The Lauren Condominium Association
Minutes of the Board of Directors - June 21, 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, Rebecca Kane and Joe Morris. Property Manager Walter Krolman was also in attendance.
Treasurer's Report
As of May 30, the Lauren had an income of $339,341 with expenses of $280,017 for a year to date surplus of $59,324. It is expected that this surplus will diminish as the bills for summer electricity are received.
In April, a 3-month CD was renewed with a beginning balance of $43,259.88 and a rate/yield of 4-¾ %.
In June, two CD’s matured (one a 3-year, the other a 3-month) and will be rolled over.
Action Items
Request for Late Fee Waiver
The board reviewed a request to waive the late fee associated with late payment on condo fees. The request was rejected.
Front Loading Washing Machines
The Board discussed replacing two top-loading washing machines in the laundry room with two front-loading machines. The Board did not find a compelling reason to replace these machines that would justify the costs associated therein.
Roof Replacement Materials Review
The Board reviewed materials supplied by Seal Engineering for consideration in the upcoming roof-replacement project. The major issue is whether to use pavers as proposed by the consultants to the Board or to use wood decking material. The Board will examine the cost differential between several options and review choices at the next meeting. The Board did agree to expand the deck area to the Sunderland Place side.
Committee Reports
Accessibility Committee
Vice President Dwight Clark reported on making the Lauren wheelchair accessible. The Board reviewed several brochures from firms specializing in accessibility services. The Board is considering devices that would allow a person or a wheel chair to be lifted up the stairs. The Board asked the Manager to have a local company visit the Lauren and offer suggestions.
Financial Management Committee
The
Financial Management Committee, consisting of owners Brian Larkin (chair),
Mike Silverstein and Ted Chaconas, and Walter Krolman (ex officio), reported
they have developed a tentative statement of work and are
in the process of identifying potential candidate firms. The next step will then
be to solicit, review and clarify bids. The Board discussed procedures for
preparing financial graphics, paying recurring bills, and for handling monthly
condo fees. The Committee intends to complete its work within 90 days and submit
a selected list of candidate firms to the Board for their September Meeting.
Property Manager's Report
The Property Manager suggested one spot bonus for a staff member for outstanding work. The Board approved the bonus.
The Board agreed to the purchase of two items. One is a control panel for water treatment in the cooling tower for $905. The other was for the purchase of two flow switches for the Water Heaters.
Review Status and Discussion Items
The Board examined materials regarding window replacement. The Board decided to submit requests for presentations from the two firms identified. The Board expects to make a decision at the July meeting. At that point, the selected company will be invited to contact Lauren owners. Each owner who wishes to install these modern windows will sign an individual contract with the firm. If 30 owners sign up, there is an expected savings of about $150 per window over an individual purchase.
Adjournment
The meeting adjourned at 9:15 PM. An executive session followed.
Next Meeting
The next meeting is tentatively scheduled for Thursday July 26, 2001 at 7:00 PM. All owners and residents are encouraged to attend.
