The Lauren Condominium Association
Minutes of the Board of
Directors - April 19, 2001
President Elizabeth VanderPutten called the meeting to order at 7:00 PM in the Manager's Office. Present were other Board members Deborah Becker, Dwight Clark and Matthew Eisenberg. Property Manager Walter Krolman was also in attendance.
Treasurer's Report
As of February 28, 2001 the Lauren had $765,208.39 net cash available and $631,001.11 in capital reserves. In February, we had income of $69,760 compared with expenses of $32,967 for a monthly surplus of $36,793.
Operating income was over budget by $962, while operating expenses were under budget by $27,067.
In February capital expenditures were over budget by $3,850 and were made primarily for the Reserve Study. NOTE: This is a fiscal year 2000 expense and will be adjusted by the auditor.
As of February 28, the Lauren had total income of $133,103 compared with expenses of $113,252 for a year to date surplus of $19,851.
In February, a 36-month CD was established with a beginning balance of $55,000 and a rate/yield of 6.35/6.54%. Also in February, a $54,000 CD matured. Two CDs are expected to roll over in March.
Action Items
2000 Audit
The board reviewed a draft of the 2000 audit. The auditors found that the Lauren has conformed with generally accepted accounting principles.
The Board discovered a discrepancy in the reserve assets that the Property Manager will investigate with the auditors.
The Board also discussed the merits of selling the Association owned unit.
Financial Management
The Board discussed the Association's relationship with Zalco, Realty Inc. Zalco has indicated that barring a significant increase in monthly fees, they are unable to support the Lauren after May 31.
Due to the short notice given by Zalco, the Board tentatively approved remaining with Zalco at this time. The Board appointed a committee chaired by Brian Larkin to investigate other options to support for the Association's financial management.
Review Status and Discussion Items
Accessibility
Vice President Dwight Clark reported on making the Lauren wheelchair accessible. Several architectural firms were identified that could develop a scope of work and conduct a feasibility study. The Board created a committee, chaired by Dwight Clark, to continue efforts on making the Lauren wheelchair accessible.
Annual Meeting
The Board reminds all owners that the Association's Annual Meeting will take place on May 15th 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.
Property Manager's Report
The Property Manager suggested two spot bonuses for staff members for conscientious service. The Board approved the bonuses.
Other New Business
The Board approved two unit renovation proposals.
The President raised the issue that the range of temperatures in the heating and cooling system is too wide. Other board members brought up incidents of hot water in the building occasionally going out.
The Property Manager will investigate both issues, paying particular attention to the faulty igniters in the heat exchangers. The manufacturer has been called in to make repairs to the heat exchangers. As a temporary solution, water temperature in the building has been increased to compensate.
Adjournment
The meeting adjourned at 8:45 PM. An executive session followed.Next Meeting
The next meeting will be the Lauren's annual meeting, May 15th at 7:00 PM. All owners and residents are encouraged to attend.
