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MINUTES OF THE BOARD OF DIRECTORS
JANUARY 18, 2007
TREASURER'S REPORT
Net cash available at the end of NOVEMBER was $887,900.38.
For year to date operations, through the end of NOVEMBER:
- total income was $910,038 which is under budget by $29,213;
- total operating expenses were $749,969, which is over budget by $20,558;
- capital expenditures were $57,818.
Certificates of deposit activity during NOVEMBER was as follows:
- 11/17/06-Eagle Bank. 1 year CD renewed. Rate/Yield and Renewal Balance to be obtained by account signatory
Fund Balances
- operating fund balance as of the end of NOVEMBER 2006 is $85,222
- reserve fund booked balance as of the end of NOVEMBER 2006 is $850,747
Income is under budget mainly due to interest that has not been accrued, laundry income not yet deposited and lower-than-expected income from in-house maintenance. Operating expenses are over budget, due primarily to billings received from prior years and to an insurance payment that covered both 2006 and part of 2007.
Audit Status
The Board reviewed a letter sent by our audit firm, Goldklang, Cavanaugh & Associates, to all clients of our former financial management firm, Koger. Their letter states that they will not be able to issue an unqualified audit for any of the condominium clients of Koger because of lack of documentation. The letter advises affected condo Boards to inform their insurance companies and their lawyer of the issues. The Lauren Board has been in contact with the Association lawyers on the issue and will contact the insurance company.
The Board will ask Goldklang, Cavanaugh to prepare an interim or qualified audit which will be distributed to owners.
The Board affirmed that the highest priority for the Manager and the new management firm,
Simmons, is to ensure that all financial instruments and signing authority are with Simmons.
The President thanked the members of the Board and owner Brian Larkin for their work in selecting the new Financial Management Firms, the Simmons Management Group..
D.C. Taxes--Status of Resolution
This is still unresolved. The Manager has made several efforts to meet with District tax officials. He will continue those efforts over the next few weeks.
MATTERS ARISING FROM THE MEETINGS OF NOVEMBER 21, 2006
Diesel Fumes from Adjacent Building
The Lauren lawyer provided the contact for complaints: the Air Quality Division of Environment Health Administration at 202-535-2991 or 202-535-2261. The lawyer said this will probably be treated as a minor inspection target. The Board asked the Manager to request that Donald Benedick call and follow up on this issue.
ACTION ITEMS IN ADDITION TO THOSE FOUND ABOVE
Appearance of the Building
The Board asked the Manager to remind staff to take the pads down from the elevator at the end of each day. Similarly, the pads that are placed in the lobby during inclement weather should be removed as soon as is appropriate.
Front desk Deliveries
Residents are reminded that all oversized packages that have to be placed in the hallway near the elevators need to be picked up the day of delivery. Staff will store unclaimed packages in another area of the building, and notification of the delivery will be maintained in the appropriate mailbox.
Doors At and Near the N St. Exit
Owners and tenants are reminded to keep these doors closed except during moves. This is an important security concern.
Leaks
The Board discussed the two water leaks that occurred during December. The Board asked that the Manager make sure the desk knows the names of plumbers and electricians to be called in an emergency.
Riser Valves
There appear to be some riser shut-off valves for water that do not fully work. The main valve to the building may also need repairs. The Board asked the Manager to investigate how we can replace these valves.
COMMITTEE REPORTS
HVAC Committee
Convector Pan Coating
The Board received a preliminary estimate of $500 per pan to do this which is considerably more than previously estimated. The Board is looking at other options. One option would be to use in-house staff on a contractual basis The most tedious and time-consuming part of the task is scraping the pans; the most technical and precise part is the coating of the pans.
Quality of Life
No Report
Decorating
The President will appoint a redecorating committee. If owners wish to serve on the committee, they should contact the President, Roger Hirschland. John Filice will investigate some cost-effective ways to enhance the elevator look in the meantime.
REVIEW AND DISCUSSION ITEMS
Rules to Govern Contractors Work in Building
The Board approved in principle the Proposed Rules to Govern Contractors Work in Building. These will be distributed to all owners and tenants. The goal is to ensure that renovations to units do not unduly affect the quality of life of other tenants and owners.
Desk Staff-Training
The Board is updating the emergency procedures and the Manager will conduct training sessions for the staff.
Dogs
The only dogs allowed in the building are dogs admitted under ADA. The Board asked the Manager to ensure that the rules governing these dogs be enforced.
Late Condo Dues Payments
The Board discussed the existing policy regarding timely payment of condo fees. The Board reiterated that a letter be sent from the Manager to delinquent owners as soon as the monthly statement is received from Simmons. A second letter will be sent to a delinquent owner by the Condo lawyer if payment is not made in the second month. Penalties will be assessed for late payments.
Surveillance Cameras
Additions and enhancements to the video system were authorized, including relocating some existing cameras and purchasing two others. Final prices are still under negotiations. The Board agreed to the installation if the final price is under $5,000.
NEXT MEETING
The next meeting will be held on Thursday, February 22, 2007 at 7:00 p.m. in Unit 908.
ADJOURNMENT
The meeting was adjourned at 9:40 PM.
EXECUTIVE SESSION
An executive session followed the open meeting.
RESPECTFULLY SUBMITTED
Elizabeth A. VanderPutten, Secretary
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Minutes and other Lauren information may be found in the Business Section of the Lauren
Web site
www.lauren.org/lrn_business.htm