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MINUTES OF THE BOARD OF DIRECTORS
October 16, 2003
President Dwight Clark called the meeting to order at 7:00 P.M.
Present were Board members Joseph Morris, Derek Drummie, and
Elizabeth VanderPutten; property manager Walter Krolman; and for portions of the
meeting owners Brian Larkin, Roger Hirschland and John Filice.
TREASURER'S REPORT
Net cash available at the end of September
was $553,467.77
For year to date operations, through the end
of September:
- total income was $634,447, which is over budget by $14,826;
- total operating expenses were $510,990, which is over budget by $5,066;
- capital expenditures were $187,557.
Certificates of deposit activity during
September was as follows:
- NONE
ACTION ITEMS
Admission Policy
Current Lauren Board policy allows visitors unrestricted entrance weekdays from 7:00 AM to 5:00 PM. and require them to be buzzed in at other times. As discussed in previous minutes, the Board has considered the need for greater security. The Board decided to eliminate the open entrance hours and to extend the restricted access to 24 hours a day, seven days a week.
Effective December 1, 2003, all visitors must be buzzed in by a unit resident or a name left at the desk at all times.
Parking Lot Fence
The Board reviewed a number of options, but did not have sufficient data to make a decision. The President appointed a “Fence Committee” composed of Derek Drummie and John Filice. The committee is to get options and costs by the next meeting. This should include a gate keyed to the front door, protection for the trees and compatibility of color and design with the rest of the building.
Audit
The Board approved the contract DeLeon & Stang to do the audit this year. This is the same audit company as last year.
Laundry Fan
The Board approved the proposal from West Sheet Metal to replace the current laundry fan.
Health Insurance
The Board requested bids for health insurance. The current company estimates a 30% increase in premiums which is higher than the national average.
REVIEW STATUS AND DISCUSSION ITEMS
Convector problems
There was a leak in one unit caused by a condensation pan that had a leak in the unit above. It is possible that these pans throughout the building are deteriorating. In addition, several units have had problems with condensation from the system, due mainly to the deterioration of insulation or the lack of space between the pipes and the wall. The reserve study also pointed out the need to replace pipes and other items.
Replacing these units is difficult. The procedure requires cutting into the drywall around the units. The estimated cost is approximately $10,000 per unit if done individually and about $7,000 if done as a tier. This would total roughly $1,000,000 for the whole building.
The Board requested that the manager get bids and alternatives from several firms. The Board also asked the Manager to ask the Condominium Attorney to provide an opinion as to the extent to which the Board is responsible and the extent to which this is an individual owners responsibility.
HVAC
Based on the recommendation of G&L, the Board asked the manager to consult with Seal about the installation of insulation on the tenth floor. (The Manager will also talk with G&L about the costs of installing supplemental units that could be installed at the unit owners' expense)
Maintenance
The Board asked the Manager to prepare a list of estimated costs for normal or regular repairs that are arranged through the Association and performed by Lauren maintenance staff.
NEXT MEETING
The next meeting is scheduled for Thursday, November 20 at 7 pm.
ADJOURNMENT
The meeting adjourned at
RESPECTFULLY
SUBMITTED
Elizabeth A. VanderPutten, Secretary
TO SUBSCRIBE
To receive a copy of this and future Minutes via e-mail, send a request to Property Manager Walter Krolman at manager@lauren.org