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The Lauren Condominium Association |
Minutes of the Board of Directors –
October 24, 2002
Call to Order
President Dwight Clark called the meeting to order at 7:10 PM. Present were Board members Rebecca Kane, Elizabeth VanderPutten, Joseph Morris plus Property Manager Walter Krolman. Also present for part of the meeting was Jeri Fleming and John Felice.
Treasurer's Report
Net cash available at the end of September was $669,483. For year to date operations, through the end of September total income was $$600,561 which is under budget by $10,869; total operating expenses were $470,462, which is under budget by $39,920; capital expenditures were $390,208. One CD renewed during September at Riggs National Bank.
Professional Presentations
Annual Audit/Monthly Financial Statements - (Fleming, DeLeon & Stang)
The Board discussed with our auditor Jeri Fleming issues concerning the way capital reserves are recorded in the various accounts and their implications for tax purposes. The Board will talk with Koger, our financial management firm, to ensure that capital reserve accounts are recorded in a manner consistent with the auditor's suggestions.
Action Items
G&L Mechanical- Balancing Valve Replacement Proposal
The Board approved a proposal for $43,066 from G&L Mechanical Services to replace
the balancing valves. Because these valves are stuck, the
Lauren would not be able to make repairs in case of a leak. This is
listed in the Reserve Study, but because the valves are stuck, the work is being
done sooner than expected. This will involve
significant work in tenth floor units, including drilling of holes.
Because this will involve welding, there will be a smell. The Lauren will
repair these areas and will instruct the contractors to protect property with
drop cloths.
The Board also approved a bid for $3,279 from G&L to replace the
chiller water system butterfly valves in the boiler room. This preventive measure will allow repairs and changes
if necessary if the system were to have a problem.
Roof Garden- Grill Committee
Reports The Board approved a ‘grill on a post” for Turbo 3
burner on a pedestal for the roof for approximately $1,000.
Committee Reports
There was no report from the Security Committee.
Review Status and Discussion Items
The Board will discuss the budget for 2003 at their next meeting.
ADA Modifications- Lobby
The Board approved a modification to the contract to
include installation of Ubatuba (the black tile) around the elevator.
G&L Duct Cleaning Proposal-if available
Not discussed
Future Status of Unit 212
The Board agreed to rent out unit 212 after necessary repairs and maintenance are made.
Roof Replacement/Roof Garden Upgrades - Lighting
Not discussed
Manager's Report
Not discussed
Other New Business
John Felice asked that the Board look at the garage
door to see if it and the concrete lintel could be painted?
Meeting Adjournment
The meeting adjourned at 9:30 PM.
Next Meeting
The next meeting will be held November 21 at 6:30 PM and will
primarily focus on the budget.
Respectfully Submitted
Elizabeth VanderPutten Secretary
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e-mail, send a request to Property Manager Walter Krolman at manager@lauren.org