Assessment and Reserve Funding Disclosure Summary
Outdoor Resort Palm Springs, Cathedral City
For Fiscal Year Beginning: 7/1/2023
# of units: 1213
1) Budgeted Amounts:
Total
Average Per Unit*
Reserve Contributions: Total Assessment Income:
$95,623.75 $596,796.00
$78.83
$492.00 per: Month 2) Additional assessments that have already been scheduled to be imposed or charged, regardless of the purpose, if they have been approved by the board and/or members: Year Total Amount Per Unit* Purpose Total: $0.00 3) Based on the most recent Reserve Study and other information available to the Board of Directors, at this point in time does it appear that currently projected Reserve account balances will be sufficient at the end of each year to meet the association's obligation for repair and/or replacement of major components during the next 30 years? Yes 4) If the answer to #3 is no, what additional assessments or other contributions/loans to Reserves would be necessary to ensure that sufficient Reserve Funds will be available each year during the next 30 years? Approximate Fiscal Year Assessment Will Be Due Average Total Amount Per Unit* Total: $0.00 5) All major components appropriate for Reserve Funding (components that are a common area maintenance responsibility with a limited life expectancy and predictable remaining useful life, above a minimum threshold cost of significance) are included in this Reserve Funding Plan: Yes 6) All computations/disclosures are based on the fiscal year start date of: 7/1/2023 Fully Funded Balance (based on formula defined in 5570(b)4): $8,350,249 Projected Reserve Fund Balance: $4,758,000 Percent Funded: 57.0 % Reserve Deficit (surplus) on a mathematical avg-per-unit* basis: $2,961 From the 4/26/2023 Reserve Study by Association Reserves and any minor changes since that date. * If assessments vary by the size or type of unit, allocate as noted within your Governing Documents. 7) See attached 30-yr Summary Table, showing the projected Reserve Funding Plan, Reserve Balance, Percent Funded, and assumptions for interest and inflation.
Prepared by: Kevin Leonard
Date: 5/23/2023
The financial representations at the time of preparation are based on the Reserve Study for the fiscal year shown at the top of this page and the best estimates of the preparer. These estimates should be expected to change from year to year. Some information on this form has been provided to Association Reserves, and has not been independently verified.
Association Reserves
1
www.ReserveStudy.com
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