southpark homeowners' association number 2 ... - Southpark HOA II
southpark homeowners' association number 2 ... - Southpark HOA II southpark homeowners' association number 2 ... - Southpark HOA II
SOUTHPARK HOMEOWNERS’ ASSOCIATION NUMBER 2SUPPLEMENTARY INFORMATION ON FUTURE MAJOR REPAIRS AND REPLACEMENTSDECEMBER 31, 2008(UNAUDITED)The Board updated a prior study in December 2003, which has not been subsequentlyupdated, to establish a stable level of reserve funding and to estimate the remaininguseful lives and the replacement costs of the components of common property. Theestimates were obtained from an independent engineering company which inspected theproperty.To provide sufficient funds when needed for such repairs and replacements, the studyrecommended the replacement fund component of the monthly assessment be set at$10.00 per unit, or $65,760 per year, effective 2004, and be increased by 4% annuallythereafter. Replacement Fund’s assessments were $111,792 for 2008. If suchassessment increases are implemented, the 2003 study anticipated sufficient funds tomeet its anticipated expenditures through the year 2017, and is based on a 4% annualrate of investment income.The tables below and on the following page are based on the study and presentsignificant information about the costs of repair and replacement of the Association’scommon property.UNAUDITED - AS OF DECEMBER 2003Average Per Unit Replacement Fund Replacement FundMonthly Total TotalReplacement Fund Assessment AnnualYear Beginning Assessment Income ExpensesJanuary 2004 $10.00 $65,760 $84,538January 2005 10.40 68,390 102,726January 2006 10.82 71,152 74,544January 2007 11.25 73,980 114,922January 2008 11.70 76,939 83,616January 2009 12.17 80,030 145,286January 2010 12.65 83,186 97,974January 2011 13.16 86,540 139,956January 2012 13.69 90,025 78,624January 2013 14.23 93,576 302,710January 2014 14.80 97,325 121,142January 2015 15.39 101,205 96,531January 2016 16.01 105,282 116,299January 2017 16.65 109,490 114,532Total $1,202,880 $1,673,40011
SOUTHPARK HOMEOWNERS’ ASSOCIATION NUMBER 2SUPPLEMENTARY INFORMATION ON FUTURE MAJOR REPAIRS AND REPLACEMENTSDECEMBER 31, 2008(UNAUDITED)(Continued from page 11)FutureCost forOneCategory of expenseCycle ofRepair *Parking & curbing, excluding streets $68,355Concrete replacement, including pool deck 34,182Fencing, retaining walls, lighting and irrigation system 182,930Clubhouse exterior, including roof 9,015Clubhouse interior, including carpet 46,778Pool, tennis court, and playground 121,270Clubhouse equipment 6,600Pool equipment 35,900Total $505,030Net cash in Replacement Fund, December 31, 2008 $609,867* without adjustment for inflation12
- Page 1 and 2: SOUTHPARK HOMEOWNERS' ASSOCIATION N
- Page 3 and 4: SOUTHPARK HOMEOWNERS’ ASSOCIATION
- Page 5 and 6: SOUTHPARK HOMEOWNERS’ ASSOCIATION
- Page 7 and 8: SOUTHPARK HOMEOWNERS' ASSOCIATION N
- Page 9 and 10: SOUTHPARK HOMEOWNERS' ASSOCIATION N
- Page 11: Independent Accountant's Reporton S
SOUTHPARK HOMEOWNERS’ ASSOCIATION NUMBER 2SUPPLEMENTARY INFORMATION ON FUTURE MAJOR REPAIRS AND REPLACEMENTSDECEMBER 31, 2008(UNAUDITED)The Board updated a prior study in December 2003, which has not been subsequentlyupdated, to establish a stable level of reserve funding and to estimate the remaininguseful lives and the replacement costs of the components of common property. Theestimates were obtained from an independent engineering company which inspected theproperty.To provide sufficient funds when needed for such repairs and replacements, the studyrecommended the replacement fund component of the monthly assessment be set at$10.00 per unit, or $65,760 per year, effective 2004, and be increased by 4% annuallythereafter. Replacement Fund’s assessments were $111,792 for 2008. If suchassessment increases are implemented, the 2003 study anticipated sufficient funds tomeet its anticipated expenditures through the year 2017, and is based on a 4% annualrate of investment income.The tables below and on the following page are based on the study and presentsignificant information about the costs of repair and replacement of the Association’scommon property.UNAUDITED - AS OF DECEMBER 2003Average Per Unit Replacement Fund Replacement FundMonthly Total TotalReplacement Fund Assessment AnnualYear Beginning Assessment Income ExpensesJanuary 2004 $10.00 $65,760 $84,538January 2005 10.40 68,390 102,726January 2006 10.82 71,152 74,544January 2007 11.25 73,980 114,922January 2008 11.70 76,939 83,616January 2009 12.17 80,030 145,286January 2010 12.65 83,186 97,974January 2011 13.16 86,540 139,956January 2012 13.69 90,025 78,624January 2013 14.23 93,576 302,710January 2014 14.80 97,325 121,142January 2015 15.39 101,205 96,531January 2016 16.01 105,282 116,299January 2017 16.65 109,490 114,532Total $1,202,880 $1,673,40011
Change language