|
MINUTES OF THE BOARD OF DIRECTORS
FEBRUARY 17, 2006
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETINGS OF JANUARY 11, 2006
The Board approved the Minutes as a true record of the meetings.
TREASURER'S REPORT
Net cash available at the end of DECEMBER was $815,378.16.
For year to date operations, through the end of DECEMBER:
total income was $884,656 which is under budget by $18,328;
total operating expenses were $731,418, which is under budget by $10,482;
capital expenditures were $50,059.
Certificates of deposit activity during DECEMBER was as follows:
We opened up a 1 year CD at United Bank.
- Opening amount $90,000. Interest/yield are 4.04/4/10% respectively.
- Maturity date is 12/27/06.
- Funds taken from BB&T.
Operating fund balance as of the end of DECEMBER 2005 is $90,491
Reserve fund booked balance as of the end of DECEMBER 2005 is $747,979.
RESERVE STUDY
Reserve Study Format
The Board discussed a new format for reporting on potential or pending large or costly capital replacement items. The Board asked that the report include the top ten or so items that might need replacement or upgrading over the next six years. The report should probably also include any items that are beyond their expected life. This would be in addition to the full capital reserve study performed by outside professionals.
MATTERS ARISING FROM THE MEETINGS OF JANUARY 11, 2006
AIR CONDITIONING
HVAC Committee Report
Committee Chair John Filice reported that a preliminary, broad brush overview report was received from the second HVAC consultant. The HVAC committee will meet to discuss among themselves and with the consultant. Then, the consultant will meet with the entire Board and owners.
Whelan Unit Cleaning Test
Noyes Air Group consultants were in the building on February 17 to test the differences that cleaning the Whelan units had on airflow in unit 711. Readings were also taken on both convectors in unit 1004 to evaluate current operating efficiency. The findings are expected on February 18.
South Stairwell Ventilation
The consultant for stairwell ventilation was at the building on Feb 16, 2006.
Elevator Motor Room Air Conditioning
Work began on February 16 to install air conditioning in the elevator machine room. This is expected to reduce the chances of having elevator outages during the hot summer.
ACTION ITEMS
Closed-Circuit Camera
The closed-circuit video system in the building is between 5 and 7 years old and is having problems. As of February 17, the system is not working. To get a new VCR system would cost approximately $2500. A newer technology using video digital recording is $3,600. This option would allow the storage of data for longer periods of time. A new camera will have to be purchased with either option. The Board approved the digital version and asked that this be done immediately, following a final review by the president. The Board also asked that the Manager set up procedures for checking the system and for saving data. The Board asked that the manager report on a monthly basis about the status of the system.
In-Unit Mold
The Board discussed the response to the request by an owner for compensation for work done on the HVAC system due to mold. The Board, on advice of the Lauren attorney, agreed that this was the responsibility of the owner.
Window replacement
Erin Erlenborn has been investigating replacing windows and sound proofing. She reported on the experiment to install a second sound proof system. Unfortunately, the first installation was faulty, so findings are not yet available.
Garbage Pickup Noise
The garbage pickup in the neighborhood during early hours continues to be a problem. For example, on Feb 17, the garbage trucks arrived at 4:15 AM. City code has different levels of acceptable noise levels for different times. The Board approved a letter to be sent to neighbors who are violating noise rules.
NEW BUSINESS
Hot Water Boiler
A heat exchanger in one of the two hot water boilers has sprung a pinhole leak. This will require replacing either the heat exchanger or the entire boiler.
Hall wallpaper and carpeting
The Board discussed the need for long-range planning for upgrading the hallways. However, given other potentially large expenditures, the Board postponed discussion of this. However, the Board did ask the Manager to arrange to fix some places where the wallpaper is torn.
Sidewalk Cleanup
The Board commended the clean up of the blue paint on the sidewalks and surrounding areas on N Street. The Board did ask that the paint on the curb also be cleaned, even though this is not Lauren property.
No Storage Items in Parking Spaces
The Board asked the manager to remind garage parkers that there are specific policies governing the storage of items in parking spaces.
NEXT MEETING
The date for the next meeting will be March 22, 2006 at
7:00 PM in Unit 812.
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/minutes.htm