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MINUTES OF THE BOARD OF DIRECTORS
NOVEMBER 21, 2006
TREASURER'S REPORT
For year-to-date operations, through the end of October:
- The financial report for October was not available
Certificates of deposit activity during October was as follows:
- None
Fund Balances
- operating fund balance as of the end of October was not available.
- reserve fund booked balance as of the end of October was not available.
Audit Status
Completion of the 2005 audit has been delayed pending receipt from the financial management company of information regarding some incompletely documented entries in the accounts.
Financial Management Firm
The Manager reported that our attorney had made a few suggestions, and that final details were being worked out with the new financial management firm. He hopes to have a contract signed by November 24.
MATTERS ARISING FROM THE MEETINGS OF NOVEMBER 13, 2006
HVAC Convector Replacement Funding
The need to replace the HVAC system has been covered in Board board Minutes minutes for two years and at the last two annual meetings. After extended discussions with the two independent consulting engineering firms, the HVAC committee recommended replacing the current system, at an estimated cost of $2 million, with a similar system for reasons of practicality and price. Estimating the remaining life of the existing system from information and data the engineers have provided, the committee recommended installation begin within seven years and be completed within two or three years after the replacement starts. Installation would begin in 2013 and be completed in 2015. The Board accepted these recommendations.
At their November 13, 2006 meeting, the Board discussed various options for paying for the HVAC system replacement. They asked Dr. Brian Larkin, a professional economist and member of the HVAC committee, to develop a model for how this could be paid in a manner that would be fair to current and future owners while minimizing the impact on condo fees. The plan he presented provides for paying for the replacements over a 16-year period.
The Board accepted the plan with minor modifications. A separate capital reserve fund for the HVAC replacement will be set up. The Board thanked Dr. Larkin for his work.
Adoption of 2007 Budget
The Board adopted the operating plan budget as discussed at the previous meeting. Together these amount to an increase in condo fees of 5.9%.
Diesel Fumes from Adjacent Building
At the previous meeting, owner Don Benedick reported that a neighboring building is exhausting diesel fumes at early-morning hours. The Lauren lawyer has been investigating whether there are code violations, He suggested that it might be more effective to look at air quality issues, and will investigate. Another owner has provided some contacts for this research. It was the Board's consensus that taking action on matters beyond the boundaries of Lauren property was properly the responsibility of any owner or resident who wanted to take the initiative (as has occurred in other recent matters regarding bus exhaust and traffic light installations). The Board President will ask some Lauren owners and tenants to coordinate efforts to have the neighboring building take appropriate action to reduce the effects of diesel exhaust on the Lauren residents.
Fidelity Insurance-Increase in Limits
The auditor recommended that the Lauren increase its coverage and extend coverage to the management firm. The Board approved these recommendations in principle, pending final negotiations on the price.
Holiday Bonus for Non-Management Staff
The Board agreed that the President would send out the annual letter to owners and tenants to ask for voluntary contributions.
ACTION ITEMS IN ADDITION TO THOSE FOUND ABOVE
Formation and Appointment of Decorating Committee
The board agreed that hallways need to be refurbished. The President appointed a decorating committee. Board members John Filice and Dwight Clark will serve on the committee. The President seeks other volunteers. If interested, please contact the President, Roger Hirschland. Their mandate will be to provide two sets of recommendations: (1) hallway carpeting, wallpaper. and painting; and (2) just carpeting. The committee will consider carpet squares that could be replaced in any given area, given considering the high incidence of damage to small parts of the carpeting (e.g. from bleach in one area) in the past. The committee should will consider the need for a qualified professional consultant/designer.
COMMITTEE REPORTS
HVAC Committee
Convector Pan Coating
Coating convector pans will extend the life of the HVAC system and is essential to protect the building from a high probability of water damage. As recommended by our engineering consultants, coating the pans "buys us time" thereby allowing us to plan out and save for the HVAC overhaul referenced above. The most effective but most intrusive way of doing this is by removing the wall behind the HVAC units. This involves considerable drywall removal and replacement. The other way to effect the coating is to do it from the front of the unit. This is less intrusive, but the prepping of the pans is difficult and may not be perfect. The Board had previously approved this work and asked the manager to make sure that bids arrive within a week or so and to check references. The Board also asked the Manager to check with our engineering consultant to make recommendations on the work and to provide oversight when the installation occurs.
REVIEW AND DISCUSSION ITEMS
Discussion of Rules to Govern Contractors Work in Building
There has been considerable construction in the building recently. Some of the contractors have not been as considerate of residents as others, including the hours they work, not cleaning up, and not adequately following safety procedures. The manager does meet with contractors when they come in, but there are no printed forms with a few clear rules. These include times at which work is allowed, requirements for trash removal, carpet protection, keeping doors closed, and closing doors quietly. The Board also reminds owners that structural work and equipment installation must be approved in advance by the Board of Directors. Owners must have permits and use licensed electricians and plumbers. Permits should be posted on the door of the unit under renovation and copies provided to the Lauren Manager. Permits include an applicable "overall" permit for renovations as well as specific "electrical" and "plumbing" permits.
Fee to Monitor N Street Door during Moves
The Board approved raising the move in fee by $25 to cover the cost of stationing a staff member at the door to ensure security.
Desk Staff-Training, Relief, Video and Door Monitoring
The Manager is to schedule meetings with the desk staff within the next two weeks. It is particularly important that desk personnel know the procedures in case of a fire, but also other procedures regarding security issues and various potential emergencies.
Additional Video Camera
The Board discussed the possibility of putting a new camera in the basement by the elevators. The Board asked that we get a price for this and for replacing the old one in the garage near the door and the one in the laundry room.
Cost of Payment of Condo Fees by Credit Cards
The current management firm has been charging the Lauren a fee for each owner who uses a credit card to pay condo dues. The auditor suggested that many financial management firms pay the cost as part of their contract or else the credit card users pay the cost themselves. Joe Morris pointed out that credit card usage is carefully controlled by state laws and that these differ between municipalities. The Manager will check if the new management firm charges for the use of cards. He will also check with our attorney for advice. Board agreed that the individual owners who chose to pay by credit card should pay the fee if it is legal to do so.
NEXT MEETING
The next meeting will be held on Thursday, January 18, 2007 at 7:00 PM.
ADJOURNMENT
The meeting adjourned at 10:05 PM.
EXECUTIVE SESSION
An executive session followed the open meeting.
RESPECTFULLY SUBMITTED
Elizabeth A. VanderPutten, Secretary
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www.lauren.org/lrn_business.htm