The Lauren Condominium Association

Minutes of the Board of Directors - January 19, 2000

President Elizabeth VanderPutten called the meeting to order at 7:30 in the Manager's Office. Present were other Board members Joe Morris, Mason Essif, Eileen Collins and Waldemar Wajszczuk. Also in attendance were Property Manager Walter Krolman and resident Ivan Alenier.

Treasurer's Report

As of December 31, 1999 the Lauren had $609,334 on hand. In December, we had income of $58,336 compared with expenses of $66,176 for a monthly deficit of $7,841.

Operating income was over budget by $2,941, while operating expenses were over budget by $13,997.

In December capital expenditures of $6,006 were made primarily for continuing lobby renovations.

As of December 31, the Lauren had total income of $612,441 compared with expenses of $585,827, for a year to date surplus of $26,614. It is expected that this surplus will decrease due to expenses expected in November and December.

Since the last meeting the Association 30-month CD worth $41,066 has matured. The funds have been temporarily deposited into money market account until a replacement CD can be established.

Action Items

Parking Space

The lottery for the available Association-owned parking space was held and resident-owner Dave Lilling won the right to lease parking space D. Mr. Lilling will be offered an opportunity to sign a lease with the association for the space.

Lobby Furniture

The board has decided it will seek offers for the old lobby rug and furniture set. In event of tying bids a drawing will be held. The also Board agreed to look into acquiring a coffee table and plants to complete the lobby renovation.

Proposed Renovation Plans

The owner of unit #213 submitted renovation plans to the Board for approval. The renovations seek to re-establish and upgrade the residential quality of the unit. The Board approved the plans.

Laundry Room Renovation

Property Manger Walter Krolman received two bids for the replacement of the current laundry machines and an upgrade of the laundry room. Both bids were reviewed and The Board asked that Walter follow up with Caldwell, one of the vendors, to get a list of the pros and cons to having gas powered dryers versus electric and the cost difference involved.

Review Items

Lower Lobby Floor

The Board reviewed a proposal received from Marblex for replacing the marble floor in the lower lobby to match the floor in elevator lobby area. The Board sought to get additional information before making any decisions.

Committee Reports

Technology Committee

After reviewing the construction plans submitted by Star Power, the Board asked Walter to confirm with Star Power that the placement of junction boxes in the trash chute would not interfere with operation of the chute or access to the trash chute room.. The Board also sough clarification on how and where the network interface device would be placed in individual units.

Property Manager's report

Spot Bonuses

Property Manager Walter Krolman recommended spot bonuses for several members of the Lauren Staff and the Board approved. Receiving the bonuses are Angela, Thomas & Letta for doing an outstanding job of covering the front desk while Henry was on vacation, and Cacho for outdoing himself with this year's Christmas decorations.

The Board would also like to formally thank Cacho & Sergio for doing an excellent job of keeping the sidewalks clear during the January storms.

Next Meeting

The next meeting will be held on March 1, 2000. A building walk-through for Board Members and others will begin at 6:00 PM followed by a regular Board meeting at 7:00 PM. Adjournment The meeting was adjourned at 8:35 PM. Executive session followed.

Respectfully Submitted

Waldemar Wajszczuk, Secretary
Walter Krolman, Recording Secretary

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