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Solera Diamond Valley View May 2021

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SOLERA DIAMOND VALLEY COMMUNITY ASSOCIATION 951.652.5766 David May, General Manager david.may@seabreezemgmt.com Irma Rabago, Assistant General Manager irma.rabago@seabreezemgmt.com Melissa Valona, Lifestyles Director melissa.valona@seabreezemgmt.com Teri Collett, Property Service Manager teri.collett@seabreezemgmt.com Monica Roman, Concierge monica.roman@seabreezemgmt.com Facility Monitors: Dale Breault, Julian Rabago COMMUNITY WEBSITE www.soleradiamondvalley.com PULTE WARRANTY SERVICE socalservice@pulte.com • 949.255.1650 SEABREEZE CUSTOMER CARE 800.232.7517, option 1 • customercare@seabreezemgmt.com GUARD SYSTEMS INC. On-Site Community Patrol 951.388.4049 • 800.606.6711 (secondary) BOARD OF DIRECTORS President, Robert Vise, SDVrvise52@gmail.com Vice-President, Jim Harris, jharris.sdvboard@gmail.com Treasurer, Ralph Grider, rgrider.sdvboard@gmail.com Secretary, Linda Weiss, dweiss.sdvboard@gmail.com Member at Large, Dana Kilpatrick, dkilpatrick.sdvboard@gmail.com HOURS OF OPERATION MOUNTAIN VIEW LODGE 1645 Paseo Diamante, Hemet, CA 92545 Lodge & Pool Hours: Sunday: 7 am - 8 pm; Monday - Saturday: 7 am - 9 pm After Hours Monitor Contact 951.313.2071 PUBLICATION EDITOR-IN-CHIEF Melissa Valona COMMUNICATIONS COMMITTEE Theresa Rossetti, Chairperson • Sherrie Chaparro, Secretary Dick Roppé • Clare Mendez • Cindy De Leon PRODUCTION Image Up Advertising & Design and Kevin Walker, Arrow Printing ARTICLE SUBMISSIONS All submissions must be emailed to Melissa.valona@ seabreezemgmt.com no later than the 10th of the month. Articles should not exceed 500 words, 250 words for club news and 100 words for groups. The View is published monthly by the Solera Diamond Valley Community Association (SDVCA). This publication is copyrighted and may not be reproduced or reprinted without the written permission of SDVCA. Submitted articles published at the approval and discretion of the Editor- in-Chief. ADVERTISING Contact Stacey Parr at (909) 435-5042 or email staceyimageup@yahoo.com. Reserve Study Season By David May, General Manager Yet another season is upon us – Reserve Study Season! Well, okay, that's not really a season, like spring or summer. But it is a time during the year when the annual reserve study takes place. So, what exactly is a reserve study? Basically, a reserve study is an analysis of the HOA's physical and financial assets. Think of it like your home and all of your belongings, along with your savings account to cover repairs and replacements around the home. You want to make sure that if something breaks down, you will have enough in your bank account to cover the repair or replacement of the item. So the idea of a reserve study is to take a close look at all of the association's assets and determine their status, along with the money that will be needed to maintain or replace them. The reserve study process is that once every three years it is required by the Davis-Stirling Act that an on-site review of all of the association's assets be conducted. This will include a verification of the component inventory, a visual observation of the condition of each asset, an estimate of the life and valuation of each asset, a determination of the reserve fund status, and a funding plan for all of the association's assets. During each of the two intervening years, a no-site visit update reserve study is performed by the reserve study company. Here at Solera Diamond Valley, we use a company called Reserve Studies, Inc., or RSI. Based on their on-site study that they do every three years, they will annually update their life and valuation estimates, the reserve fund status, and the funding plan for the association. The resulting reserve study is a document of around 63 pages with a lot of spreadsheets and costs and estimates and such that show each component of the study, its current and projected life span, when it will probably need to be replaced, the estimated replacement cost, and the depreciation schedule for each asset. From all of this information, RSI puts together a summary that details the total budgeted reserve contribution from each member, the recommended monthly contribution from each member, the recommended dollar increase or decrease from each member, and what, if any, special assessment should be levied in order to make up a short-fall of reserve funds. Also, the total funds to cover the cost of components that need to be replaced within five years are shown along with the percent funded as of the beginning of the previous fiscal year (FY) and the ending of that same fiscal year. In the case of Solera, that is July 1, 2020 to June 30, 2021. On the last reserve study completed in April 2020, Solera was funded at 86.74% at the beginning of the 2020/2021 fiscal year and estimated to be funded at 82.42% at the end of the current fiscal year. Due to some very large reserve expenditures, like the rehab on the pools, the current FY reserves have dipped below the previous estimates. However, with the construction defect lawsuit winding down, the Board estimates that the reserve funds should be back close to the estimates for the current FY end. Overall, the association's reserve funds are in very good shape, and good news like that is always worth celebrating! Happy Reserve Study Season!

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