Misc. Website Items 2013 LLA Reserve Study | Page 6

contract.
4.

The cost of replacement should be high enough to make it
financially unsound to fund it from the operating budget.
(Typically at least $3,000)

5.

Items such as periodic painting or landscape maintenance are
generally not considered as capital expenditures by the IRS.
For Association budgeting purposes however we may include
some large, non-annual maintenance items in the Reserve Table.
You should consult with your Accountant to verify the proper
treatment of all components listed in this study for tax purposes.
(Capital vs. Expense)

The statements in this report are opinions about the present condition of
the subject community. They are based on visual evidence available
during a diligent investigation of all reasonably accessible areas falling
under the responsibility of the Association. We did not remove any
surface materials, perform any destructive testing, or move any
furnishings. This study is not an exhaustive technical evaluation. Such an
evaluation would entail a significantly larger scope than this effort. For
additional limitations refer to the Limitations Section of this report.
3.3 Sources of Information

Onsite inspections of the property occurred on the following dates:
•
•
•

June 27, 2013
July 9-11, 2013
August 26, 2013

The following people were interviewed during our study:
•
•
•

Bob Kimble, General Manager, Lake Linganore Association
Brett Hamilton, Village Manager, Lake Linganore Assoc.
Gary Jenkins, Financial Manager, Lake Linganore Assoc.

The following documents were made available to us and reviewed:
•
•
•
•
•

Overall Community Map, untitled, undated
Engineering plans for various villages at LLA offices
LLA Road Standards, dated June 3, 1996
LLA Contract Services Pinehurst Paving, p. 5-11 of 13
Website: Frederick County at a Glance
www.frederickcountymd.govTrail Map Pocket Guide, published
Summer 2012

We have incorporated information from the websites of the following
agencies:
Lake Linganore Association- www.lakelinganore.org
based our cost estimates on some or all of the following:
•
Lake Linganore
New Market, Maryland
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R.S. Means