Minutes of the Board of Directors - December 18, 2000
President Elizabeth VanderPutten called the meeting to order at 7:08 PM in the Manager's Office. Present were other Board members Joe Morris, Deborah Becker, Dwight Clark and Matthew Eisenberg. Owners Rebecca Kane and Jennifer Knoll were also in attendance.
Treasurer's Report - (Joseph Morris)
As of November 30, 2000 the Lauren had $737,627.30 net cash available and $623,022.95 in capital reserves. Available income for the year totaled $629,358 with expenses of $600,324 for a year-to-date surplus of $29,034.In November the Lauren had income of $64,092 compared with expenses of $52,537 for a monthly surplus of $11,555. Operating income was under budget by $63 while operating expenses were under budget by $1,500.
In November there were $7,746 in capital expenditures for lobby renovations and replacement of the outdoor parking lot gate.
During November there was no investment activity. Two CDs rolled over in December.
Action Items
Jennifer Knoll presented plans for renovations to her unit (209). The Board approved the plans.Ms. Knoll raised a concern regarding the overcrowding of the bicycle area in the parking garage. Starting January 1, Property Manager Walter Krolman will enact a "Label It or Lose It" policy on the bicycle area to clear out bicycles that have been abandoned. Bicycles must be labeled by February 1 or they will be removed.
Ms. Knoll also raised concerns regarding energy conservation. The Board encourages all residents and owners to conserve energy by turning off lights, computers and other electric appliances when they are not in use. The Property Manager will circulate a "tip sheet" with suggestions regarding energy conservation.
Committee Reports
Reserve Study Committee - (Brian Larkin & Krolman)
The Board received the reserve study report from Reserve Advisors, Inc. The Board will review the study at the January meeting.Review Status and Discussion Items
2000 Audit- Review Alternate Audit Firms in Light of Current Auditor Decision not to bid on 2000 Examination of Lauren Financials.The Lauren's regular auditors have declined to perform an audit for the Lauren this year. The Property Manager presented four potential auditors and will contact all of them.
Property Manager's Report - (Walter Krolman)
The Property Manager is currently interviewing new front-desk staff and expects to make necessary hires soon.The Board reminds residents to sign for their keys when using their spare at the front desk.
