reserve analysis report - parkside condo hoa

Parkside at Quail Ridge Condominium AssociationLongmont, Colorado

Version 1

Advanced Reserve Solutions, Inc.6860 S. Yosemite Court, Suite 2000

Centennial, CO 80112Phone (303) 953-2078

Facsimile (303) 953-2157

Monday, January 25, 2021

www.arsinc.com

Reserve Analysis Report

© 1997 - 2021Advanced Reserve Solutions, Inc.

All Rights Reserved.

Table Of Contents

Page

Parkside at Quail Ridge Condominium AssociationTable of Contents

Preface i

Executive Summary 1

Disclosure Statement 2

Distribution of Current Reserve Funds 3

Calculation of Percent Funded 5

Management Summary 7

Management Charts 9

Annual Expenditure Detail 11

Projections 14

Projection Charts 15

Component Detail 17

Index 61

1.25.2021(1) Advanced Reserve Solutions, Inc.

Preface

This preface is intended to provide an introduction to the enclosed reserve analysis as well as detailed information re-garding the reserve analysis report format, reserve fund goals/objectives and calculation methods. The following sec-tions are included in this preface: Introduction to Reserve Budgeting ............................................ page i Understanding the Reserve Analysis ......................................... page i Reserve Funding Goals / Objectives .......................................... page ii Reserve Funding Calculation Methods ...................................... page ii Reading the Reserve Analysis .................................................... page v Glossary of Key Terms ................................................................ page x Limitations of Reserve Analysis ................................................. page xiii

♦ ♦ ♦ ♦ INTRODUCTION TO RESERVE BUDGETING ♦ ♦ ♦ ♦ The Board of Directors of an association has a legal and fiduciary duty to maintain the community in a good state of re-pair. Individual unit property values are significantly impacted by the level of maintenance and upkeep provided by the association as well as the amount of the regular assessment charged to each owner. A prudent plan must be implemented to address the issues of long-range maintenance, repair and replacement of the common areas. Additionally, the plan should recognize that the value of each unit is affected by the amount of the regu-lar assessment charged to each unit. There is a fine line between “not enough,” “just right” and “too much.” Each member of an association should contribute to the reserve fund for their proportionate amount of “depreciation” (or “use”) of the reserve components. Through time, if each owner contributes his “fair share” into the reserve fund for the depreciation of the reserve components, then the possibility of large increases in regular assessments or special assessments will be minimized. An accurate reserve analysis and a “healthy” reserve fund are essential to protect and maintain the association's com-mon areas and the property values of the individual unit owners. A comprehensive reserve analysis is one of the most significant elements of any association's long-range plan and provides the critical link between sound business judgment and good fiscal planning. The reserve analysis provides a “financial blueprint” for the future of an association.

♦ ♦ ♦ ♦ UNDERSTANDING THE RESERVE ANALYSIS ♦ ♦ ♦ ♦

In order for the reserve analysis to be useful, it must be understandable by a variety of individuals. Board members (from seasoned, experienced Board members to new Board members), property managers, accountants, attorneys and even homeowners may ultimately review the reserve analysis. The reserve analysis must be detailed enough to provide a comprehensive analysis, yet simple enough to enable less experienced individuals to understand the results. There are four key bits of information that a comprehensive reserve analysis should provide: Budget, Percent Funded, Projections and Inventory. This information is described as follows: Budget Amount recommended to be transferred into the reserve account for the fiscal year for which the reserve analysis was prepared. In some cases, the reserve analysis may present two or more funding plans based on different goals/objectives. The Board should have a clear understanding of the differences among these funding goals/objectives prior to implementing one of them in the annual budget. Percent Funded Measure of the reserve fund “health” (expressed as a percentage) as of the beginning of the fiscal year for which the

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Preface

reserve analysis was prepared. This figure is the ratio of the actual reserve fund on hand to the fully funded balance. A reserve fund that is “100% funded” means the association has accumulated the proportionately correct amount of mon-ey, to date, for the reserve components it maintains. Projections Indicate the “level of service” the association will provide the membership as well as a “road map” for the fiscal future of the association. The projections define the timetables for repairs and replacements, such as when the buildings will be painted or when the asphalt will be seal coated. The projections also show the financial plan for the association – when an underfunded association will “catch up” or how a properly funded association will remain fiscally “healthy.” Inventory Complete listing of the reserve components. Key bits of information are available for each reserve component, including placed-in-service date, useful life, remaining life, replacement year, quantity, current cost of replacement, future cost of replacement and analyst’s comments.

♦ ♦ ♦ ♦ RESERVE FUNDING GOALS / OBJECTIVES ♦ ♦ ♦ ♦ There are four reserve funding goals/objectives which may be used to develop a reserve funding plan that corresponds with the risk tolerance of the association: Full Funding, Baseline Funding, Threshold Funding and Statutory Funding. These goals/objectives are described as follows: Full Funding Describes the goal/objective to have reserves on hand equivalent to the value of the deterioration of each reserve com-ponent. The objective of this funding goal is to achieve and/or maintain a 100% percent funded reserve fund. The com-ponent calculation method or cash flow calculation method is typically used to develop a full funding plan. Baseline Funding Describes the goal/objective to have sufficient reserves on hand to never completely run out of money. The objective of this funding goal is to simply pay for all reserve expenses as they come due without regard to the association’s percent funded. The cash flow calculation method is typically used to develop a baseline funding plan. Threshold Funding Describes the goal/objective other than the 100% level (full funding) or just staying cash-positive (baseline funding). This threshold goal/objective may be a specific percent funded target or a cash balance target. Threshold funding is often a value chosen between full funding and baseline funding. The cash flow calculation method is typically used to develop a threshold funding plan. Statutory Funding Describes the pursuit of an objective as described or required by local laws or codes. The component calculation meth-od or cash flow calculation method is typically used to develop a statutory funding plan.

♦ ♦ ♦ ♦ RESERVE FUNDING CALCULATION METHODS ♦ ♦ ♦ ♦ There are two funding methods which can be used to develop a reserve funding plan based on a reserve funding goal/objective: Component Calculation Method and Cash Flow Calculation Method. These calculation methods are de-scribed as follows: Component Calculation Method This calculation method develops a funding plan for each individual reserve component. The sum of the funding plan for each component equals the total funding plan for the association. This method is often referred to as the “straight line”

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Preface

method and is widely believed to be the most conservative reserve funding method. This method structures a funding plan that enables the association to pay all reserve expenditures as they come due, enables the association to achieve the ideal level of reserves in time, and then enables the association to maintain the ideal level of reserves through time. The following is a detailed description of the component calculation method: Step 1: Calculation of fully funded balance for each component The fully funded balance is calculated for each component based on its age, useful life and current cost. The actual for-mula is as follows: Fully Funded Balance = X Current Cost Step 2: Distribution of current reserve funds The association’s current reserve funds are assigned to (or distributed amongst) the reserve components based on each component’s remaining life and fully funded balance as follows: Pass 1: Components are organized in remaining life order, from least to greatest, and the current reserve funds are as-signed to each component up to its fully funded balance, until reserves are exhausted. Pass 2: If all components are assigned their fully funded balance and additional funds exist, they are assigned in a “second pass.” Again, the components are organized in remaining life order, from least to greatest, and the remaining current reserve funds are assigned to each component up to its current cost, until reserves are exhausted. Pass 3: If all components are assigned their current cost and additional funds exist, they are assigned in a “third pass.” Components with a remaining life of zero years are assigned double their current cost. Distributing, or assigning, the current reserve funds in this manner is the most efficient use of the funds on hand – it de-fers the make-up period of any underfunded reserves over the lives of the components with the largest remaining lives. Step 3: Developing a funding plan After step 2, all components have a “starting” balance. A calculation is made to determine what funding would be re-quired to get from the starting balance to the future cost over the number of years remaining until replacement. The funding plan incorporates the annual contribution increase parameter to develop a “stair stepped” contribution. For example, if an association needs to accumulate $100,000 in ten years, $10,000 could be contributed each year. Alternatively, the association could contribute $8,723 in the first year and increase the contribution by 3% each year thereafter until the tenth year. In most cases, this rate should match the inflation parameter. Matching the annual contribution increase parameter to the inflation parameter indicates, in theory, that member contributions should increase at the same rate as the cost of living (inflation parameter). Due to the “time value of money,” this creates the most equitable distribution of member con-tributions through time. Using an annual contribution increase parameter that is greater than the inflation parameter will reduce the burden to the current membership at the expense of the future membership. Using an annual contribution increase parameter that is less than the inflation parameter will increase the burden to the current membership to the benefit of the future member-ship. The following chart shows a comparison:

Age

Useful Life

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Preface

This parameter is used to develop a funding plan only; it does not mean that the reserve contributions must be raised each year. There are far more significant factors that will contribute to a total reserve contribution increase or decrease from year to year than this parameter. One of the major benefits of using this calculation method is that for any single component (or group of components), the accumulated balance and reserve funding can be precisely calculated. For example, using this calculation method, the reserve analysis can indicate the exact amount of current reserve funds “in the bank” for the roofs and the amount of money being funded towards the roofs each month. This information is displayed on the Management / Accounting Summary and Charts as well as elsewhere within the report. The component calculation method is typically used for well-funded associations (greater that 65% funded) with a goal/objective of full funding. Cash Flow Calculation Method This calculation method develops a funding plan based on current reserve funds and projected expenditures during a specific timeframe (typically 30 years). This funding method structures a funding plan that enables the association to pay for all reserve expenditures as they come due, but is not necessarily concerned with the ideal level of reserves through time. This calculation method tests reserve contributions against reserve expenditures through time to determine the minimum contribution necessary (baseline funding) or some other defined goal/objective (full funding, threshold funding or statuto-ry funding). Unlike the component calculation method, this calculation method cannot precisely calculate the reserve funding for any single component (or group of components). In order to work-around this issue to provide this bookkeeping information, a formula has been applied to component method results to calculate a reasonable breakdown. This information is dis-played on the Management / Accounting Summary and Charts as well as elsewhere within the report. The cash flow calculation method is typically used for under-funded associations (less than 65% funded) with a goal/objective of full funding, threshold funding, baseline funding or statutory funding.

0% Increase 3% Increase 10% Increase Year 1 $10,000.00 $8,723.05 $6,274.54 Year 2 $10,000.00 $8,984.74 $6,901.99 Year 3 $10,000.00 $9,254.28 $7,592.19 Year 4 $10,000.00 $9,531.91 $8,351.41 Year 5 $10,000.00 $9,817.87 $9,186.55 Year 6 $10,000.00 $10,112.41 $10,105.21 Year 7 $10,000.00 $10,415.78 $11,115.73 Year 8 $10,000.00 $10,728.25 $12,227.30 Year 9 $10,000.00 $11,050.10 $13,450.03 Year 10 $10,000.00 $11,381.60 $14,795.04 TOTAL $100,000.00 $100,000.00 $100,000.00

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Preface

♦ ♦ ♦ ♦ READING THE RESERVE ANALYSIS ♦ ♦ ♦ ♦ In some cases, the reserve analysis may be a lengthy document of one hundred pages or more. A complete and thor-ough review of the reserve analysis is always a good idea. However, if time is limited, it is suggested that a thorough review of the summary pages be made. If a “red flag” is raised in this review, the reader should then check the detail information, of the component in question, for all relevant information. In this section, a description of most of the sum-mary or report sections is provided along with comments regarding what to look for and how to use each section. Executive Summary Provides general information about the client, global parameters used in the calculation of the reserve analysis as well as the core results of the reserve analysis.

Client Information Provides various client information including fiscal year for which the reserve analysis was prepared, number of units, phasing, etc.

Community Profile Provides brief description of the community, as well as other “global” type comments.

Budget Provides recommended funding for the fiscal year for which the reserve anal-ysis was prepared. Indicates the reserve funding from the membership, anticipated interest contribution and the total contribution

Global Parameters Displays the calculation parameters that were used to calculate the reserve analysis including inflation, annual contribution increase, investment rate, tax rate and contingency.

Adequacy of Reserves Displays the results of calculations with regard to the “health” of the reserve fund as of the beginning of the fiscal year for which the reserve analysis was prepared. Provides the anticipated reserve balance, fully funded reserve balance and the percent funded.

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Preface

Calculation of Percent Funded Summary displays all reserve components, shown here in “category” order. Provides the remaining life, useful life, cur-rent cost and the fully funded balance at the beginning of the fiscal year for which the reserve analysis was prepared.

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Reserve Components All components are displayed (shown here in “category” order).

Lifespans Remaining life and useful life are displayed. And, these columns are conveniently sub totaled to show range.

Current Cost Displays the cur-rent cost to replace or otherwise main-tain each compo-nent. This column is conveniently sub totaled.

Fully Funded Balance Displays the fully funded balance for each component. This column is conveniently sub totaled.

The total current cost to replace or otherwise maintain all components, total fully funded balance, anticipated reserve balance and percent funded are provided at the bottom of this summary. Also shown is the range of reserve compo-nent remaining lives and useful lives.

Preface

Management / Accounting Summary and Charts Summary displays all reserve components, shown here in “category” order. Provides the assigned reserve funds at the beginning of the fiscal year for which the reserve analysis was prepared along with the monthly member contribution, interest contribution and total contribution for each component and category. Pie charts show graphically how the total reserve fund is distributed amongst the reserve component categories and how each category is funded on a monthly basis.

Pie Charts Show graphically how the reserve fund is distributed amongst the reserve components and how the components are funded.

Balance at FYB Shows the amount of reserve funds assigned to each reserve component. And, this column is conveniently sub totaled.

Monthly Funding Displays the monthly funding for each component from the members and interest. Total monthly funding is also indicated. And, these columns are conveniently sub totaled.

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Preface

Projections and Charts Summary displays projections of beginning reserve balance, member contribution, interest contribution, expenditures and ending reserve balance for each year of the projection period (shown here for 30 years). The two columns on the right-hand side provide the fully funded ending balance and the percent funded for each year. Charts show the same information in an easy-to-understand graphic format.

Improved format makes the numbers as easy to read and understand as possible. The color-coded bar indicates the reserve fund status: Green: Good Yellow: Fair Red: Poor

Charts Show graphically the reserve funding plan through time.

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Preface

Component Detail Summary provides detailed information about each reserve component. These pages display all information about each reserve component as well as comments from site observations and historical information regarding replacement or oth-er maintenance.

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Photos Optional inclusion of photos adds an additional layer of detail to the reserve analysis.

Comments Useful information from site observations and historical expenses included here.

Lifespan Information Displays placed-in-service date, useful life, remaining life and replacement year.

Cost Information Displays quantity, unit cost, percentage of replacement, current cost and future cost.

Calculation Results Displays assigned reserves and funding requirements.

Preface

♦ ♦ ♦ ♦ GLOSSARY OF KEY TERMS ♦ ♦ ♦ ♦ Annual Contribution Increase Parameter The rate used in the calculation of the funding plan. This rate is used on an annual compounding basis. This rate repre-sents, in theory, the rate the association expects to increase contributions each year. In most cases, this rate should match the inflation parameter. Matching the annual contribution increase parameter to the inflation parameter indicates, in theory, that member contributions should increase at the same rate as the cost of living (inflation parameter). Due to the “time value of money,” this creates the most equitable distribution of member con-tributions through time. This parameter is used to develop a funding plan only; it does not mean that the reserve contributions must be raised each year. There are far more significant factors that will contribute to a total reserve contribution increase or decrease from year to year than this parameter. See the description of “reserve funding calculation methods” in this preface for more detail on this parameter. Anticipated Reserve Balance (or Reserve Funds) The amount of money, as of a certain point in time, held by the association to be used for the repair or replacement of reserve components. This figure is “anticipated” because it is calculated based on the most current financial information available as of the analysis date, which is almost always prior to the fiscal year beginning date for which the reserve analysis is prepared. Assigned Funds (and “Fixed” Assigned Funds) The amount of money, as of the fiscal year beginning date for which the reserve analysis is prepared, that a reserve component has been assigned. The assigned funds are considered “fixed” when the normal calculation process is bypassed and a specific amount of money is assigned to a reserve component. For example, if the normal calculation process assigns $10,000 to the roofs, but the association would like to show $20,000 assigned to roofs, “fixed” funds of $20,000 can be assigned. Cash Flow Calculation Method Reserve funding calculation method developed based on total annual expenditures. A more detailed description of the actual calculation process is included in the “reserve funding calculation methods” section of the preface. Component Calculation Method Reserve funding calculation method developed based on each individual component. A more detailed description of the actual calculation process is included in the “reserve funding calculation methods” section of the preface. Contingency Parameter The rate used as a built-in buffer in the calculation of the funding plan. This rate will assign a percentage of the reserve funds, as of the fiscal year beginning, as contingency funds and will also determine the level of funding toward the con-tingency each month. Current Replacement Cost The amount of money, as of the fiscal year beginning date for which the reserve analysis is prepared, that a reserve component is expected to cost to replace. Fiscal Year Indicates the budget year for the association for which the reserve analysis was prepared. The fiscal year beginning (FYB) is the first day of the budget year; the fiscal year end (FYE) is the last day of the budget year. Fully Funded Reserve Balance (or Ideal Reserves) The amount of money that should theoretically have accumulated in the reserve fund as of a certain point in time. Fully funded reserves are calculated for each reserve component based on the current replacement cost, age and useful life:

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Preface

Fully Funded Reserves = X Current Replacement Cost The fully funded reserve balance is the sum of the fully funded reserves for each reserve component. An association that has accumulated the fully funded reserve balance does not have all of the funds necessary to re-place all of its reserve components immediately; it has the proportionately appropriate reserve funds for the reserve com-ponents it maintains, based on each component’s current replacement cost, age and useful life. Future Replacement Cost The amount of money, as of the fiscal year during which replacement of a reserve component is scheduled, that a re-serve component is expected to cost to replace. This cost is calculated using the current replacement cost compounded annually by the inflation parameter. Global Parameters The financial parameters used to calculate the reserve analysis. See also “inflation parameter,” “annual contribution in-crease parameter,” “investment rate parameter” and “taxes on investments parameter.” Inflation Parameter The rate used in the calculation of future costs for reserve components. This rate is used on an annual compounding basis. This rate represents the rate the association expects the cost of goods and services relating to their reserve com-ponents to increase each year. Interest Contribution The amount of money contributed to the reserve fund by the interest earned on the reserve fund and member contribu-tions. Investment Rate Parameter The gross rate used in the calculation of interest contribution (interest earned) from the reserve balance and member contributions. This rate (net of the taxes on investments parameter) is used on a monthly compounding basis. This pa-rameter represents the weighted average interest rate the association expects to earn on their reserve fund investments. Membership Contribution The amount of money contributed to the reserve fund by the association’s membership. Monthly Contribution (and “Fixed” Monthly Contribution) The amount of money, for the fiscal year which the reserve analysis is prepared, that a reserve component will be fund-ed. The monthly contribution is considered “fixed” when the normal calculation process is bypassed and a specific amount of money is funded to a reserve component. For example, if the normal calculation process funds $1,000 to the roofs each month, but the association would like to show $500 funded to roofs each month, a “fixed” contribution of $500 can be assigned. Number of Units (or other assessment basis) Indicates the number of units for which the reserve analysis was prepared. In “phased” developments (see phasing), this number represents the number of units, and corresponding common area components, that existed as of a certain point in time. For some associations, assessments and reserve contributions are based on a unit of measure other than the number of units. Examples include time-interval weeks for timeshare resorts or lot acreage for commercial/industrial developments.

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Age

Useful Life

Preface

One-Time Replacement Used for components that will be budgeted for only once. Percent Funded A measure, expressed as a percentage, of the association’s reserve fund “health” as of a certain point in time. This number is the ratio of the anticipated reserve fund balance to the fully funded reserve balance: Percent Funded = An association that is 100% funded does not have all of the reserve funds necessary to replace all of its reserve compo-nents immediately; it has the proportionately appropriate reserve funds for the reserve components it maintains, based on each component’s current replacement cost, age and useful life. Percentage of Replacement The percentage of the reserve component that is expected to be replaced. For most reserve components, this percentage should be 100%. In some cases, this percentage may be more or less than 100%. For example, fencing which is shared with a neighboring community may be set at 50%. Phasing Indicates the number of phases for which the reserve analysis was prepared and the total number of phases expected at build-out (i.e. Phase 4 of 7). In phased developments, the first number represents the number of phases, and corre-sponding common area components, that existed as of a certain point in time. The second number represents the num-ber of phases that are expected to exist at build-out. Placed-In-Service Date The date (month and year) that the reserve component was originally put into service or last replaced. Remaining Life The length of time, in years, until a reserve component is scheduled to be replaced. Remaining Life Adjustment The length of time, in years, that a reserve component is expected to last in excess (or deficiency) of its useful life for the current cycle of replacement. If the current cycle of replacement for a reserve component is expected to be greater than or less than the “normal” life expectancy, the reserve component’s life should be adjusted using a remaining life adjustment. For example, if wood trim is painted normally on a 4 year cycle, the useful life should be 4 years. However, when it comes time to paint the wood trim and it is determined that it can be deferred for an additional year, the useful life should remain at 4 years and a remaining life adjustment of +1 year should be used. Replacement Year The fiscal year that a reserve component is scheduled to be replaced. Reserve Components Line items included in the reserve analysis. Taxes on Investments Parameter The rate used to offset the investment rate parameter in the calculation of the interest contribution. This parameter rep-resents the marginal tax rate the association expects to pay on interest earned by the reserve funds and member contri-butions.

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Anticipated Reserve Fund Balance

Fully Funded Reserve Balance

Preface

Total Contribution The sum of the membership contribution and interest contribution. Useful Life The length of time, in years, that a reserve component is expected to last each time it is replaced. See also “remaining life adjustment.”

♦ ♦ ♦ ♦ LIMITATIONS OF RESERVE ANALYSIS ♦ ♦ ♦ ♦ This reserve analysis is intended as a tool for the association’s Board of Directors to be used in evaluating the association’s current physical and financial condition with regard to reserve components. The results of this reserve analysis represent the independent opinion of the preparer. There is no implied warranty or guarantee of this work product. For the purposes of this reserve analysis, it has been assumed that all components have been installed properly, no construction defects exist and all components are operational. Additionally, it has been assumed that all components will be maintained properly in the future. The representations set forth in this reserve analysis are based on the best information and estimates of the preparer as of the date of this analysis. These estimates are subject to change. This reserve analysis includes estimates of replacement costs and life expectancies as well as assumptions regarding future events. Some estimates are projections of future events based on information currently available and are not necessarily indicative of the actual future outcome. The longer the time period between the estimate and the estimated event, the more likely the possibility or error and/or discrepancy. For example, some assumptions inevitably will not materialize and unanticipated events and circumstances may occur subsequent to the preparation of this reserve analysis. Therefore, the actual replacement costs and remaining lives may vary from this reserve analysis and the variation may be significant. Additionally, inflation and other economic events may impact this reserve analysis, particularly over an extended period of time and those events could have a significant and negative impact on the accuracy of this reserve analysis and, further, the funds available to meet the association’s obligation for repair, replacement or other maintenance of major components during their estimated useful life. Furthermore, the occurrence of vandalism, severe weather conditions, earthquakes, floods, acts of nature or other unforeseen events cannot be predicted and/or accounted for and are excluded when assessing life expectancy, repair and/or replacement costs of the components.

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Parkside at Quail Ridge Condominium AssociationExecutive Summary

Directed Cash Flow Calculation Method

Adequacy of Reserves as of January 1, 2021:

Account Number 81026Version Number 1

Fiscal Year 1/1/2021 to 12/31/202193Units

Inflation Rate 2.00Annual Contribution Increase 2.00Investment Rate 0.20Taxes on Investments 30.00

Contingency 2.00

Community Profile:

Parkside at Quail Ridge Condominium Association is a 93 unit association comprised of 18 buildings with common areas that include but are not limited to; roofs, exterior painting & siding, fire control panels, mailboxes and parking, and common area landscaping.

This community was originally constructed between 2016 & 2020. For budgeting purposes, unless otherwise indicated, we have used January 2016 through January 2020 as the average placed-in-service date for aging the original components included in this analysis.

ARS, Inc. filed inspection conducted January 7, 2021.

Anticipated Reserve Balance $143,321.63Fully Funded Reserve Balance $272,893.65

Member Contribution $9,916.67Interest Contribution $23.10

01/25/2021

Client Information: Global Parameters:

Analysis Date

%%%%

%Number of

Percent Funded 52.52%

Total Contribution $9,939.76

Monthly

$106.63$0.25

Per Unit

$106.88

Recommended Funding for the 2021 Fiscal Year:

1 of 1Phasing

Per MonthAnnual

$119,000$277

$119,277


Parkside at Quail Ridge Condominium AssociationPreparer's Disclosure Statement

THIS RESERVE ANALYSIS REFLECTS THE COMPONENTS AS THEY WERE INTENDED TO HAVE BEEN DESIGNED AND CONSTRUCTED. THIS ANALYSIS DOES NOT INCLUDE ANY EXPENDITURES ANTICIPATED FOR REPAIRS REQUIRED DUE TO DEFECTIVE CONDITIONS.In April 2011, Richard Hirschman was awarded the Reserve Specialist (RS) designation from Community Associations Institute (CAI). Mr. Hirschman was the two hundredth twenty first (#221) person in the United States to receive this professional designation.The RS designation was developed by CAI for professional reserve analysts who wish to confirm to their peers and/or clients that they have demonstrated a basic level of competency within the industry. The RS designation is awarded to reserve analysts who are dedicated to the highest standards of professionalism and reserve analysis preparation.Consultant certifies that:1) Consultant has no other involvement with association which could result in actual or perceived conflicts of interest.2) Consultant made field inspection of community on January 7, 2021. Component inventories were developed by actual field inventory, representative sampling, take-offs of scaled plans, provided by the association's previous reserve analysis prepared by another firm or provided by the association. Component conditional assessments were developed by actual field observation and representative sampling.3) Financial assumptions used in this analysis are listed on the Executive Summary and further explained in the Preface of this report.4) Consultant is a Reserve Specialist (RS) designee.5) There are no material issues known to consultant at this time which would cause a distortion of the association's situation.


Remaining Life

FullyFunded Balance

Distribution of Current Reserve FundsParkside at Quail Ridge Condominium Association

Sorted by Remaining Life

AssignedReserves

Grounds - Landscape Refurbishment 5 $5,000.00 $5,000.00

Painting - Building Exterior, 2016 10 $9,683.50 $9,683.50





Fire Control Panels - 2016 15 $2,250.00 $2,250.00Roofs - Composition Shingle, 2016 15 $30,570.98 $30,570.98Roofs - Gutters & Downspouts, 2016 15 $4,379.63 $4,379.63



Fire Control Panels - 2019 18 $900.00 $900.00Roofs - Composition Shingle, 2019 18 $12,228.39 $12,228.39Roofs - Gutters & Downspouts, 2019 18 $1,751.85 $1,751.85

Fire Control Panels - 2020 19 $450.00 $450.00Roofs - Composition Shingle, 2020 19 $6,114.20 $973.30Roofs - Gutters & Downspouts, 2020 19 $875.93 $875.93

Grounds - Mailboxes 21 $2,538.46 $0.00

Grounds - Metal Fencing 23 $845.71 $0.00Grounds - Wood Fencing 23 $3,754.29 $0.00

Doors - Utility Metal, 2016 25 $986.67 $0.00Lighting - Building Exterior 25 $13,833.33 $0.00

Doors - Utility Metal, 2017 26 $789.33 $0.00


Remaining Life

FullyFunded Balance

Distribution of Current Reserve FundsParkside at Quail Ridge Condominium Association

Sorted by Remaining Life

AssignedReserves




Roofs - Metal, 2016 35 $2,527.20 $0.00Siding - Replacement, Cement, 2016 35 $30,125.70 $0.00




Roofs - Metal, 2020 39 $505.44 $0.00Siding - Replacement, Cement, 2020 39 $6,025.14 $0.00

Doors - Garage Metal, Unfunded n.a. $0.00 $0.00Grounds - Concrete, Unfunded n.a. $0.00 $0.00Grounds - Irrigation Controller, Unfunded n.a. $0.00 $0.00Siding - Replacement, Stone, Unfunded n.a. $0.00 $0.00

$143,321.63Total

Contingency $5,350.86

$272,893.65

n.a.

Percent Funded 52.52%

$2,810.23

5-39


Remaining Life

Useful Life

Current Cost

FullyFunded Balance

Calculation of Percent FundedParkside at Quail Ridge Condominium Association

Sorted by Category

010 RoofsRoofs - Composition Shingle, 2016 15 20 $122,283.90 $30,570.98Roofs - Composition Shingle, 2017 16 20 $122,283.90 $24,456.78Roofs - Composition Shingle, 2018 17 20 $122,283.90 $18,342.59Roofs - Composition Shingle, 2019 18 20 $122,283.90 $12,228.39Roofs - Composition Shingle, 2020 19 20 $122,283.90 $6,114.20Roofs - Gutters & Downspouts, 2016 15 20 $17,518.50 $4,379.63Roofs - Gutters & Downspouts, 2017 16 20 $17,518.50 $3,503.70Roofs - Gutters & Downspouts, 2018 17 20 $17,518.50 $2,627.78Roofs - Gutters & Downspouts, 2019 18 20 $17,518.50 $1,751.85Roofs - Gutters & Downspouts, 2020 19 20 $17,518.50 $875.93Roofs - Metal, 2016 35 40 $20,217.60 $2,527.20Roofs - Metal, 2017 36 40 $20,217.60 $2,021.76Roofs - Metal, 2018 37 40 $20,217.60 $1,516.32Roofs - Metal, 2019 38 40 $20,217.60 $1,010.88Roofs - Metal, 2020 39 40 $20,217.60 $505.44

$112,433.40$800,100.0015-39 20-40Sub Total

020 SidingSiding - Replacement, Cement, 2016 35 40 $241,005.60 $30,125.70Siding - Replacement, Cement, 2017 36 40 $241,005.60 $24,100.56Siding - Replacement, Cement, 2018 37 40 $241,005.60 $18,075.42Siding - Replacement, Cement, 2019 38 40 $241,005.60 $12,050.28Siding - Replacement, Cement, 2020 39 40 $241,005.60 $6,025.14Siding - Replacement, Stone, Unfunded n.a. n.a. $0.00 $0.00

$90,377.10$1,205,028.0035-39 40Sub Total

030 PaintingPainting - Building Exterior, 2016 10 15 $29,050.50 $9,683.50Painting - Building Exterior, 2017 11 15 $29,050.50 $7,746.80Painting - Building Exterior, 2018 12 15 $29,050.50 $5,810.10Painting - Building Exterior, 2019 13 15 $29,050.50 $3,873.40Painting - Building Exterior, 2020 14 15 $29,050.50 $1,936.70

$29,050.50$145,252.5010-14 15Sub Total

040 LightingLighting - Building Exterior 25 30 $83,000.00 $13,833.33

$13,833.33$83,000.0025 30Sub Total


Remaining Life

Useful Life

Current Cost

FullyFunded Balance

Calculation of Percent FundedParkside at Quail Ridge Condominium Association

Sorted by Category

050 DoorsDoors - Garage Metal, Unfunded n.a. n.a. $0.00 $0.00Doors - Utility Metal, 2016 25 30 $5,920.00 $986.67Doors - Utility Metal, 2017 26 30 $5,920.00 $789.33Doors - Utility Metal, 2018 27 30 $5,920.00 $592.00Doors - Utility Metal, 2019 28 30 $5,920.00 $394.67Doors - Utility Metal, 2020 29 30 $5,920.00 $197.33

$2,960.00$29,600.0025-29 30Sub Total

060 GroundsGrounds - Concrete, Unfunded n.a. n.a. $0.00 $0.00Grounds - Irrigation Controller, Unfunded n.a. n.a. $0.00 $0.00Grounds - Landscape Refurbishment 5 10 $10,000.00 $5,000.00Grounds - Mailboxes 21 26 $13,200.00 $2,538.46Grounds - Metal Fencing 23 28 $4,736.00 $845.71Grounds - Wood Fencing 23 28 $21,024.00 $3,754.29

$12,138.46$48,960.005-23 10-28Sub Total

070 Fire Control PanelsFire Control Panels - 2016 15 20 $9,000.00 $2,250.00Fire Control Panels - 2017 16 20 $9,000.00 $1,800.00Fire Control Panels - 2018 17 20 $9,000.00 $1,350.00Fire Control Panels - 2019 18 20 $9,000.00 $900.00Fire Control Panels - 2020 19 20 $9,000.00 $450.00

$6,750.00$45,000.0015-19 20Sub Total

$2,356,940.50Total

Contingency $5,350.86

$272,893.65

n.a.

$143,321.63Percent Funded 52.52%Anticipated Reserve Balance

n.a. n.a.

5-39 10-40


TotalMonthly

Contribution

Balance at Fiscal Year Beginning

Monthly Member

Contribution

Monthly Interest

Contribution

Management / Accounting Summary Parkside at Quail Ridge Condominium Association

Directed Cash Flow Calculation Method; Sorted by Category

010 RoofsRoofs - Composition Shingle, 2016 $30,570.98 $642.09 $3.99 $646.08Roofs - Composition Shingle, 2017 $24,456.78 $637.76 $3.27 $641.03Roofs - Composition Shingle, 2018 $18,342.59 $633.47 $2.55 $636.01Roofs - Composition Shingle, 2019 $12,228.39 $629.20 $1.83 $631.03Roofs - Composition Shingle, 2020 $973.30 $644.16 $0.52 $644.68Roofs - Gutters & Downspouts, 2016 $4,379.63 $91.99 $0.57 $92.56Roofs - Gutters & Downspouts, 2017 $3,503.70 $91.37 $0.47 $91.84Roofs - Gutters & Downspouts, 2018 $2,627.78 $90.75 $0.36 $91.11Roofs - Gutters & Downspouts, 2019 $1,751.85 $90.14 $0.26 $90.40Roofs - Gutters & Downspouts, 2020 $875.93 $89.53 $0.16 $89.69Roofs - Metal, 2016 $0.00 $66.55 $0.04 $66.59Roofs - Metal, 2017 $0.00 $65.23 $0.04 $65.27Roofs - Metal, 2018 $0.00 $63.99 $0.04 $64.03Roofs - Metal, 2019 $0.00 $62.82 $0.04 $62.86Roofs - Metal, 2020 $0.00 $61.71 $0.04 $61.75

$99,710.90 $3,960.76 $14.19 $3,974.95Sub Total

020 SidingSiding - Replacement, Cement, 2016 $0.00 $793.32 $0.50 $793.82Siding - Replacement, Cement, 2017 $0.00 $777.64 $0.49 $778.13Siding - Replacement, Cement, 2018 $0.00 $762.83 $0.49 $763.32Siding - Replacement, Cement, 2019 $0.00 $748.84 $0.48 $749.32Siding - Replacement, Cement, 2020 $0.00 $735.59 $0.47 $736.06Siding - Replacement, Stone, Unfunded $0.00 $0.00 $0.00 $0.00

$0.00 $3,818.21 $2.44 $3,820.65Sub Total

030 PaintingPainting - Building Exterior, 2016 $9,683.50 $195.24 $1.25 $196.49Painting - Building Exterior, 2017 $7,746.80 $193.82 $1.03 $194.85Painting - Building Exterior, 2018 $5,810.10 $192.41 $0.80 $193.22Painting - Building Exterior, 2019 $3,873.40 $191.02 $0.57 $191.59Painting - Building Exterior, 2020 $1,936.70 $189.63 $0.35 $189.98

$29,050.50 $962.12 $4.01 $966.13Sub Total

040 LightingLighting - Building Exterior $0.00 $351.82 $0.22 $352.04


TotalMonthly

Contribution

Balance at Fiscal Year Beginning

Monthly Member

Contribution

Monthly Interest

Contribution

Management / Accounting Summary Parkside at Quail Ridge Condominium Association


$0.00 $351.82 $0.22 $352.04Sub Total

050 DoorsDoors - Garage Metal, Unfunded $0.00 $0.00 $0.00 $0.00Doors - Utility Metal, 2016 $0.00 $25.09 $0.02 $25.11Doors - Utility Metal, 2017 $0.00 $24.33 $0.02 $24.35Doors - Utility Metal, 2018 $0.00 $23.63 $0.02 $23.65Doors - Utility Metal, 2019 $0.00 $22.98 $0.01 $22.99Doors - Utility Metal, 2020 $0.00 $22.38 $0.01 $22.39

$0.00 $118.42 $0.08 $118.50Sub Total

060 GroundsGrounds - Concrete, Unfunded $0.00 $0.00 $0.00 $0.00Grounds - Irrigation Controller, Unfunded $0.00 $0.00 $0.00 $0.00Grounds - Landscape Refurbishment $5,000.00 $96.72 $0.65 $97.37Grounds - Mailboxes $0.00 $64.37 $0.04 $64.41Grounds - Metal Fencing $0.00 $21.45 $0.01 $21.46Grounds - Wood Fencing $0.00 $95.23 $0.06 $95.29

$5,000.00 $277.77 $0.76 $278.53Sub Total

070 Fire Control PanelsFire Control Panels - 2016 $2,250.00 $47.26 $0.29 $47.55Fire Control Panels - 2017 $1,800.00 $46.94 $0.24 $47.18Fire Control Panels - 2018 $1,350.00 $46.62 $0.19 $46.81Fire Control Panels - 2019 $900.00 $46.31 $0.13 $46.44Fire Control Panels - 2020 $450.00 $46.00 $0.08 $46.08

$6,750.00 $233.12 $0.93 $234.06Sub Total

Contingency $2,810.23 $194.44 $0.45

Total $143,321.63 $9,916.67 $23.10 $9,939.76

$194.90


Management / Accounting ChartsParkside at Quail Ridge Condominium Association


Distribution of Current Reserve Fund

010 Roofs

020 Siding

030 Painting

050 Doors

060 Grounds070 Fire Control Panels

Contingency

040 Lighting


Management / Accounting ChartsParkside at Quail Ridge Condominium Association


Monthly Member Contribution

010 Roofs

020 Siding

030 Painting 040 Lighting050 Doors060 Grounds

070 Fire Control PanelsContingency


Annual Expenditure DetailParkside at Quail Ridge Condominium Association

Sorted by Description

2026 Fiscal YearGrounds - Landscape Refurbishment $11,040.81

$11,040.81Sub Total

2031 Fiscal YearGrounds - Landscape Refurbishment $12,189.94Painting - Building Exterior, 2016 $35,412.40

$47,602.34Sub Total

2032 Fiscal YearPainting - Building Exterior, 2017 $36,120.65

$36,120.65Sub Total


$36,843.06Sub Total


$37,579.92Sub Total


$38,331.52Sub Total

2036 Fiscal YearFire Control Panels - 2016 $12,112.82Grounds - Landscape Refurbishment $13,458.68Roofs - Composition Shingle, 2016 $164,578.03Roofs - Gutters & Downspouts, 2016 $23,577.59

$213,727.12Sub Total

2037 Fiscal YearFire Control Panels - 2017 $12,355.07Roofs - Composition Shingle, 2017 $167,869.59Roofs - Gutters & Downspouts, 2017 $24,049.15


2038 Fiscal YearFire Control Panels - 2018 $12,602.17Roofs - Composition Shingle, 2018 $171,226.98Roofs - Gutters & Downspouts, 2018 $24,530.13





2039 Fiscal YearFire Control Panels - 2019 $12,854.22Painting - Building Exterior, 2016 $41,491.27Roofs - Composition Shingle, 2019 $174,651.52Roofs - Gutters & Downspouts, 2019 $25,020.73


2040 Fiscal YearFire Control Panels - 2020 $13,111.30Painting - Building Exterior, 2017 $42,321.09Roofs - Composition Shingle, 2020 $178,144.55Roofs - Gutters & Downspouts, 2020 $25,521.15


2041 Fiscal YearGrounds - Landscape Refurbishment $14,859.47Painting - Building Exterior, 2018 $43,167.51

$58,026.99Sub Total

2042 Fiscal YearGrounds - Mailboxes $20,006.80Painting - Building Exterior, 2019 $44,030.87

$64,037.66Sub Total


$44,911.48Sub Total

2044 Fiscal YearGrounds - Metal Fencing $7,468.19Grounds - Wood Fencing $33,152.73

$40,620.93Sub Total

2046 Fiscal YearDoors - Utility Metal, 2016 $9,712.39Grounds - Landscape Refurbishment $16,406.06Lighting - Building Exterior $136,170.30





2047 Fiscal YearDoors - Utility Metal, 2017 $9,906.64Painting - Building Exterior, 2016 $48,613.63

$58,520.27Sub Total


$59,690.67Sub Total


$60,884.49Sub Total


$62,102.18Sub Total


ProjectionsParkside at Quail Ridge Condominium Association

FiscalYear

Beginning Balance

Member Contribution

Interest Contribution Expenditures

Ending Balance

Fully Funded Ending Balance

Percent Funded


2021 $143,322 $119,000 $277 $0 $262,599 $367,533 71%1%2022 $262,599 $121,380 $446 $0 $384,425 $465,848 83%3%2023 $384,425 $123,808 $618 $0 $508,850 $567,949 90%0%2024 $508,850 $126,284 $794 $0 $635,928 $673,947 94%4%2025 $635,928 $128,809 $974 $0 $765,711 $783,959 98%8%2026 $765,711 $131,386 $1,142 $11,041 $887,197 $887,763 100%0%2027 $887,197 $134,013 $1,329 $0 $1,022,539 $1,007,122 102%2%2028 $1,022,539 $136,694 $1,520 $0 $1,160,753 $1,130,901 103%3%2029 $1,160,753 $139,427 $1,716 $0 $1,301,896 $1,259,227 103%3%2030 $1,301,896 $142,216 $1,915 $0 $1,446,027 $1,392,235 104%4%2031 $1,446,027 $145,060 $2,052 $47,602 $1,545,538 $1,482,683 104%4%2032 $1,545,538 $147,962 $2,210 $36,121 $1,659,588 $1,591,320 104%4%2033 $1,659,588 $150,921 $2,370 $36,843 $1,776,036 $1,705,945 104%4%2034 $1,776,036 $153,939 $2,534 $37,580 $1,894,929 $1,826,800 104%4%2035 $1,894,929 $157,018 $2,702 $38,332 $2,016,318 $1,954,133 103%3%2036 $2,016,318 $160,158 $2,628 $213,727 $1,965,377 $1,904,144 103%3%2037 $1,965,377 $163,361 $2,572 $204,274 $1,927,037 $1,865,657 103%3%2038 $1,927,037 $166,629 $2,515 $208,359 $1,887,821 $1,824,869 103%3%2039 $1,887,821 $169,961 $2,398 $254,018 $1,806,162 $1,738,535 104%4%2040 $1,806,162 $173,361 $2,279 $259,098 $1,722,703 $1,648,018 105%5%2041 $1,722,703 $176,828 $2,446 $58,027 $1,843,949 $1,767,770 104%4%2042 $1,843,949 $180,364 $2,609 $64,038 $1,962,885 $1,886,608 104%4%2043 $1,962,885 $183,972 $2,805 $44,911 $2,104,750 $2,030,723 104%4%2044 $2,104,750 $187,651 $3,012 $40,621 $2,254,793 $2,185,246 103%3%2045 $2,254,793 $191,404 $3,282 $0 $2,449,478 $2,388,246 103%3%2046 $2,449,478 $195,232 $3,329 $162,289 $2,485,751 $2,429,646 102%2%2047 $2,485,751 $199,137 $3,528 $58,520 $2,629,896 $2,583,084 102%2%2048 $2,629,896 $203,119 $3,731 $59,691 $2,777,055 $2,741,688 101%1%2049 $2,777,055 $207,182 $3,938 $60,884 $2,927,291 $2,905,603 101%1%2050 $2,927,291 $211,326 $4,149 $62,102 $3,080,664 $3,074,978 100%0%

NOTE: In some cases, the projected Ending Balance may exceed the Fully Funded Ending Balance in years following high Expenditures. This is a result of the provision for contingency in this analysis, which in these projections is never expended. The contingency is continually adjusted according to need and any excess is redistributed among all components included.


Projection ChartsParkside at Quail Ridge Condominium Association


Year End Reserve Balance

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

Projected Ending Ideal Ending

Year End Percent Funded

0

25

50

75

100

125

150

175

200

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

%

15 Advanced Reserve Solutions, Inc.

Projection ChartsParkside at Quail Ridge Condominium Association


Reserve Contribution

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

Annual Contribution Annual Interest

Expenditures

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

16 Advanced Reserve Solutions, Inc.

Parkside at Quail Ridge Condominium AssociationComponent Detail


Roofs - Composition Shingle, 2016

010 Roofs

Useful Life 20

Remaining Life 15Replacement Year 2036

Current Cost $122,283.90Future Cost $164,578.03

Unit Cost $4.500

Assigned Reserves at FYB $30,570.98Monthly Member Contribution $642.09Monthly Interest Contribution $3.99

Category 135,871 sq. ft.Quantity

Total Monthly Contribution $646.08

Placed In Service 01/16

% of Replacement 20.00%

Comments:

These are composition shingle roofs located on the buildings within the community. Since the community was completed over a five year timeframe, we have budgeted for 20% of this component to be replaced every year for five years.

In order to ensure a high quality installation, the client may wish to obtain the services of an independent roofing consultant to work with the client and the roofing contractor providing installation. Consultants are available for the preparation of installation specifications and, if desired, to work with the contractor during the installation process. Fees for these services vary based on the size of the project and detail required by the client, and have not been included in the cost used for this component. Should the client desire, a provision for a consultant can be incorporated into this analysis.





010 Roofs

Useful Life 20



Unit Cost $4.500






Comments:







010 Roofs

Useful Life 20



Unit Cost $4.500

Assigned Reserves at FYB $973.30Monthly Member Contribution $644.16Monthly Interest Contribution $0.52





Comments:






Roofs - Gutters & Downspouts, 2016

010 Roofs

Useful Life 20



Unit Cost $87,592.500


Category 1 totalQuantity




Comments:

this is for the replacement of the painted metal gutters & downspouts located on the buildings within the community. Since the community was completed over a five year timeframe, we have budgeted for 20% of this component to be replaced every year for five years.


$7.50 $55,867.507,449 ln. ft. - gutters @ =$7.50 $31,725.004,230 ln. ft. - downsputs @ =

$87,592.50=TOTAL





010 Roofs

Useful Life 20



Unit Cost $87,592.500






Comments:




$87,592.50=TOTAL




Roofs - Metal, 2016

010 Roofs

Useful Life 40



Unit Cost $16.000






Comments:

These are metal roofs located on the buildings within the community. Since the community was completed over a five year timeframe, we have budgeted for 20% of this component to be replaced every year for five years.





Roofs - Metal, 2017

010 Roofs

Useful Life 40



Unit Cost $16.000






Comments:






Roofs - Metal, 2018

010 Roofs

Useful Life 40



Unit Cost $16.000






Comments:






Roofs - Metal, 2019

010 Roofs

Useful Life 40



Unit Cost $16.000






Comments:






Roofs - Metal, 2020

010 Roofs

Useful Life 40



Unit Cost $16.000






Comments:






Siding - Replacement, Cement, 2016

020 Siding

Useful Life 40



Unit Cost $11.000






Comments:

This is for the replacement of the cement siding located on the buildings within the community. Since the community was completed over a five year timeframe, we have budgeted for 20% of this component to be replaced every year for five years.





020 Siding

Useful Life 40



Unit Cost $11.000






Comments:





Siding - Replacement, Stone, Unfunded

020 Siding

Useful Life n.a.

Remaining Life n.a.Replacement Year n.a.

Current Cost $0.00Future Cost $0.00

Unit Cost $0.000






Comments:

This is the exterior stone siding located around the exterior areas of the buildings. It is anticipated that not all of the stone siding will need replacement at one time. Therefore, budgeting for this component has been excluded as future maintenance should be completed by the client on an as needed basis. This component is listed for inventory purposes only.




Painting - Building Exterior, 2016

030 Painting

Useful Life 8+7



Unit Cost $145,252.500






Comments:

This is for the painting of the exterior areas of the buildings located within the community. Since the community was completed over a five year timeframe, we have budgeted for 20% of this component to be replaced every year for five years at the end of its useful life.

Color coated stucco and cement siding can last from 10 to 15 years before it will require its first painting, as the coloring is mixed into the stucco material. Thereafter, budgeting for the painting of the stucco and cement siding has been scheduled to be completed every 8 years. This component should be monitored over time and the replacement cost and useful life adjusted accordingly.

Adjustment

$1.25 $136,935.00109,548 sq. ft. - cement siding @ =$1.25 $8,317.506,654 sq. ft. - stucco @ =

$145,252.50=TOTAL





030 Painting

Useful Life 8+7



Unit Cost $145,252.500






Comments:



Adjustment


$145,252.50=TOTAL




Lighting - Building Exterior

040 Lighting

Useful Life 30



Unit Cost $83,000.000






Comments:

This is for the relacement of the exterior lighting fixtures located on the buildings throughout the community.

$250.00 $25,250.00101 fixtures, patio @ =$250.00 $23,500.0094 fixtures, entry @ =$250.00 $20,250.0081 fixtures, garage @ =$250.00 $14,000.0056 fixtures, wall @ =

$83,000.00=TOTAL




Doors - Garage Metal, Unfunded

050 Doors

Useful Life n.a.



Unit Cost $0.000






Comments:

These are roll-up metal garage doors. It is anticipated that not all of the garage doors will be replaced at one time. Therefore, budgeting for this component has been excluded as future maintenance should be completed by the client on an as needed basis. This component is listed for inventory purposes only. Should the client choose, we can add a component for complete replacement.

single roll-up doors 87 totaldouble roll-up doors 7

94 total




Doors - Utility Metal, 2016

050 Doors

Useful Life 30



Unit Cost $800.000






Comments:

These are metal utility doors located on the buildings within the community. Since the community was completed over a five year timeframe, we have budgeted for 20% of this component to be replaced every year for five years at the end of its useful life.





050 Doors

Useful Life 30



Unit Cost $800.000






Comments:





Grounds - Concrete, Unfunded

060 Grounds

Useful Life n.a.



Unit Cost $0.000


Category 1 commentQuantity




Comments:

Typically, budgeting for concrete repairs as a reserve component is excluded as it is anticipated that any repairs required will be addressed immediately due to safety concerns. Good maintenance practice would not allow the need for repairs to accumulate to a point that they would become a major expense. Minor repairs, as needed, should be addressed immediately as a maintenance issue using the client's operating and/or reserve contingency funds. Should the client desire, funding for this component can be included.




Grounds - Irrigation Controller, Unfunded

060 Grounds

Useful Life n.a.



Unit Cost $0.000


Category 1 commentQuantity




Comments:

At our most recent field inspection, we were unable to locate and determine the number and capacity of the irrigation controller equipment. An e-mail requesting this information was sent on December 18, 2020 to the client's landscape maintenance contractor during the preparation of this analysis, to which we received no response. Should this information become available at a later date, it can be incorporated into this analysis.




Grounds - Landscape Refurbishment

060 Grounds

Useful Life 5+5



Unit Cost $10,000.000






Comments:

This is for the repair or replacement of trees, plants shrubs and any other landscaping needs that may be necessary from time to time.

This component should be monitored over time and the replacement cost and useful life adjusted accordingly.

Adjustment




Grounds - Mailboxes

060 Grounds

Useful Life 26



Unit Cost $13,200.000






Comments:

This is for the replacement of the metal in ground cluster style mailboxes located around the community.

$1,800.00 $7,200.004 - 16-unit boxes @ =$1,600.00 $3,200.002 - 12-unit boxes @ =$1,600.00 $1,600.001 - 13-unit box @ =$1,200.00 $1,200.001 - 8-unit box @ =

$13,200.00=TOTAL




Grounds - Metal Fencing

060 Grounds

Useful Life 28



Unit Cost $32.000


Category 148 lin. ft.Quantity




Comments:

This is for the replacement of the 5' metal fencing located around the community.




Grounds - Wood Fencing

060 Grounds

Useful Life 28



Unit Cost $32.000


Category 657 lin. ft.Quantity




Comments:

This is for the replacement of the 5' wood fencing located around the community.




Fire Control Panels - 2016

070 Fire Control Panels

Useful Life 20



Unit Cost $2,500.000






Comments:

This is for the replacement of the fire control panels located in each building. Since the community was completed over a five year timeframe, we have budgeted for 20% of this component to be replaced every year for five years.






Useful Life 20









Comments:



Detail Report Index

Page

Parkside at Quail Ridge Condominium Association

Doors - Garage Metal, Unfunded 44Doors - Utility Metal, 2016 45Doors - Utility Metal, 2017 46Doors - Utility Metal, 2018 47Doors - Utility Metal, 2019 48Doors - Utility Metal, 2020 49Fire Control Panels - 2016 56Fire Control Panels - 2017 57Fire Control Panels - 2018 58Fire Control Panels - 2019 59Fire Control Panels - 2020 60Grounds - Concrete, Unfunded 50Grounds - Irrigation Controller, Unfunded 51Grounds - Landscape Refurbishment 52Grounds - Mailboxes 53Grounds - Metal Fencing 54Grounds - Wood Fencing 55Lighting - Building Exterior 43Painting - Building Exterior, 2016 38Painting - Building Exterior, 2017 39Painting - Building Exterior, 2018 40Painting - Building Exterior, 2019 41Painting - Building Exterior, 2020 42Roofs - Composition Shingle, 2016 17Roofs - Composition Shingle, 2017 18Roofs - Composition Shingle, 2018 19Roofs - Composition Shingle, 2019 20Roofs - Composition Shingle, 2020 21Roofs - Gutters & Downspouts, 2016 22Roofs - Gutters & Downspouts, 2017 23Roofs - Gutters & Downspouts, 2018 24Roofs - Gutters & Downspouts, 2019 25Roofs - Gutters & Downspouts, 2020 26Roofs - Metal, 2016 27Roofs - Metal, 2017 28Roofs - Metal, 2018 29Roofs - Metal, 2019 30Roofs - Metal, 2020 31Siding - Replacement, Cement, 2016 32Siding - Replacement, Cement, 2017 33Siding - Replacement, Cement, 2018 34Siding - Replacement, Cement, 2019 35Siding - Replacement, Cement, 2020 36Siding - Replacement, Stone, Unfunded 37


Detail Report Index

Page

Parkside at Quail Ridge Condominium Association

Number of components included in this reserve analysis is 44.


reserve analysis report - parkside condo hoa

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