A.
Reserves as of March 31, 2011:
Total owners equity / Net cash available at the end
of March 2011 was
$1,314,300.73
Fund
Balances as of the end of March 2011
a.
Operating
cash balance as of the end of March 2011: $73,143.84
b.
Reserve
Funds:
1)
Unrestricted capital reserves:
$ 735,336.16
2)
HVAC dedicated replacement reserve
fund booked balance:
$ 516,088.23
Total Reserves $ 1,251,424.39
Note
1 re Reserve Funds:
2011 Monthly reserve contributions total $26,020.75 into respective reserve
accounts as follows:
-
General Reserves for 2011 = $14,083.33 per month
-
Restricted HVAC Reserves for 2011 = $11,937.41 per month
B.
Morgan Stanley / Smith Barney
Investment Firm:
-
Designated by Board of Directors
to invest all Reserves as of January, 2008.
-
Ted Hart, located at Connecticut
and L Street, NW, remains as our Investment Advisor.
-
Every month, Morgan Stanley /
Smith Barney conducts an electronic transfer of Reserves from The Lauren's
RBC Operating Account directly
into our respective -General and HVAC Reserve accounts.
-
Said transaction is confirmed
monthly by them to the Board, Lauren Management , and Simmons Management.
-
All NON
Morgan Stanley / Smith Barney CDs purchased prior to this account have
been sent to them for investment. There are no other Money Market
Investments outside this investment account.
The last and final one matured in 2010 and was transferred accordingly.
C.
Capital Improvements
- Five Year Reserve Study:
-
2007
Reserve Study is available upon request, which covers projections through 2012
-
Reserve
Studies are recommended to be done every 5 years.
-
Our
next Reserve Study is currently under way.
- Capital
Expenditures: 2011
a.
BUDGETED / PLANNED: Total = $
224,496
Budgeted Capital Expenditures 2011:
Approved
Paid YTD
a.1)
$ 30,284 (EST) - Chiller Repair
No
Pending
a.2)
$ 19,068 (EST) - Cooling Tower Repair
No
Pending
a.3)
$ 23,778 (EST) - Exhaust Fans
No
Pending
a.4)
$ 10,095 (EST) - Security System Phased
Replacements
No
Pending
a.5)
$ 33,970 (EST) - Sealants, Windows,
Doors,
Phased Replacements
No
Pending
a.6)
$ 66,601 (EST) - Walls, Inspection &
Partial
Masonry Repointing
No
Pending
a.7)
$ 2,000 (EST) - Fade
Inspection
No
Pending
a.8)
$ 4,200 (EST) - Reserve Study
Yes
$ 2,100
a.9)
$ 7,000 (EST) - Parking Lot Repairs
No
Pending
a.10)
$ 25,000 (EST) - Front Entryway
Modification
No
Pending
a.11)
$ 2,500 (EST) - Computer & Software-
Business Office
Yes
Pending
TOTAL YTD
$
2,100.00
NOTE REGARDING GENERAL LEDGER ACCOUNT NUMBERS:
b.
UNPLANNED:
-
Line
item 60065 for unplanned capital improvements in the amount of
$60,000 for calendar year 2011
-
YTD
$3,891.25 has been spent and paid for unplann
UNPLANNED CAPITAL EXPENDITURES YTD:
APPROVED
PAID YTD
b.1) $875 (EST) Elevator Pads
Yes
$ 875.00
b.2) $796 (EST) Office
Chair/Designer Fees Yes
$ 795.90
b.3)
$963 (EST) Elevator Floor Mats
Yes
$ 962.60
b.4)
$662 (EST) Parking Lot Receiver
Yes
Pending
b.5)
$188 (EST) Designer Fees
Yes
$ 187.50
b.6) $1,071
(EST) Water Leak 1013 / 812
Yes
$1,070.25
b.7) $20,000 (EST) 4th Water Heater
Yes
Pending
TOTAL YTD
$ 3,891.25
D.
2011 Year End Reserves Projection
At
the end of 2011 our Reserve Fund will be approximately
$1,262,553.05
March 2011 Reserve Total:
$1,251,424.39
April thru Dec. 2011 monthly
contributions @$ 26,020.74/Month
$ 234,186.66
2011 Interest
$ 20,000.00
Total
Projected Reserves December, 2011
$ 1,505,611.05
Projected
Capital Expenses- Remainder of 2011:
($ 222,396.00)
Pending
UNPLANNED CAPITAL EXPENSES (2011):
($
20,662.00)
Projected
Reserve Balance less BUDGETED AND
UNPLANNED
Capital Expenses- December, 2011:
$
1,262,553.05
E.
Budget versus Actual Expenditures
-
Over the past 10 years our
budget estimates have fallen within 2% to 3% of actual
expenditures.
-
Our 2010 operating expenses,
according to audit, were 1.87% over budget with utility expenses being
approximately $16,000 over budget due primarily to higher gas consumption.
F.
Graphs
The following graphs, courtesy
of fellow owner Joe Morris, show:
