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of the Annual Meeting May 14, 1997 Call to Order The meeting was called to order by President Dr. Brian Larkin at 7:15 p.m. in the Marriott Washington Hotel. Attendance Present were five members of the Board of Directors, President Brian Larkin, Vice President, Joe Morris, Treasurer Waldemar Wajszczuk, Jr., Secretary, John Doolittle and Member, Eileen Collins. A sufficient number of owners were present in person or represented by proxy to constitute a quorum (55.12 percent). Also present were Joseph Douglass, an attorney with the firm that provides the Lauren Board with legal counsel, Whiteford, Taylor and Preston and Susan Fitzpatrick controller with the financial manage. Proof of Notice Property Manager, Walter Krolman, verified that notices of the Annual Meeting had been delivered by certified mail to all owners. Reading of the Minutes The reading of the minutes of the 1996 Annual Meeting was waived by consent of the membership. President's Report Dr. Larkin saw the accomplishments of the past year as a continuation of the ideas and efforts provided by previous boards. He stressed that he has been guided by four principles that have never changed. The Lauren is a business which runs a three-quarter million dollar annual budget and maintains a 15 million dollar investment. Larkin noted that the Board took specific measures to run the Association in a more efficient manner. They include establishing a Cost Containment Committee and Revenue Enhancement Committee, modifying the Lauren fee schedule, adjusting the hot water in the building, testing the electrical, mechanical functioning as well as the air flow systems and reworking the Personnel Policy Manual. The Lauren is an investment. The Marketing Committee was established to reposition the building in the condominium real estate market which includes helping to increase rental rates, according to Larkin. In addition, he said the Zoning Committee has been working to help everyone in the building better understand what the zoning options are for the Lauren. Landscaping at the Lauren is superb and the Roof Garden will soon have a new picnic table, according to Larkin. The Lauren is home to nearly 300 people. In an effort to make residents more secure, the Board began its term last year with a walk through of the building to examine physical plant and safety features, said Larkin. He also mentioned the creation of a Security Committee and drafting of an Emergency Evacuation Plan. Other measures Larkin listed included installing flood lights on Sunderland Place, requiring staff to attend emergency preparedness meetings and maintaining a list of all persons who regularly w The Board is ultimately responsible. The Board, according to Larkin, has recognized its responsibilities by first acknowledging the challenges facing the building and then taking steps to meet those challenges head on. Larkin listed some of the accomplishments that demonstrate the proactive stance the Board has taken. These were: upgrading the Lauren; understanding the zoning issues; reviewing our business operations; maintaining a professional administration and management structure to run the building an Larkin asked, what lies ahead and answered his query with the concern that complacency is the biggest problem which could interrupt the progress that has been made. The complacency he worries about concerns the day-to-day management of the building and the financial structure of the Lauren. In particular he stressed the need to plan for the expenses that lay ahead. One example Larkin mentioned was the building's aging chiller. He said that if the Board does not install a new chiller when it is due, the old one could leak requiring the purchase of replacement freon at exorbitant prices. In essence, Larkin said the Board must remain pro active to maintain the integrity of the building's structure and avoid wasteful expenses. President Larkin gave thanks to board members for their work and was especially appreciative for Walter Krolman's efforts during the past year adding that he has responded with grace and humor to the Board's requests. Larkin also praised Krolman's helping to contain costs. Then Larkin praised the gardening work of Don Benedick and Cacho. Next, Larkin saluted all the persons who served on Lauren committees. Treasurer's Report In April, The Lauren's finances continued to display the healthy trend that began in January. The Lauren's official financial statements show that the capital reserves climbed to $279,551, up $58,000 from March 31. Forty-five thousand dollars of this increase resulted from the transfer of surplus 1996 operating funds to the reserve accounts, which the Board approved earlier this year. The total cash on hand as of April 30 was $340,939,781, down $4,000 from March, while the Association had $310,902 as net a. The amount of operating income The Lauren received in April was roughly $425 more than anticipated. Most of this was the result of higher than expected interest income. As for expenses, six of the eight major budget categories (Utilities - $144, Contracted Expenses - $228, Professional Services - $1603, Admin Expenses - $217, Insurance - $511, and Capital Expenditures - $4,375) were under budget. Maintenance costs exceeded the budgeted amount by $794 due to the timing of ground supply expenses, while Perso. Several of this year's planned capital projects have been completed, but as of April 30, the Association has not been billed for the work. The total value of the completed work thus far is $21,750. However, in April, the Association did make one capital expenditure of $1,639 for the initial work on the new canopy.--Waldemar J. Wajszczuk, Jr. Committee Reports Marketing Committee Chair John Doolittle reviewed the charge to the committee to reposition the Lauren as an upscale condominium and to develop a program of marketing support for sellers, leasers and Realtors. As the first steps toward implementing those goals, Doolittle mentioned the sample brochures extolling the virtues of the Lauren. Then he used an Internet hookup and projection screen to show off the new which graphically highlighted the advantages of living and working in the Dupont Circle are Zoning Committee Chair Joe Morris summarized the conclusions of the report prepared by the Zoning Committee. He also mentioned the alternatives he felt the Lauren could pursue if it wanted to change the zoning status of the building. [Following the regular meeting, Morris lead a discussion concerning zoning issues as they impact the Lauren. After a lively exchange of opinions about the makeup and future of the building, Brian Larkin asked the assembled to vote whether or not the building should request a zoning change to commercial status. The vote was unanimous in favor of pursuing a change to commercial designation, C3C. This was not a vote of the Association.] Lobby Renovation Committee Chair Roger Hirschland could not make the beginning of tonight's meeting but indicated in a communication that he will continue on the committee if the new board so requests it. He also said that he prefers to use as much of the existing elements as possible. In addition he has some questions about compliance with ADA act. Security Committee Chair Elizabeth VanderPutten conducted a walk-through of the building last year. The committee also was instrumental in getting lights installed on the Sunderland side of the building and half-dome mirrors on all floors which allow residents to literally see around corners. Election of Inspectors of Election Three persons in the meeting were selected to serve as electors, Mason Essif, Dave Lilling and Mary Nathalie Peter. Nomination and Election of Officers It was moved and seconded that nominations be closed. The slate composed of Eileen Collins, John Doolittle, Joe Morris, Elizabeth VanderPutten and Waldemar Wajszczuk was elected by acclamation. Unfinished Business There was no unfinished business. New Business No new business was offered. Adjournment The meeting was adjourned at 9:15 p.m. Respectfully Submitted, John Doolittle, Secretary Copies of the Minutes of this meeting may be obtained via e-mail by sending Property Manager Walter Krolman a request at info@lauren.org Contact the Board by E-Mail info@lauren.org |
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