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MINUTES OF THE BOARD OF DIRECTORS
SEPTEMBER 25, 2006
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETINGS OF AUGUST 22, 2006
The Board approved the Minutes as a true record of the meetings.
TREASURER'S REPORT
Net cash available at the end of August was $873,766.57.
For year-to-date operations, through the end of August:
- total income was $650,259 which is under budget by $11,579;
- total operating expenses were $555,688, which is over budget by $5,059;
- capital expenditures were $36,255.
Certificate of deposit activity during August was as follows:
- NONE
Fund balances through the end of August:
- operating fund balance as of the end of August 2006 is $86,062
- reserve fund booked balance as of the end of August 2006 is $829,059
Audit Status
The treasurer has received the additional documents needed to clarify issues in the last audit. Outstanding issues with the audit will be pursued actively with the management company before the next meeting in mid-October.
Past-Due DC Taxes
Payment records have been located for all but two items that DC claims the Lauren did not pay. In one case, D.C. did not cash a check, so the Lauren paid this again. The other appears to be a payment of $620 by a former management firm erroneously made to Maryland rather than D.C. The Board has asked the Property Manager to pursue various ways to get this refunded from Maryland and to pay DC the $620. Payments requested by the District for which no payment records were found have now been made.
Financial Management
The Board has issued a RFP seeking bids for a new contract for a financial management firm.
Budget for 2007
The Board will discuss the 2007 budget at the October meeting. Among the issues will be estimates of energy use and rates of contributions to capital reserves.
COMMITTEE REPORTS
Unit 1004 Agreement
The board discussed the co-payments and terms of agreement.
MATTERS ARISING FROM THE MEETINGS OF AUGUST 22, 2006
None
REVIEW AND DISCUSSION ITEMS
Additional Fence Installation by Unit 113 Patio
The board asked that Dwight and Walter look at the proposed fence and see if this would be acceptable in terms of aesthetics. If approved, the owner of Unit 113 would pay for the additional fence.
Unit Owner Compliance with DC Law/Regulation
The Board discussed the D.C. requirements that anyone with a business in the building must have a Certificate of Occupancy. The Board asked the association lawyer to prepare a letter to be sent to any owner who might be operating a business.
NEW BUSINESS
Desk Staff to Display Name Plates
The Board asked that the Manager make sure that all desk staff have name plates and display them.
Roof Garden Regulations to be Displayed
The Board asked the Manager to develop draft signs for the roof reminding owners and tenants of basic rules including no glass, hours of opening and closing and requirements for registering groups of six or more.
Semi Annual HVAC Filter Change
Changing of filters in preparation for the changeover from air conditioning to heating is scheduled for early October. The actual changeover will be determined by weather.
HVAC Whalen Unit Pan coating
The Board discussed coating the pans Whalen units as a means of prolonging their usability. The Board approved in principle this procedure, but details including specific material to be used, compatibility of material with heat (and thus the scheduling component) and selection of technician/contractor need to be worked out.
NEXT MEETING
The date for the next meeting will be October 23
ADJOURNMENT
The meeting adjourned at 10:30 pm
EXECUTIVE SESSION
An executive session followed the open meeting.
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 in the Business Section of The Lauren web site
www.lauren.org/lrn_business.htm