GLOBAL Solution Partners, LLC info@globalreservestudies.com - Toll free phone and fax: (844) 477-7883 - www.globalsolutionpartners.com Funding Reserve Analysis for The Bluffs at Ashley River August 2, 2016 Page 1 of 20 Pages
Funding Reserve Analysis for The Bluffs at Ashley River Table of Contents Pages Subject 1 Report Cover Sheet 2 Table of Contents 3 to 12 Reserve Study Summary 13 to 14 Reserve Item Listing 15 to 16 Cash Flow 17 to 18 Dues Summary 19 to 20 Expense Summary Page 2 of 20 Pages
GLOBAL Solution Partners, LLC info@globalreservestudies.com - Toll free phone and fax: (844) 477-7883 - www.globalsolutionpartners.com August 2, 2016 Ms Katrina Seastrunk Community Management Group 349 Folly Road, Suite 2B Charleston, SC 29412 Ms Seastrunk, Global Solution Partners is pleased to present to Katrina Seastrunk and The Bluffs at Ashley River the requested Reserve Funding Study. We believe that you will find the attached study to be thorough and complete. After you have had an opportunity to review the report you may have questions. Please do not hesitate to write or call - we would be pleased to answer any questions you may have. Project Description The Bluffs at Ashley River is a single family home community located in Summerville, South Carolina. New homes construction within the community began in 2005 and is ongoing. At present there are 151 homes completed. The front entrance is nicely landscaped and has brick monuments with neighborhood signage. The homes are accessed by asphalt paved streets and concrete sidewalks. The community also offers a large fenced inground pool area with a poolhouse and children's playground. Pride of ownership shows and the community appears to be well maintained. Date of Physical Inspection The site visit was conducted by Global Solution Partners on August 02, 2016. Study Start and Study End This Reserve Study encompases 30 Years. The Study Start Date is January 1, 2017 and the study ends on December 31, 2046. Governing Documents The CCR's (conditions,covenants and restrictions) governing documents were provided and reviewed as part of this study. Depth of Study A site visit was made to verify the existing condition as it relates to the average life expectancies of the various reserve study components and to verify component quantities. In place testing, laboratory testing, and nondestructive testing of the reserve study components were not performed. Field measurements of component quantities were made to either verify improvement plan take offs or determine directly the quantities of various components. Photographs were taken of the site improvements. Page 3 of 20 Pages
The Bluffs at Ashley River Funding Study Summary - Continued Summary of Financial Assumptions The below table contains a partial summary of information provided by Ms Katrina Seastrunk for the The Bluffs at Ashley River funding study. Reserve Study by Calendar Year Starting January 1, 2017 Funding Study Length 30 Years Number of Dues Paying Members 151 Reserve Balance as of January 1, 2017¹ $ 20,559 Annual Inflation Rate 2.50% Tax Rate on Reserve Interest 30.00% Minimum Reserve Account Balance $0 Dues Change Period 1 Year Annual Operating Budget $0 ¹ See ''Financial Condition of Association'' in this report. Recommended Payment Schedule The below table contains Global Solution Partners recommended schedule of payments for the next five years. Failure to follow the proposed schedule of payments may result in inadequate reserve funds or require the use of Special Assessments in the future. Proposed Modified Dues Calendar Year Member Monthly Reserve Dues Member Total Annual Dues Association Monthly Reserve Dues Association Annual Reserve Dues Proposed Reserve Balance 2017 $ 9.93 $ 119 $ 1,500 $ 18,000 $ 38,617 2018 $ 10.18 $ 122 $ 1,538 $ 18,450 $ 57,232 2019 $ 10.44 $ 125 $ 1,576 $ 18,911 $ 76,374 2020 $ 10.70 $ 128 $ 1,615 $ 19,384 $ 92,962 2021 $ 10.97 $ 132 $ 1,656 $ 19,869 $ 95,311 2022 $ 11.24 $ 135 $ 1,697 $ 20,365 $ 59,597 * Annual Reserve Payments have been manually modified. The recommended reserve fund contributions have been set to meet future capital expenses while avoiding special assessments and minimizing dues increases. Reserve Study Assumptions The below listed assumptions are implicit in this reserve study. Cost estimates and financial information are accurate and current. No unforeseen circumstances will cause a significant reduction of reserves. Sufficient comprehensive property insurance exists to protect from insurable risks. The association plans to continue to maintain the existing common areas and amenities. Reserve payments occur at the end of every calendar month. Expenses occur at the end of the expense year. Impact of Component Life The projected life expectancy of the major components and the reserve funding needs of the Association are closely tied. Performing the appropriate routine maintenance for each major component generally increases the Page 4 of 20 Pages
The Bluffs at Ashley River Funding Study Summary - Continued component useful life, effectively moving the component expense into the future which reduces the reserve funding payments of the Association. Failure to perform such maintenance can shorten the remaining useful life of the major components, bringing the expense closer to the present which increases the reserve funding payments of the Association. Inflation Estimate Inflation for the last year has been reviewed and a best fit regression analysis for the last 12 months is 2.50 percent. An inflation multiplier of 2.50 percent per annum has been applied to all future expenses. Initial Reserves Initial reserves for this Reserve Study were known to be $ 20,507 on June 30, 2016. Based upon a study start date of January 1, 2017 a total of 185 days of accrued interest at 0.50 percent per annum were compounded to yield an initial reserve balance of $ 20,559. The implicit assumption has been made that the reserve accounts were not drawn down between the date of the known reserve balance and the study start date. Financial Condition of Association It is recommended that the association adjust its reserve fund contributions to align with the cash flow and dues summary pages contained in this study. Special Assessments Special Assessments have not been factored into this Reserve Study. Reserve Funding Goal The reserve fund goal is a minimum account balance consistent with the cash demands of maintenance and of reserve items. (Baseline Funding) Study Method Funding studies may be done in several ways, but we believe that the value of a funding study lies in the details. In this study, we have used the "Component" method because it is the only method which allows scrutiny of the funding details. The method is pragmatic, and allows human judgement and experience to enter into the equation. The present cost of every reserve item in this report has been estimated using a variety of sources including the "National Construction Estimator", a nationally recognized standard, actual costs provided by the client, our proprietary database and the knowledge and experience of our Reserve Analyst. Where possible, known costs have been used. In addition, every reserve item has been given an estimated remaining useful life, an estimated useful life when new, and has been cast into the future to determine the inflated cost. Equal annual payments are calculated for each reserve item based upon a payment starting year and a payment ending year using the end of period payment method. Interest earned, if applicable, on accumulated reserve funds and taxes on the reserve interest are also calculated. Initial reserve funds are consumed as expenses occur until fully depleted, reducing annual reserve payments to a minimum. As you review this report, we are certain that you will appreciate the level of detail provided, allowing you to review each reserve item in detail. Page 5 of 20 Pages
The Bluffs at Ashley River Funding Study Summary - Continued Summary of Findings Global Solution Partners has estimated future projected expenses for The Bluffs at Ashley River based upon preservation of existing improvements. The attached funding study is limited in scope to those expense items listed in the attached "The Bluffs at Ashley River Reserve Study Expense Items". Expense items which have an expected life of more than 30 Years are not included in this reserve study unless payment for these long lived items overlaps the 30 Years reserve study envelope. Of primary concern is the preservation of a positive funding balance with funds sufficient to meet projected expenses throughout the study life. Based upon the attached funding study, it is our professional opinion that member monthly fees as shown in the attached "The Bluffs at Ashley River Dues Summary" will realize this goal. Some reserve items in the "Revenue Summary Table" may not contain payments. In this analysis the initial reserves were used to make annual payments for expense items in their order of occurrence until the initial reserve was consumed. As a result reserve items without payments may be expected, particularly in the first few years of the funding study. Reserve items that have been paid with initial reserve funds are identified with a [FP] in the Expense Items Sheets. An item marked [PR] is partially paid with initial reserve funds. Ms Katrina Seastrunk represents and warrants that the information provided to Global Solution Partners, including but not limited to that information contained in the attached Reserve Study Information Summary, that the maintenance records are complete and accurate, and that Global Solution Partners may rely upon such information and documents without further verification or corroboration.where the age of a particular Reserve Item (as listed in the Reserve Study) is unknown, Ms Katrina Seastrunk shall provide to Global Solution Partners Ms Katrina Seastrunk's best-estimated age of that item. If Ms Katrina Seastrunk is unable to provide and estimate of a Reserve Item's age, Global Solution Partners shall make its own estimate of age of the Reserve Item. The Reserve Study is created for the association's use, and is a reflection of information provided to Global Solution Partners. This information is not for the purpose of performing an audit, historical records, quality or forensic analyses. Any on site inspection is not considered to be a project audit or quality inspection. Keeping Your Reserve Study Current Global Solution Partners believes that funding studies are an essential part of property management. People and property are constantly changing and evolving. As a result, the useful life of a funding study is at best a few years. This reserve study should be updated when any of the following occur: *At least once a year *At changes in interest rates *At changes in inflation rates *At changes in the number of dues paying members *Before starting new improvements *Before making changes to the property *After a flood or fire *After the change of ownership or management *After Annexation or Incorporation Items Beyond the Scope of this Report Building or land appraisals for any purpose. State or local zoning ordinance violations. Building code violations. Soils conditions, soils contamination or geological stability of site. Engineering analysis or structural stability of site. Air quality, asbestos, electromagnetic radiation, formaldehyde, lead, mercury, or radon. Water quality or other environmental hazards. Invasions by termites and any or all other destroying organisms or insects. Page 6 of 20 Pages
The Bluffs at Ashley River Funding Study Summary - Continued Damage or destruction due to birds, bats or animals to buildings or site. This study is not a pest inspection. Adequacy or efficiency of any system or component on site. Specifically excluded reserve items. Septic systems and septic tanks. Buried or concealed portions of swing pools, pool liners, Jacuzzis and spas or similar items. Items concealed by signs, carpets or other things. Missing or omitted information not supplied by the client for purposes of reserve study preparation. Hidden improvements such as sewer lines, water lines, or other buried or concealed items. Items Considered to be Long Lived Items considered to be Long Lived are intentionally not included in this study. Long Lived items are typically those items that have a useful life expectancy beyond the current study period. The following items have been identified as Long Lived and therefor are not included in this study: Building structures; and Pool structure. Items Considered to be Operational Items considered to be typically included in the Operational Budget are intentionally not included in this study. Operational Budget items typically include routine maintenance and lower cost items. The following items have been identified as Operational Budget items and therefor are not included in this study: Common areas - Landscaping, Irrigation; Lawn care; Pest control; Retaining ponds drain cleaning; Picnic table(s); and Grill(s). Items Maintained by Others Items maintained by other entities or individuals i.e. municipalities, individual dwelling unit owners, other associations, utility companies, etc... are intentionally not included in this study. The following items have been identified as being maintained by other and therefor are not included in this study: Water supply system; Sewage system; Storm water drainage system; Streets; Street signage; Single family homes; and Mailboxes. Statement of Qualifications Global Solution Partners is a professional in the business of preparing reserve studies and other related property services for resorts, hotels, and community associations. We are familiar with construction practices, construction costs, and contracting practices. Conflict of Interest As the preparer of this reserve study, Global Solution Partners certifies that we do not have any vested interests, financial interests, or other interests that would cause a conflict of interest in the preparation of this reserve study. Global Solution Partners would like to thank Community Management Group for the opportunity to be of service in the preparation of the attached Funding Study. Again, please feel free to write or call at our letterhead address if you have any questions. Page 7 of 20 Pages
The Bluffs at Ashley River Funding Study Summary - Continued Prepared by: Anthony Gregory Solution Partner Enclosures: 1 Page of Photographs Attached Category Photograph of Category Photograph of Site Elements Category Photograph of Paving and concrete Page 8 of 20 Pages
The Bluffs at Ashley River Funding Study Summary - Continued Poolhouse Poolhouse roofing Poolhouse rear Road Pond & fountain Community view Page 9 of 20 Pages
The Bluffs at Ashley River Funding Study Summary - Continued Reserve Category - Category Photograph with Reserve Items in the Category: Item Name Present Cost Remaining Life Expected Life First Expense Year First Expense Repeating Item? Pool resurface $ 36,390.27 5 Yrs 17 Yrs 2022 $ 42,272.87 Pool deck resurface $ 49,861.92 13 Yrs 25 Yrs $ 70,731.68 Pool tile and coping $ 12,200.00 5 Yrs 17 Yrs $ 14,172.17 Pool fencing $ 2,784.00 13 Yrs 25 Yrs $ 3,949.25 Pool pumps and filters $ 7,600.00 4 Yrs 12 Yrs $ 8,610.81 Pool furniture $ 2,800.00 3 Yrs 10 Yrs $ 3,094.16 Poolhouse roofing $ 16,586.88 8 Yrs 20 Yrs $ 20,767.27 Poolhouse painting $ 2,493.05 4 Yrs 8 Yrs $ 2,824.63 Poolhouse bathrooms refurbish $ 7,000.00 6 Yrs 18 Yrs $ 8,337.21 $ 20,000.00 18 Yrs 30 Yrs $ 32,144.40 Poolhouse building refurbish Page 10 of 20 Pages 2022 2021 2020 2025 2021 2023 2035
The Bluffs at Ashley River Funding Study Summary - Continued Reserve Category - Site Elements Category Photograph with Reserve Items in the Category: Site Elements Item Name Present Cost Remaining Life Expected Life Entrance and monuments Upgrades allowance $ 30,000.00 18 Yrs 30 Yrs Street lighting repairs allowance $ 16,000.00 13 Yrs 25 Yrs Children's playground structure and equipment $ 18,400.00 10 Yrs 22 Yrs Children's playground fencing $ 1,120.00 13 Yrs 25 Yrs Pet waste stations $ 2,200.00 8 Yrs 20 Yrs Pond pumps and fountains $ 6,500.00 12 Yrs 24 Yrs First Expense Year 2035 First Expense Repeating Item? $ 48,216.60 $ 22,696.82 $ 24,217.24 $ 1,588.78 $ 2,754.47 $ 8,993.16 2027 Page 11 of 20 Pages 2025 2029
The Bluffs at Ashley River Funding Study Summary - Continued Reserve Category - Paving and concrete Category Photograph with Reserve Items in the Category: Paving and concrete Remaining Life Expected Life $ 7,826.20 38 Yrs 50 Yrs concrete sidewalks $ 21,967.20 28 Yrs 40 Yrs asphalt paved parking areas mill and overlay $ 13,161.25 13 Yrs 25 Yrs $ 5,685.66 4 Yrs 8 Yrs Item Name Pool parking area concrete curbing and guttering asphalt paved paring areas seal and stripe Present Cost First Expense Year First Expense Repeating Item? 2055 2045 $ 20,727.53 $ 45,322.17 $ 18,669.90 $ 6,441.86 Page 12 of 20 Pages 2021
The Bluffs at Ashley River Reserve Study Expense Item Listing Reserve Items Unit Cost No Units Current Cost When New Expected Life When New Calendar Year 50 Years 2055 $ 20,728 $ 481.45 2045 $ 45,322 $ 1,452.59 2085 $ 123,070 $ 2,779.97 $ 18,670 $ 1,287.71 25 Years 2055 $ 34,857 $ 1,309.25 4 Years 2021 $ 6,442 $ 1,272.60 2029 $ 7,866 $ 963.98 2037 $ 9,606 $ 1,177.16 2045 $ 11,731 $ 1,437.49 2053 $ 14,325 $ 1,755.39 2022 $ 42,273 $ 6,941.79 2039 $ 64,632 $ 3,643.36 2056 $ 98,816 $ 5,570.38 $ 70,732 $ 4,878.55 2055 $ 132,058 $ 4,960.16 2022 $ 14,172 $ 2,327.27 2039 $ 21,668 $ 1,221.45 2056 $ 33,129 $ 1,867.50 $ 3,949 $ 272.39 2055 $ 7,373 $ 276.95 2021 $ 8,611 $ 1,701.08 2033 $ 11,620 $ 939.75 2045 $ 15,680 $ 1,268.14 2057 $ 21,159 $ 1,711.28 2020 $ 3,094 $ 765.99 $ 3,972 $ 387.43 2040 $ 5,099 $ 497.34 2050 $ 6,545 $ 638.43 Estimated Remaining Life Estimated Future Cost Raw Annual Payment Paving and concrete Pool parking area concrete curbing and guttering $ 10.90 / lnft 718 lnft $ 7,826 concrete sidewalks $ 9.72 / sqft 2260 sqft $ 21,967 asphalt paved parking areas mill and overlay $ 1.25 / sqft asphalt paved paring areas seal and stripe 38 Years 28 Years 40 Years 40 Years 13 Years $ 0.54 / sqft 10529 sqft 10529 sqft $ 13,161 $ 5,686 25 Years 8 Years 8 Years 5 Years Pool resurface Pool deck resurface $ 10.43 / sqft $ 8.76 / sqft 3489 sqft 5692 sqft $ 36,390 $ 49,862 17 Years 13 Years 25 Years 17 Years 25 Years 5 Years Pool tile and coping $ 50.00 / lnft Pool fencing $ 8.00 / lnft 244 lnft 348 lnft $ 12,200 $ 2,784 17 Years 13 Years 25 Years 17 Years 25 Years 4 Years Pool pumps and filters $ 7,600 / lump sum 1 lump sum $ 7,600 12 Years 12 Years 3 Years Pool furniture $ 2,800 / lump sum 1 lump sum $ 2,800 10 Years Page 13 of 20 Pages 10 Years
The Bluffs at Ashley River Reserve Study Expense Item Listing - Continued Reserve Items Poolhouse roofing Unit Cost No Units Current Cost When New Estimated Remaining Life Expected Life When New 8 Years $ 4.24 / sqft 3912 sqft $ 16,587 $ 0.85 / sqft 2933 sqft $ 2,493 $ 3,500 ea Poolhouse building refurbish $ 20,000 / lump sum 2 $ 7,000 $ 2,256.43 2045 $ 34,222 $ 1,627.31 2065 $ 56,393 $ 2,681.58 2021 $ 2,825 $ 558.01 2029 $ 3,449 $ 422.69 2037 $ 4,212 $ 516.16 2045 $ 5,144 $ 630.31 2053 $ 6,281 $ 769.70 2023 $ 8,337 $ 1,170.56 2041 $ 13,069 $ 694.04 2059 $ 20,487 $ 1,087.96 2035 $ 32,144 $ 1,613.07 2065 $ 67,997 $ 2,101.28 2035 $ 48,217 $ 2,419.61 2065 $ 101,995 $ 3,151.92 $ 22,697 $ 1,565.46 25 Years 2055 $ 42,376 $ 1,591.65 10 Years 2027 $ 24,217 $ 2,142.04 2049 $ 41,951 $ 1,804.29 $ 1,589 $ 109.58 25 Years 2055 $ 2,966 $ 111.42 8 Years 2025 $ 2,754 $ 299.28 2045 $ 4,539 $ 215.84 2065 $ 7,480 $ 355.67 2029 $ 8,993 $ 669.69 2053 $ 16,376 $ 642.37 20 Years 20 Years 8 Years 8 Years 18 Years 18 Years 18 Years 1 lump sum Raw Annual Payment $ 20,767 6 Years Poolhouse bathrooms refurbish Estimated Future Cost 2025 4 Years Poolhouse painting Calendar Year $ 20,000 30 Years 30 Years Site Elements Entrance and monuments Upgrades allowance $ 30,000 / Lump sum Street lighting repairs allowance $ 16,000 / Lump sum 18 Years 1 Lump sum $ 30,000 30 Years 30 Years 13 Years Children's playground structure and equipment $ 18,400 / Lump sum Children's playground fencing $ 8.00 / lnft 1 Lump sum 1 Lump sum $ 16,000 25 Years $ 18,400 22 Years 22 Years 13 Years Pet waste stations $ 2,200 / Lump sum Pond pumps and fountains $ 6,500 / Lump sum 140 lnft 1 Lump sum $ 1,120 $ 2,200 25 Years 20 Years 20 Years 12 Years 1 Lump sum $ 6,500 24 Years 24 Years Raw Annual Payments do not include earned interest, tax adjustments or payments made with inital reserves. Months Remaining in Calendar Year 2017: 12 Expected annual inflation: 2.50% Interest earned on reserve funds: 0.50% Initial Reserve: $ 20,559 Page 14 of 20 Pages
The Bluffs at Ashley River Funding Study Modified Cash Flow Analysis Calendar Year Annual Dues Annual Interest Annual Expenses Annual Income Tax Net Reserve Funds 2017 $ 18,000 $ 144 $ 43 $ 38,617 2018 $ 18,450 $ 235 $ 71 $ 57,232 2019 $ 18,911 $ 330 $ 99 $ 76,374 2020 $ 19,384 $ 426 $ 3,094 $ 128 $ 92,962 2021 $ 19,869 $ 510 $ 17,877 $ 153 $ 95,311 2022 $ 20,365 $ 523 $ 56,445 $ 157 $ 59,597 2023 $ 20,874 $ 346 $ 8,337 $ 104 $ 72,377 2024 $ 21,396 $ 411 $ 123 $ 94,061 2025 $ 21,931 $ 521 $ 156 $ 92,835 2026 $ 22,480 $ 516 $ 155 $ 115,675 2027 $ 23,042 $ 631 $ 189 $ 114,941 2028 $ 23,618 $ 629 $ 189 $ 138,999 2029 $ 24,208 $ 751 $ 20,309 $ 225 $ 143,424 $ 24,813 $ 774 $ 121,608 $ 232 $ 47,170 2031 $ 25,434 $ 294 $ 88 $ 72,810 2032 $ 26,069 $ 424 2033 $ 26,721 $ 557 2034 $ 27,389 $ 636 2035 $ 28,074 $ 777 2036 $ 28,776 $ 520 2037 $ 29,495 $ 667 2038 $ 30,232 $ 750 2039 $ 30,988 $ 905 2040 $ 31,763 2041 $ 32,557 2042 $ 33,371 2043 2044 $ 23,522 $ 24,217 $ 127 $ 99,176 $ 167 $ 114,667 $ 191 $ 142,502 $ 233 $ 90,758 $ 156 $ 119,898 $ 200 $ 136,042 $ 225 $ 166,799 $ 86,300 $ 272 $ 112,121 $ 633 $ 5,099 $ 190 $ 139,229 $ 771 $ 13,069 $ 231 $ 159,257 $ 873 $ 262 $ 193,239 $ 34,205 $ 1,045 $ 313 $ 228,175 $ 35,060 $ 1,221 $ 366 $ 264,090 2045 $ 35,937 $ 1,403 $ 421 $ 184,372 2046 $ 36,835 $ 1,006 $ 302 $ 221,912 $ 359 $ 260,506 2047 $ 37,756 $ 1,196 Totals : $ 828,005 $ 20,426 $ 11,620 $ 80,361 $ 13,818 $ 116,637 $ 602,314 $ 6,128 ¹ Cash Reserves minus Fully Funded Value The cash distribution shown in this table applies to repair and cash reserves only. Basis of Funding Study - Modified Cash Flow Cash reserves have been set to a minimum of $ 0 Cash Flow has been modified with the forced Fixed Payments. Months Remaining in Calendar Year 2017: 12 Study Life = 30 years Inflation = 2.50 % Initial Reserve Funds = $ 20,559.04 Interest = 0.50 % Final Reserve Value = $ 260,505.73 Page 15 of 20 Pages
The Bluffs at Ashley River Funding Study Cash Flow by Calendar Year - Continued Percent Funded Cash Reserves Expenses $ 0 Minimum Cash Reserve 280.0 100% 240.0 80% 220.0 200.0 180.0 60% 160.0 140.0 120.0 40% 100.0 80.0 60.0 20% 40.0 Calendar Years Page 16 of 20 Pages 0% 2047 2042 2037 2032 2027 2022 0.0 2017 20.0 Percent Funded Cash Reserves in Thousands of Dollars 260.0
The Bluffs at Ashley River Modified Reserve Dues Summary Projected Dues by Month and by Calendar Year Calendar Year Member Monthly Reserve Payment Member Total Monthly Payment Member Total Annual Payment Monthly Reserve Payment Annual Reserve Payment 2017 $ 9.93 $ 9.93 $ 119.21 $ 1,500 $ 18,000 2018 $ 10.18 $ 10.18 $ 122.19 $ 1,538 $ 18,450 2019 $ 10.44 $ 10.44 $ 125.24 $ 1,576 $ 18,911 2020 $ 10.70 $ 10.70 $ 128.37 $ 1,615 $ 19,384 2021 $ 10.97 $ 10.97 $ 131.58 $ 1,656 $ 19,869 2022 $ 11.24 $ 11.24 $ 134.87 $ 1,697 $ 20,365 2023 $ 11.52 $ 11.52 $ 138.24 $ 1,740 $ 20,874 2024 $ 11.81 $ 11.81 $ 141.70 $ 1,783 $ 21,396 2025 $ 12.10 $ 12.10 $ 145.24 $ 1,828 $ 21,931 2026 $ 12.41 $ 12.41 $ 148.87 $ 1,873 $ 22,480 2027 $ 12.72 $ 12.72 $ 152.59 $ 1,920 $ 23,042 2028 $ 13.03 $ 13.03 $ 156.41 $ 1,968 $ 23,618 2029 $ 13.36 $ 13.36 $ 160.32 $ 2,017 $ 24,208 $ 13.69 $ 13.69 $ 164.33 $ 2,068 $ 24,813 2031 $ 14.04 $ 14.04 $ 168.43 $ 2,119 $ 25,434 2032 $ 14.39 $ 14.39 $ 172.64 $ 2,172 $ 26,069 2033 $ 14.75 $ 14.75 $ 176.96 $ 2,227 $ 26,721 2034 $ 15.12 $ 15.12 $ 181.38 $ 2,282 $ 27,389 2035 $ 15.49 $ 15.49 $ 185.92 $ 2,339 $ 28,074 2036 $ 15.88 $ 15.88 $ 190.57 $ 2,398 $ 28,776 2037 $ 16.28 $ 16.28 $ 195.33 $ 2,458 $ 29,495 2038 $ 16.68 $ 16.68 $ 200.22 $ 2,519 $ 30,232 2039 $ 17.10 $ 17.10 $ 205.22 $ 2,582 $ 30,988 2040 $ 17.53 $ 17.53 $ 210.35 $ 2,647 $ 31,763 2041 $ 17.97 $ 17.97 $ 215.61 $ 2,713 $ 32,557 2042 $ 18.42 $ 18.42 $ 221.00 $ 2,781 $ 33,371 2043 $ 18.88 $ 18.88 $ 226.52 $ 2,850 $ 34,205 2044 $ 19.35 $ 19.35 $ 232.19 $ 2,922 $ 35,060 2045 $ 19.83 $ 19.83 $ 237.99 $ 2,995 $ 35,937 2046 $ 20.33 $ 20.33 $ 243.94 $ 3,070 $ 36,835 2047 $ 20.84 $ 20.84 $ 250.04 $ 3,146 $ 37,756 Dues Summary has been modified with forced Fixed Payments. In the context of the Reserve Payment Summary, the ''Annual Reserve Payment'' corresponds with the ''Annual Revenue'' in the Cash Flow report. Operations Payments Include an annual inflation factor of 2.50% Number of Payment Months in Calendar Year 2017: 12 Number of Years of Constant Payments: 1 Page 17 of 20 Pages
The Bluffs at Ashley River Funding Study Payment Summary by Calendar Year - Continued No of Dues Paying Members: 151 Page 18 of 20 Pages
GLOBAL Solution Partners, LLC info@globalreservestudies.com - Toll free phone and fax: (844) 477-7883 - www.globalsolutionpartners.com August 2, 2016 Year Category Item Name Expense 2020 Pool furniture $ 3,094 2020 Annual Expense Total = $ 3,094 Paving and concrete 2021 asphalt paved paring areas seal and stripe $ 6,442 Pool pumps and filters $ 8,611 Poolhouse painting $ 2,825 Subtotal = $ 11,436.00 2021 Annual Expense Total = $ 17,878 Pool resurface $ 42,273 Pool tile and coping $ 14,172 2022 Subtotal = $ 56,445.00 2022 Annual Expense Total = $ 56,445 2023 Poolhouse bathrooms refurbish $ 8,337 2023 Annual Expense Total = $ 8,337 Poolhouse roofing $ 20,767 Site Elements Pet waste stations $ 2,754 2025 2025 Annual Expense Total = $ 23,521 2027 Site Elements Children's playground structure and equipment $ 24,217 2027 Annual Expense Total = $ 24,217 2029 Paving and concrete asphalt paved paring areas seal and stripe $ 7,866 Poolhouse painting $ 3,449 Site Elements Pond pumps and fountains $ 8,993 2029 Annual Expense Total = $ 20,308 Paving and concrete asphalt paved parking areas mill and overlay $ 18,670 Pool deck resurface $ 70,732 Pool fencing $ 3,949 Pool furniture $ 3,972 Page 19 of 20 Pages
Year Category Item Name Expense Subtotal = $ 78,653.00 Street lighting repairs allowance $ 22,697 Site Elements Children's playground fencing $ 1,589 Site Elements Subtotal = $ 24,286.00 Annual Expense Total = $ 121,609 2033 Pool pumps and filters $ 11,620 2033 Annual Expense Total = $ 11,620 Poolhouse building refurbish $ 32,144 Site Elements Entrance and monuments Upgrades allowance $ 48,217 2035 2035 Annual Expense Total = $ 80,361 Paving and concrete asphalt paved paring areas seal and stripe $ 9,606 Poolhouse painting $ 4,212 2037 2037 Annual Expense Total = $ 13,818 Pool resurface $ 64,632 Pool tile and coping $ 21,668 2039 Subtotal = $ 86,300.00 2039 Annual Expense Total = $ 86,300 2040 Pool furniture $ 5,099 2040 Annual Expense Total = $ 5,099 2041 Poolhouse bathrooms refurbish $ 13,069 2041 Annual Expense Total = $ 13,069 concrete sidewalks $ 45,322 asphalt paved paring areas seal and stripe $ 11,731 Paving and concrete Paving and concrete Subtotal = $ 57,053.00 Pool pumps and filters $ 15,680 Poolhouse roofing $ 34,222 2045 Poolhouse painting $ 5,144 Subtotal = $ 55,046.00 Site Elements Pet waste stations $ 4,539 2045 Annual Expense Total = $ 116,638 Page 20 of 20 Pages