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MINUTES OF THE BOARD OF DIRECTORS
January 22, 2004
President Dwight Clark called the meeting to order at 7:05 P.M.
Present were Board members Rebecca Kane, Joseph Morris, and
Elizabeth VanderPutten; property manager Walter Krolman; and for a portion of the
meeting unit 1007 owner Wayne Rhee.
TREASURER'S REPORT
Net cash available at the end of December was $575,052.81;
For year to date operations, through the end of
December:
- total income was $840,231 which is over budget by $14,078;
- total operating expenses were $680,076, which is over budget by $7,845;
- capital expenditures were $202,998.
Certificates of deposit activity during December was as follows:
- Independence Federal Savings Bank. A 276 day CD was rolled over on December 22, 2003. Renewal balance was $87,496.07. Maturity date is September 21, 2004. Interest rate is 1.200%.
Related Concerns
- The Board reiterated its concerns that the interest from reserve accounts is not being credited to the reserve account and reported separately in the budget report.
- The Board noted an inconsistency in previous reports about capital expenditures. A check to AEO roofing was misplaced so a second check was issued. The first step had a stop payment, but both checks appeared in early versions of the budget reports.
ACTION ITEMS
Building Engineer Committee Appointed
The Manager reported that our building engineering company G&L has been purchased by another PEPCO subsidiary and there is some indication that the costs may go up.
The President appointed Brian Larkin to head a committee to get alternative bids for engineering service. Elizabeth VanderPutten will serve as Board liaison. The Manager and President will assist the committee.
The Board stated that these bids have to be received by the February Board meeting.
COMMITTEE REPORTS
Fence Committee
Final bids were not received. Some companies pointed out that the fence was over the membrane of the garage. This may affect the type of fence and the areas where a fence can be placed.
Garage Storage Committee
At the November meeting, the Board asked unit owner Wayne Rhee to develop a general policy for Board
consideration regarding the use of some portion of parking spaces for
personal storage. Mr.
NEW BUSINESS
Desk coverage
The Board asked the Manager to develop a way to systematically report on desk coverage and absences.
Manager's Report
The Board directed the Manager to provide a written report to Board members at least three working days in advance of Board meetings. Among other things the report is to cover are
- an item by item update on all Board requests that appear in the Minutes that have not been previously reported as completed.
- an itemized update on operational and other informal requests the Board has asked of the Manager that do not appear in the Minutes and have not previously been reported as completed.
EXECUTIVE SESSION
An executive session followed the regular Board meeting.
NEXT MEETING
The next meeting TBA
ADJOURNMENT
The meeting adjourned at
RESPECTFULLY
SUBMITTED
Elizabeth A. VanderPutten, Secretary
TO SUBSCRIBE
To receive e-mail copies Board Minutes, send a request to Property Manager Walter Krolman at manager@lauren.org