The Lauren Condominium Association
Minutes of the Board of Directors - November 29, 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 owner Ralph Domenick.
Treasurer's Report
SEPTEMBER:
Net cash available at the end of September is approximately $854,000.
Year to date operations (through the end of September)
1. Total income was approximately $606,000 which is close to expected budgeted income of $613,000.
2. Total operating expenses were under budget by $27,196.
3. Year-to-date capital expenditures were $2,295
The following investment activities took place in September:
A. A 3 month CD was rolled over (principal and interest) at Bluebonnet.
B. A 6 month CD was rolled over (principal only) at Amalgamated. Interest was redeemed to keep investment within FDIC insurance coverage limits. Term of investment was changed to 1 month.
C. A 9 month CD was rolled over (principal and investment) at Independence.
OCTOBER:
Net cash available at the end of October is approximately $862,000.
Year to date operations (through the end of October)
1. Total income was approximately $674,000 which is close to expected budgeted income of $682,000.
2. Total operating expenses were under budget by $33,280.
3. Year-to-date capital expenditures were $8,545
The following investment activities took place in October:
A. A 3 month CD was rolled over (principal and interest) at New South.
B. A 1 month CD was rolled over (principal only) at Amalgamated. Interest was redeemed to keep investment within FDIC insurance coverage limits.
There was concern that there was approximately $240,000 in one account. To remedy this situation, the property manager will get a deposit certificate for approximately $55,000 to deposit in another money market account.
The board is continuing to resolve non-recording of tax payments to the District of Columbia cancelled checks have been forwarded to the auditor.
Action Items
Access Project
The architect has received the deposit, and has begun
working (taking pictures, measurements, etc.).
She will bring in providers of materials in next week, final drawings
will be available by January 1, 2002. The
board will expedite decisions regarding design, as plans become available.
The Lauren Budget
The
Board approved a budget that will be distributed to owners.
Additional Item
The board accepts, with regret, the resignation of Deborah Becker because of relocation.
The
Board is pleased to welcome Lauren owner Ralph Domenick who has agreed to the
five-month interim position vacated by Deborah Becker.
Meeting Adjournment
The meeting adjourned at 9pm. An executive session followed.
Next Meeting
The next Board meeting is scheduled for Thursday, January 10 at 7pm in the Manager's Office on the Poolhouse level.
Respectfully Submitted
Rebecca Kane, Secretary
