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MINUTES OF THE BOARD OF DIRECTORS
August 23, 2004
President Derek Drummie called the meeting to order at 7:00 P.M.
Present were Board members Dwight Clark, Elizabeth VanderPutten and Joseph Morris; property manager Walter Krolman; and for a portion of the
meeting unit owners Eileen Collins (502) and Brian Larkin (1004).
Reading, Modification, Acceptance of Minutes of the July 8, 2004 Meeting
The Board approved the minutes as a true record of the meeting.
Special Announcement
The President announced that the Vice President of the Board, Rebecca Kane, resigned from the Board due to pressing time constraints. The Board thanked her for her service over the past three years.
TREASURER'S REPORT
Net cash available at the end of July was $747,414.08;
For year to date operations, through the end of July:
- total income was $493,655 which is under budget by $10,598;
- total operating expenses were $384,512, which is under budget by $30,100;
- capital expenditures were $13,844.
Fund Balances
- Operating fund balance as of the end of July 2004 is $113,291
- Reserve fund booked balance as of the end of July 2004 is $611,200
Certificates of deposit activity during July was as follows
- New South Federal- 92 day - New maturity date is October 22, 2004
- Balance at renewal was $46,534.70. New rate/yield is 1.49/1.50% respectively
Matters Arising from the Meeting of July 8 Meeting
Building HVAC Engineer Service Contract
The HVAC consultant has begun work on the second phase of his report. He will report in early September on next set of findings and recommendations.
HVAC Survey
Eileen Collins reported on the results of the HVAC survey. Sixty-nine of the 168 units responded. The majority of respondents indicated that they were satisfied with the general HVAC system. The major area of concern for the majority of respondents who had problems was with the in unit fans. There are clearly hot areas in the building, in particular tier 04 and 11. Several reported problems with the thermostats in their units and often could not get information they needed to provide more optimal solutions. Several units reported the hallways or their unit being too hot. The Board thanks Dr. Collins for her excellent work in designing and conducting the study.
Exterior Fencing
Installation should begin on August 24 with approximately one-week duration. The Board asked that the manager ensure that the installation close all breaks or gaps.
Lead and Asbestos Testing
For lead testing in water analysis, 13 samples were drawn. Of these two samples from one unit has lead values above the 15 micrograms were unit that is recommended on "first draw" of water. After one minute, the water was clear. The report recommended that the residents of that unit follow recommended procedures of running the water for one minute before drinking.
The professional report on Lead & Asbestos testing was received. Guidance is being prepared for all residents.
Unit 212
The Board noted that unit 212 is now rented at an appropriate rent. The Board discussed the potential benefits and costs of selling the unit whenever it becomes vacant again. Issues include whether or not the Board has the authority to sell common property. The Board asked that the Lauren attorney give an opinion about the legal status. The Board also was concerned about tax implications.
Non-operating Pepsi soft drink machine.
The manager reported that he continues to get limited response to the Lauren's request to remove the unit.
Main Entrance Accessibility
The Board asked the manager to discuss with the Carolina Door Control company about possible changes that would make the door more accessible and easy to operate.
Bank accounts for laundry funds
The Board directed the manager to work with the laundry credit card company to change where deposits are made to BB&T.
Hallway Cleaning
The Board asked the manager to make sure that the hallways are cleaned in the near future.
Flyers at Front Desk
The Board asked that the manager have all flyers removed from the front desk each morning.
Other actions
Unit Renovation
The Board previously approved by email the request for alterations in units 907/908.
Committee Reports
There were no committee reports.
Other New Business
There was no other new business.
Executive Session
An executive session followed the regular Board meeting.
NEXT MEETING
The next meeting is scheduled for September 9 and will be devoted solely to the HVAC report only.
ADJOURNMENT
The meeting adjourned at
EXECUTIVE SESSION
Followed the meeting the Board met in Executive Session.
RESPECTFULLY
SUBMITTED
Elizabeth A. VanderPutten, Secretary
TO SUBSCRIBE
To receive e-mail copies of Board Minutes, send a request to Property Manager Walter Krolman at manager@lauren.org
Minutes and other Lauren information may be found on The Lauren web site http://www.lauren.org/