2016 Reserve Study. Riverwood Plantation Homeowners Association, Inc Riverwood Drive Port Orange, Florida

Transcription

1 2016 Reserve Study Riverwood Plantation Homeowners Association, Inc Riverwood Drive Port Orange, Florida Report No: 4142 January 1, December 31, 2016

2 Table of Contents Introduction 1-1 Letter of Introduction 1-2 Summary of Recommendation & Findings 1-3 Report Process 1-4 Florida Statutory Requirements 1-5 Reserve Study Accounting Explanation 1-6 Report Definitions / Unit Abbreviations 1-7 Company Information / Update Reports 1-8 Terms and Conditions 1-9 Report Notes Graphs 2-1 Charts & Graphs Straight Line Plan / Component Schedule 3-1 Straight Line Plan Summary 3-2 Straight Line Plan / Component Schedule Pooled Cash Flow Year Pooled Cash Flow Plan Photos 5-1 Reserve Component Photographs

3 Section 1 Introduction This section of the report includes a cover letter, report definitions and terminology used as well as information such as any Federal, State and local governing laws or regulations. Also included in this section are this report's terms and conditions as well as this Company's background.

4 June 9, 2015 Board of Directors Riverwood Plantation Homeowners Association, Inc Riverwood Drive Port Orange, Florida Re: Reserve Study Re-Inspection Report As authorized, this reserve study re-inspection report has been prepared on the Riverwood Plantation Homeowners Association, Inc. property, located at 6200 Riverwood Drive in Port Orange, Florida. A summary of our recommendations and findings can be found on the next page. Your report has been divided into sections for easier referencing. This first section titled INTRODUCTION includes all of your general information such as report definitions, accounting formulas used, statutory requirements, etc. Section two of the report titled "GRAPHS" shows in graph form the reserve schedules we have calculated and should give you a better understanding of the numbers. In this report we have taken two approaches to calculating the 2016 reserve contribution amount. Section three titled "SCHEDULE" uses straight line accounting method. This schedule will give you the recommended 2016 straight line contribution amount. Section four titled "CASH FLOW" calculates the annual contribution amount based on a thirty year positive cash flow. The total recommended 2016 contribution amount using this method is based on pooling all of the reserve funds and creating one general reserve fund. For further explanation of these two funding methods, please refer to the Reserve Study Accounting page in section 1. Thank you for allowing my Company the opportunity of serving you and your Association. Upon your review of this report, should there be any questions, please do not hesitate to contact me. Prepared By, Dreux Isaac President Dreux Isaac & Associates, Inc. Page 1-1 Reserve Study Re-Inspection

5 Summary of Recommendations and Findings 1. General Information Property Name: Riverwood Plantation Homeowners Association, Inc. Property Location: Port Orange, Florida Property Number: 1675 Report Run Date: 06/09/2015 Property Type: Homeowners Report No: 4142 Total Units: 359 Budget Year Begins: 01/01/2016 Phase: Phase 1 (1 of 1) Budget Year Ends: 12/31/ Report Findings Total number of categories set up in reserve schedule: 7 Total number of components scheduled for reserve funding: 68 Total current cost of all scheduled reserve components: $521,430 Estimated Beginning Year Reserve Balance: $99,503 Total number of components scheduled for replacement in the 2016 Budget Year: 5 Total cost of components scheduled for replacement in the 2016 Budget Year: $16, Straight Line Reserve Funding Plan Analysis Current Annual Reserve Funding Contribution Amount: $7,175 Recommended Annual Reserve Funding Contribution Amount: $62,992 Increase (decrease) between Current & Recommended Contribution Amounts: $55,817 Increase (decrease) between Current & Recommended Contribution Amounts: % Year Pooled Cash Flow Funding Plan Analysis Current Annual Reserve Funding Contribution Amount: $7,175 Recommended 2016 Reserve Funding Contribution Amount: $32,121 Recommended 2016 Planned Special Assessment Amount: $0 Total 2016 Reserve Funding and Planned Special Assessment Amount: $32,121 Increase (decrease) between Current & Recommended Contribution Amounts: $24,946 Increase (decrease) between Current & Recommended Contribution Amounts: % Dreux Isaac & Associates, Inc. Page 1-2 Reserve Study Re-Inspection

6 Report Process The purpose of this report is to provide Riverwood Plantation Homeowners Association, Inc. with specific information necessary in establishing a capital reserves program for the current budget year beginning January 1, 2016 and ending December 31, The process of preparing this report began with a re-inspection of the property. During this reinspection we met with management and personnel and reviewed all reserve related work that had been done on the property since our last contact. Replacement cost values have been adjusted to reflect current economic conditions. These economic conditions were determined through a combination of local contractor information, bid proposals, our own database of construction costs and published construction cost indexes. Remaining lives were then adjusted according to schedule, except in cases where it was determined that a particular component s life should be extended or reduced by a greater amount based on its condition. Based on the latest available financial records, projections were made as to what the Association's end of year reserve balances would be. However, accumulating interest on the varying reserve balance amounts and/or unplanned expenditures may cause the actual end of year reserve balances to differ from what is presented in this report. Dreux Isaac & Associates, Inc. Page 1-3 Reserve Study Re-Inspection

7 Florida Statutory Reserve Requirements Note-Part of Chapter 720, Florida Statues, addresses the reserve budget requirements for Homeowners Associations. Below is an excerpt from this Chapter which addresses this requirement. (Taken from Part I General Provisions, Chapter Florida Statues) (6) BUDGETS.-- (b) In addition to annual operating expenses, the budget may include reserve accounts for capital expenditures and deferred maintenance for which the association is responsible to the extent that the governing documents do not limit increases in assessments, including reserves. If the budget of the association includes reserve accounts, such reserves shall be determined, maintained, and waived in the manner provided in this subsection. Once an association provides for reserve accounts in the budget, the association shall thereafter determine, maintain, and waive reserves in compliance with this subsection. (c) If the budget of the association does not provide for reserve accounts governed by this subsection and the association is responsible for the repair and maintenance of capital improvements that may result in a special assessment if reserves are not provided, each financial report for the preceding fiscal year required by subsection (7) shall contain the following statement in conspicuous type: THE BUDGET OF THE ASSOCIATION DOES NOT PROVIDE FOR RESERVE ACCOUNTS FOR CAPITAL EXPENDITURES AND DEFERRED MAINTENANCE THAT MAY RESULT IN SPECIAL ASSESSMENTS. OWNERS MAY ELECT TO PROVIDE FOR RESERVE ACCOUNTS PURSUANT TO THE PROVISIONS OF SECTION (6), FLORIDA STATUTES, UPON THE APPROVAL OF NOT LESS THAN A MAJORITY OF THE TOTAL VOTING INTERESTS OF THE ASSOCIATION. (d) An association shall be deemed to have provided for reserve accounts when reserve accounts have been initially established by the developer or when the membership of the association affirmatively elects to provide for reserves. If reserve accounts are not initially provided for by the developer, the membership of the association may elect to do so upon the affirmative approval of not less than a majority of the total voting interests of the association. Such approval may be attained by vote of the members at a duly called meeting of the membership or upon a written consent executed by not less than a majority of the total voting interests in the community. The approval action of the membership shall state that reserve accounts shall be provided for in the budget and designate the components for which the reserve accounts are to be established. Upon approval by the membership, the board of directors shall provide for the required reserve accounts for inclusion in the budget in the next fiscal year following the approval and in each year thereafter. Once established as provided in this subsection, the reserve accounts shall be funded or maintained or shall have their funding waived in the manner provided in paragraph (f). (e) The amount to be reserved in any account established shall be computed by means of a formula that is based upon estimated remaining useful life and estimated replacement cost or deferred maintenance expense of each reserve item. The association may adjust replacement reserve assessments annually to take into account any changes in estimates of cost or useful life of a reserve item. (f) Once a reserve account or reserve accounts are established, the membership of the association, upon a majority vote at a meeting at which a quorum is present, may provide for no reserves or less reserves than required by this section. If a meeting of the unit owners has been called to determine whether to waive or reduce the funding of reserves and no such result is achieved or a quorum is not present, the reserves as included in the budget shall go into effect. After the turnover, the developer may vote its voting interest to waive or reduce the funding of reserves. Any vote taken pursuant to this subsection to waive or reduce reserves shall be applicable only to one budget year. Dreux Isaac & Associates, Inc. Page 1-4 Reserve Study Re-Inspection

8 Florida Statutory Reserve Requirements (g) Funding formulas for reserves authorized by this section shall be based on either a separate analysis of each of the required assets or a pooled analysis of two or more of the required assets. 1. If the association maintains separate reserve accounts for each of the required assets, the amount of the contribution to each reserve account shall be the sum of the following two calculations: a. The total amount necessary, if any, to bring a negative component balance to zero. b. The total estimated deferred maintenance expense or estimated replacement cost of the reserve component less the estimated balance of the reserve component as of the beginning of the period for which the budget will be in effect. The remainder, if greater than zero, shall be divided by the estimated remaining useful life of the component. The formula may be adjusted each year for changes in estimates and deferred maintenance performed during the year and may include factors such as inflation and earnings on invested funds. 2. If the association maintains a pooled account of two or more of the required reserve assets, the amount of the contribution to the pooled reserve account as disclosed on the proposed budget shall not be less than that required to ensure that the balance on hand at the beginning of the period for which the budget will go into effect plus the projected annual cash inflows over the remaining estimated useful life of all of the assets that make up the reserve pool are equal to or greater than the projected annual cash outflows over the remaining estimated useful lives of all of the assets that make up the reserve pool, based on the current reserve analysis. The projected annual cash inflows may include estimated earnings from investment of principal. The reserve funding formula shall not include any type of balloon payments. (h) Reserve funds and any interest accruing thereon shall remain in the reserve account or accounts and shall be used only for authorized reserve expenditures unless their use for other purposes is approved in advance by a majority vote at a meeting at which a quorum is present. Prior to turnover of control of an association by a developer to parcel owners, the developer-controlled association shall not vote to use reserves for purposes other than those for which they were intended without the approval of a majority of all nondeveloper voting interests voting in person or by limited proxy at a duly called meeting of the association. (8) ASSOCIATION FUNDS; COMMINGLING.-- (i) All association funds held by a developer shall be maintained separately in the association's name. Reserve and operating funds of the association shall not be commingled prior to turnover except the association may jointly invest reserve funds; however, such jointly invested funds must be accounted for separately. Dreux Isaac & Associates, Inc. Page 1-5 Reserve Study Re-Inspection

9 Reserve Study Accounting This reserve study report calculates the annual reserve contribution using two methods. These are as follows: Straight Line Funding Plan This plan utilizes straight line accounting formulas. Straight line accounting is based on current costs and neither interest or inflation are factored into the calculations. Straight line accounting takes each individual component line item in the reserve schedule breakdown and computes its' annual contribution amount by taking its' unfunded balance (current replacement cost minus projected year end reserve balance) and divides it by the component's remaining life. This is the amount that should be contributed into the reserves accounts over the component's remaining life. 30 Year Pooled Cash Flow Plan To calculate the annual contribution amount using this method, a thirty year cash flow analysis is performed to determine that there will be adequate reserve funds on deposit as the reserve components of the property age and are repaired and/or replaced. This analysis takes the total beginning year reserve balance along with the projected annual reserve expenditures over a thirty year period, and through pooling of all of the reserve funds and creating one general reserve fund, arrives at an annual contribution amount so as to provide a positive cash flow and adequate reserve account balance over the next thirty years. Unlike straight line accounting, the numbers calculated in the thirty year cash flow plan factor in both interest and inflation as well as any annual contribution increases. Dreux Isaac & Associates, Inc. Page 1-6 Reserve Study Re-Inspection

10 Report Definitions Reserves Monies set aside for the projected repair and/or replacement of the associations common elements. Component A specific item or element which is part of the association's common area assets and is considered to require reserve funding. Quantity The quantity or amount of each reserve component element. Units The unit of measurement for each quantity. Cost Per Unit The estimated cost to replace a reserve component per unit of measurement. Current Cost The estimated current cost to replace a reserve component. Useful Life The total average estimated life, in years, of a component to maintain its useful purpose. Remaining Life The estimated remaining useful life, in years, of a reserve component as of the current budget year. 12/31/2015Balance A projection of estimated reserve funds at the end of the previous budget year. Unfunded Balance The total remaining amount of reserve funds that are required to fully fund a component. Calculated by subtracting the component's current replacement cost from its' year-end reserve balance. 2016Contribution This is the total annual contribution amount for the current budget year calculated by dividing every component's unfunded balance by its' remaining life. Unit Abbreviations Sq Ft - Square Feet Lp Sm - Lump Sum Dbl Ct - Double Tennis Court Ln Ft - Linear Feet Allow - Allowance Court - Court Each - Each Hp - Horsepower Units - Units Sq Yds - Square Yards Cu Ft - Cubic Feet Cu Yds - Cubic Yards Kw - Kilowatts Pair - Pair Squares - Squares (roofing) Dreux Isaac & Associates, Inc. Page 1-7 Reserve Study Re-Inspection

11 Company Information Since 1989 Dreux Isaac & Associates has been serving community associations, businesses, private clubs and non-profit organizations throughout Florida and the Southeast United States by performing reserve studies, insurance appraisals and turnover reports. Experience - We have inspected and prepared thousands of reserve studies and insurance appraisals for all sizes and types of communities, located in large cities, small towns, resort areas and remote islands. Training - All technical work is performed by professionals with backgrounds in engineering or architecture. Accuracy - All our reports are based on local data and conditions which we continuously monitor. Understandability - We re numbers people, but many who read and use our reports are not. So we summarize the data and present it to you in a way that is clear and logical. Compliance - The reports we prepare will comply with all governing regulations for your association. Safety - We carry errors and omissions, liability and workers compensation insurance. Update Reports Inflation, labor rates, material availability, taxes, insurance and asset lives are just but a few of the ever changing variables addressed in your reserve study report. It is important that you keep your reserve plan on target with annual update reports. Since the initial calculations on the property have now been performed, we can offer this service to you (with or without site re-inspection) at just a percentage of the cost of your "First Time" reserve study. We recommend annual update reports (without site re-inspection) for the first three years following your 1st time reserve study. In performing these reports, we will take the information from your computer file and calculate current replacement cost values, asset lives and financial figures based on the latest available information. Then in the fourth year we suggest making a brief site re-inspection to observe the present physical condition of your reserve components to determine if any adjustments should be made to the remaining life expectancies, or unit costs of each component. Once completed we can then repeat this four year cycle of your reserve program for as long as you wish. By following this recommended plan, your reserve program will have the most accurate information available each year from which you can make sound budget decisions. To make this process easier, we can set you up on our three year automatic update service to make sure you do not miss an update. To get started just contact us at or update@dia-corp.com. Dreux Isaac & Associates, Inc. Page 1-8 Reserve Study Re-Inspection

12 Terms and Conditions Dreux Isaac & Associates, Inc. uses various sources to accumulate data on construction material and labor prices in order to arrive at its opinion of cost. The information obtained from these sources is considered to be correct and reasonable, but is not guaranteed. No liability is assumed as a result of inaccuracies or errors in such information or estimates, although reasonable efforts have been made to confirm them. Unless noted, each component cost is based on replacing that component as a complete unit at one time. While all cost data is believed to be accurate and reliable to within reasonable limits, other factors such as inflation, availability of materials and qualified personnel and/or acts of nature as well as catastrophic conditions, could significantly affect current prices. No consideration has been given to labor bonuses; material premiums; additional costs to conform property replaced to building codes, ordinances or other legal restrictions; or the cost of demolition in connection with replacement or the removal of destroyed property. No value of land has been included. We have no present or contemplated future interest in the property that is the subject of this report and that we have no personal interest or bias with respect to the subject matter of this report or the parties involved. We certify that neither the employment to prepare this report, nor the compensation, is contingent upon the estimates of value contained herein. In the event that complete construction plans/blueprints were not available for use in the completion of this report, assumptions were made regarding unseen construction components, based on our experience with properties similar to the subject. In the event that these assumptions are in error, we reserve the right to modify this appraisal, including value conclusions. Information, estimates, and opinions furnished and contained in the report, were obtained from sources considered reliable and are believed to be true and correct. However, for accuracy of such items furnished we can assume no responsibility. Our assessment of the useful and remaining lives and/or physical condition of the assets described within has been based upon visual inspection. No testing has been performed. No warranty is made and no liability is assumed for the soundness of the structure or its components. The report data derived and expressed within is not applicable to any other property regardless of similarity. The authors of this report shall not be required to give testimony or appear in court or at any administrative proceeding relating to this report, unless this report is, by agreement, made in anticipation of litigation. The liability of Dreux Isaac & Associates, Inc., the author(s) of this report, and any other employees of Dreux Isaac & Associates, Inc. is limited in total to the fee collected for preparation of this report. According to the best of our knowledge and belief, the statements of fact contained in this report which are used as the basis of the analysis, opinions and conclusions stated herein, are true and correct. Acceptance of, and/or use of, this report constitutes acceptance of the above conditions. Dreux Isaac & Associates, Inc. Page 1-9 Reserve Study Re-Inspection

13 Report Notes 1. To comply with Chapter (6)(g)(2) Florida Statutes, for pooled cash flow plan funding calculations, any component whose remaining live is greater than 30 years has been shortened to 30 years and their cost proportionally reduced. This provides for full funding of this component over its' remaining life. 2. Based on information from the State of Florida's Compliance Office for the Division of Florida Condominiums, Timeshares, and Mobile Homes, the maximum annual funding increase in the pooled cash flow plan, except for year one, has been set to not exceed the plan's inflation rate. Otherwise it may be considered a balloon payment, which is prohibited under Chapter (6)(g)(2) Florida Statutes. 3. On the straight line plan summary page the range of useful life and remaining life numbers shown on this "Reserve Schedule Summary" page reflect the minimum and maximum life expectancies of the individual items within each category. 4. In the straight line plan the reserve balance has been allocated in a restricted manner and only to those components which have the shortest remaining life within each category for which these funds are restricted to. A lower annual contribution amount could be obtained by a reallocation of funds, however effective July 1, 2007, per Florida Statute (6)(h) homeowner associations in Florida can only re-allocate (use) reserve funds for purposes other than which they were authorized for by getting approval in advance by a vote of the majority of the voting interests. Dreux Isaac & Associates, Inc. Page 1-10 Reserve Study Re-Inspection

14 Section 2 Graphs This section of the report shows in graph form the summary of our findings and compares those findings to both current and ideal values. The purpose of these graphs is to give you a better understanding and comprehension of the numbers contained in the report. The values represented in these graphs can be traced to the schedules found in sections 3 (Schedule) and 4 (Cash Flow) of the report.

15 Chart A 2016 Current Reserve Component Costs 145,962 (27.99%) Dock/Ramp/Board walk/pier 72,026 (13.81%) Paving 38,639 (7.41%) Misc Site Improvements 37,701 (7.23%) Park/Rec Area 56,227 (10.78%) Pool 156,375 (29.99%) Clubhouse 14,500 (2.78%) Landscaping & Irrigation Dreux Isaac & Associates, Inc. Page 2-1 Reserve Study Re-Inspection

16 Chart B 2016 Actual vs. 100% Funded Straight Line Reserve Balances 99, ,392 Estimated 2016 Beginning Year Balances 100% Funded Straight Line 2016 Beginning Year Balances Actual beginning year balances are estimates only based on the latest financial information. 100% funded beginning year balances are based on straight line accounting formulas. Dreux Isaac & Associates, Inc. Page 2-2 Reserve Study Re-Inspection

17 Chart C 2016 Funding Contribution Comparisons 7,175 32,121 62, Annual Contribution Proposed 2016 Straight Line Contribution Proposed 2016 Cash Flow Plan Contribution Proposed 2016 Straight Line Contribution = Unfunded Balance / Remaining Life Dreux Isaac & Associates, Inc. Page 2-3 Reserve Study Re-Inspection

18 Chart D 30 Year Pooled Cash Flow Plan Thousands , ,121 36,153 41,912 48,588 56,327 65,300 0 Beginning Year Balance Annual Expenditures Annual Contribution Dreux Isaac & Associates, Inc. Page 2-4 Reserve Study Re-Inspection

19 Section 3 Schedule This section of the report utilizes straight line accounting formulas. Straight line accounting is based on current costs and neither interest or inflation are factored into the calculations. Straight line accounting takes each individual line item component listed in the reserve schedule breakdown and computes its annual contribution amount by taking its unfunded balance (current replacement cost minus projected year end reserve balance) and divides it by the component's remaining life. This is the amount that should normally be contributed into the reserve accounts over the component's remaining life.

20 Straight Line Plan Summary Description Current Cost Useful Life Remg Life 12/31/2015 Balance Unfunded Balance 2016 Contribution Paving 72, ,026 5,624 Misc Site Improvements 38, ,246 23,393 1,945 Clubhouse 156, , ,826 8,466 Landscaping & Irrigation 14, ,180 11,320 1,132 Pool 56, ,780 40,447 5,286 Park/Rec Area 37, ,789 35,912 14,691 Dock/Ramp/Boardwalk/Pier 145, , ,212 25,848 Unallocated Interest Grand Total 521,430 99, ,136 62,992 Dreux Isaac & Associates, Inc. Page 3-1 Reserve Study Re-Inspection

21 Description Quantity Units Straight Line Plan Detail Cost Per Unit Current Cost Useful Life Remg Life 12/31/15 Balance Unfunded Balance 2016 Contribution Paving Asphalt Overlay, 1" - Clover Bend 852 Sq Yds , , Asphalt Overlay, 1" - Clubhouse Parking Lot 1,239 Sq Yds , ,288 1,129 Asphalt Overlay, 1" - Klondike Dr 2,167 Sq Yds , ,742 1,410 Asphalt Overlay, 1" - Poplar Grove Dr 2,206 Sq Yds , ,097 1,436 Asphalt Overlay, 1" - The Park Parking Lot 1,442 Sq Yds , ,137 1,095 Paving Total 5 Components 72, ,026 5,624 Misc Site Improvements Fence & Gate, Chain Link - RV Lot 1 Total 2, , , Fence/Gates, Chain Link - The Park Entrance 1 Total 1, , , Foot Bridge, Pedestrian, PT Wood 320 Sq Ft , ,273 6, Fountain Basin Resurfacing - Entry Feature 300 Sq Ft , , Fountain Equipment Allowance - Entry Feature 1 Total 1, , , Light Poles - Clubhouse Parking Lot 2 Each 2, , , Paint Exterior - Entry Feature 1 Total 1, , , Paint Exterior - Foot Bridge 1 Total 1, , , Racquetball Court Fencing, Chain Link 1 Total 1, , , Sign, HD Foam - Entry Feature 1 Total 1, , , Sign, HD Foam - The Park 1 Total 1, , , Stormwater Control Structure Allowance 1 Total 10, , ,273 6, Misc Site Improvements Total 12 Components 38, ,246 23,393 1,945 Clubhouse A/C Split System, 5 Ton - Clubhouse 1 Each 5, , , A/C Split System, 5 Ton - Clubhouse 1 Each 5, , ,998 1, A/C Split System, 5 Ton - Clubhouse 1 Each 5, , , Appliance, Dishwasher - Clubhouse 1 Each Appliance, Range - Clubhouse 1 Each Appliance, Refrigerator - Clubhouse 1 Each 1, , , Awning Fabric, Vinyl - Clubhouse 96 Sq Ft , , Awning Frame - Clubhouse 96 Sq Ft , , Finish, Carpet - Clubhouse 1st Flr 68 Sq Yds , , Finish, Carpet - Clubhouse 2nd Flr 166 Sq Yds , , Finish, Tile Floor - Clubhouse Kitchen/Storage 350 Sq Ft , , Finish, Tile Floor - Clubhouse Main Rm 2,890 Sq Ft , ,807 8,203 1,641 Finish, Tile Floor - Clubhouse Pool Restrms 1,012 Sq Ft , ,236 2, Furnishings/Decorating Allowance - Clubhouse 1 Total 3, , , Gutters & Downspouts - Clubhouse 362 Ln Ft , , Paint Exterior - Clubhouse 1 Total 5, , , Dreux Isaac & Associates, Inc. Page 3-2 Reserve Study Re-Inspection

22 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/15 Balance Unfunded Balance 2016 Contribution Paint Interior - Clubhouse 1 Total 8, , ,477 2, Renovation Allowance - Clubhouse Exterior 1 Total 20, , , Renovation Allowance - Clubhouse Kitchen 1 Total 20, , ,000 1,000 Renovation Allowance - Clubhouse Pool Restrms 1 Total 8, , , Roof, Shingle - Clubhouse 66 Squares , ,770 1,752 Clubhouse Total 21 Components 156, , ,826 8,466 Landscaping & Irrigation Irrigation Pump/Motor Allowance 1 Each 2, , , Irrigation Well 1 Each 12, , ,320 1,132 Landscaping & Irrigation Total 2 Components 14, ,180 11,320 1,132 Pool Pool Deck Finish, Acrylic Coating 3,414 Sq Ft , ,208 1,276 Pool Equipment, Pump/Motor/Filter Allowance 1 Total 2, , , Pool Fence, Alum Picket, 6' 1 Total 6, , ,614 2, Pool Fence, VC Chain Link, 4' 391 Ln Ft , , Pool Finish, Ceramic Tile Trim 1 Total 7, , , Pool Finish, Exposed Aggregate 2,931 Sq Ft , ,990 2,499 Pool Furniture, Refurbish 1 Total 2, , , Pool Furniture, Replace Chairs/Chaises 1 Total 3, , ,336 1, Pool Furniture, Umbrella 7 Each , , Pool Total 9 Components 56, ,780 40,447 5,286 Park/Rec Area Basketball Court Backboard & Goal 1 Each 1, , , Playground Fence, Chain Link, 4' 150 Ln Ft , , Playground Structures, Wood 1 Total 10, , ,704 8,296 8,296 Racquetball Court Paint Walls 1 Total 2, , ,200 1,100 Shuffleboard Court, Refinish 1 Each Tennis Court Fencing 1 Total 14, , , Tennis Court Resurfacing, Asphalt 1 Dbl Ct 7, , ,800 3,900 Park/Rec Area Total 7 Components 37, ,789 35,912 14,691 Dock/Ramp/Boardwalk/Pier Boardwalk Deck Boards, PT Wd 1,728 Sq Ft , ,527 3,905 Boardwalk Frame, PT Wd 1,728 Sq Ft , ,219 7,244 Dock Boat Ramp 1 Total 30, , ,585 28,415 9,472 Dock Deck Boards, PT Wd 280 Sq Ft , , Dreux Isaac & Associates, Inc. Page 3-3 Reserve Study Re-Inspection

23 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/15 Balance Unfunded Balance 2016 Contribution Dock Floating Section 1 Total 9, , , Dock Frame, PT Wd 280 Sq Ft , , Dock Pilings 18 Each , , Fishing Pier Deck Boards, PT Wd 544 Sq Ft , ,148 1,230 Fishing Pier Frame, PT Wd 544 Sq Ft , ,665 1,266 Fishing Pier Gazebo Roof, Asphalt Shingle 3 Squares , , Fishing Pier Pilings 20 Each , , Stain - Dock/Boardwalk/Pier 1 Total 5, , , Dock/Ramp/Boardwalk/Pier Total 12 Components 145, , ,212 25,848 Unallocated Interest Unallocated Interest Unallocated Interest Total Grand Total 68 Components 521,430 99, ,136 62,992 Dreux Isaac & Associates, Inc. Page 3-4 Reserve Study Re-Inspection

24 Section 4 Pooled Cash Flow This section of the report shows an alternate funding plan to that given in the previous section. While all of the same reserve components, costs and life expectancies used in the previous section are used here, the method of calculating the annual reserve contribution is based on a thirty year cash flow analysis. This funding plan takes the total beginning year reserve balance in year one along with the projected annual reserve expenditures over a thirty year period, and through pooling of all of the reserve funds and creating one general reserve fund, arrives at an annual contribution amount so as to provide a positive cash flow and adequate reserve account balance over the next thirty years. Unlike the straight line accounting plan used in the previous section, the numbers calculated in the thirty year cash flow plan factor in both interest and inflation as well as any annual contribution increases.

25 Cash Flow Plan Summary No Year Beginning Year Balance Annual Reserve Contribution Annual Increase Planned Special Assessments Expenses Inflation Rate Earned Interest Interest Rate Ending Year Balance ,503 32, % 0 16, % % 115, ,768 33, % 0 24, % 1, % 125, ,682 34, % 0 43, % 1, % 117, ,521 35, % 0 23, % 2, % 131, ,631 36, % 0 138, % % 30, ,241 37, % 0 7, % 1, % 61, ,742 38, % 0 11, % 2, % 91, ,746 39, % 0 49, % 2, % 84, ,660 40, % 0 11, % 3, % 117, ,629 41, % 0 132, % % 28, ,200 43, % 0 24, % 1, % 48, ,583 44, % 0 36, % 1, % 58, ,505 45, % 0 40, % 1, % 65, ,282 47, % 0 87, % % 25, ,883 48, % 0 64, % % 10, ,000 50, % 0 44, % % 15, ,839 51, % 0 39, % % 29, ,034 53, % 0 17, % 1, % 66, ,169 54, % 0 23, % 2, % 100, ,139 56, % 0 63, % 2, % 95, ,693 58, % 0 22, % 3, % 135, ,419 59, % 0 103, % 2, % 94, ,644 61, % 0 31, % 3, % 128, ,676 63, % 0 39, % 4, % 157, ,180 65, % 0 180, % 1, % 43, ,404 67, % 0 22, % 2, % 90, ,907 69, % 0 27, % 3, % 136, ,450 71, % 0 47, % 4, % 164, ,690 73, % 0 19, % 6, % 225, ,678 75, % 0 169, % 3, % 136,164 Grand Total 1,528, ,562,893 71,311 Dreux Isaac & Associates, Inc. Page 4-1 Reserve Study Re-Inspection

26 Cash Flow Plan Details Category Description Cost Year 1: 2016 Landscaping & Irrigation Irrigation Pump/Motor Allowance 2,500 Pool Pool Furniture, Refurbish 2,025 Pool Pool Furniture, Umbrella 1,407 Park/Rec Area Playground Structures, Wood 10,000 Park/Rec Area Shuffleboard Court, Refinish 500 Year 1 Total 16,432 Year 2: 2017 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 1,545 Clubhouse Finish, Carpet - Clubhouse 1st Flr 2,101 Pool Pool Equipment, Pump/Motor/Filter Allowance 2,060 Park/Rec Area Racquetball Court Paint Walls 2,266 Park/Rec Area Tennis Court Resurfacing, Asphalt 8,034 Dock/Ramp/Boardwalk/Pier Dock Deck Boards, PT Wd 3,259 Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 5,150 Year 2 Total 24,415 Year 3: 2018 Misc Site Improvements Fountain Basin Resurfacing - Entry Feature 1,591 Misc Site Improvements Paint Exterior - Entry Feature 1,061 Misc Site Improvements Paint Exterior - Foot Bridge 1,910 Clubhouse A/C Split System, 5 Ton - Clubhouse 6,196 Clubhouse Awning Fabric, Vinyl - Clubhouse 1,391 Dock/Ramp/Boardwalk/Pier Dock Boat Ramp 31,827 Year 3 Total 43,976 Year 4: 2019 Misc Site Improvements Sign, HD Foam - The Park 1,530 Clubhouse A/C Split System, 5 Ton - Clubhouse 6,382 Clubhouse Paint Exterior - Clubhouse 5,464 Landscaping & Irrigation Irrigation Pump/Motor Allowance 2,732 Pool Pool Fence, VC Chain Link, 4' 3,713 Pool Pool Furniture, Refurbish 2,213 Pool Pool Furniture, Umbrella 1,537 Year 4 Total 23,571 Year 5: 2020 Clubhouse A/C Split System, 5 Ton - Clubhouse 6,573 Clubhouse Finish, Tile Floor - Clubhouse Main Rm 29,274 Clubhouse Finish, Tile Floor - Clubhouse Pool Restrms 10,251 Clubhouse Paint Interior - Clubhouse 9,004 Dreux Isaac & Associates, Inc. Page 4-2 Reserve Study Re-Inspection

27 Category Description Cost Pool Pool Equipment, Pump/Motor/Filter Allowance 2,251 Pool Pool Fence, Alum Picket, 6' 7,479 Pool Pool Furniture, Replace Chairs/Chaises 3,786 Dock/Ramp/Boardwalk/Pier Boardwalk Deck Boards, PT Wd 21,978 Dock/Ramp/Boardwalk/Pier Boardwalk Frame, PT Wd 40,765 Dock/Ramp/Boardwalk/Pier Fishing Pier Deck Boards, PT Wd 6,920 Year 5 Total 138,281 Year 6: 2021 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 1,739 Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 5,796 Year 6 Total 7,535 Year 7: 2022 Misc Site Improvements Paint Exterior - Foot Bridge 2,149 Misc Site Improvements Sign, HD Foam - Entry Feature 1,791 Landscaping & Irrigation Irrigation Pump/Motor Allowance 2,985 Pool Pool Furniture, Refurbish 2,418 Pool Pool Furniture, Umbrella 1,680 Year 7 Total 11,023 Year 8: 2023 Pool Pool Deck Finish, Acrylic Coating 12,555 Pool Pool Equipment, Pump/Motor/Filter Allowance 2,460 Pool Pool Finish, Ceramic Tile Trim 8,843 Pool Pool Finish, Exposed Aggregate 24,585 Park/Rec Area Shuffleboard Court, Refinish 615 Year 8 Total 49,058 Year 9: 2024 Misc Site Improvements Paint Exterior - Entry Feature 1,267 Park/Rec Area Tennis Court Resurfacing, Asphalt 9,881 Year 9 Total 11,148 Year 10: 2025 Paving Asphalt Overlay, 1" - Clubhouse Parking Lot 14,728 Misc Site Improvements Foot Bridge, Pedestrian, PT Wood 13,048 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 1,957 Misc Site Improvements Stormwater Control Structure Allowance 13,048 Clubhouse Finish, Carpet - Clubhouse 2nd Flr 5,686 Clubhouse Furnishings/Decorating Allowance - Clubhouse 3,914 Landscaping & Irrigation Irrigation Pump/Motor Allowance 3,262 Landscaping & Irrigation Irrigation Well 15,657 Dreux Isaac & Associates, Inc. Page 4-3 Reserve Study Re-Inspection

28 Category Description Cost Pool Pool Furniture, Refurbish 2,642 Pool Pool Furniture, Umbrella 1,836 Park/Rec Area Racquetball Court Paint Walls 2,871 Dock/Ramp/Boardwalk/Pier Dock Frame, PT Wd 7,658 Dock/Ramp/Boardwalk/Pier Dock Pilings 10,052 Dock/Ramp/Boardwalk/Pier Fishing Pier Frame, PT Wd 16,525 Dock/Ramp/Boardwalk/Pier Fishing Pier Gazebo Roof, Asphalt Shingle 1,585 Dock/Ramp/Boardwalk/Pier Fishing Pier Pilings 11,169 Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 6,524 Year 10 Total 132,162 Year 11: 2026 Misc Site Improvements Fountain Basin Resurfacing - Entry Feature 2,016 Misc Site Improvements Paint Exterior - Foot Bridge 2,419 Clubhouse Appliance, Dishwasher - Clubhouse 829 Clubhouse Appliance, Range - Clubhouse 1,082 Clubhouse Appliance, Refrigerator - Clubhouse 1,728 Pool Pool Equipment, Pump/Motor/Filter Allowance 2,688 Park/Rec Area Playground Structures, Wood 13,439 Year 11 Total 24,201 Year 12: 2027 Paving Asphalt Overlay, 1" - The Park Parking Lot 18,185 Clubhouse Awning Fabric, Vinyl - Clubhouse 1,815 Clubhouse Awning Frame - Clubhouse 2,121 Clubhouse Finish, Carpet - Clubhouse 1st Flr 2,824 Clubhouse Paint Exterior - Clubhouse 6,921 Dock/Ramp/Boardwalk/Pier Dock Deck Boards, PT Wd 4,380 Year 12 Total 36,246 Year 13: 2028 Clubhouse Roof, Shingle - Clubhouse 32,465 Landscaping & Irrigation Irrigation Pump/Motor Allowance 3,564 Pool Pool Furniture, Refurbish 2,887 Pool Pool Furniture, Umbrella 2,006 Year 13 Total 40,922 Year 14: 2029 Paving Asphalt Overlay, 1" - Clover Bend 11,399 Paving Asphalt Overlay, 1" - Klondike Dr 28,992 Paving Asphalt Overlay, 1" - Poplar Grove Dr 29,513 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 2,203 Pool Pool Equipment, Pump/Motor/Filter Allowance 2,937 Pool Pool Furniture, Replace Chairs/Chaises 4,940 Dreux Isaac & Associates, Inc. Page 4-4 Reserve Study Re-Inspection

29 Category Description Cost Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 7,343 Year 14 Total 87,327 Year 15: 2030 Misc Site Improvements Paint Exterior - Entry Feature 1,513 Misc Site Improvements Paint Exterior - Foot Bridge 2,723 Clubhouse A/C Split System, 5 Ton - Clubhouse 8,834 Clubhouse Paint Interior - Clubhouse 12,101 Park/Rec Area Shuffleboard Court, Refinish 756 Dock/Ramp/Boardwalk/Pier Boardwalk Deck Boards, PT Wd 29,536 Dock/Ramp/Boardwalk/Pier Fishing Pier Deck Boards, PT Wd 9,299 Year 15 Total 64,762 Year 16: 2031 Misc Site Improvements Fence/Gates, Chain Link - The Park Entrance 1,793 Misc Site Improvements Light Poles - Clubhouse Parking Lot 7,291 Misc Site Improvements Sign, HD Foam - The Park 2,181 Clubhouse A/C Split System, 5 Ton - Clubhouse 9,099 Clubhouse Gutters & Downspouts - Clubhouse 2,910 Landscaping & Irrigation Irrigation Pump/Motor Allowance 3,895 Pool Pool Furniture, Refurbish 3,155 Pool Pool Furniture, Umbrella 2,192 Park/Rec Area Tennis Court Resurfacing, Asphalt 12,152 Year 16 Total 44,668 Year 17: 2032 Misc Site Improvements Racquetball Court Fencing, Chain Link 3,189 Clubhouse A/C Split System, 5 Ton - Clubhouse 9,371 Pool Pool Equipment, Pump/Motor/Filter Allowance 3,209 Park/Rec Area Tennis Court Fencing 23,429 Year 17 Total 39,198 Year 18: 2033 Misc Site Improvements Fence & Gate, Chain Link - RV Lot 3,506 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 2,479 Park/Rec Area Racquetball Court Paint Walls 3,636 Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 8,264 Year 18 Total 17,885 Year 19: 2034 Misc Site Improvements Fountain Basin Resurfacing - Entry Feature 2,554 Misc Site Improvements Paint Exterior - Foot Bridge 3,064 Misc Site Improvements Sign, HD Foam - Entry Feature 2,554 Dreux Isaac & Associates, Inc. Page 4-5 Reserve Study Re-Inspection

30 Category Description Cost Clubhouse Finish, Tile Floor - Clubhouse Kitchen/Storage 5,363 Landscaping & Irrigation Irrigation Pump/Motor Allowance 4,256 Pool Pool Furniture, Refurbish 3,447 Pool Pool Furniture, Umbrella 2,395 Year 19 Total 23,633 Year 20: 2035 Clubhouse Paint Exterior - Clubhouse 8,768 Clubhouse Renovation Allowance - Clubhouse Kitchen 35,070 Clubhouse Renovation Allowance - Clubhouse Pool Restrms 14,028 Pool Pool Equipment, Pump/Motor/Filter Allowance 3,507 Park/Rec Area Playground Fence, Chain Link, 4' 2,187 Year 20 Total 63,560 Year 21: 2036 Misc Site Improvements Paint Exterior - Entry Feature 1,806 Clubhouse Awning Fabric, Vinyl - Clubhouse 2,368 Park/Rec Area Playground Structures, Wood 18,061 Year 21 Total 22,235 Year 22: 2037 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 2,790 Clubhouse Finish, Carpet - Clubhouse 1st Flr 3,795 Landscaping & Irrigation Irrigation Pump/Motor Allowance 4,651 Pool Pool Deck Finish, Acrylic Coating 18,990 Pool Pool Finish, Ceramic Tile Trim 13,376 Pool Pool Finish, Exposed Aggregate 37,187 Pool Pool Furniture, Refurbish 3,767 Pool Pool Furniture, Umbrella 2,617 Park/Rec Area Shuffleboard Court, Refinish 930 Dock/Ramp/Boardwalk/Pier Dock Deck Boards, PT Wd 5,886 Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 9,301 Year 22 Total 103,290 Year 23: 2038 Misc Site Improvements Paint Exterior - Foot Bridge 3,449 Pool Pool Equipment, Pump/Motor/Filter Allowance 3,832 Pool Pool Furniture, Replace Chairs/Chaises 6,446 Park/Rec Area Basketball Court Backboard & Goal 2,594 Park/Rec Area Tennis Court Resurfacing, Asphalt 14,946 Year 23 Total 31,267 Dreux Isaac & Associates, Inc. Page 4-6 Reserve Study Re-Inspection

31 Category Description Cost Year 24: 2039 Clubhouse Renovation Allowance - Clubhouse Exterior 39,472 Year 24 Total 39,472 Year 25: 2040 Clubhouse Furnishings/Decorating Allowance - Clubhouse 6,098 Clubhouse Paint Interior - Clubhouse 16,262 Landscaping & Irrigation Irrigation Pump/Motor Allowance 5,082 Pool Pool Furniture, Refurbish 4,116 Pool Pool Furniture, Umbrella 2,860 Dock/Ramp/Boardwalk/Pier Boardwalk Deck Boards, PT Wd 39,694 Dock/Ramp/Boardwalk/Pier Boardwalk Frame, PT Wd 73,626 Dock/Ramp/Boardwalk/Pier Dock Floating Section 20,104 Dock/Ramp/Boardwalk/Pier Fishing Pier Deck Boards, PT Wd 12,498 Year 25 Total 180,340 Year 26: 2041 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 3,141 Pool Pool Equipment, Pump/Motor/Filter Allowance 4,188 Park/Rec Area Racquetball Court Paint Walls 4,606 Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 10,469 Year 26 Total 22,404 Year 27: 2042 Misc Site Improvements Fountain Basin Resurfacing - Entry Feature 3,235 Misc Site Improvements Paint Exterior - Entry Feature 2,157 Misc Site Improvements Paint Exterior - Foot Bridge 3,882 Clubhouse A/C Split System, 5 Ton - Clubhouse 12,594 Clubhouse Appliance, Dishwasher - Clubhouse 1,331 Clubhouse Appliance, Range - Clubhouse 1,736 Clubhouse Appliance, Refrigerator - Clubhouse 2,773 Year 27 Total 27,708 Year 28: 2043 Misc Site Improvements Sign, HD Foam - The Park 3,110 Clubhouse A/C Split System, 5 Ton - Clubhouse 12,972 Clubhouse Paint Exterior - Clubhouse 11,106 Landscaping & Irrigation Irrigation Pump/Motor Allowance 5,553 Pool Pool Fence, VC Chain Link, 4' 7,548 Pool Pool Furniture, Refurbish 4,498 Pool Pool Furniture, Umbrella 3,125 Year 28 Total 47,912 Dreux Isaac & Associates, Inc. Page 4-7 Reserve Study Re-Inspection

32 Category Description Cost Year 29: 2044 Clubhouse A/C Split System, 5 Ton - Clubhouse 13,361 Pool Pool Equipment, Pump/Motor/Filter Allowance 4,576 Park/Rec Area Shuffleboard Court, Refinish 1,144 Year 29 Total 19,081 Year 30: 2045 Paving Asphalt Overlay, 1" - Clubhouse Parking Lot 26,601 Misc Site Improvements Fountain Equipment Allowance - Entry Feature 3,535 Misc Site Improvements Stormwater Control Structure Allowance 23,566 Clubhouse Awning Fabric, Vinyl - Clubhouse 3,089 Clubhouse Finish, Carpet - Clubhouse 2nd Flr 10,270 Landscaping & Irrigation Irrigation Well 28,279 Park/Rec Area Tennis Court Resurfacing, Asphalt 18,381 Dock/Ramp/Boardwalk/Pier Dock Frame, PT Wd 13,831 Dock/Ramp/Boardwalk/Pier Fishing Pier Frame, PT Wd 29,846 Dock/Ramp/Boardwalk/Pier Stain - Dock/Boardwalk/Pier 11,783 Year 30 Total 169,181 Dreux Isaac & Associates, Inc. Page 4-8 Reserve Study Re-Inspection

33 Section 5 Photographs This section of the report includes various photographs of the property and were taken during the initial field inspection.

34 Entry Water Feature and Sign Monument Entry Water Feature Pump Equipment Dreux Isaac & Associates, Inc. Page 5-1 Reserve Study Re-Inspection

35 Clubhouse Clubhouse Dreux Isaac & Associates, Inc. Page 5-2 Reserve Study Re-Inspection

36 Clubhouse Clubhouse Dreux Isaac & Associates, Inc. Page 5-3 Reserve Study Re-Inspection

37 Clubhouse Interior Clubhouse Interior Dreux Isaac & Associates, Inc. Page 5-4 Reserve Study Re-Inspection

38 Clubhouse Interior Clubhouse Interior Dreux Isaac & Associates, Inc. Page 5-5 Reserve Study Re-Inspection

39 Clubhouse Interior Clubhouse Restroom, Mens Dreux Isaac & Associates, Inc. Page 5-6 Reserve Study Re-Inspection

40 Clubhouse Restroom, Mens Clubhouse AC Units Dreux Isaac & Associates, Inc. Page 5-7 Reserve Study Re-Inspection

41 Clubhouse Parking Lot Clubhouse Parking Lot Light Pole Fixtures Dreux Isaac & Associates, Inc. Page 5-8 Reserve Study Re-Inspection

42 Swimming Pool Swimming Pool Area Fence Dreux Isaac & Associates, Inc. Page 5-9 Reserve Study Re-Inspection

43 Swimming Pool Deck Swimming Pool Equipment Enclosure Dreux Isaac & Associates, Inc. Page 5-10 Reserve Study Re-Inspection

44 Play Structure Play Structure Dreux Isaac & Associates, Inc. Page 5-11 Reserve Study Re-Inspection

45 Playground Fence Racquetball Court Dreux Isaac & Associates, Inc. Page 5-12 Reserve Study Re-Inspection

46 Racquetball Court Basketball Court Dreux Isaac & Associates, Inc. Page 5-13 Reserve Study Re-Inspection

47 Tennis Courts Foot Bridge Dreux Isaac & Associates, Inc. Page 5-14 Reserve Study Re-Inspection

48 Fountain RV Storage Area Dreux Isaac & Associates, Inc. Page 5-15 Reserve Study Re-Inspection

49 Sign - Recreation Facilities Trash Enclosure Fence Dreux Isaac & Associates, Inc. Page 5-16 Reserve Study Re-Inspection

50 Stormwater Drainage Structure Stormwater Drainage Structure Dreux Isaac & Associates, Inc. Page 5-17 Reserve Study Re-Inspection

51 Stormwater Drainage Structure Stormwater Drainage Swale Dreux Isaac & Associates, Inc. Page 5-18 Reserve Study Re-Inspection

52 Stormwater Drainage Swale Road - Clover Bend Drive Dreux Isaac & Associates, Inc. Page 5-19 Reserve Study Re-Inspection

53 Road - Klondike Drive Road - Poplar Grove Drive Dreux Isaac & Associates, Inc. Page 5-20 Reserve Study Re-Inspection

54 The Park - Parking Lot The Park - Sign Dreux Isaac & Associates, Inc. Page 5-21 Reserve Study Re-Inspection

55 The Park - Entry Gates and Fence The Park - Boat Dock/Finger Pier Dreux Isaac & Associates, Inc. Page 5-22 Reserve Study Re-Inspection

56 The Park - Boat Floating Dock/Gangway The Park - Boat Ramp Dreux Isaac & Associates, Inc. Page 5-23 Reserve Study Re-Inspection

57 The Park - Boardwalk The Park - Boardwalk Dreux Isaac & Associates, Inc. Page 5-24 Reserve Study Re-Inspection

58 The Park - Fishing Pier The Park - Fishing Pier Dreux Isaac & Associates, Inc. Page 5-25 Reserve Study Re-Inspection