Tracking Features

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<p>There are generally two types of reserve items:</p> <ul> <li>Common Area items - which are specific to the overall property</li> <li>Unit items - which are specific to individual units</li> </ul>

There are generally two types of reserve items:

  • Common Area items - which are specific to the overall property
  • Unit items - which are specific to individual units

PRA has eight methods for tracking: four for Common Area reserve items and four for Unit reserve items:

1) Logistic-Fixed:

Items are tracked logistically (generally by location) generating projected expenditures by entering the Estimated Useful Life and the Replace Life (Estimated Remaining Life) calculating:

  • Service Date (date the item was placed in service)
  • Replacement Date (date the item is scheduled to be replaced)

Note: Logistic-Fixed method has no Adjusted Life or Recur features

2) Logistic-Adjusted

Items are tracked logistically (generally by location) generating projected expenditures by entering the Estimated Useful Life and one of the following:

  • Service Date
  • Replacement Date
  • Replace Life (Estimed Remaining Life)

The Adjusted Life is calculated which can be less, more or the same as the Estimated Useful Life entered. If the Adjusted Life is less or more than the Estimated Useful Life entered, the initial replacement expenditure will be based on the Adjusted Life and the ongoing expenditure projections can be based on the Esitmated Useful Life or the Adjusted Life.

Units tracked by the fixed and logistic methods can be tracked by phases, building, floors and by indivdual unit.

3) One Time

One Time method tracking is for common area reserve items that will not be maintained or replaced in the future. Based on the Replace Yr:Mn entered as of the analysis date or after, a one time expenditure will be made. The Estimated Useful Life is not a factor in one time method tracking.

4) Cycle

Assumes at a designated time, that a set percentage of an Item will be replaced at that time on an on going basis from year to year. The items are not necessarily tracked logistically and expenditures are budgeted annually while actual reserve items are replaced on a floating basis as decided. An Annual Reserve Percentage is calculated based on the Estimated Useful Life generating the following data for report purposes:

  • Service Date
  • Replacement Date
  • Replace Life (Estimated Remaining Life)

The data is generated and presented based upon the Annual Reserve Percentage (i.e. 20% Annual Reserve Percentage is calculated from a 5 year Estimated Useful Life generating five lines of data tracking, 100% / 5 years = 20%)

 

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