Summary
This is the revised, final version of the Reserve Advisors Full Reserve Study (Reference #131645). The inspection date and effective date remain February 17, 2026, but the report was reissued September 25, 2026. It supersedes the February 17, 2026 version summarized in reserve-study-2026. Prepared by Timothy J. Matthiesen, RS (inspection and report), reviewed by Alan M. Ebert, PE, PRA, RS (Director of Quality Assurance). See reserve-advisors.
The revision narrows the study to property the HOA actually owns. The original study included a length of fence and a set of retaining walls that are not HOA property. Per the Board (confirmed to this wiki by the user, 2026-09-29), the only fencing the HOA owns is the Route 59 fence (replaced in 2019–2020) and the split-rail fencing that borders the pond/wetland. Fences at lot lines fall to the adjoining homeowners. The retaining walls are the responsibility of the homeowners (walls at or between lot lines) or of the adjacent commercial property owner (frontage-road walls).
As a result, the reserve component count fell from 6 to 5, the 30-year expenditure projection fell from $1,288,158 to $492,918, and the recommended contribution fell sharply. The revised plan recommends a 2027 reserve contribution of $2,000 (equivalent to $0.78 per owner per month, $9.30 per year), with inflationary increases thereafter. That is well below the current budgeted contribution of $7,799. The plan never projects a shortfall: the lowest year-end balance in the 30-year horizon is $32,576 (2051).
Key Provisions
- Study type: Full Reserve Study; report states it exceeds APRA standards and satisfies a “Level I Full Reserve Study.” (Engagement was contracted as a Level II update with site visit — see Notable Details.)
- Property basics: planned unit development, 215 units, built 2004.
- Method: Cash Flow Method; 3.1% average annual return on reserves; 3.3% future inflation for replacement costs.
- Funding goal: keep reserves above an “adequate, not excessive” threshold in the years of significant expenditure — threshold years are 2037 (pond sediment removal) and 2050/2051 (fence and split-rail replacement).
- Starting reserves: $270,800 unaudited as of January 31, 2026; 2026 budgeted contribution $7,799 (the plan shows $7,149 for the remaining 11 months of 2026).
- Recommended contributions: $2,000 in 2027, rising $100/year to $5,200 by 2056 (full schedule on reserve-study-findings).
- Update cadence: the cover letter recommends budgeting for an update in two to three years; Section 4.7 recommends every three years.
- Funding method advocated: level monthly reserve assessments adjusted for inflation; Reserve Advisors does not advocate special assessments or loans unless near-term circumstances require them (Section 5).
Reserve Components (5)
| Line | Component | Quantity | Condition | First event | HOA share | 2026 cost per phase | Inflated cost |
|---|---|---|---|---|---|---|---|
| 4.285 | Wood shadow-box fence, east perimeter (Rte. 59) | 1,350 LF | Good to fair; about 7 years old | 2034 (again 2050) | 100% | $59,400 | $77,017 (2034); $129,477 (2050) |
| 4.286 | Wood split-rail fence, pond area (north perimeter of pond area) | 300 LF | Poor; original | 2027 (again 2051) | 100% | $7,500 | $7,748 (2027); $16,888 (2051) |
| 4.730 | Pond (Hemlock/Snowberry) sediment removal, partial | 2,550 sq yd surface; 1,915 sq yd per phase (75%) | Good; original | 2037 | 100% | $86,175 | $123,164 |
| 4.731 | Pond (North/Shared) sediment removal, partial | 16,780 sq yd surface; 4,195 sq yd per phase (25%) | Good; original | 2037 | 45% | $84,949 (HOA share) | $121,412 (HOA share) |
| 4.800 | Entrance monument signage, renovation (masonry, light fixtures, aluminum fence) | 1 allowance | Good; original; cracks at coping | 2031 (again 2056) | 100% | $4,500 | $5,293 (2031); $11,919 (2056) |
Anticipated expenditures by year: 2027 $7,748; 2031 $5,293; 2034 $77,017; 2037 $244,576; 2050 $129,477; 2051 $16,888; 2056 $11,919. Total $492,918 over 30 years; five-year outlook (2027–2031) is $13,041.
Excluded Components (Section 2)
| Category | Items |
|---|---|
| Operating budget (repairs under $2,000) | Landscape catch basins; detention basins; wood fence stain/seal and ongoing partial replacements; landscape; ponds’ bathymetric surveys, chemical treatments, erosion control and native-area maintenance; informational signage |
| Long-lived (indeterminate life) | Common electrical system; concrete inlet/outlet structures of the storm water system |
| Owners’ responsibility | Fences at lot lines; homes and lots; retaining walls at/between lot lines (about 6,500 sq ft; about $300,000 in 2026 dollars; report states Management and the Board confirm these are not common property and costs are shared by adjoining lot owners) |
| Others’ responsibility | Park development (West Chicago Park District); frontage-road retaining walls (adjacent commercial development); sidewalks parallel to streets and street systems (City of West Chicago) |
Topics Covered
reserve-study-findings, assessment-structure, hoa-annual-finances, community-areas, cost-share-arrangement, fence-regulations
Notable Details
- Supersedes the February 2026 version (reserve-study-2026). Key differences: perimeter fence 3,190 LF → 1,350 LF; masonry retaining walls ($344,080) removed; 30-year total $1,288,158 → $492,918; 2027 contribution $11,100 → $2,000; long-run contribution about $24,300 by 2031 → $5,200 by 2056; projected 2043 shortfall eliminated.
- The revised 2027 recommendation ($2,000) is below the current $7,799 contribution. The July 2026 budget preparation (board-packet-2026-07-16) still used the February study’s $11,100. The Board has discretion; the study is a planning tool, not a mandate. The reserve currently earns more in interest (about $8,650 in 2027 per the plan) than the recommended contribution.
- Fence reclassification explained: the 3,190 LF in the February version included fence that is not HOA property. The revised 1,350 LF matches the roughly 1,365 LF Route 59 fence installed by first-class-fence in 2019–2020 ($42,360), which the report describes as about seven years old.
- Split-rail fence is in poor condition and scheduled for 2027 ($7,748 inflated). The report recommends funding periodic partial replacements from the operating budget. The report locates it at the “north perimeter of the pond area,” while the July 2026 board packet placed the bid scope at the central basin — location wording is not reconciled.
- Operating-budget items the report expects the HOA to fund: annual inspection and repair of fences, stain/seal cycles, shoreline erosion and debris inspection at ponds, and monument lighting/paint upkeep.
- Recommended action: contract with a local engineer for periodic bathymetric surveys of the ponds; sediment volumes are assumed (1 yard average depth over 75% of the Hemlock/Snowberry pond and 25% of the shared pond) and could change materially.
- Minor internal inconsistency: the executive summary attributes the second funding-threshold year to shadow-box fence replacement “in 2051,” but the expenditure tables show the fence replacement in 2050 and the split-rail replacement in 2051.
- North pond share: the report uses a 45% HOA share; the wiki’s cost-share formula is 45.58% (cost-sharing-percentages, cost-share-arrangement). The difference appears to be rounding.
- Reserve balance dates: $270,800 (January 31, 2026, per the report) versus $270,599.93 (March 31, 2026, per financial-report-2026-03). Different dates, not a conflict.
- Engagement type: reserve-advisors was engaged (Nov 2025 proposal) for a Level II update with site visit at $2,200; the delivered report describes itself as a Level I Full Reserve Study. No fee change is recorded in the wiki.
- Illinois 15% reserve proposal: the report does not address it. See reserve-study-findings.