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Minutes of the Board of Directors - January 13, 2003
President Dwight Clark called meeting to order at 7:00 P.M. Present were Board members Joe Morris and Elizabeth VanderPutten, and property manager Walter Krolman.
Treasurer's Report
Net cash available at the end of November was $670,292.06.
For year to date operations, through the end of November:
- Total income was $739,234, which is under budget by $8,064.
- Total operating expenses were $572,490, which is under budget by $46,459.
- Capital expenditures were $426,044.
Certificates of deposit activity during November was as follows:
- Riggs 1 month CD redeemed on 11/20/02 for the amount of $96,092.32
The Treasurer noted that approximately $156,000 of capital expenditures have not yet been paid and will be paid during 2003. That means that the estimated net cash available at the end of 2003 will be somewhat less than it was at the end of 2002. The estimated amount is $550,000. The Board agreed that they would keep capital expenditures to a minimum for this year in an effort to keep the reserves at high as possible.
Action Items
Heating
The Board discussed a number of concerns about the heating system. During early January, the main boiler went off a number of times, as did the whole system. G&L replaced a number of items in the system and this seems to have fixed the problem. However the manager noted that one of the pumps was broken and had not been replaced. The Board asked that this be given high priority. The Board expressed concern about the continuing noise in the system. The water temperature also appears to be too high. The Board asked that G&L investigate each of these issues immediately.
Lighting of the roof garden
Board reviewed the proposal for lighting of the roof and decided to postpone a decision based on the high cost ($17,000).
Trash in basement lobby area
The Board reminds residents that furniture and materials should not be left in the basement lobby area. Residents should talk with staff about what to do when they have large or bulky items to dispose. Unless arrangements are made for brief holding, Lauren staff are to promptly remove any items left in common areas. The Board asked the manager to review the policy regarding disposal of bulky items and to draft a sign for posting in the basement regarding disposal.
Review and Discussion Items
Lobby lift
Tentative completion date is January 25th, although this depends on passing inspection.
Grill
The roof garden grill is scheduled to arrived Tuesday, January 14. G&L will get a permit and will submit a proposal for installation.
Laundry-room fan
This was replaced again.
Neighborhood Issues
The Board expressed concern about the apparent increase in the number of incidents in the neighborhood. The Board asked Brian Larkin, as a member of the Lauren Security Committee, to contact ANC 2B Chairman Vince Micone about our concerns.
Meeting Adjournment
The meeting adjourned at 9:15pm. An executive session followed.
Next Meeting
The next meeting of the Board of Directors is Thursday, February 20th.
Respectfully Submitted
Elizabeth
VanderPutten
Secretary