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SCHWINDT & CO. RESERVE STUDY SERVICES

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TIMBERLINE RIM RECREATION CLUB, INC.

MAINTENANCE PLAN

RESERVE STUDY

LEVEL I: FULL RESERVE STUDY FUNDING ANALYSIS

2018

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

Revised 9/20/2017


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Executive Summary

Year of Report:

January 1, 2018 to December 31, 2018

Number of Units:

482 Units

Parameters:

Beginning Balance: $65,000

Year 2018 Suggested Contribution: $25,000

Year 2018 Projected Interest Earned: $23

Inflation: 2.50%

Annual Increase to Suggested Contribution: 2.50%

Lowest Cash Balance Over 30 Years (Threshold): $14,440

Average Reserve Assessment per Unit: $4.32

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jwong

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TABLE OF CONTENTSTimberline Rim Recreation Club, Inc


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Disclosure Information 4 of 70

MAINTENANCE PLAN

Maintenance Plan 8 of 70

RESERVE STUDY

Property Description 23 of 70

Cash Flow Method - Threshold Funding Model Summary 24 of 70

Cash Flow Method - Threshold Funding Model Projection 25 of 70

Component Summary By Category 26 of 70

Component Summary By Group 29 of 70

Annual Expenditure Detail 31 of 70

Detail Report by Category 37 of 70

Additional Disclosures 67 of 70

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Timberline Rim Recreation Club, IncMaintenance Plan

Reserve Study– OnsiteDisclosure Information

2018

We have conducted an onsite reserve study and maintenance plan for Timberline Rim Recreation Club, Inc 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 or after 25 years of existence. 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 23. 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.

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.

An insurance deductible is not included in the reserve study.

According to the Association the common elements include common area parks, green spaces, the clubhouse and pool. There is also a pool chemical shed, equipment shed, basketball court and tennis court.

The Associations is also responsible for the water distribution system for the Association. The Association has a water company that handles maintenance, repair and replacement of the systems. This reserve study does NOT include any of the water company components.

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APRA

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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.

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.

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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MAINTENANCE PLAN

2018

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Timberline Rim Recreation Club, Inc 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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Timberline Rim Recreation Club, IncMaintenance 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.

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 of action for their individual situation.

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Frequency: Every 25 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

Security Systems – Inspection/Maintenance

Preventive maintenance of security systems is critical for occupant safety. Due to the technical nature of most security systems and services, it is recommended that security components be serviced by

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independent contractors. However, maintenance personnel should monitor the contractors’ work and should conduct the following general inspections:

Review surveillance cameras and monitors for overall function, fixture integrity, mounting condition/stability, location accuracy, general console condition, and overall condition.


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

We understand that this expense should be included in the annual operating budget for the Association.

Frequency: Biweekly

Clubhouse/Recreation Areas

The clubhouse may experience heavy traffic that can have a dramatic impact on the life expectancy of the equipment. Preventive maintenance is critical. Consult the manufacturers of exercise and weight equipment for specific maintenance. The overall condition of the floors and mats should be reviewed for deficiencies such as excessive wear, stains, tears, and tripping hazards. The overall condition of the following should be reviewed: walls/ceilings, lighting fixture protection, exercise/weight equipment; location of signs and fire safety devices, fire extinguishers, and trash receptacles. Mirrors and glass should be reviewed for cracked/broken surfaces or rough edges.



Frequency: Monthly

Clubhouse–Kitchen–Review

In clubhouse facilities, common area kitchen and dining areas may contain pieces of equipment that can jeopardize life safety if preventive maintenance is neglected. The following monthly checklist includes common cooking equipment and dining furniture.

Review the electrical outlet load for fire safety (per manufacturer and code); check that paper/flammable materials are positioned away from heat sources; insure there is an accessible route, and there is sufficient visibility of emergency exits.

A fire extinguisher review should include: tag currency, placement, housing condition, hose condition, and overall condition.

Equipment, such as dishwashers, garbage disposals, stoves, refrigerators, and sinks should undergo review. Note: Always follow manufacturer’s guidelines. For each item, check overall condition,

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switches, timer, piping and valves for leaks, wiring, pilots, doors, gaskets, and belts where applicable. Gas connections should be checked.

The flooring systems should be reviewed for deficiencies such as excessive wear, stains, and tripping hazards.

Review the exhaust system for hood function and condition, grease trap function, cleanliness and condition, filter condition, exhaust duct condition, and fan function and condition


Frequency: Monthly

Common Play Area – Review

As play areas, surfaces, and equipment vary widely, a general safety and maintenance protocol will be included in the maintenance plan. Management should work with their insurance company to identify additional specific recommendations and should consult manufacturer’s specifications. Note deficiencies and required maintenance and repairs after completion of the review.

Generally, in order to maintain a safe playing area, the following should be reviewed: signage visibility and currency; accessible safety/first aid equipment location; fence condition for protruding or loose parts, holes or inoperable gates; and overall condition of grounds for deficiencies such as vandalism, debris buildup, trash, or tripping hazards.

Concrete play surfaces should be reviewed for deficiencies such as tripping hazards, alkali-aggregate expansions, honeycombing, spalling, chipping, cracks, stains, lifts, slippery areas, and/or unevenness.


Frequency: Monthly

Gas Connections–Review

These maintenance procedures should also be performed on the common area equipment, such as the equipment in the clubhouse. This expense for the common area concrete should be included in the Association’s operating budget in the year it is to occur.

The following check should be performed monthly for all gas connections and main valves throughout the facility. (Do not open and close valves.) The gas company should be contacted if:

* There is an odor of gas anywhere at any time.

* Valves cannot be turned off or appear to be rusted or damaged.

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* Minor repairs are needed and maintenance personnel do not have adequate training or tools.

When gas is detected by odor, building occupants should immediately evacuate. The gas company and fire department should be contacted.

Possible undetected leakage should be visually checked (do not open and close valves) by performing a bubble test with soap and water, or by using a handheld combustible gas detector of professional quality.



Frequency: Monthly

Hot Water Heater – Clubhouse – Inspection/Maintenance

Maintenance of the hot water heater includes regularly scheduled inspections and maintenance.

The water heater and related components should be checked for water leaks and fuel supply leaks. The water heater and related components should also be checked for proper operation and settings. Filters should be changed and all components serviced as required. The surrounding area should be cleaned at the time of servicing.



We understand that this expense should be included in the annual operating budget for the Association.

Frequency: Monthly to Annually

Swimming Pool

Swimming pool maintenance should be performed in conjunction with a service contractor. Preventive maintenance in this area consists of validating all equipment is present and functional on a monthly basis. Only certified professionals should complete repairs or maintenance procedures more advanced than manufacturer’s prescribed chemical treatments and cleaning. Maintenance staff should accompany the certified professional during statutory inspections and maintenance to ensure that the physical work complies with contract and manufacturer’s specifications.

Preventive maintenance includes, but is not limited to, the review of the following: automatic fill device function; electrical component condition; pump/filter/chlorination function; thermostat; and heater function.

Deck surface condition should be reviewed for deficiencies such as rough areas and tripping and slippage hazards. Fence and gates should be reviewed for the function of the anchors, latches and the

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overall condition. Handrails and ladders should be reviewed for stability, hardware and overall condition. Steps and treads should be reviewed for security and tread condition.

Safety equipment should be reviewed for its condition and function including, but not limited to, the following: the location and condition of the life ring; emergency telephone equipment; compliance of signage with codes and standards; visibility and overall condition of the signage; and fire extinguishers tag currency, placement, housing, hose, and overall condition.

Note: Any and all electrical outlets near water should be serviced by a ground-fault circuit-interrupter (GFI) to protect users from electrical shock.

Water condition and cleanliness should be reviewed and must comply with local health standards. The County Health Department or local water management authority determines health standards in most communities. Standards must be posted within the pool area.

Pool tile/plaster should be reviewed for its overall condition.

During the off-season when the pool is covered, check the security of the fastening system monthly to make sure it hasn’t been tampered with.



Frequency: Monthly

Windows & Doors

These maintenance procedures should also be performed on the common area buildings. This expense for the common buildings should be included in the Association’s operating budget and may be considered part of the annual property inspection.

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

HVAC–Clubhouse Air Conditioning Unit

Regular preventive maintenance of HVAC (heating, ventilation, and air-conditioning) systems is crucial to the quality of air and comfort level within the condominium community. Preventive maintenance is also important for energy efficiency and maximizing equipment life. HVAC systems should always sufficiently control temperature and humidity, distribute outside air uniformly, and isolate and remove odors and pollutants. Improper function and maintenance can cause indoor air pollution by allowing

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stale or contaminated air to remain in the building. It is essential that both the building’s common HVAC system and those for individual units have fully functional and regularly inspected pressure control, filtration, and exhaust equipment. HVAC systems must also be properly sized in proportion to the area and number of occupants.

Management may opt to contract outside professionals to handle this task, although the following preventive maintenance procedures can be conducted by in-house maintenance personnel. If an outside service contractor is used, be sure to validate their performance by an audit of service performed.

When performing any maintenance procedures, always refer to manufacturer’s recommendations. Diagnostic tools, such as a digital HVAC analyzer, can also be of help.

For all types of HVAC systems, change filters twice a year and post a sticker on the HVAC unit with the date of change and initials of the mechanic. If an outside service is used, plot the date of service on the wall chart and verify that performance is as per contract.

Frequency: Semiannually

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.

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

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.

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

Fence – Swimming Pool - Inspection

Wooden fences require regular inspection of paint condition, vegetation and trash buildup. The overall condition of the fence should be reviewed for deficiencies such as vegetation encroachment, debris

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buildup, holes, sagging areas, missing segments, and/or vandalism.


This expense should be included in the Association’s operating budget and may be considered part of the annual property inspection.

Frequency: Annually

Fire Extinguishers – Common Areas Only

The following annual preventive maintenance checklist is for the fire extinguishers located in the common areas. This inspection and certification must be conducted by a licensed specialty contractor and should be scheduled in advance to ensure that the date on extinguishers will not expire. Monthly inspections of fire extinguishers’ general condition, housing, and locations per code should be conducted as part of preventive maintenance procedures. In addition to the annual preventive maintenance tasks outlined below, check the pressure and weight of each extinguisher in the facility every 6 months, according to its manufacturer’s label. If the pressure is below the recommended minimum or if the extinguisher has been used, it should be recharged. Consult the National Fire Protect Association’s (NFPA) Standard 10 for the specific requirements regarding the proper locations of fire extinguishers and signage.

Annual preventive maintenance checklist consists of the following: certification; housing condition; hose condition; proper location per code; count per code; and overall condition.


Frequency: Annually

Trees - Maintenance

The Association will be responsible for trimming trees in the common area throughout the property. Trees and shrubs should be kept clear of the building components.


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

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.

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

Frequency: Annually

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 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.

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

Frequency: Every 8 years beginning in 2018

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.

This work should be performed by a licensed paving contractor.


Frequency: Every 7 years, beginning in 2022

Clubhouse - Interior Paint

The interior painted surfaces of the clubhouse should be cleaned, repaired as required, primed and painted with premium quality interior house paint in accordance with the manufacturer’s specifications. The work should be performed by a qualified, licensed painting contractor.


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Frequency: Every 16 years, beginning in 2021

Property Entrance - Review

The property entrance is a significant reflection on the development as a whole and is often the first stop in the development for residents, prospective residents or buyers, and visitors. The area should be consistently clean, functional, and accessible. In addition to serving as a point of initial access, the main entry may feature mailboxes, which should be secure and operational.

Mailboxes: Review overall condition and function of locks; proper lubrication of working parts; cleanliness of face plates; security of housing, in compliance with current postal regulations; accuracy and visibility of signage/accessibility of tactile lettering, where required; condition and function of slots and depositories for outgoing mail and packages.



Frequency: Monthly

Exterior Wooden Decks – Painting & Sealing

The wooden deck located at the clubhouse should be painted and sealed on a regular basis. The decks appear to be painted wood with structural steel supports that extend to the ground. All surfaces exposed to weather should be cleaned, repaired, and painted or sealed with a premium quality exterior paint suitable for the application.


Frequency: Every 5 years beginning in 2024

Backflow Device Maintenance

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.



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

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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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RESERVE STUDY

LEVEL I: FULL RESERVE STUDY FUNDING ANALYSIS

2018

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Timberline Rim Recreation Club, Inc Category Detail Index


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Asset IDDescription Replacement Page

Painting1053 Clubhouse: Interior - Paint 2021 37 of 701037 Clubhouse: Siding - Paint 2018 37 of 70

Building Components1021 Clubhouse: Doors - Replacement 2047 38 of 701030 Clubhouse: Furniture - Replacement Unfunded 38 of 701035 Clubhouse: Roof - Replacement 2049 39 of 701036 Clubhouse: Siding - Repair 2018 39 of 701020 Clubhouse: Window - Replacement 2028 40 of 70

Streets/Asphalt1044 Parking Lot - Overlay 2028 41 of 701043 Parking Lot - Seal Coat 2022 41 of 70

Pool Area1038 Pool Chemical Shed - Replacement 2029 42 of 701033 Pool Cover - Replacement 2029 42 of 701029 Pool Deck- Repair 2032 42 of 701025 Pool Fence - Replacement 2022 43 of 701028 Pool Filter - Replacement 2018 43 of 701031 Pool Furniture - Replacement Unfunded 44 of 701026 Pool Heater - Replacement 2019 44 of 701034 Pool Plaster - Replacement 2018 45 of 701027 Pool Pump - Replacement 2018 45 of 701024 Wood Decking - Clean & Sealing 2024 46 of 701023 Wood Decking - Replacement 2019 46 of 701022 Wood Picnic Tables - Replacement 2022 47 of 70

Equipment1047 Blower - Replacement 2028 48 of 701055 Brush Cutter w/ Attachments - Replacement 2023 48 of 701049 Chain Saw - Replacement 2018 49 of 701032 Clubhouse: Water Heater - Replacement 2018 49 of 701050 Grill - Replacement 2024 49 of 70

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Equipment Continued...1052 Lawn Mower - Replacement 2018 50 of 701051 Portable Generator - Replacement 2018 50 of 701048 Power Washer - Replacement 2032 51 of 70

Interior Furnishings1013 Bathrooms - Remodel 2025 52 of 701011 Carpet - Replacement 2022 52 of 701019 HVAC - Replacement 2032 53 of 701012 Kitchen - Remodel 2034 53 of 701015 Rec Area: Air Hockey - Replacement 2018 54 of 701016 Rec Area: Fosse Ball Table - Replacement 2018 54 of 701014 Rec Area: Pool /Ping Pong Table - Replacement 2018 55 of 701017 Rec Area: TV - Replacement 2020 55 of 701018 Window Covering - Replacement 2022 56 of 70

Park1054 Clubhouse: Swing Set - Replacement 2037 57 of 701003 Park: Camel Back Climber - Replacement 2044 57 of 701001 Park: Picnic Tables - Replacement 2045 58 of 701002 Park: Swing Set - Replacement 2045 58 of 701005 Park: Water Fountain - Replacement 2046 59 of 70

Recreation1042 Basketball Court - Repair 2028 60 of 701041 Basketball Hoops - Replacement 2018 60 of 701039 Tennis Court - Resurface 2018 61 of 701040 Tennis Court Fence - Replacement 2041 61 of 70

Grounds Components1056 Fuel Clearing 2020 62 of 70

Office Area1007 Office: Area - Renovation 2018 63 of 701006 Office: Computer Equipment - Replacement 2022 63 of 70

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Office Area Continued...1008 Office: Ductless HVAC - Replacement 2029 64 of 701010 Office: Security System - Replacement 2018 64 of 701009 Office: Windows & Door - Replacement 2020 64 of 70

Mailboxes1058 Concrete - Repairs 2018 66 of 701057 Mailboxes - Replacement 2032 66 of 70

Total Funded Assets 53Total Unfunded Assets 2Total Assets 55

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Timberline Rim Recreation Club, Inc Property Description


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Timberline Rim Recreation Club, Inc consists of 482 single family home units located in Rhododendron, Oregon. There is a clubhouse, pool, storage shed and park area. The Association shall provide exterior improvements upon the common elements. The Association is also responsible for the maintenance of the water distribution system. This is not included in the reserve study. The individual homeowners are responsible for all maintenance and repairs of their home and the adjacent private property.

This study uses information supplied by the Association, and various construction pricing and scheduling manuals to determine useful lives and replacement costs.

A site visit was performed by Schwindt & Company in 2017. 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 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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Timberline Rim Recreation Club, IncRhododendron, Oregon

Cash Flow Method - Threshold Funding Model Summary


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Report Date May 02, 2017

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

Total Units 482

Report Parameters

Inflation 2.50%Annual Assessment Increase 2.50%Interest Rate on Reserve Deposit 0.10%

2018 Beginning Balance $65,000

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 $25,000 in 2018 and increases 2.50% each year for the remaining years of the study. A minimum balance of $14,440 is maintained.

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 $2,083.33$4.32 per unit monthly

Average Net Month Interest Earned $1.91Total Month Allocation to Reserves $2,085.25

$4.33 per unit monthly

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Timberline Rim Recreation Club, Inc Cash Flow Method - Threshold Funding Model Projection


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Beginning Balance: $65,000Projected

Annual Annual Annual EndingYear Contribution Interest Expenditures Reserves

2018 25,000 23 55,598 34,4252019 25,625 3 45,612 14,4402020 26,266 3 25,740 14,9682021 26,922 26 3,780 38,1372022 27,595 12 41,516 24,2282023 28,285 33 6,223 46,3242024 28,992 57 5,103 70,2702025 29,717 51 35,661 64,3782026 30,460 71 9,562 85,3472027 31,222 94 8,430 108,2332028 32,002 84 41,987 98,3322029 32,802 93 22,962 108,2652030 33,622 98 28,243 113,7432031 34,463 132 148,3392032 35,324 97 70,295 113,4652033 36,207 92 41,276 108,4872034 37,113 80 48,243 97,4372035 38,040 88 30,432 105,1332036 38,991 123 2,807 141,4402037 39,966 111 51,830 129,6882038 40,965 143 8,603 162,1942039 41,990 180 5,375 198,9892040 43,039 188 34,431 207,7842041 44,115 201 31,234 220,8672042 45,218 203 42,049 224,2392043 46,349 235 14,832 255,9912044 47,507 264 17,863 285,8992045 48,695 255 57,460 277,3892046 49,912 304 998 326,6072047 51,160 320 34,789 343,298

Revised 9/20/2017

Timberline Rim Recreation Club, Inc Component Summary By Category


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PaintingClubhouse: Interior - Paint 2005 2021 16 0 3 2,340 SF 1.50 3,510Clubhouse: Siding - Paint 1998 2018 8 0 0 1,962 SF 2.00 3,924 Painting - Total $7,434

Building ComponentsClubhouse: Doors - Replacement 2017 2047 30 0 29 4 Each 1,000.00 4,000Clubhouse: Furniture - Replacement UnfundedClubhouse: Roof - Replacement 1999 2049 50 0 31 2,500 SF 0Clubhouse: Siding - Repair 1998 2018 8 0 0 392 SF 10.00 3,924Clubhouse: Window - Replacement 1998 2028 30 0 10 1 Total 5,000.00 5,000 Building Components - Total $12,924

Streets/AsphaltParking Lot - Overlay 1998 2028 28 2 10 9,000 SF 2.25 20,250Parking Lot - Seal Coat 2015 2022 7 0 4 9,000 SF 0.20 1,800 Streets/Asphalt - Total $22,050

Pool AreaPool Chemical Shed - Replacement 1999 2029 30 0 11 1 Total 5,000.00 5,000Pool Cover - Replacement 2017 2029 12 0 11 1 Total 3,500.00 3,500Pool Deck- Repair 2002 2032 30 0 14 675 SF 10.00 6,750Pool Fence - Replacement 2002 2022 20 0 4 210 LF 40.00 8,400Pool Filter - Replacement 2004 2018 12 0 0 1 Total 1,000.00 1,000Pool Furniture - Replacement UnfundedPool Heater - Replacement 2004 2019 15 0 1 1 Total 4,500.00 4,500Pool Plaster - Replacement 2002 2018 15 0 0 1 Total 12,000.00 12,000Pool Pump - Replacement 2010 2018 5 0 0 1 Total 1,000.00 1,000Wood Decking - Clean & Sealing 2017 2024 5 2 6 1,600 SF 2.00 3,200Wood Decking - Replacement 1997 2019 30 -8 1 1,600 SF 25.00 40,000Wood Picnic Tables - Replacement 2007 2022 15 0 4 3 Each 2,000.00 6,000 Pool Area - Total $91,350

EquipmentBlower - Replacement 2013 2028 15 0 10 2 Each 350.00 700Brush Cutter w/ Attachments - Replacement 2013 2023 10 0 5 1 Total 1,000.00 1,000Chain Saw - Replacement 1998 2018 15 0 0 1 Total 250.00 250Clubhouse: Water Heater - Replacement 2000 2018 15 0 0 1 Total 1,500.00 1,500Grill - Replacement 2014 2024 10 0 6 1 Total 1,200.00 1,200Lawn Mower - Replacement 2000 2018 15 0 0 1 Total 250.00 250Portable Generator - Replacement 2000 2018 10 0 0 1 Total 750.00 750Power Washer - Replacement 2017 2032 15 0 14 1 Total 1,000.00 1,000 Equipment - Total $6,650

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Interior FurnishingsBathrooms - Remodel 1980 2025 30 15 7 2 Each 5,000.00 10,000Carpet - Replacement 2007 2022 15 0 4 1,773 SF 7.00 12,411HVAC - Replacement 2017 2032 15 0 14 1 Total 6,000.00 6,000Kitchen - Remodel 2004 2034 30 0 16 1 Total 15,000.00 15,000Rec Area: Air Hockey - Replacement 1980 2018 30 0 0 1 Total 750.00 750Rec Area: Fosse Ball Table - Replacement 1980 2018 30 0 0 1 Total 750.00 750Rec Area: Pool /Ping Pong Table - Replace.. 1980 2018 30 0 0 1 Total 2,000.00 2,000Rec Area: TV - Replacement 2013 2020 7 0 2 1 Total 750.00 750Window Covering - Replacement 2007 2022 15 0 4 1 Total 3,000.00 3,000 Interior Furnishings - Total $50,661

ParkClubhouse: Swing Set - Replacement 2007 2037 30 0 19 1 Total 1,500.00 1,500Park: Camel Back Climber - Replacement 2014 2044 30 0 26 1 Total 5,000.00 5,000Park: Picnic Tables - Replacement 2015 2045 30 0 27 3 Each 1,500.00 4,500Park: Swing Set - Replacement 2015 2045 30 0 27 1 Total 5,000.00 5,000Park: Water Fountain - Replacement 2016 2046 30 0 28 1 Total 500.00 500 Park - Total $16,500

RecreationBasketball Court - Repair 1998 2028 30 0 10 160 SF 10.00 1,600Basketball Hoops - Replacement 1998 2018 15 0 0 2 Each 1,000.00 2,000Tennis Court - Resurface 1998 2018 15 0 0 1 Total 7,000.00 7,000Tennis Court Fence - Replacement 2011 2041 30 0 23 315 LF 30.00 9,450 Recreation - Total $20,050

Grounds ComponentsFuel Clearing 2015 2020 5 0 2 1 Total 20,000.00 20,000 Grounds Components - Total $20,000

Office AreaOffice: Area - Renovation 1980 2018 30 0 0 1 Total 5,000.00 5,000Office: Computer Equipment - Replacement 2017 2022 5 0 4 1 Total 6,000.00 6,000Office: Ductless HVAC - Replacement 2017 2029 12 0 11 1 Total 4,000.00 4,000Office: Security System - Replacement 2013 2018 5 0 0 1 Total 3,500.00 3,500Office: Windows & Door - Replacement 1980 2020 40 0 2 5 Each 750.00 3,750 Office Area - Total $22,250

MailboxesConcrete - Repairs 2002 2018 30 -14 0 1 Total 10,000.00 10,000Mailboxes - Replacement 2002 2032 30 0 14 1 Total 30,000.00 30,000 Mailboxes - Total $40,000

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Total Asset Summary $309,869

Revised 9/20/2017

Timberline Rim Recreation Club, Inc Component Summary By Group


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CapitalBasketball Court - Repair 1998 2028 30 0 10 160 SF 10.00 1,600Basketball Hoops - Replacement 1998 2018 15 0 0 2 Each 1,000.00 2,000Bathrooms - Remodel 1980 2025 30 15 7 2 Each 5,000.00 10,000Blower - Replacement 2013 2028 15 0 10 2 Each 350.00 700Brush Cutter w/ Attachments - Replacement 2013 2023 10 0 5 1 Total 1,000.00 1,000Carpet - Replacement 2007 2022 15 0 4 1,773 SF 7.00 12,411Chain Saw - Replacement 1998 2018 15 0 0 1 Total 250.00 250Clubhouse: Doors - Replacement 2017 2047 30 0 29 4 Each 1,000.00 4,000Clubhouse: Furniture - Replacement UnfundedClubhouse: Interior - Paint 2005 2021 16 0 3 2,340 SF 1.50 3,510Clubhouse: Roof - Replacement 1999 2049 50 0 31 2,500 SF 0Clubhouse: Siding - Paint 1998 2018 8 0 0 1,962 SF 2.00 3,924Clubhouse: Siding - Repair 1998 2018 8 0 0 392 SF 10.00 3,924Clubhouse: Swing Set - Replacement 2007 2037 30 0 19 1 Total 1,500.00 1,500Clubhouse: Water Heater - Replacement 2000 2018 15 0 0 1 Total 1,500.00 1,500Clubhouse: Window - Replacement 1998 2028 30 0 10 1 Total 5,000.00 5,000Concrete - Repairs 2002 2018 30 -14 0 1 Total 10,000.00 10,000Grill - Replacement 2014 2024 10 0 6 1 Total 1,200.00 1,200HVAC - Replacement 2017 2032 15 0 14 1 Total 6,000.00 6,000Kitchen - Remodel 2004 2034 30 0 16 1 Total 15,000.00 15,000Lawn Mower - Replacement 2000 2018 15 0 0 1 Total 250.00 250Mailboxes - Replacement 2002 2032 30 0 14 1 Total 30,000.00 30,000Office: Area - Renovation 1980 2018 30 0 0 1 Total 5,000.00 5,000Office: Computer Equipment - Replacement 2017 2022 5 0 4 1 Total 6,000.00 6,000Office: Ductless HVAC - Replacement 2017 2029 12 0 11 1 Total 4,000.00 4,000Office: Security System - Replacement 2013 2018 5 0 0 1 Total 3,500.00 3,500Office: Windows & Door - Replacement 1980 2020 40 0 2 5 Each 750.00 3,750Park: Camel Back Climber - Replacement 2014 2044 30 0 26 1 Total 5,000.00 5,000Park: Picnic Tables - Replacement 2015 2045 30 0 27 3 Each 1,500.00 4,500Park: Swing Set - Replacement 2015 2045 30 0 27 1 Total 5,000.00 5,000Park: Water Fountain - Replacement 2016 2046 30 0 28 1 Total 500.00 500Parking Lot - Overlay 1998 2028 28 2 10 9,000 SF 2.25 20,250Pool Chemical Shed - Replacement 1999 2029 30 0 11 1 Total 5,000.00 5,000Pool Cover - Replacement 2017 2029 12 0 11 1 Total 3,500.00 3,500Pool Deck- Repair 2002 2032 30 0 14 675 SF 10.00 6,750Pool Fence - Replacement 2002 2022 20 0 4 210 LF 40.00 8,400Pool Filter - Replacement 2004 2018 12 0 0 1 Total 1,000.00 1,000Pool Furniture - Replacement UnfundedPool Heater - Replacement 2004 2019 15 0 1 1 Total 4,500.00 4,500Pool Plaster - Replacement 2002 2018 15 0 0 1 Total 12,000.00 12,000Pool Pump - Replacement 2010 2018 5 0 0 1 Total 1,000.00 1,000Portable Generator - Replacement 2000 2018 10 0 0 1 Total 750.00 750

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Timberline Rim Recreation Club, Inc Component Summary By Group


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Capital continued...Power Washer - Replacement 2017 2032 15 0 14 1 Total 1,000.00 1,000Rec Area: Air Hockey - Replacement 1980 2018 30 0 0 1 Total 750.00 750Rec Area: Fosse Ball Table - Replacement 1980 2018 30 0 0 1 Total 750.00 750Rec Area: Pool /Ping Pong Table - Replace.. 1980 2018 30 0 0 1 Total 2,000.00 2,000Rec Area: TV - Replacement 2013 2020 7 0 2 1 Total 750.00 750Tennis Court - Resurface 1998 2018 15 0 0 1 Total 7,000.00 7,000Tennis Court Fence - Replacement 2011 2041 30 0 23 315 LF 30.00 9,450Window Covering - Replacement 2007 2022 15 0 4 1 Total 3,000.00 3,000Wood Decking - Replacement 1997 2019 30 -8 1 1,600 SF 25.00 40,000Wood Picnic Tables - Replacement 2007 2022 15 0 4 3 Each 2,000.00 6,000 Capital - Total $284,869

Non-CapitalFuel Clearing 2015 2020 5 0 2 1 Total 20,000.00 20,000Parking Lot - Seal Coat 2015 2022 7 0 4 9,000 SF 0.20 1,800Wood Decking - Clean & Sealing 2017 2024 5 2 6 1,600 SF 2.00 3,200 Non-Capital - Total $25,000

Total Asset Summary $309,869

Revised 9/20/2017

Timberline Rim Recreation Club, Inc Annual Expenditure Detail


PAGE 31 of 70

Description Expenditures

Replacement Year 2018Basketball Hoops - Replacement 2,000Chain Saw - Replacement 250Clubhouse: Siding - Paint 3,924Clubhouse: Siding - Repair 3,924Clubhouse: Water Heater - Replacement 1,500Concrete - Repairs 10,000Lawn Mower - Replacement 250Office: Area - Renovation 5,000Office: Security System - Replacement 3,500Pool Filter - Replacement 1,000Pool Plaster - Replacement 12,000Pool Pump - Replacement 1,000Portable Generator - Replacement 750Rec Area: Air Hockey - Replacement 750Rec Area: Fosse Ball Table - Replacement 750Rec Area: Pool /Ping Pong Table - Replacement 2,000Tennis Court - Resurface 7,000

Total for 2018 $55,598

Replacement Year 2019Pool Heater - Replacement 4,612Wood Decking - Replacement 41,000

Total for 2019 $45,612

Replacement Year 2020Fuel Clearing 21,012Office: Windows & Door - Replacement 3,940Rec Area: TV - Replacement 788

Total for 2020 $25,740

Replacement Year 2021Clubhouse: Interior - Paint 3,780

Total for 2021 $3,780

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PAGE 32 of 70


Replacement Year 2022Carpet - Replacement 13,699Office: Computer Equipment - Replacement 6,623Parking Lot - Seal Coat 1,987Pool Fence - Replacement 9,272Window Covering - Replacement 3,311Wood Picnic Tables - Replacement 6,623

Total for 2022 $41,516

Replacement Year 2023Brush Cutter w/ Attachments - Replacement 1,131Office: Security System - Replacement 3,960Pool Pump - Replacement 1,131

Total for 2023 $6,223

Replacement Year 2024Grill - Replacement 1,392Wood Decking - Clean & Sealing 3,711

Total for 2024 $5,103

Replacement Year 2025Bathrooms - Remodel 11,887Fuel Clearing 23,774

Total for 2025 $35,661

Replacement Year 2026Clubhouse: Siding - Paint 4,781Clubhouse: Siding - Repair 4,781

Total for 2026 $9,562

Replacement Year 2027Office: Computer Equipment - Replacement 7,493Rec Area: TV - Replacement 937

Total for 2027 $8,430

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PAGE 33 of 70


Replacement Year 2028Basketball Court - Repair 2,048Blower - Replacement 896Clubhouse: Window - Replacement 6,400Office: Security System - Replacement 4,480Parking Lot - Overlay 25,922Pool Pump - Replacement 1,280Portable Generator - Replacement 960

Total for 2028 $41,987

Replacement Year 2029Office: Ductless HVAC - Replacement 5,248Parking Lot - Seal Coat 2,362Pool Chemical Shed - Replacement 6,560Pool Cover - Replacement 4,592Wood Decking - Clean & Sealing 4,199

Total for 2029 $22,962

Replacement Year 2030Fuel Clearing 26,898Pool Filter - Replacement 1,345

Total for 2030 $28,243

No Replacement in 2031

Replacement Year 2032HVAC - Replacement 8,478Mailboxes - Replacement 42,389Office: Computer Equipment - Replacement 8,478Pool Deck- Repair 9,538Power Washer - Replacement 1,413

Total for 2032 $70,295

Replacement Year 2033Basketball Hoops - Replacement 2,897

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Replacement Year 2033 continued...Brush Cutter w/ Attachments - Replacement 1,448Chain Saw - Replacement 362Clubhouse: Water Heater - Replacement 2,172Lawn Mower - Replacement 362Office: Security System - Replacement 5,069Pool Plaster - Replacement 17,380Pool Pump - Replacement 1,448Tennis Court - Resurface 10,138

Total for 2033 $41,276

Replacement Year 2034Clubhouse: Siding - Paint 5,825Clubhouse: Siding - Repair 5,825Grill - Replacement 1,781Kitchen - Remodel 22,268Pool Heater - Replacement 6,680Rec Area: TV - Replacement 1,113Wood Decking - Clean & Sealing 4,750

Total for 2034 $48,243

Replacement Year 2035Fuel Clearing 30,432

Total for 2035 $30,432

Replacement Year 2036Parking Lot - Seal Coat 2,807

Total for 2036 $2,807

Replacement Year 2037Carpet - Replacement 19,841Clubhouse: Interior - Paint 5,611Clubhouse: Swing Set - Replacement 2,398Office: Computer Equipment - Replacement 9,592Window Covering - Replacement 4,796

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Replacement Year 2037 continued...Wood Picnic Tables - Replacement 9,592

Total for 2037 $51,830

Replacement Year 2038Office: Security System - Replacement 5,735Pool Pump - Replacement 1,639Portable Generator - Replacement 1,229

Total for 2038 $8,603

Replacement Year 2039Wood Decking - Clean & Sealing 5,375

Total for 2039 $5,375

Replacement Year 2040Fuel Clearing 34,431

Total for 2040 $34,431

Replacement Year 2041Office: Ductless HVAC - Replacement 7,058Pool Cover - Replacement 6,176Rec Area: TV - Replacement 1,323Tennis Court Fence - Replacement 16,676

Total for 2041 $31,234

Replacement Year 2042Clubhouse: Siding - Paint 7,097Clubhouse: Siding - Repair 7,097Office: Computer Equipment - Replacement 10,852Pool Fence - Replacement 15,193Pool Filter - Replacement 1,809

Total for 2042 $42,049

Replacement Year 2043Blower - Replacement 1,298

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Replacement Year 2043 continued...Brush Cutter w/ Attachments - Replacement 1,854Office: Security System - Replacement 6,489Parking Lot - Seal Coat 3,337Pool Pump - Replacement 1,854

Total for 2043 $14,832

Replacement Year 2044Grill - Replacement 2,280Park: Camel Back Climber - Replacement 9,501Wood Decking - Clean & Sealing 6,081

Total for 2044 $17,863

Replacement Year 2045Fuel Clearing 38,956Park: Picnic Tables - Replacement 8,765Park: Swing Set - Replacement 9,739

Total for 2045 $57,460

Replacement Year 2046Park: Water Fountain - Replacement 998

Total for 2046 $998

Replacement Year 2047Clubhouse: Doors - Replacement 8,186HVAC - Replacement 12,278Office: Computer Equipment - Replacement 12,278Power Washer - Replacement 2,046

Total for 2047 $34,789

Revised 9/20/2017

Timberline Rim Recreation Club, Inc Detail Report by Category


PAGE 37 of 70

Clubhouse: Interior - Paint

Asset ID 1053Capital

PaintingPlaced in Service January 2005

Useful Life 16Replacement Year 2021

Remaining Life 3

2,340 SF @ $1.50Asset Cost $3,510.00

Percent Replacement 100%Future Cost $3,779.89

This provision is for the painting of the interior of the clubhouse.

Schwindt and Company estimated 2,340 square feet of interior walls.

The cost and useful life assumptions are based on accepted industry estimates as established by RS Means and/or The National Construction Estimator. The Association should obtain a bid to confirm this estimate.

Clubhouse: Siding - Paint


PaintingPlaced in Service January 1998


Remaining Life 0

1,962 SF @ $2.00Asset Cost $3,924.00


This provision is for the painting of the siding on the clubhouse and shed.

Schwindt and Company estimated 1,962 square feet of siding.


Painting - Total Current Cost $7,434

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PAGE 38 of 70

Clubhouse: Doors - Replacement


Building ComponentsPlaced in Service January 2017


Remaining Life 29

4 Each @ $1,000.00Asset Cost $4,000.00


This provision is for the replacement of the doors in the clubhouse.

Schwindt and Company estimated 4 doors.


Clubhouse: Furniture - Replacement




Remaining Life 29

1 Total @ Asset Cost

Percent Replacement 100%Future Cost

This provision is for the replacement of the furniture in the clubhouse. According to the Association, furniture has been donated and future replacements are assumed to be donated.


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Clubhouse: Roof - Replacement




Remaining Life 31

2,500 SF @ Asset Cost


This provision is for the replacement of the metal on the clubhouse and shed.

Schwindt and Company estimated 2,500 square feet of metal roofing.


Clubhouse: Siding - Repair




Remaining Life 0

1,962 SF @ $10.00Asset Cost $3,924.00


This provision is for the repair of the siding on the clubhouse and shed.

Schwindt and Company estimated 1,962 square feet of siding.


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Clubhouse: Window - Replacement




Remaining Life 10

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


This provision is for the replacement of the windows in the clubhouse.

Schwindt and Company estimated 16 windows.


Building Components - Total Current Cost $12,924

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PAGE 41 of 70

Parking Lot - Overlay


Streets/AsphaltPlaced in Service January 1998

Useful Life 28Adjustment 2

Replacement Year 2028Remaining Life 10

9,000 SF @ $2.25Asset Cost $20,250.00


This provision is for the overlay of the asphalt.

Schwindt and Company estimated 9,000 square feet of asphalt.


Parking Lot - Seal Coat

Asset ID 1043Non-Capital

Streets/AsphaltPlaced in Service January 2015


Remaining Life 4

9,000 SF @ $0.20Asset Cost $1,800.00


This provision is for the seal coating of the asphalt.

Schwindt and Company estimated 9,000 square feet of asphalt.


Streets/Asphalt - Total Current Cost $22,050

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PAGE 42 of 70

Pool Chemical Shed - Replacement


Pool AreaPlaced in Service January 1999


Remaining Life 11

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


This provision is for the replacement of the pool chemical shed.


Pool Cover - Replacement




Remaining Life 11

1 Total @ $3,500.00Asset Cost $3,500.00


This provision is for the replacement of the pool cover.


Pool Deck- Repair




Remaining Life 14

1,350 SF @ $10.00Asset Cost $6,750.00


This provision is for the repair of the pool deck.

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Pool Deck- Repair continued...

Schwindt and Company estimated 1,350 square feet of pool decking.


Pool Fence - Replacement




Remaining Life 4

210 LF @ $40.00Asset Cost $8,400.00


This provision is for the replacement of the wood pool fence.

Schwindt and Company estimated 210 lineal feet of fencing.


Pool Filter - Replacement




Remaining Life 0

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


This provision is for the replacement of the pool filter.


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Pool Furniture - Replacement




Remaining Life 14

1 Total @ Asset Cost


This provision is for the replacement of the pool furniture. Pool Furniture will be replaced as needed.


Pool Heater - Replacement




Remaining Life 1

1 Total @ $4,500.00Asset Cost $4,500.00


This provision is for the replacement of the pool heater.


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Pool Plaster - Replacement




Remaining Life 0

1 Total @ $12,000.00Asset Cost $12,000.00


This provision is for the replacement of the pool plaster.


Pool Pump - Replacement




Remaining Life 0

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


This provision is for the replacement of the pool pump.


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PAGE 46 of 70

Wood Decking - Clean & Sealing





1,600 SF @ $2.00Asset Cost $3,200.00


This provision is for the cleaning and sealing of the wood deck and railings at the clubhouse.

Schwindt and Company estimated 1,600 square feet of wood decking.


Wood Decking - Replacement



Useful Life 30Adjustment -8


1,600 SF @ $25.00Asset Cost $40,000.00


This provision is for the replacement of the wood deck and railings at the clubhouse.

Schwindt and Company estimated 1,600 square feet of wood decking.


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Wood Picnic Tables - Replacement




Remaining Life 4

3 Each @ $2,000.00Asset Cost $6,000.00


This provision is for the replacement of the wood picnic tables.

Schwindt and Company estimated 3 picnic tables.


Pool Area - Total Current Cost $91,350

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PAGE 48 of 70

Blower - Replacement


EquipmentPlaced in Service January 2013


Remaining Life 10

2 Each @ $350.00Asset Cost $700.00

Percent Replacement 100%Future Cost $896.06

This provision is for the replacement of the 2 backpack blowers.


Brush Cutter w/ Attachments - Replacement




Remaining Life 5

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


This provision is for the replacement of the brush cutter with attachments.


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Chain Saw - Replacement




Remaining Life 0

1 Total @ $250.00Asset Cost $250.00


This provision is for the replacement of the chain saw.


Clubhouse: Water Heater - Replacement




Remaining Life 0

1 Total @ $1,500.00Asset Cost $1,500.00


This provision is for the replacement of the water heater in the clubhouse.


Grill - Replacement




Remaining Life 6

1 Total @ $1,200.00Asset Cost $1,200.00


This provision is for the replacement of the grill.

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Grill - Replacement continued...


Lawn Mower - Replacement




Remaining Life 0



This provision is for the replacement of the lawn mower.


Portable Generator - Replacement




Remaining Life 0



This provision is for the replacement of the portable generator.


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Power Washer - Replacement




Remaining Life 14

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


This provision is for the replacement of the power washer.


Equipment - Total Current Cost $6,650

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PAGE 52 of 70

Bathrooms - Remodel


Interior FurnishingsPlaced in Service January 1980



2 Each @ $5,000.00Asset Cost $10,000.00


This provision is for the renovation of the 2 bathrooms on the first floor.


Carpet - Replacement




Remaining Life 4

1,773 SF @ $7.00Asset Cost $12,411.00


This provision is for the replacement of the carpet in the clubhouse.

Schwindt and Company estimated 1,773 square feet of carpet.


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HVAC - Replacement




Remaining Life 14

1 Total @ $6,000.00Asset Cost $6,000.00


This provision is for the HVAC in the recreation area.


Kitchen - Remodel




Remaining Life 16

1 Total @ $15,000.00Asset Cost $15,000.00


This provision is for the renovation of the kitchen area.

This includes the flooring, cabinets, sink and appliances. There is an oven, range/oven, refrigerator and dishwasher.


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Rec Area: Air Hockey - Replacement




Remaining Life 0



This provision is for the replacement of the air hockey table.


Rec Area: Fosse Ball Table - Replacement




Remaining Life 0



This provision is for the replacement of the fosse ball table.


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Rec Area: Pool /Ping Pong Table - Replacement




Remaining Life 0

1 Total @ $2,000.00Asset Cost $2,000.00


This provision is for the replacement of the pool/ping pong table.


Rec Area: TV - Replacement




Remaining Life 2



This provision is for the replacement of the TV in the rec area.


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Window Covering - Replacement




Remaining Life 4

1 Total @ $3,000.00Asset Cost $3,000.00


This provision is for the window covering.


Interior Furnishings - Total Current Cost $50,661

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PAGE 57 of 70

Clubhouse: Swing Set - Replacement


ParkPlaced in Service January 2007


Remaining Life 19

1 Total @ $1,500.00Asset Cost $1,500.00


This provision is for the replacement of the swing set at the clubhouse.

The Association should obtain a bid to confirm this estimate.

The useful life assumption is based on accepted industry estimates as established by RS Means and/or The National Construction Estimator.

Park: Camel Back Climber - Replacement




Remaining Life 26

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


This provision is for the replacement of the camel back climber at Arthur Park.



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Park: Picnic Tables - Replacement




Remaining Life 27

3 Each @ $1,500.00Asset Cost $4,500.00


This provision is for the replacement of the metal picnic tables at Alpine Park.

According to the Association, there will be 3 tables.



Park: Swing Set - Replacement




Remaining Life 27

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


This provision is for the replacement of the swing set at Alpine Park.



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Park: Water Fountain - Replacement




Remaining Life 28



This provision is for the replacement of the water fountain at Arthur Park.



Park - Total Current Cost $16,500

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Basketball Court - Repair


RecreationPlaced in Service January 1998


Remaining Life 10

800 SF @ $10.00Asset Cost $1,600.00


This provision is for the repair of the basketball court.

Schwindt and Company estimated 800 square feet of court.


Basketball Hoops - Replacement




Remaining Life 0

2 Each @ $1,000.00Asset Cost $2,000.00


This provision is for the replacement of the basketball hoops.


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Tennis Court - Resurface




Remaining Life 0

1 Total @ $7,000.00Asset Cost $7,000.00


This provision is for the resurfacing of the tennis court.


Tennis Court Fence - Replacement




Remaining Life 23

315 LF @ $30.00Asset Cost $9,450.00


This provision is for the replacement of the tennis court fence.

Schwindt and Company estimated 315 lineal feet of fencing.


Recreation - Total Current Cost $20,050

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Fuel Clearing


Grounds ComponentsPlaced in Service January 2015


Remaining Life 2

1 Total @ $20,000.00Asset Cost $20,000.00


This provision is for clearing of the trees as part of the fuel reduction.

The cost and useful life assumptions are based on information provided by the Association. The Association should obtain a bid to confirm this estimate.

Grounds Components - Total Current Cost $20,000

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Office: Area - Renovation


Office AreaPlaced in Service January 1980


Remaining Life 0

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


This provision is for the renovation of the office area. This includes the replacement of the 3 work desks, 2 main file cabinets and light fixtures.


Office: Computer Equipment - Replacement




Remaining Life 4

1 Total @ $6,000.00Asset Cost $6,000.00


This provision is for the replacement of the office equipment. This includes the following equipment.

3 office computers and monitors1 network computer3 battery backups


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Office: Ductless HVAC - Replacement




Remaining Life 11

1 Total @ $4,000.00Asset Cost $4,000.00


This provision is for the replacement of the ductless hvac system in the office area.


Office: Security System - Replacement




Remaining Life 0

1 Total @ $3,500.00Asset Cost $3,500.00


This provision is for the replacement of the security system.


Office: Windows & Door - Replacement




Remaining Life 2

5 Each @ $750.00Asset Cost $3,750.00


This provision is for the replacement of the 4 windows and exterior door in the office area.

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Office: Windows & Door - Replacement continued...


Office Area - Total Current Cost $22,250

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Concrete - Repairs


MailboxesPlaced in Service January 2002

Useful Life 30Adjustment -14


1 Total @ $10,000.00Asset Cost $10,000.00


This provision is for the repair of the concrete the mailboxes sit on.

According to the Association, they have approximately $30,000 in mailboxes and they should last until 2032.

Mailboxes - Replacement


MailboxesPlaced in Service January 2002


Remaining Life 14

1 Total @ $30,000.00Asset Cost $30,000.00


This provision is for the replacement of the mailboxes.

According to the Association, they have approximately $30,000 in mailboxes and they should last until 2032.

Mailboxes - Total Current Cost $40,000

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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 9/20/2017

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