The Lauren Condominium Association

Minutes of the Board of Directors - April 18, 2000

President Elizabeth VanderPutten called the meeting to order at 7:00 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 owners John Filice and Matt Eisenberg

Treasurer's Report

As of March 31, 2000 the Lauren had $661,872.11 net cash available and $571,052.63 in capital reserves. In March, we had income of $55,730 compared with expenses of $54,891 for a monthly surplus of $839.

Operating income was under budget by $706, while operating expenses were under budget by $3,317.

In March capital expenditures of $5,356 were made primarily for laundry room renovations.

As of March 31, the Lauren had total income of $157,022 compared with expenses of $146,127, for a year to date surplus of $10,896.

In March, a $75,000 CD was purchased yielding 6.17/6.35%. Also in March, a $100,000 CD matured and was renewed at 5.95% and the interest deposited in the Lauren commercial account.

Action Items

Audit Review

The Board accepted and approved Drolet & Associates audit report of the Lauren's 1999 financial statements so that it can be mailed out to the Association members as part of the Annual Meeting package.

Annual Meeting Preparation

The Board would like to remind all owners that the Association's Annual Meeting will take place on May 17th at 7:00 PM at the Marriott (on 22nd Street). If anyone is interested in running for the Board, please contact one of the current members or Walter Krolman. ONLY NAMES SUBMITTED IN ADVANCE WILL BE ON THE PRINTED BALLOTS.

Lower Lobby Floor

The Board discussed and agreed to add another plant in the lobby.

Review Items

Zoning

The Board discussed the April 13th meeting between several Lauren residents and Commissioner Vince Micone of the ANC 2B. Anyone who would like a copy of notes of that meeting can request them by e-mail from Dr. Brian Larkin at BrianLarkin@yahoo.com.

Lower Lobby Floor

The Board discussed replacing the floor in the lower lobby with new marble tiles to match the color and pattern of the elevator lobby area. Owner John Filice offered to meet with Marblex, the company that sells and installs the flooring, to discuss possible designs for the lower lobby area and to report back to the Board at a future meeting.

Committee Reports

Technology Committee

The Board has returned modified and approved construction documents to StarPower. The Association is currently waiting for StarPower to get back with the Association about scheduling the installation of the necessary infrastructure. The Board discussed the possibility of having a representative of StarPower available before and after the Annual Meeting. The Board will also try to schedule an additional presentation in the building for owners and residents.

Property Manager's Report

Laundry Room Renovation

The laundry room is once again functional after five days of room renovations and installation of new machines. Currently the machines will only accept quarters as final installation of the card system is being completed.

Parking

The Board discussed its position and policy on subleasing and swapping of parking spaces. It decided to continue a waiver that was granted in 1980 with the proviso that future Boards have the ability to revisit the waver at any time.

Building Engineer Requests

Wayne Hall, the building's engineer, suggested that several isolation valves be replaced on the domestic hot water system due to a sporadic leak in one of the valves. The valves allow the hot water system to continue functioning if individual parts of the system fail. The Board agreed to installation of the valves at a cost of approximately $4,000. Wayne also suggested that the air handling unit for the garage/laundry room should be modified to provide additional air flow to the laundry room to make up for air forced out of the room by the dryer venting system. The Board asked Walter to pursue with Wayne the cost of making those modifications.

Next Meeting

The next meeting will be the Association's Annual Meeting - May 17, 2000 at 7:00 PM (Marriott Hotel on 22nd Street).

Adjournment

The meeting was adjourned at 8:30 PM.

Respectfully Submitted

Waldemar Wajszczuk, Secretary

To subscribe

To receive a copy of this and future Minutes via e-mail, send a request to Property Manager Walter Krolman at info@lauren.org.