The Lauren Condominium Association

Minutes of the Board of Directors - October 4, 2000

President Elizabeth VanderPutten called the meeting to order at 7:00 PM in the Manager's Office. Present were other Board members Joe Morris, Waldemar Wajszczuk, and Matthew Eisenberg. Also in attendance were Property Manager Walter Krolman and owners Deborah Becker and Jason Juffras.

As of August 31, 2000 the Lauren had 695,271.93 net cash available and $584,122.95 in capital reserves. Income for the year totaled $477,986 with expenses of 446,693 for a year-to-date surplus of $31,293.

In August the Lauren had income of $61,094 compared with expenses of $61,363 for a monthly deficit of $270. Operating income was under budget by $993, while operating expenses were under budget by $3,914.

In August capital expenditures of $10,403 were made for laundry room renovations, minor roof repairs and a down payment on materials for the lower lobby redecoration.

During August there was no investment activity. Two CDs rolled over in September.

The Property Manager reported that the reserve committee is recommending that Reserve Advisors Inc. conduct the Lauren's reserve study. This company provides an insurance analysis and will study both reserve and maintenance items. The Property Manager also indicated that of the two leading companies, Reserve Advisors, Inc. had more affordable rates. References indicated that Reserve Advisors provided satisfactory service.

The board approved Reserve Advisors, Inc. to conduct the reserve study.

Waldemar Wajszczuk resigns

The Board accepted the resignation of Waldemar Wajszczuk from the board. The Board thanked Mr. Wajszczuk for his contributions to the Board and the association community. The board recognized Mr. Wajszczuk for his hard work on the Marketing and Technology Committees.

The Board appointed Dwight Clark and Deborah Becker to the board as Vice Presidents.

Board member Waldemar Wajszczuk and the Property Manager reported that the Starpower installation is going well. The second round of X-rays was successful in finding a pathway for the cable installation in the trash chute. The new molding installations are almost complete and the conduit and lock boxes should be installed by the end of the month. Starpower marketing should begin in two to three weeks. Starpower's new policy is that someone must be present, either an owner or a tenant authorized by the owner, for the in-unit installation to proceed. Because of a Star Power policy change, pre-installation of units will not be available.

The Property Manager has been investigating balancing companies to assess the Lauren's air conditioning system. Building engineer Wayne Hall has been in conversations with both balancing companies, and the original manufacturer of the equipment, seeking their insights and recommendations. The issue is still under discussion but a best solution is still being sought. The Property Manager also received estimates from line cleaning companies for clearing the system of possible mineral buildup.

Maintenance will be doing a check and change of filters within the next two weeks in anticipation of the change over to the heating season.

The Board reviewed the overall 2001 budget. The board asked the Property Manager to generate budget summaries reflecting a range of condo fee increases. The board also asked the Property Manager to make minor changes to the preliminary budget presented at the meeting.

The budget for 2001 will be discussed and finalized at the next meeting on November 13.

At the last meeting the board discussed locking in a price for heating oil at 50% more than last year. The Property Manger reported some estimates expect heating costs to double this winter. The board approved the decision to lock in the price at the higher rate.

Based upon documentation presented at the board meeting, the Board approved reimbursing a resident for a misplaced package. The Board asked that the Property Manager instate a new policy that the front door staff record each package separately in the logbook and tighten all procedures around receiving packages.

The Property Manger reported on the status of the Lauren's financial management transition. The Property manager reported that although the new management company, Zalco Inc., has been somewhat erratic, overall they have been effective.

The Board asked the Property Manager to invite Zalco representatives to meet with the Board to further discussion of improving the efficiency of the Lauren's financial business.

Resident Jason Juffras reported several instances in the last few weeks of illegally parked buses and other vehicles in front of the Lauren. On several occasions, Lauren residents have approached the drivers of these vehicles and asked to leave. Lauren residents have also called the police but the practice continues.

The board asked the Property Manager to approach the police about this issue. The Board President and other representatives of the Lauren may attend a monthly community meeting with the police to raise their awareness of the problem. The President will also approach the Advisory Neighborhood Commission (ANC) 2B representative about other strategies to deal with idling vehicles.

The board gave the front desk staff standing permission to call the police and urges all residents to call the police non-emergency number (dial 311) and report illegally parked vehicles.

Next meeting: November 13, 7:00 PM. The 2001 budget will be finalized at this meeting.

The meeting was adjourned at 8:50 PM. Executive session followed.

Matthew Eisenberg, Secretary

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