The Ford Plantation - POA Revised August 17, THE FORD10 EXECUTIVE SUMMARY

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1 Replacement Reserve Analysis - Page A1 EXECUTIVE SUMMARY The Ford Plantation - POA Replacement Reserve Inventory identifies 77 Projected Replacements for funding from Replacement Reserves, with an estimated one-time replacement cost of $4,361,715. The Replacement Reserve Analysis calculates recommended funding of Replacement Reserves by the two generally accepted methods, the Cash Flow Method and the Component Method. The Analysis also evaluates current funding of Replacement Reserves, as reported by the Association. The calculations and evaluation are summarized below: $368,145 CASH FLOW METHOD MINIMUM ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, The Cash Flow Method (CFM) calculates Minimum Annual Funding of Replacement Reserves that will fund Projected Replacements identified in the Replacement Reserve Inventory from a common pool of Replacement Reserves and prevent Replacement Reserves from dropping below a Minimum Recommended Balance. CFM - Minimum Annual Funding remains the same between peaks in cumulative expenditures called Peak Years. The first Peak Year occurs in 2012 and the CFM - Minimum Annual Funding of Replacement Reserves in 2013 declines to $284,000, after the completion of $1,519,250 of replacements in 2010 to A subsequent Peak Year and decline in the Cash Flow Method, Minimum Annual Funding, occurs in $827,271 COMPONENT METHOD RECOMMENDED ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, The Component Method is a time tested and very conservative funding model developed by HUD in the early 1980's. The Component Method treats each projected replacement in the Replacement Reserve Inventory as a separate account. Deposits are made to each individual account, where funds are held for exclusive use by that item. Based on this funding model, the Association has a Current Funding Objective of $2,123,021. The Association reports having $632,900 on deposit, which is 29.8% funded. $200,000 CURRENT ANNUAL FUNDING OF REPLACEMENT RESERVES (as reported by the Association). The evaluation of Current Funding, as reported by the Association, has calculated that if the Association continues to fund Replacement Reserves at the current level, there will NOT be adequate funds for Projected Replacements in 12 years of the 30-year Study Period, and a maximum shortfall of $-538,350 occurs in Pages A2 and A3 explain the Study Year, Study Period, Adjustments (interest & inflation), Beginning Balance, and Projected Replacements. Pages A4 to A9 explain in more detail the calculations associated with the Cash Flow Method, Component Method, and Current Funding. REPLACEMENT RESERVE STATUS AND FUNDING PLAN Current funding of Replacement Reserves is inadequate to fund Projected Replacements. We recommend the Association adopt a Replacement Reserve Funding Plan based on the Cash Flow Method or the Component Method, to ensure that adequate funding is available throughout the 30-Year Study Period for the $6,435,375 of Projected Replacements listed in The Ford Plantation - POA Replacement Reserve Inventory. The Funding Plan should be professionally evaluated every three to five years or after completion of each major replacement project. The Board of Directors has a fiduciary responsibility to review the Funding Plan annually and should consider annual increases in Replacement Reserve funding at least equal to the Consumer Price Index. PLEASE NOTE: For inventory items with a Remaining Economic Life greater than 40 years, the replacement projections fall outside this study's limits and are not included in the annual calculations. However, tracking these items over time will bring them within the 40 year window and they will be included in the future.

2 Replacement Reserve Analysis - Page A2 REPLACEMENT RESERVE ANALYSIS - GENERAL INFORMATION The Ford Plantation - POA Replacement Reserve Analysis calculations of recommended funding of Replacement Reserves by the Cash Flow Method and the Component Method, and the evaluation of the Current Funding, are based upon the same General Information; including the Study Year, Study Period, Adjustments (for interest, inflation, and/or a constant increase in annual funding), Beginning Balance, and Projected Replacements: STUDY YEAR The Association reports that their accounting year begins on January 1, and the Study Year, the first year evaluated by the Replacement Reserve Analysis, begins on January 1, STUDY PERIOD The Replacement Reserve Analysis evaluates the funding of Replacement Reserves over a 30-year Study Period that begins on January 1, ADJUSTMENTS The calculations in this Replacement Reserve Analysis do not account for interest earned on Replacement Reserves, the effects of inflation on the costs of Projected Replacements, or a constant annual increase in Annual Funding of Replacement Reserves. If requested, we will provide a Replacement Reserve Analysis with adjustments for inflation, interest, and/or a constant annual increase in funding, using values provided by the Association. BEGINNING BALANCE The Association reports Replacement Reserves on Deposit totaling $632,900 at the start of the Study Year. Graph #1. Annual Expenditures for Projected Replacements This bar graph summarizes annual expenditures for the $6,435,375 of Projected Replacements identified in the Replacement Reserve Inventory over the 30-year Study Period. The red line shows the average annual expenditure of $214,513. $800,000 $700,000 $691,750 $600,000 $500,000 $515,000 $415,400 $464,000 $479,700 $400,000 $300,000 $200,000 $100,000 $214, YR AVERAGE $312,500 $231,400 $205,200 $113,400 $107,500 $207,750 $51,400 $57,500 $284,900 $163,600 $176,600 $61,750 $104,525 $105,500 $52,500 $336,500 $69,700 $116,750 $122,400 $63,100 $192,000 $58,000 $341,150 $287,900 $46,000 $

3 Replacement Reserve Analysis - Page A3 PROJECTED REPLACEMENTS The Ford Plantation - POA Replacement Reserve Inventory (Section B) identifies 77 Projected Replacements with a one-time Replacement Cost of $4,361,715 and replacements totaling $6,435,375 over the 30-year Study Period. Projected Replacements are the replacement of commonly-owned items that: require periodic replacement and whose replacement is to be funded from Replacement Reserves. The Replacement Reserve Inventory also identifies 3 Excluded Items. Expenditures for the replacement of these items are NOT scheduled for funding from Replacement Reserves. The accuracy of the calculations made in the Replacement Reserve Analysis is dependent on expenditures NOT being made for Excluded Items. The rationale behind these exclusions is discussed in detail on Page B1. Expenditures from Replacements Reserves should be made only after consultation with an accounting professional. The Section B - Replacement Reserve Inventory, contains Tables that list each Projected Replacement (and any Excluded Items) broken down into 6 major categories (Pages B3 to B8). Tables are also included that list each Projected Replacement by year for each of the 30 years of the Study Period beginning on Page C1. The accuracy of this Replacement Reserve Analysis is dependent upon expenditures from Replacement Reserves being made only for the Projected Replacements specifically listed in the Replacement Reserve Inventory. Graph #2. Comparison of Cumulative Replacement Reserve Funding and Expenditures The line graph shows Replacement Reserves - Cumulative Receipts over the 30-year Study Period by the Cash Flow Method (red circles), Component Method (purple diamonds), and the Current Funding Plan as reported by the Association (blue triangles). The bar graph shows the Cumulative Expenditures necessary to fund the Project Replacements listed in the Replacement Reserve Inventory (Section B) and summarized in Graph #1. $10,000,000 $9,000,000 Cash Flow Method - Cumulative Receipts Component Method - Cumulative Receipts Current Funding - Cumulative Receipts Projected Replacements - Cumulative Expenditures $8,904,920 $8,000,000 $7,595,230 $7,000,000 $6,435,375 $6,632,900 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $

4 Replacement Reserve Analysis - Page A4 CASH FLOW METHOD $368,145 CASH FLOW METHOD MINIMUM ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, General. The Cash Flow Method is founded on the concept that the Replacement Reserve Account is solvent if cumulative receipts always exceed cumulative expenses. The Cash Flow Method calculates a MINIMUM annual deposit to Replacement Reserves that will: Fund all Projected Replacements listed in the Replacement Reserve Inventory (see Section B) Prevent Replacement Reserves from dropping below the Minimum Recommended Balance (see Page A-5) Allow a constant annual funding level between peaks in cumulative expenditures Graph #3. Cash Flow Method - Cumulative Receipts and Expenditures Graph $8,000,000 Cash Flow Method - Cumulative Receipts Cash Flow Method - Year End Balance Cumulative Expenditures $7,595,230 $7,000,000 $6,435,375 $6,000,000 $5,000,000 $4,000,000 $3,000,000 Second Peak Year $2,000,000 First Peak Year $1,000,000 $1,159,855 $

5 Replacement Reserve Analysis - Page A5 CASH FLOW METHOD (cont'd) Replacement Reserves - Minimum Recommended Balance. The Minimum Recommended Balance is $218,086, which is 5.0 percent of the one-time replacement cost of the Projected Replacements listed in the Replacement Reserve Inventory. Unless otherwise noted in the Comments on Page A-9, the Minimum Recommended Balance has been established by the Analyst based upon an evaluation of the types of items included in the Replacement Reserve Inventory. Peak Years. The Cash Flow Method calculates a constant annual funding of Replacement Reserves between peaks in cumulative expenditures called Peak Years. In Peak Years, Replacement Reserves on Deposit decline to the Replacement Reserves - Minimum Recommended Balance discussed in the paragraph above. First Peak Year. The First Peak Year occurs in 2012, after the completion of $1,519,250 of replacements in 2010 to The Cash Flow Method - Minimum Annual Funding of Replacement Reserves declines from $368,145 in 2012 to $284,000 in Subsequent Peak Year. A subsequent Peak Year and decline in the Cash Flow Method - Minimum Annual Funding, occurs in: Study Period. The Cash Flow Method calculates the recommended contributions to Replacement Reserves over the 30-year Study Period. These calculations are based upon a 40-year projection of expenditures for Projected Replacements to avoid the Replacement Reserve balance dropping to the Minimum Recommended Balance in the final year of the Study Period. Failure to Fund. The Cash Flow Method calculates a MINIMUM annual funding of Replacement Reserves. Failure to fund Replacement Reserves at the minimum level calculated by the Cash Flow Method will result in Replacement Reserves not being available for the Projected Replacements listed in the Replacement Reserve Inventory and/or Replacement Reserves dropping below the Minimum Recommended Balance. Adjustment to the Cash Flow Method for interest and inflation. The calculations in this Replacement Reserve Analysis do not account for interest earned on Replacement Reserves, the effects of inflation of the cost of Projected Replacements, or a constant annual increase in Annual Funding of Replacement Reserves. Comparison of Cash Flow Funding and Average Annual Expenditure. The Average Annual Expenditure for Projected Replacements listed in the Reserve Inventory over the 30-year Study Period is $214,513 (see Graph #1). The Cash Flow Method - Minimum Annual Funding of Replacement Reserves in the Study Year is $368,145. This is percent of the Average Annual Expenditure, indicating that the Association is building Replacement Reserves in advance of the first Peak Year in Table #1. Cash Flow Method Data - Years 1 through 30 Year Beginning balance $632,900 Minimum annual funding $368,145 $368,145 $368,145 $284,000 $284,000 $284,000 $208,579 $208,579 $208,579 $208,579 Expenditures $515,000 $312,500 $691,750 $231,400 $205,200 $415,400 $113,400 $107,500 $207,750 $51,400 Year end balance $486,045 $541,691 $218,086 $270,686 $349,486 $218,086 $313,265 $414,344 $415,173 $572,352 Minimum recommended balance $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 Cumulative expenditures $515,000 $827,500 $1,519,250 $1,750,650 $1,955,850 $2,371,250 $2,484,650 $2,592,150 $2,799,900 $2,851,300 Cumulative receipts $1,001,045 $1,369,191 $1,737,336 $2,021,336 $2,305,336 $2,589,336 $2,797,915 $3,006,494 $3,215,073 $3,423,652 First Peak Year Second Peak Year Year Minimum annual funding $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 Expenditures $57,500 $284,900 $163,600 $176,600 $61,750 $104,525 $105,500 $52,500 $336,500 $69,700 Year end balance $723,430 $647,109 $692,088 $724,067 $870,896 $974,950 $1,078,029 $1,234,108 $1,106,187 $1,245,066 Minimum recommended balance $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 Cumulative expenditures $2,908,800 $3,193,700 $3,357,300 $3,533,900 $3,595,650 $3,700,175 $3,805,675 $3,858,175 $4,194,675 $4,264,375 Cumulative receipts $3,632,230 $3,840,809 $4,049,388 $4,257,967 $4,466,546 $4,675,125 $4,883,704 $5,092,283 $5,300,862 $5,509,441 Year Minimum annual funding $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 $208,579 Expenditures $116,750 $122,400 $63,100 $192,000 $58,000 $464,000 $341,150 $287,900 $479,700 $46,000 Year end balance $1,336,895 $1,423,074 $1,568,553 $1,585,132 $1,735,711 $1,480,290 $1,347,718 $1,268,397 $997,276 $1,159,855 Minimum recommended balance $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 $218,086 Cumulative expenditures $4,381,125 $4,503,525 $4,566,625 $4,758,625 $4,816,625 $5,280,625 $5,621,775 $5,909,675 $6,389,375 $6,435,375 Cumulative receipts $5,718,020 $5,926,599 $6,135,178 $6,343,757 $6,552,336 $6,760,915 $6,969,493 $7,178,072 $7,386,651 $7,595,230

6 Replacement Reserve Analysis - Page A6 COMPONENT METHOD $827,271 COMPONENT METHOD RECOMMENDED ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, General. The Component Method is a time tested and very conservative mathematical model developed by HUD in the early 1980s. Each of the 77 Projected Replacements listed in the Replacement Reserve Inventory is treated as a separate account. The Beginning Balance is allocated to each of these individual accounts, as is all subsequent funding of Replacement Reserves. These funds are "locked" in these individual accounts and are not available to fund other Projected Replacements. The calculation of the Recommended Annual Funding of Replacement Reserves is a multi-step process outlined in more detail on Page A7. Graph #4. Component Method - Cumulative Receipts and Expenditures Graph $10,000,000 Component Method - Cumulative Receipts Component Method - Year End Balance Projected Replacements - Cumulative Expenditures $9,000,000 $8,904,920 $8,000,000 $7,000,000 $6,435,375 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,469,545 $2,000,000 $1,000,000 $

7 Replacement Reserve Analysis - Page A7 COMPONENT METHOD (cont'd) Current Funding Objective. A Current Funding Objective is calculated for each of the Projected Replacements listed in the Replacement Reserve Inventory. Replacement Cost is divided by the Normal Economic Life to determine the nominal annual contribution. The Remaining Economic Life is then subtracted from the Normal Economic Life to calculate the number of years that the nominal annual contribution should have been made. The two values are then multiplied to determine the Current Funding Objective. This is repeated for each of the 77 Projected Replacements. The total, $2,123,021, is the Current Funding Objective. For an example, consider a very simple Replacement Reserve Inventory with one Projected Replacement, a fence with a $1,000 Replacement Cost, a Normal Economic Life of 10 years, and a Remaining Economic Life of 2 years. A contribution to Replacement Reserves of $100 ($1, years) should have been made in each of the previous 8 years (10 years - 2 years). The result is a Current Funding Objective of $800 (8 years x $100 per year). Funding Percentage. The Funding Percentage is calculated by dividing the Beginning Balance ($632,900) by the Current Funding Objective ($2,123,021). At The Ford Plantation - POA the Funding Percentage is 29.8% Allocation of the Beginning Balance. The Beginning Balance is divided among the 77 Projected Replacements in the Replacement Reserve Inventory. The Current Funding Objective for each Projected Replacement is multiplied by the Funding Percentage and these funds are then "locked" into the account of each item. If we relate this calculation back to our fence example, it means that the Association has not accumulated $800 in Reserves (the Funding Objective), but rather at 29.8 percent funded, there is $238 in the account for the fence. Annual Funding. The Recommended Annual Funding of Replacement Reserves is then calculated for each Projected Replacement. The funds allocated to the account of the Projected Replacement are subtracted from the Replacement Cost. The result is then divided by the number of years until replacement, and the result is the annual funding for each of the Projected Replacements. The sum of these is $827,271, the Component Method Recommended Annual Funding of Replacement Reserves in the Study Year (2010). In our fence example, the $238 in the account is subtracted from the $1,000 Total Replacement Cost and divided by the 2 years that remain before replacement, resulting in an annual deposit of $381. Next year, the deposit remains $381, but in the third year, the fence is replaced and the annual funding adjusts to $100. Adjustment to the Component Method for interest and inflation. The calculations in the Replacement Reserve Analysis do not account for interest earned on Replacement Reserves, the effects of inflation of the cost of Projected Replacements, or a constant annual increase in Annual Funding of Replacement Reserves. Table #2. Component Method Data - Years 1 through 30 Year Beginning balance $632,900 Recommended annual funding $827,271 $521,424 $435,653 $300,053 $288,009 $280,928 $247,513 $243,950 $240,555 $239,122 Expenditures $515,000 $312,500 $691,750 $231,400 $205,200 $415,400 $113,400 $107,500 $207,750 $51,400 Year end balance $945,171 $1,154,094 $897,997 $966,650 $1,049,459 $914,987 $1,049,100 $1,185,550 $1,218,355 $1,406,076 Cumulative Expenditures $515,000 $827,500 $1,519,250 $1,750,650 $1,955,850 $2,371,250 $2,484,650 $2,592,150 $2,799,900 $2,851,300 Cumulative Receipts $1,460,171 $1,981,594 $2,417,247 $2,717,300 $3,005,309 $3,286,237 $3,533,750 $3,777,700 $4,018,255 $4,257,376 Year Recommended annual funding $239,122 $238,835 $235,929 $232,128 $232,128 $231,795 $232,395 $231,867 $231,867 $231,642 Expenditures $57,500 $284,900 $163,600 $176,600 $61,750 $104,525 $105,500 $52,500 $336,500 $69,700 Year end balance $1,587,698 $1,541,633 $1,613,962 $1,669,490 $1,839,868 $1,967,138 $2,094,034 $2,273,400 $2,168,767 $2,330,709 Cumulative Expenditures $2,908,800 $3,193,700 $3,357,300 $3,533,900 $3,595,650 $3,700,175 $3,805,675 $3,858,175 $4,194,675 $4,264,375 Cumulative Receipts $4,496,498 $4,735,333 $4,971,262 $5,203,390 $5,435,518 $5,667,313 $5,899,709 $6,131,575 $6,363,442 $6,595,084 Year Recommended annual funding $231,488 $231,345 $231,090 $231,090 $231,090 $231,066 $231,105 $231,068 $231,068 $229,427 Expenditures $116,750 $122,400 $63,100 $192,000 $58,000 $464,000 $341,150 $287,900 $479,700 $46,000 Year end balance $2,445,447 $2,554,392 $2,722,382 $2,761,472 $2,934,562 $2,701,628 $2,591,583 $2,534,751 $2,286,119 $2,469,545 Cumulative Expenditures $4,381,125 $4,503,525 $4,566,625 $4,758,625 $4,816,625 $5,280,625 $5,621,775 $5,909,675 $6,389,375 $6,435,375 Cumulative Receipts $6,826,572 $7,057,917 $7,289,007 $7,520,097 $7,751,187 $7,982,253 $8,213,358 $8,444,426 $8,675,494 $8,904,920

8 Replacement Reserve Analysis - Page A8 CURRENT FUNDING $200,000 CURRENT ANNUAL FUNDING OF REPLACEMENT RESERVES (as reported by the Association). General. Our evaluation of the Current Association Funding assumes that the Association will continue to fund Replacement Reserves at the current level of $200,000 per year in each of the 30 years of the Study Period. Our evaluation is based upon this Replacement Reserve Funding Level, a $632,900 Beginning Balance, the Projected Annual Replacement Expenditures shown in Graph #1 and listed in the Replacement Reserve Inventory, and any interest, inflation rate, or constant annual increase in annual contribution adjustments discussed below. Evaluation. Our calculations have determined that Current Annual Funding of Replacement Reserves, as reported by the Association, is inadequate to fund Projected Replacement beginning in The Current Annual Funding of Replacement Reserves results in insufficient funds to make Projected Replacements in 12 years of the 30-year Study Period, and a maximum shortfall of $-538,350 occurs in Adjustment to the Current Association Funding for interest and inflation. The Calculations in the Replacement Reserve Analysis do not account for interest earned on Replacement Reserves, the effects of inflation of the cost of Projected Replacements, or a constant annual increase in Annual Funding of Replacement Reserves. Comparison of Current Association Funding and Average Annual Expenditure. The average annual expenditure for Projected Replacements listed in the Reserve Inventory over the 30-year Study Period is $214,513 (see Graph #1). Current Association annual funding of Replacement Reserves is $200,000, or approximately 93 percent of the Average Annual Expenditure. Graph #5. Current Association Funding - Cumulative Receipts and Expenditures Graph $7,000,000 Current Funding - Cumulative Receipts Current Funding - Year End Balance Projected Replacements - Cumulative$6,435,375 Expenditures $6,632,900 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 $197,525 ($1,000,000)

9 Replacement Reserve Analysis - Page A9 CURRENT FUNDING (cont'd) Table #3. Current Funding Data - Years 1 through 30 Year Beginning balance $632,900 Annual deposit $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 Expenditures $515,000 $312,500 $691,750 $231,400 $205,200 $415,400 $113,400 $107,500 $207,750 $51,400 Year end balance $317,900 $205,400 ($286,350) ($317,750) ($322,950) ($538,350) ($451,750) ($359,250) ($367,000) ($218,400) Cumulative Expenditures $515,000 $827,500 $1,519,250 $1,750,650 $1,955,850 $2,371,250 $2,484,650 $2,592,150 $2,799,900 $2,851,300 Cumulative Receipts $832,900 $1,032,900 $1,232,900 $1,432,900 $1,632,900 $1,832,900 $2,032,900 $2,232,900 $2,432,900 $2,632,900 Year Annual deposit $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 Expenditures $57,500 $284,900 $163,600 $176,600 $61,750 $104,525 $105,500 $52,500 $336,500 $69,700 Year end balance ($75,900) ($160,800) ($124,400) ($101,000) $37,250 $132,725 $227,225 $374,725 $238,225 $368,525 Cumulative expenditures $2,908,800 $3,193,700 $3,357,300 $3,533,900 $3,595,650 $3,700,175 $3,805,675 $3,858,175 $4,194,675 $4,264,375 Cumulative receipts $2,832,900 $3,032,900 $3,232,900 $3,432,900 $3,632,900 $3,832,900 $4,032,900 $4,232,900 $4,432,900 $4,632,900 Year Annual deposit $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 Expenditures $116,750 $122,400 $63,100 $192,000 $58,000 $464,000 $341,150 $287,900 $479,700 $46,000 Year end balance $451,775 $529,375 $666,275 $674,275 $816,275 $552,275 $411,125 $323,225 $43,525 $197,525 Cumulative Expenditures $4,381,125 $4,503,525 $4,566,625 $4,758,625 $4,816,625 $5,280,625 $5,621,775 $5,909,675 $6,389,375 $6,435,375 Cumulative Receipts $4,832,900 $5,032,900 $5,232,900 $5,432,900 $5,632,900 $5,832,900 $6,032,900 $6,232,900 $6,432,900 $6,632,900 COMMENTS ON THE REPLACEMENT RESERVE ANALYSIS This Replacement Reserve Study has been developed in compliance with the Community Associations Institute, National Reserve Study Standards, for a Level One Study - Full Service. The Ford Plantation - POA - the type of property is Gated Community. Our calculations assume that Replacement Reserves are not subject to tax. Revised May 3, 2010 to include only POA property. Revised May 24, 2010 based on changes requested by the Association. Revised August 5, 2010 based on changes requested by the Association. Revised August 17, 2010 based on changes requested by the Association.

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11 Replacement Reserve Inventory - Page B1 REPLACEMENT RESERVE INVENTORY GENERAL INFORMATION The Ford Plantation - POA - Replacement Reserve Inventory identifies 80 items. Two types of items are identified, Projected Replacements and Excluded Items: PROJECTED REPLACEMENTS. 77 of the items are Projected Replacements and the periodic replacements of these items are scheduled for funding from Replacement Reserves. The Projected Replacements have an estimated one-time replacement cost of $4,361,715. Replacements totaling $6,435,375 are scheduled in the Replacement Reserve Inventory over the 30-year Study Period. Projected Replacements are the replacement of commonly owned physical assets that require periodic replacement and whose replacement is to be funded from Replacement Reserves. EXCLUDED ITEMS. 3 of the items are Excluded Items, and expenditures for these items are NOT scheduled for funding from Replacement Reserves. The accuracy of the calculations made in the Replacement Reserve Analysis is dependent on expenditures NOT being made for Excluded Items. The Excluded Items are listed in the Replacement Reserve Inventory to identify specific items and categories of items that are not to be funded from Replacement Reserves. There are multiple categories of items that are typically excluded from funding by Replacement Reserves, including but not limited to: Tax Code. The United States Tax Code grants very favorable tax status to Replacement Reserves, conditioned on expenditures being made within certain guidelines. These guidelines typically exclude maintenance activities, partial replacements, repairs, capital improvements, and one-time only replacements. Value. Items with a replacement cost of less that $1,000 are typically excluded from funding from Replacement Reserves. This exclusion is made to accurately reflect how Replacement Reserves are administered. If the Association has selected an alternative level, it will be noted in the Replacement Reserve Inventory - General Comments on Page B2. Long-lived Items. Items that when properly maintained, can be assumed to have a life equal to the property as a whole, are typically excluded from the Replacement Reserve Inventory. Unit improvements. Items located on property owned by a single unit and where the items serve a single unit are generally assumed to be the responsibility of that unit, not the Association. Other non-common improvements. Items owned by the local government, public and private utility companies, the United States Postal Service, Master Associations, state and local highway authorities, etc., may be installed on property that is owned by the Association. These types of items are generally not the responsibility of the Association and are excluded from the Replacement Reserve Inventory. The rationale for the exclusion of an item from funding by Replacement Reserves is discussed in more detail in the 'Comments' section of it's page of the Replacement Reserve Inventory. CATEGORIES. The 80 items included in the The Ford Plantation - POA Replacement Reserve Inventory are divided into 6 major categories. Each category is printed on a separate page, Pages B3 to B8. LEVEL OF SERVICE. This Replacement Reserve Inventory has been developed in compliance with the standards established for a Level One Study - Full Service, as defined by the National Reserve Study Standards, established in 1998 by Community Associations Institute, which states: A Level I - Full Service Reserve Study includes the computation of complete component inventory information regarding commonly owned components provided by the property manager, quantities derived from field measurements and/or quantity takeoffs from to-scale engineering drawings that may be made available. The condition of all components is ascertained from a visual inspection of each component by the analyst. The life expectancy and the value of the components are provided based on these observations and the funding status and funding plan are then derived from analysis of this data.

12 Replacement Reserve Inventory - Page B2 REPLACEMENT RESERVE INVENTORY - GENERAL INFORMATION (cont'd) INVENTORY DATA. Each of the 77 Projected Replacements listed in the Replacement Reserve Inventory includes the following data: Item Number. The Item Number is assigned sequentially and is intended for identification purposes only. Item Description. We have named each item included in the Inventory. Where the name of the item and the category are not sufficient to specifically identify the item, we have included additional information in the Comments section at the bottom of the page. Units. We have used standard abbreviations to identify the number of units including SF-square feet, FT-feet, SY-square yard, LS-lump sum, EA-each, and PR-pair. Nonstandard abbreviations are noted in the Comments section on the page on which the abbreviation is used. Number of Units. The methods used to develop the quantities are discussed in "Level of Service" above. Unit Replacement Cost. We use three sources to develop the unit cost data shown in the Inventory; actual replacement cost data provided by the client, industry standard estimating manuals, and a cost database that we have developed based upon our detailed interviews with contractors and service providers who are specialists in their respective lines of work. In addition, trends in the Producers Price Index (PPI), labor rates, and transportation costs are monitored and considered. This cost database is reviewed and updated regularly by Miller Dodson and biannually by an independent professional cost estimating firm. Normal Economic Life (Yrs). The number of years that a new and properly installed item should be expected to remain in service. Economic Life Remaining (Yrs). The estimated number of years before an item will need to be replaced. In "normal" conditions, this could be calculated by subtracting the age of the item from the Normal Economic Life of the item, but only rarely do physical assets age "normally". Some items may have longer or shorter lives depending on many factors such as environment, initial quality of the item, maintenance, etc. Total Replacement Cost. This is calculated by multiplying the Unit Replacement Cost by the Number of Units. Each of the 3 Excluded Items includes the Item Description, Units, and Number of Units. Many of the Excluded Items are listed as a 'Lump Sum' with a quantity of 1. For the Excluded Items, this indicates that all of the items identified by the 'Item Description' are excluded from funding by Replacement Reserves. REVIEW OF EXPENDITURES. All expenditures from Replacement Reserves should be made only after consultation with an accounting professional. PARTIAL FUNDING. Items may have been included in the Replacement Reserve Inventory at less than 100 percent of their full quantity and/or replacement cost. This is done on items that will never be replaced in their entirety, but which may require periodic replacements over an extended period of time. The assumptions that provide the basis for any partial funding are noted on in the Comments section. * ***

13 Replacement Reserve Inventory - Page B3 SITE IMPROVEMENTS PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 1 Asphalt Road Repair/Resurface (2010) sy 5,000 $ none 2 $250,000 2 Asphalt Road Repair/Resurface (2011) sy 4,000 $ $200,000 3 Asphalt Road Repair/Resurface (2012) sy 4,000 $ $200,000 4 Asphalt Road Repair/Resurface (2013) sy 1,000 $ $50,000 5 Asphalt Road Repair/Resurface (2017) sy 1,000 $ $50,000 6 Asphalt Road Repair/Resurface (2021) sy 1,000 $ $50,000 7 Asphalt Road 50% (2041) sy 70,300 $ $773,300 8 Masonry Fencing - Allowance ls 1 $10, $10,000 9 Wood Fencing - Replace Allowance ls 1 $40, $40, Wood Fencing - Replace Allowance ls 1 $40, $40, Wood Fencing - Replace Allowance ls 1 $40, $40, Wood Fencing - Replace Allowance ls 1 $40, $40, Wood Fencing - Replace Allowance ls 1 $40, $40, Tree Maintenance - Split 50% / 50% ls 1 $40, none 2 $40,000 SITE IMPROVEMENTS - Replacement Costs - Subtotal $1,823,300 SITE IMPROVEMENTS COMMENTS Many roads and the main entrance need repair and re-surfacing. Repairs of $200,000 per year are needed for at least the next three years. Thereafter, repairs and resurfacing every four years should be sufficient until all roads have been repaired. Once all repairs are completed and the final surface applied, it should be 20+ years until resurfacing is needed again. It is assumed that all existing roads will have a final surface by Based on anticipated traffic, approx. 50% will require resurfacin Projections are based on 11.5 miles of asphalt roads, and 42,000 foot of concrete curbing. Scheduling of concrete curb repair / replacement is coordinated with the recommended scheduling of asphalt repairs and resurfacing. It is estimated that 35% of the Plantation roads have concrete curbing. This includes divided roadways. Based on anticipated traffic, approximately 50% (mainly the primary roads) will require resurfacing 20 years later in Allowance for the incrimental repair / replacement of 10% of the masonry fences over a 30 year period starting in 15 years. Allowance for the incrimental replacement of wood fences based on replacing 7,200 foot of fence over a 30 year period. 08/05/10. Changed road repair/resurface quantities, normal and remaining life. 08/05/10. Changed cost of tree maintenance. 08/17/10. Changed remaining life of asphalt road repair/resurface (years 2010, 2011, and 2012).

14 Replacement Reserve Inventory - Page B4 SITE IMPROVEMENTS (CONTINUED) PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 15 Concrete Curb Repair (2010) ls 1 $30, $30, Concrete Curb Repair (2011) lf 150 $ $20, Concrete Curb Repair (2012) lf 150 $ $20, Concrete Curb Repair (2013) lf 150 $ $5, Concrete Curb Repair (2017) lf 150 $ $5, Concrete Curb Repair (2021) lf 150 $ $5, Concrete Curb 5% (Future) lf 280 $ $7, Concrete Walks - Allowance sf 600 $ $5, Concrete Walks - Allowance sf 600 $ $5, Concrete Walks - Allowance sf 600 $ $5, Concrete Walks - Allowance sf 600 $ $5, Concrete Walks - Allowance sf 600 $ $5, Brick Pavers Replace / Re-set - Allow. sf 950 $ $14, Brick Pavers Replace / Re-set - Allow. sf 950 $ $14, Brick Pavers Replace / Re-set - Allow. sf 950 $ $14, Brick Pavers Replace / Re-set - Allow. sf 950 $ $14, Brick Pavers Replace / Re-set - Allow. sf 950 $ $14,250 SITE IMPROVEMENTS (CONTINUED) - Replacement Costs - Subtotal $189,590 SITE IMPROVEMENTS (CONTINUED) COMMENTS Scheduling of concrete curb repair / replacement is coordinated with the recommended scheduling of asphalt repairs and resurfacing. It is estimated that 35% of the Plantation roads have concrete curbing, which equates to approximately 42, 000 lineal foot of curbing. This includes divided roadways. Projections are based on replacing 5% of the curbing over the next 30 years. Allowance for the repair / replacement of concrete sidewalks throughout the Plantation is based on 10% of the total concrete surfaces over the next 30 years, spread out in incriments every six years, or as needed. Allowance for repair, replace, re-setting approximately 25% of the brick paver walks, traffic circles and decorative areas. 08/05/10. Changed concrete curb repair cost and schedule.

15 Replacement Reserve Inventory - Page B5 SITE IMPROVEMENTS (CONTINUED) PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 32 Gas Street Lights / Poles ea 137 $1, $246, SW Drainage Pipe Replacement (1) ls 1 $225, none 2 $225, SW Drainage Pipe Replacement (2) ls 1 $400, $400, SW Drainage Pipe Replacement (3) ls 1 $250, $250, SW Drainage Pipe Replacement (4) ls 1 $100, $100, SW Drainage Pipe Replacement (5) ls 1 $200, $200, Drainage & Weir Replace Allowance ls 1 $125, $125, Dike Outfall Piping - Allowance ls 1 $48, $48, UG Drainage Culverts - Allowance ls 1 $7, $7, Lake Dye Silt Removal - Allowance ls 1 $80, $80, Lake Sterling Silt Removal - Allowance ls 1 $80, $80, Lake Habersham Silt Removal - Allowance ls 1 $80, $80, Lake Savage Silt Removal - Allowance ls 1 $80, $80,000 SITE IMPROVEMENTS (CONTINUED) - Replacement Costs - Subtotal $1,922,100 SITE IMPROVEMENTS (CONTINUED) COMMENTS Stormwater drainage pipe replacement includes both concrete and corrigated pipe. Detailed site drawings not available. Estimated costs based on replacement work recently completed, and rough estimates of length of drainage pipe needed. Replacement #1 is Lake Harn to Lake Dye, #2 Lake Dye to Lake Habersham, #3 lake Sterling to Lake DYe, #4 Lake Habersham to Lake Savage, #5 Corrigated pipe & bulkheat from drainage ditch into Lake Butler. $125,000 allowance every five years to repair / replace weirs. Allowances based on discussions with Director of Property Management and on-site visits to drainage structures. $400,000 allowance included for pond and silt removal as needed over next 30 years.

16 Replacement Reserve Inventory - Page B6 SITE IMPROVEMENTS (CONTINUED) PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 45 Well - Submersible Pump 25HP (2000) ea 1 $6, $6, Well - Submersible Pump 25HP (2007) ea 1 $6, $6, Well - Submersible Pumps 25% ea 2 $3, $6, Floating Dock - Lake Sterling ea 1 $9, $9, Floating Dock - McAlaster Landing ea 1 $12, $12, Pedestrain Footbridge - Oyster House ea 1 $12, $12, Pedestrain / Horse Bridge - Re-deck lf 200 $ $15, Pedestrain / Horse Bridge - Rebuild lf 200 $ $50, Sterling Trail Wood Bridge #1 ea 1 $10, $10, Sterling Trail Wood Bridge #2 ea 1 $10, $10, Gazebo Refurbish - Allowance ea 1 $13, $13, Boat Launch - Replace ea 1 $42, $42, Fountain Aerators (6) - 2 ea 2 $2, $5,400 SITE IMPROVEMENTS (CONTINUED) - Replacement Costs - Subtotal $198,525 SITE IMPROVEMENTS (CONTINUED) COMMENTS Eight submersible well pumps for irrigation are 3HP and 5HP. Life is 10 years with replacement estimated at two pumps every two years.

17 Replacement Reserve Inventory - Page B7 SECURITY PROJECTED REPLACEMENTS AND EXCLUDED ITEMS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 58 Gate House - Exterior Siding sf 600 $ $3, Gate House - Masonry Tuckpoint ls 1 $1, $1, Gate House - Windows / Glass sf 270 $ $8, Gate House - Interior Renovation ls 1 $5, $5, Gate House - Bathroom Renovation ls 1 $1, $1, Gate House - Furniture Allowance ls 1 $4, $4, Gate House - Flag Pole ea 1 $2, $2,000 Security - Closed Circuit TV Monitors ea 4 3 EXCLUDED 65 Security - Data Collection System ls 1 $3, $3, Security - Camera / Modum Allow. 50% ea 17 $8, $136,000 Security - Two-Way Radios ea 10 3 EXCLUDED 67 Gate 1 Emergency Generator ea 1 $1, $1,400 Gate 2 Emergency Generator ea 1 3 EXCLUDED 68 Gate 3 Emergency Generator ea 1 $1, $1,400 SECURITY - Replacement Costs - Subtotal $167,500 SECURITY COMMENTS Security cameras inside have a life expectancy of 12 to 15 years. Outside cameras have a life expectancy of seven years. An allowance of 50% of replacement cost of DVR, DSL and cameras is included for replacement as needed. 08/05/10. Deleted closed circuit TV monitors, two-way radios, and gate 2 emergency generator.

18 Replacement Reserve Inventory - Page B8 SECURITY - ENTRY GATE SYSTEMS PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 69 Main Gate - Swing Gate pr 2 $4, $9, Main Gate - Swing & Operating Sys. pr 2 $6, $12, Members Gate - Swing Gate ea 2 $2, $5, Members Gate - Swing & Oper. Sys. ea 2 $3, $6, Members Gate - Arm & Operating Sys. ea 2 $2, $5, Members Gate - Bar Code Reader ea 1 $7, $7, Maintenance Gate - Arm & Ops. Sys. ea 2 $2, $5, Maintenance Gate - Bar Code Reader ea 1 $7, $7, Maintenance Slider Gate ea 1 $2, $2,500 SECURITY - ENTRY GATE SYSTEMS - Replacement Costs - Subtotal $60,700 SECURITY - ENTRY GATE SYSTEMS COMMENTS 08/05/10. Changed cost and remaining life of swing and operating system. Changed name and cost of bar code reader for members gate. Changed cost of maintenance gate bar code reader.

19 Projected Annual Replacements - Page C1 PROJECTED ANNUAL REPLACEMENTS GENERAL INFORMATION CALENDAR OF ANNUAL REPLACEMENTS. The 77 Projected Replacements in the The Ford Plantation - POA Replacement Reserve Inventory whose replacement is scheduled to be funded from Replacement Reserves are broken down on a year-by-year basis, beginning on Page C2. REPLACEMENT RESERVE ANALYSIS AND INVENTORY POLICIES, PROCEDURES, AND ADMINISTRATION REVISIONS. Revisions will be made to the Replacement Reserve Analysis and Replacement Reserve Inventory in accordance with the written instructions of the Board of Directors. No additional charge is incurred for the first revision, if requested in writing within three months of the date of the Replacement Reserve Study. It is our policy to provide revisions in electronic (Adobe PDF) format only. TAX CODE. The United States Tax Code grants favorable tax status to a common interest development (CID) meeting certain guidelines for their Replacement Reserve. If a CID files their taxes as a 'Corporation' on Form 1020 (IRC Section 277), these guidelines typically require maintenance activities, partial replacements, minor replacements, capital improvements, and one-time only replacements to be excluded from Reserves. A CID cannot commingle planning for maintenance activities with capital replacement activities in the Reserves (Revenue Ruling ). Funds for maintenance activities and capital replacements activities must be held in separate accounts. If a CID files taxes as an "Exempt Homeowners Association" using Form 1020H (IRC Section 528), the CID does not have to segregate these activities. However, because the CID may elect to change their method of filing from year to year within the Study Period, we advise using the more restrictive approach. We further recommend that the CID consult with their Accountant and consider creating separate and independent accounts and reserves for large maintenance items, such as painting. CONFLICT OF INTEREST. Neither Miller - Dodson Associates nor the Reserve Analyst has any prior or existing relationship with this Association which would represent a real or perceived conflict of interest. RELIANCE ON DATA PROVIDED BY THE CLIENT. Information provided by an official representative of the Association regarding financial, physical conditions, quality, or historical issues is deemed reliable. INTENT. This Replacement Reserve Study is a reflection of the information provided by the Association and the visual evaluations of the Analyst. It has been prepared for the sole use of the Association and is not for the purpose of performing an audit, quality/forensic analyses, or background checks of historical records. PREVIOUS REPLACEMENTS. Information provided to Miller - Dodson Associates regarding prior replacements is considered to be accurate and reliable. Our visual evaluation is not a project audit or quality inspection. UPDATING. In the first two or possibly three years after the completion of a Level One Replacement Reserve Study, we recommend the Association review and revise the Replacement Reserve Analysis and Inventory annually to take into account replacements which have occurred and known changes in replacement costs. This can frequently be handled as a Level Two or Level Three Study (as defined by the Community Associations Institute), unless the Association has completed major replacement projects. A full analysis (Level One) based on a comprehensive visual evaluation of the site should be accomplished every three to five years or after each major replacement project. EXPERIENCE WITH FUTURE REPLACEMENTS. The Calendar of Annual Projected Replacements, lists replacements we have projected to occur over the next thirty years, begins on Page C2. Actual experience in replacing the items may differ significantly from the cost estimates and time frames shown because of conditions beyond our control. These differences may be caused by maintenance practices, inflation, variations in pricing and market conditions, future technological developments, regulatory actions, acts of God, and luck. Some items may function normally during our visual evaluation and then fail without notice. REVIEW OF THE REPLACEMENT RESERVE STUDY. For this study to be effective, it should be reviewed by the The Ford Plantation - POA Board of Directors, those responsible for the management of the items included in the Replacement Reserve Inventory, and the accounting professionals employed by the Association.

20 Projected Annual Replacements - Page C2 PROJECTED REPLACEMENTS - YEARS ONE TO FIFTEEN Item 2010 $ Item 2011 $ Item 2012 $ 1 Asphalt Road Repair/Resurf $250,000 2 Asphalt Road Repair/Resurf $200,000 3 Asphalt Road Repair/Resurf $200, Tree Maintenance - Split 50% $40,000 9 Wood Fencing - Replace All $40, Tree Maintenance - Split 50% $40, SW Drainage Pipe Replacem $225, Tree Maintenance - Split 50% $40, Concrete Curb Repair (2012 $20, Concrete Curb Repair (2011 $20, Brick Pavers Replace / Re-s $14, Well - Submersible Pump 25 $6, SW Drainage Pipe Replacem $400, Well - Submersible Pumps ( $6, UG Drainage Culverts - Allow $7, Sterling Trail Wood Bridge # $10,000 Total Scheduled Replacements $515,000 Total Scheduled Replacements $312,500 Total Scheduled Replacements $691,750 Item 2013 $ Item 2014 $ Item 2015 $ 4 Asphalt Road Repair/Resurf $50, Tree Maintenance - Split 50% $40, Tree Maintenance - Split 50% $40, Tree Maintenance - Split 50% $40, UG Drainage Culverts - Allow $7, Dike Outfall Piping - Allowan $48, Concrete Curb Repair (2013 $5, Gate House - Interior Renov $5, Lake Dye Silt Removal - Allo $80, Drainage & Weir Replace Al $125, Gate House - Bathroom Ren $1, Lake Sterling Silt Removal - $80, Well - Submersible Pumps ( $6, Gate House - Furniture Allow $4, Lake Habersham Silt Remov $80, Fountain Aerators (6) - Allow $5, Security - Camera / Modum $136, Lake Savage Silt Removal - $80, Members Gate - Arm & Ope $5, Well - Submersible Pumps ( $6, Maintenance Gate - Arm & O $5, Gate 1 Emergency Generato $1,400 Total Scheduled Replacements $231,400 Total Scheduled Replacements $205,200 Total Scheduled Replacements $415,400 Item 2016 $ Item 2017 $ Item 2018 $ 10 Wood Fencing - Replace All $40,000 5 Asphalt Road Repair/Resurf $50, Tree Maintenance - Split 50% $40, Tree Maintenance - Split 50% $40, Tree Maintenance - Split 50% $40, Brick Pavers Replace / Re-s $14, UG Drainage Culverts - Allow $7, Concrete Curb Repair (2017 $5, Drainage & Weir Replace Al $125, Fountain Aerators (6) - Allow $5, Well - Submersible Pump 25 $6, UG Drainage Culverts - Allow $7, Security - Data Collection Sy $3, Well - Submersible Pumps ( $6, Pedestrain / Horse Bridge - $15, Members Gate - Bar Code R $7, Members Gate - Swing & Op $6, Maintenance Gate - Bar Cod $7, Maintenance Slider Gate $2,500 Total Scheduled Replacements $113,400 Total Scheduled Replacements $107,500 Total Scheduled Replacements $207,750 Item 2019 $ Item 2020 $ Item 2021 $ 14 Tree Maintenance - Split 50% $40, Tree Maintenance - Split 50% $40,000 6 Asphalt Road Repair/Resurf $50, Well - Submersible Pumps ( $6, UG Drainage Culverts - Allow $7, Wood Fencing - Replace All $40, Fountain Aerators (6) - Allow $5, Sterling Trail Wood Bridge # $10, Tree Maintenance - Split 50% $40, Concrete Curb Repair (2021 $5, Well - Submersible Pump 25 $6, Well - Submersible Pumps ( $6, Security - Camera / Modum $136, Gate 3 Emergency Generato $1,400 Total Scheduled Replacements $51,400 Total Scheduled Replacements $57,500 Total Scheduled Replacements $284,900 Item 2022 $ Item 2023 $ Item 2024 $ 14 Tree Maintenance - Split 50% $40, Tree Maintenance - Split 50% $40, Tree Maintenance - Split 50% $40, Concrete Walks - Allowance $5, Drainage & Weir Replace Al $125, Brick Pavers Replace / Re-s $14, SW Drainage Pipe Replacem $100, Well - Submersible Pumps ( $6, UG Drainage Culverts - Allow $7, UG Drainage Culverts - Allow $7, Maintenance Gate - Arm & O $5, Fountain Aerators (6) - Allow $5, Members Gate - Arm & Ope $5,600 Total Scheduled Replacements $163,600 Total Scheduled Replacements $176,600 Total Scheduled Replacements $61,750