Exhibit E Public Offering Statement

Windward Pointe Condominium

PRO FORMA ANNUAL BUDGET FOR 44 UNITS
Accounting & Administrative
Management Fee
Annual Accounting Audit
Legal and Bank Charges
Building/Liability Insurance (Common Areas)

Annual
$8,976
$300
$100
$8,800

Total

$18,176
Common Utilities
Street Light(s)
Water (Fire Hydrants)
Water (Irrigation)

$2,688
$820
$1,000
$4,508

Grounds Maintenance (Common Elements)

Mowing and Landscape Maintenance
Plantings Maintenance
Snow Plowing/Removal/Sanding

$28,600
$1,925
$19,800
$50,325

Repairs
Miscellaneous Painting
Miscellaneous Repairs/Building Maintenance
Miscellaneous Supplies
Irrigation Startup, Winterization & Repairs

$450
$1,100
$250
$750
$2,550

Capital Improvement Escrow

Reserves

$12,100

Riverbend Woods Association Dues

Annual Maintenance & Reserves

$7,391

TOTAL ANNUAL BUDGET ESTIMATE

Annual Budget divided by 44 Units equals
Monthly Cost Estimate

$95,050
$2,160
$180

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

RESERVE ACCOUNT SUMMARY

Windward Pointe Condominium
Repavement Roads, Parking Areas, Drives, Sidewalk

Total Cost

73,115 s.f. paved area resurface @ $.55/s.f.

Total to resurface every 15 years $

Annual Cost

40,213

$2,681

Roofs
Material estimate $13,250 per 4 Unit building
Labor estimate $12,250 per 4 Unit building (8 days, 5 men)

$ 145,750
$ 134,750

Total labor & materials to replace every 30 years $ 280,500

9,350

11,184

Exterior Siding, Windows, Shutters

Material estimate $33,070 per 4 unit building
Labor estimate $7,600 per 4 unit building (10 days, 5 men)

$ 363,770
$ 83,600

Total labor & materials replaced every 40 years $ 447,370

Signage/Lights
Cost to replace every 20 years

$2,500

125

Cost to remove sediments every 20 years

$500

25

TOTAL ESTIMATE OF RESERVES NEEDED $ 770,583

23,340

Pond Maintenance

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

WINDWARD POINTE CONDOMINIUM

CAPITAL IMPROVEMENT ACCOUNT PROJECTIONS
YEAR CONTRIBUTION CUM. CONTRIB.
(Assumes No Inc.)

**Bal.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100
12,100

BALANCE

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

15,400
27,500
39,600
51,700
63,800
75,900
88,000
100,100
112,200
124,300
136,400
148,500
160,600
172,700
184,800
196,900
209,000
221,100
233,200
245,300
257,400
269,500
281,600
293,700
305,800
317,900
330,000
342,100
354,200
366,300
378,400
390,500
402,600
414,700
426,800
438,900
451,000
463,100
475,200
487,300
499,400

CAPITAL EXPENSES
PAVING

ROOFS

SIDING/
WINDOWS

CUM. ACCOUNT
SIGNS &
POND

$ 40,213

$ 3,000

$ 40,213

$ 140,250
$ 140,250

$ 447,370

BALANCE

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

15,400
27,962
40,901
54,228
67,955
82,093
96,656
111,656
127,106
143,019
159,409
176,292
193,680
211,591
230,038
208,826
227,191
246,107
265,590
285,658
306,327
327,617
349,546
372,132
395,396
419,358
444,039
469,460
495,644
522,613
369,928
252,876
272,562
292,839
313,724
335,236
357,393
380,215
403,721
427,933
5,501

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.

ACCOUNT SUMMARY
RIVERBEND WOODS ASSOCIATION

Street/Sidewalk Maintenance
Total Cost
75,950 s.f. paved area resurface @ $.55/s.f.
Total to resurface every 15 years $ 41,773

Annual Cost
$2,785

Grounds Maintenance (Common Elements)

Mowing and Landscape Maintenance
Plantings Maintenance
Irrigation
Snow Plowing/Removal/Sanding
Stormwater Maintenance

$8,400
$425
$1,000
$6,000
$400

$16,225

Common Utilities
Street, Sign, Flag Light(s) & Irrigation Pump

$3,500

$3,500

TOTAL ANNUAL BUDGET ESTIMATE

Annual Budget divided by 134 Units equals
Monthly Cost Estimate

$22,510
$168
$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