CALL TO ORDER
The 37th annual meeting of the Lauren Condominium was called to order at 7:45 p.m. by Dwight Clark, President, Board of Directors. The meeting was held at the Embassy Suites Hotel at 22nd and N Streets NW, Washington, DC.

PROOF OF NOTICE OF MEETING
The president reminded owners that they had received a mailed notification of the annual meeting.

READING OF THE MINUTES OF PRECEDING MEETING
The reading of the minutes from the 2015 annual meeting was waived and those minutes were accepted by unanimous consent of the attendees.

QUORUM
There was 46.8 percent of the ownership represented at meeting either in person or by proxy.

REPORTS OF THE BOARD OF DIRECTORS
President's Report
Dwight Clark observed that the Lauren is in good financial health. Expenses are rising but at a lower rate than inflation. Reserves continue to increase but there are major upcoming big capital expenses. Among these are the HVAC system replacements and the elevators upgrades. The HVAC system generally is working fairly well right now so there is no immediate need to replace all the Whalen units. He noted, however, that the Lauren will replace three units which are not functioning adequately. The board recently had an airflow test conducted buildingwide, and as a result we may replace other HVAC units as needed. The elevator system will at some point in the not-too-distant future need to be replaced. The Board is considering a short-term proposal to upgrade parts of the system to keep the current system working as long as possible. With new elevator codes in the city, a full upgrade would require major structural changes including installing a generator. The board will hire a consultant to provide advice on any major modifications or problems. The landscaping is still a work in progress, but overall, most residents and the board are pleased with the changes in the past year. We have a new trash pickup company that is more efficient and lower in price. The voluntary window replacement project is underway and is more popular than anyone expected. We are replacing lights in common areas with more energy efficient LEDs, or light-emitting diodes. The expected payback is about two years. Significant work has been done on the boiler system for both heating and domestic water. The project to upgrade the bathrooms on the poolhouse floor was held up due to the very high estimates for costs, but is now back on track. Finally, a management search committee is exploring the possibilities of employing a full-service management firm. One advantage would be that we could have closer connections with consultants. (See the president's talking points at President's Address).

Treasurer's Report
Treasurer John Filice reported that the total capital reserves are $2,278,164. As the president previously noted, three HVAC units are being replaced. If the cost of the units is multiplied by all the units in the building, the Lauren will have sufficient reserves by 2018 to replace the entire system. A major operating change this year was replacing a full-time in-house maintenance person with as-needed service people. The Board is carefully monitoring these as-needed service costs to determine if using ad hoc experts is more cost-effective and overall satisfactory than having an on-site maintenance person. He noted that investments of our reserves are managed by Morgan Stanley, and all funds are in government backed CD or money market funds. A new capital reserve study is in draft. The audit is complete and it is a "clean report." (For the copy of the Annual Meeting Treasurer's Report, see Treasurer's Report.)

First Vice President 
Roger Hirschland reported on the efforts to increase recycling in the building. He hopes to arrange a visit to our recycling facility to see that all the efforts are actually completed. He also talked about the efficiencies of low-flush toilets, and suggested the building might offer to pay for replacing toilets in order to save cost and consumption of water. He reminded owners that the building is using 50 percent wind energy.

Board Secretary 
Elizabeth VanderPutten thanked President Clark for his extraordinary service to the Lauren. Several owners then thanked the board members for their work.

REPORTS OF COMMITTEES
There were no committee reports.

ELECTION OF INSPECTORS OF ELECTION
Inspectors of election were not needed, given that only five persons were nominated for the five positions on the board.

NOMINATION AND ELECTION OF OFFICERS
The following candidates were nominated:

Dwight Clark
John Filice
Roger Hirschland
Aaron Kramer
Elizabeth VanderPutten

The nominees for the board were elected by acclamation.

NEW BUSINESS
In a brief discussion following the election, it was suggested, in reference to the high cost of renovating the pool house bathrooms, that the Board focus on function and preventive measures against leaking, and not on appearance or aesthetics.

ADJOURNMENT
The meeting was adjourned at 8:30 p.m.

Respectfully submitted,
Elizabeth VanderPutten, Secretary