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th
505 South 336 St., Ste 620
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Phoenix, AZ
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TEL 253/661-5437
FAX 253/661-5430
[email protected]
www.reservestudy.com
“Full” Reserve Study
Sample Condominium Association
Your Town, USA
Report #: 9999 2010S
For Period Beginning: January 1, 2012
Ending: December 31, 2012
Date Prepared: June 9, 2011
Hello, and welcome to your Reserve Study!
T
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 over time.
W
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
Association Reserves, Inc.
6/9/2011
Table of Contents
Executive Summary ...............................................................................................i
Reserve Study Summary .........................................................................................................i
Reserve Component List – Table 1......................................................................................... ii
Introduction, Objectives, and Methodology....................................................... 1
Which Physical Assets are Covered by Reserves?.................................................................2
How are Useful Life and Remaining Useful Life established?.................................................2
How are Cost Estimates Established? ....................................................................................2
How much Reserves are enough?..........................................................................................3
How much should we contribute? ...........................................................................................3
What is our Funding Goal? .....................................................................................................4
Site Inspection....................................................................................................... 5
Projected Expenses .............................................................................................. 6
Expense Graph – Figure 1 ......................................................................................................6
Reserve Fund Status & Recommended Funding Plan ..................................... 7
Funding Plan Graph – Figure 2 ...............................................................................................7
Cash Flow Graph – Figure 3 ...................................................................................................8
% Funded Graph – Figure 4....................................................................................................8
Table Descriptions................................................................................................ 9
Reserve Component List Detail – Table 2.............................................................................10
Contribution & Fund Breakdown – Table 3 ...........................................................................11
30 Year Reserve Plan Summary – Table 4...........................................................................12
30 Year Reserve Plan Year by Year Detail – Table 5 ...........................................................13
Accuracy, Limitations, and Disclosures .......................................................... 19
Terms and Definitions ........................................................................................ 21
Photographic Inventory......................................................................... Appendix
Association Reserves, Inc.
6/9/2011
3- Minute Executive Summary
Association:
Sample Condominium Association
Assoc. #: 9999
2010S
Location:
# of Units:
Report Period:
Your Town, USA
50
January 1, 2012 through December 31, 2012
Results
Projected Starting Reserve Balance: ................................................. $50,000
Fully Funded Reserve Balance: .......................................................$382,845
Average Reserve Deficit (Surplus) Per Unit:........................................$6,657
Percent Funded: .....................................................................................13.1%
100% Full Funding 2012 Monthly Reserve Contribution: ...................$5,850
70% Threshold Monthly Reserve Contribution....................................$5,200
Baseline Contribution (min. to maintain reserves above zero) .........$4,940
Recommended Special Assessment this year: .......................................... $0
Most Recent Reserve Contribution Rate:.............................................$4,000
Economic Assumptions:
Net Annual “After Tax” Interest Earnings Accruing to Reserves.......1.00%
Annual Inflation Rate ...............................................................................3.00%
This is a “Full” Reserve Study, based on our site inspection on June
4, 2011 and meets or exceeds all requirements of chapter 64.34 RCW
Article 3. This Reserve Study was prepared by a credentialed Reserve
Specialist (RS).
Your Reserve Fund is 13.1% Funded. Comparatively, the 70-100%
level is where associations statistically enjoy fiscal stability with low
risk of special assessment and/or deferred maintenance.
Based on this starting point and your anticipated future expenses, our
recommendation is to increase your Reserve Contributions to within
the 70% to 100% Full Funding range as noted above (Tables and
charts herein reflect Full Funding as our recommended contribution).
See photo pages for detailed component information and the basis of
our assumptions.
Association Reserves, Inc.
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6/9/2011
Table 1: Executive Summary
9999 2010S
# Component
104
104
105
105
119
201
202
321
324
325
403
505
505
505
505
601
603
703
705
707
803
1109
1110
1118
1120
1122
1200
1202
1204
1208
1210
1302
1304
1310
1801
1802
1809
37
Elevated Decks - Repair/Replace(a)
Elevated Decks - Repair/Replace(b)
Elevated Decks - Seal/Repair (a)
Elevated Decks - Seal/Repair (b)
Dock "T" Section - Repair/Replace
Asphalt - Resurface
Asphalt - Seal/Repair
Pole Lights - Replace
Exterior Building Lights - Replace
Interior Lights - Replace
Mailboxes - Replace
Wood Fence (South) - Replace (a)
Wood Fence(E, part N) - Replace (b)
Wood Fence(partial N) -Replace (c)
Wood Fence(privacy) - Replace (d)
Indoor Carpeting - Replace
Tile Floor - Replace
Building Entry Access - Replace
Gate Entry Access - Replace
Vehicle Gate/Operator - Replace
Water Heaters - Replace
Wood Fence - Stain
Interior Surfaces - Repaint
Vinyl Siding - Clean/Inspect
Vinyl Siding - Replace
Windows/Glass Doors- Repair/Replace
Pool Deck - Replace
Pool - Resurface
Pool Tile/Coping - Replace
Pool Heater - Replace
Pool Fence - Replace
Low Slope Building Roof - Replace
Carport Roofs - Replace
Downspouts - Replace
Elevator - Modernize
Elevator Cab - Remodel
Sewage Pumps - Replace
Total Funded Components
Useful
Life
(yrs)
Rem.
Useful
Life (yrs)
Current
Average
Cost
Future
Average
Cost
N/A
N/A
5
5
25
30
5
30
20
24
24
15
15
15
15
12
24
20
15
10
15
5
12
4
35
35
30
12
24
12
30
12
50
35
30
15
15
0
3
5
8
11
15
0
25
7
16
16
14
14
0
0
4
16
3
13
8
1
0
4
0
30
30
27
9
21
0
27
7
8
30
29
8
14
$66,300
$86,700
$13,300
$13,300
$82,000
$50,665
$7,240
$5,500
$4,000
$4,320
$4,770
$6,325
$7,425
$6,875
$5,500
$40,250
$12,375
$2,500
$2,500
$2,750
$2,550
$4,500
$30,625
$5,000
$168,000
$200,000
$13,000
$12,500
$6,000
$3,000
$6,900
$70,000
$33,000
$9,000
$125,000
$12,500
$10,000
$0
$94,739
$15,418
$16,848
$113,507
$78,934
$8,393
$11,516
$4,919
$6,932
$7,654
$9,567
$11,231
$10,711
$8,569
$45,302
$19,858
$2,732
$3,671
$3,484
$2,627
$5,217
$34,469
$5,628
$407,780
$485,452
$28,877
$16,310
$11,162
$4,277
$15,327
$86,091
$41,803
$21,845
$294,571
$15,835
$15,126
Note: a Useful Life of “N/A” means a one-time expense, not expected to repeat.
Cross reference component numbers with photographic inventory appendix.
Highlighting denotes projects anticipated to occur this fiscal year.
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Assoc. 9999 2010S
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 process of research and
analysis along well defined methodologies.
In this Report you will find the Reserve
Reserve
Reserve
Study
ReserveStudy
Study
Component List (what you are reserving for).
It contains our estimates for Useful Life,
• Component
Component List
Remaining Useful Life, and the current repair
• Reserve Fund Strength
Strength
or replacement cost for each major
• Recommended
Recommended Contribs
Contribs
component the association is obligated to
maintain. Based on that List and your
starting balance we computed the
association’s Reserve Fund Strength (measured as “Percent Funded”), and
created a recommended multi-year Reserve Funding Plan to offset future
Reserve expenses.
As the physical assets age and deteriorate, it is important to accumulate
financial assets to keep the two “in balance”. A stable Reserve Funding
Plan that offsets the irregular Reserve expenses will ensure that each
owner pays their own “fair share” of ongoing common area deterioration.
Methodology
First we establish what the projected
expenses are, then we determine the
Reserve
association’s financial status and create a
Reserve
Study
Types
ReserveStudy
StudyTypes
Types
Funding Plan. For this “Full” Reserve Study,
•• Full
Full
we started with a review of your Governing
•• Update
Update With-Site-Visit
With-Site-Visit
Documents, recent Reserve expenditures,
•• Update
Update No-Site-Visit
No-Site-Visit
an evaluation of how expenditures are
handled (ongoing maintenance vs
Reserves), and research into any wellestablished association precedents. We
performed an on-site inspection to quantify and evaluate your common
areas, creating your Reserve Component List “from scratch”.
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Assoc. 9999 2010S
Which Physical Assets are Covered by Reserves?
There is a national-standard four-part test to
determine which expenses should be funded
Reserve
Reserve Components
Components
through Reserves. First, it must be a common
area maintenance responsibility. Second, the
•• Common
Common Area
Area
component must have a limited life. Third,
•• Limited
Limited Useful
Useful Life
Life
the limited life must be predictable (or it by
•• Predictable
Predictable Life
Life Limit
Limit
definition is a “surprise” which cannot be
•• Cost
accurately anticipated). Fourth, the
Cost must
must be
be Significant
Significant
component must be above a minimum
threshold cost. 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 are Useful Life and Remaining Useful Life established?
1)
Visual Inspection (observed wear and age)
2)
Association Reserves database of experience
3)
Client Component History
4)
Vendor Evaluation and Recommendation
How are Cost Estimates Established?
Financial projections are based on the average of our Best Case and Worst
Case estimates, which are established in this order…
1)
Client Cost History
2)
Comparison to Association Reserves database of work done at
similar associations
3)
Vendor Recommendations
4)
Reliable National Industry cost estimating guidebooks
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How much Reserves are enough?
Your Reserve cash Balance can measure reserves, but the true measure is
whether the funds are adequate. Adequacy is measured in a two-step
process:
1)
2)
Calculate the association’s Fully Funded Balance (FFB).
Compare to the Reserve Fund Balance, and express as a percentage.
The FFB grows as assets age and the Reserve needs of the association
increase, but shrinks when projects are accomplished and the Reserve
needs of the association decrease. The Fully Funded Balance changes
each year, and is a moving but predictable target.
Percent
Percent
Funded
PercentFunded
Ideal
Ideal
-- 100%
100%
-- 70%
70%
-- 30%
30%
-- 0%
0%
Good
Good
Fair
Fair
Poor
Poor
Special assessments and deferred maintenance are common when the
Percent Funded is below 30%. While the 100% point is Ideal, a Reserve
Fund in the 70% -130% range is considered “strong” because in this range
cash flow problems are rare.
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!
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Assoc. 9999 2010S
How much should we contribute?
There are four Funding Principles that we 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. A stable
contribution rate is desirable because it is a hallmark of a proactive plan.
Reserve contributions that are evenly
distributed over the years, enable each
owner to pay their “fair share” of the
association’s Reserve expenses (this
means we recommend special
assessments only when all other options
have been exhausted). And finally, we
develop a plan that is fiscally responsible
and “safe” for Board members to
recommend to their association.
Funding
Funding
Principles
FundingPrinciples
Principles
•• Sufficient
Sufficient Cash
Cash
•• Stable
Stable Contribution
Contribution Rate
Rate
•• Evenly
Evenly Distributed
Distributed
•• Fiscally
Fiscally Responsible
Responsible
What is our Recommended Funding Goal?
Maintaining the Reserve Fund at a level equal to the physical deterioration
that has occurred is called “Full Funding” the Reserves (100% Funded). As
each asset ages and becomes “used up”, the Reserve Fund grows
proportionally. This is simple, responsible, and our recommendation.
As stated previously, associations in the 100% range rarely experience
special assessments or deferred maintenance.
Allowing the Reserves to fall close to zero,
but not below zero, is called Baseline
Funding. In these associations,
deterioration occurs without matching
Reserve contributions. With a low Percent
Funded, special assessments and
deferred maintenance are common.
Funding
Funding
Goals
FundingGoals
Goals
•• Full
Full Funding
Funding
•• Threshold
Threshold Funding
Funding
•• Baseline
Baseline Funding
Funding
Threshold Funding is the title of all other
objectives randomly selected between
Baseline Funding and Full Funding.
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Assoc. 9999 2010S
Site Inspection Notes
During our site visit on June 4, 2011, we visually inspected all of the visible
common and limited common elements while compiling a photographic
inventory. We noted current condition, materials, apparent levels of care
and maintenance as well as exposure to weather elements.
We conducted follow-up research with Association Manager _______ (___
Management) and ________ board member, ______. We were informed
which items are being successfully handled from the Operational
maintenance budget, not Reserves and we received information on
historical costs and projects.
Elevated decks are currently in need of significant repair. The estimate
herein is based on rough order of magnitude/scope and pricing provided by
______ Construction and could vary depending on final scope. The
projected repair costs are to be used for preliminary planning purposes and
should be adjusted once final scope/pricing are determined.
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Assoc. 9999 2010S
Projected Expenses
The figure below shows the array of the projected future expenses at your
association. As expenses are based on the average of our Best Case and
Worst Case projections, inflated appropriately for future years.
Annual Reserve Expenses
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
2012
2017
2022
2027
Years
2032
2037
2042
Figure 1
A summary of this information is shown in Table 4, while details of the
projects that make up this information are shown in Table 5. Since this is a
projection about future events that may or may not take place as
anticipated, we feel more certain about “near-term” projects than those
many years away. While this Reserve Study is a one-year document, it is
based on 30 years worth of looking forward into the future.
Association Reserves, Inc.
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Assoc. 9999 2010S
Reserve Fund Status
The starting point for our financial analysis is your Reserve Fund balance,
projected to be $50,000 as-of the start of your Fiscal Year on January 1,
2012. As of January 1, 2012, your Fully Funded Balance is computed to be
$382,845 (see Table 3). This figure represents the deteriorated value of
your common area components. Comparing your Reserve Balance to your
Fully Funded Balance indicates your Reserves are 13% Funded.
Recommended Funding Plan
Based on your current Percent Funded and your projected cash flow
requirements, we are recommending Reserve contributions of
$5,850/month this Fiscal Year and implement a special assessment of
$65,000. This represents the first year of the 30-year Funding Plan shown
below. This same information is shown numerically in both Table 4 and
Table 5.
Funding Plan
Recom m ended
Curren t
$16,000
M onthly Contributions
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
2012
2017
2022
2027
2032
2037
2042
Years
Figure 2
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Assoc. 9999 2010S
The following chart shows your Reserve balance under our recommended
Funding Plan and your current Funding Plan, and your always-changing
Fully Funded Balance target.
T a rg e t F u lly F un d e d B a la n c e
30-Yr C ash Flow
Re c o m m e n d e d Fu n d in g P la n
C u rr e nt F u n din g P la n
$2 ,0 0 0,0 0 0
$1 ,8 0 0,0 0 0
$1 ,6 0 0,0 0 0
$1 ,4 0 0,0 0 0
$1 ,2 0 0,0 0 0
$1 ,0 0 0,0 0 0
$ 8 0 0,0 0 0
$ 6 0 0,0 0 0
$ 4 0 0,0 0 0
$ 2 0 0,0 0 0
$0
2012
2017
2022
2027
2032
2037
2042
Y e a rs
Figure 3
In this figure it is easy to see how your Reserve Fund gradually draws
closer to the Fully Funded (100%) level.
Re c om m e n d e d F u n d ing P la n
Percent F unded
C ur re n t F u nd in g Plan
120%
100%
80%
60%
40%
20%
0%
2012
2017
2022
Years
2027
2032
2037
2042
Figure 4
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Assoc. 9999 2010S
Table Descriptions
The tabular information in this Report is broken down into five tables.
Table 1 summarizes your funded Reserve Components, and is part of the
Executive Report summary that appeared earlier in this Report.
Table 2 provides the main component description, life, and cost factors for
all components determined to be appropriate for Reserve designation. This
table represents the core information from which all other tables are
derived.
Table 3 is presented primarily as an accounting summary. The results of
the individual line item Fully Funded Balance computations are shown.
These individual quantities are summed to arrive at the Fully Funded
Balance for the association as of the start date of the Report. The figures
in the Current Fund Balance column and the Monthly Reserve Contribution
column show our distribution throughout the line items. If the association is
under-funded, Reserve Funds are distributed first to components with a
short Remaining Useful Life. If the association’s Reserve Balance is above
100% Funded, funds are distributed evenly for all components. Contribution
rates for each component are a proportionate distribution of the total
contribution on the basis of the component’s significance to the association
(current cost divided by useful life). This presentation is not meant to
cause clients to redistribute association funds, it simply presents one way
to evenly distribute the total among all the different line items.
Table 4: This table provides a one-page 30-year summary of the cash
flowing into and out of the association, compared to the Fully Funded
Balance for each year.
Table 5: This table shows the cash flow detail for the next 30 years. This
table makes it possible to see what components are projected to require
repair or replacement each year, and the size of those individual expenses.
Association Reserves, Inc.
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9999
2010S
Table 2: Reserve Component List Detail
Rem.
Current
Useful
Useful
Best
Worst
Quantity
Life
Life
Cost
Cost
104 Elevated Decks - Repair/Replace(a)
(13) decks
N/A
0
$59,800
$72,800
104 Elevated Decks - Repair/Replace(b)
(17) decks
N/A
3
$78,200
$95,200
105 Elevated Decks - Seal/Repair (a)
5
5
$11,400
$15,200
5
8
$11,400
$15,200
119 Dock "T" Section - Repair/Replace
(19) decks, apx 1,900
GSF
(17) decks, apx 1,700
GSF
Approx 1,300 square feet
25
11
$65,500
$98,500
201 Asphalt - Resurface
Approx 28,950 square feet
30
15
$43,430
$57,900
202 Asphalt - Seal/Repair
Approx 28,950 square feet
5
0
$5,790
$8,690
321 Pole Lights - Replace
Appx (2) metal poles
30
25
$5,000
$6,000
324 Exterior Building Lights - Replace
Appx (50) assorted
20
7
$3,500
$4,500
325 Interior Lights - Replace
Appx (72) assorted
24
16
$3,600
$5,040
403 Mailboxes - Replace
(53) aluminum boxes
24
16
$4,240
$5,300
505 Wood Fence (South) - Replace (a)
Approx 460 linear feet
15
14
$5,750
$6,900
505 Wood Fence(E, part N) - Replace (b)
Approx 270 linear feet
15
14
$6,750
$8,100
505 Wood Fence(partial N) -Replace (c)
Approx 250 linear feet
15
0
$6,250
$7,500
505 Wood Fence(privacy) - Replace (d)
Approx 200 linear feet
15
0
$5,000
$6,000
601 Indoor Carpeting - Replace
Approx 1,150 square yds
12
4
$34,500
$46,000
603 Tile Floor - Replace
Approx 275 square yards
24
16
$11,000
$13,750
703 Building Entry Access - Replace
(1) SES panel
20
3
$2,000
$3,000
705 Gate Entry Access - Replace
(1) Linear panel
15
13
$2,000
$3,000
707 Vehicle Gate/Operator - Replace
(1) Vertigate system
10
8
$2,500
$3,000
803 Water Heaters - Replace
(3) 65 gallon Rheem
15
1
$2,100
$3,000
# Component
105 Elevated Decks - Seal/Repair (b)
1109 Wood Fence - Stain
Approx 9,000 square feet
5
0
$3,600
$5,400
1110 Interior Surfaces - Repaint
Approx 35,000 square feet
12
4
$26,250
$35,000
1118 Vinyl Siding - Clean/Inspect
Approx 28,000 GSF
4
0
$3,000
$7,000
1120 Vinyl Siding - Replace
Approx 28,000 GSF
35
30
$140,000
$196,000
1122 Windows/Glass Doors- Repair/Replace
Approx (240) assorted
35
30
$150,000
$250,000
1200 Pool Deck - Replace
Approx 1,000 square feet
30
27
$12,000
$14,000
1202 Pool - Resurface
Approx 40 x 20'
12
9
$10,000
$15,000
1204 Pool Tile/Co ping - Replace
Approx 100 linear feet
24
21
$5,000
$7,000
1208 Pool Heater - Replace
(1) Coates heater
12
0
$2,500
$3,500
1210 Pool Fence - Replace
Approx 115 linear feet
30
27
$5,750
$8,050
1302 Low Slope Building Roof - Replace
Approx 21,100 GSF
12
7
$60,000
$80,000
1304 Carport Roofs - Replace
Approx 5,500 SF metal
50
8
$27,500
$38,500
1310 Downspouts - Replace
Approx 640 linear feet
35
30
$8,000
$10,000
1801 Elevator - Modernize
(1) 4 stop, hydro
30
29
$100,000
$150,000
1802 Elevator Cab - Remodel
(1) 72" X 42", Dover
15
8
$10,000
$15,000
1809 Sewage Pumps - Replace
(2) pumps, equipment
15
14
$8,000
$12,000
37 Total Funded Components
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9999
2010S
Table 3: Contribution and Fund Breakdown
Rem.
Fully
Current
Useful
Useful
Current
Funded
Fund
Reserve
Life
Life
(Avg) Cost
Balance
Balance
Contributions
104 Elevated Decks - Repair/Replace(a)
N/A
0
$66,300
$66,300
$17,885.00
$2,496.38
104 Elevated Decks - Repair/Replace(b)
N/A
3
$86,700
$21,675
$0.00
$1,117.61
105 Elevated Decks - Seal/Repair (a)
5
5
$13,300
$0
$0.00
$0.00
105 Elevated Decks - Seal/Repair (b)
5
8
$13,300
$0
$0.00
$0.00
119 Dock "T" Section - Repair/Replace
25
11
$82,000
$45,920
$0.00
$169.12
201 Asphalt - Resurface
# Component
30
15
$50,665
$25,333
$0.00
$87.08
202 Asphalt - Seal/Repair
5
0
$7,240
$7,240
$7,240.00
$74.66
321 Pole Lights - Replace
30
25
$5,500
$917
$0.00
$9.45
324 Exterior Building Lights - Replace
20
7
$4,000
$2,600
$0.00
$10.31
325 Interior Lights - Replace
24
16
$4,320
$1,440
$0.00
$9.28
403 Mailboxes - Replace
24
16
$4,770
$1,590
$0.00
$10.25
505 Wood Fence (South) - Replace (a)
15
14
$6,325
$422
$0.00
$21.74
505 Wood Fence(E, part N) - Replace (b)
15
14
$7,425
$495
$0.00
$25.52
505 Wood Fence(partial N) -Replace (c)
15
0
$6,875
$6,875
$6,875.00
$23.63
505 Wood Fence(privacy) - Replace (d)
15
0
$5,500
$5,500
$5,500.00
$18.91
601 Indoor Carpeting - Replace
12
4
$40,250
$26,833
$0.00
$172.95
603 Tile Floor - Replace
24
16
$12,375
$4,125
$0.00
$26.59
703 Building Entry Access - Replace
20
3
$2,500
$2,125
$0.00
$6.45
705 Gate Entry Access - Replace
15
13
$2,500
$333
$0.00
$8.59
707 Vehicle Gate/Operator - Replace
10
8
$2,750
$550
$0.00
$14.18
803 Water Heaters - Replace
15
1
$2,550
$2,380
$0.00
$8.77
5
0
$4,500
$4,500
$4,500.00
$46.41
12
4
$30,625
$20,417
$0.00
$131.59
4
0
$5,000
$5,000
$5,000.00
$64.45
1120 Vinyl Siding - Replace
35
30
$168,000
$24,000
$0.00
$247.50
1122 Windows/Glass Doors- Repair/Replace
35
30
$200,000
$28,571
$0.00
$294.64
1200 Pool Deck - Replace
30
27
$13,000
$1,300
$0.00
$22.34
1202 Pool - Resurface
1204 Pool Tile/Coping - Replace
12
24
9
21
$12,500
$6,000
$3,125
$750
$0.00
$0.00
$53.71
$12.89
1208 Pool Heater - Replace
12
0
$3,000
$3,000
$3,000.00
$12.89
1210 Pool Fence - Replace
1302 Low Slope Building Roof - Replace
30
12
27
7
$6,900
$70,000
$690
$29,167
$0.00
$0.00
$11.86
$300.78
1304 Carport Roofs - Replace
1310 Downspouts - Replace
50
35
8
30
$33,000
$9,000
$27,720
$1,286
$0.00
$0.00
$34.03
$13.26
1801 Elevator - Modernize
30
29
$125,000
$4,167
$0.00
$214.84
1802 Elevator Cab - Remodel
15
8
$12,500
$5,833
$0.00
$42.97
1809 Sewage Pumps - Replace
15
14
$10,000
$667
$0.00
$34.37
$382,845
$50,000
$5,850
1109 Wood Fence - Stain
1110 Interior Surfaces - Repaint
1118 Vinyl Siding - Clean/Inspect
37 Total Funded Components
Association Reserves, Inc.
11
6/9/2011
9999
2010S
Table 4: 30-Year Reserve Plan Summary
Fiscal Year Beginning:
01/01/12
Interest:
1.0%
Inflation:
3.0%
Loans or
Special
Assmts
Interest
Income
Projected
Reserve
Expenses
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$361
$572
$1,302
$1,585
$1,465
$1,710
$2,412
$2,833
$2,862
$3,292
$4,008
$4,271
$4,677
$5,571
$6,381
$6,658
$6,346
$6,753
$7,867
$8,411
$8,861
$9,798
$11,055
$12,257
$13,430
$14,618
$15,942
$17,379
$17,792
$16,762
$98,415
$2,627
$0
$97,471
$85,398
$29,028
$0
$91,011
$84,304
$16,310
$33,652
$113,507
$11,406
$23,203
$35,924
$137,226
$160,294
$0
$27,324
$122,745
$54,256
$34,415
$0
$55,852
$16,262
$63,944
$0
$53,089
$216,038
$350,539
Year
Starting
Reserve
Balance
Fully
Funded
Balance
Percent
Funded
Rating
Annual
Reserve
Contribs.
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
$50,000
$22,146
$92,398
$168,175
$148,998
$144,076
$198,139
$284,373
$282,533
$290,018
$368,595
$433,294
$421,231
$514,591
$600,050
$676,690
$655,492
$614,194
$736,977
$837,030
$845,792
$927,186
$1,033,161
$1,178,726
$1,273,676
$1,413,546
$1,511,203
$1,678,538
$1,798,763
$1,761,129
$382,845
$347,811
$419,698
$529,952
$500,251
$483,739
$526,485
$602,157
$588,154
$582,489
$648,594
$700,783
$674,308
$754,286
$826,657
$890,305
$853,798
$794,778
$901,506
$985,778
$976,855
$1,040,846
$1,129,911
$1,259,893
$1,339,129
$1,464,490
$1,547,557
$1,702,128
$1,809,900
$1,756,409
13.1%
6.4%
22.0%
31.7%
29.8%
29.8%
37.6%
47.2%
48.0%
49.8%
56.8%
61.8%
62.5%
68.2%
72.6%
76.0%
76.8%
77.3%
81.7%
84.9%
86.6%
89.1%
91.4%
93.6%
95.1%
96.5%
97.7%
98.6%
99.4%
100.3%
Weak
Weak
Weak
Fair
Weak
Weak
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
Strong
$70,200
$72,306
$74,475
$76,709
$79,011
$81,381
$83,822
$86,337
$88,927
$91,595
$94,343
$97,173
$100,088
$103,091
$106,184
$109,369
$112,650
$116,030
$119,511
$123,096
$126,789
$130,593
$134,510
$138,546
$142,702
$146,983
$151,393
$155,934
$160,613
$165,431
Association Reserves, Inc.
12
6/9/2011
9999
2010S
Table 5: 30-Year Income/Expense Detail (yrs 0 through 4)
Fiscal Year
2012
2013
2014
2015
2016
Starting Reserve Balance
$50,000
$22,146
$92,398
$168,175
$148,998
Annual Reserve Contribution
$70,200
$72,306
$74,475
$76,709
$79,011
$0
$0
$0
$0
$0
$361
$572
$1,302
$1,585
$1,465
$120,561
$95,024
$168,175
$246,470
$229,474
104 Elevated Decks - Repair/Replace(a)
$66,300
$0
$0
$0
$0
104 Elevated Decks - Repair/Replace(b)
$0
$0
$0
$94,739
$0
105 Elevated Decks - Seal/Repair (a)
$0
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (b)
$0
$0
$0
$0
$0
119 Dock "T" Section - Repair/Replace
$0
$0
$0
$0
$0
201 Asphalt - Resurface
$0
$0
$0
$0
$0
202 Asphalt - Seal/Repair
$7,240
$0
$0
$0
$0
321 Pole Lights - Replace
$0
$0
$0
$0
$0
324 Exterior Building Lights - Replace
$0
$0
$0
$0
$0
325 Interior Lights - Replace
$0
$0
$0
$0
$0
403 Mailboxes - Replace
$0
$0
$0
$0
$0
505 Wood Fence (South) - Replace (a)
$0
$0
$0
$0
$0
505 Wood Fence(E, part N) - Replace (b)
$0
$0
$0
$0
$0
505 Wood Fence(partial N) -Replace (c)
$6,875
$0
$0
$0
$0
505 Wood Fence(privacy) - Replace (d)
$5,500
$0
$0
$0
$0
601 Indoor Carpeting - Replace
$0
$0
$0
$0
$45,302
603 Tile Floor - Replace
$0
$0
$0
$0
$0
703 Building Entry Access - Replace
$0
$0
$0
$2,732
$0
705 Gate Entry Access - Replace
$0
$0
$0
$0
$0
707 Vehicle Gate/Operator - Replace
$0
$0
$0
$0
$0
803 Water Heaters - Replace
$0
$2,627
$0
$0
$0
$4,500
$0
$0
$0
$0
$0
$0
$0
$0
$34,469
Planned Special Assessments
Interest Earnings
Total Income
# Component
1109 Wood Fence - Stain
1110 Interior Surfaces - Repaint
1118 Vinyl Siding - Clean/Inspect
$5,000
$0
$0
$0
$5,628
1120 Vinyl Siding - Replace
$0
$0
$0
$0
$0
1122 Windows/Glass Doors- Repair/Replace
$0
$0
$0
$0
$0
1200 Pool Deck - Replace
$0
$0
$0
$0
$0
1202 Pool - Resurface
$0
$0
$0
$0
$0
1204 Pool Tile/Coping - Replace
$0
$0
$0
$0
$0
1208 Pool Heater - Replace
$3,000
$0
$0
$0
$0
1210 Pool Fence - Replace
$0
$0
$0
$0
$0
1302 Low Slope Building Roof - Replace
$0
$0
$0
$0
$0
1304 Carport Roofs - Replace
$0
$0
$0
$0
$0
1310 Downspouts - Replace
$0
$0
$0
$0
$0
1801 Elevator - Modernize
$0
$0
$0
$0
$0
1802 Elevator Cab - Remodel
$0
$0
$0
$0
$0
1809 Sewage Pumps - Replace
$0
$0
$0
$0
$0
Total Expenses
$98,415
$2,627
$0
$97,471
$85,398
Ending Reserve Balance:
$22,146
$92,398
$168,175
$148,998
$144,076
Association Reserves, Inc.
13
6/9/2011
9999
2010S
Table 5: 30-Year Income/Expense Detail (yrs 5 through 9)
Fiscal Year
2017
2018
2019
2020
2021
$144,076
$198,139
$284,373
$282,533
$290,018
$81,381
$83,822
$86,337
$88,927
$91,595
$0
$0
$0
$0
$0
$1,710
$2,412
$2,833
$2,862
$3,292
$227,167
$284,373
$373,544
$374,322
$384,905
104 Elevated Decks - Repair/Replace(a)
$0
$0
$0
$0
$0
104 Elevated Decks - Repair/Replace(b)
$0
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (a)
$15,418
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (b)
$0
$0
$0
$16,848
$0
119 Dock "T" Section - Repair/Replace
$0
$0
$0
$0
$0
201 Asphalt - Resurface
$0
$0
$0
$0
$0
202 Asphalt - Seal/Repair
$8,393
$0
$0
$0
$0
321 Pole Lights - Replace
$0
$0
$0
$0
$0
324 Exterior Building Lights - Replace
$0
$0
$4,919
$0
$0
325 Interior Lights - Replace
$0
$0
$0
$0
$0
403 Mailboxes - Replace
$0
$0
$0
$0
$0
505 Wood Fence (South) - Replace (a)
$0
$0
$0
$0
$0
505 Wood Fence(E, part N) - Replace (b)
$0
$0
$0
$0
$0
505 Wood Fence(partial N) -Replace (c)
$0
$0
$0
$0
$0
505 Wood Fence(privacy) - Replace (d)
$0
$0
$0
$0
$0
601 Indoor Carpeting - Replace
$0
$0
$0
$0
$0
603 Tile Floor - Replace
$0
$0
$0
$0
$0
703 Building Entry Access - Replace
$0
$0
$0
$0
$0
705 Gate Entry Access - Replace
$0
$0
$0
$0
$0
707 Vehicle Gate/Operator - Replace
$0
$0
$0
$3,484
$0
803 Water Heaters - Re place
$0
$0
$0
$0
$0
$5,217
$0
$0
$0
$0
1110 Interior Surfaces - Repaint
$0
$0
$0
$0
$0
1118 Vinyl Siding - Clean/Inspect
$0
$0
$0
$6,334
$0
1120 Vinyl Siding - Replace
$0
$0
$0
$0
$0
1122 Windows/Glass Doors- Repair/Replace
$0
$0
$0
$0
$0
1200 Pool Deck - Replace
$0
$0
$0
$0
$0
1202 Pool - Resurface
$0
$0
$0
$0
$16,310
1204 Pool Tile/Coping - Replace
$0
$0
$0
$0
$0
1208 Pool Heater - Replace
$0
$0
$0
$0
$0
1210 Pool Fence - Replace
$0
$0
$0
$0
$0
1302 Low Slope Building Roof - Replace
$0
$0
$86,091
$0
$0
1304 Carport Roofs - Replace
$0
$0
$0
$41,803
$0
1310 Downspouts - Replace
$0
$0
$0
$0
$0
1801 Elevator - Modernize
$0
$0
$0
$0
$0
1802 Elevator Cab - Remodel
$0
$0
$0
$15,835
$0
1809 Sewage Pumps - Replace
$0
$0
$0
$0
$0
$29,028
$0
$91,011
$84,304
$16,310
$198,139
$284,373
$282,533
$290,018
$368,595
Starting Reserve Balance
Annual Reserve Contribution
Planned Special Assessments
Interest Earnings
Total Income
# Component
1109 Wood Fence - Stain
Total Expenses
Ending Reserve Balance:
Association Reserves, Inc.
14
6/9/2011
9999
2010S
Table 5: 30-Year Income/Expense Detail (yrs 10 through 14)
Fiscal Year
2022
2023
2024
2025
2026
$368,595
$433,294
$421,231
$514,591
$600,050
$94,343
$97,173
$100,088
$103,091
$106,184
$0
$0
$0
$0
$0
$4,008
$4,271
$4,677
$5,571
$6,381
$466,946
$534,738
$525,997
$623,252
$712,614
104 Elevated Decks - Repair/Replace(a)
$0
$0
$0
$0
$0
104 Elevated Decks - Repair/Replace(b)
$0
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (a)
$17,874
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (b)
$0
$0
$0
$19,531
$0
119 Dock "T" Section - Repair/Replace
$0
$113,507
$0
$0
$0
201 Asphalt - Resurface
$0
$0
$0
$0
$0
202 Asphalt - Seal/Repair
$9,730
$0
$0
$0
$0
321 Pole Lights - Replace
$0
$0
$0
$0
$0
324 Exterior Building Lights - Replace
$0
$0
$0
$0
$0
325 Interior Lights - Replace
$0
$0
$0
$0
$0
403 Mailboxes - Replace
$0
$0
$0
$0
$0
505 Wood Fence (South) - Replace (a)
$0
$0
$0
$0
$9,567
505 Wood Fence(E, part N) - Replace (b)
$0
$0
$0
$0
$11,231
505 Wood Fence(partial N) -Replace (c)
$0
$0
$0
$0
$0
505 Wood Fence(privacy) - Replace (d)
$0
$0
$0
$0
$0
601 Indoor Carpeting - Replace
$0
$0
$0
$0
$0
603 Tile Floor - Replace
$0
$0
$0
$0
$0
703 Building Entry Access - Replace
$0
$0
$0
$0
$0
705 Gate Entry Access - Replace
$0
$0
$0
$3,671
$0
707 Vehicle Gate/Operator - Replace
$0
$0
$0
$0
$0
803 Water Heaters - Replace
$0
$0
$0
$0
$0
$6,048
$0
$0
$0
$0
1110 Interior Surfaces - Repaint
$0
$0
$0
$0
$0
1118 Vinyl Siding - Clean/Inspect
$0
$0
$7,129
$0
$0
1120 Vinyl Siding - Replace
$0
$0
$0
$0
$0
1122 Windows/Glass Doors- Repair/Replace
$0
$0
$0
$0
$0
1200 Pool Deck - Replace
$0
$0
$0
$0
$0
1202 Pool - Resurface
$0
$0
$0
$0
$0
1204 Pool Tile/Coping - Replace
$0
$0
$0
$0
$0
1208 Pool Heater - Replace
$0
$0
$4,277
$0
$0
1210 Pool Fence - Replace
$0
$0
$0
$0
$0
1302 Low Slope Building Roof - Replace
$0
$0
$0
$0
$0
1304 Carport Roofs - Replace
$0
$0
$0
$0
$0
1310 Downspouts - Replace
$0
$0
$0
$0
$0
1801 Elevator - Modernize
$0
$0
$0
$0
$0
1802 Elevator Cab - Remodel
$0
$0
$0
$0
$0
1809 Sewage Pumps - Replace
$0
$0
$0
$0
$15,126
$33,652
$113,507
$11,406
$23,203
$35,924
$433,294
$421,231
$514,591
$600,050
$676,690
Starting Reserve Balance
Annual Reserve Contribution
Planned Special Assessments
Interest Earnings
Total Income
# Component
1109 Wood Fence - Stain
Total Expenses
Ending Reserve Balance:
Association Reserves, Inc.
15
6/9/2011
9999
2010S
Table 5: 30-Year Income/Expense Detail (yrs 15 through 19)
Fiscal Year
2027
2028
2029
2030
2031
Starting Reserve Balance
$676,690
$655,492
$614,194
$736,977
$837,030
Annual Reserve Contribution
$109,369
$112,650
$116,030
$119,511
$123,096
$0
$0
$0
$0
$0
$6,658
$6,346
$6,753
$7,867
$8,411
$792,718
$774,488
$736,977
$864,354
$968,537
104 Elevated Decks - Repair/Replace(a)
$0
$0
$0
$0
$0
104 Elevated Decks - Rep air/Replace(b)
$0
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (a)
$20,721
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (b)
$0
$0
$0
$22,642
$0
119 Dock "T" Section - Repair/Replace
$0
$0
$0
$0
$0
201 Asphalt - Resurface
$78,934
$0
$0
$0
$0
202 Asphalt - Seal/Repair
$11,280
$0
$0
$0
$0
321 Pole Lights - Replace
$0
$0
$0
$0
$0
324 Exterior Building Lights - Replace
$0
$0
$0
$0
$0
325 Interior Lights - Replace
$0
$6,932
$0
$0
$0
403 Mailboxes - Replace
$0
$7,654
$0
$0
$0
505 Wood Fence (South) - Replace (a)
$0
$0
$0
$0
$0
505 Wood Fence(E, part N) - Replace (b)
$0
$0
$0
$0
$0
505 Wood Fence(partial N) -Replace (c)
$10,711
$0
$0
$0
$0
505 Wood Fence(privacy) - Replace (d)
$8,569
$0
$0
$0
$0
601 Indoor Carpeting - Replace
$0
$64,589
$0
$0
$0
603 Tile Floor - Replace
$0
$19,858
$0
$0
$0
703 Building Entry Access - Replace
$0
$0
$0
$0
$0
705 Gate Entry Access - Replace
$0
$0
$0
$0
$0
707 Vehicle Gate/Operator - Replace
$0
$0
$0
$4,682
$0
803 Water Heaters - Replace
$0
$4,092
$0
$0
$0
$7,011
$0
$0
$0
$0
1110 Interior Surfaces - Repaint
$0
$49,144
$0
$0
$0
1118 Vinyl Siding - Clean/Inspect
$0
$8,024
$0
$0
$0
1120 Vinyl Siding - Replace
$0
$0
$0
$0
$0
1122 Windows/Glass Doors- Repair/Replace
$0
$0
$0
$0
$0
1200 Pool Deck - Replace
$0
$0
$0
$0
$0
1202 Pool - Resurface
$0
$0
$0
$0
$0
1204 Pool Tile/Coping - Replace
$0
$0
$0
$0
$0
1208 Pool Heater - Replace
$0
$0
$0
$0
$0
1210 Pool Fence - Replace
$0
$0
$0
$0
$0
1302 Low Slope Building Roof - Replace
$0
$0
$0
$0
$122,745
1304 Carport Roofs - Replace
$0
$0
$0
$0
$0
1310 Downspouts - Replace
$0
$0
$0
$0
$0
1801 Elevator - Modernize
$0
$0
$0
$0
$0
1802 Elevator Cab - Remodel
$0
$0
$0
$0
$0
1809 Sewage Pumps - Replace
$0
$0
$0
$0
$0
Total Expenses
$137,226
$160,294
$0
$27,324
$122,745
Ending Reserve Balance:
$655,492
$614,194
$736,977
$837,030
$845,792
Planned Special Assessments
Interest Earnings
Total Income
# Component
1109 Wood Fence - Stain
Association Reserves, Inc.
16
6/9/2011
9999
2010S
Table 5: 30-Year Income/Expense Detail (yrs 20 through 24)
Fiscal Year
2032
2033
2034
2035
2036
Starting Reserve Balance
$845,792
$927,186
$1,033,161
$1,178,726
$1,273,676
Annual Reserve Contribution
$126,789
$130,593
$134,510
$138,546
$142,702
$0
$0
$0
$0
$0
$8,861
$9,798
$11,055
$12,257
$13,430
$981,442
$1,067,576
$1,178,726
$1,329,529
$1,429,809
104 Elevated Decks - Repair/Replace(a)
$0
$0
$0
$0
$0
104 Elevated Decks - Repair/Replace(b)
$0
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (a)
$24,021
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (b)
$0
$0
$0
$26,249
$0
119 Dock "T" Section - Repair/Replace
$0
$0
$0
$0
$0
201 Asphalt - Resurface
$0
$0
$0
$0
$0
202 Asphalt - Seal/Repair
$13,076
$0
$0
$0
$0
321 Pole Lights - Replace
$0
$0
$0
$0
$0
324 Exterior Building Lights - Replace
$0
$0
$0
$0
$0
325 Interior Lights - Replace
$0
$0
$0
$0
$0
403 Mailboxes - Replace
$0
$0
$0
$0
$0
505 Wood Fence (South) - Replace (a)
$0
$0
$0
$0
$0
505 Wood Fence(E, part N) - Replace (b)
$0
$0
$0
$0
$0
505 Wood Fence(partial N) -Replace (c)
$0
$0
$0
$0
$0
505 Wood Fence(privacy) - Replace (d)
$0
$0
$0
$0
$0
601 Indoor Carpeting - Replace
$0
$0
$0
$0
$0
603 Tile Floor - Replace
$0
$0
$0
$0
$0
703 Building Entry Access - Replace
$0
$0
$0
$4,934
$0
705 Gate Entry Access - Replace
$0
$0
$0
$0
$0
707 Vehicle Gate/Operator - Replace
$0
$0
$0
$0
$0
803 Water Heaters - Replace
$0
$0
$0
$0
$0
$8,128
$0
$0
$0
$0
$0
$0
$0
$0
$0
$9,031
$0
$0
$0
$10,164
1120 Vinyl Siding - Replace
$0
$0
$0
$0
$0
1122 Windows/Glass Doors- Repair/Replace
$0
$0
$0
$0
$0
1200 Pool Deck - Replace
$0
$0
$0
$0
$0
1202 Pool - Resurface
$0
$23,254
$0
$0
$0
1204 Pool Tile/Coping - Replace
$0
$11,162
$0
$0
$0
1208 Pool Heater - Replace
$0
$0
$0
$0
$6,098
1210 Pool Fence - Replace
$0
$0
$0
$0
$0
1302 Low Slope Building Roof - Replace
$0
$0
$0
$0
$0
1304 Carport Roofs - Replace
$0
$0
$0
$0
$0
1310 Downspouts - Replace
$0
$0
$0
$0
$0
1801 Elevator - Modernize
$0
$0
$0
$0
$0
1802 Elevator Cab - Remodel
$0
$0
$0
$24,670
$0
1809 Sewage Pumps - Replace
$0
$0
$0
$0
$0
$54,256
$34,415
$0
$55,852
$16,262
$927,186
$1,033,161
$1,178,726
$1,273,676
$1,413,546
Planned Special Assessments
Interest Earnings
Total Income
# Component
1109 Wood Fence - Stain
1110 Interior Surfaces - Repaint
1118 Vinyl Siding - Clean/Inspect
Total Expenses
Ending Reserve Balance:
Association Reserves, Inc.
17
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9999
2010S
Table 5: 30-Year Income/Expense Detail (yrs 25 through 29)
Fiscal Year
2037
2038
2039
2040
2041
$1,413,546
$1,511,203
$1,678,538
$1,798,763
$1,761,129
$146,983
$151,393
$155,934
$160,613
$165,431
$0
$0
$0
$0
$0
$14,618
$15,942
$17,379
$17,792
$16,762
$1,575,147
$1,678,538
$1,851,851
$1,977,167
$1,943,323
104 Elevated Decks - Repair/Replace(a)
$0
$0
$0
$0
$0
104 Elevated Decks - Repair/Replace(b)
$0
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (a)
$27,847
$0
$0
$0
$0
105 Elevated Decks - Seal/Repair (b)
$0
$0
$0
$30,429
$0
119 Dock "T" Section - Repair/Replace
$0
$0
$0
$0
$0
201 Asphalt - Resurface
$0
$0
$0
$0
$0
202 Asphalt - Seal/Repair
$15,159
$0
$0
$0
$0
321 Pole Lights - Replace
$11,516
$0
$0
$0
$0
324 Exterior Building Lights - Replace
$0
$0
$8,885
$0
$0
325 Interior Lights - Replace
$0
$0
$0
$0
$0
403 Mailboxes - Replace
$0
$0
$0
$0
$0
505 Wood Fence (South) - Replace (a)
$0
$0
$0
$0
$14,905
505 Wood Fence(E, part N) - Replace (b)
$0
$0
$0
$0
$17,497
505 Wood Fence(partial N) -Replace (c)
$0
$0
$0
$0
$0
505 Wood Fence(privacy) - Replace (d)
$0
$0
$0
$0
$0
601 Indoor Carpeting - Replace
$0
$0
$0
$92,089
$0
603 Tile Floor - Replace
$0
$0
$0
$0
$0
703 Building Entry Access - Replace
$0
$0
$0
$0
$0
705 Gate Entry Access - Replace
$0
$0
$0
$5,720
$0
707 Vehicle Gate/Operator - Replace
$0
$0
$0
$6,292
$0
803 Water Heaters - Replace
$0
$0
$0
$0
$0
$9,422
$0
$0
$0
$0
1110 Interior Surfaces - Repaint
$0
$0
$0
$70,068
$0
1118 Vinyl Siding - Clean/Inspect
$0
$0
$0
$11,440
$0
1120 Vinyl Siding - Replace
$0
$0
$0
$0
$0
1122 Windows/Glass Doors- Repair/Replace
$0
$0
$0
$0
$0
1200 Pool Deck - Replace
$0
$0
$28,877
$0
$0
1202 Pool - Resurface
$0
$0
$0
$0
$0
1204 Pool Tile/Coping - Replace
$0
$0
$0
$0
$0
1208 Pool Heater - Replace
$0
$0
$0
$0
$0
1210 Pool Fence - Replace
$0
$0
$15,327
$0
$0
1302 Low Slope Building Roof - Replace
$0
$0
$0
$0
$0
1304 Carport Roofs - Replace
$0
$0
$0
$0
$0
1310 Downspouts - Replace
$0
$0
$0
$0
$0
1801 Elevator - Modernize
$0
$0
$0
$0
$294,571
1802 Elevator Cab - Remodel
$0
$0
$0
$0
$0
1809 Sewage Pumps - Replace
$0
$0
$0
$0
$23,566
$63,944
$0
$53,089
$216,038
$350,539
$1,511,203
$1,678,538
$1,798,763
$1,761,129
$1,592,784
Starting Reserve Balance
Annual Reserve Contribution
Planned Special Assessments
Interest Earnings
Total Income
# Component
1109 Wood Fence - Stain
Total Expenses
Ending Reserve Balance:
Association Reserves, Inc.
18
6/9/2011
Assoc. 9999 2010S
Accuracy, Limitations, and Disclosures
Washington disclosure, per Senate Bill 6215:
This 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.
Because we have no control over future events, we cannot claim that all the events we
anticipate will occur as planned. We expect that inflationary trends will continue, and
we expect that financial institutions will provide interest earnings on funds on-deposit.
We believe that reasonable estimates for these figures are much more accurate than
ignoring these economic realities. The things we can control are measurements, which
we attempt to establish within 5% accuracy. Your starting Reserve Balance and current
Reserve interest earnings are also numbers that can be identified with a high degree of
certainty. These figures have been provided to us, and were not confirmed by our
independent research. Our projections assume a stable economic environment and
lack of natural disasters.
Because both the physical status and financial status of the association change each
year, this Reserve Study is by nature a “one-year” document. This information can and
should be adjusted annually as part of the Reserve Study Update process so that more
accurate estimates can be reflected in the Reserve plan. Reality often differs from even
the best assumptions due to changing economic factors, physical factors, or ownership
expectations. Because many years of financial preparation help the preparation for
large expenses, this Report shows expenses for the next 30 years. We fully expect a
number of adjustments will be necessary through the interim years to both the cost and
timing of distant expense projections. It is our recommendation and that of the
American Institute of Certified Public Accountants (AICPA) that your Reserve Study be
updated annually.
Association Reserves, Inc., and its employees have no ownership, management, or
other business relationships with the client other than this Reserve Study engagement.
James D. Talaga R.S., company president, is a credentialed Reserve Specialist (#66).
All work done by Association Reserves is performed under his Responsible Charge.
There are no material issues to our knowledge that have not been disclosed to the client
that would cause a distortion of the association’s situation.
Association Reserves, Inc.
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6/9/2011
Assoc. 9999 2010S
We have relied upon the client to provide the current (or projected) Reserve Balance,
the estimated net-after-tax current rate of interest earnings, and to indicate if those
earnings accrue to the Reserve Fund. In addition, we have considered the
association’s representation of current and historical Reserve projects reliable, and we
have considered the representations made by its vendors and suppliers to also be
accurate and reliable.
Component quantities indicated in this Report were developed by Association Reserves
unless otherwise noted in our “Site Inspection Notes” comments. No destructive or
intrusive testing was performed, nor should the site inspection be assumed to be
anything other than for budget purposes.
Association Reserves, Inc.
20
6/9/2011
Assoc. 9999 2010S
Terms and Definitions
BTU
DIA
GSF
GSY
HP
LF
British Thermal Unit (a standard unit of energy)
Diameter
Gross Square Feet (area)
Gross Square Yards (area)
Horsepower
Linear Feet (length)
Effective Age: The difference between Useful Life and Remaining Useful Life. Note
that this is not necessarily equivalent to the chronological age of the
component.
Fully Funded Balance (FFB): The Reserve Balance that is in direct proportion to the
fraction of life “used up” of the current Repair or Replacement cost. This
benchmark balance represents the value of the deterioration of the
Reserve Components. This number is calculated for each component,
then summed together for an association total.
FFB = (Current Cost X Effective Age) / Useful Life
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
Table 5.
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, page ii.
Percent Funded: The ratio, at a particular point in time (typically the beginning of the
Fiscal Year), of the actual (or projected) Reserve Balance to the Fully
Funded Balance, expressed as a percentage.
Remaining Useful Life: The estimated time, in years, that a common area component
can be expected to continue to serve its intended function.
Useful Life:
The estimated time, in years, that a common area component can be
expected to serve its intended function.
Association Reserves, Inc.
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6/9/2011
Assoc. 9999 2010S
Photographic Inventory Appendix
The primary purpose of the photographic appendix is to provide the reader with the
basis of our funding assumptions resulting from our physical analysis and subsequent
research. The photographs herein represent a wide range of elements that were
observed and measured against National Reserve Study Standards to determine if they
meet the criteria for reserve funding: 1) Common or limited common 2) Life limited 3)
Predictable life limit 4) Significant cost (board’s discretion – typically above ½ to 1% of
annual operating expenses). Some elements are recommended for reserve funding,
while others are not.
The components that meet these criteria in our judgment are shown with corresponding
maintenance, repair or replacement cycles to the left of the photo (UL = Useful Life or
how often the project is expected to occur, RUL = Remaining Useful Life or how many
years from our reporting period) and a representative market cost range termed “Best
Cost” and “Worst Cost” below the photo. There are many factors that can result in a
wide variety of potential costs; we are attempting to represent a market average for
budget purposes. Where there is no UL / RUL or cost data inserted, the component was
deemed to not meet the criteria for reserve funding, substantiated within the evaluation
text above the photo.
Diligent care and maintenance can extend the Useful Life of components, reducing
annualized costs. Maintenance suggestions have been made throughout the inventory
appendix – this should not be viewed as a substitute for a comprehensive maintenance
plan for your community.
Association Reserves, Inc.
22
6/9/2011
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
103 Concrete - Repair/Replace
Quantity: Extensive square footage
Location: Sidewalks, walkways, patios, curbing, etc…throughout association
Evaluation: Overall fair condition with no significant cracking, settling or upheaval noted; although some local areas of
cracks, not widespread. Some newer concrete surfaces at main building entry and newer curbing done recently
at entry and in past along with larger scale asphalt work (components 201 and 202). As routine maintenance,
inspect, seal cracks as needed and repair/replace any trip & fall hazards promptly. Monitor tree roots nearby and
consult with arborist if there is a problem (avoid adjacent over watering). If proactively maintained, there is no
expectation of large scale repair/replacement in future years, therefore no reserve funding is suggested. As the
association continues to age, might want to include a rotating funding allowance within reserves to supplement
the operating budget if problems become prevalent.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
June 14,2011
Page 1 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
104 Elevated Decks - Repair/Replace(a)
Quantity: (13) decks
Location: Elevated decks outlined in ____ Construction Inspection Report dated 09/17/2010
Evaluation: According to our board contact, no large scale deck project in this community with repairs/replacements done as
needed. Due to access limited through individual units we were only able to observe from ground level. We
were provided with a deck inspection report prepared by ____ Construction Inc. dated September 2010. Varying
condition of decks surfaces noted with (6) reported as newer railings/deck surfaces (no work needed at this
time), (13) deemed to be in bad shape showing signs of water intrusion problems due to failure of deck surface
and flashing (recommend deck railing, fascia and waterproofing be replaced in near future) and (17) with old
railing and deck surfaces showing small amount of dry rot and damage to the deck fascia (recommend no work
needed for approximately 3-5 years). Due to the current varying condition of decks, we are phasing deck work
with this component including funding for the repair work recommended for the (13) decks deemed to be in bad
condition. We recommend this work be completed in 2010 as a one time project with the funding allowance
below based on estimate from Ruff Construction (assume liquid applied, polyurethane traffic coating). This
surface type needs to be top coated regularly (every 3-5 years) for waterproof integrity, protection of surrounding
structure and warranty (see component #105(a). As routine maintenance, we strongly suggest annual
professional inspections, cleaning and prompt repair as needed. If proactively maintained, these decks can last
an extended period of time with no anticipation for subsequent large scale repairs during our study period. Note:
refer to ____ Construction bid for actual decks included within these (13). Photo may not necessarily represent
phasing.
Useful Life:
Remaining Life:
0 years
Best Case: $59,800.00
Worst Case: $72,800.00
$4,600/deck (x13), lower allowance to
repair/resurface
$5,600/Sq Ft, higher allowance; more extensive
repair/replacement
Cost Source: Bid by ______Construction, ______, 425-555-5555
June 14,2011
Page 2 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
104 Elevated Decks - Repair/Replace(b)
Quantity: (17) decks
Location: Elevated decks outlined in ____Construction Inspection Report dated 09/17/2010
Evaluation: This component suggests funding for the (17) decks outlined by ____ Construction in September 2010 as
having old railings and deck surfaces with small amount of dry rot and damage to the deck fascia noted. Ruff
recommended repair work for these decks in 3-5 years (based on 2010 inspection) with repair scope similar to
104 (a) phase (replace deck railing, fascia and waterproofing - assume liquid applied, polyurethane traffic
coating). As outlined in component #104(a), this is recommended as a one time project assuming decks will be
proactively maintained following this work (see component #105 (b). Note: refer to ____ Construction bid for
actual decks included within these (17). Photo may not necessarily represent phasing.
Useful Life:
Remaining Life:
3 years
Best Case: $78,200.00
Worst Case: $95,200.00
$4,600/deck (x17), lower allowance to
repair/resurface
$5,600/Sq Ft, higher allowance; more extensive
repair/replacement
Cost Source: Bid by ____ Construction,____: 425-555-5555
June 14,2011
Page 3 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
105 Elevated Decks - Seal/Repair (a)
Quantity: (19) decks, apx 1,900 GSF
Location: Elevated decks throughout association
Evaluation: This component factors future seal work for (13) decks in component 104(a) which are recommended for
refurbish work in 2010 and also for (6) decks inspected in 2010 by _______ indicated as being in new condition.
This surface type needs to be top coated regularly for waterproof integrity, protection of surrounding structure
and appearance. As routine maintenance, we strongly suggest annual professional inspections, cleaning and
prompt repair as needed. Clean with mild solution such as TSP; bleach can be added if mold/mildew become a
problem. Plan for regular intervals of professional cleaning, priming and top coating at the time frame indicated
below. See component 105 (b) for remaining decks; at one point, might want to coincide all decks for future seal
work for cost efficiency/consistency if conditions allow. Note: for actual deck locations see _____ Construction
inspection reported dated September 17, 2010. Photo may not necessarily represent phasing.
Useful Life:
5 years
Remaining Life:
5 years
Best Case: $11,400.00
Worst Case: $15,200.00
$6.00/Sq Ft, lower allowance to clean, prime and
seal/top coat
$8.00/Sq Ft, higher allowance, includes some
repairs
Cost Source: Estimate by ____ Construction,____: 425-555-5555
June 14,2011
Page 4 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
105 Elevated Decks - Seal/Repair (b)
Quantity: (17) decks, apx 1,700 GSF
Location: Elevated decks throughout association
Evaluation: This component factors future seal work of (17) decks in component 104(b) once recommended refurbish work
in 2013 is completed. This surface type needs to be top coated regularly for waterproof integrity, protection of
surrounding structure and appearance. As routine maintenance, we strongly suggest annual professional
inspections, cleaning and prompt repair as needed. Clean with mild solution such as TSP; bleach can be added
if mold/mildew become a problem. Plan for regular intervals of professional cleaning, priming and top coating at
the time frame indicated below. See component 105 (a) for remaining decks. Note: for actual deck locations see
______ Construction inspection reported dated September 17, 2010. Photo may not necessarily represent
phasing.
Useful Life:
5 years
Remaining Life:
8 years
Best Case: $11,400.00
Worst Case: $15,200.00
$6.00/Sq Ft, lower allowance to clean, prime and
seal/top coat
$8.00/Sq Ft, higher allowance, includes some
repairs
Cost Source: Estimate by ___ Construction, ____: 425-555-5555
June 14,2011
Page 5 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
109 Railings - Replace
Quantity: Minimal, assorted
Location: Scattered common area locations
Evaluation: Generally good to fair condition with no significant deterioration or instability noted of minimal handrails. Inspect,
clean and perform any needed repairs as routine maintenance. No expectation for large scale replacement and
with minimal amount, not an item for reserve funding. Paint as general maintenance item as needed. Note: wood
railing at decks included within deck component (#104).
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
Comp #:
109 Wood Deck - Replace
Quantity: Approx 600 square feet
Location: Adjacent to Unit #6 at north side of building
Evaluation: Reported to us, this wood deck was installed by owner of Unit #6 with all maintenance, repair and replacement
responsibility by unit owner. Under this pattern of care, no association responsibility.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
June 14,2011
Page 6 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
110 Shoreline Bulkhead - Renovate
Quantity: Approx 220 LF, rock
Location: Waterfront shoreline area of site
Evaluation: Good, stable condition of rock bulkhead with no significant erosion or instability observed. Reported to us,
completely rebuilt in 1995-1996 with 3,000 lb. rock along with major dock renovation work (see other dock
components). We assume properly engineered and installed with no anticipation for major rebuilt/renovation
work within the scope of our study. No reserve funding recommended at this time.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
Comp #:
111 Marina - Dredge/Maintain
Quantity: Extensive area
Location: Lake bottom at waterfront area
Evaluation: Depth of water around dock reported to be adequate with no history of dredging and consistent depth history at
this site. There is no predictable basis (cost / timing) for inclusion in our report at this time. If needed in the
future, a system of measurement and evaluation can be implemented
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
June 14,2011
Page 7 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
112 Marina - Vegetation Control
Quantity: Lake vegetation
Location: Throughout marina
Evaluation: Control of milfoil has reportedly been ongoing and is handled as needed through the “Moorage Fund” as an
operating item. Just completed in 2009 at a cost of $1,200 with expectation to continue annually or every 2 years
as operating item. No reserve funding under this pattern of care.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
Comp #:
115 Boat Lifts - Repair/Replace
Quantity: Several, assorted
Location: At dock area
Evaluation: Installed and maintained by individual Unit owners with no association responsibility to maintain, repair and
replace. No reserve funding required.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
June 14,2011
Page 8 of 61
Association Reserves WA, LLC
Inventory Appendix
9999S4
Client: 9999S4 2012 condo sample
Comp #:
116 Dock Electrical/Plumbing - Replace
Quantity: Minimal systems
Location: Wired/mounted at dock
Evaluation: Overall, fair to good condition of plumbing and electrical at dock. Reported to us, complete replacement along
with last full scale dock renovation project (component #119). Inspect regularly along with other dock
components with no expectation for large scale repairs/replacements of either system which requires separate
reserve funding. Most repairs/replacements included as needed as general maintenance item or along with
major dock rebuild components. Note: there are two pole mounted lights at dock - assume replacement of these
at next major dock renovation with no separate funding anticipated.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
117 Dock Cleats, Swim Ladders - Replace
Quantity: Moderate hardware
Location: Throughout dock system
Evaluation: Generally serviceable condition. Too small and unpredictable of an expense to merit reserve funding - treat as
general maintenance expense as need occurs or include within larger scale dock renovation work (component
#119).
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
119 Dock "T" Section - Repair/Replace
Quantity: Approx 1,300 square feet
Location: Waterfront dock area
Evaluation: Main “T” section of dock is common expense to be paid for by all unit owners, however Per Third Amendment to
_____ Declaration and reported by board member currently, finger pier areas of dock are maintained, repaired
and replaced by Moorage Unit Owners through a separate "Moorage" account. Reportedly, in 1996 all areas of
dock (“T” section and finger piers) were extensively rebuilt/refurbished transitioning to wood decking from
concrete surface. This components recommends funding for the “T” section (see component #120 for finger pier
information). Currently, dock is in fair condition with no signs of advanced deterioration. We recommend regular
professional inspections, cleaning for appearance and repairing promptly as needed from operating budget to
ensure safety. We strongly advise complying with any and all governmental regulations regarding the
construction, maintenance or repair of these types of docks (ie. no use of CCA pressure treated lumber).
Research and consider alternate dock systems such as unifloat, concrete, etc., offered by companies such as
Bellingham Marine. In addition to spot repair funded from the operating budget, we recommend planning for
regular intervals of total replacement at roughly the time frame indicated below. Note: currently association is
obtaining bid to install a gangway connecting "T" section of dock with small common area float; anticipation is
cost will be below reserve funding threshold and will be paid for as operating expense.
Useful Life:
25 years
Remaining Life:
11 years
Best Case: $65,500.00
Worst Case: $98,500.00
$35/Sq Ft, lower estimate to replace with similar,
plus $20,000 to replace pilings
$45/Sq Ft, higher estimate to replace with similar,
plus $40,000 to replace pilings
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
120 Dock Finger Piers - Repair/Replace
Quantity: Several, wood
Location: Boat dock
Evaluation: Per Third Amendment to _______ Declaration and reported by board member currently, finger pier areas of
dock are maintained, repaired and replaced by Moorage Unit Owners through a separate "Moorage" account.
Explained to us, this moorage account is used for such things as dock utility expenses, milfoil control
(component 112) and also used for reserve funding for future rebuild/replacement work for the finger pier
sections only. The budget has a line item for "Moorage Reserve Income" at $480 annually shared by the (24)
moorage unit owners. Our reserve study does not include evaluation or inclusion of this account in this study.
Reported to us, the finger piers were renovated/refurbished along with the main "T" section of the dock (see
component #119) in 1996; anticipated next major repair/replacement similar to "T" section, but again no funding
included within this study.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
201 Asphalt - Resurface
Quantity: Approx 28,950 square feet
Location: Drive lanes and parking areas throughout community
Evaluation: Overall fair, stable surface condition with some alligatoring and evidence of patching, but no widespread
cracks/deterioration noted.. Appears to be adequately sloped and drained. Regular cycles of seal & repair are
recommended (see component #202) as well as restriping (see component 203). As routine maintenance,
inspect and clean regularly, repair any cracks or damage that may occur promptly to prevent water from
penetrating into the base. Future resurface projected below.
Useful Life:
30 years
Remaining Life:
15 years
Best Case: $43,430.00
Worst Case: $57,900.00
$1.50/Sq Ft, lower allowance to resurface (overlay)
$2.00/Sq Ft, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Client: 9999S4 2012 condo sample
Comp #:
202 Asphalt - Seal/Repair
Quantity: Approx 28,950 square feet
Location: Drive lanes and parking areas throughout community
Evaluation: Seal is faded and nearly non-existent in areas and striping is faded; some alligatoring but not widespread or
significant. Association considered seal coating in 2009, however not done due to other projects deeming more
urgency. Regular cycles of seal coating along with any needed repair has proven to be the best program in our
opinion for the long term care of asphalt. Seal coating protects against damaging weather elements while
bridging small surface cracks and providing uniform appearance over the inevitable patching and repairs needed
over time, ultimately extending total life. Apply two coats of flood application of quality asphalt emulsion, XLR-8
or similar. Surface preparation is key to lasting performance. Fill cracks and clean oil stains promptly in between
cycles. Incorporate any restriping and curb repair into this project.
Useful Life:
5 years
Remaining Life:
0 years
Best Case: $5,790.00
Worst Case: $8,690.00
$.20/Sq Ft, lower allowance to clean/seal/stripe
$.30/Sq Ft, higher allowance, more repairs
needed
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
207 Retaining Walls - Repair/Replace
Quantity: Moderate areas
Location: Throughout common areas
Evaluation: Overall, fair stable condition observed with no significant crumbling, erosion, etc,… noted. We assume these
areas were designed and installed properly with adequate base and surrounding drainage. Monitor closely and if
areas of deterioration emerge, consult with civil or geotechnical engineer for repair scope. No predictable basis
for reserve funding at this time. Note: see component #208 for bulkhead.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
321 Pole Lights - Replace
Quantity: Appx (2) metal poles
Location: Throughout common areas of community
Evaluation: Good, stable condition observed with no problems reported; board member estimates replacement 7-8 years
ago during parking lot island renovation. Observed during daylight hours; assumed to be in functional operating
condition. As routine maintenance, inspect, repair/change bulbs as needed. Best to plan for large scale
replacement at roughly the time frame below for cost efficiency and consistent quality throughout association.
Monitor for peeling paint, cracked fixtures, etc.. between replacement periods - expect some general
maintenance expense within operating budget. Note: There are also some stake mounted lights at the concrete
path near the pool and dock; this type of lighting best maintained/replaced as general maintenance item, not
large scale cyclical reserve funding.
Useful Life:
30 years
Remaining Life:
25 years
Best Case: $5,000.00
Worst Case: $6,000.00
$2,500/each (x2), lower allowance to replace and
install
$3,000/each, higher allowance, upgraded quality
and additional labor
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
324 Exterior Building Lights - Replace
Quantity: Appx (50) assorted
Location: Exteriors of buildings throughout community
Evaluation: Overall, good condition observed of wall mounted lamps with no significant damage or deterioration observed or
reported to us. Observed during daylight hours and assumed to be in good working order. Inspect regularly,
replace bulbs and perform any needed repairs as routine maintenance. We suggest planning to replace all at
once in future to maintain consistent appearance and cost efficiency.
Useful Life:
20 years
Remaining Life:
7 years
Best Case: $3,500.00
Worst Case: $4,500.00
$70/each (x50) lower allowance for replacement,
installed
$90/each, higher allowance, upgraded
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
325 Interior Lights - Replace
Quantity: Appx (72) assorted
Location: Common area interiors; hallways and stairwells
Evaluation: Overall, good stable condition of wall mounted sconce lighting at hallways and ceiling mounted fixtures at
stairwells; hall sconces better quality than stairwell lighting. Inspect lights, replace bulbs and make any repairs
as ordinary maintenance. Assumed to be in good working order with no problems observed or reported. We
suggest planning to replace all at once in future to maintain consistent appearance and cost efficiency; timed to
coincide with future interior paint cycles (component #1110). Note: this component does not factor emergency
exit illuminators and back-up lighting which is best repaired/replaced as needed, not large scale reserve project.
Useful Life:
24 years
Remaining Life:
16 years
Best Case: $3,600.00
Worst Case: $5,040.00
$50/each (x72) lower allowance for replacement,
installed
$70/each, higher allowance, upgraded
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Client: 9999S4 2012 condo sample
Comp #:
403 Mailboxes - Replace
Quantity: (53) aluminum boxes
Location: Interior location at main entry to building (Inset wall mounted)
Evaluation: Overall, stable condition observed with no significant damage or deterioration observed; replaced since our last
inspection. No problems currently reported. Inspect regularly and change lock cylinders, lubricate hinges and
repair as needed. Best to plan for total replacement at roughly the time frame below due to constant usage and
wear over time; timed to coincide with future interior paint cycles (component #1110).
Useful Life:
24 years
Remaining Life:
16 years
Best Case: $4,240.00
Worst Case: $5,300.00
$80/box (x53), lower allowance to replace
$100/box, higher allowance, more wall/surround
work required
Cost Source: ARI Cost Database: Similar Project Cost History
Comp #:
410 Trash Enclosure - Replace
Quantity: (1) wood, chain link
Location: Northeast corner of property at parking/driveway area
Evaluation: Trash area enclosed on 3 sides by wood fencing with two chain link, privacy slat gates; wood fencing areas
included within overall fencing (see component #505). Fair to good condition of gates. Inspect regularly and
repair/replace gates as needed from operating budget as too small project to merit separate reserve funding.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
412 Outdoor Benches, Pots - Replace
Quantity: Minimal, assorted
Location: Entry area of building, scattered exterior locations
Evaluation: Small amount of pots, decorative benches, etc. in fair to good condition with no damage or unusual wear. With
minimal amount of pieces and differing types, reserve funding not needed with periodic replacement as desired
by community to maintain function and appearance; clean regularly.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
505 Wood Fence (South) - Replace (a)
Quantity: Approx 460 linear feet
Location: South south of perimeter adjacent to Seahawks Training facility
Evaluation: Good, stable condition of new fencing installed in 2009 with no significant damage or deterioration at this time.
Although the fence in this location had been originally installed solely at the cost of Misty Cove, the replacement
in 2009 of this south side fencing (adjacent to the Seahawks Training facility) was by the Seahawks
organization. As routine maintenance, inspect regularly for any damage, repair as needed. Avoid contact with
ground and surrounding vegetation. Plan for eventual need for full replacement at roughly time frame below. We
assume future replacement of this fencing will be shared cost between _____ and ______ organization although
reported to us there is no formal agreement in place at this time. See component #1109 for staining information.
Useful Life:
15 years
Remaining Life:
14 years
Best Case: $5,750.00
Worst Case: $6,900.00
One half of $25/LF, lower allowance to remove and
replace assuming shared cost with ____
organization
$30/LF, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
505 Wood Fence(E, part N) - Replace (b)
Quantity: Approx 270 linear feet
Location: South south of perimeter adjacent to neighbor
Evaluation: Good, stable condition of new fencing installed in 2009 with no significant damage or deterioration at this time.
As routine maintenance, inspect regularly for any damage, repair as needed. Avoid contact with ground and
surrounding vegetation. Plan for eventual need for full replacement at roughly time frame below. See component
#1109 for staining information.
Useful Life:
15 years
Remaining Life:
14 years
Best Case: $6,750.00
Worst Case: $8,100.00
$25/LF, lower allowance to remove and replace
$30/LF, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
505 Wood Fence(partial N) -Replace (c)
Quantity: Approx 250 linear feet
Location: Partial north side directly behind building (excludes parking lot area #505b)
Evaluation: Older fence in fair to poor condition with some instability and mildewed. As routine maintenance, inspect
regularly for any damage, repair as needed. Avoid contact with ground and surrounding vegetation. Reported to
us, association is contacting neighboring property to the north to request shared replacement cost. For this
study, assume fence replacement responsibility is sole cost of Misty Cove as agreement with neighbor not know
at this time. See component #1109 for staining information.
Useful Life:
15 years
Remaining Life:
0 years
Best Case: $6,250.00
Worst Case: $7,500.00
$25/LF, lower allowance to remove and replace
$30/LF, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
505 Wood Fence(privacy) - Replace (d)
Quantity: Approx 200 linear feet
Location: Privacy fencing surround ground level unit patio areas
Evaluation: Older fence in fair to poor condition with some instability and mildewed. As routine maintenance, inspect
regularly for any damage, repair as needed. Avoid contact with ground and surrounding vegetation. Reported to
us, association wants to replace this fencing along with fencing identified in component 505 (c) in the near
future. See component #1109 for staining information.
Useful Life:
15 years
Remaining Life:
0 years
Best Case: $5,000.00
Worst Case: $6,000.00
$25/LF, lower allowance to remove and replace
$30/LF, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
Comp #:
601 Indoor Carpeting - Replace
Quantity: Approx 1,150 square yds
Location: Common area interiors at hallways, stairwells, lounge, etc.
Evaluation: Overall, good to fair condition observed of looped, durable style carpet with some stains but not widespread or
significant. As routine maintenance, clean professionally when needed and vacuum regularly. Plan for need for
eventual replacement, best timed after repainting (component #1110).
Useful Life:
12 years
Remaining Life:
4 years
Best Case: $34,500.00
Worst Case: $46,000.00
$30/Sq Yd, lower allowance to replace
$40/Sq Yd, higher allowance, better quality carpet
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
602 Linoleum Floor - Replace
Quantity: Approx 55 square yards
Location: Common area laundry room and bathroom at lower level of building
Evaluation: Overall fair condition of older flooring with no significant deterioration but dated styling. Although eventual
replacement will be necessary for periodic aesthetic updating and to maintain a quality appearance, with small
quantity does not meet reserve funding threshold. Replace as desired as general operating item, not large scale
reserves.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
Comp #:
603 Tile Floor - Replace
Quantity: Approx 275 square yards
Location: Interior location at main entry lobby of building
Evaluation: Good, stable condition of tile with no significant damage/deterioration observed. Plan for eventual need to
replace to update aesthetic appeal at main entry of building (timed every other carpet replacement cycle #601).
Repair and fix grouting problems as needed from maintenance funds, not as cyclical reserve component.
Useful Life:
24 years
Remaining Life:
16 years
Best Case: $11,000.00
Worst Case: $13,750.00
$40/Sq Yd, lower allowance to replace
$50/Sq Yd, higher allowance, better quality
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Client: 9999S4 2012 condo sample
Comp #:
700 Unit Doors - Repair/Replace
Quantity: (50) metal, hardware
Location: Entries to each unit (protected locations)
Evaluation: Good condition of six panel doors observed with no problems observed or reported to us. Inspect regularly,
repair hardware as needed from maintenance budget. Clean and refinish/repaint if needed along with interior
paint projects or as needed in between cycles as general maintenance item. These doors were replaced around
2002 during other large scale interior refurbishing. Sturdy components with no predictable expectation for large
scale replacement at this time. No basis for reserve funding recommended.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
702 Utility/Common Doors - Replace
Quantity: Approx (30) assorted
Location: Common area interior locations at stairwells, hallways, etc and entry doors to building
Evaluation: Fair to good stable condition of wood and metal, painted doors with no significant damage or deterioration
observed. Inspect regularly, repair hardware as needed from maintenance budget. Clean and paint along with
other interior and exterior building surfaces (if needed), no need for separate funding. Mostly protected locations
and sturdy components; no expectation for large scale replacement at this time. No reserve funding
recommended. Note: commercial entry at ground level has double storefront type doors with sidelights; well
sheltered from weather elements. No anticipation for replacement of these doors either.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
703 Building Entry Access - Replace
Quantity: (1) SES panel
Location: Main entry to building
Evaluation: Overall, fair to good condition; observed to be in functioning condition with no problems reported to us. We
recommend professional inspections and maintenance. Wipe down surfaces periodically with an appropriate
cleaner, being careful to avoid control buttons. Difficult to predict timing, however typical life expectancy about
15-20 years (mostly protected location) due to parts obsolescence, technology upgrades, etc.
Useful Life:
20 years
Remaining Life:
3 years
Best Case: $2,000.00
Worst Case: $3,000.00
Lower allowance to replace
Higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
Comp #:
705 Gate Entry Access - Replace
Quantity: (1) Linear panel
Location: Main entry to property
Evaluation: We noted good operational condition of entry access panel during our inspection. No problems reported to us;
recently installed as part of vehicle gate installation (component #707). Regular professional inspections and
maintenance recommended. Plan to replace at roughly the time frame below (unprotected location) due to parts
obsolescence, technology upgrades, etc.
Useful Life:
15 years
Remaining Life:
13 years
Best Case: $2,000.00
Worst Case: $3,000.00
Lower allowance to replace, installed with tax
Higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
June 14,2011
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Comp #:
707 Vehicle Gate/Operator - Replace
Quantity: (1) Vertigate system
Location: Main vehicle entry of community
Evaluation: Functional, operating condition of lift and fold “VeritiGate” system; some reports of operational problems
requiring service calls in the past. Steel operator encased in powder coated galvanized steel box and powder
coated aluminum and steel gate. Our research with manufacturer and installer indicate, regular annual service
(adjustments, cleaning, etc) should be performed; with this type of proactive maintenance, plan for about 10 year
life when larger repairs/replacements might be needed primarily for moving parts, motor, etc. Actual gate should
last an extended period of time with no anticipation for complete replacement; might need to paint gate at one
point, however best as general maintenance item, not large scale reserve funding.
Useful Life:
10 years
Remaining Life:
8 years
Best Case: $2,500.00
Worst Case: $3,000.00
Lower estimate for repair/replacement
Higher estimate
Cost Source: Entrance Control, 360-256-4416
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Client: 9999S4 2012 condo sample
Comp #:
803 Water Heaters - Replace
Quantity: (3) 65 gallon Rheem
Location: Storage room on lower level adjacent to common area laundry room
Evaluation: No current problems observed or reported to us of water heaters installed around 1991. We recommend regular
professional inspections, maintenance and repair funded from operating budget. Typical life expectancy about
10-15 years. We are suggesting planning to replace proactively to avoid leaks/interruption of service.
Useful Life:
15 years
Remaining Life:
1 years
Best Case: $2,100.00
Worst Case: $3,000.00
$700 each (x3), lower allowance to replace
$1,000 each, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
Comp #:
901 Washers & Dryers - Replace
Quantity: (12) Maytag units
Location: Common area laundry room at lower level of building
Evaluation: Overall fair to good condition observed; this equipment is leased and therefore not the responsibility of
________ Condo for repair/replacement. No reserve funding based on leased equipment.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
903 Common Lounge/Furnishings - Replace
Quantity: (1) room, furnishings
Location: Lower level of building
Evaluation: Rarely used with minimal furnishings); cyclical carpeting and painting included within components #601 and
#1110). No anticipation for large scale refurbishing of this room or replacement of furnishing based on minimal
use; can incorporate funding in reserve study updates if association desires upgrades.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
Comp #:
906 Sauna Room/Equipment - Refurbish
Quantity: (1) room, heater
Location: Lower level common area of building
Evaluation: Fair, stable condition with no problems observed or reported to us. Sauna heaters can last from ten to twenty
years depending upon care and usage, typically costing in the $1,000 range per unit for replacement. Clean
periodically as needed; cedar walls/benches can be sanded to freshen appearance. With ordinary care and
maintenance, there is no predictable expectation for large scale refurbishing with no reserve funding suggested.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
909 Bathroom - Refurbish
Quantity: (1) small bathroom
Location: Common area at lower level of building
Evaluation: Overall dated/older condition of utilitarian, minimally used area (sink, toilet and shower) with no problems
observed or reported to us. Low usage area and lower cost components; with proactive general maintenance, no
anticipation for large scale reserve funding at this time. Repair/replace as general operating item as
needed/desired.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
Comp #:
912 Office Room - Refurbish
Quantity: (1) small office
Location: Main/entry level of building at north side across from elevator
Evaluation: Rarely used with no on-site management; used primarily as storage area. No predictable basis or need for
upgrades at this point. Future reserve studies can include funding if regular use begins.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Client: 9999S4 2012 condo sample
Comp #:
1109 Wood Fence - Stain
Quantity: Approx 9,000 square feet
Location: Both sides of privacy fencing and east/street fencing, one side north and south sides
Evaluation: New fencing installed in 2009 has not been stained. We recommend paint/stain on a cyclical basis for top quality
appearance and protection of wood. Ensure that end grains of fence boards are done for maximum protection
against water intrusion. Recommend brush/roll application for best results during warmer weather conditions.
Stain in 2010 after completion of recommended fence replacements (see components 505 (c) and (d).
Useful Life:
5 years
Remaining Life:
0 years
Best Case: $3,600.00
Worst Case: $5,400.00
$.40/Sq Ft, lower allowance to restain
$.60/Sq Ft, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
Comp #:
1110 Interior Surfaces - Repaint
Quantity: Approx 35,000 square feet
Location: Common area interior wall surface: hallways, stairways, lounge, laundry, etc.
Evaluation: Overall, generally fair to good condition with some nicks and scrapes observed but overall even surface
condition. Regular cycles of paint are recommended to maintain appearance; best timed prior to carpet
replacement (component #601). Keep touch-up paint on site for in between large scale paint projects.
Useful Life:
12 years
Remaining Life:
4 years
Best Case: $26,250.00
Worst Case: $35,000.00
$.75/Sq Ft, lower allowance to paint
$1.00/Sq Ft, higher allowance
Cost Source: Client Cost History
June 14,2011
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Comp #:
1113 Carport Structures - Repair/Replace
Quantity: (2) wood/steel
Location: Common parking areas of community
Evaluation: Overall, fair condition observed of what appear to be structurally sound components (steel posts with wood roof
structure and metal roofing - see component #1304). No problems reported and no significant repair history.
Inspect regularly along with other building components and anticipate repair at posts, fascias, etc.. as needed
using operating funds; no anticipation for large scale reserve item if proactively maintained. Carport roofs under
component 1304.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1114 Signage - Refurbish
Quantity: Moderate, assorted
Location: Exterior and interior scattered common area locations
Evaluation: Fair to good condition of signage of metal outdoor signs (parking restrictions, etc) and assorted indoor signs
(electrical room, unit identifiers, etc). Inspect and proactively maintain as general maintenance item; no
anticipation for large scale reserve funding. If more elaborate replacement sign is desired by community,
incorporate funding into future reserve studies. As routine maintenance, inspect regularly, clean / touch up for
appearance and repair from operating budget.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Client: 9999S4 2012 condo sample
Comp #:
1116 Building Exteriors - Paint/Caulk
Quantity: Minimal, wood
Location: Exterior building surfaces (decks, trim, etc) and carport surfaces (fascia, etc)
Evaluation: Very minimal paintable surfaces at main building; vinyl siding, trim and roof overhang with mainly deck soffits
and railings/fascia paintable wood surface. Carports have wood undersides and currently are soiled and in need
of paint. With small amount of paintable surface and no history of large scale exterior painting, our
recommendation that painting be done on an annual basis through the operating account as needed. Track
expenses and if exceeds operating budget, can include supplemental funding in reserve for this. As routine
maintenance, inspect regularly and touch up / repair locally as needed. Typical Northwest paint cycles are
between five to ten years depending upon surface preparation, material quality, application methods, site and
weather conditions
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1118 Vinyl Siding - Clean/Inspect
Quantity: Approx 28,000 GSF
Location: Building exterior surfaces
Evaluation: Although mostly stable condition observed, soiled/dirty appearance in many areas and in need of cleaning. We
recommend full scale inspection/cleaning of siding to keep the buildings in top appearance. Handwash or use
proper pressure and spray angles to avoid water intrusion if pressure washing. Annual inspections should also
occur and any required cleaning between these cycles done out of operating expenses. Association received a
bid in 2009 for handwashing siding, eaves and underside of carports from Cascade Enterprises at $2,687. In our
experience, this is the low end for a building of this height and access restrictions and included in our allowance
below for the low estimate.
Useful Life:
4 years
Remaining Life:
0 years
Best Case: $3,000.00
Worst Case: $7,000.00
Lower allowance to clean/inspect building exteriors
Higher allowance
Cost Source: Low end based on bid from Cascade Enterprises
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Comp #:
1120 Vinyl Siding - Replace
Quantity: Approx 28,000 GSF
Location: Building exterior surfaces
Evaluation: Siding appears to be in good to fair, stable condition; reportedly installed in 2005 replacing original wood siding.
Assumed to have been installed properly with adequate moisture barrier below. We strongly recommend regular
professional inspections, with prompt repair as needed, to ensure that the waterproof integrity of the buildings is
maintained. Although years into the future, this component meets the criteria for reserve funding. Note: also
reported to us, in 2006, repair of insulation and ventilation in crawlspace.
Useful Life:
35 years
Remaining Life:
30 years
Best Case: $140,000.00
Worst Case: $196,000.00
$5.00/Sq Ft, lower allowance to replace
$7.00/Sq Ft, higher allowance, addnl trim & finish
Cost Source: ARI Cost Database: Similar Project Cost History
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Comp #:
1122 Windows/Glass Doors- Repair/Replace
Quantity: Approx (240) assorted
Location: Exterior building elevations
Evaluation: No problems noted or reported during our visual scope inspection; assumed to have been properly installed
without defect and include adequate underlying waterproofing details. Windows were replaced in 2005 along
with exterior building siding (component #1120). As routine maintenance, we recommend regular professional
inspections and prompt repair as needed to ensure building waterproofing and help prevent structural damage. If
properly installed without defect, plan for about 25-35 year life. Note: there are many types of glazing and
windows available in today's market; a general funding allowance is factored below.
Useful Life:
35 years
Remaining Life:
30 years
Best Case: $150,000.00
Worst Case: $250,000.00
$3,000/unit (x50), lower allowance to replace
$5,000/unit, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
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Comp #:
1200 Pool Deck - Replace
Quantity: Approx 1,000 square feet
Location: Southwest corner of site near waterfront surrounding pool
Evaluation: Fair to good stable condition noted with a couple local areas of surface cracking evident, but not widespread or
significant. Reportedly new concrete deck in 2007 along with other pool refurbish work - project cost of $88,973.
Inspect regularly, pressure wash for appearance, fill/seal any cracks which may develop to minimize further
damage to pool deck and repair as needed from operating budget. Plan for regular intervals of replacement to
maintain safety and a quality appearance.
Useful Life:
30 years
Remaining Life:
27 years
Best Case: $12,000.00
Worst Case: $14,000.00
$12/Sq Ft, lower allowance to remove and replace
with similar material
$14/Sq Ft, higher allowance, more labor and/or
upgraded product/finish
Cost Source: ARI Cost Database: Similar Project Cost History
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Comp #:
1202 Pool - Resurface
Quantity: Approx 40 x 20'
Location: Interior surface of pool at southwest corner of site near waterfront
Evaluation: Stable surface condition with no significant damage/deterioration noted; pool was resurfaced in as part of other
major refurbishing in this area which included leveling and adding support to the main shell (2007). We
recommend professional cleaning and maintenance funded as general maintenance item. Per confirmation with
current vendor, plan for regular intervals of pool resurfacing as indicated here to maintain a quality appearance;
plan to replace tile along with every other resurface cycle (see component 1204) for cost efficiency/consistency.
Note: there appears to be a mesh cover stored under a stairwell in the building; fairly lower cost/quality cover
that can be repaired/replaced from operating funds as needed/desired; if association desires upgraded cover,
incorporate funding in reserve study updates if merited.
Useful Life:
12 years
Remaining Life:
9 years
Best Case: $10,000.00
Worst Case: $15,000.00
Lower allowance based on size and shape
Higher allowance
Cost Source: Aqua Quip, 425-264-7370
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Comp #:
1204 Pool Tile/Coping - Replace
Quantity: Approx 100 linear feet
Location: Perimeter surface of pool at southwest corner of site near waterfront
Evaluation: Generally fair to good condition with no widespread or significant damage or deterioration noted. Coping and
tiling reportedly replaced along with other large scale pool refurbishing in 2007. W e suggest planning to replace
every other pool resurface cycle (component #1202); treat periodic local repair/replacement as general
maintenance expense.
Useful Life:
24 years
Remaining Life:
21 years
Best Case: $5,000.00
Worst Case: $7,000.00
$50/LF, lower estimate to replace
$70/LF, higher estimate
Cost Source: ARI Cost Database: Similar Project Cost History
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Comp #:
1207 Pool Filter/Pumps - Replace
Quantity: Miscellaneous, assorted
Location: At pool utility room
Evaluation: Overall, observed to be in good operating order with no problems currently observed or reported to us. As
routine maintenance, inspect regularly, clean, replace media and repair/replace as needed. Pumps can often be
rebuilt, rather than replaced; difficult to predict life of these mechanical parts. Filter/pump replacement costs
individually typically do not meet reserve funding threshold. Best to treat these items as general maintenance
expenses upon occurrence, not as large scale reserve projects.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1208 Pool Heater - Replace
Quantity: (1) Coates heater
Location: Within poolhouse equipment room at pool deck
Evaluation: No observed or reported problems; assumed functional and in operating order. We recommend regular
professional inspections, maintenance and repair to help maximize useful life cycles. Per current pool vendor,
electric heater is older with recommendation to replace soon with gas heater. Cost below based on pool vendor
estimate but could vary if gas replacement which might require additional costs of installation. Regular intervals
of replacement at roughly the time frame indicated below for smooth, continuous functioning. Note: pool
equipment shed locked during our inspection with photo through glass door; heater is at very right side of photo.
Useful Life:
12 years
Remaining Life:
0 years
Best Case: $2,500.00
Worst Case: $3,500.00
Lower estimate to replace, installed
Higher estimate
Cost Source: Aqua Quip, 425-264-7370
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Comp #:
1210 Pool Fence - Replace
Quantity: Approx 115 linear feet
Location: Surrounding pool deck at southwest corner of site near waterfront
Evaluation: Good stable condition of black, metal fencing; reportedly replaced along with overall pool refurbish project
around 2007. The black finish may eventually need to be repainted; fund as general maintenance item or include
with overall building exteriors - not as separate reserve project. Inspect regularly to ensure stability and repair as
needed from operating funds; clean periodically to maintain appearance and extend useful life. Best to plan for
eventual replacement at roughly the time frame below which coincides deck work (see component #1200).
Useful Life:
30 years
Remaining Life:
27 years
Best Case: $5,750.00
Worst Case: $8,050.00
$50/LF, lower allowance to replace
$70/LF, higher allowance
Cost Source: ARI Cost Database: Similar Project Cost History
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Comp #:
1214 Pool Furniture - Replace
Quantity: Moderate, assorted
Location: Pool deck
Evaluation: Good to fair condition with no significant deterioration/damaged noted. Inspect and keep clean, store indoors
during off season if possible. No large scale reserve funding suggested at this time. If association desires
replacement all at once or upgraded styling/quantity which merits reserve funding, including in reserve study
updates.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1302 Low Slope Building Roof - Replace
Quantity: Approx 21,100 GSF
Location: Rooftop of building and at entry area vestibule
Evaluation: Overall, roof appears to be in good to fair condition with no damage (cracking, blistering, blocked drains, etc)
observed during our limited scope visual inspection; renewed in 2005 by Mono Rooftop Solutions (Nathan).
According to Nathan, although the 2005 renewal is technically considered a “capital improvement with a
coating”, in actuality it is like a new roof system; a Mono-Form or Mono-Ply system (asphalt emulsion with
fiberglass and polypropylene). According to Nathan, this was installed over two existing roofs and received a 12
year warranty expiring in 2017. We assume roof to have been designed and installed with proper waterproofing
details and drainage provision. Nathan indicates, at the next replacement period, if proactively maintained,
possibility of two options: (1) renew the existing system (just like 2005 work) with estimated cost at $65, 000 or
(2) complete tear off down to the wood which would most likely include a new roofing system (TPO, single ply,
etc) with rough estimate of cost at $135,000. Nathan reports very difficult to predict what might be needed and
when, but best to plan for renewal/recoating at the conclusion of the warranty period. While our funding
allowance includes cost for this renewal/coating, we suggest as the timing draws nearer, a roofing consultant be
hired to inspect and provide recommendations for future large scale work and incorporate funding in reserve
study updates.
Useful Life:
12 years
Remaining Life:
7 years
Best Case: $60,000.00
Worst Case: $80,000.00
Lower estimate to renew existing system
Higher estimate to renew
Cost Source: Estimate by Mono Rooftop Solutions, 206-767-2025, Nathan
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Comp #:
1304 Carport Roofs - Replace
Quantity: Approx 5,500 SF metal
Location: Metal rooftop at two car carport structures
Evaluation: We noted fair condition with peeling/faded blue paint, but overall stable surface with no leaks apparent or
reported. We assume roofs were installed per manufacturers specifications and applicable building codes. As
routine maintenance, we recommend professional inspections at least twice annually and after windstorms.
Promptly replace any damaged areas or any other repair needed to ensure waterproof integrity of roof. Plan for
replacement at roughly the time frame indicated below based on 50 year life. If painting of current rooftop is
desired, fund as general maintenance item.
Useful Life:
50 years
Remaining Life:
8 years
Best Case: $27,500.00
Worst Case: $38,500.00
$5.00/Sq Ft, lower estimate to demo and replace
with 24 gauge galvanized
$7.00/Sq Ft, higher estimate includes minor local
repair
Cost Source: ARI Cost Database: Similar Project Cost History
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Comp #:
1310 Downspouts - Replace
Quantity: Approx 640 linear feet
Location: Extending from roofs to base of buildings at siding
Evaluation: Generally fair to good condition of metal downspouts (built-in gutters at rooftops - no separate components);
reportedly replaced in full in 2006 following siding replacement project. Inspect regularly, keep downspouts free
of debris to ensure water evacuating from rooftops as designed and repair as needed from general operating
funds. Best to plan for full scale replacement for cost efficiency/consistency; timed with next siding replacement.
Note: approx. 70 linear feet of downspouts at detached carports can be repaired/replaced as general
maintenance item as does not meet the funding threshold for reserve funding.
Useful Life:
35 years
Remaining Life:
30 years
Best Case: $8,000.00
Worst Case: $10,000.00
Lower allowance to replace
Higher allowance
Cost Source: Client Cost History
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Comp #:
1801 Elevator - Modernize
Quantity: (1) 4 stop, hydro
Location: Center of building
Evaluation: Good operational condition observed during our limited scope visual inspection. In late 2008, large scale
modernization performed (emergency work) including new jack casing, piston, surge valve, piping, etc. Reported
currently there is some flooding in the pit, however anticipated this will be alleviated at no cost to the association
using vendors working on 2008 project. Regular professional inspections and maintenance are recommended
and indicated. Elevator vendors typically recommend modernization cycles of 20 to 25 years; we have factored
at 30 year interval below. Modernization is typically driven by parts obsolescence, mechanical/technology
upgrades, safety, code advances, etc. Interior cab refurbishing included separately (component 1802). Note: it
was reported to us by community contact, that the mechanics of the cab (door sensors, controllers, etc) have not
been upgraded. We tried to contact Thyssen Krupp several times to obtain information on estimated timing and
cost for this type of work but we never received a return call. At this point, we are not including recommended
funding for these type of upgrades, however we suggest the association obtain bids for this work to include in
future reserve studies.
Useful Life:
30 years
Remaining Life:
29 years
Best Case: $100,000.00
Worst Case: $150,000.00
Lower estimate to modernize
Higher estimate
Cost Source: Client Cost History, Thyssen Krupp & other vendors
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Comp #:
1802 Elevator Cab - Remodel
Quantity: (1) 72" X 42", Dover
Location: Interior of elevator cab (center of building)
Evaluation: Fair to good appearance of elevator cab; interior refurbished in 2003. As routine maintenance, inspect, clean
and perform any needed repairs out of operating budget. Best to plan to refurbish/replace cab interiors (flooring,
wall panels, grab bars, lighting, etc) every 15 years for aesthetic updating.
Useful Life:
15 years
Remaining Life:
8 years
Best Case: $10,000.00
Worst Case: $15,000.00
Lower allowance to remodel using similar design
Higher allowance, more elaborate design
Cost Source: ARI Cost Database: Similar Project Cost History
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Comp #:
1806 Fire Alarm System - Replace
Quantity: Dictograph system
Location: Wall mounted panels at lower level near common area laundry room
Evaluation: Overall fair condition observed with no problems reported to us. Assumed to be in good working order and
operating as designed with no reported problems. Professional inspections are recommended. Maintenance
should be a priority for this component due to life/safety issues. The failure rate of these types of communicators
is typically difficult to predict and they can last many years barring an unforeseen electrical event. Eventual
replacement will be needed due to parts obsolescence, technology upgrades, etc. however replacement of
current system/integrated functioning is difficult to determine without professional evaluation. Have servicer
provide estimate for replacement and incorporate funding in reserve study updates if merited. Reported to us,
several upgrades in 2003 during other interior remodel work.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1807 Fire Extinguishers - Replace
Quantity: Extensive bottle
Location: Throughout common areas
Evaluation: Good to fair condition observed based on our limited inspection; assumed to be functional with no problems
reported. Regular recharging/testing and inspections are needed - best funded in operating budget.
Repair/replace out of operating budget as needed. Not an item for reserve funding. No complete replacement for
this study.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1808 Trees - Trim
Quantity: Moderate trees
Location: Throughout common areas
Evaluation: Some trees nearing and/or in contact with siding at this point. Consult with a qualified arborist for a long term
plan for the care and management of the trees within the community, balancing aesthetics with protection of
association assets. Incorporate results of arborist study into reserve study updates if costs meeting funding
threshold. Reported to us no large scale tree expenses in the past which merited reserve funding. Note: board
member indicates neighbor to the north currently being contacted to see if they will prune/share in he cost of
pruning trees along this northerly boundary.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1809 Sewage Pumps - Replace
Quantity: (2) pumps, equipment
Location: Underground pumps (alarm attached to south side of building)
Evaluation: In 2009, both pumps were replaced and the lift station was rebuilt (total cost just under $30,000). Per Drain-Pro
who did this work, the extensive scope of work/cost for the recent work can be avoided in the future if proactively
maintained as replaced equipment had not been functioning correctly for a significant amount of time requiring
greater repairs and lift station improvements should not be needed for an extended period of time. Vendor
recommendation for long term planning, considering proactive maintenance, $10,000 every 15 year to
rebuild/replace pumps as needed. Proactive maintenance should include annual professional inspections with
prompt repair as general maintenance item.
Useful Life:
15 years
Remaining Life:
14 years
Best Case: $8,000.00
Worst Case: $12,000.00
Lower allowance to rebuild/repair pumps
Higher allowance
Cost Source: Estimate by Drain-Pro, 253-926-5586
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Comp #:
1810 Sewer/Storm System - Replace
Quantity: Extensive system
Location: Throughout community
Evaluation: Overall fair to good condition noted of drainage throughout the community with no reported problems. Assumed
to have been properly designed with adequate provisions for community drainage needs. As routine
maintenance, inspect regularly, keep drains and grates free of debris and free flowing to ensure water
evacuating as designed. Pump out sediments if needed utilizing mobile evacuator service; fund from operating
budget. No expectation of large scale repairs / replacements at this time. No reserve funding suggested.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1811 Plumbing - Repair/Replace
Quantity: Extensive plumbing
Location: Throughout building
Evaluation: Reported to us by board member, in 2001 large scale replacement of supply lines ($207,691), however drain
lines are original. Board member reports no current problems or history of plumbing problems with drain lines.
Analysis of plumbing system is beyond the scope of our services. No known current or history of reoccurring
problems such as supply pressure inadequacy, contamination, etc. No comprehensive inspection of plumbing
systems, by qualified professional, performed to date. We are unsure of overall condition and history of this
hidden system; if original galvanized piping is predominate, this type of plumbing is known to have problems
with rust / occlusion, poor flow, etc… We recommend thorough evaluation by an experienced plumber (e.g.
Fisher, Anderson McGruder, Pipeline, etc…) to assess overall system design and future needs. No basis for
reserve funding at this time - include within future reserve study updates if conditions change and funding basis
emerges.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1812 Electrical Systems-Refurbish
Quantity: Extensive systems
Location: At all buildings and throughout community
Evaluation: Reported to us by board member, no history or current problems with electrical systems; reportedly copper
wiring and electrical in conduit. Assessing the electrical systems is beyond the scope of our services. Although
no major renovations/replacements to the system (42 years old), no basis for reserve funding at this time.
However, we recommend periodic inspections/assessments to employ infrared or other testing methodologies to
ward off trouble spots and potential hazards and repair/replace as recommended. Funding may be incorporated
into future reserve study updates once an inspection/recommendations are obtained. No accurate basis for
reserve funding at this time.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1830 Landscaping - Refurbish
Quantity: Extensive landscaping
Location: Throughout common areas
Evaluation: Although typically funded as ongoing maintenance item, this component may be utilized for larger expenses that
do not occur on an annual basis, such as large scale plantings, extensive bark mulch every two/three years,
resodding lawn areas, landscape improvement projects, etc. No current desire for these types of needs with no
known history of significant costs for landscaping needs that were funded as reserves.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1915 Association Annual Inspection
Quantity: Every year
Location: Common elements throughout assocition
Evaluation: Many Associations are required to have annual inspections by a qualified engineer or architect to assess the
physical condition of the improvements. The inspection typically covers, at a minimum, the building envelope,
including the roofs, siding, decks, caulking, flashings, windows and doors. Although your Associations
governing documents do not appear to have such a requirement, we strongly recommend the Board provide for
periodic building envelope inspections, funded from the operating budget, to ensure weatherproofing and
structural integrity are maintained. Association should also conduct periodic homeowner surveys inquiring about
water intrusion, mold, etc. issues within units.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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Comp #:
1920 Reserve Study WSV
Quantity: Every three years
Location: Common elements throughout assocition
Evaluation: Per Washington law, chapter 64.34 RCW Article 3, Section 1 reserve study updates with site inspections are to
occur every three years to assess changes in condition (I.e., physical, economic, governmental, etc...) and the
resulting effect on the community's long-term reserve plan. Most appropriately factored within operating budget,
not as reserve component.
Useful Life:
Remaining Life:
Best Case:
Worst Case:
Cost Source:
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