association of unit owners of fountains at...

SCHWINDT & CO.RESERVE STUDY SERVICES

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ASSOCIATION OF UNIT OWNERS OF FOUNTAINS AT SUMMERFIELD

CONDOMINIUMS

MAINTENANCE PLAN UPDATE

RESERVE STUDY

LEVEL II: UPDATE WITH VISUAL SITE INSPECTION

2018

https://www.schwindtco.com/(503) 227-1165

Revised 4/9/2018


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ASSOCIATION OF UNIT OWNERS OF FOUNTAINS AT

SUMMERFIELD CONDOMINIUMS

Executive Summary

Year of Report:

January 1, 2018 to December 31, 2018

Number of Units:

110 Units

Parameters:

Beginning Balance: $650,000

Year 2018 Suggested Contribution: $90,000

Year 2018 Projected Interest Earned: $278

Inflation: 2.50%

Annual Increase to Suggested Contribution: 10.00%

Lowest Cash Balance Over 30 Years (Threshold): $67,083

Average Reserve Assessment per Unit: $68.18

Prior Year’s Actual Contribution: $84,000

Revised 4/9/2018

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TABLE OF CONTENTSAssociation of Unit Owners of Fountains at Summerfield Condominiums


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Disclosure Information 4 of 73

MAINTENANCE PLAN

Maintenance Plan 9 of 73

RESERVE STUDY

Property Description 17 of 73

Cash Flow Method - Threshold Funding Model Summary 21 of 73

Cash Flow Method - Threshold Funding Model Projection 22 of 73

Component Summary By Category 23 of 73

Component Summary By Group 26 of 73

Annual Expenditure Detail 28 of 73

Detail Report by Category 34 of 73

Annual Expenditure Spread Sheet 60 of 73

Additional Disclosures 69 of 73

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Association of Unit Owners of Fountains at Summerfield CondominiumsMaintenance Plan Update

Reserve Study Update –OffsiteDisclosure Information

2018

We have conducted an offsite reserve study update and maintenance plan update for Association of Unit Owners of Fountains at Summerfield Condominiums for the year beginning January 1, 2018, in accordance with guidelines established by Community Associations Institute and the American Institute of Certified Public Accountants.

This reserve study and maintenance plan are in compliance with the legislative changes made in 2007 to ORS Chapters 94 and 100.

In addition to providing the reserve study and maintenance plan, we also provide tax and review/audit services to the Association.

Schwindt & Company believes that every association should have a complete building envelope inspection within 12 months of completion of all construction and every 5 years. This inspection must be performed by a licensed building envelope inspector. Ongoing inspections of the property should be performed by a licensed inspector, with the exception of a roof inspection which may be performed by a licensed roofing contractor.

Assumptions used for inflation, interest, and other factors are detailed in page 21. Income tax factors were not considered due to the uncertainty of factors affecting net taxable income and the election of tax form to be filed.

Due to increased building activity we have seen a dramatic increase in certain vendor pricing during 2016 and

2017. However, it currently is not known if this is a temporary or permanent increase. We will monitor these costs on

a go forward basis.

Associations should have a complete building envelope study conducted every 3-5 years. If the Association chooses

not to engage a qualified engineer or architect to perform a building envelope inspection, the Association should be

100% funded using the fully funded method of funding to insure funds are available to pay for unexpected costs

David T. Schwindt, the representative in charge of this report, is a designated Reserve Study Specialist, Professional Reserve Analyst, and Certified Public Accountant licensed in the states of Oregon, Washington, California, and Arizona.

All information regarding the useful life and cost of reserve components was derived from the Association, local venders, and/or from various construction pricing and scheduling manuals.

The terms RS Means, National Construction Estimator, and Fannie Mae Expected Useful Life Tables and Forms refer to construction industry estimating databases that are used throughout the industry to establish cost estimates and useful life estimates for common building components and products. We suggest that the Association obtain firm bids for these services.

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According to Section 5.2 of the Declaration, the windows, windows frames, doors and door frames are part of the unit.

According to Section 6 of the Declaration, the General Common Elements include the land, pathways, driveways, parking spaces, perimeter walls, main walls, roofs, halls, corridors, lobbies, stair, fire escapes, entrances and exits of the buildings, and all other items necessary of convenient to its existence, maintenance and safety, or normally in common use.

According to Section 6.2 of the Declaration, the Limited Common Elements include the patios and deck adjoined to the units.

According to Section 6.5 of the Declaration, the maintenance, repair and replacement of the commons elements shall be the responsibility of the Board of Directors of the Association.

According to the Association, the insurance deductible is included in the operating budget.

The Association has elected to provide certain information to Schwindt & Co to allow Schwindt & Co to perform a lessor

level of assurance with respect to the reserve study. Factual data may include measurements, component listings and other

relevant information. As such, Schwindt & Co accepts no responsibility for such information. Had we performed a level I

reserve study, Schwindt & Co would have collected and analyzed such data and would have taken responsibility for the

presentation of the reserve study taken as a whole.

Many reserve studies do not include components such as the structural building envelope, plumbing (including water supply

and piping), electrical systems and water/sewer systems because they are deemed to be beyond the usual 30 year threshold

and reserve study providers are generally not experts in determining the estimated useful lives and replacement costs of such

assets. Associations that are 20+ in age should consider adding funding for these components because the eventual cost may

be one of the largest expenditures in the study. Because the eventual replacement costs and determination of the estimated

useful life of such components depend on a number of factors, it is advisable to hire experts to advise the Association on such

matters. Schwindt & Co believes the best way to determine costs and lives associated with these components is to perform an

inspection of the applicable components which should include information about the component, steps to take to lengthen the

estimated useful life, projected estimated useful life and estimated replacement costs. This inspection should be conducted by

experts and should include a written report. This information will allow the reserve study provider and the Association to

include appropriate costs, lives and projected expenditures in the study. Schwindt & Co believes that the cost of these

inspections should be included in the reserve study as a funded component.

We are not aware of any material issues which, if not disclosed, would cause a material distortion of this report.

Certain information, such as the beginning balance of reserve funds and other information as detailed on the component detail reports, was provided by Association representatives and is deemed to be reliable by us. This reserve study is a reflection of the information provided to us and cannot be used for the purpose of performing an audit, a quality/forensic analysis, or background checks of historical records.

Site visits should not be considered a project audit or quality inspection of the Association’s property. This site visit does not evaluate the condition of the property to determine the useful life or needed repairs. Schwindt & Company suggests that the Association perform a building envelope inspection to determine the condition, performance, and the useful life of all the components.

Certain costs outlined in the reserve study are subjective and, as a result, are for planning purposes only. The Association should obtain firm bids at the time of work. Actual costs will depend upon the scope of work as defined at the time the repair, replacement, or restoration is performed. All estimates relating to future work are good faith estimates and projections are based on the estimated inflation rate, which may or may not prove accurate. All future costs and life expectancies should be reviewed and adjusted annually.

This reserve study, unless specifically stated in the report, assumes no fungi, mold, asbestos, lead paint, urea-formaldehyde foam insulation, termite control substances, other chemicals, toxic wastes, radon gas, electro-magnetic radiation or other potentially hazardous materials (on the surface or sub-surface), or termites on the property. The existence of any of these substances may adversely affect the accuracy of this reserve study. Schwindt & Company assumes no responsibility regarding such conditions, as we are not qualified to detect substances, determine the impact, or develop remediation plans/costs.

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Since destructive testing was not performed, this reserve study does not attempt to address latent and/or patent defects. Neither does it address useful life expectancies that are abnormally short due either to improper design, installation, nor to subsequent improper maintenance. This reserve study assumes all components will be reasonably maintained for the remainder of their life expectancy.

Physical Analysis:

New projects generally include information provided by developers and/or refer to drawings.

Full onsite reserve studies generally include field measurements and do not include destructive testing. Drawings are usually not available for existing projects.

Onsite updates generally include observations of physical characteristics, but do not include field measurements.

Please note that the Association has not had a complete building envelope inspection. The effects of not having information relating to this inspection are not known.

The client is considered to have deemed previously developed component quantities as accurate and reliable. The current work is reliant on the validity of prior reserve studies.

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 homeowners to pay on demand (as a special assessment) their share of common expenses for the cost of major maintenance, repair, or replacement of a reserve component.

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CONDOMINIUMS

MAINTENANCE PLAN

2018

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Association of Unit Owners of Fountains at Summerfield Condominiums Executive Summary of Maintenance Plan


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Regular maintenance of common elements is necessary to insure the maximum useful life and optimum performance of components. Of particular concern are items that may present a safety hazard to residents or guests if they are not maintained in a timely manner and components that perform a water-proofing function.

This maintenance plan is a cyclical plan that calls for maintenance at regular intervals. The frequency of the maintenance activity and the cost of the activity at the first instance follow a short descriptive narrative. This maintenance plan should be reviewed on an annual basis when preparing the annual operating budget for the Association.

Checklists, developed by Reed Construction Data, Inc., can be photocopied or accessed from the RS Means website:

http://www.rsmeans.com/supplement/67346.asp

They can be used to assess and document the existing condition of an Association’s common elements and to track the carrying out of planned maintenance activities.

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Association of Unit Owners of Fountains at Summerfield CondominiumsMaintenance Plan

2018

Pursuant to Oregon State Statutes Chapters 94 and 100, which require a maintenance plan as an integral part of the reserve study, the maintenance procedures are as follows:

The Board of Directors should refer to this maintenance plan each year when preparing the annual operating budget for the Association to ensure that annual maintenance costs are included in the budget for the years that they are scheduled.

Property Inspection

Schwindt & Company recommends that a provision for the annual inspection of common area components be included in the maintenance plan for all associations. This valuable management tool will help to ensure that all components achieve a maximum useful life expectancy and that they function as intended throughout their lifespan.

This inspection process should include a careful visual review of the waterproofing membrane on the unit balconies.

The inspection should be performed by a qualified professional and should include a written summary of conclusions with specific recommendations for any needed repairs or maintenance.

We suggest that the Association obtain firm bids for this service.

This expense should be included in the annual operating budget for the Association.

Frequency: Annually

Building Envelope Inspection

Schwindt & Company recommends that all associations perform a building envelope inspection within 12 months of substantial completion of all construction or immediately upon detection of any water intrusion or mold problems. This inspection process may involve invasive testing if the problems detected are serious enough to warrant such measures.

The inspection should be performed by an architect, engineer, or state-licensed inspector who is specifically trained in forensic waterproofing analysis. The report should include a written summary of findings with recommendations for needed repairs or maintenance procedures.

All reserve studies and maintenance plans prepared by Schwindt & Company assume that any such recommendations will be followed and that all work will be performed by qualified professionals.

A complete envelope inspection will usually be required only one time although a visual review of the building exterior may be advisable on a periodic basis under certain circumstances. The Association should consult with the inspector(s) who performed the original assessment to determine the best course

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of action for their individual situation.


Frequency: Every 5 years

Roof Inspection

Schwindt & Company recommends that a provision for the periodic inspection and maintenance of roofing and related components be included in the maintenance plan for all associations.

The frequency of this inspection will vary based on the age, condition, complexity, and remaining useful life of the roof system. As the roof components become older, the Association is well advised to consider increasing the frequency of this critical procedure.

The inspection should be performed by a qualified roofing professional and should include a written summary of conclusions with specific recommendations for any needed repairs or maintenance. Recommended maintenance should be performed promptly by a licensed roofing contractor.



Frequency: Refer to roof warranty for frequency

Lighting: Exterior & Common Area Interior – Inspection/Maintenance

Note: Replacement of flickering or burned-out bulbs or lamps should be immediate.

Lighting is a crucial element in the provision of safety and security. All lighting systems should be inspected frequently and care must be taken to identify and correct deficiencies.

Various fixture and lamp types may be used according to area needs. Lighting systems should be designed to provide maximum, appropriate illumination at minimal energy expenditures. Lighting maintenance processes should include a general awareness of factors that cause malfunctions in lighting systems, such as dirt accumulation and lumen depreciation. It is important to fully wash, rather than dry-wipe, exterior surfaces to reclaim light and prevent further deterioration.

Deficiencies, required maintenance, and required repairs after completion of the review should be noted by the maintenance contractor and/or association representatives.

Repairs and inspections should be completed by a qualified professional.

This expense should be included in the annual operating budget for the Association as general property maintenance expense.

Frequency: Bi-Weekly

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Exterior Stairs and Decks

Individual decks should be carefully checked, particularly concrete and wood, on a monthly basis. Concrete should be reviewed for deficiencies such as alkali-aggregate expansion, honeycombing, chips, cracks, stains, lifted areas, tripping hazards, and/or unevenness. Railings should be reviewed for stability, hardware, and overall condition. Wood should be reviewed for deficiencies, such as dry rot, termites, instability, worn edges, cracks, holes and splintering. Footing/foundation should be reviewed for stability and overall condition deficiencies, such as cracks and broken or missing components. A safety review should include, but not be limited to, the sufficient distance maintained between flammables and other surfaces, as well as the overall condition of access points such as doors, windows, screens and thresholds.

Frequency: Monthly

Windows & Doors

The performance of and payment for the maintenance and repairs of windows and doors is solely the responsibility of the owners. Owners should be made aware of the consequence of not maintaining their property. A method should be adopted for owners to report problems.

Exterior window and door casings, sashes, and frames should be inspected annually for twisting, cracking, deterioration, or other signs of distress. Hardware and weather stripping should be checked for proper operation and fit. Gaskets and seals should be reviewed for signs of moisture intrusion. Weep holes should be cleaned. These building envelope components should be repaired and replaced as necessary.

Frequency: Monthly

Gutters & Downspouts

Schwindt & Company recommends that all gutters and downspouts be cleaned, visually inspected, and repaired as required every six months in the spring and fall.

This important maintenance procedure will help to ensure that the gutters and downspouts are free-flowing at all times, thus preventing the backup of water within the drainage system. Such backup can lead to water ingress issues along the roof edges, around scuppers or other roof penetrations, and at sheet metal flashing or transition points that rely on quick and continuous discharge of water from surrounding roof surfaces to maintain a watertight building exterior.


Frequency: Semiannually, more often if necessary

Exterior Walls

The siding, trim, and other wood building components should be inspected for loose, missing, cracked or otherwise damaged components. Sealant joints should be checked for missing or cracked sealant.

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Painted surfaces should be checked for paint deterioration, bubbling, or other signs of deterioration.

Dryer vents should be checked twice a year and cleared of lint. Also check operation of exhaust baffles to make sure they are present and that they move freely. Exhaust ducts should be cleared of debris every3 years.

The payment for maintenance and the performance of maintenance repair of dryer vents, exhaust baffles, and exhaust ducts is solely the responsibility of the owners.

Any penetrations of the building envelope such as utility lines and light fixtures should be checked annually for signs of water intrusion. Hose bibs should be checked for leaks and other failures. Each hose bib should be shut off and drained during the winter to prevent damage from freezing.

The payment for and performance of maintenance and repair of all outlets of utility service lines, including water, sewerage, gas or electricity is solely the responsibility of the Owners.

Annual inspections to check for signs of water intrusion should be made of the building envelope interfaces such as where the windows intersect with the walls and where the walls intersect with the roof.


Inspections should be made by a qualified professional.


Frequency: Annually

Landscape Maintenance

The Association will be responsible for maintenance and upkeep of common area landscape throughout the property. This may include mowing lawn, removal of weeds, and dead-heading of flowers. Landscape techniques vary depending on the foliage and season.


This expense should be included in the Association’s operating budget.

Frequency: Annually

Lawn Irrigation System

Periodic maintenance to the lawn irrigation system should be anticipated with this type of component. These maintenance procedures will include replacement of the control mechanism, replacement of damaged piping, upgrading of sprinkler heads and valve components, and any other work that is advised by repair professionals.

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In recent years, improvements have been made to this type of system which has increased the efficiency of the water distribution process. Such improvements can be expected to continue to be made and the owners of such systems are well advised to plan on periodic upgrades to maintain the efficiency of their systems.

Lawn irrigation systems also require periodic testing to ensure proper operation. Sometimes this testing is mandated by ordinance or building codes. All work on lawn irrigation systems must be performed by licensed contractors who specialize in this type of work.


Frequency: Annually

Storm Drains

Storm drains or sewers are underground systems used to collect and dispose of surface water. They carry large quantities of water away from paved surface areas, and should be kept clean to prevent the accumulation of dirt and debris. They should be cleaned and flushed annually to ensure blockages are removed and piping is functional. If drains tend to become clogged frequently, they should be inspected and cleaned more often.


This expense should be included in the annual operating budget for the Association as a general property maintenance expense.

Frequency: Annually

Exterior Sealant

Sealant acts as a water shedding surface at the exterior face of assemblies and plays a vital role in prevention of water intrusion at building interfaces and transitions. Sealant is also applied at electrical and mechanical penetrations, flashing transitions, and deck and roof transitions.

Maintenance of the exterior sealant includes inspection of all exterior sealant for discontinuities, de-bonding, cracking, etc. Review cladding and fasteners to confirm that corrosion is not present. Provide maintenance and repairs.

This expense is included in the reserve study for the Association.

Frequency: Every 11 years, beginning in 2019

Exterior Siding Maintenance – Painting

Maintenance of the exterior siding includes regularly scheduled cleaning and inspection of the surface areas for cracks, peeling paint or other sealants, deterioration of the base material, and failure of caulking

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or other sealant materials that serve a waterproofing function.

This maintenance provision is for the periodic painting of the exterior siding. The siding should be cleaned, repaired as required, and primed and painted with premium quality exterior house paint in accordance with the siding manufacturer’s specifications. The work should be performed by a qualified, licensed painting contractor.



Asphalt – Seal Coating

Maintenance of asphalt paving includes the periodic application of an asphalt emulsion sealer or “seal coat”. This procedure is typically performed every 4 to 7 years, depending on a variety of factors that can affect the useful life of the sealer.

Vehicle traffic is one such factor, and associations that have asphalt paving that carries considerable vehicle traffic should consider a maintenance program that calls for seal coating of asphalt driving surfaces as frequently as every 4 years.

This maintenance procedure involves thoroughly cleaning all pavements, filling of any surface cracks and patching of any locally damaged pavement surfaces. The emulsion sealer is then applied.

Parking area demarcation lines will need to be renewed each time a seal coat is applied. The component expense includes the cost of this work as well as the seal coating cost.

This work should be performed by a licensed paving contractor.



Elastomeric Deck Maintenance

Maintenance of the decks includes cleaning, repairing, and applying a top coat to the exposed surfaces with appropriate sealer. Drains should be cleaned and checked for free flow. Flashings, grout and other water resistive details should be renewed as needed to ensure that the tiled surface areas on the decks remain water-tight.

This work should be performed by a licensed contractor.



Backflow Device Maintenance

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Maintenance of the backflow device and components related to the water system includes, but is not limited to, inspecting for leaks under pressure and checking for damage or deterioration.

Annual maintenance on the backflow device includes the testing and calibrating of valve operation. Air should be bled from the backflow preventer and the area should be cleaned.

Inspections and maintenance should be performed by a qualified, licensed service provider.


This maintenance item should be included in the Association’s annual operating budget.

Frequency: Annually

Attic Spaces

Attic should be inspected annually to make sure all vents are free of obstructions and exhaust ducts are tight lined to the exterior. Owners should consult a professional if mold is detected.

Owners should consult a professional if water related damage is discovered.

Frequency: Annually

Concrete Pavement

Maintenance of the concrete pavement should include cleaning the surface areas with pressure washing equipment. The pavement should also be visually reviewed for signs of undue stress and cracking. Noticeable cracks should be filled with a suitable concrete crack filler to prevent penetration of moisture below the concrete surface which will undermine the integrity of the base material over time.

This maintenance item should be included in the Association’s annual operating budget.

Frequency: Annually

This maintenance plan is designed to preserve and extend the useful life of assets and is dependent upon proper inspection and follow up procedures.

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CONDOMINIUMS

RESERVE STUDY

LEVEL II: UPDATE WITH VISUAL SITE INSPECTION

2018

Revised 4/9/2018

Association of Unit Owners of Fountains at Summerfield Condominiums Property Description


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Association of Unit Owners of Fountains at Summerfield Condominiums consists of 19 buildings with 110 units located in Tigard, Oregon. The buildings are two stories, of wood frame construction with brick veneer and wood siding with a composition roof. The Association was built in 1985. The Association shall provide exterior improvements upon each unit, such as paint, maintenance, repair and replacement of roofs, gutters, downspouts, rain drains, and exterior building surfaces. The individual homeowners are responsible for all maintenance and repairs to the interior of their home.

A site visit was performed by Schwindt & Company in 2018. Schwindt & Co did not investigate

components for defects, materials, design or workmanship. This would ordinarily be considered in a

complete building envelope inspection. Our condition assessment considers if the component is wearing

as intended. All components are considered to be in fair condition and appear to be wearing as intended

unless noted otherwise in the component detail.

Funds are being accumulated in the replacement fund based on estimates of future need for repairs and replacement of common property components. Actual expenditures, investment income, and provisions for income taxes however, may vary from estimated amounts, and variations may be material. Therefore, amounts accumulated in the replacement fund may not be adequate to meet future funding needs.

If additional funds are needed, the Association has the right, subject to board member approval, to increase regular assessments, levy special assessments, otherwise the Association may delay repairs or replacements until funds are available.

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Association of Unit Owners of Fountains at Summerfield Condominiums Category Detail Index


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Asset IDDescription Replacement Page

Building Cladding Components - Masonry1001 Brick Masonry Veneer Unfunded 34 of 73

Building Cladding Components - Painting and Sealants1008 Caulking & Joint Sealant 2019 35 of 731009 Exterior Siding - Painting/Repair 2019 35 of 73

Building Cladding Components - Roofing1010 Composition Roof: Phase 1 - Replacement 2025 36 of 731011 Composition Roof: Phase 2 - Replacement 2026 36 of 731012 Composition Roof: Phase 3 - Replacement 2027 36 of 731013 Composition Roof: Phase 4 - Replacement 2028 37 of 731014 Composition Roof: Phase 5 - Replacement 2029 37 of 731015 Rain Gutters & Downspouts: Phase 1 - Replacement 2025 37 of 731016 Rain Gutters & Downspouts: Phase 2 - Replacement 2026 38 of 731017 Rain Gutters & Downspouts: Phase 3 - Replacement 2027 38 of 731018 Rain Gutters & Downspouts: Phase 4 - Replacement 2028 39 of 731019 Rain Gutters & Downspouts: Phase 5 - Replacement 2029 39 of 731020 Roof & Flashing - Repair 2020 40 of 731020 Sheet Metal Flashing & Trim - Replacement 2025 40 of 73

Decks and Railings1024 Brick Clad Deck Support Posts: Phase 1 - Replacem.. Unfunded 41 of 731025 Brick Clad Support Posts: Phase 2 - Replacement Unfunded 41 of 731026 Deck - Repair & Replacement 2018 42 of 731028 Deck Coatings - Renewal 2018 42 of 73

Exterior Openings - Lobbies1030 Metal Doors Hardware - Replacement 2043 43 of 731029 Metal Doors and Frames - Replacement 2035 43 of 73

Interior Finishing - Lobbies1036 Carpeting - Replacement 2026 44 of 731035 Interior Hand Rails - Replacement 2043 44 of 731038 Interior Paint 2026 44 of 73

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Interior Finishing - Lobbies Continued...1035 Interior Stair Banisters - Replacement Unfunded 45 of 73

Garages and Trash Corrals1007 Garage Repair/Painting (27) 2027 46 of 731033 Wood Doors Hardware: Phase 1 - Replacement Unfunded 46 of 731034 Wood Doors Hardware: Phase 2 - Replacement Unfunded 47 of 731031 Wood Doors and Frames: Phase 1 - Replacement Unfunded 47 of 731032 Wood Doors and Frames: Phase 2 - Replacement Unfunded 48 of 731050 Wood Fencing - Trash Corrals (11) 2027 48 of 73

Site Specialties1039 Building Labeling Signage - Replacement 2037 49 of 731040 Monument Sign - Replacement Unfunded 49 of 73

Lighting Fixtures1041 Interior Lighting Lobbies - Replacement 2021 50 of 731043 Landscaping Lighting - Replacement 2043 50 of 731042 Site & Parking Lighting - Repair Unfunded 50 of 73

Exterior Improvements1044 Asphalt Parking - Overlay 2024 52 of 731045 Asphalt Parking - Sealants Sealer/Repair 2018 52 of 731049 Concrete Entry Porches - Repair 2027 52 of 731048 Concrete Flatwork - Repairs 2015 2030 53 of 731048 Concrete Flatwork - Repairs 2017-2021 2018 53 of 731052 Fountain Head - Replacement 2020 53 of 731051 Fountain Improvements 2031 54 of 731052 Fountain Pumps & Filters - Replacement 2020 54 of 731054 Irrigation Controllers - Replacement 2017 2027 55 of 731053 Irrigation Systems - Repair 2030 55 of 731055 Landscaping - Improvements 2015 2045 55 of 731055 Landscaping - Improvements 2016 2046 56 of 731055 Landscaping - Improvements 2017 2018 56 of 73

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Consultant FeesBuilding Envelope Inspection 2018 57 of 73Electrical Inspection 2018 57 of 73Plumbing Inspection 2018 58 of 73

1056 Reserve Study Update - Offsite 2019 58 of 731057 Reserve Study Update - Onsite 2018 58 of 73

Total Funded Assets 44Total Unfunded Assets 10Total Assets 54

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Association of Unit Owners of Fountains at Summerfield CondominiumsTigard, Oregon

Cash Flow Method - Threshold Funding Model Summary


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Report Date March 27, 2018

Budget Year Beginning January 01, 2018Budget Year Ending December 31, 2018

Total Units 110

Report Parameters

Inflation 2.50%

Interest Rate on Reserve Deposit 0.10%

2018 Beginning Balance $650,000

Threshold Funding Fully Reserved Model Summary

This study utilizes the cash flow method and the threshold funding model, which establishes a reserve funding goal that keeps the reserve balance above a specified dollar or percent funded amount. The threshold method assumes that the threshold method is funded with a positive threshold balance, therefore, "fully reserved".

The following items were not included in the analysis because they have useful lives greater than 30 years: grading/drainage; foundation/footings; storm drains; telephone, cable, and internet lines.

This funding scenario begins with a contribution of $90,000 in 2018 and increases 10.00% each year until 2031. In 2031 the contribution is $110,000 and remains constant for the remaining years of the study. A minimum balance of $67,083 is maintained.

The reserve study cash flow model includes an annual increase in the required contribution over the 30 year period. Since the current Board and membership only has the authority to obligate the Association for the current budget year, the cash flow model relies on the actions of future Boards to adhere to the required increase in the annual reserve contribution. Because of the possibility that future Boards, due to budgetary constraints, are not able to increase the reserve contribution to the required amount to provide for adequate funding, the Association may be at risk in the future of special assessing the members to fund needed expenditures.

The purpose of this study is to insure that adequate replacement funds are available when components reach the end of their useful life. Components will be replaced as required, not necessarily in their expected replacement year. This analysis should be updated annually.

Cash Flow Method - Threshold Funding Model Summary of Calculations

Required Month Contribution $7,500.00$68.18 per unit monthly

Average Net Month Interest Earned $23.15Total Month Allocation to Reserves $7,523.15

$68.39 per unit monthly

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Association of Unit Owners of Fountains at Summerfield Condominiums Cash Flow Method - Threshold Funding Model Projection


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Beginning Balance: $650,000Projected Fully

Annual Annual Annual Ending Funded PercentYear Contribution Interest Expenditures Reserves Reserves Funded

2018 90,000 278 421,117 319,161 1,274,677 25%2019 99,000 248 124,752 293,657 1,295,110 23%2020 108,900 304 48,403 354,458 1,401,720 25%2021 119,790 412 7,975 466,685 1,540,197 30%2022 131,769 537 935 598,057 1,693,019 35%2023 144,946 670 7,229 736,443 1,848,687 40%2024 159,440 652 171,041 725,495 1,844,720 39%2025 175,385 523 297,742 603,661 1,713,913 35%2026 192,923 341 367,785 429,140 1,511,249 28%2027 212,215 125 419,369 222,111 1,253,931 18%2028 233,437 22 327,042 128,528 1,087,072 12%2029 256,781 318,225 67,083 929,644 7%2030 282,459 249,254 100,287 848,272 12%2031 110,000 115 45,053 165,349 977,944 17%2032 110,000 213 11,666 263,897 1,148,946 23%2033 110,000 183 140,324 233,755 1,195,053 20%2034 110,000 292 1,257 342,790 1,390,176 25%2035 110,000 367 35,639 417,518 1,559,100 27%2036 110,000 386 91,052 436,852 1,679,715 26%2037 110,000 332 164,114 383,071 1,732,831 22%2038 110,000 432 10,469 483,034 1,947,822 25%2039 110,000 541 1,423 592,153 2,183,479 27%2040 110,000 638 14,213 688,577 2,416,627 28%2041 110,000 434 314,010 485,002 2,353,142 21%2042 110,000 437 108,147 487,291 2,504,027 19%2043 110,000 459 87,796 509,954 2,683,006 19%2044 110,000 554 15,689 604,819 2,947,180 21%2045 110,000 580 84,644 630,756 3,152,608 20%2046 110,000 652 38,671 702,736 3,415,757 21%2047 110,000 588 174,544 638,781 3,551,815 18%

Revised 4/9/2018

Association of Unit Owners of Fountains at Summerfield Condominiums Component Summary By Category


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Building Cladding Components - MasonryBrick Masonry Veneer Unfunded

Building Cladding Components - Painting and SealantsCaulking & Joint Sealant 2008 2019 11 0 1 1 Total 45,176.87 45,177Exterior Siding - Painting/Repair 2008 2019 11 0 1 26,400 SF 2.75 72,600 Building Cladding Components - Painting and Sealants - Total $117,777

Building Cladding Components - RoofingComposition Roof: Phase 1 - Replacement 2000 2025 25 0 7 41,540 SF 5.50 228,472Composition Roof: Phase 2 - Replacement 2001 2026 25 0 8 41,540 SF 5.50 228,472Composition Roof: Phase 3 - Replacement 2002 2027 25 0 9 41,540 SF 5.50 228,472Composition Roof: Phase 4 - Replacement 2003 2028 25 0 10 41,540 SF 5.50 228,472Composition Roof: Phase 5 - Replacement 2004 2029 25 0 11 41,540 SF 5.50 228,472Rain Gutters & Downspouts: Phase 1 - Rep.. 2000 2025 25 0 7 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 2 - Rep.. 2001 2026 25 0 8 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 3 - Rep.. 2002 2027 25 0 9 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 4 - Rep.. 2003 2028 25 0 10 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 5 - Rep.. 2004 2029 25 0 11 1 Total 13,214.24 13,214Roof & Flashing - Repair 2015 2020 5 0 2 1 Total 34,729.73 34,730Sheet Metal Flashing & Trim - Replacement 1985 2025 40 0 7 1,635 LF 4.86 7,946 Building Cladding Components - Roofing - Total $1,251,108

Decks and RailingsBrick Clad Deck Support Posts: Phase 1 - .. UnfundedBrick Clad Support Posts: Phase 2 - Replac.. UnfundedDeck - Repair & Replacement 1985 2018 30 2 0 1 Total 250,000.00 250,000Deck Coatings - Renewal 2005 2018 15 -3 0 12,500 SF 7.24 90,500 Decks and Railings - Total $340,500

Exterior Openings - LobbiesMetal Doors Hardware - Replacement 2014 2043 29 0 25 30 Each 262.79 7,884Metal Doors and Frames - Replacement 1985 2035 50 0 17 30 Each 752.48 22,574 Exterior Openings - Lobbies - Total $30,458

Interior Finishing - LobbiesCarpeting - Replacement 2011 2026 15 0 8 21,150 SF 2.60 54,990Interior Hand Rails - Replacement 2013 2043 30 0 25 259 Each 69.46 17,990Interior Paint 2011 2026 15 0 8 3,360 SF 1.29 4,334Interior Stair Banisters - Replacement Unfunded Interior Finishing - Lobbies - Total $77,315

Revised 4/9/2018



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Garages and Trash CorralsGarage Repair/Painting (27) 2017 2027 10 0 9 30,000 SF 2.25 67,500Wood Doors Hardware: Phase 1 - Replace.. UnfundedWood Doors Hardware: Phase 2 - Replace.. UnfundedWood Doors and Frames: Phase 1 - Replac.. UnfundedWood Doors and Frames: Phase 2 - Replac.. UnfundedWood Fencing - Trash Corrals (11) 2017 2027 10 0 9 220 LF 48.63 10,699 Garages and Trash Corrals - Total $78,199

Site SpecialtiesBuilding Labeling Signage - Replacement 2012 2037 25 0 19 60 Each 289.42 17,365Monument Sign - Replacement Unfunded Site Specialties - Total $17,365

Lighting FixturesInterior Lighting Lobbies - Replacement 1985 2021 36 0 3 60 Each 57.88 3,473Landscaping Lighting - Replacement 2013 2043 30 0 25 44 Each 115.76 5,093Site & Parking Lighting - Repair Unfunded Lighting Fixtures - Total $8,566

Exterior ImprovementsAsphalt Parking - Overlay 1985 2024 36 3 6 69,616 SF 2.00 139,232Asphalt Parking - Sealants Sealer/Repair 2011 2018 6 0 0 69,616 SF 0.72 50,124Concrete Entry Porches - Repair 2012 2027 15 0 9 6 Each 1,470.22 8,821Concrete Flatwork - Repairs 2015 2015 2030 15 0 12 1 Total 11,858.93 11,859Concrete Flatwork - Repairs 2017-2021 2017 2018 1 0 0 1 Total 3,085.25 3,085Fountain Head - Replacement 2016 2020 4 0 2 4 Each 926.13 3,705Fountain Improvements 2001 2031 30 0 13 1 Total 31,835.58 31,836Fountain Pumps & Filters - Replacement 2016 2020 4 0 2 4 Each 926.13 3,705Irrigation Controllers - Replacement 2017 2017 2027 10 0 9 1 Total 6,247.00 6,247Irrigation Systems - Repair 1985 2030 45 0 12 1 Total 4,728.00 4,728Landscaping - Improvements 2015 2015 2045 30 0 27 1 Total 30,750.00 30,750Landscaping - Improvements 2016 2016 2046 30 0 28 1 Total 18,522.52 18,523Landscaping - Improvements 2017 1985 2018 30 2 0 1 Total 11,018.75 11,019 Exterior Improvements - Total $323,632

Consultant FeesBuilding Envelope Inspection 1985 2018 5 0 0 1 Total 5,000.00 5,000Electrical Inspection 1985 2018 25 0 0 1 Total 5,000.00 5,000Plumbing Inspection 1985 2018 25 0 0 1 Total 5,000.00 5,000Reserve Study Update - Offsite 2015 2019 1 0 1 1 Total 847.07 847Reserve Study Update - Onsite 2013 2018 5 0 0 1 Total 1,389.19 1,389 Consultant Fees - Total $17,236

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Total Asset Summary $2,262,156

Revised 4/9/2018

Association of Unit Owners of Fountains at Summerfield Condominiums Component Summary By Group


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CapitalAsphalt Parking - Overlay 1985 2024 36 3 6 69,616 SF 2.00 139,232Brick Clad Deck Support Posts: Phase 1 - .. UnfundedBrick Clad Support Posts: Phase 2 - Replac.. UnfundedBrick Masonry Veneer UnfundedBuilding Labeling Signage - Replacement 2012 2037 25 0 19 60 Each 289.42 17,365Carpeting - Replacement 2011 2026 15 0 8 21,150 SF 2.60 54,990Composition Roof: Phase 1 - Replacement 2000 2025 25 0 7 41,540 SF 5.50 228,472Composition Roof: Phase 2 - Replacement 2001 2026 25 0 8 41,540 SF 5.50 228,472Composition Roof: Phase 3 - Replacement 2002 2027 25 0 9 41,540 SF 5.50 228,472Composition Roof: Phase 4 - Replacement 2003 2028 25 0 10 41,540 SF 5.50 228,472Composition Roof: Phase 5 - Replacement 2004 2029 25 0 11 41,540 SF 5.50 228,472Fountain Head - Replacement 2016 2020 4 0 2 4 Each 926.13 3,705Fountain Improvements 2001 2031 30 0 13 1 Total 31,835.58 31,836Fountain Pumps & Filters - Replacement 2016 2020 4 0 2 4 Each 926.13 3,705Interior Hand Rails - Replacement 2013 2043 30 0 25 259 Each 69.46 17,990Interior Lighting Lobbies - Replacement 1985 2021 36 0 3 60 Each 57.88 3,473Interior Stair Banisters - Replacement UnfundedIrrigation Controllers - Replacement 2017 2017 2027 10 0 9 1 Total 6,247.00 6,247Landscaping - Improvements 2015 2015 2045 30 0 27 1 Total 30,750.00 30,750Landscaping - Improvements 2016 2016 2046 30 0 28 1 Total 18,522.52 18,523Landscaping - Improvements 2017 1985 2018 30 2 0 1 Total 11,018.75 11,019Landscaping Lighting - Replacement 2013 2043 30 0 25 44 Each 115.76 5,093Metal Doors Hardware - Replacement 2014 2043 29 0 25 30 Each 262.79 7,884Metal Doors and Frames - Replacement 1985 2035 50 0 17 30 Each 752.48 22,574Monument Sign - Replacement UnfundedRain Gutters & Downspouts: Phase 1 - Rep.. 2000 2025 25 0 7 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 2 - Rep.. 2001 2026 25 0 8 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 3 - Rep.. 2002 2027 25 0 9 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 4 - Rep.. 2003 2028 25 0 10 1 Total 13,214.24 13,214Rain Gutters & Downspouts: Phase 5 - Rep.. 2004 2029 25 0 11 1 Total 13,214.24 13,214Sheet Metal Flashing & Trim - Replacement 1985 2025 40 0 7 1,635 LF 4.86 7,946Wood Doors Hardware: Phase 1 - Replace.. UnfundedWood Doors Hardware: Phase 2 - Replace.. UnfundedWood Doors and Frames: Phase 1 - Replac.. UnfundedWood Doors and Frames: Phase 2 - Replac.. UnfundedWood Fencing - Trash Corrals (11) 2017 2027 10 0 9 220 LF 48.63 10,699 Capital - Total $1,601,461

Non-CapitalAsphalt Parking - Sealants Sealer/Repair 2011 2018 6 0 0 69,616 SF 0.72 50,124Building Envelope Inspection 1985 2018 5 0 0 1 Total 5,000.00 5,000Caulking & Joint Sealant 2008 2019 11 0 1 1 Total 45,176.87 45,177

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Association of Unit Owners of Fountains at Summerfield Condominiums Component Summary By Group


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Non-Capital continued...Concrete Entry Porches - Repair 2012 2027 15 0 9 6 Each 1,470.22 8,821Concrete Flatwork - Repairs 2015 2015 2030 15 0 12 1 Total 11,858.93 11,859Concrete Flatwork - Repairs 2017-2021 2017 2018 1 0 0 1 Total 3,085.25 3,085Deck - Repair & Replacement 1985 2018 30 2 0 1 Total 250,000.00 250,000Deck Coatings - Renewal 2005 2018 15 -3 0 12,500 SF 7.24 90,500Electrical Inspection 1985 2018 25 0 0 1 Total 5,000.00 5,000Exterior Siding - Painting/Repair 2008 2019 11 0 1 26,400 SF 2.75 72,600Garage Repair/Painting (27) 2017 2027 10 0 9 30,000 SF 2.25 67,500Interior Paint 2011 2026 15 0 8 3,360 SF 1.29 4,334Irrigation Systems - Repair 1985 2030 45 0 12 1 Total 4,728.00 4,728Plumbing Inspection 1985 2018 25 0 0 1 Total 5,000.00 5,000Reserve Study Update - Offsite 2015 2019 1 0 1 1 Total 847.07 847Reserve Study Update - Onsite 2013 2018 5 0 0 1 Total 1,389.19 1,389Roof & Flashing - Repair 2015 2020 5 0 2 1 Total 34,729.73 34,730Site & Parking Lighting - Repair Unfunded Non-Capital - Total $660,694

Total Asset Summary $2,262,156

Revised 4/9/2018

Association of Unit Owners of Fountains at Summerfield Condominiums Annual Expenditure Detail


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Description Expenditures

Replacement Year 2018Asphalt Parking - Sealants Sealer/Repair 50,124Building Envelope Inspection 5,000Concrete Flatwork - Repairs 2017-2021 3,085Deck - Repair & Replacement 250,000Deck Coatings - Renewal 90,500Electrical Inspection 5,000Landscaping - Improvements 2017 11,019Plumbing Inspection 5,000Reserve Study Update - Onsite 1,389

Total for 2018 $421,117

Replacement Year 2019Caulking & Joint Sealant 46,306Concrete Flatwork - Repairs 2017-2021 3,162Exterior Siding - Painting/Repair 74,415Reserve Study Update - Offsite 868

Total for 2019 $124,752

Replacement Year 2020Concrete Flatwork - Repairs 2017-2021 3,241Fountain Head - Replacement 3,892Fountain Pumps & Filters - Replacement 3,892Reserve Study Update - Offsite 890Roof & Flashing - Repair 36,488

Total for 2020 $48,403

Replacement Year 2021Concrete Flatwork - Repairs 2017-2021 3,322Interior Lighting Lobbies - Replacement 3,740Reserve Study Update - Offsite 912

Total for 2021 $7,975

Replacement Year 2022Reserve Study Update - Offsite 935

Total for 2022 $935

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Replacement Year 2023Building Envelope Inspection 5,657Reserve Study Update - Onsite 1,572

Total for 2023 $7,229

Replacement Year 2024Asphalt Parking - Overlay 161,466Fountain Head - Replacement 4,296Fountain Pumps & Filters - Replacement 4,296Reserve Study Update - Offsite 982

Total for 2024 $171,041

Replacement Year 2025Composition Roof: Phase 1 - Replacement 271,582Rain Gutters & Downspouts: Phase 1 - Replacement 15,708Reserve Study Update - Offsite 1,007Sheet Metal Flashing & Trim - Replacement 9,445

Total for 2025 $297,742

Replacement Year 2026Carpeting - Replacement 67,000Composition Roof: Phase 2 - Replacement 278,371Interior Paint 5,281Rain Gutters & Downspouts: Phase 2 - Replacement 16,100Reserve Study Update - Offsite 1,032

Total for 2026 $367,785

Replacement Year 2027Composition Roof: Phase 3 - Replacement 285,330Concrete Entry Porches - Repair 11,017Garage Repair/Painting (27) 84,298Irrigation Controllers - Replacement 2017 7,802Rain Gutters & Downspouts: Phase 3 - Replacement 16,503Reserve Study Update - Offsite 1,058Wood Fencing - Trash Corrals (11) 13,361

Total for 2027 $419,369

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Replacement Year 2028Building Envelope Inspection 6,400Composition Roof: Phase 4 - Replacement 292,464Fountain Head - Replacement 4,742Fountain Pumps & Filters - Replacement 4,742Rain Gutters & Downspouts: Phase 4 - Replacement 16,915Reserve Study Update - Onsite 1,778

Total for 2028 $327,042

Replacement Year 2029Composition Roof: Phase 5 - Replacement 299,775Rain Gutters & Downspouts: Phase 5 - Replacement 17,338Reserve Study Update - Offsite 1,111

Total for 2029 $318,225

Replacement Year 2030Asphalt Parking - Sealants Sealer/Repair 67,411Caulking & Joint Sealant 60,758Concrete Flatwork - Repairs 2015 15,949Exterior Siding - Painting/Repair 97,639Irrigation Systems - Repair 6,359Reserve Study Update - Offsite 1,139

Total for 2030 $249,254

Replacement Year 2031Fountain Improvements 43,886Reserve Study Update - Offsite 1,168

Total for 2031 $45,053

Replacement Year 2032Fountain Head - Replacement 5,234Fountain Pumps & Filters - Replacement 5,234Reserve Study Update - Offsite 1,197

Total for 2032 $11,666

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Replacement Year 2033Building Envelope Inspection 7,241Deck Coatings - Renewal 131,071Reserve Study Update - Onsite 2,012

Total for 2033 $140,324

Replacement Year 2034Reserve Study Update - Offsite 1,257

Total for 2034 $1,257

Replacement Year 2035Metal Doors and Frames - Replacement 34,350Reserve Study Update - Offsite 1,289

Total for 2035 $35,639

Replacement Year 2036Asphalt Parking - Sealants Sealer/Repair 78,176Fountain Head - Replacement 5,778Fountain Pumps & Filters - Replacement 5,778Reserve Study Update - Offsite 1,321

Total for 2036 $91,052

Replacement Year 2037Building Labeling Signage - Replacement 27,761Garage Repair/Painting (27) 107,909Irrigation Controllers - Replacement 2017 9,987Reserve Study Update - Offsite 1,354Wood Fencing - Trash Corrals (11) 17,103

Total for 2037 $164,114

Replacement Year 2038Building Envelope Inspection 8,193Reserve Study Update - Onsite 2,276

Total for 2038 $10,469

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Replacement Year 2039Reserve Study Update - Offsite 1,423

Total for 2039 $1,423

Replacement Year 2040Fountain Head - Replacement 6,378Fountain Pumps & Filters - Replacement 6,378Reserve Study Update - Offsite 1,458

Total for 2040 $14,213

Replacement Year 2041Carpeting - Replacement 97,036Caulking & Joint Sealant 79,720Exterior Siding - Painting/Repair 128,111Interior Paint 7,649Reserve Study Update - Offsite 1,495

Total for 2041 $314,010

Replacement Year 2042Asphalt Parking - Sealants Sealer/Repair 90,660Concrete Entry Porches - Repair 15,955Reserve Study Update - Offsite 1,532

Total for 2042 $108,147

Replacement Year 2043Building Envelope Inspection 9,270Electrical Inspection 9,270Interior Hand Rails - Replacement 33,353Landscaping Lighting - Replacement 9,443Metal Doors Hardware - Replacement 14,616Plumbing Inspection 9,270Reserve Study Update - Onsite 2,575

Total for 2043 $87,796

Replacement Year 2044Fountain Head - Replacement 7,040

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Replacement Year 2044 continued...Fountain Pumps & Filters - Replacement 7,040Reserve Study Update - Offsite 1,610

Total for 2044 $15,689

Replacement Year 2045Concrete Flatwork - Repairs 2015 23,099Landscaping - Improvements 2015 59,895Reserve Study Update - Offsite 1,650

Total for 2045 $84,644

Replacement Year 2046Landscaping - Improvements 2016 36,980Reserve Study Update - Offsite 1,691

Total for 2046 $38,671

Replacement Year 2047Garage Repair/Painting (27) 138,132Irrigation Controllers - Replacement 2017 12,784Reserve Study Update - Offsite 1,733Wood Fencing - Trash Corrals (11) 21,894

Total for 2047 $174,544

Revised 4/9/2018

Association of Unit Owners of Fountains at Summerfield Condominiums Detail Report by Category


PAGE 34 of 73

Brick Masonry Veneer

Asset ID 1001Capital

Building Cladding Components - MasonryPlaced in Service January 1985

Useful Life 50Replacement Year 2035

Remaining Life 17

0 SFAsset Cost

Percent Replacement 100%Future Cost

Information provided by the Association indicated the life of the brick to be 50 years however no cost was provided. The International Association of Certified Home Inspectors indicates the life of brick is 100+ years. We suggest the Association have an inspection to determine the current condition of the brick.

This provision is for the replacement of the brick veneer.

We recommend a site visit be completed so that this component may be incorporated into the study.

The cost and useful life are based on information from the Association.

Building Cladding Components - MasonryTotal Current Cost $0

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Caulking & Joint Sealant

Asset ID 1008Non-Capital

Building Cladding Components - Painting and SealantsPlaced in Service January 2008


Remaining Life 1

1 Total @ $45,176.87Asset Cost $45,176.87

Percent Replacement 100%Future Cost $46,306.29

This provision is for the sealing and caulking of the joints around windows, doors and heat pumps. According to the Association, some buildings are being done as needed with operating funds. This component is for the remaining buildings.

According to information provided by the Association, there is 35,200 lineal feet of sealant.


Exterior Siding - Painting/Repair


Building Cladding Components - Painting and SealantsPlaced in Service January 2008


Remaining Life 1

26,400 SF @ $2.75Asset Cost $72,600.00


This provision is for the painting of the exterior siding. According to the Association, they perform touch up painting annually and have a full painting done every 11 years.

Schwindt and Company estimated 26400 square feet of siding.


Building Cladding Components - Painting and SealantsTotal Current Cost $117,777

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Composition Roof: Phase 1 - Replacement


Building Cladding Components - RoofingPlaced in Service January 2000


Remaining Life 7

207,702 SF @ $5.50Asset Cost $228,472.20


This provision is for the replacement of the composition shingle on phase 1.






Remaining Life 8

207,702 SF @ $5.50Asset Cost $228,472.20








Remaining Life 9

207,702 SF @ $5.50Asset Cost $228,472.20




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Remaining Life 10

207,702 SF @ $5.50Asset Cost $228,472.20








Remaining Life 11

207,702 SF @ $5.50Asset Cost $228,472.20




Rain Gutters & Downspouts: Phase 1 - Replacement




Remaining Life 7

1 Total @ $13,214.24Asset Cost $13,214.24


This provision is for the replacement of the rain gutters and downspouts in phase 1.

According to information provided by the Association, there are 1,635 lineal feet of gutters and downspouts.

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Rain Gutters & Downspouts: Phase 1 - Replacement continued...






Remaining Life 8

1 Total @ $13,214.24Asset Cost $13,214.24









Remaining Life 9

1 Total @ $13,214.24Asset Cost $13,214.24





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Remaining Life 10

1 Total @ $13,214.24Asset Cost $13,214.24









Remaining Life 11

1 Total @ $13,214.24Asset Cost $13,214.24





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Roof & Flashing - Repair




Remaining Life 2

1 Total @ $34,729.73Asset Cost $34,729.73


This provision is for the repair of the roof and flashing.


Sheet Metal Flashing & Trim - Replacement




Remaining Life 7

1,635 LF @ $4.86Asset Cost $7,946.10


This provision is for the replacement of the sheet metal flashing and trim.

According to information provided by the Association, there are 1,365 lineal feet of flashing and trim.


Building Cladding Components - Roofing - Total Current Cost $1,251,108

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Brick Clad Deck Support Posts: Phase 1 - Replacement


Decks and RailingsPlaced in Service January 1985

Useful Life 30Adjustment 1

Replacement Year 2018Remaining Life 0

126 Each @ $174.56Asset Cost $21,994.56


This provision is for the replacement of the brick clad deck support posts in phase 1.

This has been delayed to 2016 per the Association.

According to information provided by the Association, there are 126 wood deck posts.


Brick Clad Support Posts: Phase 2 - Replacement





126 Each @ $174.56Asset Cost $21,994.56


This provision is for the replacement of the brick clad support posts in phase 2.


According to information provided by the Association, there are 126 wood deck posts.


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Deck - Repair & Replacement





1 Total @ $250,000.00Asset Cost $250,000.00


This provision is for the repair and replacement of the wood decks as identified.

According to information provided by the Association, there are 126 wood decks.


Deck Coatings - Renewal



Useful Life 15Adjustment -3


12,500 SF @ $7.24Asset Cost $90,500.00


This provision is for the renewal of the deck coatings

According to information provided by the Association, there are 12,500 square feet of decking.


Decks and Railings - Total Current Cost $340,500

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Metal Doors Hardware - Replacement


Exterior Openings - LobbiesPlaced in Service January 2014


Remaining Life 25

30 Each @ $262.79Asset Cost $7,883.70


This provision is for the replacement of the metal doors hardware in lobbies.

According to information provided by the Association, there are 30 frames.


Metal Doors and Frames - Replacement


Exterior Openings - LobbiesPlaced in Service January 1985


Remaining Life 17

30 Each @ $752.48Asset Cost $22,574.40


This provision is for the replacement of the exterior lobby metal doors and frames.



Exterior Openings - Lobbies - Total Current Cost $30,458

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Carpeting - Replacement


Interior Finishing - LobbiesPlaced in Service January 2011


Remaining Life 8

21,150 SF @ $2.60Asset Cost $54,990.00


This provision is for the replacement of the carpeting in building lobbies.

According to information provided by the Association, there are 21,150 square feet of carpeting.


Interior Hand Rails - Replacement




Remaining Life 25

259 Each @ $69.46Asset Cost $17,990.14


This provision is for the replacement of the interior hand rails in building lobbies.

According to information provided by the Association, there are 259.


Interior Paint




Remaining Life 8

3,360 SF @ $1.29Asset Cost $4,334.40


This provision is for the painting of the interior.

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Interior Paint continued...

According to information provided by the Association, there is 3,360 square feet of interior walls.


Interior Stair Banisters - Replacement




Remaining Life 25

220 TotalAsset Cost


This provision is for the replacement of the interior stair banisters in lobby buildings.

According to information provided by the Association, there are 2 in each lobby.


Interior Finishing - Lobbies - Total Current Cost $77,315

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Garage Repair/Painting (27)


Garages and Trash CorralsPlaced in Service January 2017


Remaining Life 9

30,000 SF @ $2.25Asset Cost $67,500.00


This provision is for the painting and repair of the wood siding on the garages.

Schwindt and Company estimated 30,000 square feet of siding.


Wood Doors Hardware: Phase 1 - Replacement




Remaining Life 12

48 Each @ $173.65Asset Cost $8,335.20


According to the Association, these will be done as needed with operating funds.

This provision is for the replacement of the unit wood doors hardware in phase 1.



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Wood Doors Hardware: Phase 2 - Replacement





56 Each @ $173.65Asset Cost $9,724.40



This provision is for the replacement of the unit wood doors hardware in phase 2.



Wood Doors and Frames: Phase 1 - Replacement




Remaining Life 24

48 Each @ $450.76Asset Cost $21,636.48



This provision is for the replacement of the unit wood doors and frames in phase 1.



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Wood Doors and Frames: Phase 2 - Replacement




Remaining Life 25

56 Each @ $450.76Asset Cost $25,242.56



This provision is for the replacement of the unit wood doors and frames in phase 2.



Wood Fencing - Trash Corrals (11)




Remaining Life 9

220 LF @ $48.63Asset Cost $10,698.60


This provision is for the replacement of the wood fence.

According to information provided by the Association, there is 220 lineal feet of fencing.


Garages and Trash Corrals - Total Current Cost $78,199

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Building Labeling Signage - Replacement


Site SpecialtiesPlaced in Service January 2012


Remaining Life 19

60 Each @ $289.42Asset Cost $17,365.20


This provision is for the replacement of the building labeling signage.



Monument Sign - Replacement


Site SpecialtiesPlaced in Service January 1985


Remaining Life 17

1 TotalAsset Cost


According to the prior study, this component is not being funded.

This provision is for the replacement of the monument sign.


Site Specialties - Total Current Cost $17,365

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Interior Lighting Lobbies - Replacement


Lighting FixturesPlaced in Service January 1985


Remaining Life 3

60 Each @ $57.88Asset Cost $3,472.80


This provision is for the interior lighting.

According to information provided by the Association, there are 60 fixtures.


Landscaping Lighting - Replacement




Remaining Life 25

44 Each @ $115.76Asset Cost $5,093.44


This provision is for the replacement of the landscaping lights.



Site & Parking Lighting - Repair




Remaining Life 12

1 Total @ $4,235.33Asset Cost $4,235.33


This provision is for the repair of the site and parking lighting. According to the Association with will be done with operating funds.

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Site & Parking Lighting - Repair continued...


Lighting Fixtures - Total Current Cost $8,566

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Asphalt Parking - Overlay


Exterior ImprovementsPlaced in Service January 1985



69,616 SF @ $2.00Asset Cost $139,232.00


This provision is for the overlay of the asphalt. The Association is planning on doing a repair in 2017.

According to information provided by the Association, there are 69,616 square feet of asphalt.


Asphalt Parking - Sealants Sealer/Repair




Remaining Life 0

69,616 SF @ $0.72Asset Cost $50,123.52


This provision is for the sealants sealer and repair of the asphalt.


According to information provided by the Association, there are 69,616 square feet of asphalt.


Concrete Entry Porches - Repair




Remaining Life 9

30 Each @ $1,470.22Asset Cost $8,821.32


This provision is for the repair of the concrete entry porches.

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Concrete Entry Porches - Repair continued...

According to the Association, there are 30 entries plus people doors.


Concrete Flatwork - Repairs 2015




Remaining Life 12

1 Total @ $11,858.93Asset Cost $11,858.93


This provision is for the repair of the concrete flatwork.


Concrete Flatwork - Repairs 2017-2021




Remaining Life 0

1 Total @ $3,085.25Asset Cost $3,085.25


This provision is for the repair of the concrete flatwork.


Fountain Head - Replacement




Remaining Life 2

4 Each @ $926.13Asset Cost $3,704.52


This provision is for the replacement of the fountain head.

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Fountain Head - Replacement continued...

There are 2 fountains.


Fountain Improvements




Remaining Life 13

1 Total @ $31,835.58Asset Cost $31,835.58


This provision is for the improvement of the fountain.

There are 2 fountains.


Fountain Pumps & Filters - Replacement




Remaining Life 2

4 Each @ $926.13Asset Cost $3,704.52


This provision is for the replacement of the fountain pumps and filters.

According to information provided by the Association there are 4.


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Irrigation Controllers - Replacement 2017




Remaining Life 9

1 Total @ $6,247.00Asset Cost $6,247.00


This provision is for the replacement of the irrigation controllers.


Irrigation Systems - Repair




Remaining Life 12

1 Total @ $4,728.00Asset Cost $4,728.00


This provision is for the repair of the irrigation system.


Landscaping - Improvements 2015




Remaining Life 27

1 Total @ $30,750.00Asset Cost $30,750.00


This provision is for the improvement of the landscaping.


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Remaining Life 28

1 Total @ $18,522.52Asset Cost $18,522.52









1 Total @ $11,018.75Asset Cost $11,018.75




Exterior Improvements - Total Current Cost $323,632

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Building Envelope Inspection

Asset IDNon-Capital

Consultant FeesPlaced in Service January 1985


Remaining Life 0

1 Total @ $5,000.00Asset Cost $5,000.00


This provision is for a building envelope inspection. Generally the life of the building envelope is greater than 30 years. We recommend the Association perform an inspection to determine the current condition of the system. Once the condition is known the reserve study should be updated.

Industry specialists recommend a building envelope inspection every 3-5 years.

Electrical Inspection

Asset IDNon-Capital



Remaining Life 0

1 Total @ $5,000.00Asset Cost $5,000.00


This provision is for an electrical inspection. Generally the life of the electrical system is greater than 30 years. We recommend the Association perform an inspection to determine the current condition of the system. Once the condition is known the reserve study should be updated.

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Plumbing Inspection

Asset IDNon-Capital



Remaining Life 0

1 Total @ $5,000.00Asset Cost $5,000.00


This provision is for a plumbing inspection, including water supply and sewer system. Generally the life of the plumbing system is greater than 30 years. We recommend the Association perform an inspection to determine the current condition of the system. Once the condition is known the reserve study should be updated.

Reserve Study Update - Offsite




Remaining Life 1

1 Total @ $847.07Asset Cost $847.07

Percent Replacement 100%Future Cost $868.25

This provision is for an offsite reserve study update.

Reserve Study Update - Onsite




Remaining Life 0

1 Total @ $1,389.19Asset Cost $1,389.19


This provision is for an onsite reserve study update.

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PAGE 59 of 73

Consultant Fees - Total Current Cost $17,236

Revised 4/9/2018

Association of Unit Owners of Fountains at Summerfield Condominiums Annual Expenditure Spread Sheet


PAGE 60 of 73

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Beginning BalanceAnnual AssessmentInterest EarnedExpendituresFully Funded ReservesPercent Fully FundedEnding Balance

650,00090,000

278421,117

1,274,67725%

319,161

319,16199,000

248124,752

1,295,11023%

293,657

293,657108,900

30448,403

1,401,72025%

354,458

354,458119,790

4127,975

1,540,19730%

466,685

466,685131,769

537935

1,693,01935%

598,057

598,057144,946

6707,229

1,848,68740%

736,443

736,443159,440

652171,041

1,844,72039%

725,495

725,495175,385

523297,742

1,713,91335%

603,661

603,661192,923

341367,785

1,511,24928%

429,140

429,140212,215

125419,369

1,253,93118%

222,111

Description


Building Cladding Components - Painting and SealantsCaulking & Joint Sealant 46,306Exterior Siding - Painting/Repair 74,415Building Cladding Components - Painting and Sealants Total: 120,721

Building Cladding Components - RoofingComposition Roof: Phase 1 - Replacement 271,582Composition Roof: Phase 2 - Replacement 278,371Composition Roof: Phase 3 - Replacement 285,330Composition Roof: Phase 4 - ReplacementComposition Roof: Phase 5 - ReplacementRain Gutters & Downspouts: Phase 1 - Replac.. 15,708Rain Gutters & Downspouts: Phase 2 - Replac.. 16,100Rain Gutters & Downspouts: Phase 3 - Replac.. 16,503Rain Gutters & Downspouts: Phase 4 - Replac..Rain Gutters & Downspouts: Phase 5 - Replac..Roof & Flashing - Repair 36,488Sheet Metal Flashing & Trim - Replacement 9,445Building Cladding Components - Roofing Total: 36,488 296,735 294,471 301,833

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2018 2019 2020 2021 2022 2023 2024 2025 2026 2027DescriptionDecks and RailingsBrick Clad Deck Support Posts: Phase 1 - Repl.. UnfundedBrick Clad Support Posts: Phase 2 - Replacem.. UnfundedDeck - Repair & Replacement 250,000Deck Coatings - Renewal 90,500Decks and Railings Total: 340,500

Exterior Openings - LobbiesMetal Doors Hardware - ReplacementMetal Doors and Frames - ReplacementExterior Openings - Lobbies Total:

Interior Finishing - LobbiesCarpeting - Replacement 67,000Interior Hand Rails - ReplacementInterior Paint 5,281Interior Stair Banisters - Replacement UnfundedInterior Finishing - Lobbies Total: 72,281

Garages and Trash CorralsGarage Repair/Painting (27) 84,298Wood Doors Hardware: Phase 1 - Replacement UnfundedWood Doors Hardware: Phase 2 - Replacement UnfundedWood Doors and Frames: Phase 1 - Replaceme.. UnfundedWood Doors and Frames: Phase 2 - Replaceme.. UnfundedWood Fencing - Trash Corrals (11) 13,361Garages and Trash Corrals Total: 97,659

Site SpecialtiesBuilding Labeling Signage - ReplacementMonument Sign - Replacement UnfundedSite Specialties Total:

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2018 2019 2020 2021 2022 2023 2024 2025 2026 2027DescriptionLighting FixturesInterior Lighting Lobbies - Replacement 3,740Landscaping Lighting - ReplacementSite & Parking Lighting - Repair UnfundedLighting Fixtures Total: 3,740

Exterior ImprovementsAsphalt Parking - Overlay 161,466Asphalt Parking - Sealants Sealer/Repair 50,124Concrete Entry Porches - Repair 11,017Concrete Flatwork - Repairs 2015Concrete Flatwork - Repairs 2017-2021 3,085 3,162 3,241 3,322Fountain Head - Replacement 3,892 4,296Fountain ImprovementsFountain Pumps & Filters - Replacement 3,892 4,296Irrigation Controllers - Replacement 2017 7,802Irrigation Systems - RepairLandscaping - Improvements 2015Landscaping - Improvements 2016Landscaping - Improvements 2017 11,019Exterior Improvements Total: 64,228 3,162 11,026 3,322 170,059 18,818

Consultant FeesBuilding Envelope Inspection 5,000 5,657Electrical Inspection 5,000Plumbing Inspection 5,000Reserve Study Update - Offsite 868 890 912 935 982 1,007 1,032 1,058Reserve Study Update - Onsite 1,389 1,572Consultant Fees Total: 16,389 868 890 912 935 7,229 982 1,007 1,032 1,058

Year Total: 421,117 124,752 48,403 7,975 935 7,229 171,041 297,742 367,785 419,369

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PAGE 63 of 73

2028 2029 2030 2031 2032 2033 2034 2035 2036 2037


222,111233,437

22327,042

1,087,07212%

128,528

128,528256,781

318,225929,644

7%67,083

67,083282,459

249,254848,272

12%100,287

100,287110,000

11545,053

977,94417%

165,349

165,349110,000

21311,666

1,148,94623%

263,897

263,897110,000

183140,324

1,195,05320%

233,755

233,755110,000

2921,257

1,390,17625%

342,790

342,790110,000

36735,639

1,559,10027%

417,518

417,518110,000

38691,052

1,679,71526%

436,852

436,852110,000

332164,114

1,732,83122%

383,071

Description



Building Cladding Components - RoofingComposition Roof: Phase 1 - ReplacementComposition Roof: Phase 2 - ReplacementComposition Roof: Phase 3 - ReplacementComposition Roof: Phase 4 - Replacement 292,464Composition Roof: Phase 5 - Replacement 299,775Rain Gutters & Downspouts: Phase 1 - Replac..Rain Gutters & Downspouts: Phase 2 - Replac..Rain Gutters & Downspouts: Phase 3 - Replac..Rain Gutters & Downspouts: Phase 4 - Replac.. 16,915Rain Gutters & Downspouts: Phase 5 - Replac.. 17,338Roof & Flashing - RepairSheet Metal Flashing & Trim - ReplacementBuilding Cladding Components - Roofing Total: 309,379 317,114

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2028 2029 2030 2031 2032 2033 2034 2035 2036 2037DescriptionDecks and RailingsBrick Clad Deck Support Posts: Phase 1 - Repl.. UnfundedBrick Clad Support Posts: Phase 2 - Replacem.. UnfundedDeck - Repair & ReplacementDeck Coatings - Renewal 131,071Decks and Railings Total: 131,071

Exterior Openings - LobbiesMetal Doors Hardware - ReplacementMetal Doors and Frames - Replacement 34,350Exterior Openings - Lobbies Total: 34,350

Interior Finishing - LobbiesCarpeting - ReplacementInterior Hand Rails - ReplacementInterior PaintInterior Stair Banisters - Replacement UnfundedInterior Finishing - Lobbies Total:


Site SpecialtiesBuilding Labeling Signage - Replacement 27,761Monument Sign - Replacement UnfundedSite Specialties Total: 27,761

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2028 2029 2030 2031 2032 2033 2034 2035 2036 2037DescriptionLighting FixturesInterior Lighting Lobbies - ReplacementLandscaping Lighting - ReplacementSite & Parking Lighting - Repair UnfundedLighting Fixtures Total:

Exterior ImprovementsAsphalt Parking - OverlayAsphalt Parking - Sealants Sealer/Repair 67,411 78,176Concrete Entry Porches - RepairConcrete Flatwork - Repairs 2015 15,949Concrete Flatwork - Repairs 2017-2021Fountain Head - Replacement 4,742 5,234 5,778Fountain Improvements 43,886Fountain Pumps & Filters - Replacement 4,742 5,234 5,778Irrigation Controllers - Replacement 2017 9,987Irrigation Systems - Repair 6,359Landscaping - Improvements 2015Landscaping - Improvements 2016Landscaping - Improvements 2017Exterior Improvements Total: 9,484 89,718 43,886 10,469 89,731 9,987

Consultant FeesBuilding Envelope Inspection 6,400 7,241Electrical InspectionPlumbing InspectionReserve Study Update - Offsite 1,111 1,139 1,168 1,197 1,257 1,289 1,321 1,354Reserve Study Update - Onsite 1,778 2,012Consultant Fees Total: 8,179 1,111 1,139 1,168 1,197 9,253 1,257 1,289 1,321 1,354

Year Total: 327,042 318,225 249,254 45,053 11,666 140,324 1,257 35,639 91,052 164,114

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PAGE 66 of 73

2038 2039 2040 2041 2042 2043 2044 2045 2046 2047


383,071110,000

43210,469

1,947,82225%

483,034

483,034110,000

5411,423

2,183,47927%

592,153

592,153110,000

63814,213

2,416,62728%

688,577

688,577110,000

434314,010

2,353,14221%

485,002

485,002110,000

437108,147

2,504,02719%

487,291

487,291110,000

45987,796

2,683,00619%

509,954

509,954110,000

55415,689

2,947,18021%

604,819

604,819110,000

58084,644

3,152,60820%

630,756

630,756110,000

65238,671

3,415,75721%

702,736

702,736110,000

588174,544

3,551,81518%

638,781

Description



Building Cladding Components - RoofingComposition Roof: Phase 1 - ReplacementComposition Roof: Phase 2 - ReplacementComposition Roof: Phase 3 - ReplacementComposition Roof: Phase 4 - ReplacementComposition Roof: Phase 5 - ReplacementRain Gutters & Downspouts: Phase 1 - Replac..Rain Gutters & Downspouts: Phase 2 - Replac..Rain Gutters & Downspouts: Phase 3 - Replac..Rain Gutters & Downspouts: Phase 4 - Replac..Rain Gutters & Downspouts: Phase 5 - Replac..Roof & Flashing - RepairSheet Metal Flashing & Trim - ReplacementBuilding Cladding Components - Roofing Total:

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2038 2039 2040 2041 2042 2043 2044 2045 2046 2047DescriptionDecks and RailingsBrick Clad Deck Support Posts: Phase 1 - Repl.. UnfundedBrick Clad Support Posts: Phase 2 - Replacem.. UnfundedDeck - Repair & ReplacementDeck Coatings - RenewalDecks and Railings Total:

Exterior Openings - LobbiesMetal Doors Hardware - Replacement 14,616Metal Doors and Frames - ReplacementExterior Openings - Lobbies Total: 14,616

Interior Finishing - LobbiesCarpeting - Replacement 97,036Interior Hand Rails - Replacement 33,353Interior Paint 7,649Interior Stair Banisters - Replacement UnfundedInterior Finishing - Lobbies Total: 104,684 33,353


Site SpecialtiesBuilding Labeling Signage - ReplacementMonument Sign - Replacement UnfundedSite Specialties Total:

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2038 2039 2040 2041 2042 2043 2044 2045 2046 2047DescriptionLighting FixturesInterior Lighting Lobbies - ReplacementLandscaping Lighting - Replacement 9,443Site & Parking Lighting - Repair UnfundedLighting Fixtures Total: 9,443

Exterior ImprovementsAsphalt Parking - OverlayAsphalt Parking - Sealants Sealer/Repair 90,660Concrete Entry Porches - Repair 15,955Concrete Flatwork - Repairs 2015 23,099Concrete Flatwork - Repairs 2017-2021Fountain Head - Replacement 6,378 7,040Fountain ImprovementsFountain Pumps & Filters - Replacement 6,378 7,040Irrigation Controllers - Replacement 2017 12,784Irrigation Systems - RepairLandscaping - Improvements 2015 59,895Landscaping - Improvements 2016 36,980Landscaping - Improvements 2017Exterior Improvements Total: 12,755 106,615 14,079 82,994 36,980 12,784

Consultant FeesBuilding Envelope Inspection 8,193 9,270Electrical Inspection 9,270Plumbing Inspection 9,270Reserve Study Update - Offsite 1,423 1,458 1,495 1,532 1,610 1,650 1,691 1,733Reserve Study Update - Onsite 2,276 2,575Consultant Fees Total: 10,469 1,423 1,458 1,495 1,532 30,385 1,610 1,650 1,691 1,733

Year Total: 10,469 1,423 14,213 314,010 108,147 87,796 15,689 84,644 38,671 174,544

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Additional Disclosures

Levels of Service

The following three categories describe the various types of Reserve Studies from exhaustive to minimal.

I. Full: A Reserve Study in which the following five Reserve Study tasks are performed: ■ Component Inventory ■ Condition Assessment (based upon on-site visual observations) ■ Life and Valuation Estimates ■ Fund Status ■ Funding Plan

II. Update, With Site Visit/On-Site Review: A Reserve Study update in which the following five Reserve

Study tasks are performed: ■ Component Inventory (verification only, not quantification) ■ Condition Assessment (based on on-site visual observations) ■ Life and Valuation Estimates ■ Fund Status ■ Funding Plan

III. Update, No Site Visit/Off Site Review: A Reserve Study update with no on-site visual observations in

which the following three Reserve Study tasks are performed: ■ Life and Valuation Estimates ■ Fund Status ■ Funding Plan

Terms and Definitions

CASH FLOW METHOD: A method of developing a reserve Funding Plan where contributions to the reserve

fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve Funding

Plans are tested against the anticipated schedule of reserve expenses until the desired Funding Goal is achieved.

COMPONENT: The individual line items in the Reserve Study developed or updated in the Physical Analysis.

These elements form the building blocks for the Reserve Study. Components typically are: 1) association

responsibility; 2) with limited Useful Life expectancies; 3) predictable Remaining Useful Life expectancies; 4)

above a minimum threshold cost; and 5) as required by local codes.

COMPONENT INVENTORY: The task of selecting and quantifying reserve Components. This task can be

accomplished through on-site visual observations, review of association design and organizational documents, a

review of established association precedents, and discussion with appropriate association representative(s) of

the Association or cooperative.

COMPONENT METHOD: A method of developing a reserve Funding Plan where the total contribution is

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based on the sum of contributions for individual Components. See Cash Flow Method.

CONDITION ASSESSMENT: The task of evaluating the current condition of the Component based on

observed or reported characteristics.

CURRENT REPLACEMENT COST: See Replacement Cost.

DEFICIT: An actual or projected Reserve Balance that is less than the Fully Funded Balance. The opposite

would be a Surplus.

EFFECTIVE AGE: The difference between Useful Life and Remaining Useful Life. Not always equivalent to

chronological age since some Components age irregularly. Used primarily in computations.

FINANCIAL ANALYSIS: The portion of a Reserve Study where current status of the reserves (measured as

cash or Percent Funded) and a recommended reserve contribution rate (reserve Funding Plan) are derived, and

the projected reserve income and expense over time is presented. The Financial Analysis is one of the two parts

of a Reserve Study.

FULLY FUNDED: 100% Funded. When the actual or projected Reserve Balance is equal to the Fully Funded

Balance.

FULLY FUNDED BALANCE (FFB): Total accrued depreciation, an indicator against which actual or

projected Reserve Balance can be compared. The Reserve Balance that is in direct proportion to the fraction of

life “used up” of the current repair or Replacement Cost. This number is calculated for each Component, then

added together for an association total. Two formulas can be utilized, depending on the provider’s sensitivity to

interest and inflation effects. Note: Both yield identical results when interest and inflation are equivalent.

FFB = Current Cost X Effective Age / Useful Life

or

FFB = (Current Cost X Effective Age / Useful Life) + [(Current Cost X Effective Age /

Useful Life) / (1 + Interest Rate) ^ Remaining Life] - [(Current Cost X Effective Age / Useful

Life) / (1 + Inflation Rate) ^ Remaining Life]

FUND STATUS: The status of the reserve fund as compared to an established benchmark such as percent

funding.

FUNDING GOALS: Independent of methodology utilized, the following represent the basic categories of

Funding Plan goals:

■ Baseline Funding: Establishing a reserve funding goal of keeping the reserve cash balance above zero.

■ Full Funding: Setting a reserve funding goal of attaining and maintaining reserves at or near 100%

funded.

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■ Statutory Funding: Establishing a reserve funding goal of setting aside the specific minimum amount of

reserves required by local statues.

■ Threshold Funding: Establishing a reserve funding goal of keeping the Reserve Balance above a

specified dollar or Percent Funded amount. Depending on the threshold, this may be more or less

conservative than fully funding.

FUNDING PLAN: An association’s plan to provide income to a reserve fund to offset anticipated expenditures

from that fund.

FUNDING PRINCIPLES: ■ Sufficient Funds When Required ■ Stable Contribution Rate over the Years ■ Evenly Distributed Contributions over the Years ■ Fiscally Responsible

LIFE AND VALUATION ESTIMATES: The task of estimating Useful Life, Remaining Useful Life, and

repair or Replacement Costs for the reserve Components.

PERCENT FUNDED: The ratio at a particular point of time (typically the beginning of the Fiscal Year) of the

actual or projected Reserve Balance to the Fully Funded Balance, expressed as a percentage.

PHYSICAL ANALYSIS: The portion of the Reserve Study where the Component Inventory, Condition

Assessment, and Life and Valuation Estimate tasks are performed. This represents one of the two parts of the

Reserve Study.

REMAINING USEFUL LIFE (RUL): Also referred to as “Remaining Life” (RL). The estimated time, in years,

that a reserve Component can be expected to continue to serve its intended function. Projects anticipated to

occur in the initial year have “zero” Remaining Useful Life.

REPLACEMENT COST: The cost of replacing, repairing, or restoring a reserve Component to its original

functional condition. The Current Replacement Cost would be the cost to replace, repair, or restore the

Component during that particular year.

RESERVE BALANCE: Actual or projected funds as of a particular point in time that the Association has

identified for use to defray the future repair or replacement of those major Components which the Association is

obligated to maintain. Also known as reserves, reserve accounts, or cash reserves. Based upon information

provided and not audited.

RESERVE PROVIDER: An individual that prepares Reserve Studies.

RESERVE STUDY: A budget planning tool which identifies the current status of the reserve fund and a stable

and equitable Funding Plan to offset the anticipated future major common area expenditures. The Reserve Study

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consists of two parts: the Physical Analysis and the Financial Analysis.

RESPONSIBLE CHARGE: A reserve specialist in Responsible Charge of a Reserve Study shall render regular and effective supervision to those individuals performing services which directly and materially affect the quality and competence rendered by the reserve specialist. A reserve specialist shall maintain such records as are reasonably necessary to establish that the reserve specialist exercised regular and effective supervision of a Reserve Study of which he was in Responsible Charge. A reserve specialist engaged in any of the following acts or practices shall be deemed not to have rendered the regular and effective supervision required herein:

■ The regular and continuous absence from principal office premises from which professional services are rendered, except for performance of field work or presence in a field office maintained exclusively for a specific project;

■ The failure to personally inspect or review the work of subordinates where necessary and appropriate;

■ The rendering of a limited, cursory, or perfunctory review of plans or projects in lieu of an appropriate detailed review;

■ The failure to personally be available on a reasonable basis or with adequate advance notice for consultation and inspection where circumstances require personal availability.

SPECIAL ASSESSMENT: An assessment levied on the members of an association in addition to regular assessments. Special Assessments are often regulated by governing documents or local statutes.

SURPLUS: An actual or projected Reserve Balance greater than the Fully Funded Balance.The opposite would be a Deficit.

USEFUL LIFE (UL): Total Useful Life or depreciable life. The estimated time, in years, that a Reserve Component can be expected to serve its intended function if properly constructed in its present application or installation.

Revised 4/9/2018

association of unit owners of fountains at...

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