding models are based upon the cash flow method. The component method (2017 Fully Funding Model) develops a reserve-funding plan where the total contribution is based upon the sum of contributions for individual components. The component method is the more conservative of the two funding options, and assures that the client will achieve and maintain an ideal level of reserve over time. This method also allows for computations on individual components in the analysis. The Whayland Group 2017 Fully Funding model is based upon the component methodology. PAGE 1-5

8 Funding Strategies Once a client has established its funding goals, the client can select an appropriate funding plan. There are four basic strategies from which most clients select. It is recommended that clients consult professionals to determine the best strategy or combination of plans that best suit the client s need. Additionally, clients should consult with their financial advisor to determine the tax implications of selecting a particular plan. Further, consultation with the American Institute of Certified Public Accountants (AICPA) for their reporting requirements is advisable. The four funding plans and descriptions of each are detailed below. Clients will have to update their reserve studies more or less frequently depending on the funding strategy they select. Full Funding---Given that the basis of funding for reserves is to distribute the costs of the replacements over the lives of the components in question, it follows that the ideal level of reserves would be proportionately related to those lives and costs. If a client has a component with an expected estimated useful life of ten years, it would set aside approximately one-tenth of the replacement cost each year. At the end of three years, one would expect three-tenths of the replacement cost to have accumulated, and if so, that component would be fully-funded. This model is important in that it is a measure of the adequacy of a client s reserves at any one point of time, and is independent of any particular method which may have been used for past funding or may be under consideration for future funding. This formula represents a snapshot in time and is based upon current replacement cost, independent of future inflationary or investment factors: Fully Funded Reserves = Cost Age divided by Useful Life the results multiplied by Current Replacement When a client s total accumulated reserves for all components meet this criterion, its reserves are considered fully-funded. The Whayland Group Threshold Funding Model (Minimum Funding). The goal of this funding method is to keep the reserve cash balance above zero. This means that while each individual component may not be fully funded, the reserve balance overall does not drop below zero during the projected period. A client using this funding method must understand that even a minor reduction in a component s remaining useful life can result in a deficit in the reserve cash balance. The Whayland Group Threshold Funding Model. This method is based upon the cash flow funding concept. The minimum reserve cash balance in threshold funding, however, is set at a predetermined dollar amount (other than $0). We recommend this model and have included it in the study. The Whayland Group Current Assessment Funding Model. This method is also based upon the cash flow funding concept. The initial reserve assessment is set at the client s current fiscal year funding level and a 30-year projection is calculated to illustrate the adequacy of the current funding over time. Since there is no current specific reserve funding in place for EUMC at this time, this model is not applicable. The Whayland Group Component Funding Model (2017 Fully Funding Model). This is a straightline funding model. It distributes the cash reserves to individual reserve components and then calculates what the reserve assessment and interest contribution (minus taxes) should be, again by each reserve component. The current annual assessment is then determined by summing all the individual component assessments, hence the name Component Funding Model. This is the most conservative funding model. It leads to or maintains the fully funded reserve position; however, it results in very high reserve balance far in excess of what is needed to adequately fund replacements on an ongoing basis. Users Guide to your Reserve Analysis Study Part II of your Whayland Group Report contains the reserve analysis study for your client. There are PAGE 1-6

9 seven types of reports in the study as described below. Report Summaries The Report Summary for all funding models lists all of the parameters that were used in calculating the report as well as the summary of your reserve analysis study. Index Reports The Distribution of Accumulated Reserves report lists all assets in remaining life order. It also identifies the ideal level of reserves that should have accumulated for the client as well as the actual reserves available. This information is valid only for the Component Funding Model calculation. The Component Listing/Summary lists all assets by category (i.e. roofing, painting, lighting, etc.) together with their remaining life, current cost, monthly reserve contribution, and net monthly allocation. Detail Reports The Detail Report itemizes each asset and lists all measurements, current and future costs, and calculations for that asset. Provisions for percentage replacements, salvage values, and one-time replacements can also be utilized. These reports can be sorted by category or group. The numerical listings for each asset are enhanced by extensive narrative detailing factors such as design, manufactured quality, usage, exposure to elements and maintenance history. The Whayland Group Detail Index is an alphabetical listing of all assets, together with the page number of the asset s detail report, the projected replacement year, and the asset number. Projections Thirty-year projections add to the usefulness of your reserve analysis study. Definitions Report I.D. Includes the Report Date (example: November 15, 1992), Account Number (example: 9773), and Version (example: 1.0). Please use this information (displayed on the summary page) when referencing your report. Budget Year Beginning/Ending The budgetary year for which the report is prepared. For clients with fiscal years ending December 31 st, the monthly contribution figures indicated are for the 12-month period beginning 1/1/20xx and ending 12/31/20xx. Number of Units and/or Phases If applicable, the number of units and/or phases included in this version of the report. Inflation This figure is used to approximate the future cost to repair or replace each component in the report. The current cost for each component is compounded on an annual basis by the number of remaining years to replacement, and the total is used in calculating the monthly reserve contribution that will be necessary to accumulate the required funds in time for replacement. Annual Assessment Increase This represents the percentage rate at which the client will increase its assessment to reserves at the end of each year. For example, in order to accumulate $10,000 in 10 years, you could set aside $1,000 per year. As an alternative, you could set aside $795 the first year and increase that amount by 5% each year PAGE 1-7

10 until the year of replacement. In either case you arrive at the same amount. The idea is that you start setting aside a lower amount and increase that number each year in accordance with the planned percentage. Ideally this figure should be equal to the rate of inflation. Investment Yield Before Taxes The average interest rate anticipated by the client based upon its current investment practices. Taxes on Interest Yield The estimated percentage of interest income that will be set aside to pay income taxes on the interest earned. Projected Reserve Balance The anticipated reserve balance on the first day of the fiscal year for which this report has been prepared. This is based upon information provided and not audited. Percent Fully Funded The ratio, at the beginning of the fiscal year, of the actual (or projected) reserve balance to the calculated fully funded balance, expressed as a percentage. Phase Increment Detail and/or Age Comments regarding aging of the components on the basis of construction date or date of acceptance by the client. Monthly (or Quarterly or Annually) Assessment The assessment to reserves required by the client each month (or quarter or year). Interest Contribution (After Taxes) The interest that should be earned on the reserves, net of taxes, based upon their beginning reserve balance and monthly contributions for one year. This figure is averaged for budgeting purposes. Total Monthly (or Quarterly or Annually) Allocation Sum of the monthly (or quarterly or annually assessment / interest contribution figures. Group and Category The report may be prepared and sorted either by group (location, building, phase, etc.) or by category (roofing, painting, etc.). The standard report printing format is by category. Percentage of Replacement or Repairs In some cases, an asset may not be replaced in its entirety or the cost may be shared with a second party. Examples are budgeting for a percentage of replacement of streets over a period of time, or sharing the expense to replace a common wall with a neighboring party. Placed-In-Service Date The month and year that the asset was placed-in-service. This may be the construction date, the first escrow closure date in a given phase, or the date of the last servicing or replacement. Estimated Useful Life The estimated useful life of an asset based upon industry standards, manufacturer specifications, visual inspection, location, usage, client standards and prior history. All of these factors are taken into consideration when tailoring the estimated useful life to the particular asset. For example, the carpeting PAGE 1-8

11 in a hallway or elevator (a heavy traffic area) will not have the same life as the identical carpeting in a seldom-used meeting room or office. Adjustment to Useful Life Once the useful life is determined, it may be adjusted, up or down, by this separate figure for the current cycle of replacement. This will allow for a current period adjustment without affecting the estimated replacement cycles for future replacements. Estimated Remaining Life This calculation is completed internally based upon the report s fiscal year date and the date the asset was placed-in-service. Replacement Year The year that the asset is scheduled to be replaced. The appropriate funds will be available by the first day of the fiscal year for which replacement is anticipated. Annual Fixed Reserves An optional figure which, if used, will override the normal process of allocating reserves to each asset. Fixed Assessment An optional figure which, if used, will override all calculations and set the assessment at this amount. This assessment can be set for monthly, quarterly or annually as necessary. Salvage Value The salvage value of the asset at the time of replacement, if applicable. One-Time Replacement Notation if the asset is to be replaced on a one-time basis. Current Replacement Cost The estimated replacement cost effective at the beginning of the fiscal year for which the report is being prepared Future Replacement Cost The estimated cost to repair or replace the asset at the end of its estimated useful life based upon the current replacement cost and inflation. Component Inventory The task of selecting and qualifying reserve components. This task can be accomplished through on-site visual, review of client design and organizational documents, a review of established client precedents, and discussion with appropriate client representative(s). PAGE 1-9

12 A Multi-Purpose Tool Your Whayland Group Report is an important part of your client s budgetary process. Following its recommendations should ensure the client s smooth budgetary transitions from one fiscal year to the next. In addition, your Whayland Group reserve study serves a variety of useful purposes: A reserve analysis study may be required by your accountant during the preparation of the client s annual audit. The Whayland Group reserve study is sometimes requested by lending institutions during the process of loan applications. Your Whayland Group Report is also a detailed inventory of the client s major assets and serves as a management tool for scheduling, coordinating and planning future repairs and replacements. Your Whayland Group Report is a tool that can assist the client in fulfilling its legal and fiduciary obligations for maintaining the facility in a state of good repair. Since the Whayland Group reserve analysis study includes measurements and cost estimates of the client s assets, the detail reports may be used as a guide to evaluate the accuracy and price of contractor bids when assets are due to be repaired or replaced. Your Whayland Group Report provides a record of the time, cost, and quantities of past reserve replacements. At times the client s management personnel are transitory which may result in the loss of these important records. PAGE 1-10

13 Executive Summary This reserve study was prepared for the Epworth United Methodist Church (EUMC) facility on Holland Glade Road, Rehoboth Beach, Delaware in the summer of The 50,000 square foot building was custom designed and constructed in 2008 and is self-managed by the Facilities Manager and church staff. EUMC furnished The Whayland Group, LLC (TWG) with site plans, building plans, and interviews with the facilities manager. The study parameters were established in consultation with the facilities manager, examination of the documents, and by field observation. TWG would like to express its appreciation to Ken Mahan for his assistance. The component list was developed from on-site field observations; quantity surveying from drawings and on-site surface observation of condition/remaining life. No invasive, chemical, or other tests were performed. The last field observation was on July 20, Based on our visual observations, the components appear have been properly installed and wearing in accordance with normal expectations, except as noted in the report. The in-service date for all components is set at January 1, The components were assigned useful lives and values in accordance with industry standards and remaining lives calculated based on the inservice date. In accordance with industry standards, generally the study does NOT include any items with a remaining life of more than 30 years, except as noted in the component list. Certain items are included in the report, but marked as unfunded at this time so that future facilities managers and reserve study analysts will know they were considered and should be reconsidered at a future time. The study includes the Threshold Funding Model (TFM) as described in Part I. TFM is a cash flow funding model that calculates the minimum funding level required to be adequately funded at all times. The assumptions are an inflation rate of 3% annually, an interest rate earned on reserve account balances of 0.50% annually, a tax rate of 0%, and an annual increase in contribution of 3% annually to match the rate of inflation. Since a separate reserve account is a new creation for EUMC, the current reserve account is $0. We encourage EUMC to review these assumptions with its tax preparer or accountant. The TFM indicates an annual reserve account contribution starting in 2016 of $95, The contribution is programmed to increase 3% each year. Some clients prefer to not have an annual increase, in which case we suggest averaging the first five years projections and using that figure as the annual contribution for five years. In this case, the five-year average is $101, It is important to note that the TFM is a minimum funding calculation, which does not include a contingency fund; however, we have set the minimum fund balance allowed at $5, One or both of these features can be added or changed in the model to whatever level EUMC desires. PAGE 1-11

14 EUMC s decision to seek a professional reserve study is forward-thinking stewardship of its material blessings. Properly used, the study is a planning tool to help manage expenses and maintain the value and utility of the property. Due to the relatively high number of replacements, TWG recommends a reserve study update be performed every 2 to 3 years. The cost of an update is usually about 1/3 the cost of a full reserve study. TWG stands ready to assist EUMC with further consultation on any aspect of the study or its implementation. Please feel free to contact me directly at Respectfully submitted July 21, 2015 Robert C Wheatley, Principal The Whayland Group, LLC PAGE 1-12

15 Rehoboth Beach, Delaware TWG Threshold Funding Model Summary Report Date July 21, 2015 Account Number Budget Year Beginning January 01, 2016 Budget Year Ending December 31, 2016 Total Units 1 Report Parameters Inflation 3.00% Annual Assessment Increase 3.00% Interest Rate on Reserve Deposit 0.50% 2016 Beginning Balance Threshold Funding Model Summary of Calculations Required Annually Contribution $95, Average Net Annually Interest Earned $ Total Annually Allocation to Reserves $95, PAGE 2-1

16 TWG Threshold Funding Model Projection Beginning Balance: $0 Projected Fully Current Annual Annual Annual Ending Funded Percent Year Cost Contribution Interest Expenditures Reserves Reserves Funded ,145,487 95, , ,285 17% ,179,852 98, , , ,128 25% ,215, ,213 1,098 31, , ,174 33% ,251, ,249 1,527 19, , ,982 40% ,289, ,377 1,706 73, , ,434 43% ,300, ,598 2,000 53, , ,204 48% ,339, ,916 2,197 76, , ,303 50% ,379, ,333 2,318 95, , ,568 52% ,420, ,853 2,500 86, , ,282 54% ,463, ,479 2,846 57, , ,700 57% ,507, ,213 3,471 5, ,722 1,115,030 62% ,552, ,060 3,847 60, ,340 1,190,677 64% ,598, , , , ,617 25% ,646, ,102 1,200 41, , ,437 37% ,696, ,305 1,818 21, , ,027 48% ,747, ,635 2,508 12, , ,735 57% ,799, ,094 2, , , ,006 57% ,853, ,686 2, , , ,196 59% ,909, ,417 2,972 97, , ,599 63% ,966, ,289 3,355 93, ,399 1,006,303 67% ,025, ,308 4,035 39, ,008 1,130,767 71% ,086, ,477 4,448 98, ,051 1,203,940 74% ,148, ,802 4, , ,829 1,135,391 73% ,213, ,286 4, , ,653 1,098,945 73% ,279, ,934 4, , ,006 1,179,492 76% ,348, ,752 5,198 63,232 1,044,724 1,308,124 79% ,418, ,745 5, ,708 1,095,210 1,348,162 81% ,491, ,917 6,307 45,759 1,267,676 1,509,196 83% ,565, ,275 6, ,891 1,364,850 1,596,134 85% ,642, ,823 7,560 77,763 1,519,470 1,741,814 87% PAGE 2-2

17 TWG Annual Expenditure Detail Description Expenditures No Replacement in 2016 Replacement Year 2017 Asphalt Parking Lot - Sealcoating 34,368 Exterior Caulking 4,120 Interior Light Fixtures 4,120 Interior Solid Core Wood Doors--Hardware Replacement(copy) 1,841 Total for 2017 $44,449 Replacement Year 2018 Aluminum and Glass Doors--Replace Hardware Only 4,138 Carpet - Narthex 21,218 Exterior Caulking 4,244 Fire Sprinkler - Internal Observation 1,273 Interior Hollow Metal Doors--Hardware Replacement 1,114 Total for 2018 $31,986 Replacement Year 2019 A/V, Communications, and IT Equipment 10,927 Exterior Caulking 4,371 Interior Light Fixtures 4,371 Total for 2019 $19,669 Replacement Year 2020 Counters/Cabinets - Large Bathrooms 4,502 Exterior Caulking 4,502 Roof Mounted HVAC Units ton - Phase 1 5,627 Roof Mounted HVAC Units - 3 ton - Phase 1 13,505 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 1 9,004 Sprinkler Nitrogen Generator 22,510 Telephone system 4,502 Water Heater - 19 Gal Electric 3,377 Water Heater - 40 Gal Electric 2,814 Water Heater - Instant Electric 2,701 Total for 2020 $73,044 Replacement Year 2021 Carpet 15,262 PAGE 2-3

18 TWG Annual Expenditure Detail Description Expenditures Replacement Year 2021 continued... Exterior Caulking 4,637 Interior Light Fixtures 4,637 Roof Mounted HVAC Units ton - Phase 2 5,796 Roof Mounted HVAC Units - 3 ton - Phase 2 13,910 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 2 9,274 Total for 2021 $53,516 Replacement Year 2022 Asphalt Parking Lot - Sealcoating 39,842 Exterior Caulking 4,776 Interior Solid Core Wood Doors--Hardware Replacement(copy) 2,134 Roof Mounted HVAC Units ton - Phase 3 5,970 Roof Mounted HVAC Units - 3 ton - Phase 3 14,327 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 3 9,552 Total for 2022 $76,601 Replacement Year 2023 Accordion Folding Partition - Motorized 1,845 Aluminum and Glass Doors--Replace Hardware Only 4,797 Exterior Caulking 4,919 Fire Sprinkler - Internal Observation 1,476 Ground Mounted HVAC units - Phase 1 19,676 Interior Light Fixtures 4,919 Outdoor Walk-in Box - Rebuild 9,224 Roof Mounted Fans CFM - Phase Roof Mounted HVAC Units and 15 ton - Phase 1 30,747 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 4 9,839 Water Heater Gal. Gas 7,379 Total for 2023 $95,313 Replacement Year 2024 A/V, Communications, and IT Equipment 12,668 Exterior Caulking 5,067 Ground Mounted HVAC units - Phase 2 20,266 Roof Mounted Fans CFM - Phase Roof Mounted HVAC Units and 15 ton - Phase 2 31,669 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 5 10,134 Security System 6,334 Total for 2024 $86,645 PAGE 2-4

19 TWG Annual Expenditure Detail Description Expenditures Replacement Year 2025 Carpet - Narthex 26,095 Exterior Caulking 5,219 Ground Mounted HVAC units - Phase 3 20,874 Interior Light Fixtures 5,219 Roof Mounted Fans CFM - Phase Total for 2025 $57,930 Replacement Year 2026 Exterior Caulking 5,376 Roof Mounted Fans CFM - Phase Total for 2026 $5,913 Replacement Year 2027 Asphalt Parking Lot - Sealcoating 46,187 Exterior Caulking 5,537 Interior Light Fixtures 5,537 Interior Solid Core Wood Doors--Hardware Replacement(copy) 2,474 Roof Mounted Fans CFM - Phase Total for 2027 $60,289 Replacement Year 2028 Aluminum and Glass Doors--Replace Hardware Only 5,560 Asphalt Parking Lot - Replacement 380,584 Benches 3,850 Bike Racks 1,996 Carpet 18,770 Ceiling Tile - 2' x 4' Kitchen Tile 1,711 Exterior Caulking 5,703 Exterior Insulation and Finish System (EIFS) Recoat 25,093 Fire Sprinkler - Internal Observation 1,711 Interior Hollow Metal Doors--Hardware Replacement 1,497 Membrane Roof Replacement 296,558 Playground Fencing 5,347 Roof Mounted Fans CFM 1,069 Roof Mounted Fans CFM 1,426 Roof Mounted Fans CFM 2,495 Vinyl Composition Floor Tile - Phase 1 14,969 Total for 2028 $768,340 PAGE 2-5

20 TWG Annual Expenditure Detail Description Expenditures Replacement Year 2029 A/V, Communications, and IT Equipment 14,685 Exterior Caulking 5,874 Interior Light Fixtures 5,874 Vinyl Composition Floor Tile - Phase 2 15,418 Total for 2029 $41,852 Replacement Year 2030 Exterior Caulking 6,050 Vinyl Composition Floor Tile - Phase 3 15,881 Total for 2030 $21,931 Replacement Year 2031 Exterior Caulking 6,232 Interior Light Fixtures 6,232 Total for 2031 $12,464 Replacement Year 2032 Asphalt Parking Lot - Sealcoating 53,544 Carpet - Narthex 32,094 Exterior Caulking 6,419 Interior Solid Core Wood Doors--Hardware Replacement(copy) 2,868 Roof Mounted HVAC Units ton - Phase 1 8,023 Roof Mounted HVAC Units - 3 ton - Phase 1 19,255 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 1 12,838 Telephone system 6,419 Water Heater - 19 Gal Electric 4,814 Water Heater - 40 Gal Electric 4,012 Water Heater - Instant Electric 3,851 Total for 2032 $154,136 Replacement Year 2033 Aluminum and Glass Doors--Replace Hardware Only 6,446 Exterior Caulking 6,611 Fire Sprinkler - Internal Observation 1,983 Interior Light Fixtures 6,611 Kitchen Equipment - Phase 1 16,528 Outdoor Walk-in Box - Rebuild 12,396 PAGE 2-6

21 TWG Annual Expenditure Detail Description Expenditures Replacement Year 2033 continued... Playground Equipment 41,321 Roof Mounted HVAC Units ton - Phase 2 8,263 Roof Mounted HVAC Units - 3 ton - Phase 2 19,832 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 2 13,223 Toilet Accessories 3,306 Total for 2033 $136,522 Replacement Year 2034 A/V, Communications, and IT Equipment 17,024 Exterior Caulking 6,810 Exterior Door Lights 2,724 Exterior Downlights 2,724 Kitchen Equipment - Phase 2 17,024 Roof Mounted HVAC Units ton - Phase 3 8,511 Roof Mounted HVAC Units - 3 ton - Phase 3 20,427 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 3 13,619 Security System 8,512 Total for 2034 $97,376 Replacement Year 2035 Carpet 23,085 Exterior Caulking 7,014 Interior Light Fixtures 7,014 Kitchen Equipment - Phase 3 17,535 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 4 14,028 Site Lights - Ground Mounted 400 watt Uplights 4,208 Site Lights - Pole mounted - Doubles 8,768 Site Lights - Pole mounted - Singles 8,768 Site Lights - Roof Mounted 3,156 Total for 2035 $93,576 Replacement Year 2036 Exterior Caulking 7,224 Kitchen Equipment - Phase 4 18,061 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 5 14,449 Total for 2036 $39,734 PAGE 2-7

22 TWG Annual Expenditure Detail Description Expenditures Replacement Year 2037 Asphalt Parking Lot - Sealcoating 62,072 Exterior Caulking 7,441 Interior Light Fixtures 7,441 Interior Solid Core Wood Doors--Hardware Replacement(copy) 3,325 Kitchen Equipment - Phase 5 18,603 Total for 2037 $98,883 Replacement Year 2038 Accordion Folding Partition - Motorized 2,874 Aluminum and Glass Doors--Replace Hardware Only 7,473 Ceiling Tile - 2' x 2' Tegular - Phase 1 17,243 Commercial Sheet Vinyl Flooring 6,036 Counters and Cabinets - Replace/Refurbish - Phase 1 7,664 Exterior Caulking 7,664 Exterior Hollow Metal Doors 3'x7' 6,898 Exterior Hollow Metal Doors 6'x7' pair 11,497 Fire Sprinkler - Internal Observation 2,299 Ground Mounted HVAC units - Phase 1 30,655 Gutter and Downspout 20,119 Interior Hollow Metal Doors--Hardware Replacement 2,012 Kitchen Equipment - Phase 6 19,161 Plumbing Fixtures - Commercial 8,622 Plumbing Fixtures - Domestic - Phase 1 14,946 Roof Mounted Fans CFM - Phase Roof Mounted HVAC Units and 15 ton - Phase 1 47,903 Sliding Windows 14,946 Stainless Steel Handrails 6,898 Water Heater Gal. Gas 11,497 Total for 2038 $247,173 Replacement Year 2039 A/V, Communications, and IT Equipment 19,736 Carpet - Narthex 39,472 Ceiling Tile - 2' x 2' Tegular - Phase 2 17,761 Counters and Cabinets - Replace/Refurbish - Phase 2 7,894 Exterior Caulking 7,894 Ground Mounted HVAC units - Phase 2 31,574 Interior Light Fixtures 7,894 PAGE 2-8

23 TWG Annual Expenditure Detail Description Expenditures Replacement Year 2039 continued... Kitchen Equipment - Phase 7 19,736 Plumbing Fixtures - Domestic - Phase 2 15,394 Roof Mounted Fans CFM - Phase Roof Mounted HVAC Units and 15 ton - Phase 2 49,340 Total for 2039 $217,484 Replacement Year 2040 Ceiling Tile - 2' x 2' Tegular - Phase 3 18,293 Counters and Cabinets - Replace/Refurbish - Phase 3 8,131 Exterior Caulking 8,131 Ground Mounted HVAC units - Phase 3 32,521 Kitchen Equipment - Phase 8 20,328 Plumbing Fixtures - Domestic - Phase 3 15,856 Roof Mounted Fans CFM - Phase Total for 2040 $104,074 Replacement Year 2041 Counters and Cabinets - Replace/Refurbish - Phase 4 8,375 Exterior Caulking 8,375 Interior Light Fixtures 8,375 Kitchen Equipment - Phase 9 20,938 Plumbing Fixtures - Domestic - Phase 4 16,331 Roof Mounted Fans CFM - Phase Total for 2041 $63,232 Replacement Year 2042 Asphalt Parking Lot - Sealcoating 71,958 Carpet 28,392 Counters and Cabinets - Replace/Refurbish - Phase 5 8,626 Exterior Caulking 8,626 Interior Solid Core Wood Doors--Hardware Replacement(copy) 3,855 Kitchen Equipment - Phase 10 21,566 Plumbing Fixtures - Domestic - Phase 5 16,821 Roof Mounted Fans CFM - Phase Total for 2042 $160,708 Replacement Year 2043 Aluminum and Glass Doors--Replace Hardware Only 8,663 PAGE 2-9

24 TWG Annual Expenditure Detail Description Expenditures Replacement Year 2043 continued... Exterior Caulking 8,885 Fire Sprinkler - Internal Observation 2,666 Interior Light Fixtures 8,885 Outdoor Walk-in Box - Rebuild 16,660 Total for 2043 $45,759 Replacement Year 2044 A/V, Communications, and IT Equipment 22,879 Exterior Caulking 9,152 Roof Mounted HVAC Units ton - Phase 1 11,438 Roof Mounted HVAC Units - 3 ton - Phase 1 27,452 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 1 18,303 Security System 11,440 Telephone system 9,152 Water Heater - 19 Gal Electric 6,864 Water Heater - 40 Gal Electric 5,720 Water Heater - Instant Electric 5,491 Total for 2044 $127,891 Replacement Year 2045 Exterior Caulking 9,426 Interior Light Fixtures 9,426 Roof Mounted HVAC Units ton - Phase 2 11,782 Roof Mounted HVAC Units - 3 ton - Phase 2 28,276 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 2 18,853 Total for 2045 $77,763 PAGE 2-10

25 Asphalt Parking Lot - Replacement Asset ID 1001 Streets/Asphalt Useful Life 20 Replacement Year 2028 Remaining Life ,467 square $2.00 Asset Cost $266, Percent Replacement 100% Future Cost $380, Annually Assessment $14, Interest Contribution $73.91 Reserve Allocation $14, Milling existing, overlay 2" new asphalt, re-stripe Asphalt Parking Lot - Sealcoating Asset ID 1002 Streets/Asphalt Useful Life 5 Replacement Year Deferred 2017 Remaining Life 1 133,467 square $0.25 Asset Cost $33, Percent Replacement 100% Future Cost $34, Annually Assessment $16, Interest Contribution $82.33 Reserve Allocation $16, PAGE 2-11

26 Asphalt Parking Lot - Sealcoating continued... Sweep, sealcoat, re-stripe Concrete Curbs Asset ID 1003 Streets/Asphalt Useful Life 40 Replacement Year 2048 Remaining Life 32 3,466 lineal $45.00 Asset Cost $155, Percent Replacement 100% Future Cost $401, No Future Assessments Due to its long life, this component is unfunded at this time. Streets/Asphalt - Total Current Cost $300,301 $0 Fully Funded Reserves $134,579 PAGE 2-12

27 Membrane Roof Replacement Asset ID 1021 Roofing Useful Life 20 Replacement Year 2028 Remaining Life 12 26,000 square $8.00 Asset Cost $208, Percent Replacement 100% Future Cost $296, Annually Assessment $11, Interest Contribution $57.59 Reserve Allocation $11, "Hypalon" or similar CSPE, PVC, or EPDM single-layer membrane roofing. Includes roof, parapets, flashing. Includes ballasted section. Standing Seam Metal Roof Replacement Asset ID 1022 Roofing Useful Life 45 Replacement Year 2053 Remaining Life 37 9,100 square $9.50 Asset Cost $86, Percent Replacement 100% Future Cost $258, No Future Assessments PAGE 2-13

28 Standing Seam Metal Roof Replacement continued... Due to its long life, this item is unfunded at this time. Roofing - Total Current Cost $208,000 $0 Fully Funded Reserves $83,200 PAGE 2-14

29 Exterior Door Lights Asset ID 1017 Lighting Placed in Service January 2014 Useful Life 20 Replacement Year 2034 Remaining Life 18 8 $ Asset Cost $1, Percent Replacement 100% Future Cost $2, Annually Assessment $69.47 Interest Contribution $0.35 Reserve Allocation $69.82 Remove existing, replace with new. Exterior Downlights Asset ID 1018 Lighting Placed in Service January 2014 Useful Life 20 Replacement Year 2034 Remaining Life 18 8 $ Asset Cost $1, Percent Replacement 100% Future Cost $2, Annually Assessment $69.47 Interest Contribution $0.35 Reserve Allocation $69.82 PAGE 2-15

30 Exterior Downlights continued... Remove existing, replace with new. Site Lights - Ground Mounted 400 watt Uplights Asset ID 1015 Lighting Placed in Service January 2015 Useful Life 20 Replacement Year 2035 Remaining Life 19 8 $ Asset Cost $2, Percent Replacement 100% Future Cost $4, Annually Assessment $ Interest Contribution $0.51 Reserve Allocation $ Replace light fixture only PAGE 2-16

31 Site Lights - Pole mounted - Doubles Asset ID 1013 Lighting Placed in Service January 2015 Useful Life 20 Replacement Year 2035 Remaining Life $ Asset Cost $5, Percent Replacement 100% Future Cost $8, Annually Assessment $ Interest Contribution $1.06 Reserve Allocation $ Replace light fixture only Site Lights - Pole mounted - Singles Asset ID 1012 Lighting Placed in Service January 2015 Useful Life 20 Replacement Year 2035 Remaining Life $ Asset Cost $5, Percent Replacement 100% Future Cost $8, Annually Assessment $ Interest Contribution $1.06 Reserve Allocation $ PAGE 2-17

32 Site Lights - Pole mounted - Singles continued... Replace light fixture only Site Lights - Roof Mounted Asset ID 1016 Lighting Placed in Service January 2015 Useful Life 20 Replacement Year 2035 Remaining Life 19 6 $ Asset Cost $1, Percent Replacement 100% Future Cost $3, Annually Assessment $76.07 Interest Contribution $0.38 Reserve Allocation $76.45 Replace light fixture only Lighting - Total Current Cost $17,400 $0 Fully Funded Reserves $1,030 PAGE 2-18

33 A/V, Communications, and IT Equipment Asset ID 1069 Equipment Placed in Service January 2014 Useful Life 5 Replacement Year 2019 Remaining Life 3 1 $10, Asset Cost $10, Percent Replacement 100% Future Cost $10, Annually Assessment $1, Interest Contribution $8.68 Reserve Allocation $1, Acquire new equipment as needed. This component creates a budget of $10,000 every five years for major purcheases of new equipment and systems. Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Replacement Year 2033 Remaining Life 17 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $16, Annually Assessment $ Interest Contribution $2.24 Reserve Allocation $ PAGE 2-19

34 Kitchen Equipment - Phase 1 continued... Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 1 Replacement Year 2034 Remaining Life 18 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $17, Annually Assessment $ Interest Contribution $2.17 Reserve Allocation $ Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in PAGE 2-20

35 Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 2 Replacement Year 2035 Remaining Life 19 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $17, Annually Assessment $ Interest Contribution $2.11 Reserve Allocation $ Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 3 Replacement Year 2036 Remaining Life 20 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $18, Annually Assessment $ Interest Contribution $2.06 Reserve Allocation $ PAGE 2-21

36 Kitchen Equipment - Phase 4 continued... Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 4 Replacement Year 2037 Remaining Life 21 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $18, Annually Assessment $ Interest Contribution $2.02 Reserve Allocation $ Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in PAGE 2-22

37 Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 5 Replacement Year 2038 Remaining Life 22 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $19, Annually Assessment $ Interest Contribution $1.98 Reserve Allocation $ Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 6 Replacement Year 2039 Remaining Life 23 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $19, Annually Assessment $ Interest Contribution $1.94 Reserve Allocation $ PAGE 2-23

38 Kitchen Equipment - Phase 7 continued... Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 7 Replacement Year 2040 Remaining Life 24 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $20, Annually Assessment $ Interest Contribution $1.91 Reserve Allocation $ Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in PAGE 2-24

39 Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 8 Replacement Year 2041 Remaining Life 25 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $20, Annually Assessment $ Interest Contribution $1.89 Reserve Allocation $ Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in Kitchen Equipment - Phase Asset ID 1068 Equipment Useful Life 25 Adjustment 9 Replacement Year 2042 Remaining Life 26 1 $100, Asset Cost $10, Percent Replacement 10% Future Cost $21, Annually Assessment $ Interest Contribution $1.87 Reserve Allocation $ PAGE 2-25

40 Kitchen Equipment - Phase 10 continued... Remove and dispose of exisiting, replace with new. These components are programmed to be replaced as needed over a ten-year period beginning in Outdoor Walk-in Box - Rebuild Asset ID 1063 Equipment Placed in Service January 2013 Useful Life 10 Replacement Year 2023 Remaining Life 7 1 $7, Asset Cost $7, Percent Replacement 100% Future Cost $9, Annually Assessment $ Interest Contribution $3.11 Reserve Allocation $ Rebuild refrigeration components, door parts, roof repair as needed. PAGE 2-26

41 Security System Asset ID 1075 Equipment Placed in Service January 2014 Useful Life 10 Replacement Year 2024 Remaining Life 8 1 $5, Asset Cost $5, Percent Replacement 100% Future Cost $6, Annually Assessment $ Interest Contribution $1.86 Reserve Allocation $ HD cameras and 16 analog cameras, monitors, controllers. Telephone system Asset ID 1074 Equipment Useful Life 12 Replacement Year 2020 Remaining Life 4 1 $4, Asset Cost $4, Percent Replacement 100% Future Cost $4, Annually Assessment $ Interest Contribution $2.68 Reserve Allocation $ PAGE 2-27

42 Telephone system continued... Useful life varies according to how long the manufacturer continues to support the system. Equipment - Total Current Cost $126,500 $0 Fully Funded Reserves $37,297 PAGE 2-28

43 Accordion Folding Partition - Motorized Asset ID 1067 Useful Life 15 Replacement Year 2023 Remaining Life 7 1 $1, Asset Cost $1, Percent Replacement 100% Future Cost $1, Annually Assessment $ Interest Contribution $0.62 Reserve Allocation $ Replace motor, misc. parts and service as needed Carpet Asset ID 1040 Useful Life 7 Adjustment 6 Replacement Year 2021 Remaining Life 5 2,633 square $5.00 Asset Cost $13, Percent Replacement 100% Future Cost $15, Annually Assessment $1, Interest Contribution $7.24 Reserve Allocation $1, PAGE 2-29

44 Carpet continued... Due to comparatively light use, the useful life is extended to 13 years. Carpet - Narthex Asset ID 1072 Useful Life 7 Adjustment 3 Replacement Year 2018 Remaining Life 2 5,000 square $4.00 Asset Cost $20, Percent Replacement 100% Future Cost $21, Annually Assessment $5, Interest Contribution $25.35 Reserve Allocation $5, Cover existing pre-maturely failing vinyl tile with carpet. PAGE 2-30

45 Ceiling Tile - 2' x 2' Tegular - Phase Asset ID 1032 Useful Life 30 Replacement Year 2038 Remaining Life 22 18,000 square $1.50 Asset Cost $8, Percent Replacement 33.33% Future Cost $17, Annually Assessment $ Interest Contribution $1.78 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period beginning in Ceiling Tile - 2' x 2' Tegular - Phase Asset ID 1032 Useful Life 30 Adjustment 1 Replacement Year 2039 Remaining Life 23 18,000 square $1.50 Asset Cost $8, Percent Replacement 33.33% Future Cost $17, Annually Assessment $ Interest Contribution $1.75 Reserve Allocation $ PAGE 2-31

46 Ceiling Tile - 2' x 2' Tegular - Phase 2 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period beginning in Ceiling Tile - 2' x 2' Tegular - Phase Asset ID 1032 Useful Life 30 Adjustment 2 Replacement Year 2040 Remaining Life 24 18,000 square $1.50 Asset Cost $8, Percent Replacement 33.33% Future Cost $18, Annually Assessment $ Interest Contribution $1.72 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period beginning in PAGE 2-32

47 Ceiling Tile - 2' x 4' Kitchen Tile Asset ID 1033 Useful Life 20 Replacement Year 2028 Remaining Life square $1.50 Asset Cost $1, Percent Replacement 100% Future Cost $1, Annually Assessment $66.45 Interest Contribution $0.33 Reserve Allocation $66.79 Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period beginning in Ceiling Tile - Antiqued Woodwork Tile Asset ID 1034 Useful Life 30 Adjustment 10 Replacement Year 2048 Remaining Life 32 3,500 square $5.00 Asset Cost $17, Percent Replacement 100% Future Cost $45, No Future Assessments PAGE 2-33

48 Ceiling Tile - Antiqued Woodwork Tile continued... Due to its long life, this component is unfunded at this time. Ceramic Tile Asset ID 1041 Useful Life 30 Adjustment 10 Replacement Year 2048 Remaining Life 32 1,200 square $8.00 Asset Cost $9, Percent Replacement 100% Future Cost $24, No Future Assessments Due to its long life, this component is unfunded at this time. PAGE 2-34

49 Commercial Sheet Vinyl Flooring Asset ID 1038 Useful Life 20 Adjustment 10 Replacement Year 2038 Remaining Life square $4.50 Asset Cost $3, Percent Replacement 100% Future Cost $6, Annually Assessment $ Interest Contribution $0.62 Reserve Allocation $ Remove existing, replace with new. Counters and Cabinets - Replace/Refurbish - Phase Asset ID 1066 Useful Life 30 Replacement Year 2038 Remaining Life 22 1 $20, Asset Cost $4, Percent Replacement 20% Future Cost $7, Annually Assessment $ Interest Contribution $0.79 Reserve Allocation $ PAGE 2-35

50 Counters and Cabinets - Replace/Refurbish - Phase 1 continued... Remove and dispose of plastic laminate counters, refresh cabinets and doors, replace hardware. This work is programmed to be completed as needed over a 5-year period beginning in Counters and Cabinets - Replace/Refurbish - Phase Asset ID 1066 Useful Life 30 Adjustment 1 Replacement Year 2039 Remaining Life 23 1 $20, Asset Cost $4, Percent Replacement 20% Future Cost $7, Annually Assessment $ Interest Contribution $0.78 Reserve Allocation $ Remove and dispose of plastic laminate counters, refresh cabinets and doors, replace hardware. This work is programmed to be completed as needed over a 5-year period beginning in PAGE 2-36

51 Counters and Cabinets - Replace/Refurbish - Phase Asset ID 1066 Useful Life 30 Adjustment 2 Replacement Year 2040 Remaining Life 24 1 $20, Asset Cost $4, Percent Replacement 20% Future Cost $8, Annually Assessment $ Interest Contribution $0.77 Reserve Allocation $ Remove and dispose of plastic laminate counters, refresh cabinets and doors, replace hardware. This work is programmed to be completed as needed over a 5-year period beginning in Counters and Cabinets - Replace/Refurbish - Phase Asset ID 1066 Useful Life 30 Adjustment 3 Replacement Year 2041 Remaining Life 25 1 $20, Asset Cost $4, Percent Replacement 20% Future Cost $8, Annually Assessment $ Interest Contribution $0.76 Reserve Allocation $ PAGE 2-37

52 Counters and Cabinets - Replace/Refurbish - Phase 4 continued... Remove and dispose of plastic laminate counters, refresh cabinets and doors, replace hardware. This work is programmed to be completed as needed over a 5-year period beginning in Counters and Cabinets - Replace/Refurbish - Phase Asset ID 1066 Useful Life 30 Adjustment 4 Replacement Year 2042 Remaining Life 26 1 $20, Asset Cost $4, Percent Replacement 20% Future Cost $8, Annually Assessment $ Interest Contribution $0.75 Reserve Allocation $ Remove and dispose of plastic laminate counters, refresh cabinets and doors, replace hardware. This work is programmed to be completed as needed over a 5-year period beginning in PAGE 2-38

53 Counters/Cabinets - Large Bathrooms Asset ID 1070 Useful Life 12 Replacement Year 2020 Remaining Life 4 16 lineal $ Asset Cost $4, Percent Replacement 100% Future Cost $4, Annually Assessment $ Interest Contribution $2.68 Reserve Allocation $ Replace existing with Corian or equal. This is a one-time replacement. Exterior Caulking Asset ID 1071 Placed in Service January 2015 Useful Life 1 Replacement Year Deferred 2017 Remaining Life 1 1 $4, Asset Cost $4, Percent Replacement 100% Future Cost $4, Annually Assessment $1, Interest Contribution $9.87 Reserve Allocation $1, PAGE 2-39

54 Exterior Caulking continued... Inspection and repair/caulking of EIFS joints, window, doors, flashings. Exterior Insulation and Finish System (EIFS) Recoat Asset ID 1024 Useful Life 20 Replacement Year 2028 Remaining Life 12 16,000 square $1.10 Asset Cost $17, Percent Replacement 100% Future Cost $25, Annually Assessment $ Interest Contribution $4.87 Reserve Allocation $ Patch nicks and dents, recoat with finish color. PAGE 2-40

55 Fire Sprinkler - Internal Observation Asset ID 1064 Placed in Service January 2013 Useful Life 5 Replacement Year 2018 Remaining Life 2 1 $1, Asset Cost $1, Percent Replacement 100% Future Cost $1, Annually Assessment $ Interest Contribution $1.52 Reserve Allocation $ This work includes disassembly and cleaning of certain components and replacement of gauges as needed. Ground Mounted HVAC units - Phase Asset ID 1044 Useful Life 15 Replacement Year 2023 Remaining Life 7 6 $8, Asset Cost $15, Percent Replacement 33.33% Future Cost $19, Annually Assessment $1, Interest Contribution $6.63 Reserve Allocation $1, PAGE 2-41

56 Ground Mounted HVAC units - Phase 1 continued... Remove and dispose of existing, replace with new condensing units and air handlers. This task is programmed to occur over a three-year period (two per year) beginning in ton 1-3 ton 3-4 ton Ground Mounted HVAC units - Phase Asset ID 1044 Useful Life 15 Adjustment 1 Replacement Year 2024 Remaining Life 8 6 $8, Asset Cost $15, Percent Replacement 33.33% Future Cost $20, Annually Assessment $1, Interest Contribution $5.96 Reserve Allocation $1, Remove and dispose of existing, replace with new condensing units and air handlers. This task is programmed to occur over a three-year period (two per year) beginning in PAGE 2-42

57 Ground Mounted HVAC units - Phase 2 continued ton 1-3 ton 3-4 ton Ground Mounted HVAC units - Phase Asset ID 1044 Useful Life 15 Adjustment 2 Replacement Year 2025 Remaining Life 9 6 $8, Asset Cost $15, Percent Replacement 33.33% Future Cost $20, Annually Assessment $1, Interest Contribution $5.45 Reserve Allocation $1, Remove and dispose of existing, replace with new condensing units and air handlers. This task is programmed to occur over a three-year period (two per year) beginning in ton 1-3 ton 3-4 ton PAGE 2-43

58 Interior Light Fixtures Asset ID 1060 Placed in Service January 2014 Useful Life 2 Replacement Year Deferred 2017 Remaining Life 1 1 $4, Asset Cost $4, Percent Replacement 100% Future Cost $4, Annually Assessment $1, Interest Contribution $9.87 Reserve Allocation $1, Remove and dispose of existing replace with new. Includes flourescent all types, recessed cans, 2' and 1' round. Approximately 20 fixtures are programmed to be replaced every two years on an ongoing basis. Laminate Hardwood Flooring Asset ID 1039 Useful Life 30 Replacement Year 2038 Remaining Life 22 7,200 square $9.00 Asset Cost $64, Percent Replacement 100% Future Cost $124, No Future Assessments PAGE 2-44

59 Laminate Hardwood Flooring continued... Due to its long life and light use, this component is unfunded at this time. Plumbing Fixtures - Commercial Asset ID 1055 Useful Life 30 Replacement Year 2038 Remaining Life 22 3 $1, Asset Cost $4, Percent Replacement 100% Future Cost $8, Annually Assessment $ Interest Contribution $0.89 Reserve Allocation $ Remove and dispose of existing, replace with new. 2 - double bowl and 1- triple bowl stainless steel sinks. PAGE 2-45

60 Plumbing Fixtures - Domestic - Phase Asset ID 1054 Useful Life 30 Replacement Year 2038 Remaining Life $ Asset Cost $7, Percent Replacement 20% Future Cost $14, Annually Assessment $ Interest Contribution $1.54 Reserve Allocation $ Remove and dispose of existing, replace with new. Includes toilets, urinal lavatories, sinks, valves, faucets. These components are programmed to be replaced as needed over a five-year period beginning in 2038 Plumbing Fixtures - Domestic - Phase Asset ID 1054 Useful Life 30 Adjustment 1 Replacement Year 2039 Remaining Life $ Asset Cost $7, Percent Replacement 20% Future Cost $15, Annually Assessment $ Interest Contribution $1.52 Reserve Allocation $ PAGE 2-46

61 Plumbing Fixtures - Domestic - Phase 2 continued... Remove and dispose of existing, replace with new. Includes toilets, urinal lavatories, sinks, valves, faucets. These components are programmed to be replaced as needed over a five-year period beginning in 2038 Plumbing Fixtures - Domestic - Phase Asset ID 1054 Useful Life 30 Adjustment 2 Replacement Year 2040 Remaining Life $ Asset Cost $7, Percent Replacement 20% Future Cost $15, Annually Assessment $ Interest Contribution $1.49 Reserve Allocation $ Remove and dispose of existing, replace with new. Includes toilets, urinal lavatories, sinks, valves, faucets. These components are programmed to be replaced as needed over a five-year period beginning in 2038 PAGE 2-47

62 Plumbing Fixtures - Domestic - Phase Asset ID 1054 Useful Life 30 Adjustment 3 Replacement Year 2041 Remaining Life $ Asset Cost $7, Percent Replacement 20% Future Cost $16, Annually Assessment $ Interest Contribution $1.47 Reserve Allocation $ Remove and dispose of existing, replace with new. Includes toilets, urinal lavatories, sinks, valves, faucets. These components are programmed to be replaced as needed over a five-year period beginning in 2038 Plumbing Fixtures - Domestic - Phase Asset ID 1054 Useful Life 30 Adjustment 4 Replacement Year 2042 Remaining Life $ Asset Cost $7, Percent Replacement 20% Future Cost $16, Annually Assessment $ Interest Contribution $1.46 Reserve Allocation $ PAGE 2-48

63 Plumbing Fixtures - Domestic - Phase 5 continued... Remove and dispose of existing, replace with new. Includes toilets, urinal lavatories, sinks, valves, faucets. These components are programmed to be replaced as needed over a five-year period beginning in 2038 Quarry Tile Asset ID 1042 Useful Life 40 Replacement Year 2048 Remaining Life 32 7,300 square $9.00 Asset Cost $65, Percent Replacement 100% Future Cost $169, No Future Assessments Due to its long life, this component is unfunded at this time. PAGE 2-49

64 Roof Mounted Fans CFM - Phase Asset ID 1053 Useful Life 15 Replacement Year 2023 Remaining Life 7 5 $ Asset Cost $ Percent Replacement 20% Future Cost $ Annually Assessment $33.17 Interest Contribution $0.17 Reserve Allocation $33.34 Remove and dispose of existing, replace with new. This task is programmed to occur over a five-year period (one per year) beginning in Roof Mounted Fans CFM - Phase Asset ID 1053 Useful Life 15 Adjustment 1 Replacement Year 2024 Remaining Life 8 5 $ Asset Cost $ Percent Replacement 20% Future Cost $ Annually Assessment $29.82 Interest Contribution $0.15 Reserve Allocation $29.97 PAGE 2-50

65 Roof Mounted Fans CFM - Phase 2 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a five-year period (one per year) beginning in Roof Mounted Fans CFM - Phase Asset ID 1053 Useful Life 15 Adjustment 2 Replacement Year 2025 Remaining Life 9 5 $ Asset Cost $ Percent Replacement 20% Future Cost $ Annually Assessment $27.23 Interest Contribution $0.14 Reserve Allocation $27.37 Remove and dispose of existing, replace with new. This task is programmed to occur over a five-year period (one per year) beginning in PAGE 2-51

66 Roof Mounted Fans CFM - Phase Asset ID 1053 Useful Life 15 Adjustment 3 Replacement Year 2026 Remaining Life 10 5 $ Asset Cost $ Percent Replacement 20% Future Cost $ Annually Assessment $25.18 Interest Contribution $0.13 Reserve Allocation $25.31 Remove and dispose of existing, replace with new. This task is programmed to occur over a five-year period (one per year) beginning in Roof Mounted Fans CFM - Phase Asset ID 1053 Useful Life 15 Adjustment 4 Replacement Year 2027 Remaining Life 11 5 $ Asset Cost $ Percent Replacement 20% Future Cost $ Annually Assessment $23.52 Interest Contribution $0.12 Reserve Allocation $23.64 PAGE 2-52

67 Roof Mounted Fans CFM - Phase 5 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a five-year period (one per year) beginning in Roof Mounted Fans CFM Asset ID 1052 Useful Life 20 Replacement Year 2028 Remaining Life 12 1 $ Asset Cost $ Percent Replacement 100% Future Cost $1, Annually Assessment $41.53 Interest Contribution $0.21 Reserve Allocation $41.74 Remove and dispose of existing, replace with new. PAGE 2-53

68 Roof Mounted Fans CFM Asset ID 1051 Useful Life 20 Replacement Year 2028 Remaining Life 12 1 $1, Asset Cost $1, Percent Replacement 100% Future Cost $1, Annually Assessment $55.38 Interest Contribution $0.28 Reserve Allocation $55.65 Remove existing, replace with new. Roof Mounted Fans CFM Asset ID 1050 Useful Life 20 Replacement Year 2028 Remaining Life 12 1 $1, Asset Cost $1, Percent Replacement 100% Future Cost $2, Annually Assessment $96.91 Interest Contribution $0.48 Reserve Allocation $97.40 PAGE 2-54

69 Roof Mounted Fans CFM continued... Remove existing, replace with new. Roof Mounted HVAC Units and 15 ton - Phase Asset ID 1048 Useful Life 15 Replacement Year 2023 Remaining Life 7 2 $25, Asset Cost $25, Percent Replacement 50% Future Cost $30, Annually Assessment $2, Interest Contribution $10.37 Reserve Allocation $2, Remove and dispose of existing, replace with new. This task is programmed to occur over a two-year period (one per year) beginning in ton, 1-15 ton PAGE 2-55

70 Roof Mounted HVAC Units and 15 ton - Phase Asset ID 1048 Useful Life 15 Adjustment 1 Replacement Year 2024 Remaining Life 8 2 $25, Asset Cost $25, Percent Replacement 50% Future Cost $31, Annually Assessment $1, Interest Contribution $9.32 Reserve Allocation $1, Remove and dispose of existing, replace with new. This task is programmed to occur over a two-year period (one per year) beginning in ton, 1-15 ton Roof Mounted HVAC Units ton - Phase Asset ID 1045 Useful Life 12 Replacement Year 2020 Remaining Life 4 3 $5, Asset Cost $4, Percent Replacement 33.33% Future Cost $5, Annually Assessment $ Interest Contribution $3.34 Reserve Allocation $ PAGE 2-56

71 Roof Mounted HVAC Units ton - Phase 1 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period (one per year) beginning in Roof Mounted HVAC Units ton - Phase Asset ID 1045 Useful Life 12 Adjustment 1 Replacement Year 2021 Remaining Life 5 3 $5, Asset Cost $4, Percent Replacement 33.33% Future Cost $5, Annually Assessment $ Interest Contribution $2.75 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period (one per year) beginning in PAGE 2-57

72 Roof Mounted HVAC Units ton - Phase Asset ID 1045 Useful Life 12 Adjustment 2 Replacement Year 2022 Remaining Life 6 3 $5, Asset Cost $4, Percent Replacement 33.33% Future Cost $5, Annually Assessment $ Interest Contribution $2.35 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period (one per year) beginning in Roof Mounted HVAC Units - 3 ton - Phase Asset ID 1046 Useful Life 12 Replacement Year 2020 Remaining Life 4 6 $6, Asset Cost $11, Percent Replacement 33.33% Future Cost $13, Annually Assessment $1, Interest Contribution $8.03 Reserve Allocation $1, PAGE 2-58

73 Roof Mounted HVAC Units - 3 ton - Phase 1 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period (two per year) beginning in Roof Mounted HVAC Units - 3 ton - Phase Asset ID 1046 Useful Life 12 Adjustment 1 Replacement Year 2021 Remaining Life 5 6 $6, Asset Cost $11, Percent Replacement 33.33% Future Cost $13, Annually Assessment $1, Interest Contribution $6.60 Reserve Allocation $1, Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period (two per year) beginning in PAGE 2-59

74 Roof Mounted HVAC Units - 3 ton - Phase Asset ID 1046 Useful Life 12 Adjustment 2 Replacement Year 2022 Remaining Life 6 6 $6, Asset Cost $11, Percent Replacement 33.33% Future Cost $14, Annually Assessment $1, Interest Contribution $5.65 Reserve Allocation $1, Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period (two per year) beginning in Roof Mounted HVAC Units - 6 and 7.5 ton - Phase Asset ID 1047 Useful Life 12 Replacement Year 2020 Remaining Life 4 5 $8, Asset Cost $8, Percent Replacement 20% Future Cost $9, Annually Assessment $1, Interest Contribution $5.35 Reserve Allocation $1, PAGE 2-60

75 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 1 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a four-year period (one per year) beginning in ton, ton Roof Mounted HVAC Units - 6 and 7.5 ton - Phase Asset ID 1047 Useful Life 12 Adjustment 1 Replacement Year 2021 Remaining Life 5 5 $8, Asset Cost $8, Percent Replacement 20% Future Cost $9, Annually Assessment $ Interest Contribution $4.40 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a four-year period (one per year) beginning in ton, ton PAGE 2-61

76 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase Asset ID 1047 Useful Life 12 Adjustment 2 Replacement Year 2022 Remaining Life 6 5 $8, Asset Cost $8, Percent Replacement 20% Future Cost $9, Annually Assessment $ Interest Contribution $3.77 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a four-year period (one per year) beginning in ton, ton Roof Mounted HVAC Units - 6 and 7.5 ton - Phase Asset ID 1047 Useful Life 12 Adjustment 3 Replacement Year 2023 Remaining Life 7 5 $8, Asset Cost $8, Percent Replacement 20% Future Cost $9, Annually Assessment $ Interest Contribution $3.32 Reserve Allocation $ PAGE 2-62

77 Roof Mounted HVAC Units - 6 and 7.5 ton - Phase 4 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a four-year period (one per year) beginning in ton, ton Roof Mounted HVAC Units - 6 and 7.5 ton - Phase Asset ID 1047 Useful Life 12 Adjustment 4 Replacement Year 2024 Remaining Life 8 5 $8, Asset Cost $8, Percent Replacement 20% Future Cost $10, Annually Assessment $ Interest Contribution $2.98 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a four-year period (one per year) beginning in ton, ton PAGE 2-63

78 Roof Skylights - 5' x 12' Asset ID 1031 Useful Life 30 Replacement Year 2038 Remaining Life 22 6 $5, Asset Cost $30, Percent Replacement 100% Future Cost $57, No Future Assessments Due to its long life, this component is unfunded at this time. The annual maintenance plan should include inspection and resealing as needed. Sliding Windows Asset ID 1043 Useful Life 30 Replacement Year 2038 Remaining Life 22 6 $1, Asset Cost $7, Percent Replacement 100% Future Cost $14, Annually Assessment $ Interest Contribution $1.54 Reserve Allocation $ PAGE 2-64

79 Sliding Windows continued... Remove existing and replace with new. All other window units are fixed type and are considered long life components. Sprinkler Nitrogen Generator Asset ID 1073 Placed in Service January 2015 Useful Life 5 Replacement Year 2020 Remaining Life 4 1 $20, Asset Cost $20, Percent Replacement 100% Future Cost $22, Annually Assessment $2, Interest Contribution $13.38 Reserve Allocation $2, New item to be purchased in 2020 Toilet Accessories Asset ID 1062 Useful Life 25 Replacement Year 2033 Remaining Life 17 1 $2, Asset Cost $2, Percent Replacement 100% Future Cost $3, Annually Assessment $89.50 Interest Contribution $0.45 Reserve Allocation $89.94 PAGE 2-65

80 Toilet Accessories continued... Remove and dispose of existing, replace with new paperholders, towel dispensers, soap dispensers, mirrors. Vinyl Composition Floor Tile - Phase Asset ID 1035 Useful Life 20 Replacement Year 2028 Remaining Life 12 10,500 square $3.00 Asset Cost $10, Percent Replacement 33.33% Future Cost $14, Annually Assessment $ Interest Contribution $2.91 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period beginning in Existing VCT appears to be a premium product with some premature failure. Various grades and prices of VCT are available. We have budgeted for a product similar to existing. PAGE 2-66

81 Vinyl Composition Floor Tile - Phase Asset ID 1035 Useful Life 20 Adjustment 1 Replacement Year 2029 Remaining Life 13 10,500 square $3.00 Asset Cost $10, Percent Replacement 33.33% Future Cost $15, Annually Assessment $ Interest Contribution $2.76 Reserve Allocation $ Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period beginning in Existing VCT appears to be a premium product with some premature failure. Various grades and prices of VCT are available. We have budgeted for a product similar to existing. Vinyl Composition Floor Tile - Phase Asset ID 1035 Useful Life 20 Adjustment 2 Replacement Year 2030 Remaining Life 14 10,500 square $3.00 Asset Cost $10, Percent Replacement 33.33% Future Cost $15, Annually Assessment $ Interest Contribution $2.63 Reserve Allocation $ PAGE 2-67

82 Vinyl Composition Floor Tile - Phase 3 continued... Remove and dispose of existing, replace with new. This task is programmed to occur over a three-year period beginning in Existing VCT appears to be a premium product with some premature failure. Various grades and prices of VCT are available. We have budgeted for a product similar to existing. Water Heater Gal. Gas Asset ID 1056 Useful Life 15 Replacement Year 2023 Remaining Life 7 1 $6, Asset Cost $6, Percent Replacement 100% Future Cost $7, Annually Assessment $ Interest Contribution $2.49 Reserve Allocation $ Remove and dispose of existing, replace with new. PAGE 2-68

83 Water Heater - 19 Gal Electric Asset ID 1057 Useful Life 12 Replacement Year 2020 Remaining Life 4 4 $ Asset Cost $3, Percent Replacement 100% Future Cost $3, Annually Assessment $ Interest Contribution $2.01 Reserve Allocation $ Remove and dispose of existing, replace with new. Water Heater - 40 Gal Electric Asset ID 1058 Useful Life 12 Replacement Year 2020 Remaining Life 4 2 $1, Asset Cost $2, Percent Replacement 100% Future Cost $2, Annually Assessment $ Interest Contribution $1.67 Reserve Allocation $ PAGE 2-69

84 Water Heater - 40 Gal Electric continued... Remove and dispose of existing, replace with new. Water Heater - Instant Electric Asset ID 1059 Useful Life 12 Replacement Year 2020 Remaining Life 4 8 $ Asset Cost $2, Percent Replacement 100% Future Cost $2, Annually Assessment $ Interest Contribution $1.61 Reserve Allocation $ Remove and dispose of existing, replace with new. - Total Current Cost $429,999 $0 Fully Funded Reserves $198,311 PAGE 2-70

85 Benches Asset ID 1008 Grounds Components Useful Life 20 Replacement Year 2028 Remaining Life 12 3 $ Asset Cost $2, Percent Replacement 100% Future Cost $3, Annually Assessment $ Interest Contribution $0.75 Reserve Allocation $ Remove existing, replace with new. Bike Racks Asset ID 1011 Grounds Components Useful Life 20 Replacement Year 2028 Remaining Life 12 2 $ Asset Cost $1, Percent Replacement 100% Future Cost $1, Annually Assessment $77.53 Interest Contribution $0.39 Reserve Allocation $77.92 PAGE 2-71

86 Bike Racks continued... Remove existing, replace with new. Concrete Sidewalks Asset ID 1004 Grounds Components Useful Life 45 Replacement Year 2053 Remaining Life 37 9,344 square $9.00 Asset Cost $84, Percent Replacement 100% Future Cost $251, No Future Assessments Due to its long life, this component is unfunded at this time. PAGE 2-72

87 Playground Equipment Asset ID 1007 Grounds Components Useful Life 25 Replacement Year 2033 Remaining Life 17 1 $25, Asset Cost $25, Percent Replacement 100% Future Cost $41, Annually Assessment $1, Interest Contribution $5.59 Reserve Allocation $1, Dispose of existing and replace with new. Playground Fencing Asset ID 1019 Grounds Components Useful Life 20 Replacement Year 2028 Remaining Life lineal $30.00 Asset Cost $3, Percent Replacement 100% Future Cost $5, Annually Assessment $ Interest Contribution $1.04 Reserve Allocation $ PAGE 2-73

88 Playground Fencing continued... Remove existing, replace with new. Stainless Steel Handrails Asset ID 1020 Grounds Components Useful Life 30 Replacement Year 2038 Remaining Life 22 3 $1, Asset Cost $3, Percent Replacement 100% Future Cost $6, Annually Assessment $ Interest Contribution $0.71 Reserve Allocation $ Remove and dispose of existng, replace with new Grounds Components - Total Current Cost $36,450 $0 Fully Funded Reserves $12,100 PAGE 2-74

89 Gutter and Downspout Asset ID 1023 Gutters and Downspouts Useful Life 30 Replacement Year 2038 Remaining Life 22 1,400 lineal $7.50 Asset Cost $10, Percent Replacement 100% Future Cost $20, Annually Assessment $ Interest Contribution $2.08 Reserve Allocation $ Remove existing, replace with new. Gutters and Downspouts - Total Current Cost $10,500 $0 Fully Funded Reserves $2,800 PAGE 2-75

90 Aluminum and Glass Doors--Replace Hardware Only Asset ID 1026 Doors Placed in Service January 2013 Useful Life 5 Replacement Year 2018 Remaining Life 2 52 $ Asset Cost $3, Percent Replacement 10% Future Cost $4, Annually Assessment $ Interest Contribution $4.94 Reserve Allocation $ Replacement of hardware only. 52 total sets (one set per leaf) on 27 total door openings (27 double, 2 single). We have programmed replacement of 10% of the hardware every 5 years as needed. Exterior Hollow Metal Doors 3'x7' Asset ID 1028 Doors Useful Life 30 Replacement Year 2038 Remaining Life 22 3 $1, Asset Cost $3, Percent Replacement 100% Future Cost $6, Annually Assessment $ Interest Contribution $0.71 Reserve Allocation $ PAGE 2-76

91 Exterior Hollow Metal Doors 3'x7' continued... Remove unit and replace with new. Exterior Hollow Metal Doors 6'x7' pair Asset ID 1027 Doors Useful Life 30 Replacement Year 2038 Remaining Life 22 3 $2, Asset Cost $6, Percent Replacement 100% Future Cost $11, Annually Assessment $ Interest Contribution $1.19 Reserve Allocation $ Remove unit and replace with new. PAGE 2-77

92 Interior Hollow Metal Doors--Hardware Replacement Asset ID 1029 Doors Useful Life 10 Replacement Year 2018 Remaining Life 2 6 $ Asset Cost $1, Percent Replacement 50% Future Cost $1, Annually Assessment $ Interest Contribution $1.33 Reserve Allocation $ Replacement of hardware only. 6 total door openings (1 double, 5 single). We have programmed replacement of 50% of the hardware every 10 years as needed. Due to its long life, the total unit is not programmed to be replaced at this time. Interior Solid Core Wood Doors--Hardware Replacement(copy) Asset ID 1030 Doors Useful Life 5 Replacement Year Deferred 2017 Remaining Life 1 26 $ Asset Cost $1, Percent Replacement 25% Future Cost $1, Annually Assessment $ Interest Contribution $4.41 Reserve Allocation $ PAGE 2-78

93 Interior Solid Core Wood Doors--Hardware Replacement(copy) continued... Replacement of hardware only. 26 total sets, 6 total door openings (4 double, 18 single). We have programmed replacement of 25% of the hardware every 5 years as needed. Due to its long life, the total unit is not programmed to be replaced at this time. Main Entry Aluminum and Glass Doors Replacement Asset ID 1025 Doors Useful Life 40 Replacement Year 2048 Remaining Life 32 8 $1, Asset Cost $12, Percent Replacement 100% Future Cost $30, No Future Assessments Due to its long life, this component is unfunded at this time. Full replacement of door leaves and hardware. PAGE 2-79