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RESERVE <br />ADVISORS <br />IDENTIFICATION OF PROPERTY <br />Our investigation includes Reserve Components or property elements as set forth in your <br />Declaration or which were identified as part of your request for proposed services. The <br />Expenditure tables in Section 3 list the elements contained in this study. Our analysis <br />begins by segregating the property elements into several areas of responsibility for repair <br />and replacement. <br />Our process of identification helps assure that future building representatives and the <br />management team understand whether reserves or the operating budget fund certain <br />replacements and assists in preparation of the annual budget. We derive these <br />segregated classes of property from our review of the information provided by <br />Management. These classes of property include: <br />• Reserve Components <br />• Long -Lived Property Elements <br />• Operating Budget Funded Repairs and Replacements <br />• Property Maintained by Others <br />We advise the building representatives conduct an annual review of these classes of <br />property to confirm its policy concerning the manner of funding, i.e., from reserves or the <br />operating budget. Reserve Components are defined by CAI as property elements with: <br />• Arden Hills City Hall responsibility <br />• Limited useful life expectancies <br />• Predictable remaining useful life expectancies <br />• Replacement cost above a minimum threshold <br />The following tables depict the items excluded from the Reserve Expenditure plan: <br />Page 2.2 - Report <br />