Update "No-Site-Visit" Reserve Study
Villaggio Neighborhood
Issaquah, WA
T
W
Hello, and welcome to your Reserve Study!
his Report is a valuable budget planning tool,
for with it you control the future of your
association. It contains all the fundamental
information needed to understand your current
and future Reserve obligations, the most
significant expenditures your association will face.
ith respect to Reserves, this Report will tell
you "where you are," and "where to go from
here."
In this Report, you will find...
1) A List of What you're Reserving For
2) An Evaluation of your Reserve Fund Size
and Strength
3) A Recommended Multi-Year Reserve
Funding Plan
More Questions?
Visit our website at
www.ReserveStudy.com
or call
us at:
253-661-5437
Table of Contents
3-Minute Executive Summary
1
Reserve Study Summary
1
Executive Summary (Component List)
2
Introduction, Objectives, and Methodology
3
Which Physical Assets are Funded by Reserves?
4
How do we establish Useful Life and Remaining Useful Life estimates?
4
How do we establish Current Repair/Replacement Cost Estimates?
4
How much Reserves are enough?
5
How much should we contribute?
6
What is our Recommended Funding Goal?
6
Projected Expenses
7
Annual Reserve Expenses Graph
7
Reserve Fund Status & Recommended Funding Plan
8
Annual Reserve Funding Graph
8
30-Yr Cash Flow Graph
9
Percent Funded Graph
9
Table Descriptions
10
Reserve Component List Detail
11
Fully Funded Balance
12
Component Significance
13
30-Year Reserve Plan Summary
14
30-Year Reserve Plan Summary (Alternate Funding Plan)
15
30-Year Income/Expense Detail
16
Accuracy, Limitations, and Disclosures
22
Terms and Definitions
23
Component Details
24
Site/Grounds
25
Building Exteriors
27
Systems
30
. . . .
$558,668
. . . .
$707,906
. . . .
78.9 %
. . . .
($2,985)
. . . .
$6,930
. . . .
$5,990
. . . .
$4,190
. . . .
$6,600
. . . .
1.50 %
. . . .
3.00 %
3- Minute Executive Summary
Association:
Villaggio Neighborhood
Assoc. #: 21948-9
Location:
Issaquah, WA
# of Units: 50
Report Period:
July 1, 2020 through June 30, 2021
Findings/Recommendations as-of: July 1, 2020
Starting Reserve Balance
Current Fully Funded Reserve Balance
Percent Funded
Average Reserve (Deficit) or Surplus Per Unit
Recommended 2020 100% Monthly "Full Funding" Contributions
Recommended 2020 70% Monthly "Threshold Funding" Contributions
2020 "Alternate / Baseline Funding" minimum to keep Reserves above $0
Most Recent Budgeted Contribution Rate
Reserves % Funded: 78.9%
Special Assessment Risk:
30%
70%
130%
High Medium Low
Economic Assumptions:
Net Annual "After Tax" Interest Earnings Accruing to Reserves
Annual Inflation Rate
• This is a Update "No-Site-Visit" Reserve Study, meeting or exceeding all requirements of
the RCW. This study was prepared by a credentialed Reserve Specialist (RS™).
• Your Reserve Fund is currently 78.9 % Funded. This means the association’s special
assessment & deferred maintenance risk is currently Low. The objective of your multi-year
Funding Plan is to fund your Reserves to a level where you will enjoy a low risk of such
Reserve cash flow problems.
• Based on this starting point and your anticipated future expenses, our recommendation
is to budget Reserve Contributions to within the 70% to 100% range as noted above. The
100% “Full” and 70% contribution rates are designed to gradually achieve these funding
objectives by the end of our 30-year report scope.
• No assets appropriate for Reserve designation known to be excluded. See appendix for
component information and the basis of our assumptions. "Alternate Funding" in this
report is synonymous with Baseline Funding, as defined within the RCW " to maintain the
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Executive Summary
# Component Useful Life (yrs) Rem. Useful Life (yrs) Current Average Cost Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc 5 1 $5,550 120 Asphalt - Resurface/Overlay 35 21 $12,350 121 Asphalt - Repair/Sealcoat 5 2 $4,350 140 Wood Trellis/Arbor - Repair/Replace 20 4 $3,150 165 Path/Site Lights - Replace 20 4 $2,200 180 Irrigation System - Maintain/Repair 5 0 $5,000 Building Exteriors 500 Steep Slope Roofs - Repair/Replace 25 1 $427,500 510 Gutters/Downspouts - Repair/Replace 25 9 $53,050 518 Ext Surfaces/Siding - Full Replace 50 48 $1,101,500 520 Ext. Surfaces/Siding - Repr/Replace 5 1 $9,500 525 Full Exterior - Paint/Caulk 10 5 $120,000 527 Partial Exterior - Paint/Caulk 5 1 $46,100 545 Wood Decks/Porches - Repair/Replace 20 4 $50,600 550 Wood Deck Rail - Repair/Replace 20 4 $13,550 552 Metal/Alum. Rails - Repair/Replace 30 14 $56,400 560 Bldg. Exterior Lights - Replace 24 9 $19,750 16 Total Funded Components Note 1: Yellow highlighted line items are expected to require attention in this initial year, green highlighted items are expected to occur within the first-five years.
Introduction
A Reserve Study is the art and science of anticipating, and
preparing for, an association'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 Reserve projects. Based on that List and
your starting balance, we calculate the association's
Reserve Fund Strength (reported in terms of "Percent
Funded"). Then we compute a Reserve Funding Plan
to provide for the Reserve needs of the association.
These form the three results of your Reserve Study.
Reserve contributions are not “for the future”. Reserve contributions are
designed to offset the ongoing, daily deterioration of your Reserve assets.
Done well, a stable, budgeted Reserve Funding Plan will collect sufficient
funds from the owners who enjoyed the use of those assets, so the
association is financially prepared for the irregular expenditures scattered
through future years when those projects eventually require replacement.
Methodology
For this
Update No-Site-Visit Reserve Study
, we
started with a review of your prior Reserve Study,
then looked into recent Reserve expenditures,
evaluated how expenditures are handled
(ongoing maintenance vs Reserves), and
researched any well-established association
precedents. We updated and adjusted your Reserve Component List on the
basis of time elapsed since the last Reserve Study and interviews with
association representatives.
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 an
association'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 associations
3) Vendor Recommendations
4) Reliable National Industry cost estimating guidebooks
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 association). Having enough
means the association can execute its projects in a timely manner with
existing Reserve funds. Not having enough typically creates deferred
maintenance or special assessments.
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
association 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 special assessments and deferred maintenance when
the Percent Funded is weak, below 30%. Approximately 30% of all
associations 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 special
assessment).
Measuring your Reserves by Percent Funded tells how well prepared your
association is for upcoming Reserve expenses. New buyers should be very
aware of this important disclosure!
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
current and future owners enable each owner to pay their fair share of the
association's Reserve expenses over the years. And finally, we develop a
plan that is fiscally responsible and safe for Boardmembers to recommend to
their association. Remember, it is the Board's job to provide for the ongoing
care of the common areas. Boardmembers invite liability exposure when
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 associations in the 70 - 130% range enjoy a
low risk of special assessments 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 special assessments & 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.
Projected Expenses
While this Reserve Study looks forward 30 years, we have no expectation
that all these expenses will all take place as anticipated. This Reserve Study
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.
The figure below summarizes the projected future expenses at your
association as defined by your Reserve Component List. A summary of these
expenses are shown in the 30-yr Summary Table, while details of the projects
that make up these expenses are shown in the Cash Flow Detail Table.
Figure 1Reserve Fund Status
The starting point for our financial analysis is your Reserve Fund balance,
projected to be $558,668 as-of the start of your Fiscal Year on 7/1/2020. As
of that date, your Fully Funded Balance is computed to be $707,906 (see
Fully Funded Balance Table). This figure represents the deteriorated value of
your common area components.
Recommended Funding Plan
Based on your current Percent Funded and your near-term and long-term
Reserve needs, we are recommending budgeted contributions of $6,930 per
month this Fiscal Year. The overall 30-yr plan, in perspective, is shown
below. This same information is shown numerically in both the 30-yr
Summary Table and the Cash Flow Detail Table.
Figure 2The following chart shows your Reserve balance under our recommended
Full Funding Plan, an alternate Baseline Funding Plan, and at your current
budgeted contribution rate (assumes future increases), compared to your
always-changing Fully Funded Balance target.
Figure 3This figure shows the same information plotted on a Percent Funded scale. It
is clear here to see how your Reserve Fund strength approaches the 100%
Funded level under our recommended multi-yr Funding Plan.
Figure 4Table Descriptions
Executive Summary is a summary of your Reserve Components
Reserve Component List Detail discloses key Component information,
providing the foundation upon which the financial analysis is performed.
Fully Funded Balance shows the calculation of the Fully Funded Balance for
each of your components, and their contributions to the property total. For
each component, the Fully Funded Balance is the fraction of life used up
multiplied by its estimated Current Replacement Cost.
Component Significance shows the relative significance of each component
to Reserve funding 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
the estimated Current Replacement Cost by its Useful Life, then that
component’s percentage of the total is displayed.
30-Yr Reserve Plan Summary 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 at the
beginning of each year.
30-Year Income/Expense Detail shows the detailed income and expenses for
each of the next 30 years. This table makes it possible to see which
components are projected to require repair or replacement in a particular
year, and the size of those individual expenses.
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Reserve Component List Detail
Current Cost Estimate
# Component Quantity Useful Life Rem.
Useful Life Best Case Worst Case
Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc Extensive SF 5 1 $4,200 $6,900 120 Asphalt - Resurface/Overlay ~4,000 GSF 35 21 $10,300 $14,400 121 Asphalt - Repair/Sealcoat ~4,000 GSF 5 2 $4,100 $4,600 140 Wood Trellis/Arbor - Repair/Replace (1) moderate size, wood 20 4 $2,900 $3,400 165 Path/Site Lights - Replace (10) metal fixtures 20 4 $1,900 $2,500 180 Irrigation System - Maintain/Repair Valves, controls, etc. 5 0 $3,700 $6,300 Building Exteriors 500 Steep Slope Roofs - Repair/Replace ~75,600 SF, arch shingles 25 1 $412,000 $443,000 510 Gutters/Downspouts - Repair/Replace ~7,250 LF, metal 25 9 $44,900 $61,200 518 Ext Surfaces/Siding - Full Replace ~96,000 GSF 50 48 $993,000 $1,210,000 520 Ext. Surfaces/Siding - Repr/Replace Extensive GSF 5 1 $7,300 $11,700 525 Full Exterior - Paint/Caulk ~96,000 GSF 10 5 $107,000 $133,000 527 Partial Exterior - Paint/Caulk Extensive GSF 5 1 $36,900 $55,300 545 Wood Decks/Porches - Repair/Replace (12) decks, ~1,200 SF 20 4 $45,000 $56,200 550 Wood Deck Rail - Repair/Replace ~220 LF, wood picket 20 4 $12,300 $14,800 552 Metal/Alum. Rails - Repair/Replace ~770 LF, powder coated 30 14 $47,800 $65,000 560 Bldg. Exterior Lights - Replace ~(130) metal/glass 24 9 $16,100 $23,400 16 Total Funded Components
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Fully Funded Balance
# Component Current Cost Estimate X Effective Age / Useful Life = Fully Funded Balance Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc $5,550 X 4 / 5 = $4,440 120 Asphalt - Resurface/Overlay $12,350 X 14 / 35 = $4,940 121 Asphalt - Repair/Sealcoat $4,350 X 3 / 5 = $2,610 140 Wood Trellis/Arbor - Repair/Replace $3,150 X 16 / 20 = $2,520 165 Path/Site Lights - Replace $2,200 X 16 / 20 = $1,760 180 Irrigation System - Maintain/Repair $5,000 X 5 / 5 = $5,000 Building Exteriors 500 Steep Slope Roofs - Repair/Replace $427,500 X 24 / 25 = $410,400 510 Gutters/Downspouts - Repair/Replace $53,050 X 16 / 25 = $33,952 518 Ext Surfaces/Siding - Full Replace $1,101,500 X 2 / 50 = $44,060 520 Ext. Surfaces/Siding - Repr/Replace $9,500 X 4 / 5 = $7,600 525 Full Exterior - Paint/Caulk $120,000 X 5 / 10 = $60,000 527 Partial Exterior - Paint/Caulk $46,100 X 4 / 5 = $36,880 545 Wood Decks/Porches - Repair/Replace $50,600 X 16 / 20 = $40,480 550 Wood Deck Rail - Repair/Replace $13,550 X 16 / 20 = $10,840 552 Metal/Alum. Rails - Repair/Replace $56,400 X 16 / 30 = $30,080 560 Bldg. Exterior Lights - Replace $19,750 X 15 / 24 = $12,344 $707,90621948-9
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Component Significance
# Component Useful Life (yrs) Current Cost Estimate Deterioration Cost/Yr Deterioration Significance Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc 5 $5,550 $1,110 1.50 % 120 Asphalt - Resurface/Overlay 35 $12,350 $353 0.48 % 121 Asphalt - Repair/Sealcoat 5 $4,350 $870 1.18 % 140 Wood Trellis/Arbor - Repair/Replace 20 $3,150 $158 0.21 % 165 Path/Site Lights - Replace 20 $2,200 $110 0.15 % 180 Irrigation System - Maintain/Repair 5 $5,000 $1,000 1.35 % Building Exteriors 500 Steep Slope Roofs - Repair/Replace 25 $427,500 $17,100 23.14 % 510 Gutters/Downspouts - Repair/Replace 25 $53,050 $2,122 2.87 % 518 Ext Surfaces/Siding - Full Replace 50 $1,101,500 $22,030 29.82 % 520 Ext. Surfaces/Siding - Repr/Replace 5 $9,500 $1,900 2.57 % 525 Full Exterior - Paint/Caulk 10 $120,000 $12,000 16.24 % 527 Partial Exterior - Paint/Caulk 5 $46,100 $9,220 12.48 % 545 Wood Decks/Porches - Repair/Replace 20 $50,600 $2,530 3.42 % 550 Wood Deck Rail - Repair/Replace 20 $13,550 $678 0.92 % 552 Metal/Alum. Rails - Repair/Replace 30 $56,400 $1,880 2.54 % 560 Bldg. Exterior Lights - Replace 24 $19,750 $823 1.11 % 16 Total Funded Components $73,883 100.00 %
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1.50 % 3.00 %
30-Year Reserve Plan Summary
Fiscal Year Start: 2020 Interest: Inflation:
Reserve Fund Strength Calculations: (All values of Fiscal Year Start
Date) Projected Reserve Balance Changes
% Increase
Starting Fully Special In Annual Loan or
Reserve Funded Percent Assmt Reserve Reserve Special Interest Reserve Year Balance Balance Funded Risk Contribs. Contribs. Assmts Income Expenses
2020 $558,668 $707,906 78.9 % Low 5.00 % $83,160 $0 $9,028 $5,000 2021 $645,856 $800,092 80.7 % Low 5.00 % $87,318 $0 $6,613 $503,310 2022 $236,478 $384,068 61.6 % Medium 5.00 % $91,684 $0 $4,229 $4,615 2023 $327,776 $471,571 69.5 % Medium 5.00 % $96,268 $0 $5,678 $0 2024 $429,722 $568,874 75.5 % Low 5.00 % $101,081 $0 $6,663 $78,223 2025 $459,243 $591,021 77.7 % Low 5.00 % $106,136 $0 $6,643 $144,909 2026 $427,113 $547,715 78.0 % Low 3.00 % $109,320 $0 $6,725 $73,016 2027 $470,141 $579,806 81.1 % Low 3.00 % $112,599 $0 $7,911 $5,350 2028 $585,301 $685,282 85.4 % Low 3.00 % $115,977 $0 $9,716 $0 2029 $710,995 $802,241 88.6 % Low 3.00 % $119,457 $0 $10,923 $94,987 2030 $746,387 $827,763 90.2 % Low 3.00 % $123,040 $0 $12,152 $6,720 2031 $874,859 $947,946 92.3 % Low 3.00 % $126,731 $0 $13,531 $84,646 2032 $930,476 $994,538 93.6 % Low 3.00 % $130,533 $0 $14,992 $6,202 2033 $1,069,800 $1,126,486 95.0 % Low 3.00 % $134,449 $0 $17,173 $0 2034 $1,221,422 $1,272,034 96.0 % Low 3.00 % $138,483 $0 $18,849 $85,310 2035 $1,293,444 $1,337,433 96.7 % Low 3.00 % $142,637 $0 $19,142 $194,746 2036 $1,260,478 $1,295,528 97.3 % Low 3.00 % $146,916 $0 $19,406 $98,128 2037 $1,328,673 $1,355,439 98.0 % Low 3.00 % $151,324 $0 $21,156 $7,190 2038 $1,493,963 $1,514,477 98.6 % Low 3.00 % $155,864 $0 $23,741 $0 2039 $1,673,568 $1,689,465 99.1 % Low 3.00 % $160,540 $0 $26,489 $0 2040 $1,860,596 $1,873,590 99.3 % Low 3.00 % $165,356 $0 $29,282 $9,031 2041 $2,046,204 $2,057,940 99.4 % Low 3.00 % $170,316 $0 $31,159 $136,732 2042 $2,110,947 $2,120,411 99.6 % Low 3.00 % $175,426 $0 $33,145 $8,335 2043 $2,311,183 $2,321,253 99.6 % Low 3.00 % $180,689 $0 $36,272 $0 2044 $2,528,143 $2,541,079 99.5 % Low 3.00 % $186,109 $0 $38,522 $141,279 2045 $2,611,496 $2,626,488 99.4 % Low 3.00 % $191,693 $0 $38,914 $261,722 2046 $2,580,380 $2,595,043 99.4 % Low 3.00 % $197,443 $0 $32,506 $1,053,818 2047 $1,756,511 $1,751,577 100.3 % Low 3.00 % $203,367 $0 $27,992 $9,663 2048 $1,978,208 $1,963,210 100.8 % Low 3.00 % $209,468 $0 $31,460 $0 2049 $2,219,135 $2,196,216 101.0 % Low 3.00 % $215,752 $0 $35,146 $0
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1.50 % 3.00 %
30-Year Reserve Plan Summary (Alternate Funding Plan)
Fiscal Year Start: 2020 Interest: Inflation:
Reserve Fund Strength Calculations: (All values of Fiscal Year Start
Date) Projected Reserve Balance Changes
% Increase
Starting Fully Special In Annual Loan or
Reserve Funded Percent Assmt Reserve Reserve Special Interest Reserve Year Balance Balance Funded Risk Contribs. Contribs. Assmts Income Expenses
2020 $558,668 $707,906 78.9 % Low -36.52 % $50,280 $0 $8,780 $5,000 2021 $612,728 $800,092 76.6 % Low 5.00 % $52,794 $0 $5,852 $503,310 2022 $168,064 $384,068 43.8 % Medium 5.00 % $55,434 $0 $2,922 $4,615 2023 $221,805 $471,571 47.0 % Medium 5.00 % $58,205 $0 $3,790 $0 2024 $283,800 $568,874 49.9 % Medium 5.00 % $61,116 $0 $4,157 $78,223 2025 $270,850 $591,021 45.8 % Medium 5.00 % $64,171 $0 $3,481 $144,909 2026 $193,594 $547,715 35.3 % Medium 3.00 % $66,097 $0 $2,872 $73,016 2027 $189,546 $579,806 32.7 % Medium 3.00 % $68,079 $0 $3,337 $5,350 2028 $255,612 $685,282 37.3 % Medium 3.00 % $70,122 $0 $4,390 $0 2029 $330,124 $802,241 41.2 % Medium 3.00 % $72,226 $0 $4,814 $94,987 2030 $312,176 $827,763 37.7 % Medium 3.00 % $74,392 $0 $5,226 $6,720 2031 $385,075 $947,946 40.6 % Medium 3.00 % $76,624 $0 $5,755 $84,646 2032 $382,808 $994,538 38.5 % Medium 3.00 % $78,923 $0 $6,331 $6,202 2033 $461,860 $1,126,486 41.0 % Medium 3.00 % $81,290 $0 $7,590 $0 2034 $550,740 $1,272,034 43.3 % Medium 3.00 % $83,729 $0 $8,306 $85,310 2035 $557,465 $1,337,433 41.7 % Medium 3.00 % $86,241 $0 $7,600 $194,746 2036 $456,561 $1,295,528 35.2 % Medium 3.00 % $88,828 $0 $6,825 $98,128 2037 $454,087 $1,355,439 33.5 % Medium 3.00 % $91,493 $0 $7,495 $7,190 2038 $545,885 $1,514,477 36.0 % Medium 3.00 % $94,238 $0 $8,956 $0 2039 $649,079 $1,689,465 38.4 % Medium 3.00 % $97,065 $0 $10,536 $0 2040 $756,681 $1,873,590 40.4 % Medium 3.00 % $99,977 $0 $12,115 $9,031 2041 $859,743 $2,057,940 41.8 % Medium 3.00 % $102,976 $0 $12,730 $136,732 2042 $838,717 $2,120,411 39.6 % Medium 3.00 % $106,066 $0 $13,406 $8,335 2043 $949,854 $2,321,253 40.9 % Medium 3.00 % $109,248 $0 $15,171 $0 2044 $1,074,272 $2,541,079 42.3 % Medium 3.00 % $112,525 $0 $16,008 $141,279 2045 $1,061,526 $2,626,488 40.4 % Medium 3.00 % $115,901 $0 $14,932 $261,722 2046 $930,637 $2,595,043 35.9 % Medium 3.00 % $119,378 $0 $6,999 $1,053,818 2047 $3,195 $1,751,577 0.2 % High 3.00 % $122,959 $0 $904 $9,663 2048 $117,396 $1,963,210 6.0 % High 3.00 % $126,648 $0 $2,730 $0 2049 $246,773 $2,196,216 11.2 % High 3.00 % $130,447 $0 $4,712 $0
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30-Year Income/Expense Detail
Fiscal Year
2020
2021
2022
2023
2024
Starting Reserve Balance $558,668 $645,856 $236,478 $327,776 $429,722 Annual Reserve Contribution $83,160 $87,318 $91,684 $96,268 $101,081 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $9,028 $6,613 $4,229 $5,678 $6,663 Total Income $650,856 $739,787 $332,391 $429,722 $537,466 # Component Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc $0 $5,717 $0 $0 $0 120 Asphalt - Resurface/Overlay $0 $0 $0 $0 $0 121 Asphalt - Repair/Sealcoat $0 $0 $4,615 $0 $0 140 Wood Trellis/Arbor - Repair/Replace $0 $0 $0 $0 $3,545 165 Path/Site Lights - Replace $0 $0 $0 $0 $2,476 180 Irrigation System - Maintain/Repair $5,000 $0 $0 $0 $0 Building Exteriors 500 Steep Slope Roofs - Repair/Replace $0 $440,325 $0 $0 $0 510 Gutters/Downspouts - Repair/Replace $0 $0 $0 $0 $0 518 Ext Surfaces/Siding - Full Replace $0 $0 $0 $0 $0 520 Ext. Surfaces/Siding - Repr/Replace $0 $9,785 $0 $0 $0 525 Full Exterior - Paint/Caulk $0 $0 $0 $0 $0 527 Partial Exterior - Paint/Caulk $0 $47,483 $0 $0 $0 545 Wood Decks/Porches - Repair/Replace $0 $0 $0 $0 $56,951 550 Wood Deck Rail - Repair/Replace $0 $0 $0 $0 $15,251 552 Metal/Alum. Rails - Repair/Replace $0 $0 $0 $0 $0 560 Bldg. Exterior Lights - Replace $0 $0 $0 $0 $0 Total Expenses $5,000 $503,310 $4,615 $0 $78,223 Ending Reserve Balance $645,856 $236,478 $327,776 $429,722 $459,243Fiscal Year
2025
2026
2027
2028
2029
Starting Reserve Balance $459,243 $427,113 $470,141 $585,301 $710,995 Annual Reserve Contribution $106,136 $109,320 $112,599 $115,977 $119,457 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $6,643 $6,725 $7,911 $9,716 $10,923 Total Income $572,022 $543,158 $590,651 $710,995 $841,374 # Component Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc $0 $6,627 $0 $0 $0 120 Asphalt - Resurface/Overlay $0 $0 $0 $0 $0 121 Asphalt - Repair/Sealcoat $0 $0 $5,350 $0 $0 140 Wood Trellis/Arbor - Repair/Replace $0 $0 $0 $0 $0 165 Path/Site Lights - Replace $0 $0 $0 $0 $0 180 Irrigation System - Maintain/Repair $5,796 $0 $0 $0 $0 Building Exteriors 500 Steep Slope Roofs - Repair/Replace $0 $0 $0 $0 $0 510 Gutters/Downspouts - Repair/Replace $0 $0 $0 $0 $69,218 518 Ext Surfaces/Siding - Full Replace $0 $0 $0 $0 $0 520 Ext. Surfaces/Siding - Repr/Replace $0 $11,343 $0 $0 $0 525 Full Exterior - Paint/Caulk $139,113 $0 $0 $0 $0 527 Partial Exterior - Paint/Caulk $0 $55,046 $0 $0 $0 545 Wood Decks/Porches - Repair/Replace $0 $0 $0 $0 $0 550 Wood Deck Rail - Repair/Replace $0 $0 $0 $0 $0 552 Metal/Alum. Rails - Repair/Replace $0 $0 $0 $0 $0 560 Bldg. Exterior Lights - Replace $0 $0 $0 $0 $25,769 Total Expenses $144,909 $73,016 $5,350 $0 $94,987 Ending Reserve Balance $427,113 $470,141 $585,301 $710,995 $746,387Fiscal Year
2030
2031
2032
2033
2034
Starting Reserve Balance $746,387 $874,859 $930,476 $1,069,800 $1,221,422 Annual Reserve Contribution $123,040 $126,731 $130,533 $134,449 $138,483 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $12,152 $13,531 $14,992 $17,173 $18,849 Total Income $881,579 $1,015,122 $1,076,002 $1,221,422 $1,378,754 # Component Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc $0 $7,682 $0 $0 $0 120 Asphalt - Resurface/Overlay $0 $0 $0 $0 $0 121 Asphalt - Repair/Sealcoat $0 $0 $6,202 $0 $0 140 Wood Trellis/Arbor - Repair/Replace $0 $0 $0 $0 $0 165 Path/Site Lights - Replace $0 $0 $0 $0 $0 180 Irrigation System - Maintain/Repair $6,720 $0 $0 $0 $0 Building Exteriors 500 Steep Slope Roofs - Repair/Replace $0 $0 $0 $0 $0 510 Gutters/Downspouts - Repair/Replace $0 $0 $0 $0 $0 518 Ext Surfaces/Siding - Full Replace $0 $0 $0 $0 $0 520 Ext. Surfaces/Siding - Repr/Replace $0 $13,150 $0 $0 $0 525 Full Exterior - Paint/Caulk $0 $0 $0 $0 $0 527 Partial Exterior - Paint/Caulk $0 $63,813 $0 $0 $0 545 Wood Decks/Porches - Repair/Replace $0 $0 $0 $0 $0 550 Wood Deck Rail - Repair/Replace $0 $0 $0 $0 $0 552 Metal/Alum. Rails - Repair/Replace $0 $0 $0 $0 $85,310 560 Bldg. Exterior Lights - Replace $0 $0 $0 $0 $0 Total Expenses $6,720 $84,646 $6,202 $0 $85,310 Ending Reserve Balance $874,859 $930,476 $1,069,800 $1,221,422 $1,293,444Fiscal Year
2035
2036
2037
2038
2039
Starting Reserve Balance $1,293,444 $1,260,478 $1,328,673 $1,493,963 $1,673,568 Annual Reserve Contribution $142,637 $146,916 $151,324 $155,864 $160,540 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $19,142 $19,406 $21,156 $23,741 $26,489 Total Income $1,455,224 $1,426,800 $1,501,153 $1,673,568 $1,860,596 # Component Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc $0 $8,906 $0 $0 $0 120 Asphalt - Resurface/Overlay $0 $0 $0 $0 $0 121 Asphalt - Repair/Sealcoat $0 $0 $7,190 $0 $0 140 Wood Trellis/Arbor - Repair/Replace $0 $0 $0 $0 $0 165 Path/Site Lights - Replace $0 $0 $0 $0 $0 180 Irrigation System - Maintain/Repair $7,790 $0 $0 $0 $0 Building Exteriors 500 Steep Slope Roofs - Repair/Replace $0 $0 $0 $0 $0 510 Gutters/Downspouts - Repair/Replace $0 $0 $0 $0 $0 518 Ext Surfaces/Siding - Full Replace $0 $0 $0 $0 $0 520 Ext. Surfaces/Siding - Repr/Replace $0 $15,245 $0 $0 $0 525 Full Exterior - Paint/Caulk $186,956 $0 $0 $0 $0 527 Partial Exterior - Paint/Caulk $0 $73,977 $0 $0 $0 545 Wood Decks/Porches - Repair/Replace $0 $0 $0 $0 $0 550 Wood Deck Rail - Repair/Replace $0 $0 $0 $0 $0 552 Metal/Alum. Rails - Repair/Replace $0 $0 $0 $0 $0 560 Bldg. Exterior Lights - Replace $0 $0 $0 $0 $0 Total Expenses $194,746 $98,128 $7,190 $0 $0 Ending Reserve Balance $1,260,478 $1,328,673 $1,493,963 $1,673,568 $1,860,596Fiscal Year
2040
2041
2042
2043
2044
Starting Reserve Balance $1,860,596 $2,046,204 $2,110,947 $2,311,183 $2,528,143 Annual Reserve Contribution $165,356 $170,316 $175,426 $180,689 $186,109 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $29,282 $31,159 $33,145 $36,272 $38,522 Total Income $2,055,234 $2,247,679 $2,319,518 $2,528,143 $2,752,775 # Component Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc $0 $10,325 $0 $0 $0 120 Asphalt - Resurface/Overlay $0 $22,975 $0 $0 $0 121 Asphalt - Repair/Sealcoat $0 $0 $8,335 $0 $0 140 Wood Trellis/Arbor - Repair/Replace $0 $0 $0 $0 $6,403 165 Path/Site Lights - Replace $0 $0 $0 $0 $4,472 180 Irrigation System - Maintain/Repair $9,031 $0 $0 $0 $0 Building Exteriors 500 Steep Slope Roofs - Repair/Replace $0 $0 $0 $0 $0 510 Gutters/Downspouts - Repair/Replace $0 $0 $0 $0 $0 518 Ext Surfaces/Siding - Full Replace $0 $0 $0 $0 $0 520 Ext. Surfaces/Siding - Repr/Replace $0 $17,673 $0 $0 $0 525 Full Exterior - Paint/Caulk $0 $0 $0 $0 $0 527 Partial Exterior - Paint/Caulk $0 $85,760 $0 $0 $0 545 Wood Decks/Porches - Repair/Replace $0 $0 $0 $0 $102,859 550 Wood Deck Rail - Repair/Replace $0 $0 $0 $0 $27,544 552 Metal/Alum. Rails - Repair/Replace $0 $0 $0 $0 $0 560 Bldg. Exterior Lights - Replace $0 $0 $0 $0 $0 Total Expenses $9,031 $136,732 $8,335 $0 $141,279 Ending Reserve Balance $2,046,204 $2,110,947 $2,311,183 $2,528,143 $2,611,496Fiscal Year
2045
2046
2047
2048
2049
Starting Reserve Balance $2,611,496 $2,580,380 $1,756,511 $1,978,208 $2,219,135 Annual Reserve Contribution $191,693 $197,443 $203,367 $209,468 $215,752 Recommended Special Assessments $0 $0 $0 $0 $0 Interest Earnings $38,914 $32,506 $27,992 $31,460 $35,146 Total Income $2,842,102 $2,810,329 $1,987,870 $2,219,135 $2,470,033 # Component Site/Grounds 100 Conc. Driveways/Sdwlks - Repr/Replc $0 $11,969 $0 $0 $0 120 Asphalt - Resurface/Overlay $0 $0 $0 $0 $0 121 Asphalt - Repair/Sealcoat $0 $0 $9,663 $0 $0 140 Wood Trellis/Arbor - Repair/Replace $0 $0 $0 $0 $0 165 Path/Site Lights - Replace $0 $0 $0 $0 $0 180 Irrigation System - Maintain/Repair $10,469 $0 $0 $0 $0 Building Exteriors 500 Steep Slope Roofs - Repair/Replace $0 $921,943 $0 $0 $0 510 Gutters/Downspouts - Repair/Replace $0 $0 $0 $0 $0 518 Ext Surfaces/Siding - Full Replace $0 $0 $0 $0 $0 520 Ext. Surfaces/Siding - Repr/Replace $0 $20,488 $0 $0 $0 525 Full Exterior - Paint/Caulk $251,253 $0 $0 $0 $0 527 Partial Exterior - Paint/Caulk $0 $99,419 $0 $0 $0 545 Wood Decks/Porches - Repair/Replace $0 $0 $0 $0 $0 550 Wood Deck Rail - Repair/Replace $0 $0 $0 $0 $0 552 Metal/Alum. Rails - Repair/Replace $0 $0 $0 $0 $0 560 Bldg. Exterior Lights - Replace $0 $0 $0 $0 $0 Total Expenses $261,722 $1,053,818 $9,663 $0 $0 Ending Reserve Balance $2,580,380 $1,756,511 $1,978,208 $2,219,135 $2,470,033Accuracy, Limitations, and Disclosures
"The reserve study should be reviewed carefully. It may not include all common and limited common element
components that will require major maintenance, repair or replacement in future years, and may not include
regular contributions to a reserve account for the cost of such maintenance, repair, or replacement. The
failure to include a component in a reserve study, or to provide contributions to a reserve account for a
component, may, under some circumstances, require you to pay on demand as a special assessment your
share of common expenses for the cost of major maintenance, repair or replacement of a reserve
component."
Association Reserves and its employees have no ownership, management, or other business relationships
with the client other than this Reserve Study engagement. James Talaga, company President, is a
credentialed Reserve Specialist (#066). All work done by Association Reserves WA, LLC is performed
under his responsible charge and is performed in accordance with National Reserve Study Standards
(NRSS). There are no material issues to our knowledge that have not been disclosed to the client that would
cause a distortion of the client’s situation.
Per NRSS, information provided by official representative(s) of the client, vendors, and suppliers regarding
financial details, component physical details and/or quantities, or historical issues/conditions will be deemed
reliable, and is not intended to be used for the purpose of any type of audit, quality/forensic analysis, or
background checks of historical records. As such, information provided to us has not been audited or
independently verified.
Estimates for interest and inflation have been included, because including such estimates are more accurate
than ignoring them completely. When we are hired to prepare Update reports, the client is considered to
have deemed those previously developed component quantities as accurate and reliable, whether
established by our firm or other individuals/firms (unless specifically mentioned in our Site Inspection Notes).
During inspections our company standard is to establish measurements within 5% accuracy, and our scope
includes visual inspection of accessible areas and components and does not include any destructive or other
testing. Our work is done only for budget purposes. Uses or expectations outside our expertise and scope
of work include, but are not limited to: project audit, quality inspection, and the identification of construction
defects, hazardous materials, or dangerous conditions. Identifying hidden issues such as but not limited to,
plumbing or electrical problems are also outside our scope of work. Our estimates assume proper original
installation & construction, adherence to recommended preventive maintenance, a stable economic
environment, and do not consider frequency or severity of natural disasters. Our opinions of component
Useful Life, Remaining Useful Life, and current or future cost estimates are not a warranty or guarantee of
actual costs or timing.
Because the physical and financial status of the property, legislation, the economy, weather, owner
expectations, and usage are all in a continual state of change over which we have no control, we do not
expect that the events projected in this document will all occur exactly as planned. This Reserve Study is by
nature a “one-year” document in need of being updated annually so that more accurate estimates can be
incorporated. It is only because a long-term perspective improves the accuracy of near-term planning that
this Report projects expenses into the future. We fully expect a number of adjustments will be necessary
BTU
British Thermal Unit (a standard unit of energy)
DIA
Diameter
GSF
Gross Square Feet (area). Equivalent to Square Feet
GSY
Gross Square Yards (area). Equivalent to Square Yards
HP
Horsepower
LF
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.
Inflation
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 the "30-yr Income/Expense Detail" table.
Interest
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.
Terms and Definitions
Component Details
The primary purpose of the Component Details appendix is to provide the reader with the basis of our
funding assumptions resulting from our research and analysis. The information presented here represents a
wide range of components that were observed and measured against National Reserve Study Standards to
determine if they meet the criteria for reserve funding.
1) Common area repair & replacement responsibility
2) Component must have a limited useful life
3) Life limit must be predictable
4) Above a minimum threshold cost (board’s discretion – typically ½
to 1% of Annual operating expenses).
Not all your components may have been found appropriate for reserve funding. In our judgment, the
components meeting the above four criteria are shown with the Useful Life (how often the project is
expected to occur), Remaining Useful Life (when the next instance of the expense will be) and representative
market cost range termed “Best Cost” and “Worst Cost”. There are many factors that can result in a wide
variety of potential costs, and we have attempted to present the cost range in which your actual expense will
occur.
Where no Useful Life, Remaining Useful Life, or pricing exists, the component was deemed inappropriate
for Reserve Funding.
Comp #: 100 Conc. Driveways/Sdwlks - Repr/Replc Quantity: Extensive SF
Useful Life: 5 years Remaining Life: 1 years Best Case: $ 4,200 Lower allowance Worst Case: $6,900 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History Comp #: 120 Asphalt - Resurface/Overlay Quantity: ~4,000 GSF
Useful Life: 35 years Remaining Life: 21 years Best Case: $ 10,300 Lower allowance Worst Case: $14,400 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History Comp #: 121 Asphalt - Repair/Sealcoat Quantity: ~4,000 GSF
Useful Life: 5 years Remaining Life: 2 years Best Case: $ 4,100
Lower allowance
Worst Case: $4,600
Higher allowance Cost Source: Client Cost History
Comp #: 140 Wood Trellis/Arbor - Repair/Replace Quantity: (1) moderate size, wood
Useful Life: 20 years Remaining Life: 4 years Best Case: $ 2,900 Lower allowance Worst Case: $3,400 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 165 Path/Site Lights - Replace Quantity: (10) metal fixtures
Useful Life: 20 years Remaining Life: 4 years Best Case: $ 1,900 Lower allowance Worst Case: $2,500 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 170 Landscape/Trees - Refurbish Quantity: Shrubs, grass, trees
Site/Grounds
Location: Driveways and sidewalks, walkways throughout community Funded?: Yes. History: Repairs/work in 2016-17 fiscal year Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: NE Monroe Lane (other asphalt roadways are not Association but public streets) Funded?: Yes. History: None known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: NE Monroe Lane (other asphalt areas are not Association but public streets) Funded?: Yes. History: Repairs/sealcoat in 2017-2018, previous to this sealcoat in July 2011 Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Tract AB, between Lots 46 and 47 Funded?: Yes. History: Local repairs in 2018-2019 fiscal year Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Adjacent to paths near Lots 46 and 47 Funded?: Yes. History: None known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve studyComp #: 175 Drain Lines - Clean/Inspect Quantity: Storm drains, etc.
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 180 Irrigation System - Maintain/Repair Quantity: Valves, controls, etc.
Useful Life: 5 years Remaining Life: 0 years Best Case: $ 3,700 Lower allowance Worst Case: $6,300 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 335 Site Bench - Replace Quantity: (1) metal
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source: Location: Scattered throughout community Funded?: No. Management reports operating expense not Reserves. History: Last cleaned in 2016 and previous to this in 2011 Comments: Funding removed as Management reports will be operating expense not Reserves. Location: Scattered throughout community Funded?: Yes. History: Unknown Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Behind Lots 46 and 47 adjacent to wetland buffer at south portion of site Funded?: No. Cost projected to be too small for reserve funding History: Unknown Comments: Not funded - no changes from previous reserve study
Comp #: 500 Steep Slope Roofs - Repair/Replace Quantity: ~75,600 SF, arch shingles
Useful Life: 25 years Remaining Life: 1 years Best Case: $ 412,000 Lower allowance Worst Case: $443,000 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 505 Roofs - Inspect/Clean/Repair Quantity: ~75,600 SF, arch shingles
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 510 Gutters/Downspouts - Repair/Replace Quantity: ~7,250 LF, metal
Useful Life: 25 years Remaining Life: 9 years Best Case: $ 44,900 Lower allowance Worst Case: $61,200 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History Comp #: 518 Ext Surfaces/Siding - Full Replace Quantity: ~96,000 GSF
Useful Life: 50 years Remaining Life: 48 years Best Case: $ 993,000 Lower allowance Worst Case: $1,210,000 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 520 Ext. Surfaces/Siding - Repr/Replace Quantity: Extensive GSF
Useful Life: 5 years Remaining Life: 1 years Best Case: $ 7,300 Lower allowance Worst Case: $11,700 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Building Exteriors
Location: Rooftops of building Funded?: Yes. History: Some repairs, original roofing Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Rooftops of building Funded?: No. Management reports will be operating expense not Reserves. History: Assumed last inspected/cleaned and if needed repaired during 2017-18 fiscal year; cleaned and repaired June/July 2014 Comments: Funding removed as Management reports will be operating expense not Reserves. Location: Perimeter of buildings Funded?: Yes. History: None known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Exterior of buildings Funded?: Yes. History: No major projects known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Exterior of buildings Funded?: Yes. History: Last work in 2019-2020 fiscal year, previous to this in 2018-2019 fiscal year, some in 2017-2018 and previous to this in 2013-14 fiscal year (prior to paint project) Comments: Adjusted at request of Management; aligns with paint cycles.Comp #: 525 Full Exterior - Paint/Caulk Quantity: ~96,000 GSF
Useful Life: 10 years Remaining Life: 5 years Best Case: $ 107,000 Lower allowance Worst Case: $133,000 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 527 Partial Exterior - Paint/Caulk Quantity: Extensive GSF
Useful Life: 5 years Remaining Life: 1 years Best Case: $ 36,900 Lower allowance Worst Case: $55,300 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 529 Caulk, etc. - Inspect/Repair Quantity: Extensive GSF
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 535 Windows, Sliders - Repair/Replace Quantity: Extensive, assorted
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 545 Wood Decks/Porches - Repair/Replace Quantity: (12) decks, ~1,200 SF
Location: Exterior of buildings Funded?: Yes. History: Last painted 2013-14 fiscal year Comments: As discussed with IHCA Management, paint cycle frequency is being adjusted to reflect 10 year full paint cycles (includes all exteriors - siding, trim, etc.) and in between these at the 5 year mark, a partial paint component is funded for areas that wear quicker such as wood trim, more exposed sides of buildings, areas with smaller overhangs, etc. See next component for partial paint. Location: Exterior of buildings ; trim, fascia, door moldings, etc. are painted wood Funded?: Yes. History: Very small paint/caulk project in 2017-2018 fiscal year, previous to this partial paint project Fall 2010 during 2010-11 fiscal year (full paint last 2013-14 fiscal year) Comments: As detailed in previous full paint component, paint cycle frequency is being adjusted to reflect 10 year full paint cycles (includes all exteriors - siding, trim, etc.) and in between these at the 5 year mark, a partial paint component for areas that wear quicker such as wood trim, more exposed sides of buildings, areas with smaller overhangs, etc. is funded as shown here. Funding here to be used as placemarker as scope/costs can vary. Location: Exterior perimeters of windows Funded?: No. Included with larger paint projects or locally as operating expense not Reserves. History: 2017-2018 touch-up Comments: Funding removed as Management reports will be included with larger paint projects or locally as operating expense not Reserves. Location: Exterior walls Funded?: No. Unit owner responsibility, not Association History: Unknown Comments: Not funded - no changes from previous reserve study Location: Decks at Lots 39-50 Funded?: Yes. History: None known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study.
Comp #: 550 Wood Deck Rail - Repair/Replace Quantity: ~220 LF, wood picket
Useful Life: 20 years Remaining Life: 4 years Best Case: $ 12,300 Lower allowance Worst Case: $14,800 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 551 Concrete Porch/Patio - Repr/Replace Quantity: Extensive, Concrete
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 552 Metal/Alum. Rails - Repair/Replace Quantity: ~770 LF, powder coated
Useful Life: 30 years Remaining Life: 14 years Best Case: $ 47,800 Lower allowance Worst Case: $65,000 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 560 Bldg. Exterior Lights - Replace Quantity: ~(130) metal/glass
Useful Life: 24 years Remaining Life: 9 years Best Case: $ 16,100 Lower allowance Worst Case: $23,400 Higher allowance Cost Source: ARI Cost Database: Similar Project Cost History
Comp #: 580 Unit/Garage Doors - Replace Quantity: Extensive, assorted
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source: Location: Adjacent to decks at Lots 39-50 Funded?: Yes. History: None known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Scattered areas throughout Association Funded?: No. Useful life not predictable, repair/replace as needed out of operating budget History: None known Comments: Not funded - no changes from previous reserve study Location: Adjacent to entry areas of units, site stairs, etc. Funded?: Yes. History: None known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Scattered exterior doors throughout association; entry, deck, garage, etc. doors Funded?: Yes. History: None known Comments: Remaining useful life reduced 1 year and cost inflated 3% from previous reserve study Location: Entries to units and garages Funded?: No. Unit owner responsibility, not Association History: None known Comments: Not funded - no changes from previous reserve study
Comp #: 900 Side Sewers - Repair/Replace Quantity: Moderate areas
Useful Life: 0 years Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 905 Resd. Water Lines - Repair/Replace Quantity: Moderate areas
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 970 Fire Sprinkler Sys - Repair/Replace Quantity: Misc.
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 997 Association Annual Inspection Quantity: Every year
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
Comp #: 999 Reserve Study Update Quantity: Annual
Useful Life: Remaining Life: Best Case: Worst Case: Cost Source:
