club estates east condominium maintenance...

SCHWINDT & CO.RESERVE STUDY SERVICES

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CLUB ESTATES EAST CONDOMINIUM

MAINTENANCE PLAN

RESERVE STUDY

LEVEL III: UPDATE WITH NO VISUAL SITE INSPECTION

2018 - 2019

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

Revised 3/19/2018


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Executive Summary

Year of Report:

April 1, 2018 to March 31, 2019

Number of Units:

80 Units

Parameters:

Beginning Balance: $80,230

Year 2018 Suggested Contribution: $72,250

Year 2018 Projected Interest Earned: $405

Inflation: 2.50%

Annual Increase to Suggested Contribution: 7.50%

Lowest Cash Balance Over 30 Years (Threshold): $30,886

Prior Year’s Actual Contribution: $64,898

Revised 3/19/2018

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TABLE OF CONTENTSClub Estates East Condominium


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Disclosure Information 4 of 78

MAINTENANCE PLAN

Maintenance Plan 9 of 78

RESERVE STUDY

Property Description 25 of 78

Cash Flow Method - Threshold Funding Model Summary 26 of 78

Cash Flow Method - Threshold Funding Model Projection 27 of 78

Component Summary By Category 28 of 78

Component Summary By Group 31 of 78

Annual Expenditure Detail 33 of 78

Detail Report by Category 42 of 78

Additional Disclosures 75 of 78

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Club Estates East CondominiumMaintenance Plan

Reserve Study Update – OffsiteDisclosure Information

2018

We have conducted an offsite reserve study update and maintenance plan for Club Estates East Condominium for the year beginning April 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 is in compliance with the legislative changes made in 2007 to ORS Chapters 94 and 100.

We have no other involvement with the Association other than providing the reserve study and maintenance plan. Schwindt & Company believes that every association should have a complete building envelope inspection within 12 months of completion of all construction and every 7 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 24. 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.

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.

The Bylaws, Article VI, Section 2 (a) state: Each owner must promptly perform all maintenance and repair work within his own unit, which, if omitted, would affect the project in its entirety or in part belonging to other owners…

The Bylaws, Article VI, Section 2 (b0 state: all the repairs of the internal installations of the unit, such as: water, lights, gas, power, sewage, telephone, air conditioners, sanitary installations, doors, windows, lamps and all other accessories belonging to the unit area shall be at the owner’s expense.

The Bylaws, Article VI, Section 2 (d) states: Repairs to utility sheds, original windows, outside water faucets, and the replacement of garbage cans shall be the Association’s responsibility. Repairs to patio floors, outside doors and storm windows, awnings, fireplaces, chimneys and porch lights and door bells shall be at the unit owner’s expense.

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

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.

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.

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

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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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MAINTENANCE PLAN

2018 - 2018

Revised 3/19/2018

Club Estates East Condominium 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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Club Estates East CondominiumMaintenance 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 7 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

Clubhouse/Fitness/Recreation Areas

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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 condo facilities, common area kitchenettes 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, 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

Exterior Stairs, Decks, Balconies, & Patios

The performance of and payment for the following maintenance procedures is solely the

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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.

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

Gas Connections–Review

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

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.

* 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 (Common Area Only) – Inspection/Maintenance

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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.


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: Monthly to Annually

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

Swimming Pool & Spa

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

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function.

Whirlpools should be reviewed for the function of the timer, drainage, and emergency switch.

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 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 & Garage Doors

A method should be adopted for owners to report problems.

These maintenance procedures should also be performed on the common area buildings including the clubhouse, guard station and sales office. 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.

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Garage doors should be inspected to ensure smooth operation and all moving parts are working as intended. This includes the runners, moving parts and locks.

Frequency: Annually

Fence – Metal - Inspection

The metal fence located along the perimeter of the property should be checked semi-annually for overall integrity and safety. The overall condition of the fence should be checked for deficiencies such as vegetation encroachment, debris buildup, holes, sagging areas, missing segments, rot, fungus, and/or vandalism.


Frequency: Semiannually

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

HVAC–Clubhouse Air Conditioning Unit (Common Area Only)

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 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.

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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.

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

Fence – Swimming Pool - Inspection

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Metal fences require regular inspection of paint condition, rust and other corrosion, and vegetation and trash buildup. The overall condition of the fence should be reviewed for deficiencies such as vegetation encroachment, debris buildup, holes, sagging areas, missing segments, rust, 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

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.


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.

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

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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

Sewer Laterals – Inspection/Maintenance

All drain lines in the facility connect to the main drain, which is referred to as the “sewer”, beyond the foundation. All sewer lines outside of the foundation have cleanout points at various locations. Reaming from these points requires the use of a high power hose, hydro-jet, or power equipment. Sewer laterals should be annually reamed from clean-out points by in-house personnel.



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 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.

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

Frequency: Every 8 years

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.


Main Road Frequency: Every 5 years, beginning in 2019

Driveway Frequency: Every 7 years, beginning in 2023

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.


Frequency: Every 12 years, beginning in 2026

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.

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

Frequency: Annually

Attics & Crawl Spaces

A method should be adopted for owners to report problems.

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.

Crawl spaces should be checked annually to make sure all vents are free of obstructions. Owners should make sure that the finish grade is below the height of the vents and vents are clear of debris. Crawl space should be checked for signs of water intrusion or moisture damage to the building structure.

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

Frequency: Annually

Concrete Pavement

These maintenance procedures should be performed on the any common area concrete surfaces, including the clubhouse patio. This expense for the common area concrete should be included in the Association’s operating budget in the year it is to occur.

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.

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 III: UPDATE WITH NO VISUAL SITE INSPECTION

2018 - 2019

Revised 3/19/2018

Club Estates East Condominium Category Detail Index


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Asset IDDescription Replacement Page

Roofing1040 Clubhouse Roof - Replacement 34-35 42 of 781031 Tile Roof - Repairs 2018-2023 18-19 42 of 781064 Tile Roof - Replacement 36-37 42 of 78

Siding1026 Exterior Siding - Repair/Replace I 24-25 44 of 781062 Exterior Siding - Repair/Replace II 25-26 44 of 78

Painting1010 Clubhouse Interior - Painting 26-27 46 of 781028 Painting Exterior Siding I 24-25 46 of 781063 Painting Exterior Siding II 25-26 47 of 78

Building Components1066 Building Envelope Inspection 18-19 48 of 781041 Chimney - Maintenance 22-23 48 of 781052 Electrical Study 23-24 48 of 781007 Garage Doors - Replacement 42-43 49 of 781054 Patio Sheds - Replacement 18-19 49 of 781053 Plumbing Study 24-25 50 of 781009 Pool Shower Rooms - Refurbish 29-30 50 of 781024 Storage Sheds - Replacement 33-34 50 of 781051 Windows - Replacement Unfunded 51 of 78

Gutters and Downspouts1034 Gutters & Downspouts Phase I - Replacement 21-22 52 of 781035 Gutters & Downspouts Phase II - Replacement 23-24 52 of 781036 Gutters & Downspouts Phase III - Replacement 25-26 52 of 78

Streets/Asphalt1002 Asphalt - Repairs & Maintenance 18-19 54 of 781001 Asphalt - Seal Coat 19-20 54 of 781047 Asphalt - Seal Coat Driveways 23-24 55 of 78

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Fencing/Security1022 Metal Fence - Replacement 30-31 56 of 781050 Patio Wall - Repair 18-19 56 of 781018 Pool Fencing - Replacement 36-37 56 of 78

Carports1037 Carport Roof Phase I - Replacement 20-21 58 of 781038 Carport Roof Phase II - Replacement 22-23 58 of 781039 Carport Roof Phase III - Replacement 24-25 58 of 78

Equipment1043 Clubhouse HVAC - Replacement 41-42 60 of 781015 Clubhouse Hot Water Tanks - Replacement 27-28 60 of 781016 Clubhouse Refrigerator - Replacement 19-20 61 of 781012 Office Equipment - Allowance 18-19 61 of 781056 Shop Hot Water Tanks - Replacement 26-27 61 of 78

Interior Furnishings1011 Clubhouse Carpet - Replacement 24-25 63 of 78

Lighting1060 Clubhouse Light Fixtures - Replacement 21-22 64 of 78

Recreation/Pool1048 Pool - Resurface 25-26 65 of 781049 Pool Cover - Replacement 25-26 65 of 781017 Pool Decking - Replacement 32-33 66 of 781020 Pool Gas Fired Heater - Replacement 20-21 66 of 781021 Pool Pump Motor - Replacement 22-23 66 of 781019 Pool Sand Filter - Replacement 19-20 67 of 78

Grounds Components1065 Cesspool - Decommission 21-22 68 of 781006 Concrete Surfaces - Repairs 19-20 68 of 781058 Dry Wells - Replacement 24-25 68 of 78

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Grounds Components Continued...1055 Irrigation - Repairs 25-26 69 of 781044 Irrigation Controllers - Replacement 22-23 69 of 781045 Irrigation Valves - Replacement 33-34 70 of 781023 Main Water Line - Repair/Replace 31-32 70 of 781061 Retaining Wall - Maintenance 20-21 70 of 781057 Sidewalk Widening 18-19 71 of 781046 Tree Replacement 21-22 71 of 781005 Walkway & Curbs - Repairs & Maintenance 27-28 72 of 78

Doors and Windows1059 Clubhouse Doors- Replacement 26-27 73 of 781014 Clubhouse Windows - Replacement 26-27 73 of 781013 Shop Roll Up Garage Door - Replacement 38-39 73 of 78

Total Funded Assets 55Total Unfunded Assets 1Total Assets 56

Revised 3/19/2018

Club Estates East Condominium Property Description


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Club Estates East Condominium consists of 21 buildings with 80 units located in Portland, Oregon. The buildings are single story with wood siding and tile roofs, and was built around 1965. 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 of the interior of their home.

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

A site visit was performed by Schwindt & Company in 2015. 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 approval, to increase regular assessments, levy special assessments, otherwise the Association may delay repairs or replacements until funds are available.

Revised 3/19/2018

Club Estates East CondominiumPortland, Oregon

Cash Flow Method - Threshold Funding Model Summary


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Report Date February 22, 2018Account Number 2clube

Budget Year Beginning April 01, 2018Budget Year Ending March 31, 2019

Report Parameters

Inflation 2.50%Annual Assessment Increase 7.50%Interest Rate on Reserve Deposit 1.00%

2018 Beginning Balance $80,230

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 $72,250 in 2018 and increases 7.50% each year for the remaining years of the study. A minimum balance of $30,886 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 $6,020.83Average Net Month Interest Earned $33.77Total Month Allocation to Reserves $6,054.60

Revised 3/19/2018

Club Estates East Condominium Cash Flow Method - Threshold Funding Model Projection


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Beginning Balance: $80,230Projected Fully

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

18-19 72,250 405 78,972 73,913 806,717 9%19-20 77,669 457 70,440 81,599 865,311 9%20-21 83,494 473 79,680 85,886 918,750 9%21-22 89,756 522 82,455 93,709 973,681 10%22-23 96,488 359 110,141 80,415 1,004,712 8%23-24 103,724 346 102,092 82,393 1,047,773 8%24-25 111,504 163,010 30,886 911,220 3%25-26 119,866 116,083 34,670 882,258 4%26-27 128,856 523 52,269 111,781 919,661 12%27-28 138,520 1,766 10,863 241,205 1,002,164 24%28-29 148,910 3,170 6,203 387,081 1,093,271 35%29-30 160,078 4,408 34,836 516,731 1,159,167 45%30-31 172,084 4,645 147,432 546,028 1,108,573 49%31-32 184,990 2,697 377,658 356,056 824,870 43%32-33 198,864 3,610 104,259 454,271 816,201 56%33-34 213,779 4,335 138,414 533,970 774,244 69%34-35 229,812 5,364 124,274 644,873 747,721 86%35-36 247,048 7,417 40,228 859,110 808,719 106%36-37 265,577 5,666 438,732 691,621 887,868 78%37-38 285,495 3,845 463,306 517,655 956,521 54%38-39 306,907 1,992 485,330 341,224 1,017,351 34%39-40 329,925 525,905 145,245 1,051,472 14%40-41 354,670 2,299 108,213 394,000 575,383 68%41-42 381,270 4,757 126,684 653,343 547,029 119%42-43 409,865 8,438 35,090 1,036,557 614,028 169%43-44 440,605 12,717 8,984 1,480,894 711,692 208%44-45 473,650 16,786 66,131 1,905,200 755,510 252%45-46 509,174 21,410 49,356 2,386,428 819,964 291%46-47 547,362 26,618 32,888 2,927,520 905,313 323%47-48 588,414 32,381 22,445 3,525,871 1,005,964 350%

Revised 3/19/2018

Club Estates East Condominium Component Summary By Category


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RoofingClubhouse Roof - Replacement 09-10 34-35 25 0 16 1 Total 61,370.91 61,371Tile Roof - Repairs 2018-2023 85-86 18-19 1 0 0 1 Total 51,126.00 51,126Tile Roof - Replacement 85-86 36-37 1 49 18 22,500 SF 12.00 270,000 Roofing - Total $382,497

SidingExterior Siding - Repair/Replace I 16-17 24-25 8 0 6 1 Total 8,318.97 8,319Exterior Siding - Repair/Replace II 17-18 25-26 8 0 7 1 Total 4,285.91 4,286 Siding - Total $12,605

PaintingClubhouse Interior - Painting 13-14 26-27 12 0 8 1 Total 15,076.47 15,076Painting Exterior Siding I 16-17 24-25 8 0 6 40 Units 1,175.00 47,000Painting Exterior Siding II 17-18 25-26 8 0 7 40 Units 1,175.00 47,000 Painting - Total $109,076

Building ComponentsBuilding Envelope Inspection 69-70 18-19 7 0 0 1 Total 7,500.00 7,500Chimney - Maintenance 84-85 22-23 35 3 4 1 Total 7,196.85 7,197Electrical Study 69-70 23-24 50 3 5 1 Total 10,768.91 10,769Garage Doors - Replacement 17-18 42-43 25 0 24 9 Each 1,202.00 10,818Patio Sheds - Replacement 16-17 18-19 1 0 0 3 Each 538.44 1,615Plumbing Study 69-70 24-25 50 4 6 1 Total 10,768.91 10,769Pool Shower Rooms - Refurbish 84-85 29-30 30 15 11 1 Total 3,295.28 3,295Storage Sheds - Replacement 13-14 33-34 20 0 15 1 Total 10,886.28 10,886Windows - Replacement Unfunded Building Components - Total $62,850

Gutters and DownspoutsGutters & Downspouts Phase I - Replacem.. 85-86 21-22 35 0 3 1 Total 8,528.97 8,529Gutters & Downspouts Phase II - Replacem.. 88-89 23-24 35 0 5 1 Total 8,528.97 8,529Gutters & Downspouts Phase III - Replace.. 89-90 25-26 35 0 7 1 Total 8,528.97 8,529 Gutters and Downspouts - Total $25,587

Streets/AsphaltAsphalt - Repairs & Maintenance 13-14 18-19 15 -11 0 1 Total 12,500.00 12,500Asphalt - Seal Coat 13-14 19-20 5 1 1 1 Total 6,212.98 6,213Asphalt - Seal Coat Driveways 16-17 23-24 7 0 5 1 Total 14,965.00 14,965 Streets/Asphalt - Total $33,678

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Fencing/SecurityMetal Fence - Replacement 80-81 30-31 50 0 12 1 Total 83,103.65 83,104Patio Wall - Repair 16-17 18-19 1 0 0 1 Total 3,230.67 3,231Pool Fencing - Replacement 85-86 36-37 50 0 18 1 Total 4,806.15 4,806 Fencing/Security - Total $91,140

CarportsCarport Roof Phase I - Replacement 84-85 20-21 30 6 2 1 Total 14,430.33 14,430Carport Roof Phase II - Replacement 86-87 22-23 30 5 4 1 Total 32,486.55 32,487Carport Roof Phase III - Replacement 89-90 24-25 30 5 6 1 Total 37,484.40 37,484 Carports - Total $84,401

EquipmentClubhouse HVAC - Replacement 16-17 41-42 25 0 23 2 Each 7,829.78 15,660Clubhouse Hot Water Tanks - Replacement 14-15 27-28 12 0 9 1 Total 865.82 866Clubhouse Refrigerator - Replacement 97-98 19-20 20 1 1 1 Total 990.73 991Office Equipment - Allowance 16-17 18-19 8 -6 0 1 Total 750.00 750Shop Hot Water Tanks - Replacement 13-14 26-27 12 0 8 1 Total 865.82 866 Equipment - Total $19,132

Interior FurnishingsClubhouse Carpet - Replacement 13-14 24-25 10 0 6 1 Total 3,230.67 3,231 Interior Furnishings - Total $3,231

LightingClubhouse Light Fixtures - Replacement 76-77 21-22 40 5 3 7 Each 538.44 3,769 Lighting - Total $3,769

Recreation/PoolPool - Resurface 09-10 25-26 10 5 7 1 Total 10,768.91 10,769Pool Cover - Replacement 09-10 25-26 10 5 7 1 Total 1,615.34 1,615Pool Decking - Replacement 17-18 32-33 15 0 14 1 Total 6,122.00 6,122Pool Gas Fired Heater - Replacement 05-06 20-21 15 0 2 1 Total 2,746.07 2,746Pool Pump Motor - Replacement 13-14 22-23 8 0 4 1 Total 2,369.15 2,369Pool Sand Filter - Replacement 13-14 19-20 5 1 1 1 Total 1,066.12 1,066 Recreation/Pool - Total $24,688

Grounds ComponentsCesspool - Decommission 17-18 21-22 4 0 3 1 Total 6,650.00 6,650Concrete Surfaces - Repairs 13-14 19-20 5 0 1 1 Total 4,479.86 4,480Dry Wells - Replacement 09-10 24-25 15 0 6 3 Each 5,169.07 15,507Irrigation - Repairs 14-15 25-26 10 0 7 1 Total 3,769.12 3,769

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Grounds Components continued...Irrigation Controllers - Replacement 09-10 22-23 12 0 4 1 Total 1,757.49 1,757Irrigation Valves - Replacement 13-14 33-34 20 0 15 1 Total 14,404.49 14,404Main Water Line - Repair/Replace 81-82 31-32 50 0 13 1 Total 269,114.97 269,115Retaining Wall - Maintenance 14-15 20-21 5 0 2 1 Total 2,692.22 2,692Sidewalk Widening 97-98 18-19 20 0 0 1 Total 2,250.00 2,250Tree Replacement 17-18 21-22 3 1 3 1 Total 1,647.65 1,648Walkway & Curbs - Repairs & Maintenance 12-13 27-28 15 0 9 1 Total 1,338.57 1,339 Grounds Components - Total $323,612

Doors and WindowsClubhouse Doors- Replacement 76-77 26-27 50 0 8 7 Each 807.67 5,654Clubhouse Windows - Replacement 76-77 26-27 50 0 8 1 Total 15,707.53 15,708Shop Roll Up Garage Door - Replacement 08-09 38-39 30 0 20 1 Total 775.36 775 Doors and Windows - Total $22,137

Total Asset Summary $1,198,402

Revised 3/19/2018

Club Estates East Condominium Component Summary By Group


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CapitalAsphalt - Seal Coat 13-14 19-20 5 1 1 1 Total 6,212.98 6,213Carport Roof Phase I - Replacement 84-85 20-21 30 6 2 1 Total 14,430.33 14,430Carport Roof Phase II - Replacement 86-87 22-23 30 5 4 1 Total 32,486.55 32,487Carport Roof Phase III - Replacement 89-90 24-25 30 5 6 1 Total 37,484.40 37,484Cesspool - Decommission 17-18 21-22 4 0 3 1 Total 6,650.00 6,650Clubhouse Carpet - Replacement 13-14 24-25 10 0 6 1 Total 3,230.67 3,231Clubhouse Doors- Replacement 76-77 26-27 50 0 8 7 Each 807.67 5,654Clubhouse HVAC - Replacement 16-17 41-42 25 0 23 2 Each 7,829.78 15,660Clubhouse Hot Water Tanks - Replacement 14-15 27-28 12 0 9 1 Total 865.82 866Clubhouse Light Fixtures - Replacement 76-77 21-22 40 5 3 7 Each 538.44 3,769Clubhouse Refrigerator - Replacement 97-98 19-20 20 1 1 1 Total 990.73 991Clubhouse Roof - Replacement 09-10 34-35 25 0 16 1 Total 61,370.91 61,371Clubhouse Windows - Replacement 76-77 26-27 50 0 8 1 Total 15,707.53 15,708Dry Wells - Replacement 09-10 24-25 15 0 6 3 Each 5,169.07 15,507Garage Doors - Replacement 17-18 42-43 25 0 24 9 Each 1,202.00 10,818Gutters & Downspouts Phase I - Replacem.. 85-86 21-22 35 0 3 1 Total 8,528.97 8,529Gutters & Downspouts Phase II - Replacem.. 88-89 23-24 35 0 5 1 Total 8,528.97 8,529Gutters & Downspouts Phase III - Replace.. 89-90 25-26 35 0 7 1 Total 8,528.97 8,529Irrigation - Repairs 14-15 25-26 10 0 7 1 Total 3,769.12 3,769Irrigation Controllers - Replacement 09-10 22-23 12 0 4 1 Total 1,757.49 1,757Irrigation Valves - Replacement 13-14 33-34 20 0 15 1 Total 14,404.49 14,404Main Water Line - Repair/Replace 81-82 31-32 50 0 13 1 Total 269,114.97 269,115Metal Fence - Replacement 80-81 30-31 50 0 12 1 Total 83,103.65 83,104Office Equipment - Allowance 16-17 18-19 8 -6 0 1 Total 750.00 750Patio Sheds - Replacement 16-17 18-19 1 0 0 3 Each 538.44 1,615Pool - Resurface 09-10 25-26 10 5 7 1 Total 10,768.91 10,769Pool Cover - Replacement 09-10 25-26 10 5 7 1 Total 1,615.34 1,615Pool Decking - Replacement 17-18 32-33 15 0 14 1 Total 6,122.00 6,122Pool Fencing - Replacement 85-86 36-37 50 0 18 1 Total 4,806.15 4,806Pool Gas Fired Heater - Replacement 05-06 20-21 15 0 2 1 Total 2,746.07 2,746Pool Pump Motor - Replacement 13-14 22-23 8 0 4 1 Total 2,369.15 2,369Pool Sand Filter - Replacement 13-14 19-20 5 1 1 1 Total 1,066.12 1,066Shop Hot Water Tanks - Replacement 13-14 26-27 12 0 8 1 Total 865.82 866Shop Roll Up Garage Door - Replacement 08-09 38-39 30 0 20 1 Total 775.36 775Storage Sheds - Replacement 13-14 33-34 20 0 15 1 Total 10,886.28 10,886Tile Roof - Replacement 85-86 36-37 1 49 18 22,500 SF 12.00 270,000Tree Replacement 17-18 21-22 3 1 3 1 Total 1,647.65 1,648Windows - Replacement Unfunded Capital - Total $944,608

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Club Estates East Condominium Component Summary By Group


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Non-CapitalAsphalt - Repairs & Maintenance 13-14 18-19 15 -11 0 1 Total 12,500.00 12,500Asphalt - Seal Coat Driveways 16-17 23-24 7 0 5 1 Total 14,965.00 14,965Building Envelope Inspection 69-70 18-19 7 0 0 1 Total 7,500.00 7,500Chimney - Maintenance 84-85 22-23 35 3 4 1 Total 7,196.85 7,197Clubhouse Interior - Painting 13-14 26-27 12 0 8 1 Total 15,076.47 15,076Concrete Surfaces - Repairs 13-14 19-20 5 0 1 1 Total 4,479.86 4,480Electrical Study 69-70 23-24 50 3 5 1 Total 10,768.91 10,769Exterior Siding - Repair/Replace I 16-17 24-25 8 0 6 1 Total 8,318.97 8,319Exterior Siding - Repair/Replace II 17-18 25-26 8 0 7 1 Total 4,285.91 4,286Painting Exterior Siding I 16-17 24-25 8 0 6 40 Units 1,175.00 47,000Painting Exterior Siding II 17-18 25-26 8 0 7 40 Units 1,175.00 47,000Patio Wall - Repair 16-17 18-19 1 0 0 1 Total 3,230.67 3,231Plumbing Study 69-70 24-25 50 4 6 1 Total 10,768.91 10,769Pool Shower Rooms - Refurbish 84-85 29-30 30 15 11 1 Total 3,295.28 3,295Retaining Wall - Maintenance 14-15 20-21 5 0 2 1 Total 2,692.22 2,692Sidewalk Widening 97-98 18-19 20 0 0 1 Total 2,250.00 2,250Tile Roof - Repairs 2018-2023 85-86 18-19 1 0 0 1 Total 51,126.00 51,126Walkway & Curbs - Repairs & Maintenance 12-13 27-28 15 0 9 1 Total 1,338.57 1,339 Non-Capital - Total $253,794

Total Asset Summary $1,198,402

Revised 3/19/2018

Club Estates East Condominium Annual Expenditure Detail


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Description Expenditures

Replacement Year 18-19Asphalt - Repairs & Maintenance 12,500Building Envelope Inspection 7,500Office Equipment - Allowance 750Patio Sheds - Replacement 1,615Patio Wall - Repair 3,231Sidewalk Widening 2,250Tile Roof - Repairs 2018-2023 51,126

Total for 2018 - 2019 $78,972

Replacement Year 19-20Asphalt - Seal Coat 6,368Clubhouse Refrigerator - Replacement 1,015Concrete Surfaces - Repairs 4,592Patio Sheds - Replacement 1,656Patio Wall - Repair 3,311Pool Sand Filter - Replacement 1,093Tile Roof - Repairs 2018-2023 52,404

Total for 2019 - 2020 $70,440

Replacement Year 20-21Carport Roof Phase I - Replacement 15,161Patio Sheds - Replacement 1,697Patio Wall - Repair 3,394Pool Gas Fired Heater - Replacement 2,885Retaining Wall - Maintenance 2,829Tile Roof - Repairs 2018-2023 53,714

Total for 2020 - 2021 $79,680

Replacement Year 21-22Cesspool - Decommission 7,161Clubhouse Light Fixtures - Replacement 4,059Gutters & Downspouts Phase I - Replacement 9,185Patio Sheds - Replacement 1,740Patio Wall - Repair 3,479

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Replacement Year 21-22 continued...Tile Roof - Repairs 2018-2023 55,057Tree Replacement 1,774

Total for 2021 - 2022 $82,455

Replacement Year 22-23Carport Roof Phase II - Replacement 35,859Chimney - Maintenance 7,944Irrigation Controllers - Replacement 1,940Patio Sheds - Replacement 1,783Patio Wall - Repair 3,566Pool Pump Motor - Replacement 2,615Tile Roof - Repairs 2018-2023 56,434

Total for 2022 - 2023 $110,141

Replacement Year 23-24Asphalt - Seal Coat Driveways 16,932Electrical Study 12,184Gutters & Downspouts Phase II - Replacement 9,650Patio Sheds - Replacement 1,828Patio Wall - Repair 3,655Tile Roof - Repairs 2018-2023 57,844

Total for 2023 - 2024 $102,092

Replacement Year 24-25Asphalt - Seal Coat 7,205Carport Roof Phase III - Replacement 43,470Clubhouse Carpet - Replacement 3,747Concrete Surfaces - Repairs 5,195Dry Wells - Replacement 17,984Exterior Siding - Repair/Replace I 9,647Painting Exterior Siding I 54,506Patio Sheds - Replacement 1,873Patio Wall - Repair 3,747Plumbing Study 12,489Pool Sand Filter - Replacement 1,236

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Replacement Year 24-25 continued...Tree Replacement 1,911

Total for 2024 - 2025 $163,010

Replacement Year 25-26Building Envelope Inspection 8,915Cesspool - Decommission 7,905Exterior Siding - Repair/Replace II 5,095Gutters & Downspouts Phase III - Replacement 10,138Irrigation - Repairs 4,480Painting Exterior Siding II 55,868Patio Sheds - Replacement 1,920Patio Wall - Repair 3,840Pool - Resurface 12,801Pool Cover - Replacement 1,920Retaining Wall - Maintenance 3,200

Total for 2025 - 2026 $116,083

Replacement Year 26-27Clubhouse Doors- Replacement 6,888Clubhouse Interior - Painting 18,369Clubhouse Windows - Replacement 19,138Office Equipment - Allowance 914Patio Sheds - Replacement 1,968Patio Wall - Repair 3,936Shop Hot Water Tanks - Replacement 1,055

Total for 2026 - 2027 $52,269

Replacement Year 27-28Clubhouse Hot Water Tanks - Replacement 1,081Patio Sheds - Replacement 2,017Patio Wall - Repair 4,035Tree Replacement 2,058Walkway & Curbs - Repairs & Maintenance 1,672

Total for 2027 - 2028 $10,863

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Replacement Year 28-29Patio Sheds - Replacement 2,068Patio Wall - Repair 4,136

Total for 2028 - 2029 $6,203

Replacement Year 29-30Asphalt - Seal Coat 8,152Cesspool - Decommission 8,725Concrete Surfaces - Repairs 5,878Patio Sheds - Replacement 2,119Patio Wall - Repair 4,239Pool Sand Filter - Replacement 1,399Pool Shower Rooms - Refurbish 4,324

Total for 2029 - 2030 $34,836

Replacement Year 30-31Asphalt - Seal Coat Driveways 20,126Metal Fence - Replacement 111,765Patio Sheds - Replacement 2,172Patio Wall - Repair 4,345Pool Pump Motor - Replacement 3,186Retaining Wall - Maintenance 3,621Tree Replacement 2,216

Total for 2030 - 2031 $147,432

Replacement Year 31-32Main Water Line - Repair/Replace 370,978Patio Sheds - Replacement 2,227Patio Wall - Repair 4,454

Total for 2031 - 2032 $377,658

Replacement Year 32-33Building Envelope Inspection 10,597Exterior Siding - Repair/Replace I 11,754Painting Exterior Siding I 66,410

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Replacement Year 32-33 continued...Patio Sheds - Replacement 2,282Patio Wall - Repair 4,565Pool Decking - Replacement 8,650

Total for 2032 - 2033 $104,259

Replacement Year 33-34Asphalt - Repairs & Maintenance 18,104Exterior Siding - Repair/Replace II 6,207Irrigation Valves - Replacement 20,862Painting Exterior Siding II 68,070Patio Sheds - Replacement 2,339Patio Wall - Repair 4,679Storage Sheds - Replacement 15,767Tree Replacement 2,386

Total for 2033 - 2034 $138,414

Replacement Year 34-35Asphalt - Seal Coat 9,223Clubhouse Carpet - Replacement 4,796Clubhouse Roof - Replacement 91,105Concrete Surfaces - Repairs 6,650Irrigation Controllers - Replacement 2,609Office Equipment - Allowance 1,113Patio Sheds - Replacement 2,398Patio Wall - Repair 4,796Pool Sand Filter - Replacement 1,583

Total for 2034 - 2035 $124,274

Replacement Year 35-36Irrigation - Repairs 5,735Patio Sheds - Replacement 2,458Patio Wall - Repair 4,916Pool - Resurface 16,386Pool Cover - Replacement 2,458Pool Gas Fired Heater - Replacement 4,178

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Replacement Year 35-36 continued...Retaining Wall - Maintenance 4,097

Total for 2035 - 2036 $40,228

Replacement Year 36-37Patio Sheds - Replacement 2,519Patio Wall - Repair 5,039Pool Fencing - Replacement 7,496Tile Roof - Replacement 421,108Tree Replacement 2,570

Total for 2036 - 2037 $438,732

Replacement Year 37-38Asphalt - Seal Coat Driveways 23,924Patio Sheds - Replacement 2,582Patio Wall - Repair 5,165Tile Roof - Replacement 431,636

Total for 2037 - 2038 $463,306

Replacement Year 38-39Clubhouse Interior - Painting 24,705Patio Sheds - Replacement 2,647Patio Wall - Repair 5,294Pool Pump Motor - Replacement 3,882Shop Hot Water Tanks - Replacement 1,419Shop Roll Up Garage Door - Replacement 1,271Sidewalk Widening 3,687Tile Roof - Replacement 442,426

Total for 2038 - 2039 $485,330

Replacement Year 39-40Asphalt - Seal Coat 10,435Building Envelope Inspection 12,597Clubhouse Hot Water Tanks - Replacement 1,454Clubhouse Refrigerator - Replacement 1,664

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Replacement Year 39-40 continued...Concrete Surfaces - Repairs 7,524Dry Wells - Replacement 26,046Patio Sheds - Replacement 2,713Patio Wall - Repair 5,426Pool Sand Filter - Replacement 1,791Tile Roof - Replacement 453,487Tree Replacement 2,767

Total for 2039 - 2040 $525,905

Replacement Year 40-41Exterior Siding - Repair/Replace I 14,322Painting Exterior Siding I 80,914Patio Sheds - Replacement 2,781Patio Wall - Repair 5,562Retaining Wall - Maintenance 4,635

Total for 2040 - 2041 $108,213

Replacement Year 41-42Clubhouse HVAC - Replacement 27,633Exterior Siding - Repair/Replace II 7,563Painting Exterior Siding II 82,937Patio Sheds - Replacement 2,850Patio Wall - Repair 5,701

Total for 2041 - 2042 $126,684

Replacement Year 42-43Garage Doors - Replacement 19,567Office Equipment - Allowance 1,357Patio Sheds - Replacement 2,922Patio Wall - Repair 5,843Tree Replacement 2,980Walkway & Curbs - Repairs & Maintenance 2,421

Total for 2042 - 2043 $35,090

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Replacement Year 43-44Patio Sheds - Replacement 2,995Patio Wall - Repair 5,989

Total for 2043 - 2044 $8,984

Replacement Year 44-45Asphalt - Seal Coat 11,806Asphalt - Seal Coat Driveways 28,438Clubhouse Carpet - Replacement 6,139Concrete Surfaces - Repairs 8,513Patio Sheds - Replacement 3,070Patio Wall - Repair 6,139Pool Sand Filter - Replacement 2,026

Total for 2044 - 2045 $66,131

Replacement Year 45-46Irrigation - Repairs 7,341Patio Sheds - Replacement 3,146Patio Wall - Repair 6,293Pool - Resurface 20,976Pool Cover - Replacement 3,146Retaining Wall - Maintenance 5,244Tree Replacement 3,209

Total for 2045 - 2046 $49,356

Replacement Year 46-47Building Envelope Inspection 14,974Irrigation Controllers - Replacement 3,509Patio Sheds - Replacement 3,225Patio Wall - Repair 6,450Pool Pump Motor - Replacement 4,730

Total for 2046 - 2047 $32,888

Replacement Year 47-48Patio Sheds - Replacement 3,306

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Replacement Year 47-48 continued...Patio Wall - Repair 6,611Pool Decking - Replacement 12,528

Total for 2047 - 2048 $22,445

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Club Estates East Condominium Detail Report by Category


PAGE 42 of 78

Clubhouse Roof - Replacement

Asset ID 1040Capital

RoofingPlaced in Service April 2009

Useful Life 25Replacement Year 34-35

Remaining Life 16

1 Total @ $61,370.91Asset Cost $61,370.91

Percent Replacement 100%Future Cost $91,105.46

This component funds for the replacement of the clubhouse roof. The roof is a mixture of tile and flat roof.

Schwindt and Company estimated 2,500 square feet of tile roofing and 5,343 square feet of flat roofing.

The cost and useful life estimates are based on information provided by the Association.

Tile Roof - Repairs 2018-2023

Asset ID 1031Non-Capital



Remaining Life 0

1 Total @ $51,126.00Asset Cost $51,126.00


This component funds for the repairs to the tile roof.

According to information provided by the Association, there is 90,000 square feet of roofing.


Tile Roof - Replacement



Useful Life 1Adjustment 49

Replacement Year 36-37Remaining Life 18

90,000 SF @ $12.00Asset Cost $270,000.00


This component funds for the replacement to the tile roof from 2036-2039.

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Tile Roof - Replacement continued...

According to information provided by the Association, there is 90,000 square feet of roofing.

The useful life assumptions are based on accepted industry estimates as established by RS Means and/or The National Construction Estimator. The cost is based on a per square foot estimate from CC& L Roofing. The Association should obtain a bid to confirm this estimate.

Roofing - Total Current Cost $382,497

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Exterior Siding - Repair/Replace I


SidingPlaced in Service April 2016


Remaining Life 6

1 Total @ $8,318.97Asset Cost $8,318.97


This component funds for the repair and replacement of the exterior siding. This should include repair of the storage sheds.

The cost estimates are based on information provided by the Association.

According to the Association, $1,685 was spent in 2016-17.

The useful life assumption is based on accepted industry estimates as established by RS Means and/or The National Construction Estimator. This has been timed to occur with the painting.

Exterior Siding - Repair/Replace II


SidingPlaced in Service April 2017


Remaining Life 7

1 Total @ $4,285.91Asset Cost $4,285.91


This component funds for the repair and replacement of the exterior siding. This should include repair of the storage sheds.

The cost estimates are based on information provided by the Association.


The useful life assumption is based on accepted industry estimates as established by RS Means and/or The National Construction Estimator. This has been timed to occur with the painting.

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Siding - Total Current Cost $12,605

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Clubhouse Interior - Painting


PaintingPlaced in Service April 2014


Remaining Life 8

1 Total @ $15,076.47Asset Cost $15,076.47


This component funds for painting the interior of the clubhouse.


Painting Exterior Siding I




Remaining Life 6

80 Units @ $1,175.00Asset Cost $47,000.00


This component funds for the painting of the exterior siding. This should include the storage

sheds that are rented out.

Schwindt and Company estimated 69,300 square feet of siding.


The cost is based on a per unit estimate from Painting and Drywall received by the Association. The useful life assumption is based on accepted industry estimates as established by RS Means and/or The National Construction Estimator.

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Painting Exterior Siding II




Remaining Life 7

80 Units @ $1,175.00Asset Cost $47,000.00


This component funds for the painting of the exterior siding. This should include the storage

sheds that are rented out.

Schwindt and Company estimated 69,300 square feet of siding.


The cost is based on a per unit estimate from Painting and Drywall received by the Association. The useful life assumption is based on accepted industry estimates as established by RS Means and/or The National Construction Estimator.

Painting - Total Current Cost $109,076

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Building Envelope Inspection


Building ComponentsPlaced in Service April 1970


Remaining Life 0

1 Total @ $7,500.00Asset Cost $7,500.00


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 5-10 years.

Chimney - Maintenance





1 Total @ $7,196.85Asset Cost $7,196.85


This component funds for the maintenance of the chimney.


Electrical Study





1 Total @ $10,768.91Asset Cost $10,768.91


This provision is for an electrical study to be done. The Association should consult with a

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Electrical Study continued...

professional to determine the current condition of the panels and wiring in the walls.

Garage Doors - Replacement




Remaining Life 24

9 Each @ $1,202.00Asset Cost $10,818.00


This component funds for the replacement of the garage doors.

At the time of site visit, Schwindt and Company noted 9 garage doors.


Patio Sheds - Replacement




Remaining Life 0

3 Each @ $538.44Asset Cost $1,615.32


This component funds for the replacement of the storage sheds on each patio. Currently many sheds are damaged. This provision is to replace them as needed.

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.

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Plumbing Study





1 Total @ $10,768.91Asset Cost $10,768.91


This provision is for a plumbing study to be done. The Association should consult with a plumber to determine the current condition of the pipes. This may include cutting of pipes.

Pool Shower Rooms - Refurbish





1 Total @ $3,295.28Asset Cost $3,295.28


This component funds for refurbishing the pool shower rooms.

The cost and useful life estimates are based on information provided by the Association. This has been pushed back 15 years by the Association.

Storage Sheds - Replacement




Remaining Life 15

1 Total @ $10,886.28Asset Cost $10,886.28


This component funds for the replacement of the storage sheds.


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Windows - Replacement




Remaining Life 0

1 TotalAsset Cost

Future Cost

The replacement of the original windows is the responsibility of the Association, however, many of the windows have been replaced by owner. Once a window is replaced is becomes the responsibility of the unit owner.

Building Components - Total Current Cost $62,850

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Gutters & Downspouts Phase I - Replacement


Gutters and DownspoutsPlaced in Service April 1986


Remaining Life 3

1 Total @ $8,528.97Asset Cost $8,528.97


This component funds for the replacement of the gutters and downspouts in Phase I.


Gutters & Downspouts Phase II - Replacement




Remaining Life 5

1 Total @ $8,528.97Asset Cost $8,528.97


This component funds for the replacement of the gutters and downspouts in Phase II.


Gutters & Downspouts Phase III - Replacement




Remaining Life 7

1 Total @ $8,528.97Asset Cost $8,528.97


This component funds for the replacement of the gutters and downspouts of Phase III.


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Gutters and Downspouts - Total Current Cost $25,587

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Asphalt - Repairs & Maintenance


Streets/AsphaltPlaced in Service April 2014

Useful Life 15Adjustment -11


1 Total @ $12,500.00Asset Cost $12,500.00


This component funds for the repairs and maintenance of the asphalt in the common area.


Asphalt - Seal Coat





1 Total @ $6,212.98Asset Cost $6,212.98


This component funds for the sealcoat of the common area.

Maintenance of asphalt paving includes the periodic application of an asphalt emulsion sealer

or "seal coat". This involves thorough cleaning of all pavement, filling of any surface cracks

and patching of any locally damaged pavement surfaces, then application of the emulsion

sealer.

All asphalt striping will need to be renewed each time that a seal coat is applied. The

component expense includes the cost of this work as well as the seal coating cost.


The useful life estimates are based on information provided by the Association. The cost is

based on a bid received by the Association.

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Asphalt - Seal Coat Driveways




Remaining Life 5

1 Total @ $14,965.00Asset Cost $14,965.00


This component funds for the sealcoat of the parking areas and driveways off the main road.

Maintenance of asphalt paving includes the periodic application of an asphalt emulsion sealer

or "seal coat". This involves thorough cleaning of all pavement, filling of any surface cracks

and patching of any locally damaged pavement surfaces, then application of the emulsion

sealer.

All asphalt striping will need to be renewed each time that a seal coat is applied. The

component expense includes the cost of this work as well as the seal coating cost.


The cost is based on a bid received by the Association from Lasting Impressions.

Streets/Asphalt - Total Current Cost $33,678

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Metal Fence - Replacement


Fencing/SecurityPlaced in Service April 1980


Remaining Life 12

1 Total @ $83,103.65Asset Cost $83,103.65


This component funds for the replacement of the exterior metal fence.


Patio Wall - Repair




Remaining Life 0

1 Total @ $3,230.67Asset Cost $3,230.67


This provision is for the repair of the patio walls.


Pool Fencing - Replacement




Remaining Life 18

1 Total @ $4,806.15Asset Cost $4,806.15


This component funds for the replacement of the pool fencing.


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Fencing/Security - Total Current Cost $91,140

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Carport Roof Phase I - Replacement


CarportsPlaced in Service April 1984



1 Total @ $14,430.33Asset Cost $14,430.33


This component funds for the replacement of the Phase I carport roof.


Carport Roof Phase II - Replacement





1 Total @ $32,486.55Asset Cost $32,486.55


This component funds for the replacement of the Phase II carport roof.


Carport Roof Phase III - Replacement





1 Total @ $37,484.40Asset Cost $37,484.40


This component funds for the replacement of the Phase III carport roof.


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Carports - Total Current Cost $84,401

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Clubhouse HVAC - Replacement


EquipmentPlaced in Service April 2016


Remaining Life 23

2 Each @ $7,829.78Asset Cost $15,659.56


This component funds for the replacement of the clubhouse HVAC air handler.

The cost is based on a bid the Association received.

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

Clubhouse Hot Water Tanks - Replacement




Remaining Life 9

1 Total @ $865.82Asset Cost $865.82


This component funds for the replacement of the hot water tanks in the clubhouse.

At the time of site visit, Schwindt and Company noted one in the clubhouse and one in the shop.


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Clubhouse Refrigerator - Replacement







This component funds for the replacement of the clubhouse refrigerator.


Office Equipment - Allowance



Useful Life 8Adjustment -6



Percent Replacement 100%Future Cost $750.00

This component funds for the replacement of office equipment as needed.


Shop Hot Water Tanks - Replacement




Remaining Life 8



This component funds for the replacement of the hot water tanks in the clubhouse.

At the time of site visit, Schwindt and Company noted one in the clubhouse and one in the shop.

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Shop Hot Water Tanks - Replacement continued...


Equipment - Total Current Cost $19,132

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Clubhouse Carpet - Replacement


Interior FurnishingsPlaced in Service April 2014


Remaining Life 6

1 Total @ $3,230.67Asset Cost $3,230.67


This component funds for the replacement of the clubhouse carpet.


Interior Furnishings - Total Current Cost $3,231

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Clubhouse Light Fixtures - Replacement


LightingPlaced in Service April 1976



7 Each @ $538.44Asset Cost $3,769.08


This component funds for the replacement of the clubhouse light fixtures in the main hall.

According to the Association, there are 7 fixtures. 6 fixtures are hanging from the ceiling and 1 florescent fixture.


Lighting - Total Current Cost $3,769

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Pool - Resurface


Recreation/PoolPlaced in Service April 2010



1 Total @ $10,768.91Asset Cost $10,768.91


This provision is for resurface the pool.


Pool Cover - Replacement





1 Total @ $1,615.34Asset Cost $1,615.34


This provision is for the replacement of the pool cover.


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Pool Decking - Replacement




Remaining Life 14

1 Total @ $6,122.00Asset Cost $6,122.00


This component funds for the replacement of the pool decking.


Pool Gas Fired Heater - Replacement




Remaining Life 2

1 Total @ $2,746.07Asset Cost $2,746.07


This component funds for the replacement of the gas fired pool heater.


Pool Pump Motor - Replacement




Remaining Life 4

1 Total @ $2,369.15Asset Cost $2,369.15


This component funds for the replacement of the pool pump motor.

The useful life estimates are based on information provided by the Association. According to

the Association, the pump was replaced in 2014 for $2,200.

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Pool Sand Filter - Replacement





1 Total @ $1,066.12Asset Cost $1,066.12


This component funds for the replacement of the pool sand filter.


Recreation/Pool - Total Current Cost $24,688

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Cesspool - Decommission


Grounds ComponentsPlaced in Service April 2017


Remaining Life 3

1 Total @ $6,650.00Asset Cost $6,650.00


This provision is for the decommissioning of the cesspool in 2021, 2025 and 2029.

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

Concrete Surfaces - Repairs




Remaining Life 1

1 Total @ $4,479.86Asset Cost $4,479.86


This component funds for immediate repairs to concrete surfaces.

According to the Association, $4,160 of work was done in 2014.


Dry Wells - Replacement




Remaining Life 6

3 Each @ $5,169.07Asset Cost $15,507.21


This provision is for the replacement of the dry wells located on the property.

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Dry Wells - Replacement continued...

According to the Association 3 dry wells were replaced from 2009 - 2011. The Association should annually inspected the dry wells to ensure they are working as intended. $3,650 was spent in 2016-2017.


Irrigation - Repairs




Remaining Life 7

1 Total @ $3,769.12Asset Cost $3,769.12


This component funds for the repair of the irrigation system.

According to the Association, they received a bid of $3,500 to do this work in 2015.

Irrigation Controllers - Replacement




Remaining Life 4

1 Total @ $1,757.49Asset Cost $1,757.49


This component funds for the replacement of the irrigation controllers.


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Irrigation Valves - Replacement




Remaining Life 15

1 Total @ $14,404.49Asset Cost $14,404.49


This component funds for the replacement of the irrigation valves.


Main Water Line - Repair/Replace




Remaining Life 13

1 Total @ $269,114.97Asset Cost $269,114.97


This component funds for the repair and replacement of the main water line.

According to the Association, they flush the lines every 5 years.


Retaining Wall - Maintenance




Remaining Life 2

1 Total @ $2,692.22Asset Cost $2,692.22


This provision is for the maintenance of the retaining walls located along the property.


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Retaining Wall - Maintenance continued...

Note: This is a provision for an anticipated expense. Should the Association find that the cost of this item is greater than or less than the amount provided for herein, this study should be updated to reflect the actual component cost.

Sidewalk Widening




Remaining Life 0

1 Total @ $2,250.00Asset Cost $2,250.00


This provision is for the widening of the sidewalks. According to the Association, 3 are being done in 2015 for $550 each. According to the Association 6 more will need to be done. It is assumed that 3 will be done each year.


Tree Replacement





1 Total @ $1,647.65Asset Cost $1,647.65


This component funds for the necessary arbor work.


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Walkway & Curbs - Repairs & Maintenance




Remaining Life 9

1 Total @ $1,338.57Asset Cost $1,338.57


This component funds for repairs to curbs and walkways.


Grounds Components - Total Current Cost $323,612

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Clubhouse Doors- Replacement


Doors and WindowsPlaced in Service April 1976


Remaining Life 8

7 Each @ $807.67Asset Cost $5,653.69


This component funds for the replacement of the clubhouse doors.

According to the Association, there are 2 double doors, a glass door, 2 doors to the shop and 2 changing room doors.


Clubhouse Windows - Replacement




Remaining Life 8

1 Total @ $15,707.53Asset Cost $15,707.53


This component funds for the replacement of the clubhouse windows.


Shop Roll Up Garage Door - Replacement




Remaining Life 20



This component funds for the replacement of the shop roll up garage door.

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Shop Roll Up Garage Door - Replacement continued...


Doors and Windows - Total Current Cost $22,137

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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 3/19/2018

club estates east condominium maintenance...

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