Financial
Building Envelope History and Reserves
This page consolidates the property's exterior/envelope history (siding, painting, roofing, etc.) and the 30-year reserve plan from the April 19, 2024 PONO Reserve Study (v2) for report period Jan 1, 2025 – Dec 31, 2025.
Property facts
- 21 units in 6 two-story buildings (Source: PONO Reserve Study Executive Summary).
- Constructed in 2001; Age of Project (2025): 23 years (Source: PONO).
- Subdivision plat: Multnomah County Book 1245, pages 34–35 (Source: 2025 Declaration Recitals).
Building envelope timeline
- 2017 — Previous siding project cost the Association $1,074,832 (Source: PONO Component notes — Hardie Siding).
- 2018 — Higher than normal siding cost in 2017/2018 due to the additional cost of removing existing EFIS (stucco) prior to installation of new siding. The 2018 Special Repair Assessment of approximately $1,134,000 funded these repairs to "areas that are the Association's maintenance responsibility" (Source: 2018 Special Repair Assessment Resolution).
- 2018 — Downspouts upgraded (cost and vendor unknown) (Source: PONO Component notes — Gutters and Downspouts).
- 2021 — Mailboxes (12-gang CBU) were replaced (Source: PONO Component notes — Mailboxes).
- 2022 — All balcony railings on Juliette balconies and stairwells were painted; paint is warranted for 15 years (PONO recommends an 8–10 year repaint cycle) (Source: PONO Component notes — Exterior Metal Rails Paint).
- 2023 — Painting contractor inspected all exterior surfaces and stated siding paint was good for 12+ years (PONO recommends 8–10 years) (Source: PONO Component notes — Exterior Siding & Trim Paint).
- 2024 — Reserve Study (v2) prepared 04/19/2024 by Daniel J. Brennan, RS (CAI-RS #00510), PONO Building Consultants (Source: PONO Cover).
- 2024 — Per Board notes on gutters: downspouts 3x4 color ivory, clean out 3x4 color ivory, 2x6 outlets, 2x3 cleanouts, downspouts 3x4 color black, 15 ft flashing, resloped gutter for $14,200; gutter materials warranted for 15 years (Source: PONO Component notes — Gutters).
- 2025 — Funding Model in 2025 budget targets $35,000 annual reserve contribution (recommended plan) (Source: 2025 Budget acct 6810).
- 2026 — Reserve contribution rises to $39,550 (Source: 2026 Budget acct 6810), consistent with the 13% annual increase prescribed by the recommended plan.
Reserve study — financial summary
| Metric (as of Jan 1, 2025) | Value |
|---|---|
| Starting Reserve Balance | $169,961 |
| Fully Funded Reserve Balance | $816,968 |
| Percent Funded | 21% |
| Current Replacement Cost (all components) | $1,956,393 |
| Deficit vs. Fully Funded | ($647,007) (≈ ($30,810)/unit) |
| Inflation rate (assumed) | 4.00% |
| Interest rate (assumed) | 3.00% |
(Source: PONO Executive Summary.)
Funding plans
| Plan | First-year contribution | Per-unit/month | Meets 30-yr expenditures? | First deficit year |
|---|---|---|---|---|
| 2025 Funding Model ★ (recommended) | $35,000 | $138.89 | Yes | N/A |
| Current (status quo) | $33,291 | $132.11 | No | 2039 |
| Funding Model B | $40,000 | $158.73 | Yes | N/A |
The recommended 2025 Funding Model prescribes:
- Years 1–14: 13.00% annual increase to reserve contributions.
- Years 15–22: 8.00% annual increase.
- Years 23–30: 4.00% annual increase.
If maintained, this plan meets all anticipated 30-year expenditures (Source: PONO 2025 Funding Model description). The Current plan (4% annual increase) goes negative in 2039.
Component inventory
| Component | UL (yrs) | RUL (yrs) | Date in Service | Current Cost | 2025 Reserve Contribution (current plan) |
|---|---|---|---|---|---|
| Concrete (Walks) — Repair Allowance | 10 | 4 | 2019 | $2,600 | $120 |
| Hardie Siding — Replacement (52,560 SF) | 30 | 22 | 2017 | $946,080 | $14,496 |
| Irrigation — Backflow Device | 15 | 4 | 2014 | $1,955 | $60 |
| Irrigation — System Upgrades Allowance | 3 | 2 | (recurring) | $5,000 | $766 |
| Landscape — Bark-Dust | 3 | 2 | (recurring) | $3,500 | $536 |
| Landscape — Tree Maintenance | 3 | 2 | (recurring) | $5,000 | $766 |
| Landscape — Upgrades Allowance | 5 | 4 | (recurring) | $5,000 | $460 |
| Ground Flood Lights | 10 | 7 | — | $1,250 | $57 |
| Mailboxes — 12-Gang CBU (×2) | 20 | 16 | 2021 | $3,952 | $91 |
| Mailboxes — Enclosure | 22 | 15 | — | $1,976 | $41 |
| Monument Sign | 10 | 3 | — | $1,500 | $69 |
| Exterior — Metal Rails (Paint) | 8 | 5 | 2022 | $4,680 | $269 |
| Exterior — Siding & Trim (Paint) | 13 | 11 | 2023 | $156,000 | $5,516 |
| Gutters and Downspouts | 15 | 14 | 2018/2024 | $14,200 | $435 |
| Heat Stacks (×21) | 30 | 14 | — | $10,500 | $161 |
| Roofing — Low Slope Areas (×6) | 14 | 0 | — | $15,600 | $512 |
| Roofing — Presidential Shingle (51,840 SF) | 40 | 14 | — | $777,600 | $8,936 |
| TOTAL | $1,956,393 | $33,291 |
(Source: PONO Component Inventory; Percent Funded Analysis.)
Anticipated expenditures — 5-year outlook
| Year | Component(s) | Estimated Expenditure |
|---|---|---|
| 2025 | Roofing — Low Slope Areas | $15,600 |
| 2026 | (none scheduled) | $0 |
| 2027 | Irrigation upgrades; Bark-dust; Tree maintenance | $14,602 |
| 2028 | Monument Sign | $1,687 |
| 2029 | Concrete walks; Backflow device; Landscape upgrades | $11,178 |
(Source: PONO Anticipated Expenditures (5 Years).)
Anticipated expenditures — major upcoming projects
- 2030 — Exterior metal rails repaint; recurring landscape items. Total: $22,119.
- 2036 — Exterior Siding & Trim repaint (~$240,155) plus recurring landscape: $260,937 total.
- 2039 — Major roofing event: Presidential Shingle roof replacement (~$1.35M), low-slope roofing, gutters, downspouts, heat stacks, plus recurring landscape: $1,452,877 total.
- 2047 — Hardie Siding replacement (~$2.24M): $2,242,133 total.
- 2049 — Exterior Siding & Trim repaint (~$399,875) and other items: $419,357 total.
(Source: PONO Anticipated Expenditures (30 Years).)
Notes from PONO inspector and Board
- Hardie Siding: Replacement of existing Hardie Plank lap siding (Source: PONO).
- Roofing — Low Slope Areas: PONO recommends further inspection due to concerns with integration with shingled areas (Source: PONO).
- Roofing measurements were determined using Roofr roof mapping software (Source: PONO).
- Heat Stacks: Included price is for work done at the same time as roof replacement; if done separately, cost will be higher (Source: PONO).
- Gutters and Downspouts: Typically replaced in conjunction with the re-roof project to minimize mobilization and avoid damage (Source: PONO).
- Paint cycle disagreement: Painter says siding paint is good for 12+ years (2023) and rail paint is warranted 15 years (2022); PONO recommends an 8–10 year paint cycle for both.
Hidden / out-of-scope items
The PONO site visit was a limited scope visual inspection. Hidden components such as irrigation systems, vaults, stormwater facilities, electric, plumbing, utility, structural, foundations, and construction defects (known or unknown) are NOT included in the scope of this reserve study. The site visit did not include destructive or other testing (Source: PONO Disclosure).
Sources
source/PONO-RS1-SummitRidgeTH-240419-v2 Final.mdsource/590 Special Repair Assessment Resolution 05.24.18.mdsource/590 Welcome Handbook and Resolutions.md— Special Repair Assessment sectionsource/2025.07.07_summitridge townhomes_amended and restated declaration.md— Recitals- Budget documents