Reserve Analysis. The Willows HOA. for the. Alameda, CA. Start Date: Jul 1, Powered by TCPDF (

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1 Powered by TCPDF ( Analysis for the

2 Powered by TCPDF ( Table of Contents Table Of Contents Project Information Information Financial Overview Detail Component Report Year Disbursement Schedule Funding Models: Overview Current Funding Threshold Funding % Funded in 10 Years Recommended Funding Study Executive Summary Percent Funded Disbursement Schedule

3 Powered by TCPDF ( Project Information Study - Step by Step Process Step One (1): Review the common area component listing to assure all components are incorporated into the report accurately. Step Two (2): Percent Funded Report - This report indicates the current funded status of the association. This report details by component the Fully Funded or the amount needed to be 100% funded. Step Three (3): Funding Models: The report provides 4 individual funding reports that provide the Board different scenarios in which to review prior to setting the annual reserve contribution for the next fiscal year. Step Four (4): Once the Board has made a decision on the level of funding they will be incorporating into the reserve funded the final budget is to be forwarded to the provider so they can finalize the reserve study report and complete the reserve disclosure form. Project Description Name of Association: City and State: 2101 Shoreline Drive, Type of Project: Condominium Number of Unit Break Down: (201) Condominium Age of Project: 43 Years Fiscal Year-End: Jun 30, 2015 Level of Study: Level 2: Update (with site visit) Management Company: Self-Managed Date of Inspection (if applicable): Feb 27, 2015 Property Notes N/A 1 / 39

4 Powered by TCPDF ( Information Study Information Study (Definition): A budget planning tool which identifies the current status of the reserve fund and a stable and equitable Funding Plan to offset the anticipated future major capital expenditures. The Study consists of two parts: the Physical Analysis and the Financial Analysis. Included in the Study: Component Worksheet Report: Includes the quantity, estimated current replacement cost, projected future cost, service life the projected remaining life of each major component. Percentage Funded Report: Includes the total replacement cost, current reserve balance, fully funded reserve balance (to be 100%) and the percentage to which the association is fully funded. Funding Plans: One or more of the following plans may be included in the Analysis: Current Funding: The funding level equal to the Association's current assessments for reserve assets. 100% Funding (10-Year Plan): Funding designed to reduce the current deficit and reach the fully funded level (100%) in 10 Yrs. Threshold Funding: Funding Plan designed to meet all projected disbursement requirements as they occur over the projected years while never allowing the reserve balance to go below the designated threshold level. Recommended Funding: Funding plan recommended by the reserve provider. Compliance Funding - 50% (Hawaii Only): Funding Plan designed to meet all projected disbursement requirements as they occur over the projected 20 years while also maintaining a minimum percentage funded rate of 50% for years Cash Flow Plan (Hawaii Only): Funding Plan designed to meet all projected disbursement requirements as they occur over the projected 20 years while never allowing the reserve balance to go below the designated threshold level. Category Summary: Summary of reserve study by category totals. Executive Summary: For homeowners distribution (if applicable). General summary of the reserve report based on statute requirements. Funding Disclosure Summary - California State Statute 5570 (California Only) The purpose of this report is to provide information about the existing condition, life expectancy and estimated cost for maintenance and replacement of the physical elements that the Association is responsible for maintaining. This evaluation is designed to comply with all current state requirements. A level 1 or 2 report is based on a diligent visual inspection of the reserve components and may rely on information supplied by the management company, Board of Directors, associated vendors, contractors and published replacement guides modified for local conditions related to reconstruction. A level-3 reserve study report does not include an on-site visual evaluation but is updated accordingly based on a previous years on-site evaluation. Future-cost figures include an annual inflationary factor (see inflation rate), which should be updated and reincorporated into the reserve budget when deemed appropriate. Funding and disbursement projections presented have been computed with a Time Value of Money approach. An annual inflation rate and average interest rate were assumed. Inflation was applied to the projected disbursements, and annual average interest to the ending cash balance values. A straight-line method of calculation was employed for both time value rates. Adjustments to the component service lives and listed costs should be made whenever the rate of deterioration has changed or when there have been significant changes in the cost of materials and/or labor. Some assumptions have been made about costs, conditions, and future events and circumstances that may occur. Some assumptions inevitably will not materialize and unanticipated events and circumstances may occur subsequent to the date of this report. Therefore, the actual replacement costs and remaining lives may vary from this report and the variations could be material. It is imperative that these assets be reviewed annually to consider the impact of changing conditions. The findings in the following report are applicable as of the study's completion date, and those items, which are not expected to undergo major repair or replacement within a thirty-year time frame, have been defined as 'life of the project' and may not be included. The report is to be used only for the purpose stated herein, any use or reliance for any other purpose is invalid. The contents of the Study Report are based on estimates of the most probable reserve component replacement costs and remaining useful lives. Accordingly, the funding plans reflect consultant judgments based on circumstances at the time of inspection of the most likely costs, regular maintenance, service and remaining lives. The Association may elect to implement any of the funding plans presented, or may implement some variation developed from this information. An annual increase (based on listed inflation %) has been assumed in the funding plans provided (for future projections). Because the compilation of the reserve funding plans and related projections is limited as described above, no conclusion or any other form of assurance on the funding options or projections is provided. No responsibility to update this report for events and circumstances occurring after the date of this report is assumed. 2 / 39

5 Financial Overview Financial Information - As of 2015-Jun-30 Projected Fund Balance: $375,000 Projected Fully Funded : $2,050,723 Percentage Funded: 18% Current Replacement Cost: $3,961,539 Inflation, Interest & Contribution Rates Funding and disbursement projections presented have been computed with a Time Value of Money approach. Inflation was applied to the projected disbursements, and average interest to the ending cash balance values. Assumed Annual Inflation Rate: 3.00% Assumed Annual Interest Rate: 0.50% Assumed Annual Contribution Rate: 3.00% 5-Year Current Funding Plan Year Annual Funding Average Monthly Amount Fee Per Unit Projected Annual Disbursements Year-End Balance Fully Funded Percent Funded $330, $ $317,348 $389,980 $2,062,630 19% $340, $ $103,000 $629,856 $2,303,983 27% $350, $ $543,632 $439,433 $2,107,289 21% $361, $ $417,526 $385,022 $2,043,411 19% $371, $ $265,505 $493,598 $2,143,289 23% 30-Year Current Funding Chart 3 / 39

6 Powered by TCPDF ( Financial Overview Category Summary Category UL RL Current Replacement Cost Projected Balance Required Funding Projected Fully Funded Current Funding Allocation (Year 1) Carpeting 15 4 $111,696 $14,978 $7,446 $81,910 $9,141 Clubhouse $64,579 $4,355 $3,291 $23,815 $4,040 Decks, Patios & Siding $488,500 $38,480 $65,608 $210,432 $80,536 Elevators $415,138 $17,303 $16,123 $94,625 $19,791 Fencing, Rails & Gates $247,498 $29,037 $11,028 $158,791 $13,538 Grounds & Irrigation $324,202 $49,005 $14,141 $267,991 $17,358 Gym $70,500 $4,261 $5,573 $23,300 $6,841 Lighting $4,000 $24 $133 $133 $164 Mechanical $5,700 $1,042 $570 $5,700 $700 Miscellaneous $196,905 $14,605 $13,791 $79,868 $16,929 Office 3 2 $3,000 $183 $1,000 $1,000 $1,228 Painting $365,913 $38,055 $46,274 $208,105 $56,803 Pool & Spa $132,208 $15,435 $10,589 $84,409 $12,999 Roofing $1,358,600 $137,507 $67,013 $751,969 $82,261 Security Systems $173,100 $10,729 $6,592 $58,675 $8,091 Totals $3,961,539 $375,000 $269,174 $2,050,723 $330,420 4 / 39

7 Detail Component Report Current Replacement Cost: $3,961,539 Component UL RL Cost Per Unit Qty Current Cost Future Cost Source Carpeting Carpeting - Hallways/Clubhouse 15 4 $48.00/SY 2,327 $111,696 $125,715 Inspector Carpet is in generally fair condition but with local areas of wear and damage in high traffic areas. Association is planning to complete local repair/replacement in 2015 for $6K. Clubhouse Totals $111,696 $125,715 Barbecues - Gas Other Management Completed in Equipment was replaced with funds from the annual ASSN garage sale. Flat Screen TV Other Management Equipment was replaced with funds from the annual ASSN garage sale. Furnishings 15 6 $7,000.00/Total 1 $7,000 $8,358 Inspector Interior Lighting - Phase $3,021.00/EA 1 $3,021 $5,297 Inspector Interior Lighting - Phase $4,000.00/EA 1 $4,000 $8,131 Inspector Planning to complete in the fiscal year. Includes fixtures over pool tables. Fixtures in Ping-Pong room will not be replaced. Kitchen - Oven & Microwave Other Management Equipment has been replaced by funds from the annual ASSN garage sale. Kitchen - Refrigerator Other Management Equipment has been replaced by funds from the annual ASSN garage sale. Kitchen - Remodel (Cabinetry/Counters) 20 3 $5,000.00/Total 1 $5,000 $5,464 Inspector Linoleum - Clubhouse 16 5 $4,000.00/Total 1 $4,000 $4,637 Inspector Linoleum Squares - Ping-Pong Room 30 3 $5.50/SF 375 $2,063 $2,254 Inspector Restrooms - Remodel $39,495.00/Total 1 $39,495 $61,532 Inspector Completed in Decks, Patios & Siding Totals $64,579 $95,673 Cantilever Decks () 3 0 $5,000.00/EA 5 $25,000 $25,000 Inspector Decks & Patios (Incl. Rails) - I 20 9 $700.00/EA 94 $65,800 $85,854 Inspector Decks & Patios (Incl. Rails) - II 20 9 $700.00/EA 94 $65,800 $85,854 Inspector Decks & Patios (Incl. Rails) - III $700.00/EA 31 $21,700 $29,163 Inspector Decks & Patios (Incl. Rails) - IV $700.00/EA 63 $44,100 $62,876 Inspector Decks & Patios (Incl. Rails) - V $700.00/EA 94 $65,800 $108,757 Inspector Completed in 2014 for approx. $83,253. Patio Ends (Incl. Rails) $450.00/EA 94 $42,300 $65,902 Inspector Siding (Repairs) - Annual 1 0 $38,000.00/Total 1 $38,000 $38,000 Inspector Local areas of rot and deterioration observed. Bid received from TJ General Construction to complete repairs on Bldg. 1 in for $14,305. Additional ongoing annual repairs needed. Cycle with painting schedule when appropriate. Wood Surfaces/Siding Repairs Phase 1 Wood Surfaces/Siding Repairs Phase $63,500.00/Total 1 $63,500 $125,323 Inspector $56,500.00/Total 1 $56,500 $114,853 Inspector 5 / 39

8 Detail Component Report Component UL RL Cost Per Unit Qty Current Cost Future Cost Source Local areas of rot and deterioration of the wood siding and trim observed. Plan for repairs prior to painting. Update cost estimate after proposals are received outlining scope of repairs. Elevators Totals $488,500 $741,582 Cab Remodel & Door Package $20,784.50/EA 4 $83,138 $122,091 Inspector Reported to have been completed in Elevator Electronics/Controls $26,000.00/EA 4 $104,000 $148,279 Inspector Elevator Hydraulics $12,000.00/EA 4 $48,000 $68,437 Inspector Elevator Jack - I $45,000.00/EA 1 $45,000 $142,516 Inspector Reported by management to cost $45K per elevator. Elevator Jack - III $45,000.00/EA 1 $45,000 $142,516 Inspector Elevator Jack - Il $45,000.00/EA 1 $45,000 $142,516 Inspector Elevator Jack - IV $45,000.00/EA 1 $45,000 $142,516 Inspector Fencing, Rails & Gates Totals $415,138 $908,871 Garage Gate Operators $2,530.00/EA 8 $20,240 $27,201 Inspector Management reported that all 8 operators were replaced in Garage Gates 35 5 $5,000.00/EA 8 $40,000 $46,371 Inspector Patio Ends Rails $22.00/LF 564 $12,408 $21,124 Inspector Planning to complete in the fiscal year. Perimeter Fence - I 20 7 $50.00/LF 205 $10,250 $12,606 Inspector Perimeter Fence - II $50.00/LF 150 $7,500 $10,079 Inspector Perimeter Fence - III 20 9 $50.00/LF 400 $20,000 $26,095 Inspector Perimeter Fence - IV $50.00/LF 425 $21,250 $31,206 Inspector Perimeter Fence - V $50.00/LF 425 $21,250 $34,100 Inspector Pool Fencing - I 20 2 $50.00/LF 165 $8,250 $8,752 Inspector Pool Fencing - II 20 0 $50.00/LF 165 $8,250 $8,250 Inspector Pool Fencing - III 20 0 $50.00/LF 165 $8,250 $8,250 Inspector Railings - Roof 30 3 $50.00/LF 1,397 $69,850 $76,327 Inspector Grounds & Irrigation Totals $247,498 $310,362 Backflows (Repairs/Replace) 10 6 $2,100.00/EA 1 $2,100 $2,508 Inspector Annual inspection completed by East Bay MUD. Item should be monitored by the ASSN on a regular basis due to the age of the equipment Courtyard. Walkway (Repairs/Replace) - I Courtyard. Walkway (Repairs/Replace) - II $12,000.00/Total 1 $12,000 $19,256 Inspector $7,500.00/Total 1 $7,500 $17,674 Inspector Completed in per Management. Service Life & Cost provided by Barrera & Co Courtyard. Walkway (Repairs/Replace) - III Concrete walkway and driveway repairs planned in fiscal year Courtyard. Walkway (Repairs/Replace) - IV $8,000.00/Total 1 $8,000 $21,219 Inspector 35 2 $14,000.00/Total 1 $14,000 $14,853 Inspector Moat Pump (Rebuild) Maintenance / Operating Previous Study 6 / 39

9 Detail Component Report Component UL RL Cost Per Unit Qty Current Cost Future Cost Source Repairs completed in Moat Repair 5 4 $8,752.00/Total 1 $8,752 $9,850 Inspector Major - l 30 0 $50,000.00/LS 1 $50,000 $50,000 Board of Directors BOD would like to budget $50K for landscape improvements to be completed in 5 phases. Service life determined by Barrera. Major - ll Major - lll Major - lv Major - V Minor 30 1 $50,000.00/LS 1 $50,000 $51,500 Board of Directors 30 2 $50,000.00/LS 1 $50,000 $53,045 Board of Directors 30 3 $50,000.00/LS 1 $50,000 $54,636 Board of Directors 30 4 $50,000.00/LS 1 $50,000 $56,275 Board of Directors 3 0 $5,000.00/LS 1 $5,000 $5,000 Board of Directors Sprinkler Replacements Maintenance / Operating Previous Study Timer Clocks 12 0 $950.00/EA 3 $2,850 $2,850 Inspector Valves Maintenance / Operating Previous Study Wood Bridges - (1) 20 2 $3,500.00/EA 1 $3,500 $3,713 Inspector Wood Bridges - (3) $10,500.00/EA 1 $10,500 $18,412 Inspector Management reported that one bridge leading to the pool areas was rebuilt in Gym Totals $324,202 $380,792 Gym Equipment - Ellipticals 10 7 $5,000.00/EA 3 $15,000 $18,448 Inspector Gym Equipment - Row Machine 10 3 $3,000.00/EA 1 $3,000 $3,278 Inspector Gym Equipment - Stationary Bikes 10 7 $2,800.00/EA 2 $5,600 $6,887 Inspector Gym Equipment - Treadmills 10 7 $5,000.00/EA 3 $15,000 $18,448 Inspector Gym Equipment - TV's 10 7 $800.00/EA 2 $1,600 $1,968 Inspector Gym Equipment - Weight Stations $8,000.00/EA 3 $24,000 $36,302 Inspector Gym Lighting $4,000.00/LS 1 $4,000 $6,232 Inspector Men's Sauna (Refurbish) 15 6 $1,150.00/EA 1 $1,150 $1,373 Inspector Women's Sauna (Refurbish) 15 0 $1,150.00/EA 1 $1,150 $1,150 Inspector Lighting Pagoda Lights - Adjacent to Walkway Totals $70,500 $94, $4,000.00/LS 1 $4,000 $9,426 Inspector Management reported that pagoda lights adjacent to walkways were replaced in 2015 for approx. $3K. The remainder of the pagoda lights will be replaced at an estimated cost of $1K. Mechanical Totals $4,000 $9,426 Water Heater - Clubhouse 10 0 $1,150.00/Total 1 $1,150 $1,150 Inspector Component is still functional and should be monitored on an annual basis. Water Heaters - Gyms (50 gal.) 10 0 $1,150.00/Total 1 $1,150 $1,150 Inspector Component is still functional and should be monitored on an annual basis. Water Heaters - Laundry Rooms 10 0 $850.00/EA 4 $3,400 $3,400 Inspector Component is still functional and should be monitored on an annual basis. 7 / 39

10 Detail Component Report Component UL RL Cost Per Unit Qty Current Cost Future Cost Source Miscellaneous Totals $5,700 $5,700 BBQ Island - Cal Flame Other Board of Directors Item replaced with funds from the annual ASSN garage sale. Concrete Repairs $3,250.00/Total 1 $3,250 $3,768 Inspector Doors (Spa/Refuse/Misc.) $875.00/EA 5 $4,375 $4,641 Inspector Electrical Breaker (Rebuild) (1) $4,750.00/EA 1 $4,750 $6,384 Inspector Electrical Breaker (Rebuild) (1) - Test/Inspection To be tested on a 10 year cycle per Management Maintenance / Operating Previous Study Electrical Breakers (Rebuild) (7) $4,750.00/EA 7 $33,250 $50,294 Inspector Electrical Outlets - Hallways & Bottom Decks Garbage Chute Repairs - Management reported repairs completed in $15,500.00/Total 1 $15,500 $34,430 Inspector 10 9 $4,500.00/Total 1 $4,500 $5,871 Inspector Hallway/Roof Doors $14,500.00/Total 1 $14,500 $14,500 Inspector 10 fire doors in hallways replaced in It was reported that 8 more doors will be replaced in fiscal year Linoleum Flooring - Garbage & Laundry Rooms $8,100.00/Total 1 $8,100 $11,212 Inspector Mailboxes 25 8 $80.00/EA 201 $16,080 $20,370 Inspector Main Entrances (5) - Rebuild $11,600.00/EA 5 $58,000 $101,703 Inspector Planning to complete in fiscal year Plumbing $12,000.00/Total 1 $12,000 $12,360 Inspector Stairwell and Hallway Windows Replace 25 2 $19,000.00/Total 1 $19,000 $20,157 Inspector Storage Doors $3,600.00/Total 1 $3,600 $3,600 Inspector Sump Pump Repair/Replace Maintenance / Operating Previous Study Office Totals $196,905 $289,290 Office Equipment 3 2 $3,000.00/Total 1 $3,000 $3,183 Inspector New computer equipment purchased in Painting Phase l Totals $3,000 $3, $500.00/Unit 40 $20,000 $22,510 Inspector This estimate is for touch-up and painting of the wood surfaces between the larger paint cycle every 10 years; that includes all the stucco and metal surfaces. Phase ll Phase lll Phase lv 5 5 $500.00/Unit 61 $30,500 $35,358 Inspector 5 0 $500.00/Unit 39 $19,500 $19,500 Inspector 5 5 $500.00/Unit 61 $30,500 $35,358 Inspector Paint - Interior (Halls/Club/Office) 15 5 $65,500.00/Total 1 $65,500 $75,932 Inspector 8 / 39

11 Detail Component Report Component UL RL Cost Per Unit Qty Current Cost Future Cost Source Paint - Interior (Refuse Rooms) 10 5 $10,900.00/Total 1 $10,900 $12,636 Inspector Paint - Perimeter Fence 5 4 $4,875.00/LS 1 $4,875 $5,487 Bid Bid received from Signature for $4,875 to paint the exposed perimeter wrought iron fencing. Planning to paint in fiscal year Some local areas of rust and deterioration observed. Repair and treat for rust prior to painting. Paint - Pool Fence 5 0 $8.50/LF 495 $4,208 $4,208 Inspector Paint - Roof 5 5 $6.50/LF 1,397 $9,081 $10,527 Inspector Paint - Stucco Surfaces - Phase l 10 9 $850.00/Unit 40 $34,000 $44,362 Bid Bid received from Signature to paint all exterior wood, stucco, and metal surfaces on Bldg. 1 for $34,000. Association is planning to complete this project in the fiscal year. Paint - Stucco Surfaces - Phase ll 10 0 $850.00/Unit 61 $51,850 $51,850 Bid Bid received from Signature for Bldg. 2. Association is planning to complete this project in the fiscal year. Paint - Stucco Surfaces - Phase lll 10 3 $850.00/Unit 39 $33,150 $36,224 Inspector Paint - Stucco Surfaces - Phase lv 10 0 $850.00/Unit 61 $51,850 $51,850 Bid Bid received from Signature for Bldg. 4. Association is planning to complete this project in the fiscal year. Pool & Spa Totals $365,913 $405,802 Pool (Resurface/Repair) 10 3 $15,000.00/Total 1 $15,000 $16,391 Inspector Pool - Border Tiling 20 3 $22.00/LF 150 $3,300 $3,606 Inspector Pool - Bullnose Coping $25.00/LF 150 $3,750 $5,507 Inspector Pool Cover 7 5 $5,070.00/EA 1 $5,070 $5,878 Inspector Replaced in Pool Cover Motor 10 0 $2,400.00/EA 1 $2,400 $2,400 Inspector Pool Decking Surfaces $44,000.00/LS 1 $44,000 $59,132 Inspector Pool Filter 10 6 $2,100.00/EA 1 $2,100 $2,508 Inspector Pool Furniture 6 3 $9,088.00/Total 1 $9,088 $9,931 Inspector Pool furniture reported to have been replaced in for approx. $9,088K. Pool Heater 10 8 $3,700.00/EA 1 $3,700 $4,687 Inspector Pool Pump/Motor 6 0 $1,200.00/EA 1 $1,200 $1,200 Inspector Pool/Spa Chlorinators - Acu-trol 8 6 $5,400.00/Total 1 $5,400 $6,448 Inspector Solar Panels 15 0 $24,040.00/Total 1 $24,040 $24,040 Inspector Solar system is reported to be functional. Spa (Resurface/Repair) 10 3 $3,800.00/EA 1 $3,800 $4,152 Inspector Spa - Border Tiling 20 3 $22.00/LF 35 $770 $841 Inspector Spa - Bullnose Coping 20 3 $25.00/LF 35 $875 $956 Inspector Spa Booster Pumps/Motors 6 4 $925.00/EA 2 $1,850 $2,082 Inspector Spa Filter 10 9 $1,250.00/EA 1 $1,250 $1,631 Inspector Spa Heater 8 6 $3,890.00/EA 1 $3,890 $4,645 Inspector Reported to have been replaced in Spa Pump/Motor 6 4 $725.00/EA 1 $725 $816 Inspector Roofing Totals $132,208 $156,851 Built-Up Asphalt (B 1-2nd Fl.) 20 2 $145,000.00/Total 1 $145,000 $153,831 Inspector 9 / 39

12 Powered by TCPDF ( Detail Component Report Component UL RL Cost Per Unit Qty Current Cost Future Cost Source No major leaks or widespread damage reported. The service life of the built-up roofing has been extended due to proactive maintenance and inspections. Plan for local repair as-needed to maximize the service life of the roofing systems. Some of these roofs are near the end of their typical service life. Monitor closely and adjust remaining service life as conditions dictate. Built-Up Asphalt (B 2-2nd Fl.) $60,000.00/Total 1 $60,000 $102,146 Inspector Replaced in for $58,207. Built-Up Asphalt (B 2-4th Fl.) 20 2 $112,500.00/Total 1 $112,500 $119,351 Inspector Built-Up Asphalt (B 2W-2nd Fl.) 20 8 $66,500.00/Total 1 $66,500 $84,240 Inspector Built-Up Asphalt (B 3-4th Fl.) 20 2 $105,000.00/Total 1 $105,000 $111,395 Inspector Built-Up Asphalt (B 4-2nd Fl.) 20 9 $91,500.00/Total 1 $91,500 $119,387 Inspector Built-Up Asphalt (B 4-4th Fl.) 20 3 $112,500.00/Total 1 $112,500 $122,932 Inspector Built-Up Asphalt (B 4W-2nd Fl.) $71,500.00/Total 1 $71,500 $96,090 Inspector Built-Up Roofing (Clubhouse) $16,300.00/Total 1 $16,300 $24,655 Inspector Built-Up Roofing (Stairwell/Sm Unit) Drainage and Gutters - Fascia Board/Metal Flashing - Maintenance / Operating Previous Study $15,000.00/LS 1 $15,000 $30,492 Inspector $40,000.00/LS 1 $40,000 $81,312 Inspector Fiberglass Shingles - Phase I $675.00/SQ 182 $122,850 $180,409 Inspector Fiberglass Shingles - Phase II $675.00/SQ 182 $122,850 $180,409 Inspector Fiberglass Shingles - Phase III $675.00/SQ 182 $122,850 $185,822 Inspector Fiberglass Shingles - Phase IV ( 1 Bldg & Club House) $675.00/SQ 214 $144,450 $212,130 Inspector Skylights 20 2 $1,400.00/EA 7 $9,800 $10,397 Inspector Storm Windows Individual Homeowner Responsibility Previous Study Security Systems Totals $1,358,600 $1,814,997 Emergency Light Batteries 15 8 $12,000.00/Total 1 $12,000 $15,201 Inspector Entrance Phone Systems $3,800.00/EA 5 $19,000 $25,534 Inspector Re-Key Complex $140,000.00/Total 1 $140,000 $260,441 Inspector Security - Tour Guide System 12 3 $2,100.00/Total 1 $2,100 $2,295 Inspector Totals $173,100 $303,472 Measure key: Bldg = Building(s), EA = Each, LF = Linear Feet, LS = Lump Sum, Unit = Unit(s), SF = Square Feet, SY = Square Yard(s), SQ = Squares, Total = Total, Place(s) = Place(s) 10 / 39

13 5 Year Disbursement Schedule Category Component Replacement Cost Projected Cost Decks, Patios & Siding Cantilever Decks () $25,000 $25,000 Decks, Patios & Siding Siding (Repairs) - Annual $38,000 $38,000 Fencing, Rails & Gates Pool Fencing - II $8,250 $8,250 Fencing, Rails & Gates Pool Fencing - III $8,250 $8,250 Grounds & Irrigation Grounds & Irrigation Major - l Minor $50,000 $50,000 $5,000 $5,000 Grounds & Irrigation Timer Clocks $2,850 $2,850 Gym Women's Sauna (Refurbish) $1,150 $1,150 Mechanical Water Heater - Clubhouse $1,150 $1,150 Mechanical Water Heaters - Gyms (50 gal.) $1,150 $1,150 Mechanical Water Heaters - Laundry Rooms $3,400 $3,400 Miscellaneous Hallway/Roof Doors - $14,500 $14,500 Miscellaneous Storage Doors - $3,600 $3,600 Painting Paint - Stucco Surfaces - Phase ll $51,850 $51,850 Painting Paint - Stucco Surfaces - Phase lv $51,850 $51,850 Painting Phase lll $19,500 $19,500 Painting Paint - Pool Fence $4,208 $4,208 Pool & Spa Pool Cover Motor $2,400 $2,400 Pool & Spa Pool Pump/Motor $1,200 $1,200 Pool & Spa Solar Panels $24,040 $24, Total for : $317,348 Decks, Patios & Siding Siding (Repairs) - Annual $38,000 $39,140 Grounds & Irrigation Major - ll $50,000 $51,500 Miscellaneous Plumbing - $12,000 $12, Total for : $103,000 Decks, Patios & Siding Siding (Repairs) - Annual $38,000 $40,314 Fencing, Rails & Gates Pool Fencing - I $8,250 $8,752 Grounds & Irrigation Grounds & Irrigation Courtyard. Walkway (Repairs/Replace) - IV Major - lll $14,000 $14,853 $50,000 $53, / 39

14 Powered by TCPDF ( 5 Year Disbursement Schedule Category Component Replacement Cost Projected Cost Grounds & Irrigation Wood Bridges - (1) $3,500 $3,713 Miscellaneous Doors (Spa/Refuse/Misc.) - Miscellaneous Stairwell and Hallway Windows Replace $4,375 $4,641 $19,000 $20,157 Office Office Equipment $3,000 $3,183 Roofing Built-Up Asphalt (B 1-2nd Fl.) $145,000 $153,831 Roofing Built-Up Asphalt (B 2-4th Fl.) $112,500 $119,351 Roofing Built-Up Asphalt (B 3-4th Fl.) $105,000 $111,395 Roofing Skylights $9,800 $10, Clubhouse Clubhouse Kitchen - Remodel (Cabinetry/Counters) Linoleum Squares - Ping-Pong Room Total for : $543,632 $5,000 $5,464 $2,063 $2,254 Decks, Patios & Siding Cantilever Decks () $25,000 $27,318 Decks, Patios & Siding Siding (Repairs) - Annual $38,000 $41,524 Fencing, Rails & Gates Railings - Roof $69,850 $76,327 Grounds & Irrigation Grounds & Irrigation Major - lv Minor $50,000 $54,636 $5,000 $5,464 Gym Gym Equipment - Row Machine $3,000 $3,278 Miscellaneous Storage Doors - $3,600 $3,934 Painting Paint - Stucco Surfaces - Phase lll $33,150 $36,224 Pool & Spa Pool - Border Tiling $3,300 $3,606 Pool & Spa Pool (Resurface/Repair) $15,000 $16,391 Pool & Spa Pool Furniture $9,088 $9,931 Pool & Spa Spa - Border Tiling $770 $841 Pool & Spa Spa - Bullnose Coping $875 $956 Pool & Spa Spa (Resurface/Repair) $3,800 $4,152 Roofing Built-Up Asphalt (B 4-4th Fl.) $112,500 $122,932 Security Systems Security - Tour Guide System $2,100 $2, Total for : $417,527 Carpeting Carpeting - Hallways/Clubhouse $111,696 $125,715 Decks, Patios & Siding Siding (Repairs) - Annual $38,000 $42,769 Grounds & Irrigation Moat Repair $8,752 $9,850 Grounds & Irrigation Major - V Painting Phase l $50,000 $56,275 $20,000 $22,510 Painting Paint - Perimeter Fence $4,875 $5,487 Pool & Spa Spa Booster Pumps/Motors $1,850 $2,082 Pool & Spa Spa Pump/Motor $725 $816 Total for : $265, / 39

15 Powered by TCPDF ( Funding Models: Overview Summary of Funding Models Funding Models Year 1 Annual Funding Year 1 Per Unit Per Month Will Meet All Disbursement Requirements 30 years 1st Year of Deficit (If Applicable) Average Balance 30 -Years Average Percent Funded 30 -Years Current Funding $330,420 $ Yes No Deficit $2,299,067 49% Threshold Funding $286,700 $ Yes No Deficit $873,283 14% 100% In 10 Years $470,668 $ Yes No Deficit $3,665,718 89% Recommended Funding $387,205 $ Yes No Deficit $3,325,999 77% Chart of Listed Funding Plans Annual Disbursement Chart 13 / 39

16 Powered by TCPDF ( Current Funding Current Funding: This option projects the Fund over the next 30 years based on a funding level equal to the Association's current assessments for reserve assets. If continued, this option should be reviewed annually and adjusted accordingly to ensure all future funding requirements will be met. Year Annual Funding Amount Avg. Monthly Fee Per Unit Beginning Cash Interest Earned Funds Projected Annual Disbursements End Balance Fully Funded Percent Funded $330,420 $ $375,000 $1,908 $707,328 $317,348 $389,980 $2,062,630 19% $340,332 $ $389,980 $2,543 $732,856 $103,000 $629,856 $2,303,983 27% $350,542 $ $629,856 $2,667 $983,065 $543,632 $439,433 $2,107,289 21% $361,059 $ $439,433 $2,056 $802,548 $417,526 $385,022 $2,043,411 19% $371,890 $ $385,022 $2,191 $759,103 $265,505 $493,598 $2,143,289 23% $383,047 $ $493,598 $2,662 $879,307 $305,478 $573,829 $2,214,351 26% $394,539 $ $573,829 $3,538 $971,906 $127,095 $844,811 $2,480,922 34% $406,375 $ $844,811 $4,977 $1,256,163 $105,093 $1,151,070 $2,788,082 41% $418,566 $ $1,151,070 $6,361 $1,575,997 $176,436 $1,399,561 $3,041,209 46% $431,123 $ $1,399,561 $6,766 $1,837,450 $523,919 $1,313,531 $2,954,559 44% $444,057 $ $1,313,531 $6,168 $1,763,756 $603,893 $1,159,863 $2,793,782 42% $457,378 $ $1,159,863 $6,731 $1,623,973 $84,577 $1,539,396 $3,174,268 48% $471,100 $ $1,539,396 $7,888 $2,018,384 $394,679 $1,623,705 $3,258,262 50% $485,233 $ $1,623,705 $7,149 $2,116,086 $873,026 $1,243,061 $2,863,942 43% $499,790 $ $1,243,061 $6,405 $1,749,255 $424,005 $1,325,251 $2,932,504 45% $514,783 $ $1,325,251 $6,751 $1,846,785 $464,993 $1,381,792 $2,973,480 46% $530,227 $ $1,381,792 $7,856 $1,919,875 $151,484 $1,768,391 $3,351,557 53% $546,134 $ $1,768,391 $9,612 $2,324,137 $238,010 $2,086,127 $3,665,205 57% $562,518 $ $2,086,127 $11,203 $2,659,847 $253,506 $2,406,342 $3,986,047 60% $579,393 $ $2,406,342 $12,167 $2,997,901 $525,463 $2,472,439 $4,050,555 61% $596,775 $ $2,472,439 $12,305 $3,081,519 $619,655 $2,461,864 $4,034,568 61% $614,678 $ $2,461,864 $12,692 $3,089,234 $461,517 $2,627,717 $4,196,018 63% $633,119 $ $2,627,717 $12,546 $3,273,382 $870,208 $2,403,174 $3,956,816 61% $652,112 $ $2,403,174 $12,174 $3,067,461 $588,662 $2,478,799 $4,016,367 62% $671,676 $ $2,478,799 $12,931 $3,163,406 $456,925 $2,706,480 $4,229,820 64% $691,826 $ $2,706,480 $14,515 $3,412,821 $298,757 $3,114,064 $4,629,492 67% $712,581 $ $3,114,064 $16,972 $3,843,617 $151,759 $3,691,858 $5,209,979 71% $733,958 $ $3,691,858 $19,379 $4,445,195 $365,931 $4,079,264 $5,605,220 73% $755,977 $ $4,079,264 $21,177 $4,856,418 $443,659 $4,412,759 $5,950,731 74% $778,656 $ $4,412,759 $21,817 $5,213,233 $877,177 $4,336,056 $5,879,116 74% Inflation Rate: 3.00% Interest Rate: 0.50% Contribution Increase: 3.00% 14 / 39

17 Powered by TCPDF ( Threshold Funding Threshold: $200,000 Threshold Funding: This plan projects the lowest annual funding feasible over the next 30 years which will meet all reserve requirements as they occur. This funding requirement is calculated in which a minimum annual contribution is sought with the constraint that the ending reserve balance for each year (1 through 30) must be greater than or equal to five percent (5%) of the current replacement cost. The threshold amount is calculated and rounded up in increments of $5,000. The calculation takes into consideration only the immediate total annual requirements, as opposed to projected percentage funded requirements. Due to this fact, annual allocations may fluctuate widely from year to year. This plan provides a minimal contingency for unanticipated emergency expenditures. If implemented, funding and required disbursements should be reviewed on an annual basis and adjusted as required to ensure current and future funding requirements will be met. Year Annual Funding Amount Avg. Monthly Fee Per Unit Beginning Cash Interest Earned Funds Projected Annual Disbursements End Balance Fully Funded $286,700 $ $375,000 $1,798 $663,498 $317,348 $346,151 $2,062,630 17% $295,301 $ $346,151 $2,212 $643,663 $103,000 $540,663 $2,303,983 23% $304,160 $ $540,663 $2,105 $846,928 $543,632 $303,296 $2,107,289 14% $313,285 $ $303,296 $1,256 $617,837 $417,526 $200,311 $2,043,411 10% $304,400 $ $200,311 $1,099 $505,810 $265,505 $240,305 $2,143,289 11% $313,532 $ $240,305 $1,222 $555,059 $305,478 $249,581 $2,214,351 11% $322,938 $ $249,581 $1,738 $574,257 $127,095 $447,162 $2,480,922 18% $332,626 $ $447,162 $2,805 $782,593 $105,093 $677,500 $2,788,082 24% $342,605 $ $677,500 $3,803 $1,023,908 $176,436 $847,472 $3,041,209 28% $352,883 $ $847,472 $3,810 $1,204,165 $523,919 $680,246 $2,954,559 23% $363,469 $ $680,246 $2,800 $1,046,515 $603,893 $442,622 $2,793,782 16% $374,373 $ $442,622 $2,938 $819,933 $84,577 $735,356 $3,174,268 23% $385,604 $ $735,356 $3,654 $1,124,614 $394,679 $729,935 $3,258,262 22% $397,172 $ $729,935 $2,460 $1,129,567 $873,026 $256,541 $2,863,942 9% $409,087 $ $256,541 $1,245 $666,873 $424,005 $242,868 $2,932,504 8% $421,360 $ $242,868 $1,105 $665,333 $464,993 $200,340 $2,973,480 7% $414,500 $ $200,340 $1,659 $616,499 $151,484 $465,015 $3,351,557 14% $426,935 $ $465,015 $2,797 $894,747 $238,010 $656,737 $3,665,205 18% $439,743 $ $656,737 $3,749 $1,100,229 $253,506 $846,723 $3,986,047 21% $452,935 $ $846,723 $4,052 $1,303,710 $525,463 $778,247 $4,050,555 19% $466,523 $ $778,247 $3,508 $1,248,278 $619,655 $628,623 $4,034,568 16% $480,519 $ $628,623 $3,191 $1,112,333 $461,517 $650,816 $4,196,018 16% $494,935 $ $650,816 $2,316 $1,148,067 $870,208 $277,859 $3,956,816 7% $509,783 $ $277,859 $1,192 $788,834 $588,662 $200,172 $4,016,367 5% $455,800 $ $200,172 $998 $656,970 $456,925 $200,045 $4,229,820 5% $400,400 $ $200,045 $1,254 $601,699 $298,757 $302,942 $4,629,492 7% $412,412 $ $302,942 $2,166 $717,520 $151,759 $565,761 $5,209,979 11% $424,784 $ $565,761 $2,976 $993,521 $365,931 $627,590 $5,605,220 11% $437,528 $ $627,590 $3,123 $1,068,241 $443,659 $624,582 $5,950,731 10% $450,654 $ $624,582 $2,057 $1,077,293 $877,177 $200,116 $5,879,116 3% Percent Funded Inflation Rate: 3.00% Interest Rate: 0.50% Contribution Increase: 3.00% 15 / 39

18 Powered by TCPDF ( 100% Funded in 10 Years 100% Funding (10 Year Plan): This plan projects the Annual Funding for the Fully Funded, and is a method designed to reduce the current deficit and meet the fully funded (100%) level within 10 years. This amount will decrease as the deficit is funded (i.e. the association reaches full funding -note year 11). This funding plan is considered the ideal, compensating for any past funding deficiencies, and providing the full replacement cost of each component at the end of its projected useful life. Following year 11 the percentage funded amounts may exceed the 100% level. It is assumed that adjustments will be made to the funding amount at that time to avoid excessive funding. Year Annual Funding Amount Avg. Monthly Fee Per Unit Beginning Cash Interest Earned Funds Projected Annual Disbursements End Balance Fully Funded Percent Funded $470,668 $ $375,000 $2,258 $847,926 $317,348 $530,578 $2,062,630 26% $484,788 $ $530,578 $3,607 $1,018,973 $103,000 $915,973 $2,303,983 40% $499,331 $ $915,973 $4,469 $1,419,774 $543,632 $876,142 $2,107,289 42% $514,311 $ $876,142 $4,623 $1,395,076 $417,526 $977,550 $2,043,411 48% $529,740 $ $977,550 $5,548 $1,512,838 $265,505 $1,247,333 $2,143,289 58% $545,633 $ $1,247,333 $6,837 $1,799,803 $305,478 $1,494,325 $2,214,351 67% $562,002 $ $1,494,325 $8,559 $2,064,885 $127,095 $1,937,790 $2,480,922 78% $578,862 $ $1,937,790 $10,873 $2,527,525 $105,093 $2,422,433 $2,788,082 87% $596,228 $ $2,422,433 $13,162 $3,031,822 $176,436 $2,855,386 $3,041,209 94% $614,114 $ $2,855,386 $14,502 $3,484,003 $523,919 $2,960,084 $2,954, % $435,306 $ $2,960,084 $14,379 $3,409,769 $603,893 $2,805,876 $2,793, % $448,365 $ $2,805,876 $14,939 $3,269,180 $84,577 $3,184,604 $3,174, % $461,816 $ $3,184,604 $16,091 $3,662,511 $394,679 $3,267,831 $3,258, % $475,671 $ $3,267,831 $15,346 $3,758,848 $873,026 $2,885,822 $2,863, % $489,941 $ $2,885,822 $14,594 $3,390,357 $424,005 $2,966,352 $2,932, % $504,639 $ $2,966,352 $14,931 $3,485,922 $464,993 $3,020,929 $2,973, % $519,778 $ $3,020,929 $16,025 $3,556,733 $151,484 $3,405,249 $3,351, % $535,371 $ $3,405,249 $17,770 $3,958,390 $238,010 $3,720,380 $3,665, % $551,433 $ $3,720,380 $19,347 $4,291,159 $253,506 $4,037,653 $3,986, % $567,976 $ $4,037,653 $20,295 $4,625,923 $525,463 $4,100,460 $4,050, % $585,015 $ $4,100,460 $20,416 $4,705,891 $619,655 $4,086,236 $4,034, % $602,565 $ $4,086,236 $20,784 $4,709,585 $461,517 $4,248,068 $4,196, % $620,642 $ $4,248,068 $20,616 $4,889,327 $870,208 $4,019,119 $3,956, % $639,261 $ $4,019,119 $20,222 $4,678,602 $588,662 $4,089,941 $4,016, % $658,439 $ $4,089,941 $20,953 $4,769,334 $456,925 $4,312,408 $4,229, % $678,193 $ $4,312,408 $22,511 $5,013,111 $298,757 $4,714,354 $4,629, % $698,538 $ $4,714,354 $24,939 $5,437,831 $151,759 $5,286,072 $5,209, % $719,494 $ $5,286,072 $27,314 $6,032,881 $365,931 $5,666,950 $5,605, % $741,079 $ $5,666,950 $29,078 $6,437,108 $443,659 $5,993,449 $5,950, % $763,312 $ $5,993,449 $29,683 $6,786,443 $877,177 $5,909,266 $5,879, % Inflation Rate: 3.00% Interest Rate: 0.50% Contribution Increase: 3.00% 16 / 39

19 Powered by TCPDF ( Recommended Funding Recommended Funding: Incorporates the reserve providers recommended funding level. This funding plan appears to maintain a healthy reserve balance and there is no indication of any deficit over the projected 30 years. It is recommended that this plan be evaluated annually and adjusted as needed to assure all future requirements will be met. Year Annual Funding Amount Avg. Monthly Fee Per Unit Beginning Cash Interest Earned Funds Projected Annual Disbursements End Balance Fully Funded Percent Funded $387,205 $ $375,000 $2,050 $764,255 $317,348 $446,908 $2,062,630 22% $398,822 $ $446,908 $2,974 $848,703 $103,000 $745,703 $2,303,983 32% $410,786 $ $745,703 $3,396 $1,159,886 $543,632 $616,254 $2,107,289 29% $423,110 $ $616,254 $3,095 $1,042,460 $417,526 $624,933 $2,043,411 31% $435,803 $ $624,933 $3,550 $1,064,287 $265,505 $798,782 $2,143,289 37% $448,877 $ $798,782 $4,352 $1,252,012 $305,478 $946,534 $2,214,351 43% $462,344 $ $946,534 $5,571 $1,414,448 $127,095 $1,287,353 $2,480,922 52% $476,214 $ $1,287,353 $7,365 $1,770,931 $105,093 $1,665,839 $2,788,082 60% $490,500 $ $1,665,839 $9,114 $2,165,453 $176,436 $1,989,018 $3,041,209 65% $505,215 $ $1,989,018 $9,898 $2,504,131 $523,919 $1,980,213 $2,954,559 67% $520,372 $ $1,980,213 $9,692 $2,510,277 $603,893 $1,906,384 $2,793,782 68% $535,983 $ $1,906,384 $10,660 $2,453,027 $84,577 $2,368,451 $3,174,268 75% $552,062 $ $2,368,451 $12,236 $2,932,749 $394,679 $2,538,070 $3,258,262 78% $568,624 $ $2,538,070 $11,929 $3,118,623 $873,026 $2,245,598 $2,863,942 78% $585,683 $ $2,245,598 $11,632 $2,842,913 $424,005 $2,418,908 $2,932,504 82% $603,254 $ $2,418,908 $12,440 $3,034,602 $464,993 $2,569,610 $2,973,480 86% $621,351 $ $2,569,610 $14,023 $3,204,983 $151,484 $3,053,499 $3,351,557 91% $639,992 $ $3,053,499 $16,272 $3,709,763 $238,010 $3,471,753 $3,665,205 95% $659,191 $ $3,471,753 $18,373 $4,149,318 $253,506 $3,895,812 $3,986,047 98% $678,967 $ $3,895,812 $19,863 $4,594,642 $525,463 $4,069,179 $4,050, % $586,710 $ $4,069,179 $20,264 $4,676,153 $619,655 $4,056,498 $4,034, % $604,312 $ $4,056,498 $20,639 $4,681,449 $461,517 $4,219,932 $4,196, % $622,441 $ $4,219,932 $20,480 $4,862,853 $870,208 $3,992,645 $3,956, % $641,114 $ $3,992,645 $20,094 $4,653,854 $588,662 $4,065,192 $4,016, % $660,348 $ $4,065,192 $20,835 $4,746,375 $456,925 $4,289,449 $4,229, % $680,158 $ $4,289,449 $22,401 $4,992,008 $298,757 $4,693,251 $4,629, % $700,563 $ $4,693,251 $24,838 $5,418,652 $151,759 $5,266,893 $5,209, % $721,580 $ $5,266,893 $27,224 $6,015,696 $365,931 $5,649,765 $5,605, % $743,227 $ $5,649,765 $28,998 $6,421,990 $443,659 $5,978,331 $5,950, % $765,524 $ $5,978,331 $29,613 $6,773,468 $877,177 $5,896,290 $5,879, % Inflation Rate: 3.00% Interest Rate: 0.50% Contribution Increase: 3.00% 17 / 39

20 Study Executive Summary Property Information Number of Fiscal Year Start: Jul 1, 2015 Location: Age of Project: 43 Years Financial Information Projected Fund Balance: $375,000 Projected Fully Funded : $2,050,723 Deficit/Surplus vs. Fully Funded : ($1,675,723) or ($8,336.95) Per Unit Avg. Percentage Funded: 18% Current Replacement Cost: $3,961,539 Current Funding Chart Year Annual Funding Amount Average Monthly Fee Per Unit Projected Annual Disbursements Year-End Balance Fully Funded Percent Funded $330,420 $ $317,348 $389,980 $2,062,630 19% $340,332 $ $103,000 $629,856 $2,303,983 27% $350,542 $ $543,632 $439,433 $2,107,289 21% $361,059 $ $417,526 $385,022 $2,043,411 19% $371,890 $ $265,505 $493,598 $2,143,289 23% $383,047 $ $305,478 $573,829 $2,214,351 26% $394,539 $ $127,095 $844,811 $2,480,922 34% $406,375 $ $105,093 $1,151,070 $2,788,082 41% $418,566 $ $176,436 $1,399,561 $3,041,209 46% $431,123 $ $523,919 $1,313,531 $2,954,559 44% $444,057 $ $603,893 $1,159,863 $2,793,782 42% $457,378 $ $84,577 $1,539,396 $3,174,268 48% $471,100 $ $394,679 $1,623,705 $3,258,262 50% $485,233 $ $873,026 $1,243,061 $2,863,942 43% $499,790 $ $424,005 $1,325,251 $2,932,504 45% $514,783 $ $464,993 $1,381,792 $2,973,480 46% $530,227 $ $151,484 $1,768,391 $3,351,557 53% $546,134 $ $238,010 $2,086,127 $3,665,205 57% $562,518 $ $253,506 $2,406,342 $3,986,047 60% $579,393 $ $525,463 $2,472,439 $4,050,555 61% $596,775 $ $619,655 $2,461,864 $4,034,568 61% $614,678 $ $461,517 $2,627,717 $4,196,018 63% $633,119 $ $870,208 $2,403,174 $3,956,816 61% $652,112 $ $588,662 $2,478,799 $4,016,367 62% $671,676 $ $456,925 $2,706,480 $4,229,820 64% $691,826 $ $298,757 $3,114,064 $4,629,492 67% $712,581 $ $151,759 $3,691,858 $5,209,979 71% $733,958 $ $365,931 $4,079,264 $5,605,220 73% $755,977 $ $443,659 $4,412,759 $5,950,731 74% $778,656 $ $877,177 $4,336,056 $5,879,116 74% 18 / 39

21 Study Executive Summary Components Component Useful Life Rem. Life Current Cost Carpeting Carpeting - Hallways/Clubhouse 15 4 $111,696 Clubhouse Barbecues - Gas Other Flat Screen TV Other Furnishings 15 6 $7,000 Interior Lighting - Phase $3,021 Interior Lighting - Phase $4,000 Kitchen - Oven & Microwave Other Kitchen - Refrigerator Other Kitchen - Remodel (Cabinetry/Counters) 20 3 $5,000 Linoleum - Clubhouse 16 5 $4,000 Linoleum Squares - Ping-Pong Room 30 3 $2,063 Restrooms - Remodel $39,495 Decks, Patios & Siding Cantilever Decks () 3 0 $25,000 Decks & Patios (Incl. Rails) - I 20 9 $65,800 Decks & Patios (Incl. Rails) - II 20 9 $65,800 Decks & Patios (Incl. Rails) - III $21,700 Decks & Patios (Incl. Rails) - IV $44,100 Decks & Patios (Incl. Rails) - V $65,800 Patio Ends (Incl. Rails) $42,300 Siding (Repairs) - Annual 1 0 $38,000 Wood Surfaces/Siding Repairs Phase $63,500 Wood Surfaces/Siding Repairs Phase $56,500 Elevators Cab Remodel & Door Package $83,138 Elevator Electronics/Controls $104,000 Elevator Hydraulics $48,000 Elevator Jack - I $45,000 Elevator Jack - III $45,000 Elevator Jack - Il $45,000 Elevator Jack - IV $45,000 Fencing, Rails & Gates Garage Gate Operators $20,240 Garage Gates 35 5 $40,000 Patio Ends Rails $12,408 Perimeter Fence - I 20 7 $10,250 Perimeter Fence - II $7,500 Perimeter Fence - III 20 9 $20,000 Perimeter Fence - IV $21,250 Perimeter Fence - V $21,250 Pool Fencing - I 20 2 $8,250 Pool Fencing - II 20 0 $8,250 Pool Fencing - III 20 0 $8,250 Railings - Roof 30 3 $69, / 39

22 Study Executive Summary Component Useful Life Rem. Life Current Cost Grounds & Irrigation Backflows (Repairs/Replace) 10 6 $2,100 Courtyard. Walkway (Repairs/Replace) - I $12,000 Courtyard. Walkway (Repairs/Replace) - II $7,500 Courtyard. Walkway (Repairs/Replace) - III $8,000 Courtyard. Walkway (Repairs/Replace) - IV 35 2 $14,000 Moat Pump (Rebuild) Maintenance / Operating Moat Repair 5 4 $8,752 Major - l 30 0 $50,000 Major - ll 30 1 $50,000 Major - lll 30 2 $50,000 Major - lv 30 3 $50,000 Major - V 30 4 $50,000 Minor 3 0 $5,000 Sprinkler Replacements Maintenance / Operating Timer Clocks 12 0 $2,850 Valves Maintenance / Operating Wood Bridges - (1) 20 2 $3,500 Wood Bridges - (3) $10,500 Gym Gym Equipment - Ellipticals 10 7 $15,000 Gym Equipment - Row Machine 10 3 $3,000 Gym Equipment - Stationary Bikes 10 7 $5,600 Gym Equipment - Treadmills 10 7 $15,000 Gym Equipment - TV's 10 7 $1,600 Gym Equipment - Weight Stations $24,000 Gym Lighting $4,000 Men's Sauna (Refurbish) 15 6 $1,150 Women's Sauna (Refurbish) 15 0 $1,150 Lighting Pagoda Lights - Adjacent to Walkway $4,000 Mechanical Water Heater - Clubhouse 10 0 $1,150 Water Heaters - Gyms (50 gal.) 10 0 $1,150 Water Heaters - Laundry Rooms 10 0 $3,400 Miscellaneous BBQ Island - Cal Flame Other Concrete Repairs $3,250 Doors (Spa/Refuse/Misc.) $4,375 Electrical Breaker (Rebuild) (1) $4,750 Electrical Breaker (Rebuild) (1) - Test/Inspection Maintenance / Operating Electrical Breakers (Rebuild) (7) $33,250 Electrical Outlets - Hallways & Bottom Decks $15,500 Garbage Chute Repairs $4,500 Hallway/Roof Doors $14,500 Linoleum Flooring - Garbage & Laundry Rooms $8,100 Mailboxes 25 8 $16,080 Main Entrances (5) - Rebuild $58, / 39

23 Study Executive Summary Component Useful Life Rem. Life Current Cost Plumbing $12,000 Stairwell and Hallway Windows Replace 25 2 $19,000 Storage Doors $3,600 Sump Pump Repair/Replace Maintenance / Operating Office Office Equipment 3 2 $3,000 Painting Phase l 5 4 $20,000 Phase ll 5 5 $30,500 Phase lll 5 0 $19,500 Phase lv 5 5 $30,500 Paint - Interior (Halls/Club/Office) 15 5 $65,500 Paint - Interior (Refuse Rooms) 10 5 $10,900 Paint - Perimeter Fence 5 4 $4,875 Paint - Pool Fence 5 0 $4,208 Paint - Roof 5 5 $9,081 Paint - Stucco Surfaces - Phase l 10 9 $34,000 Paint - Stucco Surfaces - Phase ll 10 0 $51,850 Paint - Stucco Surfaces - Phase lll 10 3 $33,150 Paint - Stucco Surfaces - Phase lv 10 0 $51,850 Pool & Spa Pool (Resurface/Repair) 10 3 $15,000 Pool - Border Tiling 20 3 $3,300 Pool - Bullnose Coping $3,750 Pool Cover 7 5 $5,070 Pool Cover Motor 10 0 $2,400 Pool Decking Surfaces $44,000 Pool Filter 10 6 $2,100 Pool Furniture 6 3 $9,088 Pool Heater 10 8 $3,700 Pool Pump/Motor 6 0 $1,200 Pool/Spa Chlorinators - Acu-trol 8 6 $5,400 Solar Panels 15 0 $24,040 Spa (Resurface/Repair) 10 3 $3,800 Spa - Border Tiling 20 3 $770 Spa - Bullnose Coping 20 3 $875 Spa Booster Pumps/Motors 6 4 $1,850 Spa Filter 10 9 $1,250 Spa Heater 8 6 $3,890 Spa Pump/Motor 6 4 $725 Roofing Built-Up Asphalt (B 1-2nd Fl.) 20 2 $145,000 Built-Up Asphalt (B 2-2nd Fl.) $60,000 Built-Up Asphalt (B 2-4th Fl.) 20 2 $112,500 Built-Up Asphalt (B 2W-2nd Fl.) 20 8 $66,500 Built-Up Asphalt (B 3-4th Fl.) 20 2 $105,000 Built-Up Asphalt (B 4-2nd Fl.) 20 9 $91,500 Built-Up Asphalt (B 4-4th Fl.) 20 3 $112, / 39