The Lauren Condominium Association
Minutes of the Board of Directors - October 18, 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, Joseph Morris and Rebecca Kane. Property Manager Walter Krolman was in attendance, as well as Lauren owners Brian Larkin and Ralph Domenick.
Treasurer's Report
Net cash available at the end of August is approximately $841,000.
Year to date operations (through the end of August):
1. Total income was approximately $541,000, which is very close to expected budgeted income
2. Total operating expenses were under budget by $22,000.
3. Year-to-date capital expenditures were $2,076.
There were no investment activities in August.
Action Items
Architect Accessibility Proposal
The Lauren has signed a contract with an architect to design and provide detailed specifications for the following areas:
1. Front door
2. Front entrance stairs leading to the elevator
3. Parking garage stair
4. Accessible roof access
5. Railings on the stairs
(See special topic meeting minutes for further details).
Committee Reports
Financial Management Committee (Brian Larkin)
The committee has visited three financial management companies and discussed the following topics:
1. Ability to respond to special needs in reference to financial reports (ability to choose format)
2. Schedule and speed of payment of bills
3. Depth of staff
4. Location, convenience
5. Banking flexibility
6. Collection of condo fees and billing of condo fees
7. Experience in the transition process
8. Communication with the Property Manager
The Board has accepted the proposal by Koger Management Group, Inc. to become the Lauren's new Financial Management Firm effective January 1, 2002.
Review Status and Discussion Items
Radio Central Wiring
The Board will discuss having this be a part of the capital expenditures for next year.
Roof Replacement
The Roof Replacement project is scheduled to begin on October 22, 2001. The main portion of the work should be done in approximately 40 days. Work hours will be from 7:00 a.m. to 7:00 p.m. Monday through Friday. Saturday hours will be from 8:00 a.m. to 5:00 p.m. No work will be done on Sundays.
Budget Preparation Process
Walter will contact the Lauren's usual vendors (contracting, utilities, etc.) and request estimates regarding price increases for the next fiscal year. He will then pass this information onto the Board for review.
Property Manager's Report
The Property Manager's report was accepted.
New Business
The Board approved submitted renovations submitted by a Lauren owner.
Adjournment
The meeting adjourned at 8:30 PM. An executive session followed.
Next Meeting
The next meeting is tentatively scheduled for November 15, 2001 at 7:00 PM. All owners and residents are encouraged to attend.
Respectfully Submitted
Rebecca Kane, Secretary
