CAPITAL NEEDS ASSESSMENT

An Innova capital needs assessment report is composed of the following sections:

Executive Summary:
Innova provides a summary of findings, outlining the observations of the Innova inspection team. The Executive Summary includes recommendations for major repairs, renovations and replacements. Critical and/or immediate building needs are also noted.

Narrative Description:
Innova produces a detailed narrative description of all building systems, unit and common area conditions. Each system, area or component is evaluated from the observations of the site inspection team and input from management. Any items judged to be needing replacement, renovation or repair is noted and explained as are items determined to have a long term serviceable life. The report contains pictures of all items and areas of note. Costs for replacements, renovations and repairs required within a 12 month period are estimated.

Reserve for Replacement Worksheet:
A spreadsheet is produced that lists all building components and systems with estimates for capital improvements that will likely be incurred over a 20 year period. The remaining useful life of each component or system is noted (using industry standard data) based on the placed in service date. The spreadsheet takes inflation as well as current and future reserve amounts into account and forecasts the capital needs of the building for the entire period.