The Lauren Condominium Association
Minutes of the Board of Directors - September 13, 2001
President Elizabeth VanderPutten called the meeting to order at 7:00 PM in the Manager's Office. Present were other Board members Dwight Clark, Joe Douglass and Deborah Becker. Property Manager Walter Krolman was also in attendance. Also present for portions of the meeting were owners Jan Snyder, Brian Larkin, Carolyn Mano, Adrian Fugh-Berman
Treasurer's Report
Total cash on hand on July 31 was $916,000. Net cash available was $848,000.
Year to date income was $476,000 and year to date expenses were $350,000 for a year to date surplus in the operating budget of $38,000. This surplus reflects in part delays in getting and paying the high electric bills for the summer.
To date this year, there have been no capital expenditures compared to budgeted $37,500 to date. There will be major capital expenditures as the bills for the roofing repair come in.
In July, a six-month CD for $55,078.44 was rolled over at New South bank at 3.89% yield and a three-month CD for $43,772.18 at New South was rolled over at 3.80%.
Action Items
Accessibility
As announced in the posted Agenda, the Board had planned on discussing various options to make the Lauren more accessible. Carolyn Mano and Adrian Fugh- Berman began the discussion by stating their concern about inadequate wheelchair accessibility to the building. Board members expressed their interest in addressing the issue but pointed out that almost all options proposed to date were not feasible. The Board is exploring the possibility of a wheelchair lift for the lobby steps, but the capacity and cost of such a lift poses serious issues. The board also noted that it had asked seven architectural firms for a proposal to do an analysis of the building. Only one firm responded and had scheduled a meeting for that Friday. The Board invited all owners who were present to that meeting. The meeting did take place and an analysis was expected from that person within a week.
Roof
The Board discussed five bids received for the roof replacement task. Based on recommendations from Seale, the roofing consultant and on an analysis of the bids, the Board accepted the proposal from AEO Construction Company. This was the least expensive of the proposal and was $252,000. In addition, the Board accepted a proposal from Fyffe Landscaping Architecture for landscaping the new roof. Water Treatment of Pipes
The Board reviewed the analysis of the lead particles in the circulating air-conditioning and heating pipes. The analysis showed that the level of iron was far higher than the industry norm and could lead to corrosion of the pipes. The Board accepted the bid from Tricon Chemical for flushing of the pipes and the addition of a more appropriate set of chemicals in the system. In addition to preventing damage to the pipes, there is some indication that this might lead to more efficient heating and cooling.
Staff Bonuses
The Board approved the Property Manager's recommendation for bonuses for the staff who remained or reported to duty on September 11.
Committee Reports
Financial Management Search Committee
The Financial Management Committee, consisting of owners Brian Larkin (chair), Mike Silverstein and Ted Chaconas, and Walter Krolman (ex officio), reported they contacted 41 potential candidate firms from which 11 were invited to submit proposals. Three proposals were recommended to the Board.
The Committee recommended and the Board agreed 1) to have Mr. Krolman check the references provided by these three firms and 2) that a team composed of Joe Morris as the Board's Treasurer, Walter Krolman as the Lauren Property Manager and person who must work most closely with the selected firm, and Brian Larkin do a site visit to each of the three firms to be completed before October 5. The Board commended the committee for its excellent work.
Property Manager's Report
The Property Manager's report was accepted.
Adjournment
The meeting adjourned at 9:30 PM. An executive session followed.
Next Meeting
The next meeting is tentatively scheduled for Thursday, October 18th at 7 PM. All owners and residents are encouraged to attend.
Respectfully Submitted
Elizabeth VanderPutten for Rebecca Kane, Secretary
