REPLACEMENT RESERVE REPORT FY 2010 WOODWIND ASSOCIATION. N & H Enterprises MILLER ~ DODSON ASSOCIATES. Community Management by:

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1 REPLACEMENT RESERVE REPORT FY 2010 WOODWIND ASSOCIATION WOODWIND ASSOCIATION REPLACEMENT RESERVE REPORT FY 2010 Community Management by: N & H Enterprises PO Box 5539 Greenville, SC Consultant: MILLER ~ DODSON ASSOCIATES 929 West Street, Suite 310 Annapolis, MD Tel: Fax:

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3 Section A Replacement Reserve Analysis REPLACEMENT RESERVE REPORT WOODWIND ASSOCIATION Mauldin, South Carolina Executive Summary - A1 Reserve Status & Funding Plan - A1 General Information - A2 Cash Flow Method - A4 Component Method - A6 Current Association Funding - A8 Reserve Analysis Comments - A9 Revised February 13, 2009 Section B Replacement Reserve Inventory Replacement Reserve Inventory General information - B1 Replacement Reserve Inventory Comments - B2 Schedule of Projected Replacements and Exclusions - B3 Section C Projected Annual Replacements Scope. Woodwind Association is a condominium community located in Mauldin, South Carolina. Woodwind Association was constructed in The community consists of 31 townhouse buildings with a total of 114 units. The survey examined the common elements of the property, including: Asphalt drive and parking. Concrete sidewalks and curb. Retaining walls, fencing, and railings. Swimming pool and pool building. Building exteriors. Level of Service. This study has been performed as a Level I, Full Service Reserve Study as defined under the National Reserve Study Standards that have been adopted by the Community Associations Institute. As such, a complete component inventory was established based on information regarding commonly-owned components provided by the community manager and upon quantities derived from field measurement and/or quantity takeoffs from to-scale engineering drawings. The condition of all commonly-owned components was ascertained from a site visit and the visual inspection of each component by the Analyst. The life expectancy and the value of the components are provided based in part on these observations. The fund status and funding plan have been derived from analysis of this data. Projected Annual Replacements General Information - C1 Reserve Analysis and Inventory Policies, Procedures, and Administration - C2 Calendar of Projected Annual Replacements - C2 Section D Condition Assessment Section E Attachments Appendix

4 Purpose. The purpose of this Replacement Reserve Study is to provide Woodwind Association (hereinafter called the Association) with an inventory of the common community facilities and infrastructure components that require periodic replacement. The Study includes a general view of the condition of these items and an effective financial plan to fund projected periodic replacements. Inventory of Items Owned by the Association. Section B Replacement Reserve Inventory lists the Projected Replacements of the commonly owned items that require periodic replacement using funding from Replacement Reserves. The Replacement Reserve Inventory also provides information about excluded items, which are items whose replacements are not scheduled for funding from Replacement Reserves. Condition of Items Owned by the Association. Section B Replacement Reserve Inventory includes our estimates of the normal economic life and the remaining economic life for the projected replacements. Section C Calendar of Projected Annual Replacements provides a year-by-year listing of the projected replacements. Section D Condition Assessment provides additional detail for items that are unique or deserving of attention because of their condition or the manner in which they have been treated in this Study. Financial Plan. The Association has a fiduciary responsibility to protect the appearance, value, and safety of the property and it is therefore essential the Association have a financial plan that provides funding for the projected replacements. In conformance with American Institute of Certified Public Accountant guidelines, Section A Replacement Reserve Analysis evaluates the current funding of Replacement Reserves as reported by the Association and recommends annual funding of Replacement Reserves by two generally accepted accounting methods; the Cash Flow Method and the Component Method. Section A Replacement Reserve Analysis includes graphic and tabular presentations of these methods and current Association funding. An Executive Summary of these calculations is provided on Page A1. Basis. The data contained in this Replacement Reserve Study is based upon the following: The Request for Proposal submitted and executed by the Association. Our visual evaluation and measurements on January 22 and 23, Miller - Dodson Associates has visually inspected the common elements of the property in order to ascertain the remaining useful life and the replacement costs of these components. Current Funding. This reserve study has been prepared for Fiscal Year 2010 covering the period from January 1, 2010 to December 31, The Replacement Reserves on deposit as of January 1, 2009 are reported to be $57,821. The planned contribution for the fiscal year is $43,000. This results in a Reserve Fund balance at the start of the fiscal year as follows: January 1 balance $57, months contribution 43,000 FY 2010 opening balance $100,821 Engineering Drawings. No architectural drawings or engineering site plans were available for review in connection with this study. We recommend the Association assemble a library of site and building plans of the entire community. Reproducible drawings should be stored and kept in a secure fireproof location. The Association will find these drawings to be a valuable resource in planning and executing future projects. Acknowledgement. Miller - Dodson Associates would like to acknowledge the assistance and input of Ms. Rebecca Thompson and Mr. Dale Illsley. Ms. Thompson and Mr. Illsley provided very helpful insight into the current operations at the property.

5 Analyst s Credentials. This study has been performed by James E. Piper, who holds a Bachelors Degree and a Masters Degree in Mechanical Engineering from the University of Akron and a PhD from the University of Maryland. Dr. Piper is a Registered Professional Engineer in the State of Maryland, and the author of articles and books on the subject of the condition assessment of facilities. He has over 20 years experience in the evaluation and the management of the physical plant of the University of Maryland. He is currently a Reserve Specialist (RS) for Miller - Dodson Associates. Respectfully submitted, MILLER - DODSON ASSOCIATES, INC. James Piper, RS Reserve Specialist

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7 Replacement Reserve Analysis - Page A1 EXECUTIVE SUMMARY The Woodwind Association Replacement Reserve Inventory identifies 130 Projected Replacements for funding from Replacement Reserves, with an estimated one-time replacement cost of $2,712,114. 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: $281,440 CASH FLOW METHOD MINIMUM ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, $ Per unit (average), minimum monthly funding of Replacement Reserves 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 2010 and the CFM - Minimum Annual Funding of Replacement Reserves in 2011 declines to $192,460 ($ per unit, per month), after the completion of $300,897 of replacements in the Study Year, A subsequent Peak Year and decline in the Cash Flow Method, Minimum Annual Funding, occurs in $610,546 COMPONENT METHOD RECOMMENDED ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, $ Per unit (average), recommended monthly funding of Replacement Reserves 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 $1,592,749. The Association reports having $100,821 on deposit, which is 6.3% funded. $43,000 CURRENT ANNUAL FUNDING OF REPLACEMENT RESERVES (as reported by the Association). $31.43 Per unit (average), reported current monthly funding of Replacement Reserves 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 30 years of the 30-year Study Period, and a maximum shortfall of $-2,138,256 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 $3,428,670 of Projected Replacements listed in the Woodwind Association 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.

8 Replacement Reserve Analysis - Page A2 REPLACEMENT RESERVE ANALYSIS - GENERAL INFORMATION The Woodwind Association 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 $100,821 at the start of the Study Year. Graph #1. Annual Expenditures for Projected Replacements This bar graph summarizes annual expenditures for the $3,428,670 of Projected Replacements identified in the Replacement Reserve Inventory over the 30-year Study Period. The red line shows the average annual expenditure of $114,289. $350,000 $300,000 $300,897 $319,895 $311,313 $250,000 $239,567 $261,315 $233,230 $256,632 $221,755 $219,187 $200,000 $187,920 $155,538 $150,000 $100,000 $114, YR AVERAGE $114,682 $100,998 $109,896 $50,000 $ $43,337 $57,414 $70, $57,414 $39,933 $10,140 $22,182 $1,140 $10,058 $0 $1,140 $10,614 $1,050 $42,918 $16,020 $11,

9 Replacement Reserve Analysis - Page A3 PROJECTED REPLACEMENTS The Woodwind Association Replacement Reserve Inventory (Section B) identifies 130 Projected Replacements with a one-time Replacement Cost of $2,712,114 and replacements totaling $3,428,670 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 33 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 16 major categories (Pages B3 to B17). 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. $6,000,000 Cash Flow Method - Cumulative Receipts Component Method - Cumulative Receipts Projected Replacements - Cumulative Expenditures Current Funding - Cumulative Receipts $5,000,000 $5,012,608 $4,000,000 $4,018,877 $3,428,670 $3,000,000 $2,000,000 $1,390,821 $1,000,000 $

10 Replacement Reserve Analysis - Page A4 CASH FLOW METHOD $281,440 CASH FLOW METHOD MINIMUM ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, $ Per unit (average), minimum monthly funding of Replacement Reserves 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 $5,000,000 Cash Flow Method - Cumulative Receipts Cash Flow Method - Year End Balance Cumulative Expenditures $4,000,000 $4,018,877 $3,428,670 $3,000,000 $2,000,000 Second Peak Year $1,000,000 First Peak Year $590,207 $

11 Replacement Reserve Analysis - Page A5 CASH FLOW METHOD (cont'd) Replacement Reserves - Minimum Recommended Balance. The Minimum Recommended Balance is $81,363, which is 3.0 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 2010, after the completion of $300,897 of replacements in the Study Year, The Cash Flow Method - Minimum Annual Funding of Replacement Reserves declines from $281,440 in 2010 to $192,460 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 $114,289 (see Graph #1). The Cash Flow Method - Minimum Annual Funding of Replacement Reserves in the Study Year is $281,440. 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 Starting balance $100,821 Annual deposit $281,440 $192,460 $192,460 $192,460 $192,460 $192,460 $192,460 $107,907 $107,907 $107,907 Expenditures $300,897 $43,337 $319,895 $57,414 $239,567 $261,315 $233,230 $70,881 $114,682 $57,414 Year end balance $81,363 $230,486 $103,051 $238,097 $190,990 $122,134 $81,363 $118,390 $111,615 $162,107 Minimum rec. funding lvl. $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 Cumulative expenditures $300,897 $344,234 $664,129 $721,543 $961,110 $1,222,425 $1,455,656 $1,526,536 $1,641,218 $1,698,632 Cumulative receipts $382,261 $574,720 $767,180 $959,640 $1,152,100 $1,344,559 $1,537,019 $1,644,926 $1,752,833 $1,860,740 First Peak Year Second Peak Year Year Annual deposit $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 Expenditures $39,933 $10,140 $22,182 $1,140 $10,058 $256,632 $221,755 $155,538 $219,187 Year end balance $230,082 $327,848 $413,574 $520,341 $618,190 $469,465 $577,372 $463,524 $415,893 $304,613 Minimum rec. funding lvl. $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 Cumulative expenditures $1,738,565 $1,748,705 $1,770,886 $1,772,026 $1,782,084 $2,038,716 $2,038,716 $2,260,471 $2,416,009 $2,635,196 Cumulative receipts $1,968,647 $2,076,553 $2,184,460 $2,292,367 $2,400,274 $2,508,181 $2,616,088 $2,723,995 $2,831,902 $2,939,808 Year Annual deposit $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 $107,907 Expenditures $311,313 $100,998 $109,896 $1,140 $10,614 $187,920 $1,050 $42,918 $16,020 $11,605 Year end balance $101,206 $108,115 $106,126 $212,893 $310,186 $230,173 $337,030 $402,018 $493,905 $590,207 Minimum rec. funding lvl. $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 $81,363 Cumulative expenditures $2,946,509 $3,047,507 $3,157,403 $3,158,543 $3,169,157 $3,357,077 $3,358,127 $3,401,045 $3,417,065 $3,428,670 Cumulative receipts $3,047,715 $3,155,622 $3,263,529 $3,371,436 $3,479,343 $3,587,250 $3,695,157 $3,803,063 $3,910,970 $4,018,877

12 Replacement Reserve Analysis - Page A6 COMPONENT METHOD $610,546 COMPONENT METHOD RECOMMENDED ANNUAL FUNDING OF REPLACEMENT RESERVES IN THE STUDY YEAR, $ Per unit (average), recommended monthly funding of Replacement Reserves General. The Component Method is a time tested and very conservative mathematical model developed by HUD in the early 1980s. Each of the 130 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 $6,000,000 Component Method - Cumulative Receipts Component Method - Year End Balance Projected Replacements - Cumulative Expenditures $5,000,000 $5,012,608 $4,000,000 $3,428,670 $3,000,000 $2,000,000 $1,583,938 $1,000,000 $

13 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 130 Projected Replacements. The total, $1,592,749, 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 ($100,821) by the Current Funding Objective ($1,592,749). At Woodwind Association the Funding Percentage is 6.3% Allocation of the Beginning Balance. The Beginning Balance is divided among the 130 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 6.3 percent funded, there is $51 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 $610,546, the Component Method Recommended Annual Funding of Replacement Reserves in the Study Year (2010). In our fence example, the $51 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 $475. Next year, the deposit remains $475, 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 Starting balance $100,821 Annual deposit $610,546 $343,125 $324,117 $237,925 $225,948 $191,918 $165,392 $143,525 $139,301 $131,375 Expenditures $300,897 $43,337 $319,895 $57,414 $239,567 $261,315 $233,230 $70,881 $114,682 $57,414 Year end balance $410,470 $710,258 $714,481 $894,991 $881,372 $811,975 $744,137 $816,781 $841,401 $915,362 Cumulative Expenditures $300,897 $344,234 $664,129 $721,543 $961,110 $1,222,425 $1,455,656 $1,526,536 $1,641,218 $1,698,632 Cumulative Receipts $711,367 $1,054,492 $1,378,610 $1,616,535 $1,842,482 $2,034,400 $2,199,793 $2,343,318 $2,482,619 $2,613,994 Year Annual deposit $127,438 $126,334 $126,334 $125,778 $125,778 $125,464 $119,904 $119,904 $119,197 $118,548 Expenditures $39,933 $10,140 $22,182 $1,140 $10,058 $256,632 $221,755 $155,538 $219,187 Year end balance $1,002,867 $1,119,061 $1,223,213 $1,347,851 $1,463,572 $1,332,404 $1,452,309 $1,350,458 $1,314,117 $1,213,478 Cumulative Expenditures $1,738,565 $1,748,705 $1,770,886 $1,772,026 $1,782,084 $2,038,716 $2,038,716 $2,260,471 $2,416,009 $2,635,196 Cumulative Receipts $2,741,432 $2,867,766 $2,994,100 $3,119,878 $3,245,656 $3,371,120 $3,491,025 $3,610,929 $3,730,126 $3,848,674 Year Annual deposit $118,548 $116,790 $116,261 $116,261 $116,261 $116,072 $116,072 $116,072 $115,798 $115,798 Expenditures $311,313 $100,998 $109,896 $1,140 $10,614 $187,920 $1,050 $42,918 $16,020 $11,605 Year end balance $1,020,713 $1,036,504 $1,042,869 $1,157,990 $1,263,638 $1,191,790 $1,306,812 $1,379,967 $1,479,745 $1,583,938 Cumulative Expenditures $2,946,509 $3,047,507 $3,157,403 $3,158,543 $3,169,157 $3,357,077 $3,358,127 $3,401,045 $3,417,065 $3,428,670 Cumulative Receipts $3,967,222 $4,084,011 $4,200,273 $4,316,534 $4,432,795 $4,548,867 $4,664,939 $4,781,012 $4,896,810 $5,012,608

14 Replacement Reserve Analysis - Page A8 CURRENT FUNDING $43,000 CURRENT ANNUAL FUNDING OF REPLACEMENT RESERVES (as reported by the Association). $31.43 Per unit (average), reported current monthly funding of Replacement Reserves General. Our evaluation of the Current Association Funding assumes that the Association will continue to fund Replacement Reserves at the current level of $43,000 per year in each of the 30 years of the Study Period. Our evaluation is based upon this Replacement Reserve Funding Level, a $100,821 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 30 years of the 30-year Study Period, and a maximum shortfall of $-2,138,256 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 $114,289 (see Graph #1). Current Association annual funding of Replacement Reserves is $43,000, or approximately 38 percent of the Average Annual Expenditure. Graph #5. Current Association Funding - Cumulative Receipts and Expenditures Graph $4,000,000 Current Funding - Cumulative Receipts Current Funding - Year End Balance Projected Replacements - Cumulative $3,428,670 Expenditures $3,000,000 $2,000,000 $1,000,000 $1,390,821 $0 ($1,000,000) ($2,000,000) ($2,037,849) ($3,000,000)

15 Replacement Reserve Analysis - Page A9 CURRENT FUNDING (cont'd) Table #3. Current Funding Data - Years 1 through 30 Year Starting balance $100,821 Annual deposit $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 Expenditures $300,897 $43,337 $319,895 $57,414 $239,567 $261,315 $233,230 $70,881 $114,682 $57,414 Year end balance ($157,076) ($157,413) ($434,308) ($448,722) ($645,289) ($863,604) ($1,053,835) ($1,081,715) ($1,153,397) ($1,167,811) Cumulative Expenditures $300,897 $344,234 $664,129 $721,543 $961,110 $1,222,425 $1,455,656 $1,526,536 $1,641,218 $1,698,632 Cumulative Receipts $143,821 $186,821 $229,821 $272,821 $315,821 $358,821 $401,821 $444,821 $487,821 $530,821 Year Annual deposit $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 Expenditures $39,933 $10,140 $22,182 $1,140 $10,058 $256,632 $221,755 $155,538 $219,187 Year end balance ($1,164,744) ($1,131,884) ($1,111,065) ($1,069,205) ($1,036,263) ($1,249,895) ($1,206,895) ($1,385,650) ($1,498,188) ($1,674,375) Cumulative expenditures $1,738,565 $1,748,705 $1,770,886 $1,772,026 $1,782,084 $2,038,716 $2,038,716 $2,260,471 $2,416,009 $2,635,196 Cumulative receipts $573,821 $616,821 $659,821 $702,821 $745,821 $788,821 $831,821 $874,821 $917,821 $960,821 Year Annual deposit $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 Expenditures $311,313 $100,998 $109,896 $1,140 $10,614 $187,920 $1,050 $42,918 $16,020 $11,605 Year end balance ($1,942,688) ($2,000,686) ($2,067,582) ($2,025,722) ($1,993,336) ($2,138,256) ($2,096,306) ($2,096,224) ($2,069,244) ($2,037,849) Cumulative Expenditures $2,946,509 $3,047,507 $3,157,403 $3,158,543 $3,169,157 $3,357,077 $3,358,127 $3,401,045 $3,417,065 $3,428,670 Cumulative Receipts $1,003,821 $1,046,821 $1,089,821 $1,132,821 $1,175,821 $1,218,821 $1,261,821 $1,304,821 $1,347,821 $1,390,821 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. Woodwind Association has 114 units. The type of property is a condominium. Our calculations assume that Replacement Reserves are not subject to tax.

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17 Replacement Reserve Inventory - Page B1 REPLACEMENT RESERVE INVENTORY GENERAL INFORMATION Woodwind Association - Replacement Reserve Inventory identifies 163 items. Two types of items are identified, Projected Replacements and Excluded Items: PROJECTED REPLACEMENTS. 130 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 $2,712,114. Replacements totaling $3,428,670 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. 33 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 163 items included in the Woodwind Association Replacement Reserve Inventory are divided into 16 major categories. Each category is printed on a separate page, Pages B3 to B17. 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.

18 Replacement Reserve Inventory - Page B2 REPLACEMENT RESERVE INVENTORY - GENERAL INFORMATION (cont'd) INVENTORY DATA. Each of the 130 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 two sources to develop the unit cost data shown in the Inventory; industry standard estimating manuals published by R. S. Means Company, Inc., and data that we have developed based upon our experience with similar replacement projects. We frequently use our best professional judgment to modify these values to reflect conditions at the site that we believe will affect the unit costs. Actual Replacement Costs may vary substantially from our estimates because of unforeseen demolition costs, engineering and architectural fees, timing of the replacement, etc. 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 33 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.

19 Replacement Reserve Inventory - Page B3 CONCRETE SIDEWALK AND CURB & GUTTER PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 1 Concrete flatwork (6%) sf 675 $ none 2 $5,063 2 Concrete flatwork (6%) sf 675 $ $5,063 3 Concrete flatwork (6%) sf 675 $ $5,063 4 Concrete flatwork (6%) sf 675 $ $5,063 5 Concrete flatwork (6%) sf 675 $ $5,063 6 Concrete flatwork (6%) sf 675 $ $5,063 7 Concrete flatwork (6%) sf 675 $ $5,063 8 Concrete flatwork (6%) sf 675 $ $5,063 9 Concrete flatwork (6%) sf 675 $ $5, Concrete flatwork (6%) sf 675 $ $5, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15, Concrete curb (6%) lf 481 $ $15,377 CONCRETE SIDEWALK AND CURB & GUTTER - Replacement Costs - Subtotal $204,398 CONCRETE SIDEWALK AND CURB & GUTTER COMMENTS The concrete flatwork includes the sidewalks, dumpster pads, mailbox pads, the front door stoops, and the rear patios.

20 Replacement Reserve Inventory - Page B4 BRICK STEPS PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 21 Brick steps (10%) lf 85 $ none 2 $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5, Brick steps (10%) lf 85 $ $5,551 BRICK STEPS - Replacement Costs - Subtotal $55,510 BRICK STEPS COMMENTS

21 Replacement Reserve Inventory - Page B5 ASPHALT PAVEMENT PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 31 East Bay Court asphalt sf 5,286 $ $8, Seal coat East Bay Court sf 5,286 $ none 2 $1, Sims Alley asphalt sf 8,260 $ $14, Seal coat Sims Alley sf 8,260 $ none 2 $1, Legar Street asphalt sf 20,836 $ none 2 $35, Seal coat Legar Street sf 20,836 $ $4, Pool parking lot asphalt sf 7,444 $ $12, Seal coat pool parking lot sf 7,444 $ $1, Tradd Street asphalt sf 14,858 $ $25, Seal coat Tradd Street sf 10,012 $ none 2 $2, Queens Street asphalt sf 10,012 $ $17, Seal coat Queens Street sf 10,012 $ none 2 $2, Strolls Alley asphalt sf 22,944 $ $39, Seal coat Strolls Alley sf 22,944 $ none 2 $4, Wentworth Street asphalt sf 18,490 $ $31, Seal coat Wentworth Street sf 18,490 $ $3,698 ASPHALT PAVEMENT - Replacement Costs - Subtotal $204,478 ASPHALT PAVEMENT COMMENTS We have assumed that the Association will replace the asphalt pavement by the installation of a 2 inch thick overlay. The pavement will need to be milled prior to the installation of the overlay. Milling and the cost of minor repairs (5 to 10 percent of the total area) to the base materials and bearing soils beneath the pavement is included in the cost shown above.

22 Replacement Reserve Inventory - Page B6 ASPHALT PAVEMENT PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 47 Lambell Street asphalt sf 20,870 $ $35, Seal coat Lambell Street sf 20,870 $ $4, Market Place asphalt sf 11,036 $ $18, Seal coat Market Place sf 11,036 $ $2,207 ASPHALT PAVEMENT - Replacement Costs - Subtotal $60,621 ASPHALT PAVEMENT COMMENTS

23 Replacement Reserve Inventory - Page B7 SITE IMPROVEMENTS PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 51 Brick monument, tuckpointing sf 84 $ $1, Community sign ls 1 $1, $1, Site lighting fixtures ea 22 $2, $47, Trash enclosure brick, tuckpointing sf 855 $ $10, Mail building roofs sf 454 $ $1, Mail building brick tuckpointing sf 912 $ $11, Mailboxes ls 1 $5, $5, Gazebo roof sf 83 $ $ Gazebo ls 1 $3, $3, Pressure treated wood retaining wall sf 964 $ $30, Railroad tie retaining wall sf 560 $ none 2 $22, Brick retaining wall sf 680 $ $34, Brick privacy fence sf 144 $ $6, Wood privacy fence lf 534 $ $16, Storm water catch basins ea 13 $6, $84, Water mains, 10% unit 116 $ $29, Sanitary sewer lines, 10% unit 116 $ $14,500 SITE IMPROVEMENTS - Replacement Costs - Subtotal $320,474 SITE IMPROVEMENTS COMMENTS We have assumed that the railroad tie retaining walls will be replaced with ones constructed using modular block.

24 Replacement Reserve Inventory - Page B8 TOWNHOUSE EXTERIORS PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 68 Asphalt shingles, 25% sf 30,594 $ $119, Asphalt shingles, 25% sf 30,594 $ $119, Asphalt shingles, 25% sf 30,594 $ $119, Asphalt shingles, 25% sf 30,594 $ $119, Gutter and downspouts, 25% ft 2,555 $ $16, Gutter and downspouts, 25% ft 2,555 $ $16, Gutter and downspouts, 25% ft 2,555 $ $16, Gutter and downspouts, 25% ft 2,555 $ $16, Vinyl siding, 10% sf 9,088 $ none 2 $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Vinyl siding, 10% sf 9,088 $ $40, Masonry tuckpointing, 5% sf 1,109 $ $6,097 TOWNHOUSE EXTERIORS - Replacement Costs - Subtotal $958,763 TOWNHOUSE EXTERIORS COMMENTS We have assumed that the existing wood siding will be replaced with vinyl siding. We have also assumed that the siding will be replaced at the rate of 10% per year for the next ten years.

25 Replacement Reserve Inventory - Page B9 TOWNHOUSE EXTERIORS PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 87 Wood railing, front stoop & steps, 25% lf 299 $ $10, Wood railing, front stoop & steps, 25% lf 299 $ $10, Wood railing, front stoop & steps, 25% lf 299 $ $10, Wood railing, front stoop & steps, 25% lf 299 $ $10, Window shutters, 25% pr 68 $ none 2 $6, Window shutters, 25% pr 68 $ $6, Window shutters, 25% pr 68 $ $6, Window shutters, 25% pr 68 $ $6, Wood deck, decking - 25% sf 3,686 $ none 2 $66, Wood deck, decking - 25% sf 3,686 $ $66, Wood deck, decking - 25% sf 3,686 $ $66, Wood deck, decking - 25% sf 3,686 $ $66, Wood deck, structure - 25% sf 3,686 $ none 2 $81, Wood deck, structure - 25% sf 3,686 $ $81, Wood deck, structure - 25% sf 3,686 $ $81, Wood deck, structure - 25% sf 3,686 $ $81, Wood deck, wood railing - 25% ft 533 $ none 2 $15, Wood deck, wood railing - 25% ft 533 $ $15, Wood deck, wood railing - 25% ft 533 $ $15, Wood deck, wood railing - 25% ft 533 $ $15,990 TOWNHOUSE EXTERIORS - Replacement Costs - Subtotal $722,680 TOWNHOUSE EXTERIORS COMMENTS

26 Replacement Reserve Inventory - Page B10 SWIMMING POOL PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 107 Swimming pool structure sf 1,250 $ $87, Swimming pool finish sf 1,250 $ $6, Swimming pool waterline tile ft 150 $ $3, Swimming pool coping ft 150 $ $6, Swimming pool cover sf 1,250 $ $2, Swimming pool filter/chlorinator ls 1 $5, $5, Swimming pool valves & plumbing sf 1,250 $ $2, Swimming pool pump ea 1 $3, $3, Swimming pool concrete deck, 25% sf 981 $ none 2 $10, Swimming pool concrete deck, 25% sf 981 $ $10, Swimming pool concrete deck, 25% sf 981 $ $10, Swimming pool concrete deck, 25% sf 981 $ $10, Swimming pool furniture (25%) ls 1 $1, $1, Swimming pool furniture (25%) ls 1 $1, $1, Swimming pool furniture (25%) ls 1 $1, $1, Swimming pool furniture (25%) ls 1 $1, $1, Perimeter fence - 6' ft 225 $ $3,150 SWIMMING POOL - Replacement Costs - Subtotal $164,641 SWIMMING POOL COMMENTS We have assumed that the project to replace the pool deck will include the replacement of the plumbing and electrical systems installed beneath the pavement.

27 Replacement Reserve Inventory - Page B11 POOL BUILDING PROJECTED REPLACEMENTS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) 124 Pool building roof sf 870 $ $3, Pool building gutters & downspouts lf 150 $ $ Pool building brick tuckpoint sf 424 $ $2, Pool building exterior doors ea 3 $ $2, Pool building HVAC unit ea 1 $4, $4, Pool building HVAC condensing unit ea 1 $3, $3, Pool building fixtures ls 1 $3, $3,500 POOL BUILDING - Replacement Costs - Subtotal $20,550 POOL BUILDING COMMENTS

28 Replacement Reserve Inventory - Page B12 VALUATION EXCLUSIONS EXCLUDED ITEMS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) Miscellaneous signage ls 1 3 EXCLUDED VALUATION EXCLUSIONS COMMENTS Valuation Exclusions. For ease of administration of the Replacement Reserves and to reflect accurately how Replacement Reserves are administered, items with a dollar value less than $1, have not been scheduled for funding from Replacement Reserves. Examples of items excluded from funding by Replacement Reserves by this standard are listed above. The list above exemplifies exclusions by the cited standard(s) and is not intended to be comprehensive.

29 Replacement Reserve Inventory - Page B13 LONG-LIFE EXCLUSIONS EXCLUDED ITEMS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) Miscellaneous culverts ls 1 3 EXCLUDED Exterior brick veneer ls 1 3 EXCLUDED Building foundation(s) ls 1 3 EXCLUDED Concrete floor slabs (interior) ls 1 3 EXCLUDED Wall, floor, & roof structure ls 1 3 EXCLUDED Common element electrical services ls 1 3 EXCLUDED Water piping at common facilities ls 1 3 EXCLUDED Waste piping at common facilities ls 1 3 EXCLUDED Electrical wiring ls 1 3 EXCLUDED Stainless steel pool fixtures ls 1 3 EXCLUDED LONG-LIFE EXCLUSIONS COMMENTS Long Life Exclusions. Components that when properly maintained, can be assumed to have a life equal to the property as a whole, are normally excluded from the Replacement Reserve Inventory. Examples of items excluded from funding by Replacement Reserves by this standard are listed above. Exterior masonry is generally assumed to have and unlimited economic life but periodic tuckpointing is required and we have included this for funding in the Replacement Reserve Inventory. The list above exemplifies exclusions by the cited standard(s) and is not intended to be comprehensive.

30 Replacement Reserve Inventory - Page B14 UNIT IMPROVEMENTS EXCLUSIONS EXCLUDED ITEMS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) Domestic water pipes serving one unit ls 1 3 EXCLUDED Sanitary sewers serving one unit ls 1 3 EXCLUDED Electrical wiring serving one unit ls 1 3 EXCLUDED Gas service serving one unit ls 1 3 EXCLUDED Cable TV service serving one unit ls 1 3 EXCLUDED Telephone service serving one unit ls 1 3 EXCLUDED Unit doors & windows ls 1 3 EXCLUDED Unit interior ls 1 3 EXCLUDED UNIT IMPROVEMENTS EXCLUSIONS COMMENTS Unit improvement Exclusions. We understand that the elements of the project that relate to a single unit are the responsibility of that unit owner. Examples of items excluded from funding by Replacement Reserves by this standard are listed above. The list above exemplifies exclusions by the cited standard(s) and is not intended to be comprehensive.

31 Replacement Reserve Inventory - Page B15 UTILITY EXCLUSIONS EXCLUDED ITEMS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) Primary electric feeds ls 1 3 EXCLUDED Electric transformers ls 1 3 EXCLUDED Cable TV systems and structures ls 1 3 EXCLUDED Telephone cables and structures ls 1 3 EXCLUDED Gas mains and meters ls 1 3 EXCLUDED Storm water management pond ls 1 3 EXCLUDED UTILITY EXCLUSIONS COMMENTS Utility Exclusions. Many improvements owned by utility companies are on property owned by the Association. We have assumed that repair, maintenance, and replacements of these components will be done at the expense of the appropriate utility company. Examples of items excluded from funding Replacement Reserves by this standard are listed above. The list above exemplifies exclusions by the cited standard(s) and is not intended to be comprehensive.

32 Replacement Reserve Inventory - Page B16 MAINTENANCE AND REPAIR EXCLUSIONS EXCLUDED ITEMS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) Cleaning of asphalt pavement ls 1 3 EXCLUDED Painting of curbs ls 1 3 EXCLUDED Striping of parking spaces ls 1 3 EXCLUDED Landscaping and site grading ls 1 3 EXCLUDED Exterior painting ls 1 3 EXCLUDED Interior painting ls 1 3 EXCLUDED MAINTENANCE AND REPAIR EXCLUSIONS COMMENTS Maintenance activities, one-time-only repairs, and capitol improvements. These activities are NOT appropriately funded from Replacement Reserves. The inclusion of such component in the Replacement Reserve Inventory could jeopardize the special tax status of ALL Replacement Reserves, exposing the Association to significant tax liabilities. We recommend that the Board of Directors discuss these exclusions and Revenue Ruling with a Certified Public Accountant. Examples of items excluded from funding by Replacement Reserves by this standard are listed above. The list above exemplifies exclusions by the cited standard(s) and is not intended to be comprehensive.

33 Replacement Reserve Inventory - Page B17 GOVERNMENT EXCLUSIONS EXCLUDED ITEMS UNIT NORMAL REMAINING ITEM ITEM NUMBER REPLACEMENT ECONOMIC ECONOMIC REPLACEMENT # DESCRIPTION UNIT OF UNITS COST ($) LIFE (YRS) LIFE (YRS) COST ($) State maintained roads ls 1 3 EXCLUDED Curb & gutter at State roads ls 1 3 EXCLUDED GOVERNMENT EXCLUSIONS COMMENTS Government Exclusions. We have assumed that some of the improvements installed on property owned by the Association will be maintained by the local government. Examples of items excluded from funding by Replacement Reserves by this standard are listed above. The list above exemplifies exclusions by the cited standard(s) and is not intended to be comprehensive.

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35 Projected Annual Replacements - Page C1 PROJECTED ANNUAL REPLACEMENTS GENERAL INFORMATION CALENDAR OF ANNUAL REPLACEMENTS. The 130 Projected Replacements in the Woodwind Association 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 POLICES, 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. 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 Woodwind Association 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.

36 Projected Annual Replacements - Page C2 PROJECTED REPLACEMENTS - YEARS 1 TO 6 Item 2010 $ Item 2011 $ Item 2012 $ 1 Concrete flatwork (6%) $5, Community sign $1, Pool parking lot asphalt $12, Brick steps (10%) $5, Vinyl siding, 10% $40, Wentworth Street asphalt $31, Seal coat East Bay Court $1, Swimming pool furniture (25 $1, Lambell Street asphalt $35, Seal coat Sims Alley $1, Market Place asphalt $18, Legar Street asphalt $35, Vinyl siding, 10% $40, Seal coat Tradd Street $2, Wood railing, front stoop & s $10, Seal coat Queens Street $2, Window shutters, 25% $6, Seal coat Strolls Alley $4, Wood deck, decking - 25% $66, Railroad tie retaining wall $22, Wood deck, structure - 25% $81, Vinyl siding, 10% $40, Wood deck, wood railing - 25 $15, Window shutters, 25% $6, Wood deck, decking - 25% $66, Wood deck, structure - 25% $81, Wood deck, wood railing - 25 $15, Swimming pool concrete dec $10,058 Total Scheduled Replacements $300,897 Total Scheduled Replacements $43,337 Total Scheduled Replacements $319,895 Item 2013 $ Item 2014 $ Item 2015 $ 11 Concrete curb (6%) $15, Vinyl siding, 10% $40, East Bay Court asphalt $8, Vinyl siding, 10% $40, Wood railing, front stoop & s $10, Seal coat East Bay Court $1, Swimming pool furniture (25 $1, Window shutters, 25% $6, Sims Alley asphalt $14, Wood deck, decking - 25% $66, Seal coat Sims Alley $1, Wood deck, structure - 25% $81, Seal coat Legar Street $4, Wood deck, wood railing - 25 $15, Tradd Street asphalt $25, Swimming pool finish $6, Seal coat Tradd Street $2, Swimming pool waterline tile $3, Queens Street asphalt $17, Swimming pool coping $6, Seal coat Queens Street $2, Swimming pool cover $2, Strolls Alley asphalt $39, Seal coat Strolls Alley $4, Mail building roofs $1, Pressure treated wood retain $30, Water mains, 10% $29, Sanitary sewer lines, 10% $14, Vinyl siding, 10% $40, Masonry tuckpointing, 5% $6, Swimming pool pump $3, Swimming pool furniture (25 $1, Perimeter fence - 6' $3, Pool building HVAC unit $4, Pool building HVAC condens $3, Pool building fixtures $3,500 Total Scheduled Replacements $57,414 Total Scheduled Replacements $239,567 Total Scheduled Replacements $261,315

37 Projected Annual Replacements - Page C3 PROJECTED REPLACEMENTS - YEARS 7 TO 12 Item 2016 $ Item 2017 $ Item 2018 $ 2 Concrete flatwork (6%) $5, Seal coat pool parking lot $1, Site lighting fixtures $47, Brick steps (10%) $5, Seal coat Wentworth Street $3, Wood privacy fence $16, Brick monument, tuckpointin $1, Seal coat Lambell Street $4, Vinyl siding, 10% $40, Vinyl siding, 10% $40, Seal coat Market Place $2, Wood railing, front stoop & s $10, Wood railing, front stoop & s $10, Vinyl siding, 10% $40, Window shutters, 25% $6, Swimming pool concrete dec $10, Wood deck, decking - 25% $66, Swimming pool furniture (25 $1, Wood deck, structure - 25% $81, Pool building roof $3, Wood deck, wood railing - 25 $15, Pool building gutters & down $ Pool building exterior doors $2,850 Total Scheduled Replacements $233,230 Total Scheduled Replacements $70,881 Total Scheduled Replacements $114,682 Item 2019 $ Item 2020 $ Item 2021 $ 12 Concrete curb (6%) $15, Seal coat East Bay Court $1, Swimming pool finish $6, Vinyl siding, 10% $40, Seal coat Sims Alley $1, Swimming pool cover $2, Swimming pool furniture (25 $1, Seal coat Legar Street $4, Swimming pool furniture (25 $1, Seal coat Tradd Street $2, Seal coat Queens Street $2, Seal coat Strolls Alley $4, Trash enclosure brick, tuckp $10, Mailboxes $5, Swimming pool filter/chlorina $5, Swimming pool valves & plu $2,500 Total Scheduled Replacements $57,414 Total Scheduled Replacements $39,933 Total Scheduled Replacements $10,140

38 Projected Annual Replacements - Page C4 PROJECTED REPLACEMENTS - YEARS 13 TO 18 Item 2022 $ Item 2023 $ Item 2024 $ 3 Concrete flatwork (6%) $5, Swimming pool furniture (25 $1, Swimming pool concrete dec $10, Brick steps (10%) $5, Seal coat pool parking lot $1, Seal coat Wentworth Street $3, Seal coat Lambell Street $4, Seal coat Market Place $2,207 Total Scheduled Replacements $22,182 Total Scheduled Replacements $1,140 Total Scheduled Replacements $10,058 Item 2025 $ Item 2026 $ Item 2027 $ 13 Concrete curb (6%) $15, Seal coat pool parking lot $1, Seal coat East Bay Court $1, Seal coat Wentworth Street $3, Seal coat Sims Alley $1, Seal coat Lambell Street $4, Seal coat Legar Street $4, Seal coat Market Place $2, Seal coat Tradd Street $2, Asphalt shingles, 25% $119, Seal coat Queens Street $2, Gutter and downspouts, 25% $16, Seal coat Strolls Alley $4, Window shutters, 25% $6, Mail building brick tuckpointi $11, Wood deck, decking - 25% $66, Gazebo roof $ Swimming pool furniture (25 $1, Gazebo $3, Brick retaining wall $34, Brick privacy fence $6, Storm water catch basins $84, Masonry tuckpointing, 5% $6, Window shutters, 25% $6, Wood deck, decking - 25% $66, Swimming pool pump $3, Swimming pool furniture (25 $1, Pool building brick tuckpoint $2,332 Total Scheduled Replacements $256,632 No Scheduled Replacements Total Scheduled Replacements $221,755

39 Projected Annual Replacements - Page C5 PROJECTED REPLACEMENTS - YEARS 19 TO 24 Item 2028 $ Item 2029 $ Item 2030 $ 4 Concrete flatwork (6%) $5, Asphalt shingles, 25% $119, Seal coat East Bay Court $1, Brick steps (10%) $5, Gutter and downspouts, 25% $16, Seal coat Sims Alley $1, Asphalt shingles, 25% $119, Window shutters, 25% $6, Legar Street asphalt $35, Gutter and downspouts, 25% $16, Wood deck, decking - 25% $66, Seal coat Legar Street $4, Swimming pool finish $6, Swimming pool waterline tile $3, Seal coat Tradd Street $2, Swimming pool cover $2, Swimming pool coping $6, Seal coat Queens Street $2, Swimming pool furniture (25 $1, Seal coat Strolls Alley $4, Pressure treated wood retain $30, Asphalt shingles, 25% $119, Gutter and downspouts, 25% $16, Swimming pool structure $87, Perimeter fence - 6' $3, Pool building HVAC condens $3,000 Total Scheduled Replacements $155,538 Total Scheduled Replacements $219,187 Total Scheduled Replacements $311,313 Item 2031 $ Item 2032 $ Item 2033 $ 14 Concrete curb (6%) $15, Pool parking lot asphalt $12, Swimming pool furniture (25 $1, Community sign $1, Seal coat pool parking lot $1, Window shutters, 25% $6, Wentworth Street asphalt $31, Wood deck, decking - 25% $66, Seal coat Wentworth Street $3, Swimming pool concrete dec $10, Lambell Street asphalt $35, Swimming pool furniture (25 $1, Seal coat Lambell Street $4, Market Place asphalt $18, Seal coat Market Place $2,207 Total Scheduled Replacements $100,998 Total Scheduled Replacements $109,896 Total Scheduled Replacements $1,140

40 Projected Annual Replacements - Page C6 PROJECTED REPLACEMENTS - YEARS 25 TO 30 Item 2034 $ Item 2035 $ Item 2036 $ 5 Concrete flatwork (6%) $5, East Bay Court asphalt $8, Brick monument, tuckpointin $1, Brick steps (10%) $5, Seal coat East Bay Court $1, Sims Alley asphalt $14, Seal coat Sims Alley $1, Seal coat Legar Street $4, Tradd Street asphalt $25, Seal coat Tradd Street $2, Queens Street asphalt $17, Seal coat Queens Street $2, Strolls Alley asphalt $39, Seal coat Strolls Alley $4, Mail building roofs $1, Water mains, 10% $29, Sanitary sewer lines, 10% $14, Masonry tuckpointing, 5% $6, Swimming pool finish $6, Swimming pool cover $2, Swimming pool pump $3, Swimming pool furniture (25 $1, Pool building fixtures $3,500 Total Scheduled Replacements $10,614 Total Scheduled Replacements $187,920 Total Scheduled Replacements $1,050 Item 2037 $ Item 2038 $ Item 2039 $ 15 Concrete curb (6%) $15, Wood privacy fence $16, Wood railing, front stoop & s $10, Seal coat pool parking lot $1, Swimming pool furniture (25 $1, Seal coat Wentworth Street $3, Seal coat Lambell Street $4, Seal coat Market Place $2, Wood railing, front stoop & s $10, Swimming pool furniture (25 $1, Pool building roof $3, Pool building gutters & down $975 Total Scheduled Replacements $42,918 Total Scheduled Replacements $16,020 Total Scheduled Replacements $11,605

41 Miller - Dodson Associates, Inc. Condition Assessment - Page D1 Woodwind Association January 23, 2009 CONDITION ASSESSMENT General Comments. Miller - Dodson Associates conducted a Reserve Study at Woodwind Association in January Woodwind Association is in average condition for a condominium community constructed in A review of the Replacement Reserve Inventory will show that we are anticipating most of the components achieving their normal economic lives. The following comments pertain to the larger, more significant components in the Replacement Reserve Inventory and to those items that are unique or deserving of attention because of their condition or the manner in which they have been treated in the Replacement Reserve Analysis or Inventory. SITE IMPROVEMENTS Concrete Flatwork. The concrete flatwork includes the community sidewalks, mailbox pads, and dumpster pads. The Association maintains an inventory of approximately 11,250 square feet of concrete flatwork. The overall condition of the concrete flatwork is fair with multiple areas of defects. The defects noted include the following: Cracking. There are multiple sections of the concrete flatwork that have cracked creating trip hazards. Heaving/Settlement. Sections of the concrete flatwork have heaved or settled relative to their adjacent sections, creating trip hazards. Scaling and Flaking. Several sections of the concrete flatwork are scaling and flaking. Scaling and flaking is the loss of the surface mortar in concrete. It is typically caused by water freezing within the concrete. Once started, scaling and flaking can be expected to continue to grow as a result of exposure of the concrete to freeze-thaw cycles. These scaled sections are creating trip hazards. Popouts. Sections of the concrete flatwork have developed a number of popouts. Popouts are small sections of concrete surface that fail as the result of moisture freezing in a void just below the surface, causing pieces of concrete to pop away, leaving a shallow divot. Water can collect in the popouts and can extend the damage if it freezes. The standards we used for recommending replacement are as follows: 1. Trip hazard, 0.5 inch height difference. 2. Severe cracking. 3. Severe spalling 4. Uneven riser heights on steps. 5. Steps with risers in excess of 8.25 inches.

42 Miller - Dodson Associates, Inc. Condition Assessment - Page D2 Woodwind Association January 23, 2009 Photo 1 - Failed dumpster slab Photo 2 - Sidewalk trip hazard, typical Photo 3 - Cracked sidewalk, typical Photo 4 - Sidewalk trip hazard, typical Because it is highly unlikely that all of the community s concrete components will fail and require replacement in the period of the study, we have programmed funds for the replacement of 60% of the inventory and spread those funds over a 60-year timeframe to reflect the incremental nature of this work. This approach assumes a failure rate of 1% per year. Concrete Curb. The Association maintains an inventory of 8,017 linear feet of concrete curb. In general, the community s concrete curbing is in poor condition with multiple areas of defects. The defects noted include the following: Cracking. There are multiple sections of the curb and gutter that are cracked. Some of the cracks are creating trip hazards. Heaving/Settlement. Sections of the curb have heaved or settled relative to their adjacent sections, creating trip hazards. Broken Sections. There are multiple locations where impacts from vehicles have broken off sections of the curb. These broken sections are creating trip hazards.

43 Miller - Dodson Associates, Inc. Condition Assessment - Page D3 Woodwind Association January 23, 2009 Photo 5 - Failed curb, typical Photo 6 - Failed curb, typical Because it is highly unlikely that all of the community s concrete curb sections will fail and require replacement in the period of the study, we have programmed funds for the replacement of 60% of the inventory and spread those funds over a 60-year timeframe to reflect the incremental nature of this work. This approach assumes a failure rate of 1% per year. Brick Steps. The community has numerous sets of exterior steps that are of brick construction. The steps vary in condition from good to poor with a number of defects. The defects noted include the following: Failed Mortar Joints. A number of the mortar joints between the bricks have failed and are in need of tuckpointing. Cracks. Movement of the base material under the bricks has resulted in the development of cracks in a number of the brick steps. These cracks extend through both the mortar joints and the bricks themselves. Broken Nosing. We noted a number of locations where the nosing of the brick steps was damaged, creating an uneven edge that poses a trip hazard Settlement. We noted several locations where steps have settled, creating uneven surfaces that pose a trip hazard. Photo 7 - Failed step mortar joints, typical Photo 8 - Failed step mortar joints, typical

44 Miller - Dodson Associates, Inc. Condition Assessment - Page D4 Woodwind Association January 23, 2009 Because it is highly unlikely that all of the community s brick steps will fail and require replacement in the period of the study, we have programmed funds for the replacement of 60% of the inventory and spread those funds over a 60 year timeframe to reflect the incremental nature of this work. This approach assumes a failure rate of 1% per year. Asphalt Pavement. The site includes asphalt pavement for vehicle access and parking. In general, the asphalt pavement is in fair to poor condition with multiple areas of defects. The Association maintains an inventory of 140,036 square feet of asphalt pavement, including the following streets and parking areas: The defects noted include the following: Location Area, Square Feet East Bay Court 5,286 Sims Alley 8,260 Legar Street 20,836 Pool parking lot 7,444 Tradd Street 14,858 Queens Street 10,012 Strolls Alley 22,944 Wentworth Street 18,490 Lambell Street 20,870 Market Place 11,036 Total 140,036 Open Cracks. There are multiple locations where open cracks are allowing water to penetrate to the asphalt base and the bearing soils beneath the pavement. This water will erode the base accelerating the deterioration of the asphalt pavement. If the cracks have allowed the deterioration of the base materials and the bearing soil, the damaged areas should be removed and replaced. All other cracks should be cleaned and filled. Improper Grading. The asphalt pavement is not properly graded in a number of areas, resulting in the ponding of water on the pavement. Water ponding on asphalt pavement accelerates the deterioration of the pavement and will result in the formation of potholes. Proper grading of the asphalt pavement will require replacement of portions of the asphalt. It may also require replacement of some of the adjacent segments of curb and gutter that are not properly sloped to move water to the storm water management system. Alligatoring. There are multiple locations where the asphalt has developed a pattern of cracking known as alligatoring. Alligatoring is the result of an unstable base under the asphalt. Shifting in the base causes the asphalt to crack and shift, forming the cracks that resemble the skin of an alligator. Once these cracks extend through the asphalt, they will allow water to penetrate to the base, accelerating the rate of deterioration. The only solution is to remove the defective asphalt and compact the base before new asphalt is installed. Potholes. There are a number of locations where potholes have formed as the result of the failure of the underlying base material or the surface material. Repair will require removal of the asphalt and base material, installation and compaction of new base material, and resurfacing with asphalt. Depressions. There are areas where the asphalt surface is depressed due to deformation in the surface or underlying layers. These depressions may continue to grow with exposure to traffic. Water ponding was noted in several of these areas. Repair will require removal of the asphalt and base material, installation and compaction of new base material, and resurfacing with asphalt.

45 Miller - Dodson Associates, Inc. Condition Assessment - Page D5 Woodwind Association January 23, 2009 Tree Root Damage. There are locations where roots from trees planted near the asphalt surface have pushed up through the asphalt, causing cracks and heaving. Repair of these areas will require removal of the asphalt and the tree roots. As a rule of thumb, asphalt should be overlayed when approximately five percent of the surface area has become cracked or has failed. The normal service life of asphalt pavement is typically 18 to 20 years. Photo 9 - Failed asphalt pavement, typical Photo 10 - Alligatoring, typical Photo 11 - Alligatoring, typical Photo 12 - Failing asphalt In order to maintain the condition of the pavement throughout the community and to insure the longest life of the asphalt, we recommend a systematic and comprehensive maintenance program that includes: 1. Crack Sealing. All cracks should be sealed with an appropriate sealing compound to prevent water infiltration through the asphalt compound into the base. This repair should be done annually. This is an entirely different process from the seal coating discussed below. Crack sealing is normally considered a maintenance activity and is not funded from Reserves. Areas of extensive cracking or deterioration that cannot be made watertight by crack sealing should be cut out and patched. 2. Cleaning. Long-term exposure to oil or gas breaks down asphalt. Because this asphalt pavement is generally not used for long term parking, it is unlikely that frequent cleaning will be necessary. When necessary, spill areas should be cleaned, or if deterioration has penetrated the asphalt, patched. This is a maintenance activity, and we have assumed that it will not be funded from Reserves.

46 Miller - Dodson Associates, Inc. Condition Assessment - Page D6 Woodwind Association January 23, Seal Coating. The asphalt should be seal coated every three to five years. For this maintenance activity to be effective in extending the life of the asphalt, the crack sealing and cleaning of the asphalt, discussed above should be done first. Pricing used in the study is based on a recent contract for a two inch overlay and reflects the current local market. Site Lighting. The Association is responsible for the operation of the community s street lights. The lighting system was not on at the time of our site visit. We understand that the lighting system is in good operating condition. Trash Enclosures. We have included the concrete pads from the trash enclosures in the concrete flatwork item in the Reserve Analysis. The brickwork on the enclosure walls is in good condition. Brick is usually considered to be a life of structure item and therefore excluded from reserve funding. Because weather and other conditions result in the slow deterioration of the mortar in the brick joints, we have included funding in the Reserve Analysis for tuckpointing. Photo 13 - Typical trash enclosure Mail Buildings. We have included the concrete pads from the Mail Buildings in the concrete flatwork item in the Reserve Analysis. The brickwork on the Mail Building walls is in good condition. Brick is usually considered to be a life of structure item and therefore excluded from reserve funding. Because weather and other conditions result in the slow deterioration of the mortar in the brick joints, we have included funding in the Reserve Analysis for tuckpointing. Photo 14 - Mailbox building Photo 15 - Mailbox building Pressure Treated Wood Retaining Walls. The Association maintains an inventory of approximately 964 square feet of pressure treated wood retaining walls. The general condition of the retaining wall is fair. The defects noted include the following: Bowing. We found a number of areas where sections of the retaining walls are bowing outward. Bowing occurs as the result of moderate to severe loading of the wall by the material being supported. If the bowing is allowed to continue, eventually it will lead to the failure of the retaining wall. Correcting bowing requires replacement of the sections of retaining wall and installation of

47 Miller - Dodson Associates, Inc. Condition Assessment - Page D7 Woodwind Association January 23, 2009 better drainage materials behind the wall. Leaning. We found a number of areas where sections of the retaining walls are leaning. Leaning occurs when the pressure of the material being held in place by the retaining wall is sufficient to cause the wall to shift away from the vertical. Once a retaining wall starts to lean, it is at risk of failing and must be replaced. Rot. We found a number of areas where sections of the retaining walls have moderate rot. Once rotting occurs, those effected sections must be replaced. When it becomes necessary to replace these walls, we recommend the Association consider one of the segmental block retaining wall systems instead of the wood construction. These systems are impervious to decay, which occurs even with the pressure treated wood systems. If over time the wall experiences movement, sections of the walls can be re-stacked at a very small portion of the cost of a new wall. These walls have an initial cost 15 to 30 percent greater than wood walls but once installed, they have a service life of 40 years or more. Railroad Tie Retaining Walls. The Association maintains an inventory of approximately 560 square feet of retaining walls constructed from treated railroad ties. The general condition of the retaining wall is poor. The defects noted include the following: Bowing. We found numerous areas where sections of the retaining walls are bowing outward. Bowing occurs as the result of moderate to severe loading of the wall by the material being supported. If the bowing is allowed to continue, eventually it will lead to the failure of the retaining wall. Correcting bowing requires replacement of the sections of retaining wall and installation of better drainage materials behind the wall. Photo 16 - Railroad tie retaining, rotted section - typical Leaning. We found a number of areas where sections of the retaining walls are leaning. Leaning occurs when the pressure of the material being held in place by the retaining wall is sufficient to cause the wall to shift away from the vertical. Once a retaining wall starts to lean, it is at risk of failing and must be replaced. Rot. We found numerous areas where sections of the retaining walls have moderate rot. Once rotting occurs, those effected sections must be replaced. Failed Sections. We found a number of areas where individual members of the retaining walls have failed. These sections can cause material behind the wall to pass through the wall, and can lead to additional damage to the wall. Repair of failed members requires replacement of that section of the retaining wall. When it becomes necessary to replace these walls, we recommend the Association consider one of the segmental block retaining wall systems instead of the wood construction. These systems are impervious to decay, which occurs even with the pressure treated wood systems. If over time the wall experiences movement, sections of the walls can be re-stacked at a very small portion of the cost of a new wall. These walls have an initial cost 15 to 30 percent greater than wood walls but once installed, they have a service life of 40 years or more. Brick Retaining Walls. The community has several brick retaining walls that it maintains. The total brick retaining wall inventory is approximately 680 square feet. All brick sections are in good condition.

48 Miller - Dodson Associates, Inc. Condition Assessment - Page D8 Woodwind Association January 23, 2009 When it becomes necessary to replace these walls, we recommend the Association consider one of the segmental block retaining wall systems instead of the concrete construction. If over time the wall experiences movement, sections of the walls can be re-stacked at a very small portion of the cost of a new wall. These walls have an initial cost 10 to 20 percent greater than concrete block walls but once installed, they have a service life of 40 years or more. Wood Board Fencing. Wood board fencing is installed as privacy fencing in several locations in the community. The Association maintains an inventory of 534 linear feet of wood board fencing. The general condition of the fencing is fair. The defects noted include the following: Loose boards. Several boards are currently loose and need to be renailed. Warped boards. Several sections of the fencing have boards that are badly warped. Warped boards should be replaced to maintain the integrity of the fencing. Photo 17 - Fence & retaining wall section Loose/Leaning Fence Posts. A number of the wood fence posts are not properly supported by the ground. As a result, they are loose and can be easily moved. Additional posts are leaning. Undermining. We noted several locations where erosion or settlement has resulted in the formation of a larger than normal gap between the bottom of the fence and the ground. This gap will allow small animals and objects to pass under the fencing. These areas will have to be regraded to close the gap. Storm Water Catch Basins. We have included the storm water catch basins located along the community s roads and parking areas. While these tend to be very long life items, they eventually do fail and will require rebuilding. Underground Utilities. The Association is responsible for the maintenance of the underground utility lines, including the water mains and sanitary sewer lines. No engineering drawings were available to accurately determine distances, sizes of lines and materials used for underground components of the system. Accordingly, we have provided an estimate of the approximate replacement cost based on our experience with other communities of similar size and on our inspection of the visible components while on site. Inspection of the underground lines and structures is beyond the scope of work of this study. BUILDING EXTERIORS Asphalt Shingle Roofing. The asphalt shingle roofs are in good condition. We understand that all roofs have been replaced over the past four years. We have estimated the remaining useful life of the roofs based on the conditions seen at the site as well as the age of the roofs. We have assumed that when the roofs eventually will require replacement, all roofs will be replaced with 20 year roofs. We have assumed that the gutters and downspouts will be replaced when the roofs are replaced. Due to the large inventory and the varying rates at which the roofing materials will age and require replacement, we have divided the roof inventory into four equal components and spread their replacement over a four year period.

49 Miller - Dodson Associates, Inc. Condition Assessment - Page D9 Woodwind Association January 23, 2009 Composite Siding. The composite siding on the buildings is in poor overall condition. We have estimated the remaining useful life of the siding based on the conditions seen at the site as well as the age of the siding. The defects we noted include the following: Loose Sections. We found numerous areas with loose sections of siding. Loose sections can easily be torn from the building by even moderate winds. It is recommended that all loose sections be reattached as soon as possible. Swelling. There are numerous areas where the composite siding is swelling along its edges. Swelling in composite siding is an indication that moisture has penetrated the surface. All boards with swelling will require replacement. Disintegration. There are numerous areas where the composite siding is disintegrating due to moisture. All damaged boards will require replacement. Failing Paint. The paint on the siding is cracked and pealing. While painting is not a reservable item, maintaining the paint in good condition is important for the long life of the composite siding. We recommend that the community initiate a program to replace all siding with vinyl or cement fiber siding. For the Reserve analysis, we have assumed that vinyl siding will be installed. If cement fiber siding is installed, the community can expect that the installed price would be approximately 30 percent higher. Photo 18 - Typical siding damage Photo 19 - Typical siding damage Due to the large inventory and the varying rates at which the siding materials will age and require replacement, we have divided the siding inventory into ten equal components and spread their replacement over a ten year period. Brickwork. The brickwork on the buildings is in good condition. Brick is usually considered to be a life of structure item and therefore excluded from reserve funding. Because weather and other conditions result in the slow deterioration of the mortar in the brick joints, we have included funding in the Reserve Analysis for tuckpointing. We have assumed that five percent of the brick will require tuckpointing every ten years.

50 Miller - Dodson Associates, Inc. Condition Assessment - Page D10 Woodwind Association January 23, 2009 Wood Porch and Stair Railing. We have included the wood porch and stair railings in the Reserve Analysis. The condition of these components varies from good to poor. Due to the large inventory and its varying condition, we have divided the railing inventory into four equal components and spread its replacement over a six-year period. Photo 20 - Leaning stair railing Window Shutters. We have included the window shutters in the Reserve Analysis. In general, the shutters are in good condition. Due to the large number of window shutters, we have divided the inventory into four equal components and spread their replacement over a six-year period. Wood Decks. The Association is responsible for the pressure treated wood decks found on the back of a number of the units. A number of these decks have been converted to screened porches. We have assumed that the screen components are the responsibility of the unit owners. The condition of the wood decks varies from fair to poor. We noted a number of decks that have structural defects significant enough to result in sagging. Some decks are overloaded with stored fireplace wood. We have separated the wood decks into three components to reflect their different service lives; the deck surface, the deck structure, and the deck railing. Due to the large number of decks, we have divided the inventory into four equal components and spread their replacement over a six-year period. Photo 21 - Sagging deck, typical Photo 22 - Screened porch addition to deck RECREATIONAL FACILITIES Swimming Pool. The community operates an outdoor pool of concrete construction with a concrete deck. The concrete deck is not coated. The pool was covered at the time of our site visit. Listed below are the major components of the pool facilities: Pool Shell. The shell for the swimming pool is reported to be in good condition. Pool shells normally have a finite life of approximately 45 years. At that time it may not be necessary to replace the entire structure. However, it is prudent to anticipate a major expenditure for

51 Miller - Dodson Associates, Inc. Condition Assessment - Page D11 Woodwind Association January 23, 2009 replacement of underground lines and sections of the pool. Based on our research, we have found it to be prudent to program $70 per square foot of pool surface to cover these needs. Pool Deck. The pool has a concrete deck. The overall condition of the deck is good with some cracking. Because it is highly unlikely that all of the community s concrete pool deck sections will fail and require replacement at the same time, we have divided the deck into four equal components in the Reserve Analysis and have spread their replacement over a 21-year period. Whitecoat. The pool whitecoat is in good condition. We have assumed a service life of 10 years for the pool whitecoat. Coping. The pool is edged with masonry coping. The coping is reported to be in good condition. Waterline Tile. The waterline tile is reported to be in good condition. We have assumed that the waterline tile will be replaced or restored when the pool is whitecoated. Pump and Filter System. The filter system is in good operating condition. We have assumed a service life of 20 years for the filter system, and 10 years for the pump. Photo 23 - Community pool Photo 24 - Pool deck cracks Pool Building. The Pool Building is of brick construction with an asphalt shingle roof. The roof and gutters are in fair condition, with only a limited amount of shrinkage of the roof shingles. The building has an HVAC system. We have separated the system into two components to reflect their different service lives; the interior portion of the system, and the outdoor condensing unit. Photo 25 - The Pool Building

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