The Lauren Condominium Association
Minutes of the Board of Directors - January 22, 2001
President Elizabeth VanderPutten called the meeting to order at 7:00 PM in the Manager's Office. Present were other Board members Joe Morris, Deborah Becker, Dwight Clark and Matthew Eisenberg. Property Manager Walter Krolman was also in attendance.
Treasurer's Report - (Joseph Morris)
As of December 31, 2000 the Lauren had $746,954.26 net cash available and $636,092.95 in capital reserves. Available income for the year totaled $679,680 with expenses of $662,700 for a year-to-date surplus of $16,980.
In December the Lauren had income of $63,392 compared with expenses of $62,376 for a monthly surplus of $1,016. Operating income was under budget by $659 while operating expenses were over budget by $4,328.
In December there were $8,696 in capital expenditures for lobby renovations, cooling tower motors, and laundry room exhaust renovations.
During December a ninety (90) day and a two hundred seventy six (276) day CD rolled over. Three CDs will mature in January.
Action Items
2000 Audit
The Board reviewed proposals from DeLeon and Stang, and from Goldklang, Cavanaugh and Associates for the 2001 Audit. Both proposals were in line with what the Lauren has paid in past years. The DeLeon proposal was clearer and offered flexible options for future audits.
The Board accepted DeLeon and Stang's proposal to perform the audit for the Lauren.
Committee Reports
None
Review Status and Discussion Items
Reserve Study
The board reviewed the study submitted by Reserve Advisors. The study indicated that the Lauren
building is in good condition. Major highlights of recommended expenditures include: Renovations to the roof, deck and railing (2001), a study of the Lauren's electrical systems (2001), brick tuck pointing
(2003), repairs to the garage (2003), and a new boiler and convector pans (2004).
The Board asked the Property Manager to begin the process of investigating a contractor to work with us on the roof replacement with the intention of that work beginning in the fall. The board also asked the Property Manger to have Seal Engineering investigate the concrete floor of the indoor parking lot to determine its maintenance needs.
The Board accepted the reserve study.
Owners who are interested in a copy of the Reserve Study should contact Property Manager Walter Krolman.
Property Manager's Report - (Walter Krolman)
The Board reviewed the Property Manager's report.
The Board reminds residents of the upcoming cleaning of the bicycle storage room. Residents should label their bicycles by February 4 or they will be removed. For more information contact
Property Manager Walter Krolman.
Next meeting
Next meeting will be on March 1, 2001.
