Ashleigh Commons Condominiums Association, Inc.

Transcription

1 RESERVE STUDY Full Study Ashleigh Commons Condominiums Association, Inc. Published - January 14, 2016 Browning Reserve Group / Emmett, ID Office (208) Tony@BrowningRG.com / /14/ fs :ukn.u Version 1/14/ :25:09 AM

2 Browning Reserve Group /14/ fs :ukn.u Version 1/14/ :25:09 AM Browning Reserve Group 2016 TOC - i

3 Ashleigh Commons Condominiums Association, Table of Contents Section Report Page Section I: of Condominium Reserves 1 Section II: 30 Year Expense Forecast Detailed 5 Section III: 30 Year Reserve Funding Plan Cash Flow Method {c} 10 Section III-a: 30 Year Reserve Funding Plan Cash Flow Method - Ending Balances Chart 12 Section IV: 30 Year Reserve Funding Plan Fully Funded Balance and % Funded 13 Section V: Reserve Fund Balance Forecast Component Method 14 Section VI: Component Listing Included Components 18 Section VII: Tabular Component Listing Included Components 35 Section VII-a: Expenditures by Year - Next 3 Years 37 Section IX: Directory of Reserve Study Contractors Section X: Auditor Notes 40 Section X-a: Supplementary Information for Auditor Component Method Section XI: Glossary Reserve Study Terms 44 Addendum: Homeowner Distribution Materials See Page ii for Details /14/ fs :ukn.u Version 1/14/ :25:09 AM Browning Reserve Group 2016 TOC - ii

4 Ashleigh Commons Condominiums Association, Homeowner Distribution Materials The following Reserve Study sections should be provided to each Homeowner. Section Report Idaho: Member Section III: 30 Year Reserve Funding Plan Cash Flow Method {c} /14/ fs :ukn.u Version 1/14/ :25:09 AM Browning Reserve Group 2016 TOC - iii

5 Section I Full Study Ashleigh Commons Condominiums Association, Inc. Published - January 14, 2016 Reserve Study A Reserve Study was conducted of Ashleigh Commons Condominiums Association, Inc. (the "Condominium"). A Full Study includes an on-site review upon where the following tasks are performed: development of a reserve component inventory; condition assessment based upon on-site visual observation; life and valuation estimates; fund status; and a funding plan. Ashleigh Commons Condominiums Association, Inc. is a Condominium with a total of 14 Units. Physical Inspection Browning Reserve Group ("BRG") conducted a physical inspection of the Condominium. The inspection encompassed those major components that the Condominium is required to maintain. For this study components are determined to be major components if: 1. As of the date of the study, they have a remaining useful life of less than 30 years, and a value greater than $ Such additional components, if any, determined by the Board of Directors. During the inspection, BRG utilized the services of our own construction cost estimator. In addition, independent contractors were retained to render opinions on selected components as indicated in Section VI, Included Component Listing. Supplemental information to the physical inspection may have been obtained from the following sources: 1. Project plans where available. 2. Maintenance records of the reserve components where available. 3. Condominium board members, management and staff. of Reserves For the first year of the Reserve Study, the reserve contribution is based upon the existing budget unless otherwise noted in Section III, Reserve Funding Plan. In addition BRG relied on the Condominium to provide an accurate Beginning Reserve Balance /14/ fs :ukn.u Version 1/14/ :25:09 AM Browning Reserve Group 2016 / Emmett, ID Office (208) Tony@BrowningRG.com /

6 Reserve Study - Full Study Ashleigh Commons Condominiums Association, Inc. 2 The status of the Condominium's reserves, as reflected in the following Reserve Study, is as follows: 1. The Expenditure Forecast of the following Reserve Study identifies the major components which the Condominium is obligated to repair, replace, restore or maintain, as determined in accordance with the criteria specified above, and specifies for each such component: a. Its current estimated replacement cost; b. Its estimated useful life; and c. Its estimated remaining useful life. 2. It is estimated that the total cash reserves necessary to repair, replace, restore or maintain such major components (in the aggregate) during and at the end of their first remaining useful life is $55,034. [For purposes of this calculation, necessary is defined as the Fully Funded Balance (FFB) (Component Current Cost X Effective Age / Useful Life, including a provision for interest and inflation in future years.)] 3. The current amount of accumulated cash reserves actually set aside to repair, replace, restore, or maintain such major components as of the fiscal year ending December 31, 2016 is estimated to be $30,827, constituting 56.0% of the total expenditures anticipated for all such major components through their first end of useful life replacement. 4. Based upon the schedule of annual reserve contributions necessary to defray the cost of repairing, replacing, restoring or maintaining such major components in the years such expenditures are estimated to be required, it is estimated that annual reserve contributions in the initial amount of $9,408 [$56.00 per Unit per month (average)] for the fiscal year ending December 31, 2016 (the first full fiscal year following first distribution of this report) will be necessary in order to meet all such reserve expenditures when they are projected to come due. Funding Assessment Based on the 30 year cash flow projection, the Condominium's reserves are inadequately funded as the reserve fund ending balances may fail to remain positive throughout the replacement of all major components during the next 30 years. Additional reserve funding including some combination of increased contributions, special assessments and loans may be necessary to meet all reserve obligations. Idaho statute imposes no reserve funding level requirements nor does it address funding level adequacy. Percent Funded Status Based on paragraphs 1-3 above, the Condominium is 56.0% funded. The following scale can be used as a measure to determine the Condominium s financial picture whereas the lower the percentage, the higher the likelihood of the Condominium requiring a special assessment, or other large increases to the reserve contribution in the future. Percent Funded Poor % Fair % Strong %

7 Reserve Study - Full Study Ashleigh Commons Condominiums Association, Inc. 3 Methodology The above recommended reserve contribution for the next fiscal year (and future fiscal years as outlined in Section III, Reserve Fund Balance Forecast) was developed using the cash flow method. This is a method of developing a reserve funding plan where the contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved. Funding Goals The funding goal employed for Ashleigh Commons Condominiums Association, Inc. is Threshold Funding: Establishing a Reserve funding goal of keeping the Reserve balance above a specified dollar or Percent Funded amount. Depending on the threshold, this may be more or less conservative than Fully Funding. Limitations The intention of the Reserve Study is to forecast the Condominium's ability to repair or replace major components as they wear out in future years. The Reserve Study is not an engineering report, and no destructive testing was performed. The costs outlined in the study are for budgetary and planning purposes only, and actual bid costs would depend upon the defined scope of work at the time repairs are made. Also, any latent defects are excluded from this report. Statutory Disclosures Compliance The Reserve Study complies with or exceeds all applicable statutes, if any. General: Supplemental Disclosures BRG has no other involvement(s) with the Condominium which could result in actual or perceived conflicts of interest. Personnel Credentials: N. Anthony Dann graduated from Cal State Northridge with Bachelors & Master of Science degrees in Business Administration, Management and Finance. Diane M. Dann has a Certified Property Manager designation from the Institute of Real Estate Management. Completeness: BRG has found no material issues which, if not disclosed, would cause a distortion of the Condominium's situation. Reliance on Client Data: Information provided by the official representative of the Condominium regarding financial, physical, quantity, or historical issues will be deemed reliable by BRG.

8 Reserve Study - Full Study Ashleigh Commons Condominiums Association, Inc. 4 Scope: This Reserve Study is a reflection of information provided to BRG and assembled for the Condominium's use, not for the purpose of performing an audit, quality/forensic analysis, health and safety inspection, or background checks of historical records. Reserve Balance: The actual beginning reserve fund balance in this Reserve Study is based upon information provided and was not audited. Reserve Projects: Information provided about reserve projects will be considered reliable. Any on-site inspection should not be considered a project audit, quality inspection, or health and safety review. Browning Reserve Group

9 Section II Ashleigh Commons Condominiums Association, Inc. 30 Year Expense Forecast - Detailed Current Replacement Life Useful / Reserve Component Cost Remaining Paving Asphalt: Sealing 9,350 Sq. Ft. Driveway Asphalt: Repairs: On-going Driveway Overlay 9,350 Sq. Ft. Driveway Concrete Sidewalks, Curbs & Gutters Common Area Total Paving 24,984 Total Concrete Painting: Exterior Surface Restoration Condominiums - Phase I[nr:1] Surface Restoration Condominiums - Phase II Surface Restoration Condominiums - Phase III Surface Restoration Condominiums - Phase IV Surface Restoration Condominiums - Phase I Mid Cycle Touch-Up Condominiums - Phase I Mid Cycle Touch-Up Condominiums - Phase II Mid Cycle Touch-Up Condominiums - Phase III Mid Cycle Touch-Up Condominiums - Phase IV Stain 5 Unit Front Doors - Phase I Stain 3 Unit Front Doors - Phase II Stain 3 Unit Front Doors - Phase III Stain 3 Unit Front Doors - Phase IV Total Painting: Exterior 49,806 1, ,410 1,556 1, , , , , , , , ,154 11,153 8, ,617 11,717 8, ,104 10, ,793 1, ,435 1,748 1, ,248 1, ,076 1,311 1, ,131 1, ,009 1, ,256 1, ,254 2,760 10,635 1,392 12,422 14,255 2,435 1,536 13,711 3,362 12,958 1, Structural Repairs Siding & Trim Condominiums Version 1/14/ :25:09 AM Browning Reserve Group to

10 Current Replacement Life Useful / Ashleigh Commons Condominiums Association, Inc. 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Stucco Repairs Condominiums Total Structural Repairs 1, Roofing Pitched: 30 Yr. Dimensional Composition 90 Squares- Condominium - Phase I Pitched: 30 Yr. Dimensional Composition 67 Squares- Condominium - Phase II Pitched: 30 Yr. Dimensional Composition 62 Squares- Condominium - Phase III Pitched: 30 Yr. Dimensional Composition 66 Squares- Condominium - Phase IV Pitched: 30 Yr. Dimensional Composition 60 Squares- Garages - Phase I Pitched: 30 Yr. Dimensional Composition 9 Squares- Garage - Phase IV Gutters / Downspouts 487 Lin. Ft. Condominium - Phase I Gutters / Downspouts 362 Lin. Ft. Condominium - Phase II Gutters / Downspouts 367 Lin. Ft. Condominium - Phase III Gutters / Downspouts 362 Lin. Ft. Condominium - Phase IV Roofing: Inspections & Repairs Condominiums & Garages Landscaping Total Roofing 98, Pressurized Irrigation System Pressurized Irrigation Total Landscaping 1, Fencing Wood: 6' 705 Lin. Ft. Perimeter & Wing Fencing (20%)[nr:5] Total Fencing 3, Mechanical Equipment Fire Control System Condominiums - Phases III & IV Total Mechanical Equipment Miscellaneous Fire Alarm System Fire Alarm - Phases III & IV , , , , , , ,358 1,536 2, ,875 1, ,191 1, , ,269 2, , ,131 1,280 1,131 1,280 3, ,259 3,424 3,597 3,779 3,971 3,259 3,424 3,597 3,779 3,971 1, ,697 1,920 1,500 Total Miscellaneous 2,500 1,697 1,920 2, ,046 3,046 Version 1/14/ :25:09 AM Browning Reserve Group to

11 Current Replacement Life Useful / Ashleigh Commons Condominiums Association, Inc. 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Total Expenditures 2.50% 7,256 2,921 4,047 12,986 6,184 15,500 5,685 14,691 21,081 3,185 10,243 19,879 5,553 13,785 1,696 Total Current Replacement Cost 183,143 Version 1/14/ :25:09 AM Browning Reserve Group to

12 30 Year Expense Forecast - Detailed Reserve Component Paving Asphalt: Sealing 9,350 Sq. Ft. Driveway Asphalt: Repairs: On-going Driveway Overlay 9,350 Sq. Ft. Driveway Total Paving 1, ,093 2,310 2, ,242 2, , ,242 2, , Concrete Sidewalks, Curbs & Gutters Common Area Total Concrete Painting: Exterior Surface Restoration Condominiums - Phase I[nr:1] Surface Restoration Condominiums - Phase II Surface Restoration Condominiums - Phase III Surface Restoration Condominiums - Phase IV Surface Restoration Condominiums - Phase I Mid Cycle Touch-Up Condominiums - Phase I Mid Cycle Touch-Up Condominiums - Phase II Mid Cycle Touch-Up Condominiums - Phase III Mid Cycle Touch-Up Condominiums - Phase IV Stain 5 Unit Front Doors - Phase I Stain 3 Unit Front Doors - Phase II Stain 3 Unit Front Doors - Phase III Stain 3 Unit Front Doors - Phase IV Total Painting: Exterior Structural Repairs Siding & Trim Condominiums Stucco Repairs Condominiums Total Structural Repairs Roofing Pitched: 30 Yr. Dimensional Composition 90 Squares- Condominium - Phase I 891 1,008 1, ,008 1,140 13,589 16,556 14,276 17,394 12,311 14,999 15,587 18,992 2,130 2,595 1,521 1,853 1,598 1,947 1,679 2,045 1,113 1,170 1,229 1,291 1,357 1,425 1, ,135 17,369 2,967 1,872 16,706 4,097 15,788 2,066 18,440 21,162 3,615 2,280 20,355 4,991 19, , ,112 1,738 1,966 2,225 40,058 Version 1/14/ :25:09 AM Browning Reserve Group to

13 30 Year Expense Forecast - Detailed Reserve Component Pitched: 30 Yr. Dimensional Composition 67 Squares- Condominium - Phase II Pitched: 30 Yr. Dimensional Composition 62 Squares- Condominium - Phase III Pitched: 30 Yr. Dimensional Composition 66 Squares- Condominium - Phase IV Pitched: 30 Yr. Dimensional Composition 60 Squares- Garages - Phase I Pitched: 30 Yr. Dimensional Composition 9 Squares- Garage - Phase IV Gutters / Downspouts 487 Lin. Ft. Condominium - Phase I Gutters / Downspouts 362 Lin. Ft. Condominium - Phase II Gutters / Downspouts 367 Lin. Ft. Condominium - Phase III Gutters / Downspouts 362 Lin. Ft. Condominium - Phase IV Roofing: Inspections & Repairs Condominiums & Garages Total Roofing 434 2,513 2,604 22,674 30, ,969 3,084 63,236 30, ,651 38,380 34,067 33,622 4, Landscaping Pressurized Irrigation System Pressurized Irrigation Total Landscaping 1,448 1,639 1,854 1,448 1,639 1, Fencing Wood: 6' 705 Lin. Ft. Perimeter & Wing Fencing (20%)[nr:5] Total Fencing Mechanical Equipment Fire Control System Condominiums - Phases III & IV Total Mechanical Equipment Miscellaneous Fire Alarm System Fire Alarm - Phases III & IV Total Miscellaneous Total Expenditures 2.50% 2,172 2,458 2,781 2,172 2,458 2,781 3,899 4,991 3,899 4,991 23,258 18,259 6,393 5,771 22,362 10,159 80,536 72,874 21,809 21,162 11,587 3,421 58,140 9,982 58,231 Version 1/14/ :25:09 AM Browning Reserve Group to

14 Section III Ashleigh Commons Condominiums Association, Inc. 30 Year Reserve Funding Plan Cash Flow Method *See Important footnotes at end of this Section III. Beginning Balance Inflated 2.5% Reserve Contribution 14 Percentage Increase Special Assessments / Other Interest Pre 0.00% Ending Balance 1) , ,340 30,827 36,658 34,044 38,751 34,687 41,010 38,927 31,084 7,256 2,921 4,047 12,986 6,184 15,500 5,685 14,691 21,081 3, ,4082 9,878 10,372 10,891 11,436 12,008 12,608 13,238 13, % 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 11, ,340 30,827 36,658 34,044 38,751 34,687 41,010 38,927 31,084 41,799 Beginning Balance provided by DS Property Management. Beginning Balance Inflated 2.5% Reserve Contribution 14 Percentage Increase Special Assessments / Other Interest Pre 0.00% Ending Balance ,799 46,151 41,597 52,135 55,246 71,292 66,662 67,961 82,105 97,898 10,243 19,879 5,553 13,785 1,696 23,258 18,259 6,393 5,771 22,362 14,595 15,325 16,091 16,896 17,741 18,628 19,559 20,537 21,564 22, % 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% ,151 41,597 52,135 55,246 71,292 66,662 67,961 82,105 97,898 98,178 Beginning Balance Inflated 2.5% Reserve Contribution 14 Percentage Increase Special Assessments / Other Interest Pre 0.00% Ending Balance , ,793 56,220 9,557 15,270 23,006 41,762 70,201 45,514 70,658 10,159 80,536 72,874 21,809 21,162 11,587 3,421 58,140 9,982 58,231 23,774 24,963 26,211 27,522 28,898 30,343 31,860 33,453 35,126 36, % 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% ,793 56,220 9,557 15,270 23,006 41,762 70,201 45,514 70,658 49,309 Version 1/14/ :25:09 AM Browning Reserve Group

15 30 Year Reserve Funding PlanCash Flow Method 2) 3) Period / Year 01 / / 2015 Reserve Funding Plan - Footnotes Reserve Contribution increase needed to further fund the Reserve Account in order to meet future capital expenses. Represents transfer of excess funds from the Operating Account to the Reserve Account. Version 1/14/ :25:09 AM Browning Reserve Group

16 Fund Balance Section III-a Ashleigh Commons Condominiums Association, Inc. 30 Year Reserve Funding Plan Cash Flow Method - Ending Balances $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ Version 1/14/ :25:09 AM Browning Reserve Group Years

17 Section IV Ashleigh Commons Condominiums Association, Inc. 30 Year Reserve Funding Plan Including Fully Funded Balance and % Funded Year Beginning Balance Fully Funded Balance Percent Funded Inflated 2.50% Reserve Contribution Special Assessments & Other Contributions ,083 50, % 7, , , ,340 55, % 2,921 9, , ,827 67, % 4,047 9, , ,658 79, % 12,986 10, , ,044 82, % 6,184 10, , ,751 93, % 15,500 11, , ,687 95, % 5,685 12, , , , % 14,691 12, , , , % 21,081 13, , , , % 3,185 13, , , , % 10,243 14, , , , % 19,879 15, , , , % 5,553 16, , , , % 13,785 16, , , , % 1,696 17, , , , % 23,258 18, , , , % 18,259 19, , , , % 6,393 20, , , , % 5,771 21, , , , % 22,362 22, , , , % 10,159 23, , , , % 80,536 24, , , , % 72,874 26, , , , % 21,809 27, , , , % 21,162 28, , , , % 11,587 30, , , , % 3,421 31, , , , % 58,140 33, , , , % 9,982 35, , , , % 58,231 36, ,309 Interest Ending Balance Version 1/14/ :25:09 AM Browning Reserve Group

18 Section V Ashleigh Commons Condominiums Association, Inc. Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method Paving Asphalt: Sealing 9,350 Sq. Ft. Driveway Asphalt: Repairs: On-going Driveway Overlay 9,350 Sq. Ft. Driveway 1, , % % 87 23, ,242 1,341 6,233 7, % 760 Sub-total [ Paving] 24,984 41,959 1,848 6,711 8, % 1, Concrete Sidewalks, Curbs & Gutters Common Area % 70 Version 1/14/ :25:09 AM Browning Reserve Group

19 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method Painting: Exterior Surface Restoration Condominiums - Phase I[nr:1] Surface Restoration Condominiums - Phase II Surface Restoration Condominiums - Phase III Surface Restoration Condominiums - Phase IV Surface Restoration Condominiums - Phase I Mid Cycle Touch-Up Condominiums - Phase I Mid Cycle Touch-Up Condominiums - Phase II Mid Cycle Touch-Up Condominiums - Phase III Mid Cycle Touch-Up Condominiums - Phase IV Stain 5 Unit Front Doors - Phase I Stain 3 Unit Front Doors - Phase II Stain 3 Unit Front Doors - Phase III Stain 3 Unit Front Doors - Phase IV 7, , % 0 8, ,154 1,144 5,313 6, % 649 8, ,617 1,202 3,188 4, % 682 8, ,104 1,263 1,063 2, % , ,793 1,421 1,167 1, % 806 1, , % 102 1, , % 88 1, , , % 76 1, , % % % % % 131 Sub-total [ Painting: Exterior] 49,806 48,765 6,465 21,131 18, % 3, Structural Repairs Siding & Trim Condominiums Stucco Repairs Condominiums % % 64 Sub-total [ Structural Repairs] 1,200 1, % 128 Version 1/14/ :25:09 AM Browning Reserve Group

20 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method Roofing Pitched: 30 Yr. Dimensional Composition 90 Squares- Condominium - Phase I Pitched: 30 Yr. Dimensional Composition 67 Squares- Condominium - Phase II Pitched: 30 Yr. Dimensional Composition 62 Squares- Condominium - Phase III Pitched: 30 Yr. Dimensional Composition 66 Squares- Condominium - Phase IV Pitched: 30 Yr. Dimensional Composition 60 Squares- Garages - Phase I Pitched: 30 Yr. Dimensional Composition 9 Squares- Garage - Phase IV Gutters / Downspouts 487 Lin. Ft. Condominium - Phase I Gutters / Downspouts 362 Lin. Ft. Condominium - Phase II Gutters / Downspouts 367 Lin. Ft. Condominium - Phase III Gutters / Downspouts 362 Lin. Ft. Condominium - Phase IV Roofing: Inspections & Repairs Condominiums & Garages 23, ,058 1,335 7,155 8, % , ,567 1,019 4,735 5, % , ,622 1, , % , ,067 1,136 1,749 2, % , , ,050 4, % 428 2, , % 78 2, , , % 82 1, , % 62 1, , % 71 1, , % % 32 Sub-total [ Roofing] 98, ,655 6,070 20,321 24, % 3, Landscaping Pressurized Irrigation System Pressurized Irrigation Fencing Wood: 6' 705 Lin. Ft. Perimeter & Wing Fencing (20%)[nr:5] Mechanical Equipment Fire Control System Condominiums - Phases III & IV Miscellaneous Fire Alarm System Fire Alarm - Phases III & IV 1, , % 107 3, ,259 1,086 1,034 1, % 616 1, , % 160 2, , % 173 Version 1/14/ :25:09 AM Browning Reserve Group

21 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method [A] [B] Totals 183, ,485 16,595 50,793 55, % 9,408 [EndBal] [EndBal] [A] [B] Percent Funded 47.92% 56.01% Version 1/14/ :25:09 AM Browning Reserve Group

22 Section VI Ashleigh Commons Condominiums Association, Inc. Component Listing Included Components Paving Asphalt: Sealing Useful Life 4 9,350 Sq. Ft. Driveway Quantity 9,350 Unit of Measure Square Feet Cost /SqFt $ % Total Cost/Study $1,309 Replacement Year 2018 Future Cost $1,410 This is to apply two coats of an asphalt emulsion product. Includes asphalt surface preparation prior to application. Square footage, cost estimate and useful life provided by Cory Zubizareta. 3 Costing provided by Curtis Clean Sweep Asphalt: Repairs: On-going Useful Life 2 Driveway Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $300 Replacement Year 2016 Future Cost $308 This is for miscellaneous repairs including crackfill, skin patching and minor dig out & fill. Cost estimate and useful life provided by Cory Zubizareta. 1 Costing provided by Curtis Clean Sweep Version 1/14/ :25:09 AM Browning Reserve Group

23 Component Listing Included Components Paving Overlay Useful Life 30 9,350 Sq. Ft. Driveway Quantity 9,350 Unit of Measure Square Feet Cost /SqFt $ % Total Cost/Study $23,375 Replacement Year 2037 Future Cost $40,242 This is to mill the edges and install 1 1/2" of new hot asphalt on to the new surface. Square footage, cost estimate and useful life provided by Cory Zubizareta. Costing provided by Curtis Clean Sweep Concrete Sidewalks, Curbs & Gutters Useful Life 5 Common Area Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $600 Replacement Year 2016 Future Cost $615 This is to repair, replace or grind failed concrete sidewalks, curbs and gutters to remove trip hazards and maintain functionality. Since the concrete useful life exceeds the scope of this study, this provides for repairs only and not full replacement. 1 Version 1/14/ :25:09 AM Browning Reserve Group

24 Component Listing Included Components Painting: Exterior Surface Restoration Useful Life 1 Condominiums - Phase I Quantity 1 Unit of Measure Lump Sum Cost /LS $7, % 0 Treatment [nr:1] Total Cost/Study $7,256 Replacement Year 2015 Future Cost $7,256 This is to paint both the Hardi plank and stucco surfaces. Includes preparation, power washing, sanding, scraping and caulking as needed and clear coating front doors. Work performed by Chris Berry. Costing provided by B & K Painting Inc Surface Restoration Useful Life 8 Condominiums - Phase II Quantity 1 Unit of Measure Lump Sum Cost /LS $8, % Total Cost/Study $8,500 Replacement Year 2018 Future Cost $9,154 This is to paint both the Hardi plank and stucco surfaces. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate and useful life provided by Chris Berry. 3 Costing provided by B & K Painting Inc. Version 1/14/ :25:09 AM Browning Reserve Group

25 Component Listing Included Components Painting: Exterior Surface Restoration Useful Life 8 Condominiums - Phase III Quantity 1 Unit of Measure Lump Sum Cost /LS $8, % Total Cost/Study $8,500 Replacement Year 2020 Future Cost $9,617 This is to paint both the Hardi plank and stucco surfaces. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate and useful life provided by Chris Berry. 5 Costing provided by B & K Painting Inc Surface Restoration Useful Life 8 Condominiums - Phase IV Quantity 1 Unit of Measure Lump Sum Cost /LS $8, % Total Cost/Study $8,500 Replacement Year 2022 Future Cost $10,104 This is to paint both the Hardi plank and stucco surfaces. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate and useful life provided by Chris Berry. 7 Costing provided by B & K Painting Inc. Version 1/14/ :25:09 AM Browning Reserve Group

26 Component Listing Included Components Painting: Exterior Surface Restoration Useful Life 8 Condominiums - Phase I Quantity 1 Unit of Measure Lump Sum Cost /LS $10, % Total Cost/Study $10,500 Replacement Year 2023 Future Cost $12,793 This is to paint both the Hardi plank and stucco surfaces. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate provided by Chris Berry. 8 Costing provided by B & K Painting Inc Mid Cycle Touch-Up Useful Life 8 Condominiums - Phase I Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,300 Replacement Year 2019 Future Cost $1,435 This is to perform mid cycle touch-up painting midway between full painting cycles. Mid cycle painting is typically necessary with long duration full paint cycles. Cost estimate and useful life provided by Chris Berry. 4 Version 1/14/ :25:09 AM Browning Reserve Group

27 Component Listing Included Components Painting: Exterior Mid Cycle Touch-Up Useful Life 8 Condominiums - Phase II Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,050 Replacement Year 2022 Future Cost $1,248 This is to perform mid cycle touch-up painting midway between full painting cycles. Mid cycle painting is typically necessary with long duration full paint cycles. Cost estimate and useful life provided by Chris Berry. 7 Costing provided by B & K Painting Inc Mid Cycle Touch-Up Useful Life 8 Condominiums - Phase III Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,050 Replacement Year 2016 Future Cost $1,076 This is to perform mid cycle touch-up painting midway between full painting cycles. Mid cycle painting is typically necessary with long duration full paint cycles. Cost estimate and useful life provided by Chris Berry. 1 Costing provided by B & K Painting Inc. Version 1/14/ :25:09 AM Browning Reserve Group

28 Component Listing Included Components Painting: Exterior Mid Cycle Touch-Up Useful Life 8 Condominiums - Phase IV Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,050 Replacement Year 2018 Future Cost $1,131 This is to perform mid cycle touch-up painting midway between full painting cycles. Mid cycle painting is typically necessary with long duration full paint cycles. Cost estimate and useful life provided by Chris Berry. 3 Costing provided by B & K Painting Inc Stain Useful Life 2 5 Unit Front Doors - Phase I Quantity 5 Unit of Measure Items Cost /Itm $ % Total Cost/Study $750 Replacement Year 2017 Future Cost $788 This is to sand and clear coat the wood unit entry doors. Cost estimate and useful life provided by Chris Berry. 2 Costing provided by B & K Painting Inc. Version 1/14/ :25:09 AM Browning Reserve Group

29 Component Listing Included Components Stain Painting: Exterior Useful Life 2 3 Unit Front Doors - Phase II Quantity 3 Unit of Measure Items Cost /Itm $ % Total Cost/Study $450 Replacement Year 2019 Future Cost $497 This is to sand and clear coat the wood unit entry doors. Cost estimate and useful life provided by Chris Berry. 4 Costing provided by B & K Painting Inc Stain Useful Life 2 3 Unit Front Doors - Phase III Quantity 3 Unit of Measure Items Cost /Itm $ % Total Cost/Study $450 Replacement Year 2016 Future Cost $461 This is to sand and clear coat the wood unit entry doors. Cost estimate and useful life provided by Chris Berry. 1 Costing provided by B & K Painting Inc. Version 1/14/ :25:09 AM Browning Reserve Group

30 Component Listing Included Components Stain Painting: Exterior Useful Life 2 3 Unit Front Doors - Phase IV Quantity 3 Unit of Measure Items Cost /Itm $ % Total Cost/Study $450 Replacement Year 2016 Future Cost $461 This is to sand and clear coat the wood unit entry doors. Cost estimate and useful life provided by Chris Berry. 1 Costing provided by B & K Painting Inc Structural Repairs Siding & Trim Useful Life 5 Condominiums Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $600 Replacement Year 2020 Future Cost $679 This is to have funds available for repairs/replacement of siding and/or trim over the course of the various painting cycles as needed. 5 Version 1/14/ :25:09 AM Browning Reserve Group

31 Component Listing Included Components Structural Repairs Stucco Repairs Useful Life 5 Condominiums Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $600 Replacement Year 2020 Future Cost $679 This is to have funds available to repair damaged stucco over the course of the various painting cycles as needed Roofing Pitched: 30 Yr. Dimensional Composition Useful Life Squares- Condominium - Phase I Quantity 90 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $23,850 Replacement Year 2036 Future Cost $40,058 This is to re-roof with a 30 year fiberglass dimensional composition roofing product. Cost estimate and useful life provided by Mike Forbes. Square count is approximate by BRG. Costing provided by ADA County Roofing Inc. Version 1/14/ :25:09 AM Browning Reserve Group

32 Component Listing Included Components Roofing Pitched: 30 Yr. Dimensional Composition Useful Life Squares- Condominium - Phase II Quantity 67 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $17,755 Replacement Year 2037 Future Cost $30,567 This is to re-roof with a 30 year fiberglass dimensional composition roofing product. Cost estimate and useful life provided by Mike Forbes. Square count is approximate by BRG. Costing provided by ADA County Roofing Inc Pitched: 30 Yr. Dimensional Composition Useful Life Squares- Condominium - Phase III Quantity 62 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $16,430 Replacement Year 2044 Future Cost $33,622 This is to re-roof with a 30 year fiberglass dimensional composition roofing product. Cost estimate and useful life provided by Mike Forbes. Square count is approximate by BRG. Costing provided by ADA County Roofing Inc. Version 1/14/ :25:09 AM Browning Reserve Group

33 Component Listing Included Components Roofing Pitched: 30 Yr. Dimensional Composition Useful Life Squares- Condominium - Phase IV Quantity 66 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $17,490 Replacement Year 2042 Future Cost $34,067 This is to re-roof with a 30 year fiberglass dimensional composition roofing product. Cost estimate and useful life provided by Mike Forbes. Square count is approximate by BRG. Costing provided by ADA County Roofing Inc Pitched: 30 Yr. Dimensional Composition Useful Life Squares- Garages - Phase I Quantity 60 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $13,500 Replacement Year 2036 Future Cost $22,674 This is to re-roof with a 30 year fiberglass dimensional composition roofing product. Cost estimate and useful life provided by Mike Forbes. Square count is approximate by BRG. Costing provided by ADA County Roofing Inc. Version 1/14/ :25:09 AM Browning Reserve Group

34 Component Listing Included Components Roofing Pitched: 30 Yr. Dimensional Composition Useful Life 30 9 Squares- Garage - Phase IV Quantity 9 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $2,025 Replacement Year 2044 Future Cost $4,144 This is to re-roof with a 30 year fiberglass dimensional composition roofing product. Cost estimate and useful life provided by Mike Forbes. Square count is approximate by BRG. Costing provided by ADA County Roofing Inc Gutters / Downspouts Useful Life Lin. Ft. Condominium - Phase I Quantity 487 Unit of Measure Linear Feet This is to replace the gutters and downspouts. Linear footage is approximate by BRG. Cost /l.f. $ % Total Cost/Study $2,192 Replacement Year 2026 Future Cost $2,875 Version 1/14/ :25:09 AM Browning Reserve Group

35 Component Listing Included Components Roofing Gutters / Downspouts Useful Life Lin. Ft. Condominium - Phase II Quantity 362 Unit of Measure Linear Feet This is to replace the gutters and downspouts. Linear footage is approximate by BRG. Cost /l.f. $ % Total Cost/Study $1,629 Replacement Year 2027 Future Cost $2, Gutters / Downspouts Useful Life Lin. Ft. Condominium - Phase III Quantity 367 Unit of Measure Linear Feet This is to replace the gutters and downspouts. Linear footage is approximate by BRG. Cost /l.f. $ % Total Cost/Study $1,652 Replacement Year 2032 Future Cost $2,513 Version 1/14/ :25:09 AM Browning Reserve Group

36 Component Listing Included Components Roofing Gutters / Downspouts Useful Life Lin. Ft. Condominium - Phase IV Quantity 362 Unit of Measure Linear Feet This is to replace the gutters and downspouts. Linear footage is approximate by BRG. Cost /l.f. $ % Total Cost/Study $1,629 Replacement Year 2034 Future Cost $2, Roofing: Inspections & Repairs Useful Life 2 Condominiums & Garages Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $300 Replacement Year 2020 Future Cost $339 This is to inspect and perform rudimentary maintenance as needed to the roofing. Cost estimate provided by Mike Forbes. 5 Costing provided by ADA County Roofing Inc. Version 1/14/ :25:09 AM Browning Reserve Group

37 Component Listing Included Components Landscaping Pressurized Irrigation System Useful Life 5 Pressurized Irrigation Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,000 Replacement Year 2020 Future Cost $1,131 This is to have funds available periodically to replace the mechanical and electrical components of the pressurized irrigation system. Includes Amiad automatic filter ($1,200), submersible pump ($700) and pump start switch ($300). Cost estimate and useful life provided by Scott Kerschensteiner. 5 Costing provided by RKH Landscaping Inc Fencing Wood: 6' 705 Lin. Ft. Perimeter & Wing Fencing (20%) Useful Life 2 Quantity 705 Unit of Measure Linear Feet Cost /l.f. $22.00 Qty * $/l.f. $15, % 2 Treatment [nr:5] Total Cost/Study $3,102 Replacement Year 2017 Future Cost $3,259 This is to have funds available periodically to replace the 6' wood fencing including discarded fence material removal and disposal. The projection does not contemplate full replacement at one time. The cost per lineal foot is $22 and includes installation of new metal posts at $150 ea. The projection is to replace approximately 20% of the total lineal footage every 2 years over the next 10 years. This is based on a useful life of approximately 20 years. Cost estimate and useful life provided by Ward Ellis. Lineal footage is approximate by BRG. Costing provided by Frontier Fence Co. Version 1/14/ :25:09 AM Browning Reserve Group

38 Component Listing Included Components Mechanical Equipment Fire Control System Useful Life 5 Condominiums - Phases III & IV Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,500 Replacement Year 2020 Future Cost $1,697 This is to have funds available to periodically to repair/replace the mechanical and structural components of the wet fire suppression systems in Phases III & IV only. Includes 2 double check valves ($550 ea.), 4 Potter flow switches ($165 ea.), 4 Potter ball valve switches ($350 ea), gauges, sprinklers, lateral piping, etc. Unless a leak develops as the system ages, funds required should be nominal. An annual maintenance inspection is recommended as an operating expense. BRG consulted with Sam Ball in making this projection. 5 Costing provided by Absolute Fire Protection Miscellaneous Fire Alarm System Useful Life 10 Fire Alarm - Phases III & IV Quantity 1 Unit of Measure Lump Sum Cost /LS $2, % Total Cost/Study $2,500 Replacement Year 2023 Future Cost $3,046 This is to have funds available periodically to replace the electrical and mechanical components of the fire alarm systems in Phases III & IV only. Includes 2 Silent Knight fire alarm control communicator panels ($1,500 ea.), 2 AES IntelliNet fire transmitter panels ($1,000 ea.), 2 pull stations ($135 ea.), 2 smoke detectors ($75 ea.). An annual maintenance inspection is recommended as an operating expense. BRG consulted with Jeremy Berg in making this projection. 8 Costing provided by Alarmco, Inc. Version 1/14/ :25:09 AM Browning Reserve Group

39 Section VII Ashleigh Commons Condominiums Association, Inc. Component Tabular Listing Included Components Component Current Replacement Cost Useful Life Remaining Life Quantity Cost/ U of M Treatment Location Paving Asphalt: Sealing $1, ,350 $.14/SqFt Driveway Asphalt: Repairs: On-going $ $300/LS Driveway Overlay $23, ,350 $2.50/SqFt Driveway Concrete Sidewalks, Curbs & Gutters $ $600/LS Common Area Painting: Exterior Surface Restoration $7, $7,256/LS [nr:1] Condominiums - Phase I Surface Restoration $8, $8,500/LS Condominiums - Phase II Surface Restoration $8, $8,500/LS Condominiums - Phase III Surface Restoration $8, $8,500/LS Condominiums - Phase IV Surface Restoration $10, $10,500/LS Condominiums - Phase I Mid Cycle Touch-Up $1, $1,300/LS Condominiums - Phase I Mid Cycle Touch-Up $1, $1,050/LS Condominiums - Phase II Mid Cycle Touch-Up $1, $1,050/LS Condominiums - Phase III Mid Cycle Touch-Up $1, $1,050/LS Condominiums - Phase IV Stain $ $150/Itm Unit Front Doors - Phase I Stain $ $150/Itm Unit Front Doors - Phase II Stain $ $150/Itm Unit Front Doors - Phase III Stain $ $150/Itm Unit Front Doors - Phase IV Structural Repairs Siding & Trim $ $600/LS Condominiums Stucco Repairs $ $600/LS Condominiums Roofing Pitched: 30 Yr. Dimensional Composition Pitched: 30 Yr. Dimensional Composition $23, $265/Sqrs Condominium - Phase I $17, $265/Sqrs Condominium - Phase II Version 1/14/ :25:09 AM Browning Reserve Group

40 Component Tabular Listing Component Current Replacement Cost Useful Life Remaining Life Quantity Cost/ U of M Treatment Location Included Components Roofing Pitched: 30 Yr. Dimensional Composition Pitched: 30 Yr. Dimensional Composition Pitched: 30 Yr. Dimensional Composition Pitched: 30 Yr. Dimensional Composition $16, $265/Sqrs Condominium - Phase III $17, $265/Sqrs Condominium - Phase IV $13, $225/Sqrs Garages - Phase I $2, $225/Sqrs Garage - Phase IV Gutters / Downspouts $2, $4.50/l.f. Condominium - Phase I Gutters / Downspouts $1, $4.50/l.f. Condominium - Phase II Gutters / Downspouts $1, $4.50/l.f. Condominium - Phase III Gutters / Downspouts $1, $4.50/l.f. Condominium - Phase IV Roofing: Inspections & Repairs $ $300/LS Condominiums & Garages Landscaping Pressurized Irrigation System $1, $1,000/LS Pressurized Irrigation Fencing Wood: 6' $3, $22.00/l.f. (20%) [nr:5] Perimeter & Wing Fencing Mechanical Equipment Fire Control System $1, $1,500/LS Condominiums - Phases III & IV Miscellaneous Fire Alarm System $2, $2,500/LS Fire Alarm - Phases III & IV Version 1/14/ :25:09 AM Browning Reserve Group

41 Section VII-a Ashleigh Commons Condominiums Association, Inc. Expenditures by Year - Next 3 Years Reserve Component Life Useful Current Replacement Cost Forecast Inflated 2.50% Painting: Exterior Surface Restoration Condominiums - Phase I[nr:1] 1 7,256 Total 2015: 7, Paving Asphalt: Repairs: On-going Driveway Concrete Sidewalks, Curbs & Gutters Common Area Painting: Exterior Mid Cycle Touch-Up Condominiums - Phase III Stain 3 Unit Front Doors - Phase III Stain 3 Unit Front Doors - Phase IV Total Painting: Exterior: 1, ,050 1, ,998 Total 2016: 2,850 2, Painting: Exterior Stain 5 Unit Front Doors - Phase I Fencing Wood: 6' 705 Lin. Ft. Perimeter & Wing Fencing (20%)[nr:5] ,102 3,259 Total 2017: 3,852 4, /14/ fs :ukn.ukn Version 1/14/ :25:09 AM Browning Reserve Group

42 Section IX Ashleigh Commons Condominiums Association, Inc. Directory of Reserve Study Contractors Absolute Fire Protection Sam Ball 8103 Danskin Ln. Meridian, ID Mechanical Equipment Phone: (208) License #: Fire Control System Condominiums - Phases III & IV ADA County Roofing Inc Roofing Mike Forbes 9801 Roan Meadows Drive Boise, ID Phone: (208) License #: Pitched: 30 Yr. Dimensional Composition Condominium - Phase I Pitched: 30 Yr. Dimensional Composition Condominium - Phase II Pitched: 30 Yr. Dimensional Composition Condominium - Phase III Pitched: 30 Yr. Dimensional Composition Condominium - Phase IV Pitched: 30 Yr. Dimensional Composition Garages - Phase I Pitched: 30 Yr. Dimensional Composition Garage - Phase IV Roofing: Inspections & Repairs Condominiums & Garages Alarmco, Inc. Jeremy Berg 1675 N. Mitchell Boise, ID Miscellaneous Phone: (208) License #: Fire Alarm System Fire Alarm - Phases III & IV B & K Painting Inc. Chris Berry W. Cayuse Lane Boise, ID Painting: Exterior Phone: (208) License #: Surface Restoration Condominiums - Phase I Surface Restoration Condominiums - Phase II Surface Restoration Condominiums - Phase III Surface Restoration Condominiums - Phase IV Version 1/14/ :25:09 AM Browning Reserve Group