fairway view rs 2020 · 2020. 11. 25. · vancouver, wa prepared by: ... repair, or replacement in...

Oregon | Washington

[email protected] | 503.268.1789

2020ReserveStudy&MaintenancePlan

FairwayViewCondominium Vancouver,WA

Prepared By: Regenesis Reserves

Report Issued Date: October 2, 2019

Site Inspection Date:

June 28, 2019

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October 2, 2019 Tony Mirarchi Phone (360) 650-6573 RE: Fairway View Condominium Enclosed is the completed Reserve Study which meets the requirements of RCW 64.34.382. I prepared this Reserve Study and I am a reserve study professional. SPECIAL NOTE ON FUNDING RESERVES In an effort to provide the best and most useful information to the board, our reserve study software offers customizable funding plans. That means if the board has a different funding plan in mind than the one we recommend, we can produce that plan. There are many approaches to funding reserves but it is recommended that Full (100%) Funding be pursued because it is most likely to avoid special assessments and it shares costs fairly among all members along the 30-year time line. Due to fluctuating inflation rates, investment rates, component costs, starting balances and useful life adjustments, the Percent Funded level will fluctuate (sometimes dramatically) from year to year. The Funding Plan takes these factors into consideration, make adjustment to the Annual Contribution and charts a new course toward Full (100%) Funding. Type of Reserve Study Performed A Level I Full Reserve Study with Site Inspection was performed for this report. Reserve Account Starting Balance Effective the start of the 2020 fiscal year, based on information provided by client, the Projected Starting Reserve Balance is $726,000 versus the Fully Funded/Ideal Starting Balance is $1,159,477 . Percent Funded This homeowner association is currently 63% Funded (Actual Starting Balance divided by Ideal Starting Balance.) 0-35%=Weak; 36-70%=Fair; 71-100%=Strong Recommended Funding Plan Summary A contribution of $122,500 is recommended for the 2020 Fiscal Year (See funding plan for future year recommendations). Following this Recommended Funding Plan will adjust the level of reserves to 100% funded in 26 years, then maintain 100% funded moving forward. NOTE: Contribution amount reflected for 2020 on the funding plan summaries includes recommended contribution amount (see above) in addition to an anticipated $180,000 contribution

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from a reserve special assessment that was levied in 2018, for a total of $302,500 ($122,500 + $180,000). Future year contributions reflect the recommended amount only with not additional or anticipated special assessments. Information needed by the board to comply with RCW 64.34.308 (Budget disclosure requirements) is located within the Funding Plan Summary. If the board plans to implement an Annual Contribution amount different than what is recommended in the Funding Plan Summary, the board must provide Regenesis with that amount in order to generate a revised funding plan. State of Washington Required Funding Plan Reports Based on Washington requirements, there are two additional Funding Plans:

1. Full Funding Plan to achieve 100% funded reserves by the end of the 30 year study period. See Fully Funded at 30 Years worksheet.

2. Baseline Funding Plan to maintain the reserve balance above zero throughout the 30 year study period without special assessments. See Baseline Funding worksheet.

Special Assessments Based on current information and assuming the board follows the Recommended Funding Plan, no special assessments should be required for the coming year to pay for reserve study related expenditures. The board has not informed me of any implemented or planned special assessments. Reserve Study Disclosure Required by Washington Statute: “This reserve study should be reviewed carefully. It may not include all common and limited common element components that will require major maintenance, repair, or replacement in future years, and may not include regular contributions to a reserve account for the cost of such maintenance, repair, or replacement. The failure to include a component in a reserve study, or to provide contributions to a reserve account for a component, may, under some circumstances, require you to pay on demand as a special assessment your share of common expenses for the cost of major maintenance, repair, or replacement of a reserve component." Inflation Rate 2.11% inflation rate was used based on the most recent 15-year average published by www.inflationdata.com Tax Rate 20% was used based on using Federal Tax Form 1120 versus 1120H which carries a 30% tax rate as advised by the board. Washington Sales Tax All component costs have sales tax built in. Annual Review & Update Service. An annual review and update of the Reserve Study is required by statute and necessary for continued accuracy. A review and update provides a new 30-year

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projection with current inflation factor, investment rates and any known component cost changes. Delivered with this report is a Three Year Price Guarantee Proposal that will save considerable money. The Regenesis Report (FREE) Monthly newsletter considered to be the best HOA resource available. To subscribe, email [email protected]. It’s been my pleasure to provide this valuable financial and maintenance planning information. I can be available by teleconference, for up to one hour, to review this reserve study, answer questions and make revisions that are indicated. Tuesday, Wednesday or Thursday are generally my best available days. Please contact me to arrange a meeting. Regards,

Michael B. Stewart PRA PROFESSIONAL RESERVE ANALYST

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ReserveStudy

TableofContents

METHODOLOGY Explains the purpose of the reserve study, how the information was gathered and the sources used.

LIMITATIONS & ASSUMPTIONS Explains what a Reserve Study does and does not do.

WORKSHEET REPORT Alphabetical listing of the reserve components by type, cost, year put in service, useful life and replacement year

FUNDING PLAN SUMMARY REPORT Percent Funded: Starting Balance divided by the Ideal Balance Ideal Balance: Each component is measured, assessed for useful and remaining useful life

plus cost of repair or replacement. Based on this analysis, each component should have a certain amount of money set aside as of the year in question. The Ideal Balance is the sum of all these component amounts as adjusted by the inflation factor.

Starting Balance: Reserve funds total at beginning of each fiscal year Annual Contribution: Funds needed to meet the reserve schedule Interest Income: Yield on invested reserve funds Tax Liability: Federal taxes owed on investment interest earned

ANNUAL EXPENDITURES REPORT Chronological repair and replacement schedule

STARTING BALANCE FUNDS DISTRIBUTION Allocates available funds to the components. If funds are insufficient to fully fund each component, funds are allocated to components that are scheduled to happen sooner.

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ReserveStudy

Methodology

DEFINITION Reserve Study Identifies the components which will require maintenance, repair or replacement in more than one and less than thirty years and the cost of repair or replacement of each at recommended intervals. Site inspections are based on visual observation and no invasive testing was done. Representative sampling is used where visual inspection is not possible.

RESERVE STUDY CRITERIA 1. Identify current reserve funds balance 2. Identify components to be included 3. Establish reasonable useful life of each component 4. Establish remaining useful life of each component 5. Estimate current replacement or repair cost of each component 6. Assemble data in Reserve Study 7. Generate Reserve Funding Plan.

FUNDING PLAN CRITERIA The Funding Plan is based on the Cashflow Method and includes Percent Funded, Inflation Adjusted Ideal Balance, Starting Balance, Annual Contribution, Interest Income, Tax Liability and Inflation Adjusted Expenditures. Inflation is based on the most recent 15-year average as determined by www.inflationdata.com SOURCES OF INFORMATION (as applicable): Original plans and specifications Original builders and developers Contractors and vendors Industry Professionals (engineers, architects, construction managers, etc.) Board Members General Members Property Manager Resident Manager Cost Estimating Services

To remain accurate, the Reserve Study must be updated annually

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ReserveStudy

Limitations&Assumptions 1. The Reserve Study is intended for the sole use of the Client and is not to be construed as a guarantee, warranty or an opinion on the advisability of purchase. 2. The information provided by the Reserve Study is effective for one year from the completion date of the report. An annual review and update of this Reserve Study is required to adjust known cost changes and to maintain accuracy. 3. Consultant’s financial liability for errors and omissions is limited to the charge made to Client to perform the Reserve Study. 4. The scope of the Reserve Study is expressly limited to the components included. 5. The useful life estimates of the Reserve Study assume normal weather conditions and do not factor in damage by flood, wind, storm, earthquake or other insurable events. The useful life estimates assume proper construction, installation, design and regular and adequate preventive maintenance. Improper construction, installation, design or failure to maintain will lead to shortened useful lives. 6. The cost estimates of the Reserve Study are based in current pricing for similar installations and materials and/or based in actual costs paid by Client. Future costs are subject to change according to supply and demand, material costs, effects of inflation and other factors which are not under Consultant’s control. 7. The conclusions of the Reserve Study do not involve invasive testing of the components and were arrived at by either visual inspection and/or information provided by Client. 8. The Reserve Study is not intended to address or discover construction defects, asbestos, mold, water intrusion or lead paint. Client agrees to indemnify, defend and hold Consultant harmless from all related claims.

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Worksheet Fairway View Condominium

# of

Items_Unit

Current

Item

Cost

Future

Replacement

Cost

Year

Built

Useful

Life

Year

Replace

Life

Left

One

Time?

1 Total -$ -$ 2019 50 2069 50 No

Comments:

1 Total 5,000.00$ 5,323$ 2017 5 2022 3 No

Comments:

18,000 Sq.Ft. 7.00$ 136,976$ 2016 7 2023 4 No

Comments:

2,400 Ln.Ft. 15.00$ 51,341$ 2016 20 2036 17 No

18,000 Sq.Ft. -$ -$ 2016 40 2056 37 Yes

Comments:

34 Total 206.00$ 7,152$ 1985 35 2020 1 Yes

Comments:

34 Total 650.00$ 30,866$ 1985 50 2035 16 Yes

1 Total -$ -$ 1985 75 2060 41 Yes

Comments:

2019: Reported that all locks will be replaced in 2020 at an estimated cost of $7,000 ($206/door).

Doors-Foyer-Exterior-Replace

Doors-Garage Man Doors-Exterior-Replace

2019: Reported that garage man doors are replaced, repaired, or added at the owners expense. Reported that at initial construction

no exterior man-doors existed, all that currently are in place were installed at the owners expense.

Deck-Membrane-Recoat

2019: Reported that contractor scheduled to perform and inspection in 2020 or 21 as part of warranty. If upon completion it is

discovered that a membrane recoat is required sooner than scheduled, revise reserve budget accordingly.

2016/2017: Decks entirely rebuilt as part of the siding replacement project. New decks were built with a top membrane to which

normally manufacturers recommend re-coating every 3-5 years. Board reported that contractor is scheduled for an inspection as part

of 5 year contract.

Deck-Rails-Wood-Replace

Deck-Wood-Substructure

Repair as needed (Operating) and paint in conjunction with Paint-Exterior. Useful life of replacement anticipated to be greater than 30

years. If determined at a later date that substructure needs replacement, adjust budget accordingly.

Doors-Foyer-Exterior-Lock Replacement

October 2, 2019

Item Description

Barkdust

2019: Advised work to be completed as needed and paid from Operating Budget.

Concrete Safety Repair

This is a budget to Inspect all flatwork and sidewalks for tripping hazards of 3/8" or more, grind down or remove and replace selected

sections as needed over a 5 year period; list year, work done and cost here.

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# of

Items_Unit

Current

Item

Cost

Future

Replacement

Cost

Year

Built

Useful

Life

Year

Replace

Life

Left

One

Time?

October 2, 2019

Item Description

1 Total -$ -$ 2019 50 2069 50 No

Comments:

261 Sq.Yd. 77.00$ 21,396$ 2010 12 2022 3 No

Comments:

359 Sq.Yd. 77.00$ 30,685$ 2012 12 2024 5 No

Comments:

128 Total 850.00$ 136,893$ 1985 45 2030 11 Yes

1 Total -$ -$ 2019 50 2069 50 No

Comments:

1 Total -$ -$ 2019 50 2069 50 Yes

Comments:

1 Total -$ -$ 2019 50 2069 50 No

Comments:

256 Fixtures 100.00$ 29,017$ 2005 20 2025 6 No

Comments:

94 Fixtures 100.00$ 10,655$ 2005 20 2025 6 No

This component will serve as a budget fund for replacement as needed. Recommend that the board make efforts to perform work in

lump sums in order to reduce varying useful life and contractor mobilization costs. Also, recommend at the time of replacement board

consult vendors to perform a fixture replacement energy audit.

Lights-Exterior-Garage

To be paid from Operating Budget

Irrigation System

Repairs and replacements of individual components of the irrigation system are completed as needed by landscape duties and are paid

for out of Operating Budget. An irrigation system replacement generally is not warranted, as the system as a whole does not fail. If it is

determined that a new irrigation system is warranted, or a major repair/renovation is needed, add the cost and replacement date

here.

Landscape Renovation

2019: Per discussion with maintenance personnel, work will be completed as needed and paid from Operating Budget.

Lights-Exterior-Building

Flooring-Carpet-Foyer (Bldg 1-8)

2019: Advised carpet in buildings 1-8 to be replaced in 2020 at an estimated cost $20,000 ($77/sy).

Flooring-Carpet-Foyer (Bldg 9-19)

2012: Reported carpet in buildings 9-19 replaced, cost and contractor unknown.

Garage Doors

Irrigation Controller

Electrical & Plumbing-Systems

It is assumed that the electrical and plumbing systems have been installed in accordance with local building codes/standards. There

have been no reports of large scale repair/failure occurring or anticipated.

Repairs and replacements of individual components of these systems are completed as needed and paid from Operating Budget.

Widespread failure of these systems is uncommon and global replacement is generally not warranted. If it is determined, upon

inspection by a professional, that a new system, or major repair/replacement is warranted, the cost and remaining useful life should be

added per contractor recommendation.

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# of

Items_Unit

Current

Item

Cost

Future

Replacement

Cost

Year

Built

Useful

Life

Year

Replace

Life

Left

One

Time?

October 2, 2019

Item Description

136 Fixtures 61.00$ 10,438$ 2005 25 2030 11 No

Comments:

1 Total -$ -$ 2019 50 2069 50 No

Comments:

128 Units 2,800.00$ 460,455$ 2016 15 2031 12 No

Comments:

34 Total 88.00$ 3,055$ 2010 10 2020 1 No

Comments:

128 Units 500.00$ 78,861$ 2019 10 2029 10 No

Comments:

34 Total 1,500.00$ 56,612$ 2009 15 2024 5 No

81,000 Sq.Ft. 2.25$ 282,554$ 1985 55 2040 21 No

Comments:

Paint-Interior-Foyer

Paving-Asphalt-Overlay

Under average traffic conditions, and regular and adequate cycles of repair, crack seal and sealcoating, a properly installed asphalt

pavement should last 30–40 years. Heavy truck traffic like garbage trucks can accelerated damage to the traffic lane. Sealcoating

should be applied within 2 years of installation date.

Paint-Exterior-Buildings

Scope includes all exterior surfaces including siding, trim and rails (Foyer doors are separate component).

2019: Board advised to adjust useful life to 15 years, as advised by contractor of siding. Estimate received for painting of $350,000

($2,800/unit).

2016/2017: Work was completed as part of the major building siding replacement (pre-painted cementitious siding) and

gutter/downspout replacement. total cost of project was 3.3 Million dollars, cost associated with paint only is unknown.

Paint-Exterior-Foyer Doors

2019: Scope of work anticipated to be completed in 2020 at a cost of $3,000 ($88/door).

Paint-Exterior-Garages

2019: Scheduled for completion as part of siding repalcemtn project (included guter/downspouts). Total cost of work reported to be

approximately $150,000, cost associated with the paint is unknown.

Lights-Interior-Foyer

2019: Advised Lights-Interior-Foyer to be replaced in 2020 at a cost of $8,242 ($61/fixture).

Mailboxes

2019: Advised component is replaced/repaired and paid for from the Master Association.

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# of

Items_Unit

Current

Item

Cost

Future

Replacement

Cost

Year

Built

Useful

Life

Year

Replace

Life

Left

One

Time?

October 2, 2019

Item Description

81,000 Sq.Ft. 0.20$ 17,983$ 2019 5 2024 5 No

Comments:

250 Total -$ -$ 1985 65 2050 31 Yes

Comments:

1,680 Squares -$ -$ 2019 50 2069 50 No

Comments:

400 squares 350.00$ 256,512$ 2018 30 2048 29 No

Comments:

Useful life greater than 30 years. Repair hardware as needed (Operating) and paint in conjunction with Paint-Exterior.

Roof-Building-Composition-Notes

Budget cost of replacement is based on removal and replacement of single layer roof with a 30 year composition shingle. Also,

assumes the roof is kept clean of debris, moss and algae and that each year, a qualified roof maintenance contractor inspects, cleans

and repairs the roof as needed.

2019: Roof quantity obtained using satellite imagery (Eagle View Technology) of a typical building extrapolated to derive a total

quantity. Board reported that roofs being replaced as needed. Average quantity of roof per building =800 squares. Some failing sooner

than other due to improper installation, aditionally, roof work completed in 2002-2006 was an overlay is not expected to have a 25

year life.

2002-2006: All Building roofs, including attached garages, were overlayed. Cost and exact quantity is unknown.

Roof-Building-Composition-Phase #1

5 Buildings- Cost estimate ($350/square) provided by board based on actual completion of last two roofs in 2019. Malarkey

composition shingles which reportedly carries a 40 year warrantly and presumably a useful life of 30 years.

2018: Building #'s 2,3,5,8,12 (5 of 19)

Paving-Asphalt-Repair, Crackseal, Sealcoat

Asphalt is a porous material that is deteriorated by water, dirt, oil and sunlight. To protect it from the elements, a sealcoating should

be applied as paint is applied to siding. Sealcoating will seal against water, protect against UV rays which break it down, keep the

asphalt from drying out and extend its useful life. It is highly recommended that two coats be applied to achieve the estimated useful

life. Restriping (if applicable) included in the cost.

In general, it is recommended sealing asphalt surfaces within 2 years of their placement. This early treatment ensures that oils present

in the surface asphaltic cement are protected from ultraviolet rays that harden the oils and cause surface rock to loosen from the

asphalt.

2019: Work completed at a cost of $10,000 ($0.12/sf).

Rails-Metal-Replace

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# of

Items_Unit

Current

Item

Cost

Future

Replacement

Cost

Year

Built

Useful

Life

Year

Replace

Life

Left

One

Time?

October 2, 2019

Item Description

80 Squares 350.00$ 52,385$ 2019 30 2049 30 No

Comments:

160 Squares 350.00$ 63,474$ 1995 30 2025 6 No

Comments:

480 Squares 350.00$ 207,010$ 1999 30 2029 10 No

Comments:

400 Squares 350.00$ 191,493$ 2004 30 2034 15 No

Comments:

128 Total 350.00$ 61,278$ 2004 30 2034 15 No

1 Total 130,000.00$ 214,576$ 2018 25 2043 24 No

Comments:

1 Total 60,000.00$ 61,266$ 1995 25 2020 1 No

Comments:



2019: Per discussion with maintenance personnel, future roof replacement schedule is unknown but assumed to include 1/2 of

remaining roofs (not completed in 2018-2020) within next 5 years and remaining within next 10 years from 2019.

Roof-Chimney Caps

Roof-Garage-Detached-Composition (1-13)

2018: Detached garage #'s 1-13 were replaced. Scope of work included replacement of shingles and sheathing as needed. Work was

reportedly completed under warranty which included "234 squares and $40k allocated for labor".

Roof-Garage-Detached-Composition (14-19)

2019: Reported to be completed in 2020 at a cost of $60,000

1 Building- Cost estimate ($350/square) provided by board based on actual completion of last two roofs in 2019. Malarkey composition

shingles which reportedly carries a 40 year warrantly and presumably a useful life of 30 years.

2019: Building # 15 completed (1 of 19)




2019: Advised that (2) buildings anticipated for completion in 2020. Cost unknown and building #'s unknown; to be assessed in 2020

and address the most demanding.




2019: Per discussion with maintenance personnel, future roof replacement schedule is unknown but assumed to include 1/2 of

remaining roofs (not completed in 2018-2020) within next 5 years and remaining within next 10 years from 2019.



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# of

Items_Unit

Current

Item

Cost

Future

Replacement

Cost

Year

Built

Useful

Life

Year

Replace

Life

Left

One

Time?

October 2, 2019

Item Description

7,424 Ln.Ft. 7.00$ 95,217$ 2018 30 2048 29 No

Comments:

128 Units 100.00$ 14,209$ 2016 8 2024 5 No

Comments:

128 Units 100.00$ 13,070$ 2012 8 2020 1 No

Comments:

1 Total 3,500.00$ 4,051$ 2018 8 2026 7 Yes

Comments:

4 Total 1,500.00$ 8,557$ 2016 20 2036 17 No

10 Total 3,700.00$ 37,781$ 2000 20 2020 1 No

Comments:

Siding Inspection

A siding assessment provides information regarding the performance of the building enclosure components, identifies areas of concern

and provides the information needed to create appropriate planning for the building's maintenance and repair. If it is deemed that a

replacement of the siding (or portions of it) will be necessary within the next 30 years, a replacement line item should be added to the

reserve budget.

Sign-Entry-Metal

Trash Enclosure

Useful life assumes wood type construction.

2019: Reported that all trash enclosures are to be replaced with a new total of 10 at an estimated cost of $37,000. Exact cost and

construction type is unknown at this time, update once completed/actual cost is available.

Roof-Gutters & Downspouts-Building & Garage

Scope includes all buildings and garages.

Gutters: 4,352 lf

Downspouts: 3,072 lf

2019: Gutter and downspout quantity obtained using satellite imagery (Eagle View Technology) of a typical building extrapolated to

derive a total quantity.

Siding & Trim Repair-Buildings

Prior to performing Paint-Exterior, all siding and trim should be carefully inspected, repaired or replaced as needed. Caulking around

all doors, windows and trim should be performed.

2016/2017: Full siding replacement of all buildings completed by Lifetime Exterior which included new gutters, trim, and pre-painted

siding at a cost of 3.3 Million.

Siding & Trim Repair-Garages

2019: Siding, gutters, downspout and paint scheduled for completion.

2016/2017: Full siding replacement completed by Lifetime Exterior of all Building and ATTACHED GARAGES which included new

gutters, trim, and pre-painted siding at a cost of 3.3 Million.

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# of

Items_Unit

Current

Item

Cost

Future

Replacement

Cost

Year

Built

Useful

Life

Year

Replace

Life

Left

One

Time?

October 2, 2019

Item Description

1 Total 3,800.00$ 3,962$ 2018 3 2021 2 No

Comments:

15,000 Sq.Ft. -$ -$ 2019 50 2069 50 No

Comments:

Number of Items = 43

Have trees inspected by arborist and perform corrective pruning as needed to keep tree limbs at least 6' away from buildings. Tree

limbs overhanging roofs and decks will damage and shorten the useful life of that component. Use this fund as needed over a 3 year

period; list year, work done and cost here. Revise next cycle’s budget according to arborist’s recommendations.

2019: Removed 5 trees at a cost of $3,800, contractor unknown.

Wall-Brick-Clean and Seal

2019: Advised component is replaced/repaired and paid for from the Master Association.

Treework

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Concrete Safety Repair Deck-Rails-Wood-Replace

Flooring-Carpet-Foyer (Bldg 1-8) Garage Doors

Landscape Renovation Lights-Exterior-Building

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Lights-Exterior-Garage Lights-Interior-Foyer

Mailboxes Paint-Exterior-Buildings

Paint-Exterior-Foyer Doors Paint-Exterior-Garages

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Paint-Interior-FoyerPaving-Asphalt-Repair, Crackseal,

Sealcoat

Rails-Metal-Replace Roof-Building-Composition-Phase #1

Roof-Chimney CapsRoof-Garage-Detached-Composition

(1-13)

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Roof-Gutters & Downspouts-Building

& GarageSiding & Trim Repair-Buildings

Siding & Trim Repair-Garages Sign-Entry-Metal

Trash Enclosure Wall-Brick-Clean and Seal

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Weak (0-35%) Fair (36-70%) Strong (71-100%)

October 2, 2019 Funding Plan Summary

YearPercent

Funded

Inflation Adjusted

Ideal Balance

Starting

Balance

Annual

Contribution

Interest

Income

Tax

Liability

Inflation

Adjusted

Expenditures

2020 63% 1,159,477 726,000 302,500 15,966 (3,193) (122,324)

2021 78% 1,174,677 918,949 122,500 17,840 (3,568) (3,962)

2022 80% 1,308,323 1,051,759 125,091 20,280 (4,056) (26,719)

2023 82% 1,419,838 1,166,354 127,736 22,390 (4,478) (136,976)

2024 83% 1,424,175 1,175,027 130,438 22,572 (4,514) (123,707)

2025 83% 1,444,708 1,199,815 133,196 23,049 (4,610) (103,146)

2026 84% 1,488,672 1,248,305 136,013 23,957 (4,791) (4,051)

2027 86% 1,631,225 1,399,432 138,889 26,734 (5,347) (10,400)

2028 88% 1,767,656 1,549,309 141,827 29,488 (5,898) (15,446)

2029 89% 1,899,391 1,699,280 144,826 32,245 (6,449) (305,833)

2030 89% 1,749,020 1,564,069 147,889 29,812 (5,962) (314,410)

2031 89% 1,591,070 1,421,397 151,017 27,244 (5,449) (460,455)

2032 87% 1,298,366 1,133,754 154,210 22,038 (4,408) (23,351)

2033 89% 1,443,292 1,282,243 157,472 24,770 (4,954) (5,090)

2034 91% 1,606,588 1,454,440 160,802 27,934 (5,587) (302,418)

2035 90% 1,481,035 1,335,172 164,203 25,794 (5,159) (30,866)

2036 92% 1,626,416 1,489,144 167,675 28,628 (5,726) (122,994)

2037 93% 1,682,689 1,556,728 171,221 29,891 (5,978) (190,766)

2038 93% 1,675,475 1,561,096 174,843 30,003 (6,001) 0

2039 95% 1,859,028 1,759,941 178,540 33,656 (6,731) (204,974)

2040 96% 1,842,426 1,760,431 182,316 33,699 (6,740) (364,401)

2041 96% 1,679,506 1,605,306 186,172 30,911 (6,182) 0

2042 97% 1,880,986 1,816,206 190,109 34,785 (6,957) (14,225)

2043 98% 2,068,552 2,019,918 194,129 38,529 (7,706) (214,576)

2044 98% 2,061,649 2,030,294 198,235 38,755 (7,751) (261,239)

2045 99% 2,013,949 1,998,294 202,427 38,211 (7,642) (170,033)

2046 100% 2,061,989 2,061,258 202,854 39,361 (7,872) (665,129)

2047 100% 1,631,213 1,630,472 209,277 31,579 (6,316) (8,972)

2048 100% 1,856,793 1,856,040 218,024 35,764 (7,153) (432,793)

2049 100% 1,670,646 1,669,883 225,647 32,445 (6,489) (202,430)

Total $5,140,080 $868,328 ($173,666) ($4,841,686)

1.82% Investment Rate20.00% Tax Rate2.11% Inflation Rate8.40% State Tax

Fairway View Condominium

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Weak (0-35%) Fair (36-70%) Strong (71-100%)

Fully Funded at 30 Years


YearPercent

Funded

Inflation Adjusted

Ideal Balance

Starting

Balance

Annual

Contribution

Interest

Income

Tax

Liability

Inflation

Adjusted

Expenditures

2020 63% 1,159,477 726,000 302,500 15,966 (3,193) (122,324)

2021 78% 1,174,677 918,949 122,500 17,840 (3,568) (3,962)

2022 80% 1,308,323 1,051,759 125,088 20,280 (4,056) (26,719)

2023 82% 1,419,838 1,166,352 127,731 22,390 (4,478) (136,976)

2024 83% 1,424,175 1,175,019 130,429 22,572 (4,514) (123,707)

2025 83% 1,444,708 1,199,799 133,185 23,048 (4,610) (103,146)

2026 84% 1,488,672 1,248,276 135,999 23,956 (4,791) (4,051)

2027 86% 1,631,225 1,399,389 138,872 26,733 (5,347) (10,400)

2028 88% 1,767,656 1,549,247 141,806 29,487 (5,897) (15,446)

2029 89% 1,899,391 1,699,196 144,802 32,243 (6,449) (305,833)

2030 89% 1,749,020 1,563,959 147,861 29,810 (5,962) (314,410)

2031 89% 1,591,070 1,421,257 150,985 27,241 (5,448) (460,455)

2032 87% 1,298,366 1,133,579 154,174 22,034 (4,407) (23,351)

2033 89% 1,443,292 1,282,030 157,432 24,766 (4,953) (5,090)

2034 91% 1,606,588 1,454,184 160,758 27,929 (5,586) (302,418)

2035 90% 1,481,035 1,334,867 164,154 25,788 (5,158) (30,866)

2036 92% 1,626,416 1,488,785 167,622 28,621 (5,724) (122,994)

2037 92% 1,682,689 1,556,310 171,163 29,882 (5,976) (190,766)

2038 93% 1,675,475 1,560,614 174,779 29,994 (5,999) 0

2039 95% 1,859,028 1,759,388 178,472 33,645 (6,729) (204,974)

2040 96% 1,842,426 1,759,802 182,242 33,687 (6,737) (364,401)

2041 96% 1,679,506 1,604,593 186,093 30,897 (6,179) 0

2042 97% 1,880,986 1,815,403 190,024 34,770 (6,954) (14,225)

2043 98% 2,068,552 2,019,018 194,039 38,512 (7,702) (214,576)

2044 98% 2,061,649 2,029,290 198,138 38,736 (7,747) (261,239)

2045 99% 2,013,949 1,997,177 202,324 38,190 (7,638) (170,033)

2046 100% 2,061,989 2,060,021 206,599 39,372 (7,874) (665,129)

2047 100% 1,631,213 1,632,988 210,963 31,640 (6,328) (8,972)

2048 100% 1,856,793 1,860,292 215,420 35,818 (7,164) (432,793)

2049 100% 1,670,646 1,671,573 219,971 32,424 (6,485) (202,430)

Total $5,136,124 $868,271 ($173,654) ($4,841,686)



20 of 27 Rev01 10/2/2019

Weak (0-35%) Fair (36-70%) Strong (71-100%)

Baseline


YearPercent

Funded

Inflation Adjusted

Ideal Balance

Starting

Balance

Annual

Contribution

Interest

Income

Tax

Liability

Inflation

Adjusted

Expenditures

2020 63% 1,159,477 726,000 302,500 15,966 (3,193) (122,324)

2021 78% 1,174,677 918,949 113,640 17,759 (3,552) (3,962)

2022 80% 1,308,323 1,042,834 113,640 20,014 (4,003) (26,719)

2023 81% 1,419,838 1,145,766 113,640 21,887 (4,377) (136,976)

2024 80% 1,424,175 1,139,940 113,640 21,781 (4,356) (123,707)

2025 79% 1,444,708 1,147,298 113,640 21,915 (4,383) (103,146)

2026 79% 1,488,672 1,175,325 113,640 22,425 (4,485) (4,051)

2027 80% 1,631,225 1,302,854 113,640 24,746 (4,949) (10,400)

2028 81% 1,767,656 1,425,892 113,640 26,985 (5,397) (15,446)

2029 81% 1,899,391 1,545,674 113,640 29,165 (5,833) (305,833)

2030 79% 1,749,020 1,376,813 113,640 26,092 (5,218) (314,410)

2031 75% 1,591,070 1,196,917 113,640 22,818 (4,564) (460,455)

2032 67% 1,298,366 868,357 113,640 16,838 (3,368) (23,351)

2033 67% 1,443,292 972,116 113,640 18,727 (3,745) (5,090)

2034 68% 1,606,588 1,095,647 113,640 20,975 (4,195) (302,418)

2035 62% 1,481,035 923,650 113,640 17,845 (3,569) (30,866)

2036 63% 1,626,416 1,020,700 113,640 19,611 (3,922) (122,994)

2037 61% 1,682,689 1,027,034 113,640 19,726 (3,945) (190,766)

2038 58% 1,675,475 965,690 113,640 18,610 (3,722) 0

2039 59% 1,859,028 1,094,218 113,640 20,949 (4,190) (204,974)

2040 55% 1,842,426 1,019,643 113,640 19,592 (3,918) (364,401)

2041 47% 1,679,506 784,556 113,640 15,313 (3,063) 0

2042 48% 1,880,986 910,446 113,640 17,604 (3,521) (14,225)

2043 50% 2,068,552 1,023,945 113,640 19,670 (3,934) (214,576)

2044 46% 2,061,649 938,745 113,640 18,119 (3,624) (261,239)

2045 40% 2,013,949 805,641 113,640 15,697 (3,139) (170,033)

2046 37% 2,061,989 761,806 113,640 14,899 (2,980) (665,129)

2047 14% 1,631,213 222,236 113,640 5,079 (1,016) (8,972)

2048 18% 1,856,793 330,968 113,640 7,058 (1,412) (432,793)

2049 1% 1,670,646 17,461 113,640 1,352 (270) (202,430)

Total $3,598,066 $559,216 ($111,843) ($4,841,686)



21 of 27 Rev01 10/2/2019

October 2, 2019 Annual Expenditures Fairway View Condominium

Year Amount Item Description

7,152 Doors-Foyer-Exterior-Lock Replacement

3,055 Paint-Exterior-Foyer Doors

61,266 Roof-Garage-Detached-Composition (14-19)

13,070 Siding & Trim Repair-Garages

37,781 Trash Enclosure

2020 122,324

1

3,962 Treework

2021 3,962

1

5,323 Concrete Safety Repair

21,396 Flooring-Carpet-Foyer (Bldg 1-8)

2022 26,719

1

136,976 Deck-Membrane-Recoat

2023 136,976

1


56,612 Paint-Interior-Foyer

17,983 Paving-Asphalt-Repair, Crackseal, Sealcoat

14,209 Siding & Trim Repair-Buildings

4,218 Treework

2024 123,707

1

29,017 Lights-Exterior-Building

10,655 Lights-Exterior-Garage

63,474 Roof-Building-Composition-Phase #3

2025 103,146

1

4,051 Siding Inspection

2026 4,051

1


4,491 Treework

22 of 27 Rev01 10/2/2019



2027 10,400

1


2028 15,446

1

78,861 Paint-Exterior-Garages



2029 305,833

1


136,893 Garage Doors

10,438 Lights-Interior-Foyer


4,781 Treework

2030 314,410

1

460,455 Paint-Exterior-Buildings

2031 460,455

1



2032 23,351

1

5,090 Treework

2033 5,090

1




61,278 Roof-Chimney Caps

2034 302,418

1

30,866 Doors-Foyer-Exterior-Replace

2035 30,866

1

51,341 Deck-Rails-Wood-Replace



23 of 27 Rev01 10/2/2019


Year Amount Item Description8,557 Sign-Entry-Metal

5,419 Treework

2036 122,994

1



2037 190,766

1


77,435 Paint-Interior-Foyer


5,770 Treework

2039 204,974

1


282,554 Paving-Asphalt-Overlay


57,363 Trash Enclosure

2040 364,401

1


6,143 Treework

2042 14,225

1


2043 214,576

1




2044 261,239

1

44,057 Lights-Exterior-Building

16,177 Lights-Exterior-Garage


6,540 Treework

2045 170,033

1


629,813 Paint-Exterior-Buildings

24 of 27 Rev01 10/2/2019



2046 665,129

1


2047 8,972

1



95,217 Roof-Gutters & Downspouts-Building & Garage


6,962 Treework

2048 432,793

1




2049 202,430

1

Total 4,841,686

25 of 27 Rev01 10/2/2019

October 2, 2019 Starting Balance Distribution Fairway View Condominium

Item DescriptionUseful

Life

Life

Left

Year

Replace

Future

Replacement

Cost

Ideal

Balance

Actual

Balance

Barkdust 50 50 2069 -$ -$ -$

Concrete Safety Repair 5 3 2022 5,323$ 3,194$ 3,194$

Deck-Membrane-Recoat 7 4 2023 136,976$ 78,272$ 78,272$

Deck-Rails-Wood-Replace 20 17 2036 51,341$ 10,268$ -$

Deck-Wood-Substructure 40 37 2056 -$ -$ -$

Doors-Foyer-Exterior-Lock Replacement 35 1 2020 7,152$ 7,152$ 7,152$

Doors-Foyer-Exterior-Replace 50 16 2035 30,866$ 21,606$ -$

Doors-Garage Man Doors-Exterior-Replace 75 41 2060 -$ -$ -$

Electrical & Plumbing-Systems 50 50 2069 -$ -$ -$

Flooring-Carpet-Foyer (Bldg 1-8) 12 3 2022 21,396$ 17,830$ 17,830$

Flooring-Carpet-Foyer (Bldg 9-19) 12 5 2024 30,685$ 20,457$ 20,457$

Garage Doors 45 11 2030 136,893$ 106,472$ 106,472$

Irrigation Controller 50 50 2069 -$ -$ -$

Irrigation System 50 50 2069 -$ -$ -$

Landscape Renovation 50 50 2069 -$ -$ -$

Lights-Exterior-Building 20 6 2025 29,017$ 21,763$ 21,763$

Lights-Exterior-Garage 20 6 2025 10,655$ 7,991$ 7,991$

Lights-Interior-Foyer 25 11 2030 10,438$ 6,263$ 6,263$

Mailboxes 50 50 2069 -$ -$ -$

Paint-Exterior-Buildings 15 12 2031 460,455$ 122,788$ 79,876$

Paint-Exterior-Foyer Doors 10 1 2020 3,055$ 3,055$ 3,055$

Paint-Exterior-Garages 10 10 2029 78,861$ 7,886$ 7,886$

Paint-Interior-Foyer 15 5 2024 56,612$ 41,516$ 41,516$

Paving-Asphalt-Overlay 55 21 2040 282,554$ 179,807$ -$

Paving-Asphalt-Repair, Crackseal, Sealcoat 5 5 2024 17,983$ 3,597$ 3,597$

Rails-Metal-Replace 65 31 2050 -$ -$ -$

Roof-Building-Composition-Notes 50 50 2069 -$ -$ -$

Roof-Building-Composition-Phase #1 30 29 2048 256,512$ 17,101$ -$


Roof-Building-Composition-Phase #3 30 6 2025 63,474$ 52,895$ 52,895$

Roof-Building-Composition-Phase #4 30 10 2029 207,010$ 144,907$ 144,907$


Roof-Chimney Caps 30 15 2034 61,278$ 32,681$ -$

Roof-Garage-Detached-Composition (1-13) 25 24 2043 214,576$ 17,166$ -$

Roof-Garage-Detached-Composition (14-19) 25 1 2020 61,266$ 61,266$ 61,266$

Roof-Gutters & Downspouts-Building & Garage 30 29 2048 95,217$ 6,348$ -$

Siding & Trim Repair-Buildings 8 5 2024 14,209$ 7,104$ 7,104$

Siding & Trim Repair-Garages 8 1 2020 13,070$ 13,070$ 13,070$

Siding Inspection 8 7 2026 4,051$ 1,013$ 1,013$

Sign-Entry-Metal 20 17 2036 8,557$ 1,711$ -$

Trash Enclosure 20 1 2020 37,781$ 37,781$ 37,781$

Treework 3 2 2021 3,962$ 2,641$ 2,641$

26 of 27 Rev01 10/2/2019

October 2, 2019 Starting Balance Distribution Fairway View Condominium

Item DescriptionUseful

Life

Life

Left

Year

Replace

Future

Replacement

Cost

Ideal

Balance

Actual

Balance

Wall-Brick-Clean and Seal 50 50 2069 -$ -$ -$

. 2,655,103$ 1,159,477$ 726,000$

43 -

Investment Rate 1.82% Contingency -$ -$

Tax Rate 20.00% Total 1,159,477$ 726,000$

Inflation Rate 2.11%

Contingency Rate 0.00%

27 of 27 Rev01 10/2/2019

fairway view rs 2020 · 2020. 11. 25. · vancouver, wa prepared by: ... repair, or replacement in...

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