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Exhibit E Public Offering Statement Windward Pointe CondominiumPRO FORMA ANNUAL BUDGET FOR 44 UNITSAccounting & Administrative Management Fee Annual Accounting Audit Legal and Bank Charges Building/Liability Insurance (Common Areas) Common Utilities Street Light(s) Water (Fire Hydrants) Water (Irrigation) Grounds Maintenance (Common Elements) Mowing and Landscape Maintenance Plantings Maintenance Snow Plowing/Removal/Sanding Repairs Miscellaneous Painting Miscellaneous Repairs/Building Mainten
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PRO FORMA ANNUAL BUDGET FOR 44 UNITS
Accounting & Administrative Annual TotaManagement Fee $8,976Annual Accounting Audit $300Legal and Bank Charges $100Building/Liability Insurance (Common Areas) $8,800
$18,176
Common Utilities
Street Light(s) $2,688
Water (Fire Hydrants) $820
Water (Irrigation) $1,000
$4,508
Grounds Maintenance (Common Elements)
Mowing and Landscape Maintenance $28,600Plantings Maintenance $1,925Snow Plowing/Removal/Sanding $19,800
$50,325
Repairs
Miscellaneous Painting $450Miscellaneous Repairs/Building Maintenance $1,100Miscellaneous Supplies $250Irrigation Startup, Winterization & Repairs $750
$2,550Capital Improvement Escrow
Reserves $12,100
Riverbend Woods Association Dues
Annual Maintenance & Reserves $7,391
$95,050
Annual Budget divided by 44 Units equals 2,160
Monthly Cost Estimate $180
TOTAL ANNUAL BUDGET ESTIMATE
Windward Pointe CondominiumExhibit E Public Offering Statement
Notes:
1. Management Fee assumes independent management company.
2. This budget has not been adopted by the Association and is only an estimate of a possible Association budget.
3. Building/Liability insurance as noted in the Declaration and Bylaws, is required on all common areas and has been estimated at Year
2011 rates.
4. Common Open Space land is assessed as part of individual unit taxes by the Town of Wells.
5. See attached sheets for assumptions for Replacement Reserves.
Condo Budget.xls November 10, 2011 Pro Forma Budget
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RESERVE ACCOUNT SUMMARY
Repavement Roads, Parking Areas, Drives, Sidewalk Total Cost Annual Cost
73,115 s.f. paved area resurface @ $.55/s.f.Total to resurface every 15 years 40,213$ $2,681
Roofs
Material estimate $13,250 per 4 Unit building 145,750$Labor estimate $12,250 per 4 Unit building (8 days, 5 men) 134,750$
Total labor & materials to replace every 30 years 280,500$ 9,350$
Exterior Siding, Windows, Shutters
Material estimate $33,070 per 4 unit building 363,770$Labor estimate $7,600 per 4 unit building (10 days, 5 men) 83,600$
Total labor & materials replaced every 40 years 447,370$ 11,184$
Signage/Lights
Cost to replace every 20 years $2,500 125$
Pond Maintenance
Cost to remove sediments every 20 years $500 25$
TOTAL ESTIMATE OF RESERVES NEEDED 770,583$ 23,340$
Windward Pointe Condominium
Note:
Based on interest on accumulated funds, the actual estimated yearly contribution to the Reserve Account is
estimated to be $12,100.
Condo Budget.xls July 15, 2011 Reserve Acct Summary
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WINDWARD POINTE CONDOMINIUM
CAPITAL IMPROVEMENT ACCOUNT PROJECTIONS
YEAR CONTRIBUTION CUM. CONTRIB. CUM. ACCOUNT
(Assumes No Inc.) BALANCE PAVING ROOFS
SIDING/
WINDOWS
SIGNS &
POND BALANCE
**Bal. 15,400$ 15,400$
1 12,100$ 27,500$ 27,962$2 12,100$ 39,600$ 40,901$3 12,100$ 51,700$ 54,228$4 12,100$ 63,800$ 67,955$5 12,100$ 75,900$ 82,093$6 12,100$ 88,000$ 96,656$7 12,100$ 100,100$ 111,656$
8 12,100$ 112,200$ 127,106$9 12,100$ 124,300$ 143,019$
10 12,100$ 136,400$ 159,409$11 12,100$ 148,500$ 176,292$12 12,100$ 160,600$ 193,680$13 12,100$ 172,700$ 211,591$
14 12,100$ 184,800$ 230,038$15 12,100$ 196,900$ 40,213$ 208,826$16 12,100$ 209,000$ 227,191$17 12,100$ 221,100$ 246,107$18 12,100$ 233,200$ 265,590$19 12,100$ 245,300$ 285,658$
20 12,100$ 257,400$ 3,000$ 306,327$21 12,100$ 269,500$ 327,617$22 12,100$ 281,600$ 349,546$23 12,100$ 293,700$ 372,132$24 12,100$ 305,800$ 395,396$25 12,100$ 317,900$ 419,358$
26 12,100$ 330,000$ 444,039$27 12,100$ 342,100$ 469,460$28 12,100$ 354,200$ 495,644$29 12,100$ 366,300$ 522,613$
30 12,100$ 378,400$ 40,213$ 140,250$ 369,928$31 12,100$ 390,500$ 140,250$ 252,876$32 12,100$ 402,600$ 272,562$33 12,100$ 414,700$ 292,839$34 12,100$ 426,800$ 313,724$35 12,100$ 438,900$ 335,236$36 12,100$ 451,000$ 357,393$37 12,100$ 463,100$ 380,215$
38 12,100$ 475,200$ 403,721$39 12,100$ 487,300$ 427,933$40 12,100$ 499,400$ 447,370$ 5,501$
CAPITAL EXPENSES
Notes:
* Cumulative account balance assumes 3% growth on account balance after capital expenditures are deducted.
** Beginning balance based on estimated amount in account at time of transfer to Association.
Condo Budget.xls July 15, 2011 Capital Improvement Acct.
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ACCOUNT SUMMARY
RIVERBEND WOODS ASSOCIATION
Street/Sidewalk Maintenance Total Cost Annual Cost
75,950 s.f. paved area resurface @ $.55/s.f.Total to resurface every 15 years 41,773$ $2,785
Grounds Maintenance (Common Elements)
Mowing and Landscape Maintenance $8,400Plantings Maintenance $425Irrigation $1,000Snow Plowing/Removal/Sanding $6,000
Stormwater Maintenance $400 $16,225
Common Utilities
Street, Sign, Flag Light(s) & Irrigation Pump $3,500 $3,500
TOTAL ANNUAL BUDGET ESTIMATE $22,510
Annual Budget divided by 134 Units equals $168 Monthly Cost Estimate $14.00
Notes:
1. Budget assumes Gateway Drive will remain a private road unless accepted by the Town.
2. This budget has not been adopted by the Association and is only an estimate of a
possible Association budget.
Condo Budget.xls November 10, 2011 Riverbend Woods Association
