Full Capital Replacement Plan Sample Church Anywhere, USA Report #: 9999-0 For Period Beginning: January 1, 2015 Expires: December 31, 2015 Date Prepared: July 6, 2015
Hello, and welcome to your Capital Replacement Plan! W e don t want you to be surprised. This Report is designed to help you anticipate, and prepare for, the major common area expenses your property will face. Inside you will find: 1) The Reserve Component List (the Scope and Schedule of your Reserve projects) telling you what your property is Reserving for, what condition they are in now, and what they ll cost to replace. 2) An Evaluation of your current Reserve Fund Size and Strength (Percent Funded). This tells you your financial starting point, revealing your risk of deferred maintenance and cash flow problems. 3) A Recommended Multi-Year Reserve Funding Plan, answering the question What do we do now? More Questions? Visit our website at www.reservestudy.com or call us at: 619/567-5239 Relax, it s from Association Reserves, Inc.
Table of Contents 3- Minute Executive Summary... i Reserve Study Summary... i Reserve Component List Table 1... ii Introduction, Objectives, and Methodology... 1 Which Physical Assets are Funded by Reserves?... 2 How do we establish Useful Life and Remaining Useful Life estimates?... 2 How do we establish Current Repair/Replacement Cost Estimates?... 2 How much Reserves are enough?... 3 How much should we contribute?... 4 What is our Recommended Funding Goal?... 4 Projected Expenses... 6 Expense Graph Figure 1... 6 Reserve Fund Status & Recommended Funding Plan... 7 Funding Plan Graph Figure 2... 7 Cash Flow Graph Figure 3... 8 % Funded Graph Figure 4... 8 Table Descriptions... 9 Reserve Component List Detail Table 2... 10 Contribution & Fund Breakdown Table 3... 11 Component Significance Table 4... 12 30 Year Reserve Plan Summary Table 5... 13 30 Year Reserve Plan Year by Year Detail Table 6... 14 Accuracy, Limitations, and Disclosures... 26 Terms and Definitions... 27 Component Details... Appendix Association Reserves, Inc.
3- Minute Executive Summary Association: Sample Church #: 9999-0 Location: Anywhere, USA # of Units: 1 Report Period: January 1, 2015 through December 31, 2015 Findings/Recommendations as-of 1/1/2015: Projected Starting Capital Account Balance:... $1,129,636 Current Fully Funded Capital Account Balance:... $2,029,118 Average Reserve Deficit (Surplus) Per Unit:... $899,481 Recommended 2015 Monthly Full Funding Contributions:... $17,000 Alternate minimum contribs* to keep Reserves above $0:... $15,700 Recommended 2015 Special Assessment:... $0 Most Recent Budgeted Capital Account Contribution Rate:... $2,500 Economic Assumptions: Net Annual After Tax Interest Earnings Capital Funds... 1.00% Annual Inflation Rate... 3.00% This is a Full Capital Replacement Plan (original, created from scratch ), and is based on our site inspection on October 1, 2014. This Report was prepared by a credentialed Reserve Specialist (RS). Because your Capital Replacement Fund is at 56% Funded, this means your cash flow problem & deferred maintenance risk is currently medium. The objective of your multi-year Funding Plan is to Fully Fund your Reserves, where properties enjoy a low risk of cash flow problems. Based on this starting point, your anticipated future expenses, and your historical contribution rate, our recommendation is to increase your Capital Reserve contribution rate to more closely match the annual rate of deterioration occurring to your Reserve components. No assets appropriate for Reserve designation were excluded. *officially called Baseline Funding Association Reserves, Inc. i
Table 1: Executive Summary 9999-0 Useful Rem. Current Life Useful Cost # Component (yrs) Life (yrs) Estimate 302 Generator - Refurb/Repl (Church) 30 5 $38,750 303 Air Handlers - Replace 20 11 $8,500 303 Package HVAC Unit - Replace (2006) 18 9 $21,000 303 Package HVAC Units - Replace (1984) 18 0 $85,000 303 Portable AC - Replace 10 3 $2,750 303 Server Room HVAC Unit - Repl (2005) 15 5 $4,000 303 Server Room HVAC Unit - Repl (2008) 15 8 $4,000 303 Split System - Replace (2002) 18 5 $7,750 303 Split System - Replace (2005) 18 8 $8,500 303 Trane Intellipaks - Replace 20 11 $250,000 309 Chiller - Refurbish 20 1 $45,000 310 Chiller - Replace 20 11 $97,500 312 Chiller Pump/Motor - Replace 20 11 $22,500 324 Building Exterior Lights - Replace 20 10 $14,100 325 Foyer Lights - Replace 30 5 $17,450 325 Sanctuary Can Lights - Replace 30 0 $28,800 406 Water Fountain - Replace 25 4 $1,500 601 Carpet - Replace 15 0 $260,800 602 Resilient Flooring - Replace 30 10 $17,700 603 Tile Floor - Replace (Exterior) 30 5 $25,750 603 Tile Floor - Replace (Foyer) 30 15 $13,800 604 Hardwood Floor - Resurface 10 5 $2,340 610 Acoustic Ceiling - Replace 50 10 $110,600 706 Industrial Roll Up Door - Replace 30 10 $5,000 909 Bathrooms - Remodel 30 10 $90,000 910 Creo Room - Refurbish 15 12 $4,750 910 Upper Room - Refurbish 15 7 $3,750 911 Coffee Bar / The Pier - Remodel 30 20 $20,700 915 Pews - Refinish 15 0 $116,350 916 Blackout Curtains - Replace 30 10 $37,250 916 Built-in Cabinetry/Counters - Repl 30 10 $12,100 1110 Interiors - Repaint 15 0 $78,705 1115 Stucco - Repaint 15 0 $19,800 1122 Doors/Windows - Refurbish 40 10 $93,300 1316 Standing Seam Metal Roof - Replace 50 10 $378,750 1317 Foam Roof - Replace 50 0 $271,000 1318 Foam Roof - Recoat 10 10 $47,850 1402 Building Lettering - Replace 20 10 $12,600 2102 Sanctuary Audio System - Upgrade 10 5 $250,000 2103 Sanctuary Video System - Upgrade 10 5 $100,000 2104 Lighting Controls - Replace 10 5 $150,000 2107 In-Ear System - Replace 10 8 $15,000 2108 Wireless Mic System - Replace 10 9 $50,000 43 Total Funded Components Note 1: a Useful Life of N/A means a one-time expense, not expected to repeat. Note 2: Yellow highlighted line items are expected to require attention in the initial year, green highlighted items are expected to occur within the first five years. Association Reserves, Inc. ii
Assoc. 9999-0 Introduction A Capital Replacement Plan is the art and science of anticipating, and preparing for, a property s major common area repair and replacement expenses. Partially art, because in this field we are making projections about the future. Partially science, because our work is a combination of research and well-defined computations, following consistent National Reserve Study Standard principles. The foundation of this and every Reserve Study is your Reserve Component List (what you are reserving for). This is because the Reserve Component List defines the scope and schedule of all your anticipated upcoming Capital projects. Based on that List and your starting balance, we calculate the property s Capital Fund Strength (reported in terms of Percent Funded ). Then we compute a Capital Replacement Funding Plan to provide for the Reserve needs of the property. These form the three results of your Reserve Study. Capital contributions are not for the future. They are designed to offset the ongoing, daily deterioration of your Reserve assets. Done well, a stable, budgeted Capital Funding Plan will collect sufficient funds over time, so the property is financially prepared for the irregular expenditures scattered through future years when those projects eventually require replacement. Methodology For this Full Capital Replacement Plan, we started with a review of recent Capital Reserve expenditures, an evaluation of how expenditures are handled (ongoing maintenance vs Reserves), and research into any well-established precedents. We performed an on-site inspection to quantify and evaluate your common areas, creating your Reserve Component List from scratch. Association Reserves, Inc. 1
Assoc. 9999-0 Which Physical Assets are Funded by Reserves? There is a national-standard four-part test to determine which expenses should appear in your Reserve Component List. First, it must be a common area maintenance responsibility. Second, the component must have a limited life. Third, the remaining life must be predictable (or it by definition is a surprise which cannot be accurately anticipated). Fourth, the component must be above a minimum threshold cost (often between.5% and 1% of a property s total budget). This limits Reserve Components to major, predictable expenses. Within this framework, it is inappropriate to include lifetime components, unpredictable expenses (such as damage due to fire, flood, or earthquake), and expenses more appropriately handled from the Operational Budget or as an insured loss. How do we establish Useful Life and Remaining Useful Life estimates? 1) Visual Inspection (observed wear and age) 2) Association Reserves database of experience 3) Client History (install dates & previous life cycle information) 4) Vendor Evaluation and Recommendation How do we establish Current Repair/Replacement Cost Estimates? In this order 1) Actual client cost history, or current proposals 2) Comparison to Association Reserves database of work done at similar properties 3) Vendor Recommendations 4) Reliable National Industry cost estimating guidebooks Association Reserves, Inc. 2
Assoc. 9999-0 How much Reserves are enough? Reserve adequacy is not measured in cash terms. Reserve adequacy is found when the amount of current Reserve cash is compared to Reserve component deterioration (the needs of the property). Having enough means you can execute your projects in a timely manner with existing Reserve funds. Not having enough typically creates deferred maintenance or cash flow problems. Adequacy is measured in a two-step process: 1) Calculate the value of deterioration at the association (called Fully Funded Balance, or FFB). 2) Compare that to the Reserve Fund Balance, and express as a percentage. Each year, the value of deterioration at the property changes. When there is more deterioration (as components approach the time they need to be replaced), there should be more cash to offset that deterioration and prepare for the expenditure. Conversely, the value of deterioration shrinks after projects are accomplished. The value of deterioration (the FFB) changes each year, and is a moving but predictable target. There is a high risk of cash flow problems and deferred maintenance when the Percent Funded is weak, below 30%. Approximately 30% of all properties are in this high risk range. While the 100% point is Ideal (indicating Reserve cash is equal to the value of deterioration), a Reserve Fund in the 70% -130% range is considered strong (low risk of cash flow problems). Measuring your Reserves by Percent Funded tells how well prepared your property is for upcoming Reserve expenses. Association Reserves, Inc. 3
Assoc. 9999-0 How much should we contribute? According to National Reserve Study Standards, there are four Funding Principles to balance in developing your Reserve Funding Plan. Our first objective is to design a plan that provides you with sufficient cash to perform your Reserve projects on time. Second, a stable contribution is desirable because it keeps these naturally irregular expenses from unsettling the budget. Reserve contributions that are evenly distributed over the years enable ownership to pay their fair share of the property s Reserve expenses evenly over the years. And finally, we develop a plan that is fiscally responsible and safe. Remember, it is ownership s job to provide for the ongoing care of the common areas. An ownership team invites liability exposure when ongoing Reserve contributions are inadequate to offset ongoing common area deterioration. What is our Recommended Funding Goal? Maintaining the Reserve Fund at a level equal to the value of deterioration is called Full Funding (100% Funded). As each asset ages and becomes used up, the Reserve Fund grows proportionally. This is simple, responsible, and our recommendation. Evidence shows that properties in the 70-130% range enjoy a low risk of cash flow problems or deferred maintenance. Allowing the Reserves to fall close to zero, but not below zero, is called Baseline Funding. Doing so allows the Reserve Fund to drop into the 0-30% range, where there is a high risk of cash flow problems & deferred maintenance. Since Baseline Funding still provides for the timely execution of all Reserve projects, and only the margin of safety is different, Baseline Funding contributions average only 10% - 15% less than Full Funding contributions. Threshold Funding is the title of all other Cash or Percent Funded objectives between Baseline Funding and Full Funding. Association Reserves, Inc. 4
Assoc. 9999-0 Site Inspection Notes During our site visit on October 1, 2014, we started with a brief meeting with Facilities Director, and then started the site inspection beginning with the Sanctuary, to include the AV Control Room. We visually inspected all areas of the building. Association Reserves, Inc. 5
Assoc. 9999-0 Projected Expenses While this Capital Replacement Plan looks forward 30 years, we have no expectation that all these expenses will all take place as anticipated. This Plan needs to be updated annually because we expect the timing of these expenses to shift and the size of these expenses to change. We do feel more certain of the timing and cost of near-term expenses than expenses many years away. Your first five years of projected Reserve expenses total $911,498. Adding the next five years, your first ten years of projected Reserve expenses are $1,734,559. Please be aware of your near-term expenses, which we are able to project more accurately than the more distant projections. The figure below summarizes the projected future expenses at your property as defined by your Reserve Component List. A summary of these expenses are shown in Table 5, while details of the projects that make up these expenses are shown in Table 6. Annual Reserve Expenses $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 2015 2020 2025 2030 2035 2040 2045 Years Figure 1 Association Reserves, Inc. 6
Assoc. 9999-0 Reserve Fund Status The starting point for our financial analysis is your Capital Reserve Fund balance, projected to be $1,129,636 as-of the start of your Fiscal Year on January 1, 2015. This is based on your actual balance and anticipated Reserve contributions and expenses projected through the end of your Fiscal Year. As of January 1, 2015, your Fully Funded Balance is computed to be $2,029,118 (see Table 3). This figure represents the deteriorated value of your common area components. Comparing your Reserve Balance to your Fully Funded Balance indicates your Reserves are 56% Funded. Across the country, approx 6% of properties in this range experience cash flow problems or deferred maintenance. Recommended Funding Plan Based on your current Percent Funded and your near-term and long-term Reserve needs, we are recommending budgeted contributions of $17,000/month this Fiscal Year. The overall 30-yr plan, in perspective, is shown below. This same information is shown numerically in both Table 5 and Table 6. Annual Reserve Funding Recommended Alternate (Minimum) Current Budget $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2015 2020 2025 2030 2035 2040 2045 Years Figure 2 Association Reserves, Inc. 7
Assoc. 9999-0 The following chart shows your Reserve balance under our recommended Full Funding Plan, an alternate Baseline Funding Plan, and at your current budgeted contribution rate, compared to your always-changing Fully Funded Balance target. $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 30-Yr Cash Flow Target Fully Funded Balance Recommended Funding Plan Alternate (Minimum) Current Budget $0 2015 2020 2025 2030 2035 2040 2045 Years Figure 3 This figure shows this same information, plotted on a Percent Funded scale. 120% Percent Funded Recommended Funding Plan Alternate (Minimum) Funding Plan Current Budget 100% 80% 60% 40% 20% 0% 2015 2020 2025 2030 2035 2040 2045 Years Figure 4 Association Reserves, Inc. 8
Assoc. 9999-0 Table Descriptions The tabular information in this Report is broken down into six tables. Table 1 is a summary of your Reserve Components (your Reserve Component List), the information found in Table 2. Table 2 is your Reserve Component List, which forms the foundation of this Reserve Study. This table represents the information from which all other tables are derived. Table 3 shows the calculation of your Fully Funded Balance, the measure of your current Reserve component deterioration. For each component, the Fully Funded Balance is the fraction of life used up multiplied by its estimated Current Replacement Cost. Table 4 shows the significance of each component to Reserve needs of the property, helping you see which components have more (or less) influence than others on your total Reserve contribution rate. The deterioration cost/yr of each component is calculated by dividing Current Replacement Cost by Useful Life, then that component s percentage of the total is displayed. Table 5: This table provides a one-page 30-year summary of the cash flowing into and out of the Reserve Fund, with a display of the Fully Funded Balance, Percent Funded, and special assessment risk for each year. Table 6: This table shows the cash flow detail for the next 30 years. This table makes it possible to see which components are projected to require repair or replacement each year, and the size of those individual expenses. Association Reserves, Inc. 9
Table 2: Reserve Component List Detail 9999-0 Rem. Useful Useful [ --- Current Cost Estimate --- ] # Component Quantity Life Life Best Case Worst Case 302 Generator - Refurb/Repl (Church) (1) Onan 30 5 $30,000 $47,500 303 Air Handlers - Replace (2) 3-Ton Trane 3-Ton AH 20 11 $7,000 $10,000 303 Package HVAC Unit - Replace (2006) (1) Trane 10-Ton 18 9 $18,000 $24,000 303 Package HVAC Units - Replace (1984) (5) Units, 10-12.5-Tons 18 0 $68,000 $102,000 303 Portable AC - Replace (1) MovinCool 10k BTU/hr 10 3 $2,000 $3,500 303 Server Room HVAC Unit - Repl (2005) (1) Samsung Ductless 15 5 $3,000 $5,000 303 Server Room HVAC Unit - Repl (2008) (1) Fujitsu Ductless 15 8 $3,000 $5,000 303 Split System - Replace (2002) (1) 3-Ton Carrier 18 5 $5,500 $10,000 303 Split System - Replace (2005) (1) 3.5-Ton 18 8 $6,500 $10,500 303 Trane Intellipaks - Replace (2) Trane Intellipaks 20 11 $200,000 $300,000 309 Chiller - Refurbish (1) York Chiller 20 1 $30,000 $60,000 310 Chiller - Replace (1) York Chiller 20 11 $75,000 $120,000 312 Chiller Pump/Motor - Replace (1) 10-hp Pump/Motor set 20 11 $20,000 $25,000 324 Building Exterior Lights - Replace Approx (50) Fixtures 20 10 $10,000 $18,200 325 Foyer Lights - Replace Approx (45) Can Lights 30 5 $15,000 $19,900 325 Sanctuary Can Lights - Replace Approx (24) Can Lights 30 0 $24,000 $33,600 406 Water Fountain - Replace (1) Fountain 25 4 $1,250 $1,750 601 Carpet - Replace Approx 6,530 GSY 15 0 $228,200 $293,400 602 Resilient Flooring - Replace Approx 2,360 GSF 30 10 $14,200 $21,200 603 Tile Floor - Replace (Exterior) Approx 2,060 GSF 30 5 $20,600 $30,900 603 Tile Floor - Replace (Foyer) Approx 600 GSF 30 15 $12,000 $15,600 604 Hardwood Floor - Resurface Approx 1,040 GSF 10 5 $2,080 $2,600 610 Acoustic Ceiling - Replace Approx 15,800 GSF 50 10 $94,800 $126,400 706 Industrial Roll Up Door - Replace (1) 10' x 15' Door 30 10 $4,000 $6,000 909 Bathrooms - Remodel (8) Bathrooms 30 10 $70,000 $110,000 910 Creo Room - Refurbish Approx 790 GSF 15 12 $3,500 $6,000 910 Upper Room - Refurbish Approx 540 GSF Room 15 7 $3,000 $4,500 911 Coffee Bar / The Pier - Remodel Approx 400 GSF 30 20 $16,600 $24,800 915 Pews - Refinish Approx (149) Pews 15 0 $92,700 $140,000 916 Blackout Curtains - Replace Approx 1,490 GSF 30 10 $29,800 $44,700 916 Built-in Cabinetry/Counters - Repl Approx 74 LF 30 10 $10,000 $14,200 1110 Interiors - Repaint Approx 95,400 GSF 15 0 $71,550 $85,860 1115 Stucco - Repaint Approx 22,000 GSF 15 0 $17,600 $22,000 1122 Doors/Windows - Refurbish Extensive Qty 40 10 $74,600 $112,000 1316 Standing Seam Metal Roof - Replace Approx 30,300 GSF 50 10 $303,000 $454,500 1317 Foam Roof - Replace Approx 31,900 GSF 50 0 $223,000 $319,000 1318 Foam Roof - Recoat Approx 31,900 GSF 10 10 $31,900 $63,800 1402 Building Lettering - Replace Approx (36) Letters 20 10 $10,000 $15,200 2102 Sanctuary Audio System - Upgrade Sound System 10 5 $200,000 $300,000 2103 Sanctuary Video System - Upgrade Visual/Video Systems 10 5 $80,000 $120,000 2104 Lighting Controls - Replace Unison Sensor ETC System 10 5 $125,000 $175,000 2107 In-Ear System - Replace In-ear audio 10 8 $12,500 $17,500 2108 Wireless Mic System - Replace Mics, Rec'rs, etc. 10 9 $45,000 $55,000 43 Total Funded Components Association Reserves, Inc. 10
Table 3: Fully Funded Balance 9999-0 Current Fully Cost Effective Useful Funded # Component Estimate X Age / Life = Balance 302 Generator - Refurb/Repl (Church) $38,750 X 25 / 30 = $32,292 303 Air Handlers - Replace $8,500 X 9 / 20 = $3,825 303 Package HVAC Unit - Replace (2006) $21,000 X 9 / 18 = $10,500 303 Package HVAC Units - Replace (1984) $85,000 X 18 / 18 = $85,000 303 Portable AC - Replace $2,750 X 7 / 10 = $1,925 303 Server Room HVAC Unit - Repl (2005) $4,000 X 10 / 15 = $2,667 303 Server Room HVAC Unit - Repl (2008) $4,000 X 7 / 15 = $1,867 303 Split System - Replace (2002) $7,750 X 13 / 18 = $5,597 303 Split System - Replace (2005) $8,500 X 10 / 18 = $4,722 303 Trane Intellipaks - Replace $250,000 X 9 / 20 = $112,500 309 Chiller - Refurbish $45,000 X 19 / 20 = $42,750 310 Chiller - Replace $97,500 X 9 / 20 = $43,875 312 Chiller Pump/Motor - Replace $22,500 X 9 / 20 = $10,125 324 Building Exterior Lights - Replace $14,100 X 10 / 20 = $7,050 325 Foyer Lights - Replace $17,450 X 25 / 30 = $14,542 325 Sanctuary Can Lights - Replace $28,800 X 30 / 30 = $28,800 406 Water Fountain - Replace $1,500 X 21 / 25 = $1,260 601 Carpet - Replace $260,800 X 15 / 15 = $260,800 602 Resilient Flooring - Replace $17,700 X 20 / 30 = $11,800 603 Tile Floor - Replace (Exterior) $25,750 X 25 / 30 = $21,458 603 Tile Floor - Replace (Foyer) $13,800 X 15 / 30 = $6,900 604 Hardwood Floor - Resurface $2,340 X 5 / 10 = $1,170 610 Acoustic Ceiling - Replace $110,600 X 40 / 50 = $88,480 706 Industrial Roll Up Door - Replace $5,000 X 20 / 30 = $3,333 909 Bathrooms - Remodel $90,000 X 20 / 30 = $60,000 910 Creo Room - Refurbish $4,750 X 3 / 15 = $950 910 Upper Room - Refurbish $3,750 X 8 / 15 = $2,000 911 Coffee Bar / The Pier - Remodel $20,700 X 10 / 30 = $6,900 915 Pews - Refinish $116,350 X 15 / 15 = $116,350 916 Blackout Curtains - Replace $37,250 X 20 / 30 = $24,833 916 Built-in Cabinetry/Counters - Repl $12,100 X 20 / 30 = $8,067 1110 Interiors - Repaint $78,705 X 15 / 15 = $78,705 1115 Stucco - Repaint $19,800 X 15 / 15 = $19,800 1122 Doors/Windows - Refurbish $93,300 X 30 / 40 = $69,975 1316 Standing Seam Metal Roof - Replace $378,750 X 40 / 50 = $303,000 1317 Foam Roof - Replace $271,000 X 50 / 50 = $271,000 1318 Foam Roof - Recoat $47,850 X 0 / 10 = $0 1402 Building Lettering - Replace $12,600 X 10 / 20 = $6,300 2102 Sanctuary Audio System - Upgrade $250,000 X 5 / 10 = $125,000 2103 Sanctuary Video System - Upgrade $100,000 X 5 / 10 = $50,000 2104 Lighting Controls - Replace $150,000 X 5 / 10 = $75,000 2107 In-Ear System - Replace $15,000 X 2 / 10 = $3,000 2108 Wireless Mic System - Replace $50,000 X 1 / 10 = $5,000 $2,029,118 Association Reserves, Inc. 11
Table 4: Component Significance 9999-0 Current Useful Cost Deterioration Deterioration # Component Life Estimate Cost/yr Significance 302 Generator - Refurb/Repl (Church) 30 $38,750 $1,292 0.9% 303 Air Handlers - Replace 20 $8,500 $425 0.3% 303 Package HVAC Unit - Replace (2006) 18 $21,000 $1,167 0.8% 303 Package HVAC Units - Replace (1984) 18 $85,000 $4,722 3.1% 303 Portable AC - Replace 10 $2,750 $275 0.2% 303 Server Room HVAC Unit - Repl (2005) 15 $4,000 $267 0.2% 303 Server Room HVAC Unit - Repl (2008) 15 $4,000 $267 0.2% 303 Split System - Replace (2002) 18 $7,750 $431 0.3% 303 Split System - Replace (2005) 18 $8,500 $472 0.3% 303 Trane Intellipaks - Replace 20 $250,000 $12,500 8.2% 309 Chiller - Refurbish 20 $45,000 $2,250 1.5% 310 Chiller - Replace 20 $97,500 $4,875 3.2% 312 Chiller Pump/Motor - Replace 20 $22,500 $1,125 0.7% 324 Building Exterior Lights - Replace 20 $14,100 $705 0.5% 325 Foyer Lights - Replace 30 $17,450 $582 0.4% 325 Sanctuary Can Lights - Replace 30 $28,800 $960 0.6% 406 Water Fountain - Replace 25 $1,500 $60 0.0% 601 Carpet - Replace 15 $260,800 $17,387 11.5% 602 Resilient Flooring - Replace 30 $17,700 $590 0.4% 603 Tile Floor - Replace (Exterior) 30 $25,750 $858 0.6% 603 Tile Floor - Replace (Foyer) 30 $13,800 $460 0.3% 604 Hardwood Floor - Resurface 10 $2,340 $234 0.2% 610 Acoustic Ceiling - Replace 50 $110,600 $2,212 1.5% 706 Industrial Roll Up Door - Replace 30 $5,000 $167 0.1% 909 Bathrooms - Remodel 30 $90,000 $3,000 2.0% 910 Creo Room - Refurbish 15 $4,750 $317 0.2% 910 Upper Room - Refurbish 15 $3,750 $250 0.2% 911 Coffee Bar / The Pier - Remodel 30 $20,700 $690 0.5% 915 Pews - Refinish 15 $116,350 $7,757 5.1% 916 Blackout Curtains - Replace 30 $37,250 $1,242 0.8% 916 Built-in Cabinetry/Counters - Repl 30 $12,100 $403 0.3% 1110 Interiors - Repaint 15 $78,705 $5,247 3.5% 1115 Stucco - Repaint 15 $19,800 $1,320 0.9% 1122 Doors/Windows - Refurbish 40 $93,300 $2,333 1.5% 1316 Standing Seam Metal Roof - Replace 50 $378,750 $7,575 5.0% 1317 Foam Roof - Replace 50 $271,000 $5,420 3.6% 1318 Foam Roof - Recoat 10 $47,850 $4,785 3.2% 1402 Building Lettering - Replace 20 $12,600 $630 0.4% 2102 Sanctuary Audio System - Upgrade 10 $250,000 $25,000 16.5% 2103 Sanctuary Video System - Upgrade 10 $100,000 $10,000 6.6% 2104 Lighting Controls - Replace 10 $150,000 $15,000 9.9% 2107 In-Ear System - Replace 10 $15,000 $1,500 1.0% 2108 Wireless Mic System - Replace 10 $50,000 $5,000 3.3% 43 Total Funded Components $151,749 100.0% Association Reserves, Inc. 12
Table 5: 30-Year Reserve Plan Summary 9999-0 Fiscal Year Start: 01/01/15 Interest: 1.0% Inflation: 3.0% Reserve Fund Strength Calculations (All values as of Fiscal Year Start Date) Projected Reserve Balance Changes Starting Fully Special Loans or Reserve Funded Percent Assmt Reserve Special Interest Reserve Year Balance Balance Funded Risk Contribs. Assmts Income Expenses 2015 $1,129,636 $2,029,118 55.7% Med $204,000 $0 $8,051 $860,455 2016 $481,232 $1,360,024 35.4% Med $210,120 $0 $5,657 $46,350 2017 $650,659 $1,514,075 43.0% Med $216,424 $0 $7,624 $0 2018 $874,707 $1,725,317 50.7% Med $222,916 $0 $9,892 $3,005 2019 $1,104,510 $1,944,776 56.8% Med $229,604 $0 $12,241 $1,688 2020 $1,344,666 $2,177,299 61.8% Med $236,492 $0 $11,226 $690,974 2021 $901,410 $1,712,111 52.6% Med $243,587 $0 $10,279 $0 2022 $1,155,276 $1,950,106 59.2% Med $250,894 $0 $12,843 $4,612 2023 $1,414,401 $2,196,090 64.4% Med $258,421 $0 $15,332 $34,836 2024 $1,653,318 $2,424,089 68.2% Med $266,174 $0 $17,481 $92,639 2025 $1,844,333 $2,605,331 70.8% Low $274,159 $0 $14,375 $1,101,003 2026 $1,031,864 $1,759,513 58.6% Med $282,384 $0 $9,153 $523,933 2027 $799,468 $1,489,006 53.7% Med $290,855 $0 $9,458 $6,772 2028 $1,093,009 $1,749,549 62.5% Med $299,581 $0 $12,465 $4,038 2029 $1,401,016 $2,027,409 69.1% Med $308,568 $0 $15,624 $0 2030 $1,725,209 $2,324,651 74.2% Low $317,825 $0 $11,166 $1,545,184 2031 $509,016 $1,046,363 48.6% Med $327,360 $0 $6,758 $0 2032 $843,134 $1,328,572 63.5% Med $337,181 $0 $10,164 $0 2033 $1,190,479 $1,626,771 73.2% Low $347,296 $0 $12,849 $170,243 2034 $1,380,381 $1,766,316 78.2% Low $357,715 $0 $15,224 $87,675 2035 $1,665,645 $2,003,076 83.2% Low $368,447 $0 $17,926 $131,033 2036 $1,920,983 $2,210,501 86.9% Low $379,500 $0 $20,784 $83,713 2037 $2,237,554 $2,481,358 90.2% Low $390,885 $0 $24,406 $7,185 2038 $2,645,659 $2,847,887 92.9% Low $402,612 $0 $28,457 $28,617 2039 $3,048,111 $3,212,322 94.9% Low $414,690 $0 $32,704 $0 2040 $3,495,505 $3,626,420 96.4% Low $427,131 $0 $31,978 $1,051,788 2041 $2,902,825 $2,979,131 97.4% Low $437,809 $0 $31,269 $18,331 2042 $3,353,572 $3,386,702 99.0% Low $448,754 $0 $35,657 $57,198 2043 $3,780,785 $3,776,580 100.1% Low $459,973 $0 $40,120 $34,319 2044 $4,246,558 $4,212,134 100.8% Low $471,472 $0 $44,419 $121,363 Association Reserves, Inc. 13
Table 6: 30-Year Income/Expense Detail (yrs 0 through 4) 9999-0 Fiscal Year 2015 2016 2017 2018 2019 Starting Reserve Balance $1,129,636 $481,232 $650,659 $874,707 $1,104,510 Annual Reserve Contribution $204,000 $210,120 $216,424 $222,916 $229,604 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $8,051 $5,657 $7,624 $9,892 $12,241 Total Income $1,341,687 $697,009 $874,707 $1,107,515 $1,346,354 # Component 302 Generator - Refurb/Repl (Church) $0 $0 $0 $0 $0 303 Air Handlers - Replace $0 $0 $0 $0 $0 303 Package HVAC Unit - Replace (2006) $0 $0 $0 $0 $0 303 Package HVAC Units - Replace (1984) $85,000 $0 $0 $0 $0 303 Portable AC - Replace $0 $0 $0 $3,005 $0 303 Server Room HVAC Unit - Repl (2005) $0 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2008) $0 $0 $0 $0 $0 303 Split System - Replace (2002) $0 $0 $0 $0 $0 303 Split System - Replace (2005) $0 $0 $0 $0 $0 303 Trane Intellipaks - Replace $0 $0 $0 $0 $0 309 Chiller - Refurbish $0 $46,350 $0 $0 $0 310 Chiller - Replace $0 $0 $0 $0 $0 312 Chiller Pump/Motor - Replace $0 $0 $0 $0 $0 324 Building Exterior Lights - Replace $0 $0 $0 $0 $0 325 Foyer Lights - Replace $0 $0 $0 $0 $0 325 Sanctuary Can Lights - Replace $28,800 $0 $0 $0 $0 406 Water Fountain - Replace $0 $0 $0 $0 $1,688 601 Carpet - Replace $260,800 $0 $0 $0 $0 602 Resilient Flooring - Replace $0 $0 $0 $0 $0 603 Tile Floor - Replace (Exterior) $0 $0 $0 $0 $0 603 Tile Floor - Replace (Foyer) $0 $0 $0 $0 $0 604 Hardwood Floor - Resurface $0 $0 $0 $0 $0 610 Acoustic Ceiling - Replace $0 $0 $0 $0 $0 706 Industrial Roll Up Door - Replace $0 $0 $0 $0 $0 909 Bathrooms - Remodel $0 $0 $0 $0 $0 910 Creo Room - Refurbish $0 $0 $0 $0 $0 910 Upper Room - Refurbish $0 $0 $0 $0 $0 911 Coffee Bar / The Pier - Remodel $0 $0 $0 $0 $0 915 Pews - Refinish $116,350 $0 $0 $0 $0 916 Blackout Curtains - Replace $0 $0 $0 $0 $0 916 Built-in Cabinetry/Counters - Repl $0 $0 $0 $0 $0 1110 Interiors - Repaint $78,705 $0 $0 $0 $0 1115 Stucco - Repaint $19,800 $0 $0 $0 $0 1122 Doors/Windows - Refurbish $0 $0 $0 $0 $0 1316 Standing Seam Metal Roof - Replace $0 $0 $0 $0 $0 1317 Foam Roof - Replace $271,000 $0 $0 $0 $0 1318 Foam Roof - Recoat $0 $0 $0 $0 $0 1402 Building Lettering - Replace $0 $0 $0 $0 $0 2102 Sanctuary Audio System - Upgrade $0 $0 $0 $0 $0 2103 Sanctuary Video System - Upgrade $0 $0 $0 $0 $0 2104 Lighting Controls - Replace $0 $0 $0 $0 $0 Association Reserves, Inc. 14
Table 6: 30-Year Income/Expense Detail (yrs 0 through 4) 9999-0 Fiscal Year 2015 2016 2017 2018 2019 2107 In-Ear System - Replace $0 $0 $0 $0 $0 2108 Wireless Mic System - Replace $0 $0 $0 $0 $0 Total Expenses $860,455 $46,350 $0 $3,005 $1,688 Ending Reserve Balance: $481,232 $650,659 $874,707 $1,104,510 $1,344,666 Association Reserves, Inc. 15
Table 6: 30-Year Income/Expense Detail (yrs 5 through 9) 9999-0 Fiscal Year 2020 2021 2022 2023 2024 Starting Reserve Balance $1,344,666 $901,410 $1,155,276 $1,414,401 $1,653,318 Annual Reserve Contribution $236,492 $243,587 $250,894 $258,421 $266,174 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $11,226 $10,279 $12,843 $15,332 $17,481 Total Income $1,592,384 $1,155,276 $1,419,013 $1,688,154 $1,936,972 # Component 302 Generator - Refurb/Repl (Church) $44,922 $0 $0 $0 $0 303 Air Handlers - Replace $0 $0 $0 $0 $0 303 Package HVAC Unit - Replace (2006) $0 $0 $0 $0 $27,400 303 Package HVAC Units - Replace (1984) $0 $0 $0 $0 $0 303 Portable AC - Replace $0 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2005) $4,637 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2008) $0 $0 $0 $5,067 $0 303 Split System - Replace (2002) $8,984 $0 $0 $0 $0 303 Split System - Replace (2005) $0 $0 $0 $10,768 $0 303 Trane Intellipaks - Replace $0 $0 $0 $0 $0 309 Chiller - Refurbish $0 $0 $0 $0 $0 310 Chiller - Replace $0 $0 $0 $0 $0 312 Chiller Pump/Motor - Replace $0 $0 $0 $0 $0 324 Building Exterior Lights - Replace $0 $0 $0 $0 $0 325 Foyer Lights - Replace $20,229 $0 $0 $0 $0 325 Sanctuary Can Lights - Replace $0 $0 $0 $0 $0 406 Water Fountain - Replace $0 $0 $0 $0 $0 601 Carpet - Replace $0 $0 $0 $0 $0 602 Resilient Flooring - Replace $0 $0 $0 $0 $0 603 Tile Floor - Replace (Exterior) $29,851 $0 $0 $0 $0 603 Tile Floor - Replace (Foyer) $0 $0 $0 $0 $0 604 Hardwood Floor - Resurface $2,713 $0 $0 $0 $0 610 Acoustic Ceiling - Replace $0 $0 $0 $0 $0 706 Industrial Roll Up Door - Replace $0 $0 $0 $0 $0 909 Bathrooms - Remodel $0 $0 $0 $0 $0 910 Creo Room - Refurbish $0 $0 $0 $0 $0 910 Upper Room - Refurbish $0 $0 $4,612 $0 $0 911 Coffee Bar / The Pier - Remodel $0 $0 $0 $0 $0 915 Pews - Refinish $0 $0 $0 $0 $0 916 Blackout Curtains - Replace $0 $0 $0 $0 $0 916 Built-in Cabinetry/Counters - Repl $0 $0 $0 $0 $0 1110 Interiors - Repaint $0 $0 $0 $0 $0 1115 Stucco - Repaint $0 $0 $0 $0 $0 1122 Doors/Windows - Refurbish $0 $0 $0 $0 $0 1316 Standing Seam Metal Roof - Replace $0 $0 $0 $0 $0 1317 Foam Roof - Replace $0 $0 $0 $0 $0 1318 Foam Roof - Recoat $0 $0 $0 $0 $0 1402 Building Lettering - Replace $0 $0 $0 $0 $0 2102 Sanctuary Audio System - Upgrade $289,819 $0 $0 $0 $0 2103 Sanctuary Video System - Upgrade $115,927 $0 $0 $0 $0 2104 Lighting Controls - Replace $173,891 $0 $0 $0 $0 Association Reserves, Inc. 16
Table 6: 30-Year Income/Expense Detail (yrs 5 through 9) 9999-0 Fiscal Year 2020 2021 2022 2023 2024 2107 In-Ear System - Replace $0 $0 $0 $19,002 $0 2108 Wireless Mic System - Replace $0 $0 $0 $0 $65,239 Total Expenses $690,974 $0 $4,612 $34,836 $92,639 Ending Reserve Balance: $901,410 $1,155,276 $1,414,401 $1,653,318 $1,844,333 Association Reserves, Inc. 17
Table 6: 30-Year Income/Expense Detail (yrs 10 through 14) 9999-0 Fiscal Year 2025 2026 2027 2028 2029 Starting Reserve Balance $1,844,333 $1,031,864 $799,468 $1,093,009 $1,401,016 Annual Reserve Contribution $274,159 $282,384 $290,855 $299,581 $308,568 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $14,375 $9,153 $9,458 $12,465 $15,624 Total Income $2,132,867 $1,323,400 $1,099,781 $1,405,055 $1,725,209 # Component 302 Generator - Refurb/Repl (Church) $0 $0 $0 $0 $0 303 Air Handlers - Replace $0 $11,766 $0 $0 $0 303 Package HVAC Unit - Replace (2006) $0 $0 $0 $0 $0 303 Package HVAC Units - Replace (1984) $0 $0 $0 $0 $0 303 Portable AC - Replace $0 $0 $0 $4,038 $0 303 Server Room HVAC Unit - Repl (2005) $0 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2008) $0 $0 $0 $0 $0 303 Split System - Replace (2002) $0 $0 $0 $0 $0 303 Split System - Replace (2005) $0 $0 $0 $0 $0 303 Trane Intellipaks - Replace $0 $346,058 $0 $0 $0 309 Chiller - Refurbish $0 $0 $0 $0 $0 310 Chiller - Replace $0 $134,963 $0 $0 $0 312 Chiller Pump/Motor - Replace $0 $31,145 $0 $0 $0 324 Building Exterior Lights - Replace $18,949 $0 $0 $0 $0 325 Foyer Lights - Replace $0 $0 $0 $0 $0 325 Sanctuary Can Lights - Replace $0 $0 $0 $0 $0 406 Water Fountain - Replace $0 $0 $0 $0 $0 601 Carpet - Replace $0 $0 $0 $0 $0 602 Resilient Flooring - Replace $23,787 $0 $0 $0 $0 603 Tile Floor - Replace (Exterior) $0 $0 $0 $0 $0 603 Tile Floor - Replace (Foyer) $0 $0 $0 $0 $0 604 Hardwood Floor - Resurface $0 $0 $0 $0 $0 610 Acoustic Ceiling - Replace $148,637 $0 $0 $0 $0 706 Industrial Roll Up Door - Replace $6,720 $0 $0 $0 $0 909 Bathrooms - Remodel $120,952 $0 $0 $0 $0 910 Creo Room - Refurbish $0 $0 $6,772 $0 $0 910 Upper Room - Refurbish $0 $0 $0 $0 $0 911 Coffee Bar / The Pier - Remodel $0 $0 $0 $0 $0 915 Pews - Refinish $0 $0 $0 $0 $0 916 Blackout Curtains - Replace $50,061 $0 $0 $0 $0 916 Built-in Cabinetry/Counters - Repl $16,261 $0 $0 $0 $0 1110 Interiors - Repaint $0 $0 $0 $0 $0 1115 Stucco - Repaint $0 $0 $0 $0 $0 1122 Doors/Windows - Refurbish $125,387 $0 $0 $0 $0 1316 Standing Seam Metal Roof - Replace $509,008 $0 $0 $0 $0 1317 Foam Roof - Replace $0 $0 $0 $0 $0 1318 Foam Roof - Recoat $64,306 $0 $0 $0 $0 1402 Building Lettering - Replace $16,933 $0 $0 $0 $0 2102 Sanctuary Audio System - Upgrade $0 $0 $0 $0 $0 2103 Sanctuary Video System - Upgrade $0 $0 $0 $0 $0 2104 Lighting Controls - Replace $0 $0 $0 $0 $0 Association Reserves, Inc. 18
Table 6: 30-Year Income/Expense Detail (yrs 10 through 14) 9999-0 Fiscal Year 2025 2026 2027 2028 2029 2107 In-Ear System - Replace $0 $0 $0 $0 $0 2108 Wireless Mic System - Replace $0 $0 $0 $0 $0 Total Expenses $1,101,003 $523,933 $6,772 $4,038 $0 Ending Reserve Balance: $1,031,864 $799,468 $1,093,009 $1,401,016 $1,725,209 Association Reserves, Inc. 19
Table 6: 30-Year Income/Expense Detail (yrs 15 through 19) 9999-0 Fiscal Year 2030 2031 2032 2033 2034 Starting Reserve Balance $1,725,209 $509,016 $843,134 $1,190,479 $1,380,381 Annual Reserve Contribution $317,825 $327,360 $337,181 $347,296 $357,715 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $11,166 $6,758 $10,164 $12,849 $15,224 Total Income $2,054,201 $843,134 $1,190,479 $1,550,624 $1,753,320 # Component 302 Generator - Refurb/Repl (Church) $0 $0 $0 $0 $0 303 Air Handlers - Replace $0 $0 $0 $0 $0 303 Package HVAC Unit - Replace (2006) $0 $0 $0 $0 $0 303 Package HVAC Units - Replace (1984) $0 $0 $0 $144,707 $0 303 Portable AC - Replace $0 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2005) $0 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2008) $0 $0 $0 $0 $0 303 Split System - Replace (2002) $0 $0 $0 $0 $0 303 Split System - Replace (2005) $0 $0 $0 $0 $0 303 Trane Intellipaks - Replace $0 $0 $0 $0 $0 309 Chiller - Refurbish $0 $0 $0 $0 $0 310 Chiller - Replace $0 $0 $0 $0 $0 312 Chiller Pump/Motor - Replace $0 $0 $0 $0 $0 324 Building Exterior Lights - Replace $0 $0 $0 $0 $0 325 Foyer Lights - Replace $0 $0 $0 $0 $0 325 Sanctuary Can Lights - Replace $0 $0 $0 $0 $0 406 Water Fountain - Replace $0 $0 $0 $0 $0 601 Carpet - Replace $406,318 $0 $0 $0 $0 602 Resilient Flooring - Replace $0 $0 $0 $0 $0 603 Tile Floor - Replace (Exterior) $0 $0 $0 $0 $0 603 Tile Floor - Replace (Foyer) $21,500 $0 $0 $0 $0 604 Hardwood Floor - Resurface $3,646 $0 $0 $0 $0 610 Acoustic Ceiling - Replace $0 $0 $0 $0 $0 706 Industrial Roll Up Door - Replace $0 $0 $0 $0 $0 909 Bathrooms - Remodel $0 $0 $0 $0 $0 910 Creo Room - Refurbish $0 $0 $0 $0 $0 910 Upper Room - Refurbish $0 $0 $0 $0 $0 911 Coffee Bar / The Pier - Remodel $0 $0 $0 $0 $0 915 Pews - Refinish $181,270 $0 $0 $0 $0 916 Blackout Curtains - Replace $0 $0 $0 $0 $0 916 Built-in Cabinetry/Counters - Repl $0 $0 $0 $0 $0 1110 Interiors - Repaint $122,620 $0 $0 $0 $0 1115 Stucco - Repaint $30,848 $0 $0 $0 $0 1122 Doors/Windows - Refurbish $0 $0 $0 $0 $0 1316 Standing Seam Metal Roof - Replace $0 $0 $0 $0 $0 1317 Foam Roof - Replace $0 $0 $0 $0 $0 1318 Foam Roof - Recoat $0 $0 $0 $0 $0 1402 Building Lettering - Replace $0 $0 $0 $0 $0 2102 Sanctuary Audio System - Upgrade $389,492 $0 $0 $0 $0 2103 Sanctuary Video System - Upgrade $155,797 $0 $0 $0 $0 2104 Lighting Controls - Replace $233,695 $0 $0 $0 $0 Association Reserves, Inc. 20
Table 6: 30-Year Income/Expense Detail (yrs 15 through 19) 9999-0 Fiscal Year 2030 2031 2032 2033 2034 2107 In-Ear System - Replace $0 $0 $0 $25,536 $0 2108 Wireless Mic System - Replace $0 $0 $0 $0 $87,675 Total Expenses $1,545,184 $0 $0 $170,243 $87,675 Ending Reserve Balance: $509,016 $843,134 $1,190,479 $1,380,381 $1,665,645 Association Reserves, Inc. 21
Table 6: 30-Year Income/Expense Detail (yrs 20 through 24) 9999-0 Fiscal Year 2035 2036 2037 2038 2039 Starting Reserve Balance $1,665,645 $1,920,983 $2,237,554 $2,645,659 $3,048,111 Annual Reserve Contribution $368,447 $379,500 $390,885 $402,612 $414,690 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $17,926 $20,784 $24,406 $28,457 $32,704 Total Income $2,052,017 $2,321,267 $2,652,845 $3,076,728 $3,495,505 # Component 302 Generator - Refurb/Repl (Church) $0 $0 $0 $0 $0 303 Air Handlers - Replace $0 $0 $0 $0 $0 303 Package HVAC Unit - Replace (2006) $0 $0 $0 $0 $0 303 Package HVAC Units - Replace (1984) $0 $0 $0 $0 $0 303 Portable AC - Replace $0 $0 $0 $5,427 $0 303 Server Room HVAC Unit - Repl (2005) $7,224 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2008) $0 $0 $0 $7,894 $0 303 Split System - Replace (2002) $0 $0 $0 $15,295 $0 303 Split System - Replace (2005) $0 $0 $0 $0 $0 303 Trane Intellipaks - Replace $0 $0 $0 $0 $0 309 Chiller - Refurbish $0 $83,713 $0 $0 $0 310 Chiller - Replace $0 $0 $0 $0 $0 312 Chiller Pump/Motor - Replace $0 $0 $0 $0 $0 324 Building Exterior Lights - Replace $0 $0 $0 $0 $0 325 Foyer Lights - Replace $0 $0 $0 $0 $0 325 Sanctuary Can Lights - Replace $0 $0 $0 $0 $0 406 Water Fountain - Replace $0 $0 $0 $0 $0 601 Carpet - Replace $0 $0 $0 $0 $0 602 Resilient Flooring - Replace $0 $0 $0 $0 $0 603 Tile Floor - Replace (Exterior) $0 $0 $0 $0 $0 603 Tile Floor - Replace (Foyer) $0 $0 $0 $0 $0 604 Hardwood Floor - Resurface $0 $0 $0 $0 $0 610 Acoustic Ceiling - Replace $0 $0 $0 $0 $0 706 Industrial Roll Up Door - Replace $0 $0 $0 $0 $0 909 Bathrooms - Remodel $0 $0 $0 $0 $0 910 Creo Room - Refurbish $0 $0 $0 $0 $0 910 Upper Room - Refurbish $0 $0 $7,185 $0 $0 911 Coffee Bar / The Pier - Remodel $37,387 $0 $0 $0 $0 915 Pews - Refinish $0 $0 $0 $0 $0 916 Blackout Curtains - Replace $0 $0 $0 $0 $0 916 Built-in Cabinetry/Counters - Repl $0 $0 $0 $0 $0 1110 Interiors - Repaint $0 $0 $0 $0 $0 1115 Stucco - Repaint $0 $0 $0 $0 $0 1122 Doors/Windows - Refurbish $0 $0 $0 $0 $0 1316 Standing Seam Metal Roof - Replace $0 $0 $0 $0 $0 1317 Foam Roof - Replace $0 $0 $0 $0 $0 1318 Foam Roof - Recoat $86,422 $0 $0 $0 $0 1402 Building Lettering - Replace $0 $0 $0 $0 $0 2102 Sanctuary Audio System - Upgrade $0 $0 $0 $0 $0 2103 Sanctuary Video System - Upgrade $0 $0 $0 $0 $0 2104 Lighting Controls - Replace $0 $0 $0 $0 $0 Association Reserves, Inc. 22
Table 6: 30-Year Income/Expense Detail (yrs 20 through 24) 9999-0 Fiscal Year 2035 2036 2037 2038 2039 2107 In-Ear System - Replace $0 $0 $0 $0 $0 2108 Wireless Mic System - Replace $0 $0 $0 $0 $0 Total Expenses $131,033 $83,713 $7,185 $28,617 $0 Ending Reserve Balance: $1,920,983 $2,237,554 $2,645,659 $3,048,111 $3,495,505 Association Reserves, Inc. 23
Table 6: 30-Year Income/Expense Detail (yrs 25 through 29) 9999-0 Fiscal Year 2040 2041 2042 2043 2044 Starting Reserve Balance $3,495,505 $2,902,825 $3,353,572 $3,780,785 $4,246,558 Annual Reserve Contribution $427,131 $437,809 $448,754 $459,973 $471,472 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $31,978 $31,269 $35,657 $40,120 $44,419 Total Income $3,954,614 $3,371,903 $3,837,983 $4,280,877 $4,762,450 # Component 302 Generator - Refurb/Repl (Church) $0 $0 $0 $0 $0 303 Air Handlers - Replace $0 $0 $0 $0 $0 303 Package HVAC Unit - Replace (2006) $0 $0 $46,647 $0 $0 303 Package HVAC Units - Replace (1984) $0 $0 $0 $0 $0 303 Portable AC - Replace $0 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2005) $0 $0 $0 $0 $0 303 Server Room HVAC Unit - Repl (2008) $0 $0 $0 $0 $0 303 Split System - Replace (2002) $0 $0 $0 $0 $0 303 Split System - Replace (2005) $0 $18,331 $0 $0 $0 303 Trane Intellipaks - Replace $0 $0 $0 $0 $0 309 Chiller - Refurbish $0 $0 $0 $0 $0 310 Chiller - Replace $0 $0 $0 $0 $0 312 Chiller Pump/Motor - Replace $0 $0 $0 $0 $0 324 Building Exterior Lights - Replace $0 $0 $0 $0 $0 325 Foyer Lights - Replace $0 $0 $0 $0 $0 325 Sanctuary Can Lights - Replace $0 $0 $0 $0 $0 406 Water Fountain - Replace $0 $0 $0 $0 $3,535 601 Carpet - Replace $0 $0 $0 $0 $0 602 Resilient Flooring - Replace $0 $0 $0 $0 $0 603 Tile Floor - Replace (Exterior) $0 $0 $0 $0 $0 603 Tile Floor - Replace (Foyer) $0 $0 $0 $0 $0 604 Hardwood Floor - Resurface $4,899 $0 $0 $0 $0 610 Acoustic Ceiling - Replace $0 $0 $0 $0 $0 706 Industrial Roll Up Door - Replace $0 $0 $0 $0 $0 909 Bathrooms - Remodel $0 $0 $0 $0 $0 910 Creo Room - Refurbish $0 $0 $10,551 $0 $0 910 Upper Room - Refurbish $0 $0 $0 $0 $0 911 Coffee Bar / The Pier - Remodel $0 $0 $0 $0 $0 915 Pews - Refinish $0 $0 $0 $0 $0 916 Blackout Curtains - Replace $0 $0 $0 $0 $0 916 Built-in Cabinetry/Counters - Repl $0 $0 $0 $0 $0 1110 Interiors - Repaint $0 $0 $0 $0 $0 1115 Stucco - Repaint $0 $0 $0 $0 $0 1122 Doors/Windows - Refurbish $0 $0 $0 $0 $0 1316 Standing Seam Metal Roof - Replace $0 $0 $0 $0 $0 1317 Foam Roof - Replace $0 $0 $0 $0 $0 1318 Foam Roof - Recoat $0 $0 $0 $0 $0 1402 Building Lettering - Replace $0 $0 $0 $0 $0 2102 Sanctuary Audio System - Upgrade $523,444 $0 $0 $0 $0 2103 Sanctuary Video System - Upgrade $209,378 $0 $0 $0 $0 2104 Lighting Controls - Replace $314,067 $0 $0 $0 $0 Association Reserves, Inc. 24
Table 6: 30-Year Income/Expense Detail (yrs 25 through 29) 9999-0 Fiscal Year 2040 2041 2042 2043 2044 2107 In-Ear System - Replace $0 $0 $0 $34,319 $0 2108 Wireless Mic System - Replace $0 $0 $0 $0 $117,828 Total Expenses $1,051,788 $18,331 $57,198 $34,319 $121,363 Ending Reserve Balance: $2,902,825 $3,353,572 $3,780,785 $4,246,558 $4,641,087 Association Reserves, Inc. 25
Assoc. 9999-0 Accuracy, Limitations, and Disclosures Because we have no control over future events, we do not expect that all the events we anticipate will occur as planned. We expect that inflationary trends will continue, and we expect Reserve funds to continue to earn interest, so we believe that reasonable estimates for these figures are much more accurate than ignoring these economic realities. We can control measurements, which we attempt to establish within 5% accuracy through a combination of on-site measurements, drawings, and satellite imagery. The starting Capital Reserve Balance and interest rate earned on deposited Reserve funds that you provided to us were considered reliable and were not confirmed independently. We have considered the client s representation of current and historical Reserve projects reliable, and we have considered the representations made by its vendors and suppliers to also be accurate and reliable. Component Useful Life, Remaining Useful Life, and Current Cost estimates assume a stable economic environment and lack of natural disasters. Because the physical condition of your components, your Capital Reserve balance, the economic environment, and legislative environment change each year, this Capital Plan is by nature a one-year document. Because a long-term perspective improves the accuracy of near-term planning, this Report projects expenses for the next 30 years. It is our recommendation and that of the Financial Accounting Standards Board (FASB) that your Capital Plan be updated each year as part of the annual budget process. Association Reserves and its employees have no ownership, management, or other business relationships with the client other than this Reserve Study engagement. Matthew C Swain, R.S., company president (Association Reserves San Diego, LLC), is a credentialed Reserve Specialist (#134). All work done by Association Reserves San Diego, LLC is performed under his Responsible Charge. There are no material issues to our knowledge that have not been disclosed to the client that would cause a distortion of the association s situation. Component quantities indicated in this Report were developed by Association Reserves unless otherwise noted in our Site Inspection Notes comments. No destructive or intrusive testing was performed. This Report and this site inspection were accomplished only for Reserve budget purposes (to help identify and address the normal deterioration of properly built and installed components with predictable life expectancies). The Funding Plan in this Report was developed using the cash-flow methodology to achieve the specified Funding Objective. Association Reserves San Diego, LLC s liability in any matter involving this Reserve Study is limited to our Fee for services rendered. Association Reserves, Inc. 26
Assoc. 9999-0 Terms and Definitions BTU DIA GSF GSY HP LF British Thermal Unit (a standard unit of energy) Diameter Gross Square Feet (area). Equivalent to Square Feet Gross Square Yards (area). Equivalent to Square Yards Horsepower Linear Feet (length) Effective Age: The difference between Useful Life and Remaining Useful Life. Note that this is not necessarily equivalent to the chronological age of the component. Fully Funded Balance (FFB): The value of the deterioration of the Reserve Components. This is the fraction of life used up of each component multiplied by its estimated Current Replacement. While calculated for each component, it is summed together for an association total. FFB = (Current Cost X Effective Age) / Useful Life Inflation: Interest: Cost factors are adjusted for inflation at the rate defined in the Executive Summary and compounded annually. These increasing costs can be seen as you follow the recurring cycles of a component on Table 6. Interest earnings on Reserve Funds are calculated using the average balance for the year (taking into account income and expenses through the year) and compounded monthly using the rate defined in the Executive Summary. Annual interest earning assumption appears in the Executive Summary. Percent Funded: The ratio, at a particular point in time (the first day of the Fiscal Year), of the actual (or projected) Reserve Balance to the Fully Funded Balance, expressed as a percentage. Remaining Useful Life (RUL): The estimated time, in years, that a common area component can be expected to continue to serve its intended function. Useful Life (UL): The estimated time, in years, that a common area component can be expected to serve its intended function. Association Reserves, Inc. 27
Assoc. 9999-0 Component Details Association Reserves, Inc. 28
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 302 Generator - Refurb/Repl (Church) Quantity: (1) Onan Location : Generator - Pad on grade Evaluation : Generator is reportedly functional, though no reports of last run-hours. Unit should be exercised regularly to keep internal parts lubricated & ensure proper functionality. Long life expectancy, with eventual refurbishment of engine & replacement of major controls funded below. 30 years 5 years Best Case: $30,000 Worst Case: $47,500 Lower allowance to replace switch & generator Comp # : 302 Generator - Refurb/Repl (Verizon) Quantity: (1) Generac Location : Generator - Pad on grade Funded? : No Owned/Maintained by Verizon Wireless Evaluation : This unit is reportedly a part of Verizon's rooftop communication system. No church/school responsibility thus no funding incorporated. Best Case: Cost Source: Worst Case: July 06,2015 Page 1 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 303 Air Handlers - Replace Quantity: (2) 3-Ton Trane 3-Ton AH Location : Electrical Room off Sound Room Evaluation : Units are reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 20 years 11 years Best Case: $7,000 Worst Case: $10,000 Lower allowance to replace Comp # : 303 Package HVAC Unit - Replace (2006) Quantity: (1) Trane 10-Ton Location : Sanctuary Rooftop Evaluation : Unit is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 18 years 9 years Best Case: $18,000 Worst Case: $24,000 Lower allowance to replace July 06,2015 Page 2 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 303 Package HVAC Units - Replace (1984) Quantity: (5) Units, 10-12.5-Tons Location : Rooftop- Office portion of church building Evaluation : Units are reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 18 years 0 years Best Case: $68,000 Worst Case: $102,000 Lower allowance to replace Comp # : 303 Portable AC - Replace Quantity: (1) MovinCool 10k BTU/hr Location : Electrical room off sound room Evaluation : Unit is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 10 years 3 years Best Case: $2,000 Worst Case: $3,500 Lower allowance to replace July 06,2015 Page 3 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 303 Server Room HVAC Unit - Repl (2005) Quantity: (1) Samsung Ductless Location : Server Room, Condensors on pads on grade (exteriors) Evaluation : Unit is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 15 years 5 years Best Case: $3,000 Worst Case: $5,000 Lower allowance to replace Comp # : 303 Server Room HVAC Unit - Repl (2008) Quantity: (1) Fujitsu Ductless Location : Server Room, Condensors on pads on grade (exteriors) Evaluation : System is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 15 years 8 years Best Case: $3,000 Worst Case: $5,000 Lower allowance to replace July 06,2015 Page 4 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 303 Split System - Replace (2002) Quantity: (1) 3-Ton Carrier Location : Equipment Pad - SW Corner of church Evaluation : System is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 18 years 5 years Best Case: $5,500 Worst Case: $10,000 Lower allowance to replace Comp # : 303 Split System - Replace (2005) Quantity: (1) 3.5-Ton Location : Equipment Pad - adjacent to chiller & generator Evaluation : System is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 18 years 8 years Best Case: $6,500 Worst Case: $10,500 Lower allowance to replace July 06,2015 Page 5 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 303 Trane Intellipaks - Replace Quantity: (2) Trane Intellipaks Location : Sanctuary Rooftop Evaluation : Units are reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. 20 years 11 years Best Case: $200,000 Worst Case: $300,000 Lower allowance to replace Comp # : 306 Exhaust Fans - Replace Quantity: (10) Small Fans Location : Rooftop Funded? : No Handled as-needed through Operating Funds Evaluation : Fans are reportedly fully functional. No expectation to replace all at once, but rather individually as they fail. Best Case: Cost Source: Worst Case: July 06,2015 Page 6 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 309 Chiller - Refurbish Quantity: (1) York Chiller Location : Equipment pad adjacent to church Evaluation : Unit is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. Anticipate work approximately every 10 years for this unit, funding alternated to show full cost of each project cycle. Anticipate Refurbishment in the near future based on age & reportedly high levels of space-use. 20 years 1 years Best Case: $30,000 Worst Case: $60,000 Lower allowance to refurbish Comp # : 310 Chiller - Replace Quantity: (1) York Chiller Location : Equipment pad adjacent to church Evaluation : Unit is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. Anticipate work approximately every 10 years for this unit, funding alternated to show full cost of each project cycle. Anticipate Replacement to be out a while-yet based on age and anticipated near-term refurbishment. 20 years 11 years Best Case: $75,000 Worst Case: $120,000 Lower allowance to replace July 06,2015 Page 7 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 312 Chiller Pump/Motor - Replace Quantity: (1) 10-hp Pump/Motor set Location : Equipment pad Evaluation : Pump set is reportedly fully functional & in good operating condition currently. Maintain professionally to help achieve full useful life. Replace/rewind motor as-necessary with Operating Funds. 20 years 11 years Best Case: $20,000 Worst Case: $25,000 Lower allowance to replace pump/motor Cost Source: Printed Estimating Guidebook(s) Comp # : 324 Building Exterior Lights - Replace Quantity: Approx (50) Fixtures Location : Throughout exteriors Evaluation : Fixtures are reportedly fully functional & in good operating condition currently. Long life anticipated. 20 years 10 years Best Case: $10,000 Worst Case: $18,200 Lower allowance to replace July 06,2015 Page 8 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 325 Foyer Lights - Replace Quantity: Approx (45) Can Lights Location : Sanctuary Ceiling Evaluation : Fixtures are reportedly fully functional & in good operating condition currently. Long life anticipated, however funding incorporated below for occasional cycles of replacement for energy-efficiency upgrades. 30 years 5 years Best Case: $15,000 Worst Case: $19,900 Lower allowance to replace Comp # : 325 Sanctuary Can Lights - Replace Quantity: Approx (24) Can Lights Location : Sanctuary Ceiling Evaluation : Fixtures are reportedly fully functional & in good operating condition currently. Long life anticipated, however funding incorporated below for occasional cycles of replacement for energy-efficiency upgrades. 30 years 0 years Best Case: $24,000 Worst Case: $33,600 Lower allowance to replace Cost Source: Estimate Provided by Client July 06,2015 Page 9 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 406 Water Fountain - Replace Quantity: (1) Fountain Location : Creo Room Evaluation : Fountain is reportedly fully functional and in good operating condition. Long life is generally anticipated for these indoor units. Anticipate occasional cycles of replacement on the schedule noted below. 25 years 4 years Best Case: $1,250 Worst Case: $1,750 Lower allowance to replace Comp # : 601 Carpet - Replace Quantity: Approx 6,530 GSY Location : Sanctuary, Foyer,Offices Evaluation : Generally noted to be older, tired & worn. Plan for occasional cycles of replacement with new carpet recommended in the near future. Current poor conditions noted include seams pulling & staining. 15 years 0 years Best Case: $228,200 Worst Case: $293,400 $35/GSY; Lower estimate $45/GSY; Higher estimate July 06,2015 Page 10 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 602 Resilient Flooring - Replace Quantity: Approx 2,360 GSF Location : Sanctuary Hall, Sound Room Evaluation : Flooring was generally observed to be intact, clean & in fair, functional overall condition. Long life anticipated, but flooring will continue to wear over time & future replacement should be anticipated. 30 years 10 years Best Case: $14,200 Worst Case: $21,200 $6/GSF; Lower allowance to replace $9/GSF; Comp # : 603 Tile Floor - Replace (Exterior) Quantity: Approx 2,060 GSF Location : Insets in concrete around Sanctuary Building Evaluation : Various conditions observed throughout. Some cracked, damaged tiles noted that should be replaced. Long life anticipated for set of tiles, but eventual replacement should be anticipated for updates to décor/style. 30 years 5 years Best Case: $20,600 Worst Case: $30,900 $10.00/GSF; Lower estimate to replace $15.00/GSF; Higher estimate July 06,2015 Page 11 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 603 Tile Floor - Replace (Foyer) Quantity: Approx 600 GSF Location : Office Foyer Evaluation : Intact, clean & in good condition. Long life anticipated, but eventual replacement should be anticipated for updates to décor/style. 30 years 15 years Best Case: $12,000 Worst Case: $15,600 $20/GSF; Lower estimate to replace $26/GSF; Higher estimate Comp # : 604 Hardwood Floor - Resurface Quantity: Approx 1,040 GSF Location : Pastor's Office/Foyer Evaluation : Generally observed to be intact, clean & in good condition. Long life expected for wood floor itself, but regular cycles of refinishing should occur. If handled before too much wear occurs & damage/abuse, especially from moving furniture, simple application of polyurethane should be all that is necessary. If the coating becomes too worn, however, sanding will be necessary (which will require eventual replacement of flooring as they usually can only handle 4-5 sand cycles before replacement). 10 years 5 years Best Case: $2,080 Worst Case: $2,600 $2.00/GSF; Lower estimate to refinish $2.50/GSF; Higher estimate July 06,2015 Page 12 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 610 Acoustic Ceiling - Replace Quantity: Approx 15,800 GSF Location : Sanctuary Corridors, Upper Room, Sound Room, Evaluation : Generally intact & functional. Occasional water damage to individual tiles. Staff reports tiles are changed asnecessary with Operating funds in these instances. Long life with eventual replacement incorporated below. 50 years 10 years Best Case: $94,800 Worst Case: $126,400 $6.00/GSF; Lower estimate to replace $8.00/GSF; Higher estimate Comp # : 706 Industrial Roll Up Door - Replace Quantity: (1) 10' x 15' Door Location : Loading Bay Evaluation : Intact & appears secure. No observation of functionality, but reportedly fully functional with no concerns. Assumed low-use due to location, thus the long life anticipated. 30 years 10 years Best Case: $4,000 Worst Case: $6,000 Lower allowance to replace July 06,2015 Page 13 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 803 Water Heater/Tank - Replace Quantity: (1) 50 Gal, Electric Location : Janitor's Closet Funded? : No Handled as-needed through Operating Funds Evaluation : Intact & reportedly fully functional. Maintenance staff reports water heaters are changed in-house as-needed with Operating funds. No Reserves necessary. Best Case: Cost Source: Worst Case: Comp # : 909 Bathrooms - Remodel Quantity: (8) Bathrooms Location : Accessible through Foyer, Pastor's Office, Cry Room, Creo Evaluation : Bathrooms were generally noted to be clean, intact & in good to fair aesthetic condition. Long life generally anticipated of major elements within this component, however eventual replacement should be anticipated for counters, sinks, faucets, partitions, tile, etc. 30 years 10 years Best Case: $70,000 Worst Case: $110,000 Lower allowance to remodel July 06,2015 Page 14 of 24
Association Reserves Component Details Client: 9999SC Sample Church Comp # : 910 Creo Room - Refurbish Quantity: Approx 790 GSF Location : Adjacent to Sanctuary Evaluation : Generally observed to be clean, intact & in good condition. 15 years 12 years Best Case: $3,500 Worst Case: $6,000 Lower allowance to repaint, replace carpet Comp # : 910 Upper Room - Refurbish Quantity: Approx 540 GSF Room Location : Second floor, Sanctuary area Evaluation : Generally observed to be clean, intact & in good to fair condition. 15 years 7 years Best Case: $3,000 Worst Case: $4,500 Lower allowance to repaint, replace carpet July 06,2015 Page 15 of 24
Association Reserves Client: 9999SC Sample Church Comp # : 911 Coffee Bar / The Pier - Remodel Location : Foyer Evaluation : Newer, intact, clean & in good condition. Quantity: Approx 400 GSF Component Details 30 years 20 years Best Case: $16,600 Worst Case: $24,800 Lower allowance to replace tile, cabinetry/counters, etc. Comp # : 915 Pews - Refinish Quantity: Approx (149) Pews Location : Santctuary Evaluation : Pews generally appeared tired & worn. Finish on wood was observed to be wearing away in a number of areas, fabric was noted to be stained locally. Plan to refurbish/refinish pews in the near future. 15 years 0 years Best Case: $92,700 Worst Case: $140,000 Lower allowance to refurbish July 06,2015 Page 16 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 916 Blackout Curtains - Replace Quantity: Approx 1,490 GSF Location : Sanctuary Evaluation : Observed to be intact & functional. Long life when properly sourced. Eventual replacement incorporated on the cycle noted below. 30 years 10 years Best Case: $29,800 Worst Case: $44,700 Lower allowance to replace Comp # : 916 Built-in Cabinetry/Counters - Repl Quantity: Approx 74 LF Location : Office Areas Evaluation : Generally observed to be solid, intact & functional. Long life anticipated but eventual replacement should be anticipated. 30 years 10 years Best Case: $10,000 Worst Case: $14,200 Lower allowance to replace July 06,2015 Page 17 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 1110 Interiors - Repaint Quantity: Approx 95,400 GSF Location : Walls & ceilings of Sanctuary Evaluation : Painting showed various conditions throughout the church. Plan to repaint as a part of refurbishments, prior to replacement of flooring. Total repaint incorporated to allow for change in color scheme. 15 years 0 years Best Case: $71,550 Worst Case: $85,860 $0.75/GSF; Lower estimate to repaint $0.90/GSF; Higher estimate to repaint Comp # : 1115 Stucco - Repaint Quantity: Approx 22,000 GSF Location : Building perimeter Evaluation : Stucco was generally observed to be intact, though extensive discoloration was observed. Plan to repaint in the near future to freshen up appearances & ensure water-tight building envelope. 15 years 0 years Best Case: $17,600 Worst Case: $22,000 $0.80/GSF; Lower estimate to repaint $1.00/GSF; Higher estimate July 06,2015 Page 18 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 1122 Doors/Windows - Refurbish Quantity: Extensive Qty Location : Exteriors Evaluation : Long life anticipated for these components. Windows are anticipated to have a long-life, but seals will fail over time. Prudent reserve funding incorporates refurbishment of systems to ensure water-tight building envelope. 40 years 10 years Best Case: $74,600 Worst Case: $112,000 Lower allowance to replace doors & windows Comp # : 1310 Downspouts - Replace Quantity: Approx 30 LF Location : Roof edges Funded? : No Does not fit NRSS 4-Part Test Evaluation : Minimal quantity means funding isn't necessary through Reserves. Replace as-necessary with Operating Funds. Best Case: Cost Source: Worst Case: July 06,2015 Page 19 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 1316 Standing Seam Metal Roof - Replace Quantity: Approx 30,300 GSF Location : Sloped rooftops Evaluation : Long life typically associated with metal roofs. Numerous roof leaks are reportedly present, but generally assumed to be part of the foam system. 50 years 10 years Best Case: $303,000 Worst Case: $454,500 $10/GSF; Lower allowance to replace $15/GSF; Comp # : 1317 Foam Roof - Replace Quantity: Approx 31,900 GSF Location : Low-slope portions of Sanctuary Building Evaluation : Generally observed to be in poor condition. Coating is peeling away & foam is exposed in numerous areas. Staff reports plans to bid out replacement & complete the project in the near future. 50 years 0 years Best Case: $223,000 Worst Case: $319,000 $7/GSF; Lower allowance to replace $10/GSF; July 06,2015 Page 20 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 1318 Foam Roof - Recoat Quantity: Approx 31,900 GSF Location : Low-slope portions of Sanctuary Building Evaluation : Coating is in poor condition, as is entire system. Plan to replace system in the near future with recoating necessary on the cycle noted below. 10 years 10 years Best Case: $31,900 Worst Case: $63,800 $1/GSF; Lower allowance to recoat $2/GSF; Comp # : 1402 Building Lettering - Replace Quantity: Approx (36) Letters Location : Building Walls Evaluation : Lettering was generally intact & in fair condition. Repainting should be completed as a part of building repainting & touched-up as-necessary. 20 years 10 years Best Case: $10,000 Worst Case: $15,200 Lower allowance to replace July 06,2015 Page 21 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 2101 Long-Throw Spot Lights - Replace Quantity: (2) Phoebus Location : Sound Room Funded? : No Funded for through alternative component within study Evaluation : These lights are reportedly fully functional & in good operating condition. Long life anticipated. No predictable replacement due to lack of predictability. Best Case: Cost Source: Worst Case: Comp # : 2102 Sanctuary Audio System - Upgrade Quantity: Sound System Location : Sanctuary/Sound Room Last major upgrades in 1999 Evaluation : System is reportedly fully functional at this time. System reportedly receives occasional upgrades as-necessary. Staff reports needs to plan for large-scale upgrades in the near future on the cycle noted below. 10 years 5 years Best Case: $200,000 Worst Case: $300,000 Lower allowance for upgrades Cost Source: Estimate Provided by Client July 06,2015 Page 22 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 2103 Sanctuary Video System - Upgrade Quantity: Visual/Video Systems Location : Sanctuary/Sound Room Evaluation : System is reportedly fully functional at this time. System reportedly receives occasional upgrades as-necessary. Staff reports needs to plan for large-scale upgrades in the near future on the cycle noted below. 10 years 5 years Best Case: $80,000 Worst Case: $120,000 Lower allowance for upgrades Cost Source: Estimate Provided by Client Comp # : 2104 Lighting Controls - Replace Quantity: Unison Sensor ETC System Location : Evaluation : System is reportedly fully functional at this time. System reportedly receives occasional upgrades as-necessary. Staff reports needs to plan for large-scale upgrades in the near future on the cycle noted below. 10 years 5 years Best Case: $125,000 Worst Case: $175,000 Lower allowance to replace July 06,2015 Page 23 of 24
Association Reserves Client: 9999SC Sample Church Component Details Comp # : 2107 In-Ear System - Replace Quantity: In-ear audio Location : Sanctuary Replaced in 2013 Evaluation : System is reportedly fully functional at this time. System reportedly receives occasional upgrades as-necessary. Staff reports needs to plan for large-scale upgrades in the near future on the cycle noted below. 10 years 8 years Photo Not Available Best Case: $12,500 Worst Case: $17,500 Lower allowance to replace system Cost Source: Client Cost History ($15,000 in 2013) Comp # : 2108 Wireless Mic System - Replace Quantity: Mics, Rec'rs, etc. Location : Sanctuary To be replaced in 2014 Evaluation : System is reportedly fully functional at this time. System was reportedly replaced in 2014. Plan for regular cycles of replacement on the cycle noted below. 10 years 9 years Best Case: $45,000 Worst Case: $55,000 Lower allowance to replace system Cost Source: Client Cost History ($50,000 in 2014) July 06,2015 Page 24 of 24