INTERACTIVE RESERVE ANALYSIS · HISTORIC FUNDING ANALYSIS 8 FINANCIAL ANALYSIS CASH FLOW 9 CASH...

CHISEL RUN II

dma-va.com

804-644-6404

2119 East Franklin Street

Suite 102

Richmond, Va. 23223

June 11, 2014

October 8, 2014

WORKING SESSION ISSUE DATE:

FINAL PUBLICATION DATE:

REVISION DATES:

INTERACTIVE RESERVE ANALYSIS

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INTRODUCTION 3

SCHEDULE OF COMPONENTS 6

HISTORIC FUNDING ANALYSIS 8

FINANCIAL ANALYSIS CASH FLOW 9

CASH FLOW METHOD 10

EXPENDITURE SUMMARY 16

ASSESSMENT ALLOCATION 31

HISTORIC COST INDICES 32

APPENDIX

How Your Reseve Study Works 33

An Explanation of the Physical Property Analysis 36

Historic Funding Analysis 40

National Standards 41

DMA's Working Session 43

44

CHISEL RUN IICOMMON ELEMENTS

INTERACTIVE RESERVE ANALYSIS TABLE OF CONTENTS

On-Going Maintenance Services for DMA Capital Reserve Studies

DMAInteractive Reserve AnalysisCopyright © 2013 Design Management Associates, Inc.

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CHISEL RUN II COMMON ELEMENTS

INTRODUCTION

STUDY LEVELThis is a Level II Study with Site Visit as defined by the Community Associations Institute in its National Reserve Study Standards. A

summary of the standards is contained in our information article entitled “National Standards” included in the Appendix.

The data and analysis information that forms a part of this report was formatted in Microsoft Excel but contains proprietary programming and

program coding that is not available for distribution to outside parties. Copies of the data and analysis information have been made available

in Adobe's Portable Document Format and included as part of this report. Limited program versions are also available in Excel format for

easier viewing and navigating through the data.

PHYSICAL INFORMATION ABOUT COMPONENTSIdentification of capital reserve components, quantities of each, age and projected service life, along with critical information about each is

provided in the “Schedule of Components”. A complete explanation of the information provided in the Schedule of Components is available

in our information article entitled “An Explanation of the Physical Property Analysis” included in the Appendix. Unless noted otherwise, all

components were viewed on site during the preparation of this analysis. A file of photographs from our site visit(s) is available to for

transmittal to the association.

PHYSICAL DESCRIPTION OF PROPERTY

Chisel Run II is a community consisting of 126 townhouses located in Williamsburg Virginia on Aden Ct. Gardner Ct. and Thomas Ct. off of

Chisel Run Road. The communities common elements include asphalt paving, sidewalks, drainage, curb and gutter, a tennis court,

playground, lighting and signage.

CASH FLOW ANALYSIS AND RECOMMENDED FUNDING PLAN

Reserve funds for all of the components identified in this study are "pooled" in one reserve account unless otherwise noted. The preferred

method of analysis for pooled reserve accounts is called the cash flow method in which a level or escalating funding plan is developed to

fund all of the budgeted expenditures over an extended period of time. A complete explanation of the information and recommended funding

plan provided in this study is available in our information article entitled “How Your Reserve Study Works” included in the Appendix.


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HISTORIC FUNDING ANALYSISIn accordance with the “standards” (as defined by the Community Associations Institute in its National Reserve Study Standards) an

alternate financial analyses have been provided in this report: The Historic Funding Analysis or Component Method Analysis. The purpose

of this analysis is to provide a relative assessment of the current health of your reserve fund at this point in time. Additional information

about the Historic Funding Analysis methodology is provided in our information article entitled “Historic Funding Analysis” included in the

Appendix.

DMA’S WORKING SESSIONA "Working Session " is a critical step in the completion of the Reserve Analysis. To be most successful, participants should include

management, association board members and/or budget committee members. The Working Session can be conducted online via an

internet link or in person. A complete explanation of the “Working Session” is available in our information article entitled “DMA’s Working

Session” included in the Appendix.

ON-GOING MAINTENANCE The final report issued after the “Working Session” completes the services of our contract. However, the information in a typical reserve

study becomes obsolete in a relatively short time after the study is issued. DMA' s interactive program is an active programming model that

can be easily modified and updated via an online or in person “Working Session” at any time in the future. Due to the fact that our

interactive program is so flexible and responsive, DMA can provide this service for a relatively low cost based on our hourly rates in place at

the time. Additional information about on-going maintenance is provided in our information article entitled “On-Going Maintenance Services

for DMA Capital Reserve Studies” included in the Appendix.

QUALIFYING INFORMATION THAT AFFECTS THE STUDY RESULTS

DMA's cash flow funding model is a 30-year funding plan. Some communities contain components that have a remaining useful life greater

than 30 years. The default method in this model funds long term components beginning when their remaining useful life is 30 years or less.

Upon request, DMA can create a longer funding period for long life components within this model by establishing a percentage funding goal

at the 30 year mark. The model will include funds to meet that percentage goal. Based on the current financial information the community is

under funded and the bank balance falls below $0.00 in years 7, 10 & 11. Currently the playground, site furnishings, and tennis court are not

calculating into the funding plan as the community does not intend to replace these component. This has positively affected the account but

there are still three years where the community does not have the funds to support replacement of some components. As shown in a

meeting with the Community Manager, if the community decided to no longer sealcoat their asphalt every year the community would then be

well funded throughout the study period maintaining the 2.4% increase to the account annually.

LEGAL RESTRICTIONS ON USE OF THIS INFORMATIONOwnership of Documents, Including Drawings, Specifications, Reports, Calculations, Design Notes, Field Notes Electronic Files, Data,

Media, Software Programs and Other Related Materials: These documents are considered the intellectual property of DMA and shall remain

the exclusive property of DMA and, where appropriate, shall be protected and copyrighted under the laws of the United States with all rights

reserved. The Client and the Property Manager (Client’s authorized representative or agent ) are the only entities entitled to use these

documents and only in connection with this project.

Use of Electronic Files, Media, Software and Programs: DMA may transmit these documents as electronic files. DMA shall not be

responsible for any viruses that may be transmitted with the electronic files, media, software or programs furnished to the Client. DMA shall

not be responsible for any data erosion, erasure, alteration or failure of electronic files, media, software or programs that may occur at the

time of transmission or over time. DMA makes no warranty as to the compatibility of the electronic files, media, software or programs with

any operating system or programs.

Acceptance and Agreement: By accepting these documents I hereby acknowledge that I have read and understood the terms and

conditions of “Ownership”, “Use” and “The Working Session” set forth above and that as a duly authorized representative or agent of the

Client, represent that the Client agrees to accept and abide by the same.

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STUDY LIMITATIONS AND CONDITIONS1. The observations and opinions expressed here are based on our general professional knowledge of construction and our knowledge of

the typical replacement experience of many communities and other entities with the same component types. Our projections are not

architectural or engineering recommendations for specific projects. The association should seek professional or industry assistance for each

specific replacement project.

2. The condition of the reserve components is based on a visual inspection of each, conducted specifically for this study. All common areas

on the property were observed. No destructive testing, lab analysis or other investigative methods are used to determine the remaining

useful life of components.

3. Financial information including the present fund balance, interest from funds on deposit, and recent capital expenditures, were provided

by the Association and are deemed reliable and complete by Design/Management Associates, Inc.

4. Information provided by the Association about prior reserve replacement projects is considered to be reliable and complete. No

inspection by Design/Management Associates, Inc. should be interpreted as a project audit or quality inspection.

5. Industry Life Expectancy is based on printed product literature, product or material warranties, industry standards literature, and on the

opinions of manufacturers, installers, or maintenance contractors based on their experience with these products and materials.

6. Unit prices are based on published unit price standards such as R. S. Means "Residential Cost Data", Facilities Maintenance and Repair

Cost Data, and "Facilities Construction Cost Data", latest editions, and on pricing obtained from contractors, installers, or manufacturers. All

prices are given in present dollars unless noted otherwise.

7. This analysis incorporates an assumption about the future rate of inflation, and the future interest income on your account deposits. If

significant changes occur in either of these rates, this calculation should be re-run with current information.

8. The results of this analysis are predicated on your contributing the recommended amount in each previous year and on expenses

occurring generally as predicted. The account should be updated at least every 5 years to correct for normal variations. However if significant

changes occur in your present funding or in major expenses, in a shorter period of time, the account should be re-run.

9. DMA’s Capital Replacement Reserve Studies are designed to be used as planning tools. They are a reflection of information provided by

the Association and of our observations of the Association properties, and are assembled for the Association’s use. This reserve study shall

not be used for the purpose of performing an audit, quality/forensic analysis, or for background checks of historical records. Prices listed are

not guaranteed as exact quotes for work included.

DISCLOSUREDMA does not have any financial interest in this community, its management company or any vendor mentioned or used in this study beyond

this work.

RESERVE SPECIALISTThis analysis was prepared by Roy Kalista, Reserve Analyst, and reviewed by, Douglas L. Greene, NCARB, RS. Mr. Kalista is a Reserve

Analyst with a Masters Degree in Architecture. Mr. Greene is a Reserve Specialist (RS) as certified by the Community Associations Institute

(CAI). He is a licensed Architect in Virgnia and North Carolina and is a member of the National Council of Architectural Registration Boards

(NCARB).

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SCHEDULE OF COMPONENTS CHISEL RUN IICOMMON ELEMENTS

2014

CASH FLOW1988

LOCATIONLINE

NUMBERITEM

COMPONENT

PLACED IN

SERVICE

ESTIMATED

USEFUL LIFE

(EUL) BEFORE

FIRST

REPLACEMENT

REPLACEMENT

INTERVAL AFTER

FIRST

REPLACEMENT,

DEFAULT IS

VALUE IN COL. "I"

(YEARS)

NEXT

REPLACEMENT

YEAR

REMAINING

USEFUL LIFE OR

(YEARS PAST

DUE SCHEDULED

REPLACEMENT)

PERCENT OF

COMPONENT

TO BE

REPLACED (%)

TOTAL

QUANTITYUNIT UNIT COST

REPLACEMENT

COST, PER

OCCURRENCE

ENTER DATA NO EDITING ENTER DATAAUTO CALC OR

OVERRIDEENTER DATA ENTER DATA NO EDITING NO EDITING

DEFAULT=100%,

OR OVERRIDE BUT

DO NOT ENTER

"0%"

ENTER DATAENTER

DATAENTER DATA NO EDITING

SITEWORK AND AMENITIES1.00 ROADS, DRIVEWAYS AND PARKING

Aden Court 1.01 1.5" asphalt overlay for secondary roads 2013 25 25 2038 24 100% 3,241 SY $9.25 $29,980

Aden Court 1.02 Asphalt street milling 2013 25 25 2038 24 100% 3,241 SY $4.92 $15,946

Aden Court 1.03 Asphalt seal coating 2013 5 5 2018 4 100% 3,241 SY $1.97 $6,385

Aden Court 1.04 Asphalt patching 2013 25 5 2038 24 5% 3,241 SY $20.58 $3,335

Aden Court 1.05 Parking lot striping 2013 5 5 2018 4 100% 94 SPACE $25.00 $2,350

Gardner Court 1.06 1.5" asphalt overlay for secondary roads 1988 32 25 2020 6 100% 6,507 SY $9.25 $60,190

Gardner Court 1.07 Asphalt street milling 1988 32 25 2020 6 100% 6,507 SY $4.92 $32,014

Gardner Court 1.08 Asphalt seal coating 2013 5 5 2018 4 100% 6,507 SY $1.97 $12,819

Gardner Court 1.09 Asphalt patching 2013 5 5 2018 4 5% 6,507 SY $20.58 $6,696

Gardner Court 1.10 Parking lot striping 2013 5 5 2018 4 100% 182 SPACE $25.00 $4,550

Nicholas Court 1.11 1.5" asphalt overlay for secondary roads 1988 28 25 2016 2 100% 1,929 SY $9.25 $17,847

Nicholas Court 1.12 Asphalt street milling 1988 28 25 2016 2 100% 1,929 SY $4.92 $9,493

Nicholas Court 1.13 Asphalt seal coating 1988 31 5 2019 5 100% 1,929 SY $1.97 $3,801

Nicholas Court 1.14 Asphalt patching 1988 36 5 2024 10 5% 1,929 SY $20.58 $1,985

Nicholas Court 1.15 Parking lot striping 1988 28 5 2016 2 100% 44 SPACE $25.00 $1,100

All Areas 1.16 Concrete curb and gutter 1988 28 5 2016 2 5% 1,766 LF $25.80 $2,278

2.00 CONCRETE & STONE FLATWORK

All Areas 2.01 Concrete sidewalks 1988 26 5 2014 0 5% 17,944 SF $11.00 $9,869

Dumpster Enclosure 2.02 Concrete dumpster pad 1988 40 40 2028 14 100% 740 SF $11.00 $8,140

3.00 DRAINAGE

All Areas 3.01 Drop inlets 1988 30 5 2018 4 5% 8 EA $2,100.00 $840

All Areas 3.02 Concrete drainage ditches 1988 30 5 2018 4 5% 2,570 SF $13.88 $1,784

All Areas 3.03 Storm sewers 1988 30 5 2018 4 5% 50,400 IN-FT $1.68 $4,234

4.00 SITE LIGHTING

Dumpster Enclosure 4.01 Aerial lighting, mercury lamps on wood poles 1988 35 35 2023 9 100% 1 EA $1,970.00 $1,970

All Areas 4.02 Neighborhood street light, decorative posts and fixtures 2013 35 35 2048 34 100% 14 EA $842.24 $11,791

All Areas 4.03 Underground wiring to post lights 1988 50 10 2038 24 20% 2,800 LF $17.50 $9,800

All Areas 4.04 Exterior lighting controllers 1988 35 35 2023 9 100% 1 EA $1,200.00 $1,200

5.00 SIGNAGE

Main Entrance 5.01 Entrance signs 2003 35 35 2038 24 100% 5 SF $100.00 $450

Playground Entrance 5.02 Entrance signs 2003 35 35 2038 24 100% 3 SF $75.00 $225

Main Entrance 5.03 Entrance spot lighting 2003 25 25 2028 14 100% 1 EA $62.50 $63

All Areas 5.04 Various Traffic signs and posts 2003 35 35 2038 24 100% 10 EA $250.00 $2,500

Main Entrance 5.05 Bulletin board 2003 35 35 2038 24 100% 1 EA $250.00 $250

6.00 SITE FURNISHINGS

All Areas 6.01 Park bench, wood 1988 35 30 2023 9 0% 3 EA $300.00 $0

Playground Area 6.02 Park bench, metal w/ wood/composite slats 1988 35 30 2023 9 0% 2 EA $300.00 $0

Playground Area 6.03 Charcoal grill 1988 35 15 2023 9 0% 2 EA $250.00 $0

Playground Area 6.04 Picnic tables, metal and wood 1988 35 35 2023 9 0% 3 EA $450.00 $0

All Areas 6.05 Mailboxes: 16 box 1988 35 35 2023 9 100% 7 EA $1,550.00 $10,850

All Areas 6.06 Mailboxes: 12 box 1988 35 35 2023 9 100% 1 EA $1,380.00 $1,380

Dumpster Enclosure 6.07 Dumpster enclosure fence, wood 2014 35 35 2049 35 100% 64 LF $26.50 $1,696

7.00 TENNIS COURTS

Playground Area 7.01 Tennis court asphalt base 1988 50 50 2038 24 0% 800 SY $11.00 $0

Playground Area 7.02 Tennis court asphalt patching 2003 30 7 2033 19 0% 800 SY $20.58 $0

Playground Area 7.03 Tennis court resurface, paint and stripe 2003 30 7 2033 19 0% 800 SY $7.50 $0

Playground Area 7.04 Tennis court net poles with tension pulleys 1988 40 30 2028 14 0% 2 EA $750.00 $0

Playground Area 7.05 Tennis court nets 2003 30 8 2033 19 0% 1 EA $355.00 $0

Playground Area 7.06 Tennis court fence, chain link, 10 foot, vinyl coated 1988 40 35 2028 14 0% 360 LF $35.00 $0

Playground Area 7.07 Tennis court gates, chain link, vinyl coated 1988 40 35 2028 14 0% 2 EA $575.00 $0

8.00 PLAYGROUND AND TOT LOT

Playground Area 8.01 Playground station 2003 20 20 2023 9 0% 1 EA $25,000.00 $0

Playground Area 8.02 Swing set: 4 seats 1988 30 25 2018 4 0% 1 EA $2,650.00 $0

Playground Area 8.03 Mulch base 1988 26 5 2014 0 50% 2,220 SF $3.90 $4,329

Playground Area 8.04 Timber edging 1988 30 25 2018 4 0% 245 LF $6.40 $0

PLACED IN SERVICE DEFAULT

YEAR:

STUDY YEAR:

DMAInteractive Reserve

AnalysisCopyright © 2013 Design

Management Associates, Inc.

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SCHEDULE OF COMPONENTSCHISEL RUN IICOMMON ELEMENTS

CASH FLOW

LOCATIONLINE

NUMBERITEM

ENTER DATA NO EDITING ENTER DATA

SITEWORK AND AMENITIES1.00 ROADS, DRIVEWAYS AND PARKING

Aden Court 1.01 1.5" asphalt overlay for secondary roads

Aden Court 1.02 Asphalt street milling

Aden Court 1.03 Asphalt seal coating

Aden Court 1.04 Asphalt patching

Aden Court 1.05 Parking lot striping

Gardner Court 1.06 1.5" asphalt overlay for secondary roads

Gardner Court 1.07 Asphalt street milling

Gardner Court 1.08 Asphalt seal coating

Gardner Court 1.09 Asphalt patching

Gardner Court 1.10 Parking lot striping

Nicholas Court 1.11 1.5" asphalt overlay for secondary roads

Nicholas Court 1.12 Asphalt street milling

Nicholas Court 1.13 Asphalt seal coating

Nicholas Court 1.14 Asphalt patching

Nicholas Court 1.15 Parking lot striping

All Areas 1.16 Concrete curb and gutter

2.00 CONCRETE & STONE FLATWORK

All Areas 2.01 Concrete sidewalks

Dumpster Enclosure 2.02 Concrete dumpster pad

3.00 DRAINAGE

All Areas 3.01 Drop inlets

All Areas 3.02 Concrete drainage ditches

All Areas 3.03 Storm sewers

4.00 SITE LIGHTING

Dumpster Enclosure 4.01 Aerial lighting, mercury lamps on wood poles

All Areas 4.02 Neighborhood street light, decorative posts and fixtures

All Areas 4.03 Underground wiring to post lights

All Areas 4.04 Exterior lighting controllers

5.00 SIGNAGE

Main Entrance 5.01 Entrance signs

Playground Entrance 5.02 Entrance signs

Main Entrance 5.03 Entrance spot lighting

All Areas 5.04 Various Traffic signs and posts

Main Entrance 5.05 Bulletin board

6.00 SITE FURNISHINGS

All Areas 6.01 Park bench, wood

Playground Area 6.02 Park bench, metal w/ wood/composite slats

Playground Area 6.03 Charcoal grill

Playground Area 6.04 Picnic tables, metal and wood

All Areas 6.05 Mailboxes: 16 box

All Areas 6.06 Mailboxes: 12 box

Dumpster Enclosure 6.07 Dumpster enclosure fence, wood

7.00 TENNIS COURTS

Playground Area 7.01 Tennis court asphalt base

Playground Area 7.02 Tennis court asphalt patching

Playground Area 7.03 Tennis court resurface, paint and stripe

Playground Area 7.04 Tennis court net poles with tension pulleys

Playground Area 7.05 Tennis court nets

Playground Area 7.06 Tennis court fence, chain link, 10 foot, vinyl coated

Playground Area 7.07 Tennis court gates, chain link, vinyl coated

8.00 PLAYGROUND AND TOT LOT

Playground Area 8.01 Playground station

Playground Area 8.02 Swing set: 4 seats

Playground Area 8.03 Mulch base

Playground Area 8.04 Timber edging

CONDITION ASSESSMENT

DMA COMMENTS AND DESCRIPTION OF SPECIAL CONDITIONS

ENTER COMMENT

These should be repaired as needed. Some minor damage noticed during visit.

This is for the light behind the dumpster enclosure.

Appears in working order. Areas have been repaired as needed. Redone for $2000.

These signs are in working order and vary in make. The sign at the playground is constructed of

plywood and should be repainted to avoid weathering and rot. The in service dates should be

verified.

The three benches throughout the community appear in working order as do the two picnic

tables. The other two benches as well as the ground mounted grills are showing signs of

disrepair and are near failure. In service dates need to be verified.

Overall the majority of these appear in working order. One box door appears to have been

removed or has fallen off. These boxes will likely need replacing soon.

This area is currently being used as a skate park. One of the tennis poles has been pulled from

the court. This is allowing water to enter the void which will likely cause issues with the courts

sub-surface. One of the fence gates has been removed and a section of the fence along the

back of the court has been damaged, possibly by fallen tree limbs or vandalism. There are

some cracks in the Tennis court that should be filled to avoid further damage. We can include

costs for replacement of the existing skate ramps if the community would prefer.

There are sections of the Play Station that are in disrepair. The slides are pulling away from the

main structure and the bottom of the open topped yellow slide is poorly supported. The mulch

appears to need redoing as it has decomposed and weeds are growing throughout the area.

Play station should be inspected and repaired.

This area appears to have been recently repaved and painted. No noticed sings of failure or

defects. We have included a cost for milling which does not appear to have been done in

previous repaving projects.

This road appears to have been recently sealcoated and striped. There are areas of linear and

alligator cracking that will need to be repaired to avoid further damage unless the community

plans to repave soon. We have included a cost for milling which does not appear to have been

done in previous repaving projects.

It is currently unknown when this section was last sealcoated and patched. There are areas of

linear and alligator cracking that should be patched or filled to avoid further damage. We have

included a cost for milling which does not appear to have been done in previous repaving

projects.

There are some sections of sidewalk that have shifted creating tripping hazards. These should

be leveled to avoid accidents. One is adjacent to an ADA parking space.

These are assumed in working order. There is a section of Drainage Ditch that needs to be

cleared of debris to allow for proper drainage.

These lights were recently replaced and are assumed in working order. They were not on during

the site visit. Costs should be verified.

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HISTORIC FUNDING ANALYSIS SUMMARY (COMPONENT METHOD)CHISEL RUN IICOMMON ELEMENTS

$14,786.45$160,001.15$68,534.01

42.83%

$26,784.32

The primary "drawbacks" to the Historic Funding analysis are:

The historic funding analysis provides a picture of the results of the historic funding contributions made by the Association over the years since the first component was placed in service. The Analysis shows the adequacy of the Reserve Account to fully fund the components at this point in time.

Total Annual Component Cost (Fully Funded First Year Contribution):Expected Reserve Account Balance In Study Year:

Actual Reserve Fund Account Balance:Adequacy of Reserve Account (% of Full Funding):

Required Contribution In Study Year:

The only real benefit to the Historic Funding (a.k.a. Component Method or Full Funding Method) analysis is that

it is easy to understand and compute and is the methodology used in retail software programs.

1. This method does not take into account the rate of inflation.

3. The annual funding levels can go up or down in any successive year.2. It must be conducted every year.

4. It almost always results in an initial higher contribution rate then the "Cash Flow Method".5. It almost always results in "over funding" in future years.6. It does not take advantage of the benefit of the "pool" of funds available under the "Cash Flow Method".

EXCELLENT

VERY GOOD

GOOD

FAIR

POOR


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FINANCIAL ANALYSIS CASH FLOW SUMMARYCHISEL RUN IICOMMON ELEMENTS

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043

ANALYSIS INPUTS 5 YEAR CONTRIBUTION SUMMARY

The following values have been used in the funding analysis: Contribution Escalation Rate:

Basic Input: Annual escalation to the contributions per year, if any:

updated for:

Annual Contribution in Year:

Current 2014

Recommended 2015

Adopted 2016

2017

2018

Threshold Balance to be Maintained in Account:

OR

5

2.39%

EXPENDITURE

Inflation rate historical period; select year :

Anticipated annual construction inflation rate:

$0

$0

as of

1/1/2014as of

1/1/2014

This amount is escalated each successive year by the rate of inflation.

Annual income rate on reserve account balance:

$68,534

Total expenditures for the next 20 years, times:

$0

%, equals

A selected minimum balance of:

5

Budgeted contribution for study year:

Balance on account:

Remaining contributions:

Remaining expenditures:

Estimated balance:

0.10%

$19,052

$68,534

2.4%

$20,457

$20,948

10

$19,373

$19,052

$19,509

$19,977

2014

$19,052

$19,509

24

Current

-$50,000

$0

$50,000

$100,000

$150,000

$200,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

DOLLARS

YEARS

EXPENDITURES ACCOUNT BALANCE THRESHOLD

ALL EXPENDITURES ARE EXPRESSED AS FUTURE VALUES


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CASH FLOW METHODCHISEL RUN IICOMMON ELEMENTS

FINANCIAL ANALYSIS SUMMARY

YEAR 1 2 3 4 5

CALENDAR YEAR 2014 2015 2016 2017 2018

PROGRAMMED EXPENDITURES, PRESENT WORTH VALUES

SCHEDULE OF REPAIRS AND REPLACEMENTS $14,198 $0 $30,718 $0 $39,657

CAPITAL IMPROVEMENT PROJECTS $0 $0 $0 $0 $0

BEGINNING YEAR BALANCE $68,534 $73,388 $92,970 $80,835 $101,373

INCOME

CONTRIBUTION TO RESERVES $19,052 $19,509 $19,977 $20,457 $20,948

LOANS 0 0 0 0 0

PLUS SPECIAL ASSESSMENTS $0 $0 $0 $0 $0

PLUS OTHER FUNDS COMING DUE $0 $0 $0 $0 $0

PLUS INVESTMENT INCOME ON PRIOR YEAR'S ENDING BALANCE $0 $73 $93 $81 $101

INVESTMENT 1 $0 $0 $0 $0 $0

INVESTMENT 2 $0 $0 $0 $0 $0

REVENUES FROM CAPITAL IMPROVEMENT PROJECTS $0 $0 $0 $0 $0

TOTAL INCOME $19,052 $19,583 $20,070 $20,538 $21,049

EXPENDITURES, FUTURE VALUES

SCHEDULE OF REPAIRS AND REPLACEMENTS $14,198 $0 $32,206 $0 $43,590

CAPITAL IMPROVEMENT PROJECTS $0 $0 $0 $0 $0

FINANCIAL LOAN PAYMENT $0 $0 $0 $0 $0

MINUS OTHER DISBURSEMENTS $0 $0 $0 $0 $0

TOTAL EXPPENDITURES $14,198 $0 $32,206 $0 $43,590

END OF YEAR BALANCE $73,388 $92,970 $80,835 $101,373 $78,832

MINIMUM ACCOUNT THRESHOLD

CALCULATED THRESHOLD $19,373 $19,836 $20,311 $20,797 $21,294

FUNDING OBJECTIVE MET? YES YES YES YES YES

MINIMUM REQUIRED CASH TRANSFER $0 $0 $0 $0 $0

ESCALATION, INFLATION, EARNINGS RATES

ANNUAL CONTRIBUTION ESCALATION: N/A 2.40% 2.40% 2.40% 2.40%

ANNUAL CONSTRUCTION COST ESCALATION: N/A 2.39% 2.39% 2.39% 2.39%

ANNUAL RESERVE ACCOUNT INCOME RATE 0.10% 0.10% 0.10% 0.10% 0.10%

USER INPUT OR OPIONAL OVERRIDE FIELDS


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YEAR

CALENDAR YEAR


SCHEDULE OF REPAIRS AND REPLACEMENTS

CAPITAL IMPROVEMENT PROJECTS

BEGINNING YEAR BALANCE

INCOME

CONTRIBUTION TO RESERVES

LOANS

PLUS SPECIAL ASSESSMENTS

PLUS OTHER FUNDS COMING DUE

PLUS INVESTMENT INCOME ON PRIOR YEAR'S ENDING BALANCE

INVESTMENT 1

INVESTMENT 2

REVENUES FROM CAPITAL IMPROVEMENT PROJECTS

TOTAL INCOME




FINANCIAL LOAN PAYMENT

MINUS OTHER DISBURSEMENTS

TOTAL EXPPENDITURES

END OF YEAR BALANCE


CALCULATED THRESHOLD

FUNDING OBJECTIVE MET?

MINIMUM REQUIRED CASH TRANSFER


ANNUAL CONTRIBUTION ESCALATION:

ANNUAL CONSTRUCTION COST ESCALATION:

ANNUAL RESERVE ACCOUNT INCOME RATE



6 7 8 9 10

2019 2020 2021 2022 2023

$17,999 $92,204 $3,378 $0 $55,057

$0 $0 $0 $0 $0

$78,832 $80,104 -$4,108 $14,398 $37,445

$21,451 $21,965 $22,493 $23,032 $23,585

0 0 0 0 0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$79 $80 0 $14 $37

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$21,529 $22,046 $22,493 $23,047 $23,623

$20,258 $106,257 $3,986 $0 $68,112

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$20,258 $106,257 $3,986 $0 $68,112

$80,104 -$4,108 $14,398 $37,445 -$7,044

$21,804 $22,325 $22,859 $23,406 $23,966

YES NO NO YES NO

$0 $0 $0 $0 $0

2.40% 2.40% 2.40% 2.40% 2.40%

2.39% 2.39% 2.39% 2.39% 2.39%

0.10% 0.10% 0.10% 0.10% 0.10%

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YEAR

CALENDAR YEAR





INCOME


LOANS




INVESTMENT 1

INVESTMENT 2


TOTAL INCOME






TOTAL EXPPENDITURES

END OF YEAR BALANCE











11 12 13 14 15

2024 2025 2026 2027 2028

$19,985 $0 $3,378 $0 $47,859

$0 $0 $0 $0 $0

-$7,044 -$8,207 $16,524 $37,378 $63,348

$24,151 $24,731 $25,324 $25,932 $26,555

0 0 0 0 0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

0 0 $17 $37 $63

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$24,151 $24,731 $25,341 $25,970 $26,618

$25,315 $0 $4,486 $0 $66,637

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$25,315 $0 $4,486 $0 $66,637

-$8,207 $16,524 $37,378 $63,348 $23,329

$24,540 $25,127 $25,728 $26,343 $26,974

NO NO YES YES NO

$0 $0 $0 $0 $0

2.40% 2.40% 2.40% 2.40% 2.40%

2.39% 2.39% 2.39% 2.39% 2.39%

0.10% 0.10% 0.10% 0.10% 0.10%

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YEAR

CALENDAR YEAR





INCOME


LOANS




INVESTMENT 1

INVESTMENT 2


TOTAL INCOME






TOTAL EXPPENDITURES

END OF YEAR BALANCE











16 17 18 19 20

2029 2030 2031 2032 2033

$19,985 $0 $3,378 $0 $39,657

$0 $0 $0 $0 $0

$23,329 $22,052 $49,919 $73,432 $102,703

$27,192 $27,845 $28,513 $29,197 $29,898

0 0 0 0 0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$23 $22 $50 $73 $103

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$27,215 $27,867 $28,563 $29,271 $30,001

$28,492 $0 $5,049 $0 $62,145

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$28,492 $0 $5,049 $0 $62,145

$22,052 $49,919 $73,432 $102,703 $70,558

$27,619 $28,280 $28,956 $29,649 $30,359

NO YES YES YES YES

$0 $0 $0 $0 $0

2.40% 2.40% 2.40% 2.40% 2.40%

2.39% 2.39% 2.39% 2.39% 2.39%

0.10% 0.10% 0.10% 0.10% 0.10%

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YEAR

CALENDAR YEAR





INCOME


LOANS




INVESTMENT 1

INVESTMENT 2


TOTAL INCOME






TOTAL EXPPENDITURES

END OF YEAR BALANCE











21 22 23 24 25

2034 2035 2036 2037 2038

$19,985 $0 $3,378 $0 $102,143

$0 $0 $0 $0 $0

$70,558 $69,177 $100,597 $127,117 $160,117

$30,615 $31,350 $32,103 $32,873 $33,662

0 0 0 0 0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$71 $69 $101 $127 $160

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$30,686 $31,419 $32,203 $33,000 $33,822

$32,067 $0 $5,683 $0 $180,153

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$32,067 $0 $5,683 $0 $180,153

$69,177 $100,597 $127,117 $160,117 $13,786

$31,085 $31,829 $32,590 $33,370 $34,168

YES YES YES YES NO

$0 $0 $0 $0 $0

2.40% 2.40% 2.40% 2.40% 2.40%

2.39% 2.39% 2.39% 2.39% 2.39%

0.10% 0.10% 0.10% 0.10% 0.10%

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YEAR

CALENDAR YEAR





INCOME


LOANS




INVESTMENT 1

INVESTMENT 2


TOTAL INCOME






TOTAL EXPPENDITURES

END OF YEAR BALANCE











26 27 28 29 30

2039 2040 2041 2042 2043

$19,985 $0 $30,718 $0 $42,992

$0 $0 $0 $0 $0

$13,786 $12,179 $47,488 $25,519 $62,556

$34,470 $35,297 $36,144 $37,012 $37,900

0 0 0 0 0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$14 $12 $47 $26 $63

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$34,484 $35,309 $36,192 $37,037 $37,963

$36,091 $0 $58,161 $0 $85,341

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$36,091 $0 $58,161 $0 $85,341

$12,179 $47,488 $25,519 $62,556 $15,177

$34,986 $35,823 $36,680 $37,557 $38,456

NO YES NO YES NO

$0 $0 $0 $0 $0

2.40% 2.40% 2.40% 2.40% 2.40%

2.39% 2.39% 2.39% 2.39% 2.39%

0.10% 0.10% 0.10% 0.10% 0.10%

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CHISEL RUN IICOMMON ELEMENTSEXPENDITURE SUMMARY

FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY

2014 2015Financial Analysis Cash Flow Summary Financial Analysis Cash Flow Summary

Cash Flow Method Cash Flow Method

Sum of 2014 Sum of 2015

LINE NUMBER LOCATION ITEM Total LINE NUMBER LOCATION ITEM Total

2.01 All Areas Concrete sidewalks $9,869

8.03 Playground AreaMulch base $4,329

Grand Total $14,198


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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY





1.11 Nicholas Court 1.5" asphalt overlay for secondary roads $17,847

1.12 Nicholas Court Asphalt street milling $9,493

1.15 Nicholas Court Parking lot striping $1,100

1.16 All Areas Concrete curb and gutter $2,278

Grand Total $30,718

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY





1.03 Aden Court Asphalt seal coating $6,385 2.01 All Areas Concrete sidewalks $9,869

1.05 Aden Court Parking lot striping $2,350 1.13 Nicholas Court Asphalt seal coating $3,801

1.08 Gardner Court Asphalt seal coating $12,819 8.03 Playground Area Mulch base $4,329

1.09 Gardner Court Asphalt patching $6,696 Grand Total $17,999

1.1 Gardner Court Parking lot striping $4,550

3.01 All Areas Drop inlets $840

3.02 All Areas Concrete drainage ditches $1,784

3.03 All Areas Storm sewers $4,234

Grand Total $39,657

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY





1.06 Gardner Court1.5" asphalt overlay for secondary roads $60,190 1.15 Nicholas Court Parking lot striping $1,100

1.07 Gardner CourtAsphalt street milling $32,014 1.16 All Areas Concrete curb and gutter $2,278

Grand Total $92,204 Grand Total $3,378

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY





1.03 Aden Court Asphalt seal coating $6,385

1.05 Aden Court Parking lot striping $2,350

1.08 Gardner Court Asphalt seal coating $12,819

1.09 Gardner Court Asphalt patching $6,696





4.01 Dumpster Enclosure Aerial lighting, mercury lamps on wood poles $1,970

4.04 All Areas Exterior lighting controllers $1,200

6.05 All Areas Mailboxes: 16 box $10,850

6.06 All Areas Mailboxes: 12 box $1,380

Grand Total $55,057

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FINANCIAL ANALYSIS SUMMARYFINANCIAL ANALYSIS

SUMMARY






1.13 Nicholas Court Asphalt seal coating $3,801

1.14 Nicholas Court Asphalt patching $1,985

8.03 Playground Area Mulch base $4,329

Grand Total $19,985

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY







Grand Total $3,378

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY





1.03 Aden Court Asphalt seal coating $6,385 2.01 All Areas Concrete sidewalks $9,869

1.05 Aden Court Parking lot striping $2,350 1.13 Nicholas Court Asphalt seal coating $3,801

1.08 Gardner Court Asphalt seal coating $12,819 1.14 Nicholas Court Asphalt patching $1,985

1.09 Gardner Court Asphalt patching $6,696 8.03 Playground Area Mulch base $4,329

1.1 Gardner Court Parking lot striping $4,550 Grand Total $19,985

2.02 Dumpster EnclosureConcrete dumpster pad $8,140




5.03 Main Entrance Entrance spot lighting $63

Grand Total $47,859

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY







Grand Total $3,378

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY













Grand Total $39,657

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY






1.13 Nicholas Court Asphalt seal coating $3,801

1.14 Nicholas Court Asphalt patching $1,985

8.03 Playground Area Mulch base $4,329

Grand Total $19,985

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY







Grand Total $3,378

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY





1.01 Aden Court 1.5" asphalt overlay for secondary roads $29,980 2.01 All Areas Concrete sidewalks $9,869

1.03 Aden Court Asphalt seal coating $6,385 1.13 Nicholas Court Asphalt seal coating $3,801

1.02 Aden Court Asphalt street milling $15,946 1.14 Nicholas Court Asphalt patching $1,985

1.04 Aden Court Asphalt patching $3,335 8.03 Playground Area Mulch base $4,329

1.05 Aden Court Parking lot striping $2,350 Grand Total $19,985







4.03 All Areas Underground wiring to post lights $9,800

5.01 Main Entrance Entrance signs $450

5.02 Playground Entrance Entrance signs $225

5.04 All Areas Various Traffic signs and posts $2,500

5.05 Main Entrance Bulletin board $250

Grand Total $102,143

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY





1.11 Nicholas Court 1.5" asphalt overlay for secondary roads $17,847

1.12 Nicholas Court Asphalt street milling $9,493



Grand Total $30,718

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FINANCIAL ANALYSIS

SUMMARY

FINANCIAL ANALYSIS

SUMMARY






1.04 Aden Court Asphalt patching $3,335








Grand Total $42,992

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ASSESSMENT ALLOCATIONCHISEL RUN IICOMMON ELEMENTS

Allocation Formula as Reported by the Association:

Percentage of Allocation

Townhomes &

Condos TotalNumber of Units (or Square Footage) 126 n/aConversion Factor to Assessment Units 1 n/aNumber of Assessment Units Assigned 126 126Resultant Distribution of Total Costs 100.00% 100.00%

Calculated Annual Assessment Attributable to Reserves per Category:

Year

Townhomes &

Condos Total2014 $19,052.00 $19,052.002015 $19,509.25 $19,509.252016 $19,977.47 $19,977.472017 $20,456.93 $20,456.932018 $20,947.90 $20,947.90

Portion of Annual Assessment Attributable to Reserves per Individual Entity:

Year

Townhomes &

Condos2014 $151.212015 $154.842016 $158.552017 $162.362018 $166.25

Portion of Monthly Assessment Attributable to Reserves per Individual Entity:

Year

Townhomes &

Condos2014 $12.602015 $12.902016 $13.212017 $13.532018 $13.85


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HISTORIC COST INDICES

Source: R.S. MEANS

Year Index Difference % Increase

Direct Cost

Multiplier Period in Years

Average Annual

Escalation

2014 202.70 0 0.00% 1.00 0 n/a

2013 201.20 1.5 0.75% 1.01 1 0.75%

2009 180.10 22.6 12.55% 1.13 5 2.39%

2004 143.70 59 41.06% 1.41 10 3.50%

1999 117.60 85.1 72.36% 1.72 15 3.70%

Calculation of Cost from One Year to Another:

Index for Year A / Index for Year B * Cost in Year B = Cost in Year A


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Copyright © 2012 Design Management Associates, Inc.

HOW YOUR RESERVE STUDY WORKS

PURPOSE Your community contains infrastructure and amenities (capital assets) that are owned in common by all property or unit owners. Your owners association is responsible for replacing these assets when they wear out or become unusable. A capital reserve account is a savings account designed specifically to accumulate funds for eventual replacement of your commonly owned assets when they reach the end of their useful lives. Funds in this dedicated account can be accumulated over a period of many years without being taxed, however they can only be used for the repair or replacement of capital assets. They cannot, for example, be returned to the operating account without the Association paying a penalty. Each capital asset is referred to in this study as a component of your Capital Reserves. All components eventually need to be replaced in full or in part, although they may normally function for 10, 20, 30 years, or longer. Regular operating and maintenance budgets do not cover the funding required for these needs. This Capital Reserve Study looks at various ways to fund your Association's reserve accounts in order to adequately fund your reserves. A FUNDING PLAN - NOT A MAINTENANCE SCHEDULE This plan is a general predictor for replacement of components, however it is not a required maintenance or replacement schedule. Specific decisions about replacement of each component should be made by the Board of Directors based on this information and on a periodic assessment of the actual condition of each component. HOW MANY RESERVE ACCOUNTS? It is possible to maintain separate accounts for individual components or groups of components, and some communities have requirements in their Declarations for dedicated reserve accounts, such as for private roads. Many Certified Public Accountants recommend that the number of reserve accounts be kept to a minimum. We normally recommend that you keep just one combined (pooled) account. Having one account gives you the spending

flexibility to respond to an unexpected expense for one component without having to transfer funds from other dedicated accounts. Unless otherwise noted in our funding recommendation, our study will develop one account with one annual deposit amount that will meet the replacement needs of all components. PHYSICAL ANALYSIS – SCHEDULE OF COMPONENTS The Schedule of Components identifies each component to be included in the capital reserve account(s) and provides quantity information, expected useful life and remaining useful life of each, We also assess the condition of each component and recommended any maintenance or other corrective action that should be taken at this time. Please review our separate flyer titled “An Explanation of the Physical Property Analysis” for an explanation of the Schedule of Components. FINANCIAL ANALYSIS We perform two analyses in this study. The first, called the Historic Funding Analysis assesses the relative adequacy of your reserve account to fund the reserves at this point in time. The second is called the Cash Flow Analysis, and it looks at alternative methods of adequately funding your reserves from this point forward. Historic Funding Analysis Summary (Component Method) In the report we perform a historic funding analysis that looks at both the current funding level and the current fund balance or your reserve account compared to the amount of annual funding that would have to have been set aside each year for each component to fund it at 100 percent of its replacement value. This is calculated by dividing the original cost of the component by the number of years in its estimated useful life. This is also commonly referred to as “component method funding” and represents the annual straight line depreciation value of each component.

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By multiplying the annual depreciation value of each component by its present age, we arrive at the amount of money for each that should be in the capital reserve account as of the study date. The total amount for all components added together is the target “fully funded” level of the reserve account. We divide the actual reserve account balance by this amount, yielding the percentage that the account is fully funded. A 100 percent funding level means that the account is fully funded. A value less than 100 percent means that there may be a deficiency in the capital reserve account. In our experience, many communities are not fully funded from their beginning date, and simple conversion to full funding using this method of analysis will often place the entire cost burden of a “correction” on the present owners. The full funding - component method must be recomputed every year. Gradually, the annual funding amount will be reduced over time as the Association “catches up”. It must be noted that this does not necessarily mean that the current annual contribution amount is insufficient to fund the reserve account from this point forward. The Association over the course of the years may have adjusted the annual contribution amount to where it is now adequate to fund the reserve account going forward if all funds are “pooled” into a single account. Financial Analysis Cash Flow Summary This report page shows the results of our Cash Flow analysis. In this analysis, each anticipated component replacement is plotted on a schedule over time. This schedule then calculates the annual total reserve account deposits required to fund all projected component expenses and maintain a minimum account balance over the entire period. Using this method of analysis requires that we set several parameters first. These include: Actual Reserve Balance at the End of the Prior Fiscal Year This is the dollar amount provided on your association’s year-end financial statement. The number that we enter becomes the beginning balance of the reserve account in year one (1) of our study. If you do not have a reserve account, we will enter $0.00 for this balance. Anticipated Annual Inflation Rate

This is based on historical inflation data provided by R.S. Means Company based on their recorded historical cost indices. From these, we will recommend an inflation rate, expressed as a percentage (%), to use in the study. Annual Income Rate on Reserve Account We base this on your community’s current and/or anticipated returns on investments from savings accounts, Certificates of Deposit, Money Market accounts or other fund investments. If funds are deposited in several different accounts, we will take an average of the earnings rate on all of the accounts. This number, expressed as a percentage (%) is input into the study. Account Threshold The goal of the Cash Flow funding plan is to keep your account above a minimum balance over the life of the study while insuring that all components are fully funded when they are scheduled to be replaced. We can set that minimum balance at zero ($0.00), which is called “baseline” funding. We can also set a minimum account balance, or “threshold”, at some amount above zero, in order to provide a buffer for the variations in actual expenditures that will inevitably occur over the life of the study. We typically use a percentage of your total expected reserve expenditures over a 20-year period to establish this amount. The amount is input into the study as a bottom limit for the cash flow in the account. This amount will increase every year at the rate of inflation. Annual Contribution Escalation As inflation decreases the value of the dollar over time, it is necessary to introduce an escalation factor so that the contribution grows in relation to the growth in actual costs over time. If we did not do this - if we kept the contribution constant - owners today would have to contribute a much larger amount in order to offset the declining value of the same contributions made in the future. The escalation rate provides parity for present and future owners. In communities that are significantly underfunded, it may be necessary to use an escalation factor that is greater than the inflation rate to gradually increase your contributions to an acceptable level. The annual contribution escalation is expressed as a percentage (%) and is initially input into the study to match the rate of inflation. We

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can adjust this rate as a constant over the entire study period, or manually adjust it from year to year, to help us design the appropriate funding plan. The 30 Year Cash Flow Study Having identified the above parameters, we conduct our cash flow study. This study can balance out contributions over the next 30 years, to distribute the responsibilities for reserve funding between present and future owners in various ways. It can also incorporate funding tools such as special assessments and bank loans into the overall calculations. Our spreadsheets are designed to allow us to conduct this analysis dynamically in a physical or online meeting format so that community leaders and management can have test alternate funding plans and decide on the plan best suited to the needs and priorities of the community. The spreadsheets that show the mechanics of the plan are provided in the report. In the report we provide a list of the expected reserve expenditures by component for each year of the study. Note: all costs shown in these schedules are presented in current dollars as of the report date. The total values of these annual expenditures are revised to reflect the input inflation rate, in the cash flow spreadsheets. The results of this study are summarized in a five year funding schedule and a 30 year funding plan graph on the page titled “Financial Analysis – Recommended Funding”. These results comprise our recommended funding plan for your community as of the date of the study. The financial aspects of this plan can be updated annually upon request, and we recommend an update of the full study, including the physical analysis, every 3 to 5 years. If you have additional questions about DMA reserve studies, please contact us at our office at 804-644-6404 or by e-mail at [email protected]. DMAReserves Design Management Associates, Inc. 2119 East Main Street, Suite 102 Richmond, Va. 23223 804-644-6404 On the web: dma-va.com

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Interactive Reserve Analysis


AN EXPLANATION OF THE PHYSICAL PROPERTY ANALYSIS THE SCHEDULE OF COMPONENTS The physical analysis of the community is the definition of reserve components, observation of the condition of each component of component group, establishment of the expected useful life, remaining useful life, quantities or measurement of each, projected level of replacement (expressed as a percent of the component), and projected replacement cost per replacement occurrence. All of this information is contained in the Schedule of Components. RESERVE COMPONENTS DEFINED Components may include all types of property improvements which are owned by the owners Association, or for which the Association is required by the Declaration to provide maintenance. Examples would include any private roads, parking lots, sidewalks, paved trails, lakes, dams, swimming pools, tennis courts, playgrounds, clubhouses, etc. that make up the common area or shared amenities of the community. Other shared assets may include clubhouse or pool furniture, maintenance equipment and vehicles, or other miscellaneous assets like pumps, motors, generators, etc. Components may also include limited common elements of individual homes or lots, such as driveways, patios, decks, siding and roofing. OBSERVATIONS AND ASSESSMENT OF COMPONENT CONDITION The observations and opinions expressed in this report are based on our general professional knowledge of construction and our knowledge of the typical replacement experience of many communities and other entities with the same component types. Our projections are not architectural or engineering recommendations for specific projects. The Board of Directors should seek professional or industry assistance for each specific replacement project, based on the conditions in existence at the time of replacement and as the need for replacement or repair becomes imminent.

For the purposes of evaluation, the following definitions apply to terms describing the condition of components: Excellent: New or like-new condition – no specific maintenance is required at this time. Good: Physically and visually sound and complete – corrective or preventive maintenance is recommended to maintain condition. Fair: Serviceable but needs some repair or significant maintenance. Poor: Major repair, restoration or replacement is indicated. In addition to the above assessment terminology, we will add narrative observations about problems observed, recommended maintenance or corrective work that should be undertaken at this time or in the near future. Visual information on components is provided in a Companion Folder to this report. It contains photos and/or video documentation of our field observations. COMPONENT USEFUL LIFE Several columns in the Schedule of Components provide a picture of the component useful life, including: Start Year: This column identifies either the factual year or our estimate of the year that each component was placed in service (built, installed, replaced, etc.). Expected Useful Life: This is the expected working life of the component in years. The expected useful life is based on the actuarial or industry standard life, combined with our observation of the condition and use of the component in this setting. Our EUL for a component in one setting may be different for the same or similar component in another setting.

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Expected Replacement Year: This number is computed by adding the expected useful life to the Start Year. Remaining Useful Life: This number is computed by subtracting the Study Year from the Expected Replacement Year. In some cases where a community is still under development many components have been little used at the time of this study and thus could be in nearly new condition in spite of the age of the component. This might include interior finishes, fixtures, furniture and some appliances. Refrigerators, ice makers, water heaters and HVAC equipment that must run continuously would not necessarily be included in this group. The useful life of most of the exterior components is affected by weather and forces of nature rather than actual use. Examples of this would be roofing, siding, etc. However, the useful life of such items as asphalt pavement is affected by weather, forces of nature and usage. These conditions can be dealt with by assigning later in-service dates for those components that have been little used, have not been in operation and have not been subjected to weather and forces of nature. Another significantly important factor in the useful life of a component is the routine maintenance and care for that component. An Association’s willingness to care for and maintain the components that can be cared for and maintained will contribute to a significant increase in the useful life of a component. Of course some components simply offer little opportunity for any special care or maintenance. Finally, the useful life of a component is often dependent upon the aesthetic value that an Association places on a component. An Association might feel that worn or damaged components that are still functional should not be replaced. In some cases, Associations well simply decide to abandon, demolish or remove a component from use. COMPONENT QUANTITIES AND MEASUREMENT

Two columns in the Schedule of Components provide information on the quantity or measurement of each component. These are: Estimated Quantity: This is the amount, size, number or extent of each component based on a unit of measure. Unit: The units of measure used in this report are typically as follows:

cy = Cubic Yard ea = Each lf = Linear Foot ls = Lump Sum sf = Square Feet sq = Square (100 square feet) sy = Square Yard zone = Irrigation Zone

Depending on the level of study as defined by the Community Association Institute National Standards and set forth in the Agreement, a site visit and visual assessment of the components may or may not have been required. If a site visit was included the components are documented with a photo of the component or of a typical component or group of components where there are a large number of repetitive component elements. Quantities for each component were developed by on-site measurements, measurements of scaled engineering and architectural drawings when available, measurements of scaled photos or measurements of satellite mapping. In the case of on-site measurements of building envelope components (i.e. roofs, siding, trim, doors, windows, gutters, etc.) quantities were arrived at by measuring a single model or a single unit of similar character and multiplying those quantities by the number of similar units. This methodology has resulted in very accurate results as far as quantities are concerned for the reserve study budgeting. If this study is an update of a previous study performed by DMA or another consultant, the quantities used are as determined in that study, unless otherwise noted. In many cases where a recent

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historic estimate or bid exists the bid amount is used as a “lump sum” in lieu of a unit quantity estimate. REPLACEMENT COST Three columns in the Schedule of Components define the expected replacement cost of each component: Unit Cost: This is our estimate of the replacement cost per unit of each component. Percent Replaced: Some components will require partial replacement over time, but will never require 100% replacement at the same time. To take this into account, we include a column in the schedule which adjusts the replacement cost by the percentage expected to be replaced. Replacement Cost Per Occurrence: This number is derived from multiplying the estimated quantity multiplied by the unit cost multiplied by the percent replaced. At the bottom of the schedule the replacement costs per occurrence for all of the components are totaled. DMA uses three sources of costing for components in our studies. Our standard source for computing component replacement costs is from “Building Construction Cost Data” and “Facility Maintenance and Repair Cost Data”, both published by R. S. Means Company, a division of Reed Construction Data. These are updated annually and indexed (weighted) by geographic area. Our second source is actual recent replacement costs for specific components provided by the association from your General Ledger or from actual contracts or invoices. Our third source is from local contractors and suppliers, and from manufacturers of specific products.

EXCLUDED COMPONENTS Some improvements and assets related to the common areas are not included as capital replacement components. Components that you do not see in this report are generally related to one of the categories below or are not owned by the association: Permanent Improvements This group includes components that if properly maintained will have a useful life equal to the property as a whole. The end of the useful life of the property would occur when it would be necessary that all of the infrastructure would need to be demolished and cleared or the area and infrastructure completely evacuated and reconditioned to return the property to a safe and useful state. Masonry, Stone, Concrete Generally, masonry, stone and concrete building cladding and flatwork would be considered to have an unlimited useful life. However, repairs such as mortar tuck pointing, patching and replacing sections of broken or damaged masonry, stone and concrete is a reality and a component line item for this is often included in the reserve funding study. Unit or Home Owner Modifications On occasion unit or home owners will modify components that are considered common elements and the responsibility of the Association. These cost of these modifications should not be included as part of the capital reserves. Incidental or Maintenance Items Some components are small enough, or may require repair or replacement on a recurring short-term basis, that the association may elect to fund these entirely from the operating account as annual maintenance items.

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Tax Exclusions, Minor Items and Capital Improvements The interest earned on the account balance containing savings for certain components may not qualify for tax exemption under IRS rulings for Associations filing Form 1120 or 1120H. It is incumbent upon the Association to determine the tax implications of comingling exempt capital expenditure funds from excluded or nonexempt designated funds in their bank and investment accounts. State statutory requirements may prohibit comingling of funds set aside for some items. The Association should consult their attorney or accountant on this matter. Some of these items include:

• Painting, wall coverings and other cosmetic work. • Landscape Improvements and replacement of any

landscaping (trees, shrubbery, etc.). • Irrigation systems generally need continual maintenance.

Broken heads and pipes, and damaged controller systems need to be replaced immediately upon failure. Replacement costs are generally below the threshold for reserve funding, and longevity of system components varies widely. We generally recommend that this system be handled within your annual operating and maintenance budget. However, we believe that the irrigation well pump systems and irrigation controllers should be included as capital reserve components.

• Asphalt pavement seal coating, painting, wall coverings and other activities that might be considered cosmetic work.

• Cleaning and power washing activities. • Minor or low value exclusions. Generally, in the past,

Associations have excluded component repairs or replacements with a value of less than a $1,000 and less than a 3 year life cycle. This has been done as a matter of convenience and ease of administration of the reserve fund.

• Capital improvements would include development or purchase of a new component to be placed in service for the first time. After the component has been placed in service

the money set aside for repair and replacement can then be included in the capital reserve component funding program accounts.

If you have additional questions about DMA reserve studies, please contact us at our office at 804-644-6404 or by e-mail at [email protected].

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HISTORIC FUNDING ANALYSIS (a.k.a. COMPONENT METHOD or FULL FUNDING METHOD) The Historic Funding Analysis (also known as the Component Method) provides a picture of the results of the historic funding contributions made by the Owner’s Association over the years since the first component was placed in service. The Analysis shows the adequacy of the Reserve Account to fully fund the components at this point in time. This does not necessarily mean that the current contribution amount is insufficient to fund the components from this point forward. The fairness theory of funding requires that all owners whether recent or long term owners should pay their fair share for the replacement and repair of their capital assets. The theory is based on the premise that the owners have enjoyed the use of assets for the period of time that they have lived in the community and therefore should have contributed their fair share in proportion to the time that they have lived in the community. The closer the Association is to the 100 percent funding level the better off it is because this indicates that the owners have been paying their fair share during the previous years. Any percentage below the 100 percent funding level indicates that the owners have not been paying their fair share during the previous years. Any percentage over the 100 percent funding level indicates that the owners have been paying more than their fair share during the previous years. The primary "drawbacks" to the Historic Funding analysis are:

1. It must be conducted every year. 2. The annual funding levels can go up or down in any

succeeding year. 3. It almost always results in an initial higher contribution rate

then the "Cash Flow Method". 4. It almost always results in "over funding" in future years. 5. Eliminates the benefit of the use the "pool" of funds available

over time because the allocations are fixed to each component.

The only real benefits to the Historic Funding (a.k.a. Component Method or Full Funding Method) analysis are that:

1. It is easy to understand and compute. 2. It works well enough for Associations with a very few assets.

Generally speaking, all of the on-line software versions offered to the general public for creating a reserve study are based on this method. If you have additional questions about DMA reserve studies, please contact us at our office at 804-644-6404 or by e-mail at [email protected].

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NATIONAL STANDARDS

The following has been summarized from the National Reserve Study Standards as set forth by the Community Association Institute (CAI).

General Information Reserve Study A Reserve Study is made up of two parts, 1) the information about the physical status and repair/replacement cost of the major common area components the association is obligated to maintain (Physical Analysis), and 2) the evaluation and analysis of the association’s Reserve balance, income, and expenses (Financial Analysis). The Physical Analysis is comprised of the Component Inventory, Condition Assessment, and Life and Valuation Estimates. The Component Inventory should be relatively “stable” from year to year, while the Condition Assessment and Life and Valuation Estimates will necessarily change from year to year. The Financial Analysis is made up of a finding of the client’s current Reserve Fund Status (measured in cash or as Percent Funded) and a recommendation for an appropriate Reserve contribution rate (Funding Plan). Physical Analysis

• Component Inventory

• Condition Assessment

• Life and Valuation Estimates

Financial Analysis

• Fund Status

• Funding Plan

Levels of Service The following three categories describe the various types of Reserve Studies, from exhaustive to minimal. I. Full: A Reserve Study in which the following five Reserve Study tasks are performed:

• Component Inventory

• Condition Assessment (based upon on-site visual

observations)


• Fund Status

• Funding Plan

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

• Component Inventory (verification only, not quantification)

• Condition Assessment (based on on-site visual

observations)


• Fund Status

• Funding Plan

III. Update, No-Site-Visit/Off Site Review: A Reserve Study update with no on-site visual observations in which the following three Reserve Study tasks are performed:


• Fund Status

• Funding Plan

For more information go to www.caionline.org or contact:

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Community Associations Institute 225 Reinekers Lane, Suite 300 Alexandria, Virginia 22314 Phone (888) 224-4321 Fax (703) 684-1581 If you have additional questions about DMA reserve studies, please contact us at our office at 804-644-6404 or by e-mail at [email protected].

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DMA’S WORKING SESSION The “working session” is intended as a means for us to gather additional information that was unknown to us. It is also designed to educate the Board, familiarize them with their responsibilities, explore reasonable funding plans and make any revisions that the Board deems necessary. However, it is a misconception that we will allow the Board to rewrite our report. Our credentials, qualifications and experience establish us as the professionals in this matter and we have to limit changes to only those that meet our criteria and the published standards that we subscribe to. The software program that you are about to view is formatted in Microsoft Excel but contains proprietary programming and program coding that is not available for distribution to outside parties. Copies will be made available in Adobe's Portable Document Format and in program limited versions of Microsoft Excel for the client's use in conjunction with this project and this project only. If you have additional questions about DMA reserve studies, please contact us at our office at 804-644-6404 or by e-mail at [email protected].

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ON-GOING MAINTENANCE SERVICES FOR DMA CAPITAL RESERVE WORKING PLANS DMA offers several maintenance and updating services for your Capital Reserve Working Plan. INITIAL PLAN CHANGES Within 90 days after delivery of the post-work session reserve study to you, we will make any requested corrections or revisions to the plan and resend the spreadsheets to you at no additional charge.

PERIODIC REVIEWS At any time after delivery of your Capital Reserve Working Plan, DMA can review it to address any of the issues below:

• Major projects, unexpected expenditures • Actual bids or contracts that vary in price from the study estimate • Addition of new components / deletion of components from reserve

account • Deferral or advancement of replacement projects from estimated dates

in the study • Material changes in your community’s financial position • Changes or updates to the projected inflation rate or interest

percentage earned on funds • Annual review of the study by the Board or Management for next

year’s budget

We will make any requested revisions to the plan for an hourly charge of $150.00 (One Hundred and Fifty Dollars), and resend the spreadsheets to you. We also have DMA’s file share site where we can upload the schedule of components and you can make proposed changes to the schedule yourself and upload it back to the site. We can then update the study from that information. Typically, the time involved in these updates is

one to two hours. On-line work sessions can be held also, at the same hourly rate. The maximum hourly cost for an annual update will not exceed the cost for a Level III study defined below. Our hourly fee for On-Going Working Plan Maintenance is charged in 30 minute increments. LEVEL II RESERVE STUDY UPDATE (with site visit) At any time after completion of a DMA prepared Level I or Level II capital reserve study we can perform a complete Level II Update. This includes revisiting your property and re-evaluating all components. We then re-price all reserve components, revise inflation and interest rates, update beginning year to current year, and include any changes in your reserve account status and status of components, actual replacement dates and costs, as provided by you. This service includes one on-line work session and one follow-up session. This service is priced by proposal only. Please visit our website to make a request for a proposal. We recommend that a Level II study be performed at least every 3 to 5 years. LEVEL III RESERVE STUDY FINANCIAL UPDATE (without site visit) At any time up to four years after completion of a DMA prepared Level I or Level II capital reserve study, we offer a reserve study financial update which will include re-pricing all reserve components, revisions to inflation and interest rates, update beginning year to current year, and include any changes in your reserve account status and status of components, actual replacement dates and costs, as provided by you. This service includes one on-line work session and one follow-up session if necessary.

If you have additional questions about DMA reserve studies, please contact us at our office at 804-644-6404 or by e-mail at [email protected].

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Budget

Chisel Run II HOA

Order: JQTH9Z3M8Address: 5314 Gardner CtOrder Date: 05-15-2020Document not for resaleHomeWiseDocs

Chisel Run Homeowner Association II, Inc. Approved 2020 Budget

2019 2020

BUDGET BUDGET

$68.50 per unit $68.50 per unitIncomeAssociation Dues $ 100,235.00 $ 100,235.00 Legal Fee Reimbursement $ - $ - Bank Interest 100.00 100.00 Late Fee 750.00 750.00

Total Income: $ 101,085.00 $ 101,085.00

Expenses AdministrativeCorporate License Fees 85.00 85.00 General Administrative 1,513.75 1,513.75Accounting (CPA services) 500.00 500.00 Insurance 1,600.00 1,600.00 Legal Fees 2,000.00 2,000.00 Legal fees Collection - - Management Fee 10,473.25 10,473.25 Printing 500.00 500.00 Postage 400.00 400.00 Tax/State Corp - -

$ 17,072.00 $ 17,072.00

Grounds and MaintenanceLawn Care $ 33,680.00 $ 33,680.00 Common Area Repair 3,000.00 3,000.00 BMP/ Pond/Drainage Maint 2,600.00 2,600.00 Snow Removal 3,000.00 3,000.00 TreeShrub Maintenance 2,500.00 2,500.00

$ 44,780.00 $ 44,780.00

UtilitiesElectric Bill $ 1,550.00 $ 1,550.00

$ 1,550.00 $ 1,550.00

Garbage/Trash RemovalDumpster Cleanup $ 3,732.00 $ 3,732.00 Trash Removal 5,000.00 5,000.00

$ 8,732.00 $ 8,732.00 Capital ReplacementCapital Replacement Fund $28,951 $28,951 $ 28,951.00 $ 28,951.00

Total Expenses $ 101,085.00 $ 101,085.00

NET INCOME (Undesignated) $ - $ -


Regular Meeting Minutes

Chisel Run II HOA


Chisel Run Homeowners Association II, Inc.

Annual Meeting Minutes

December 2, 2019

6:00 p.m.

The Board of Directors met at Berkeley Realty Property Management conference room on November 8, 2018 at 6:00 p.m. Debra Ruge, Steve Rosen, Malissa Townsend and Ed Robbins were in attendance. Tania Blanco was absent.

The President, Debra Ruge, called the meeting to order at 6:03 p.m. Two homeowners were present. A quorum was met with those present as well as proxies.

The Board reviewed the minutes of the November 8, 2018 Annual Meeting. A motion was made to amend the minutes to reflect “Steve Rosen was re-elected to the board for a 3 year term” by Malissa Townsend and Steve Rosen seconded the motion and all were in favor.

Treasurer’s Report – Reviewed the approved 2019 budget.

Question rose about management fee increase by 3% in 2020. Approx. $312

Committee Reports:

Communications – National Night Out was a success

Landscape Report – Nothing new was noted in the report from Joyce Huffman

Homeowner Forum – no comments

Election of Directors:

Timothy Kropp and Debra Ruge were elected to the board

Assignment of positions to be made at the January 23, 2020 meeting

A motion was made to adjourn at 6:21 p.m. A brief meeting of the BOD to be held immediately after.

The next meeting of the Board of Directors will be held Thursday, January 23, 2020 at 5:30 p.m. at the conference room at Berkeley Realty Property Management.




Board of Directors Meeting Minutes

Monday, December 2, 2019

General Board of Directors Meeting

The Board of Directors met at the Berkeley realty Property Management conference room on December 2, 2019 at 5:30 p.m. Debra Ruge, Steve Rosen, Malissa Townsend, and Ed Robbins were present. Tania Blanco Pugh was absent.

The President, Debra Ruge, called the meeting to order at 6:22 p.m. A quorum of Board members was present. Two homeowners were present.

President Report –

Secretary Report-

Treasurer Report –

Committee Reports-

Communications/Steve Rosen

Landscape/ Joyce Huffman

Nothing new to report

Old Business/Unfinished Business –

Snow removal – still need to find a company, Diane will find someone

Landscape – Trophy Lawns – approx. $20,000/year

Mowing – 22 cuts

Weed control April and October

By weekly leaves – Nov/Dec – removal of leaves from yards and common areas

Pruning 3 times a year

Ed Robbins motioned to approve a 1 year contract with Trophy Lawns. Malissa Townsend seconded the motion and all were in favor.

DMA proposal for next meeting Order: JQTH9Z3M8Address: 5314 Gardner CtOrder Date: 05-15-2020Document not for resaleHomeWiseDocs

Updating governor documents – decided against it based off survey results

Additional Landscape at all dumpsters

-Nicholas - needs additional pavers or concrete because the truck is leaving tracks

-Gardner (near front) – dumpster needs to be at an angle and more space for the dumpster to go.

Specs at January meeting

Fencing at Aden Ct – people are still dumping around the dumpster, need to fence up to the gate

Easement Issue at power lines – decided against involving the attorney to get Dominion to clean up limb trimmings.

Malissa Townsend motioned to have Kerman clean up the area. Steve Rosen seconded the motion and all were in favor.

Discussed bidding process guidelines and requirements – RFP

Drainage behind 5341 Gardner – Randy to install drop inlet and pipe it to storm water connect underground. Will be ready to go once the weather breaks. Approx. cost about $7500

New Business-

Will try to schedule meetings monthly on the 4th Thursday of each month

5 people on the board with the option of 7

Meeting packet to all BOD members 5 days prior to meeting

Meeting was adjourned at 6:51 pm.

The next meeting of the Board of Directors will be held on Thursday, January 23, 2020 at 5:30 p.m. at the conference room at Berkeley Realty Property Management.




Thursday, October 17, 2019 5:30 p.m. General Board of Directors Meeting

The Board of Directors met at the Berkeley realty Property Management conference room on October 17, 2019 at 5:30 p.m. Debra Ruge, Steve Rosen, Malissa Townsend, Lisa Dibble and Ed Robbins were present. Ciro Galoppo and Tania Blanco Pugh were absent.

The President, Debra Ruge, called the meeting to order at 5:35 p.m. A quorum of Board members was present. No homeowners were in attendance.

President Report – Nothing new to report

Secretary Report- Annual Meeting November 21, 2019 at 6 pm

BOD will meet briefly after the annual meeting to discuss and approve minutes from September meeting


Members reviewed financial reports as of 9/30/2019

Committee Reports- Nothing new to report from either committee



Old Business –

o Drainage behind 5339/5341 Gardner Ct - November 2019 (within 30days) R. A. Coleman conducting the work

o Fence at front dumpster – Early November 2019 completion – Rosenbaum has sketch and knows what is expected. Miss. Utility needs to come out and mark lines. Plants to stay to the left side of the dumpster area as additional coverage.

o Trash pad revamp – Week of October 21, 2019 – R. A. Coleman will place pads at an angle, add any additional pavers required and plant bushes for screening .

o Pine tags under the trees – Week of October 21, 2019 -R. A. Coleman to distribute pine tags under the trees in the common areas ( by 5339)

o Playground/ Sports Court/ Swing Set area – table until spring. Swing set to be removed due to safety concerns.


o Snow removal company – Lisa provided Kirby’s phone number to get a quote for future discussion

o Landscape review - Trophy Lawns continue to do a great job, no complaints. November/December – leaf removal

o Tree line clean up on power lines – Dominion Power left the trimmings o Pipe removal in area under power lines – to be removed during a routine

dumpster area cleanup o Community interest in revising documents – email sent out, no mailer as of the

meeting. o Bushes under the power lines will be trimmed o 5350 Gardner Ct – determined they are within their property lines.

New Business-

• 2020 Budget – no increase in assessments and budget to remain the same as 2019 • Reserve Study Update – DMA to conduct • Annual Meeting set for November 21, 2019 at 6pm –

• Announcement posted at communication board, letters to go out to each homeowner no later than 15 days prior to the meeting

Question raised about how much land and where the property lines are for the common areas of Chisel Run II, specifically the area under the power lines on both sides of Chisel Run rd.

• Motion made by Lisa Dibble to allow the attorney to determine easement with Dominion Energy as well as property lines for Chisel Run II HOA. Steve Rosen seconded the motion and all were in favor.

Concerns about pet courtesy within the community. Dog waste is being left in yards and common areas. Lisa Dibble to draft a letter/reminder to be distributed to all homes to call attention to the matter.

Executive Session – no executive session was called

The meeting was adjourned at 6:15p.m.

A brief meeting of the Board of Directors will be held on Thursday, November 21, 2019 directly following the annual meeting at Berkeley Realty Property Management.




Thursday, August 1, 2019 5:30 p.m. General Board of Directors Meeting

The Board of Directors met at the Berkeley realty Property Management conference room on August 1, 2019 at 5:30 p.m. Debra Ruge, Steve Rosen, Malissa Townsend, Lisa Dibble and Ed Robbins were present. Ciro Galoppo and Tania Blanco Pugh were absent.

The President, Debra Ruge, called the meeting to order at 5:31p.m. A quorum of Board members was present. No homeowners were in attendance.


Secretary Report-

Minutes from May 16 meeting minutes were verbally discussed and approved.



Committee Reports-


National Night Out scheduled for August 5, 2019 5:30p.m.-7:30 p.m.



Old Business –

Striping was completed and everyone was pleased with the results

New Business-

Discussed sending out a postcard feeler to owners to survey possibility of updating association documents

Request for tree trimming behind Aden 5310

Request for clean-up of tree branches behind 5300-5310 side of Gardner Ct – checking to make to see if this has been picked up – Dominion Energy may have come back through to get it


Invoice sent to illegal dumper – waiting on response

Chain link fencing at Aden dumpster area still needs to be put in place

Second dumpster needed at Aden

A motion was made to adjourn to Executive Session at 5:55 p.m.

Delinquent accounts were discussed.

With no motions from the Executive Session, the meeting was adjourned at 6:00p.m.

The next meeting of the Board of Directors will be held on Thursday, September 19, 2019 at 5:30 p.m. at the conference room at Berkeley Realty Property Management.








Secretary Report-




Committee Reports-





Old Business –


New Business-



















Secretary Report-




Committee Reports-





Old Business –


New Business-













Annual Registration

Chisel Run II HOA




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