Townhome Community Reserve Study - Level I as of January 1, 2014

Transcription

1 Reserve Study - Level I as of January 1, Dallas Hwy Suite 200 PMB 274 Powder Springs, GA Copyright All Rights Reserved

2 5200 Dallas Hwy Suite 200 PMB 274, Powder Springs, GA tel: (770) Draft Report Date: March 11, 2014 Final Report Date: April 30, 2014 Townhome Community Moon Place Valdosta, GA c/o Christine Anyone Management Regarding: January 1, Level I Reserve Study Dear Board of Directors, We are pleased to submit this Level I Reserve Study for Townhome Community. We recommend that your study be updated annually. Updates, provided that the original study is less than three years old, can be performed for a fraction of the cost of the original study. Many lenders and States now require that reserve studies be less than 12 months old for any community for which they are processing a loan application for a prospective borrower for a purchase in that community. This regulation is in place to reduce the risk of special assessments from under funding capital reserve accounts; to insure long range planning for the maintenance and replacement of capital common property assets; to reflect performance by the Board of Directors of the association in complying with fiduciary responsibilities as directed by State Statues. Please contact us with any questions about your Reserve Study, its data or its conclusions and implementation at (770) We look forward to working with you in the future. Thank you, Christine Fortenberry Christine Fortenberry, Principal CGB CAASH CAPS CGP GA License RLQA

3 Table of Contents Site Photos... 4 Property - Definition... 5 Reserve Study Summary... 6 Common Property Described... 9 Assumptions and Comments Infrastructure Comments Plats Percent Funded - Annual Funding Allocations Cash Flow - Annual Cash Management - Availability Percent Funded - Annual - Chart Expenditures - Matrix Expenditures - List by Year Expenditures - Description Item Parameters - Detail Item Parameters - Full Detail Inspection Photos & Comments Dallas Hwy Suite 200 PMB 274, Powder Springs, GA Office: (770)

4 Site Photos Townhome Community Multiple Inspection Dates Beginning: December 18, 2013 Page 4 of 133 Comprehensive Real Estate Services Since 1971

5 Property - Definition Property Information Property Townhome Community Initial Inspection Date December 18, 2013 Address Moon Place Analysis Date January 1, 2014 City Valdosta Number of Phases 0 State GA Number of Units 190 Zip Number of Models N/A Item Parameters Common Area 46 Unit Parameters 0 Unit Expanded 0 Financial Parameters Rate of Inflation 0.50 % Loan/Special Assessment No Rate of Investment 1.00 % Deferred Expenditures No Contribution Factor % Tax Rate N/A Adjustment Factor % Contingency Factor 0.00 % Contingency Time 0:00 YY:MM Contingency Amount $ 0.00 Property Criteria Inflation Compounded Monthly Ownership Format Wholly Owned Minimum Life 1:00 YY:MM Minimum Cost $500 Analysis Format Analysis Cash Flow Schedule 30 Years Allocation Format Proportional Contribution Method Future Cost Measurement Basis N/A PRN:05/07/2014 FSCatlanta, LLC - License # P Page 5 of 133

6 Reserve Study Summary Townhome Community Initial Inspect Date: March 11, 2014 The following Level I (full update with-site-visit) reserve study was performed for Townhome Community ("property") located at Moon Place and Moon Villas Way, Valdosta, GA, beginning on December 18, The property has 190 units. The reserve study is for the fiscal year starting January 1, 2014 and ending December 31, The reserve plan, based on all the assumptions, assures that funds for major repairs and replacement will be available when needed and that this method is equitable for charging current rather than future owners with the cost of current use. There are four funding objectives: 1. Full Funding: This funding method has the objective to calculate a contribution schedule which will yield at some point in time reserves on hand equal to the value of the deterioration of each reserve component. For example, a pool resurfacing reserve component of $10,000 with a useful life of 10 years after two years has deteriorated 2/10ths of $10,000 which equals $2,000. For this item to be fully funded, funds in the amount of $2,000 would be on hand in the reserve account for the depletion of this component. If this is the case, we say that that item has a Percent Funding of 100%. This calculation is a measurement of the strength of the Reserve Fund. A guide for the various degrees of Full Funding are: 0-30% poorly funded 30%-70% fairly funded % well-funded 100+% very well-funded 2. Baseline Funding: This method has an objective to have reserves on hand so as never to run out of money. 3. Threshold Funding: This method describes an objective chosen by the Board other than Full Funding or Baseline Funding or may be a blend of the two methods to accomplish a specific objective. 4. Statutory Funding: This describes a funding objective as described or required by local law, state law or Federal lending regulations. Fannie Mae, FHA and 25 states currently require Reserve Studies with prescribed frequency with directed funded methods. Comprehensive Real Estate Services Since 1971 Page 6 of 133

7 There is no single "right answer" but rather the solution is an achievable and reasonable funding scheme which takes into consideration both the condition of the assets and the objectives outlined in the funding method described above. Because of the method of these calculations, the funding scheme will be affected by the cost of a component, the estimated useful life of that component, the estimated remaining life based on conditions observed and the scheduled "Replace Date". The reader should be careful to be ever mindful that projections are based on the expected behavior of the components listed with consideration given to historical, industry or manufacturer guidelines. The calculations, projections and reports in this reserve study were generated using the PRA System (PRA). PRA has received a Quality Assurance Evaluation from a Certified Public Accounting firm verifying the system for accuracy and compliance with the AICPA's Audit and Accounting Guide for Common Interest Reality Associations, cash flow projections, and tax calculations consistent with IRS guidelines for 1120c and 1120h corporations. PRA provides for complete, flexible reserve study assumptions while allowing for either current cost or future cost projections while calculating interest and projecting cash flows on a monthly and annual basis. As of January 1, 2014, the estimated reserve fund balance is $529,000. The estimated current replacement cost of the reserve items is $1,936,389, and with an annual compounded inflation rate of 0.50% the future replacement cost is $2,058,153. Both the Cash Flow method and the Precent Funded method were utilized in preparing the reserve plan with the objective that reserves funds would be available as needed. The following describes how the cash flow was produced: Reserve Fund Balance projected from the date of the reserve study to the beginning of the fiscal year above; Reserve Item Data - for each reserve item the following was determined: description, category, basis cost, cost, quantity, estimated useful life and estimated remaining life; Expenditures - the reserve item data above was used to project when the initial and recurring expenditures will be incurred over the next 30 years (includes taxes on interest earned); Interest calculated on the available funds; Contribution determined based on the following: annual contribution increases, interest earned with related taxes and inflation on reserve items. No items have been reserved for which have an estimated useful life of less than one year or a total cost less than $ This report is based upon the following financial assumptions: Annual Contribution Increase - 5% (Five) in years Interest Earned % Taxes on Interest Earned % Comprehensive Real Estate Services Since 1971 Page 7 of 133

8 Inflation on Reserve Items % Contingency % Contingency Time - 0:00 Yr:Mo No Contingency dollars have been included in the study due to the relatively low risk of incidences of exposure not covered by insurance. In the event that a non-insured event occurs, then the Reserve Fund will need to be reevaluated during the recommended annual review to address any replenishment of funds that might be required. The annual contribution for the initial year of this reserve study is $100,000, $8,333 on a monthly basis and on an average of $43 per unit increasing five (5) percent per year thereafter in years The average interest rate earned before and after taxes for the initial of this reserve study is 1.00%, and 1.00%, respectively. Based upon Percent Funding, as of January 1, 2014, with an estimated reserve fund balance of $529,000, 100% Funded being $880,507, the percent funded amount is 60.08%. If the cash flow funding plan is adhered to by the board of directors, sufficient funds should be available as needed. Developer records, plats, association records provided and industry cost data services and life expectancies of assets and their components were used for determining the current repair or replacement cost of reserve items. The financial representations set forth in this summary is based on the best estimates of the preparer at the time of this report and is subject to change as market or property conditions dictate. For the reason, this study should be updated on an annual basis to factor in market cost changes and changes in the remaining life calculations of the assets and their components. Respectfully Submitted Christine Fortenberry Christine Fortenberry, Principal CGB CAASH CAPS CGP GA License RLQA Comprehensive Real Estate Services Since 1971 Page 8 of 133

9 Common Property Described Townhome Community Page 9 of 133 Comprehensive Real Estate Services Since 1971

10 5200 Dallas Hwy Suite 200 PMB 274, Powder Springs, GA tel: (770) Assumptions and Comments Townhome Community Item Comment (s) 1 The activities to create this reserve study includes a visual observation of common elements or elements whose maintenance and replacement is the responsibility of the Owner's association. This visual observation is limited to that which is required to establish the long term maintenance and/or replacement budget of the elements referenced herein and their expected useful lives. This report is not a compliance inspection of past or current codes or regulations of any kind. Any references to codes or regulations in this report is to assist in discussions or clarifications of problems. 2 Treated landscape timbers typically have a lifetime warranty. 3 Cedar products above ground typically have a lifetime warranty provided they are maintained and sealed. 4 Treated products above ground typically have a lifetime warranty provided they are maintained and sealed. 5 Composite decking above ground typically has a lifetime warranty provided it is maintained and penetrations sealed. 6 Once the retention pond and discharge areas have been cleared of all vegetation except ground cover, the height of the ground cover should not to exceed 12" in height and the stone at the outflow pipe should be maintained and included in the annual common area maintenance contract. 7 Pool bulbs, swings, playset maintenance should be included in the annual maintenance budget. The area under any swings or at the end of any slide should have a rubber pad or deeper mulch for safety and typically requires more frequent maintenance than other areas of the play area. 8 If applicable, the security system should be active at all times and should include smoke detectors all of which should be monitored. 9 Repair or replacement of irrigation system components should be included in the annual budget. 24 station or larger timers are included in the reserve study. 10 Small accent landscaping light fixtures are excluded from this report for reasons of cost each and the repair and replacement of Page 10 of 133 Comprehensive Real Estate Services Since 1971

11 5200 Dallas Hwy Suite 200 PMB 274, Powder Springs, GA tel: (770) same should be included in the annual maintenance budget. 11 The battery in the emergency lighting and the lighted exit signs should be checked annually. If a failure occurs, the battery or the fixture should be replaced. 12 Pool umbrellas and umbrella bases are not included in the study as this annual maintenance item. 13 The uniform community street lights are not community property and are maintained by the utility company. 14 Annual termite inspections should be a routine occurrence inclusive of a termite bond. 15 Chlorinators are not included in the study as they are typically replaced as needed and the cost is below the study threshold of $500 or they are furnished by the pool contractor. 16 If the component replacement cost is less than $500, the expected life is less than two years or because there is a manufacturer warranty greater than the scope of this report then the cost of repair or replacement of these items should be included in the annual operations budget. 17 The drain lines, water lines and irrigation lines underground could not be visually inspected and are not addressed in this report. 18 Any owner privacy fences are not included in this study but the staining or painting of these fences should be a part of the painting scope. 19 Pressure washing of sidewalks or the pool deck is not included in this study. If the pool deck or sidewalks are pressure washed, care should be take to use lower pressures and gentle detergents. Any pressure washing event will remove a small amount of surface and will over time expose the aggregate prematurely. Page 11 of 133 Comprehensive Real Estate Services Since 1971

12 5200 Dallas Hwy Suite 200 PMB 274, Powder Springs, GA tel: (770) Infrastructure Comments Townhome Community Applicable X X X X X X X Comment (s) Asphalt pavement is supported by the integrity of the soils and gravel base structure underneath. A minimum of a yearly inspection should be performed for all asphalt surfaces to discover and repair any cracks or open areas which would allow water to enter the supporting base structure. Erosion behind or under concrete curbing will permit movement of the curbing. This movement will create water entry points leading to asphalt damage and accelerated curbing movement and settling. A minimum of a yearly inspection should be performed for cracks, erosion and settlement in the curbing and deficiencies should be corrected. Cracks or erosion behind or under concrete sidewalks will allow water entry to the supporting base material supporting the sidewalk. This movement will create water entry points leading to heaving, settling, separation and changes in pitch. A minimum of a yearly inspection should be performed for cracks, erosion, vertical displacement and settlement and deficiencies should be corrected. Pressure washing of concrete surfaces may need to be performed from time to time but care should be exercised in the frequency of the pressure washing, solvents or chemicals used and the pressure of the stream of water. Each pressure washing event will remove a thin layer of the surface. Unless care is exercised, the concrete aggregate will be exposed prematurely. Catch basin and drop inlet structures should be checked yearly and cleaned as required to minimize accumulation of silt and trash in the structures or connecting underground pipes. Blowing leaves, grass clippings, or other landscaping debris into these structures should be prohibited and strictly enforced. Landscaping grass, straw or other stabilization plantings should be maintained in such a manner that erosion does not occur and underground cabling is not exposed. Shrubbery adjacent to drop inlets should not be permitted as these plantings will reduce the intake capacities. Shrubbery adjacent to Page 12 of 133 Comprehensive Real Estate Services Since 1971

13 5200 Dallas Hwy Suite 200 PMB 274, Powder Springs, GA tel: (770) X X X X X X X X X x buildings should be pruned to maintain a 24" clearance. Most municipalities no longer allow for dedicated water meters for sprinkler systems therefore rain gauges or other mechanical or electronic devices should be utilized to minimize water usage. Station cutoff valves and system gate valves should be located and identified for quick access in the event of an emergency or water line break. Treated lumber has a long life expectancy however water on treated lumber flat surfaces or treated lumber in shaded areas may have a shortened life expectancy if these surfaces are not cleaned and protected on a regular basis with water repelling coatings such as stains and sealers. The tops of fence posts require a permanent cover to prevent water from entering any cross-grain wood cuts. Tot lots and other exposed wood structures, decks or Gazebos, docks, benches, etc. should be inspected yearly. Splintered or cracking wood should be repaired or replaced. Gutters and downspouts are critical to direct water away from buildings. These gutters should be checked and cleaned twice yearly. Water exiting downspouts should be piped or otherwise directed five feet from the building before entering the soil itself. Additionally, water should be directed or piped away from patios, fences and retaining walls. While painting will occur at required intervals, in the interim, siding butt joints and caulk joints between exterior components must be monitored and filled as required. Those areas exposed to intense sunlight will require more frequent attention. Siding or wood components touching masonry or roof surfaces should be monitored continuously and repaired or replaced as needed maintaining clearance from masonry or roof surfaces if possible. Railings and handrails should be continuously monitored and repaired as required to maintain structural integrity. Annual termite inspections should be included in the operating budget with corrective actions taken as required. HVAC equipment should be covered by annual maintenance and inspection contacts. Water Heaters should be checked annually by a qualified plumbing contractor and should be located in a heated area to prevent freeze damage. Pool equipment rooms should be mechanically ventilated and heated or winterized. Bathrooms, kitchen areas or other areas containing water fixtures should be located in heated areas or winterized to prevent freeze damage. The HOA is responsible for the exterior of the buildings excluding Page 13 of 133 Comprehensive Real Estate Services Since 1971

14 5200 Dallas Hwy Suite 200 PMB 274, Powder Springs, GA tel: (770) the windows and entrance doors. The Board of directors has instructed that the staining and maintenance of the exterior wood decking and deck rails are a responsibility of the individual owners. The front wrought iron railings, shutters exterior veneers, roofs and roof dormers, driveways and painting only of the front columns and front porches or bays will be maintained by the HOA. Page 14 of 133 Comprehensive Real Estate Services Since 1971

15 Plats Townhome Community Page 15 of 133 Comprehensive Real Estate Services Since 1971

16 Plats Townhome Community Page 16 of 133 Comprehensive Real Estate Services Since 1971

17 Plats Townhome Community Page 17 of 133 Comprehensive Real Estate Services Since 1971

18 Percent Funded - Annual 100 % Beginning Funded Beginning Percent Expenditure Date Current Cost Balance Funded Contribution Interest Future Cost 01/01/2014 $ 880,507 $ 529, % $ 100,000 $ 5,242 $ 75,164 01/01/ , , ,000 5,937 22,390 01/01/2016 1,076, , ,250 6,626 57,156 01/01/2017 1,150, , ,762 6, ,117 01/01/2018 1,139, , ,550 7,055 62,087 01/01/2019 1,209, , ,628 6, ,447 01/01/2020 1,161, , ,009 7,621 16,183 01/01/2021 1,276, , ,710 8,903 17,195 01/01/2022 1,390, , ,745 10,196 29,306 01/01/2023 1,493,042 1,092, ,133 10, ,006 01/01/2024 1,514,934 1,144, ,133 5, ,472 01/01/ , , ,133 3, ,722 01/01/ , , ,133 3, ,852 01/01/ , , ,133 3, ,228 01/01/ , , ,133 4,170 35,172 01/01/ , , ,133 5,546 16,460 01/01/ , , ,133 6,915 27,902 01/01/2031 1,034, , ,133 8,376 12,524 01/01/2032 1,158, , ,133 9,500 67,064 01/01/2033 1,230,076 1,016, ,133 9, ,129 01/01/2034 1,220,984 1,027, ,133 8, ,353 01/01/2035 1,066, , ,133 6, ,705 01/01/ , , ,133 7,767 25,499 01/01/2037 1,024, , ,133 9,108 35,574 01/01/2038 1,130, , ,133 10,465 26,440 01/01/2039 1,245,099 1,124, ,133 11,953 13,773 01/01/2040 1,371,960 1,277, ,133 13,121 65,354 01/01/2041 1,449,518 1,380, ,133 13, ,106 01/01/2042 1,458,732 1,412, ,133 14,425 72,880 01/01/2043 1,530,041 1,509, ,133 13, ,014 PRN:05/07/2014 FSCatlanta, LLC - License # P Page 18 of 133

19 2014 Funding Allocations Beginning Ending 100% Percent Balance Balance Components Funded Funded 01/01/2014 Contribution Interest Expenditure 12/31/2014 Asphalt Parking: Sealcoat, Restr $ 27, % $ 7,743 $ 1,832 $ 96 $ 18,368 $ 8,698 Asphalt Shingle 20YR R&R 451, ,771 35,879 1, ,531 Asphalt: Mill & Overlay 1.5" 80, ,170 5, ,788 Bath Mirrors Bath Sink & Faucet ADA R&R Drives/Sidewalks: Concrete Rep 4, , ,006 3,269 Electrical Panel Replacement 1, Exterior Door R&R Exterior Veneer/Decor Repair 0 0 2,595 7, ,349 Fence:Steel/Alum 3/4 Picket/2. 39, ,658 3, ,919 Fence:Steel/Alum 3/4 Picket/ Fiberglass ADA Shower Unit R& Fiberglass Shower Unit R&R Grub Retention Ponds 1, , , Gutters & Downspouts 6" Alum 29, ,915 2, ,396 Hand Dryers ADA R&R Landscape Timer: 24+ Station R 6, , ,620 Light Fixtures & Paddle Fans Mail Center R&R 2, , ,034 Motor HP R&R Paint: Covered Porches (Concre 1, Paint: Exterior Cornice Only 39, ,867 7, ,523 27,511 Paint: Exterior Walls Only 145, ,206 28,462 1,492 9, ,736 Paint: Interior Walls & Trim 1, ,583 1,034 Paint: Metal Picket Fence/Rail 15, ,360 1, ,608 Pool Cover Replace 1, , ,566 Pool Furniture: Restrap Pool Light Fixture R&R 1, ,130 Pool Replaster 9, ,697 1, ,801 Pool Tile R&R 2, ,118 Pool: Chairs R&R 1, , ,392 Pool: Chaise Lounge Chair R&R 3, , ,600 Pool: Table Metal/Glass R&R Recess Lights R&R Ric Rac Stone Apron Sand Filter TR 140: Change San Sand Filter TR140: Change Filte 1, , ,570 Toilet ADA R&R Toilet Compartments: Metal R Urinal R&R VGB Drain Grates Wall Heaters (Bath) R&R PRN:05/08/2014 FSCatlanta, LLC - License # P Page 19 of 133

20 Percent Funded - Allocation Beginning Ending 100% Percent Balance Balance Components Funded Funded 01/01/2014 Contribution Interest Expenditure 12/31/2014 Water Cooler: Wall Mount R&R $ % $ 260 $ 29 $ 2 $ 0 $ 291 Water Heater: Electric 40/50 G Window: Wood Unit R&R $ 880, % $ 529,001 $ 100,002 $ 5,242 $ 40,120 $ 594,123 PRN:05/08/2014 FSCatlanta, LLC - License # P Page 20 of 133

21 Cash Flow - Annual Begin Balance 529, , , , , , , , ,100 1,092,736 Contribution 100, , , , , , , , , ,133 Average Per Unit Percent Change 0.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Interest 5,242 5,937 6,626 6,651 7,055 6,892 7,621 8,903 10,196 10,691 Less Expenditures 75,164 22,390 57, ,117 62, ,447 16,183 17,195 29, ,006 Ending Balance 559, , , , , , , ,100 1,092,736 1,144, Begin Balance 1,144, , , , , , , , ,467 1,016,035 Contribution 155, , , , , , , , , ,133 Average Per Unit Percent Change 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Interest 5,456 3,620 3,629 3,468 4,170 5,546 6,915 8,376 9,500 9,858 Less Expenditures 723, , , ,228 35,172 16,460 27,902 12,524 67, ,129 Ending Balance 581, , , , , , , ,467 1,016,035 1,027, Begin Balance 1,027, , , , ,362 1,124,520 1,277,833 1,380,734 1,412,406 1,509,084 Contribution 155, , , , , , , , , ,133 Average Per Unit Percent Change 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Interest 8,213 6,977 7,767 9,108 10,465 11,953 13,121 13,646 14,425 13,376 Less Expenditures 317, ,705 25,499 35,574 26,440 13,773 65, ,106 72, ,014 Ending Balance 873, , , ,362 1,124,520 1,277,833 1,380,734 1,412,406 1,509,084 1,356,579 PRN:05/08/2014 FSCatlanta, LLC - License # P Page 21 of 133

22 Cash Management - Availability Accrued 2014 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January $ 519, $ 0.00 $ 0.00 $ 18, $ 519, February 528, , March 536, , April 493, , , May 501, , June 506, , , July 515, , August 523, , September 532, , October 541, , November 550, , December 559, , $ 75, Accrued 2015 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 548, , , February 557, , March 567, , April 575, , May 584, , June 592, , , July 601, , August 610, , September 619, , October 629, , November 638, , December 647, , $ 22, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 22 of 133

23 Cash Management - Availability Accrued 2016 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 645, , , February 655, , March 665, , April 631, , , May 641, , June 648, , , July 658, , August 668, , September 678, , October 687, , November 697, , December 707, , $ 57, Accrued 2017 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 706, , , February 716, , March 726, , April 608, , , May 618, , June 626, , , July 636, , August 646, , September 657, , October 667, , November 677, , December 687, , $ 142, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 23 of 133

24 Cash Management - Availability Accrued 2018 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 688, , , February 699, , March 710, , April 670, , , May 681, , June 689, , , July 700, , August 711, , September 721, , October 732, , November 743, , December 754, , $ 62, Accrued 2019 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 753, , , February 764, , March 775, , April 618, , , May 629, , June 639, , , July 650, , August 661, , September 672, , October 683, , November 695, , December 706, , $ 182, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 24 of 133

25 Cash Management - Availability Accrued 2020 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 704, , , February 716, , March 728, , April 739, , May 750, , June 760, , , July 772, , August 784, , September 796, , October 807, , November 819, , December 831, , $ 16, Accrued 2021 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 828, , , February 841, , March 853, , April 866, , May 878, , June 889, , , July 901, , August 914, , September 926, , October 939, , November 951, , December 964, , $ 17, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 25 of 133

26 Cash Management - Availability Accrued 2022 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 967, , , February 980, , March 993, , April 989, , , May 1,002, ,002, June 1,013, , ,013, July 1,026, ,026, August 1,039, ,039, September 1,053, ,053, October 1,066, ,066, November 1,079, ,079, December 1,092, ,092, $ 29, Accrued 2023 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,001, , ,001, February 1,015, ,015, March 1,029, ,029, April 1,040, , ,040, May 1,053, ,053, June 1,061, , ,061, July 1,075, ,075, August 1,089, ,089, September 1,102, ,102, October 1,116, ,116, November 1,130, ,130, December 1,144, ,144, $ 114, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 26 of 133

27 Cash Management - Availability Accrued 2024 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 489, , , February 502, , March 516, , April 478, , , May 491, , June 501, , , July 514, , August 528, , September 541, , October 554, , November 568, , December 581, , $ 723, Accrued 2025 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 372, , , February 385, , March 398, , April 293, , , May 306, , June 317, , , July 330, , August 343, , September 356, , October 370, , November 383, , December 396, , $ 343, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 27 of 133

28 Cash Management - Availability Accrued 2026 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 330, , , February 343, , March 356, , April 319, , , May 333, , June 344, , , July 357, , August 370, , September 383, , October 397, , November 410, , December 423, , $ 131, Accrued 2027 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 426, , , February 440, , March 453, , April 261, , , May 274, , June 285, , , July 298, , August 312, , September 325, , October 338, , November 351, , December 364, , $ 217, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 28 of 133

29 Cash Management - Availability Accrued 2028 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 365, , , February 378, , March 391, , April 388, , , May 401, , June 409, , , July 422, , August 435, , September 449, , October 462, , November 475, , December 489, , $ 35, Accrued 2029 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 489, , , February 502, , March 516, , April 528, , May 542, , June 552, , , July 566, , August 579, , September 593, , October 606, , November 619, , December 633, , $ 16, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 29 of 133

30 Cash Management - Availability Accrued 2030 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 634, , , February 648, , March 661, , April 661, , , May 674, , June 686, , , July 699, , August 713, , September 726, , October 740, , November 753, , December 767, , $ 27, Accrued 2031 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 770, , , February 784, , March 797, , April 811, , May 825, , June 836, , , July 850, , August 863, , September 877, , October 891, , November 904, , December 918, , $ 12, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 30 of 133

31 Cash Management - Availability Accrued 2032 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 919, , , February 933, , March 946, , April 908, , , May 922, , June 933, , , July 947, , August 961, , September 974, , October 988, , November 1,002, ,002, December 1,016, ,016, $ 67, Accrued 2033 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,008, , ,008, February 1,021, ,021, March 1,035, ,035, April 927, , , May 941, , June 945, , , July 959, , August 972, , September 986, , October 1,000, ,000, November 1,014, ,014, December 1,027, ,027, $ 153, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 31 of 133

32 Cash Management - Availability Accrued 2034 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 786, , , February 800, , March 813, , April 768, , , May 782, , June 792, , , July 805, , August 819, , September 832, , October 846, , November 860, , December 873, , $ 317, Accrued 2035 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 755, , , February 768, , March 782, , April 613, , , May 627, , June 638, , , July 651, , August 665, , September 678, , October 692, , November 705, , December 719, , $ 316, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 32 of 133

33 Cash Management - Availability Accrued 2036 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 709, , , February 723, , March 736, , April 750, , May 763, , June 775, , , July 788, , August 802, , September 815, , October 829, , November 843, , December 856, , $ 25, Accrued 2037 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 859, , , February 873, , March 886, , April 877, , , May 891, , June 903, , , July 916, , August 930, , September 944, , October 957, , November 971, , December 985, , $ 35, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 33 of 133

34 Cash Management - Availability Accrued 2038 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 988, , , February 1,002, ,002, March 1,015, ,015, April 1,016, , ,016, May 1,030, ,030, June 1,041, , ,041, July 1,055, ,055, August 1,069, ,069, September 1,082, ,082, October 1,096, ,096, November 1,110, ,110, December 1,124, ,124, $ 26, Accrued 2039 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,127, , ,127, February 1,141, ,141, March 1,155, ,155, April 1,168, ,168, May 1,182, ,182, June 1,194, , ,194, July 1,208, ,208, August 1,221, ,221, September 1,235, ,235, October 1,249, ,249, November 1,263, ,263, December 1,277, ,277, $ 13, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 34 of 133

35 Cash Management - Availability Accrued 2040 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,278, , ,278, February 1,292, ,292, March 1,306, ,306, April 1,270, , ,270, May 1,284, ,284, June 1,296, , ,296, July 1,310, ,310, August 1,324, ,324, September 1,338, ,338, October 1,352, ,352, November 1,366, ,366, December 1,380, ,380, $ 65, Accrued 2041 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,382, , ,382, February 1,396, ,396, March 1,410, ,410, April 1,302, , ,302, May 1,316, ,316, June 1,327, , ,327, July 1,342, ,342, August 1,356, ,356, September 1,370, ,370, October 1,384, ,384, November 1,398, ,398, December 1,412, ,412, $ 137, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 35 of 133

36 Cash Management - Availability Accrued 2042 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,415, , ,415, February 1,429, ,429, March 1,443, ,443, April 1,398, , ,398, May 1,412, ,412, June 1,424, , ,424, July 1,438, ,438, August 1,452, ,452, September 1,466, ,466, October 1,480, ,480, November 1,494, ,494, December 1,509, ,509, $ 72, Accrued 2043 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,407, , ,407, February 1,421, ,421, March 1,435, ,435, April 1,251, , ,251, May 1,265, ,265, June 1,272, , ,272, July 1,286, ,286, August 1,300, ,300, September 1,314, ,314, October 1,328, ,328, November 1,342, ,342, December 1,356, ,356, $ 321, PRN:05/08/2014 FSCatlanta, LLC - License # P Page 36 of 133

37 Cash Management - Availability Accrued 2044 Month End Projected Balance Funds Committed Interest Not Paid Expenditures Over/Under Available January 1,357, ,357, $ 0.00 PRN:05/08/2014 FSCatlanta, LLC - License # P Page 37 of 133

38 Percent Funded - Annual - Chart. PRN:05/08/2014 FSCatlanta, LLC - License # P Page 38 of 133

39 Expenditures - Matrix Description Asphalt Parking: Sealcoat, Restripe, R 18,368 10,023 Asphalt Shingle 20YR R&R 98,856 Asphalt: Mill & Overlay 1.5" Bath Mirrors 157 Bath Sink & Faucet ADA R&R Drives/Sidewalks: Concrete Repair 5,006 Electrical Panel Replacement Exterior Door R&R Exterior Veneer Repairs (2014) 35,043 Exterior Veneer/Decor Repair 9,547 9,595 9,643 9,691 9,740 9,789 9,838 9,887 9,937 Fence:Steel/Alum 3/4 Picket/2.5 Post Fence:Steel/Alum 3/4 Picket/2.5 Post Fiberglass ADA Shower Unit R&R Fiberglass Shower Unit R&R Grub Retention Ponds 2,004 2,014 2,024 2,034 2,044 2,054 2,065 2,075 2,085 2,096 Gutters & Downspouts 6" Aluminum Hand Dryers ADA R&R 1,250 Landscape Timer: 24+ Station R&R 2,614 3,503 5,281 Light Fixtures & Paddle Fans Mail Center R&R Motor HP R&R Paint: Covered Porches (Concrete Flo 1,629 Paint: Exterior Cornice Only 2,523 8,740 22,622 10,725 37,080 2,626 Paint: Exterior Walls Only 9,424 35,167 87,305 37, ,289 9,808 Paint: Interior Walls & Trim 1,583 Paint: Metal Picket Fence/Rail Pool Cover Replace Pool Furniture: Restrap 1,219 1,250 Pool Light Fixture R&R Pool Replaster 13,753 Pool Tile R&R 3,201 Pool: Chairs R&R Pool: Chaise Lounge Chair R&R PRN:05/08/2014 FSCatlanta, LLC - License # P Page 39 of 133