THE LAUREN, A CONDOMINIUM
1301 TWENTIETH STREET, N.W.
WASHINGTON, D.C. 20036
(202)-659-9483
October 24, 2008
Dear Fellow Owners at the Lauren:
In this time of economic turmoil, I wanted to give you some assurance about the assets of our condominium. I am pleased to tell you that the Lauren savings are securely invested and should not be affected by the downturn in our economy.
We have almost $1.2 million in reserve funds that we have built up over the past 20 years. All of our reserve money is safely invested in money market funds or in certificates of deposit (CDs) that have not been adversely affected by the volatile market during the past weeks. Furthermore, our funds are distributed among many banks in amounts that ensure that all of our reserves are fully insured by the Federal Deposit Insurance Corporation (FDIC).
None of our funds are invested in the stock market, and as a condominium association, we hold no property that is mortgaged; nor do we have any interest-incurring debts.
In short, your boards of directors over the years have carefully overseen our jointly owned money—i.e., your money and mine in the condominium association—so that it is safe from the vagaries of the stock market. Your current board of directors is committed to maintaining our long-term financial security.
I encourage all persons in the building to do their part to reduce utility costs that are shared by all residents. As winter approaches, please be mindful of conserving utilities: electricity, water, and the gas we use for heating. Turning off water between strokes of a shaving razor or during dishwashing; turning off lights in rooms that are unoccupied; lowering the heat when you are not at home—each of these measures, and others, will help protect the environment and keep our utility costs down.
Please contact me or other members of the board if you have questions, comments, or suggestions.
Cordially,
Roger B. Hirschland, President
For the Board of Directors:
Jeff Wertkin, First Vice President
Dwight Clark, Second Vice President
John Filice, Treasurer,
Elizabeth VanderPutten, Secretary