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MINUTES OF THE BOARD OF DIRECTORS
AUGUST 22, 2006
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETINGS OF JULY 6, 2006
The Board approved the Minutes as a true record of the meetings.
TREASURER'S REPORT
Net cash available at the end of July was $869,108.99.
For year-to-date operations, through the end of July:
- Total income was $560,918 which is under budget by $3,898
- Total operating expenses were $479,660, which is over budget by $4,383
- Capital expenditures were $24,126
Certificate of deposit activity during July was as follows:
- 7/26/06 A 6-month (184 day) CD was renewed at New South Savings Bank. Renewal balance was $62,138.22. New rate is 4.935% with a yield of 5.000% Next maturity date is 01/29/07.
- 7/28/06 A 36-month (3 year) CD was renewed at Capital One. Renewal balance was $67,827.87. New rate is 4.88% with a yield of 5.00% Next maturity date is 07/28/09.
Fund balances through the end of July:
- Operating fund balance as of the end of July 2006 is $89,022
- Reserve fund booked balance as of the end of July 2006 is $826,771.
Audit Status:
The treasurer reported that the final set of bank statements needed to complete our annual audit has been received by Koger and was forwarded to the auditor.
Past-Due DC Taxes:
The Board authorized the manager to contact former financial managers Zalco and Dubin and direct them to obtain records (copies of cancelled checks) from financial institutions for the tax years in question (2000-2001). With that information in hand the Board will request auditor to assist in preparation of correspondence to District to resolve this matter.
Financial Management
As per standard practice of regularly rebidding service contracts, the Board will prepare a Request for Proposal for financial management with January 1, 2007, being the target date for a new contract to take effect.
MATTERS ARISING FROM THE MEETINGS OF JULY 6, 2006
Whalen Unit Removal for Testing
The Moore report recommended removing a Whalen unit and sending it back to the factory for testing. The results would help the Lauren determine how quickly all other units need to be replaced. The Board approved the examination of the old Whalen unit and asked the manager to obtain names of qualified companies from consulting engineer Jack McNabb.
Boiler Efficiency and Operation
The Moore report recommended testing of the current system to determine its operating efficiency and condition. Jack McNabb will be asked to provide a list of companies capable of performing this work.
Accessibility: Lobby Lift and Ground Level
The Board has received pricing for front-door and lobby-lift improvements, which they will review.
Mechanical Service Provider
The Board has entered into a six-month agreement with Oasis Mechanical to provide daily inspections of major rooftop equipment as required by code, as well as other HVAC related services.
NEW BUSINESS
Unit Renovation
The Board reviewed the plans submitted by the owner of unit 710 for unit renovation, and deferred approval to member Dwight Clark, who approved same.
Unit Account Delinquency
In accordance with established policy, the Board asked the manager to send a letter of subrogation of rent to the tenant of an owner who is significantly in arrears on payment of condo fees.
Front-Door Intercom
The Board approved a technical modification to the front-door entry system that will allow it to be programmed for 10 digits so as to accommodate multiple area codes (and, thus, residents' cell phones based elsewhere that might be their only telephone contacts). Manager was directed to monitor cost associated with usage of new technology.
Trash Chute
The Board noted that the hallway trash chute has been clogged on numerous occasions. Residents are reminded that large items such as boxes are not to be put in the trash chute, but rather taken down to the garage level. Manager was asked to have the desk staff notify new residents of this at the time of their move-in as well as to install a supplemental notice in the chute area.
NEXT MEETING
The date for the next meeting will be announced.
ADJOURNMENT
The meeting adjourned at 10:30 pm
EXECUTIVE SESSION
An executive session followed the open meeting.
RESPECTFULLY SUBMITTED
Walter Krolman,
acting for 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 in the Business Section of The Lauren web site
www.lauren.org/lrn_business.htm