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MINUTES OF THE BOARD OF DIRECTORS SEPTEMBER 18, 2007
The meeting was called to order at 7:10 p.m. by Roger Hirschland. Present were other board members Dwight Clark, John Filice, and Elizabeth VanderPutten. Also present for portions of the meeting were residents Brian Larkin and Erin Erlenborn.
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF AUGUST 20, 2007
The Board approved the August minutes as a true record of the meeting.
TREASURER'S REPORT
FOR AUGUST 2007
Net cash available at the end of August 2007
was $1,000,794.02.
For year-to-date
operations, through the end of August 2007:
- Total income was $675,953, which is under budget by $25,511.
- Total operating expenses were $523,428, which is under budget by $28,632
- Capital expenditures were $72,906
Fund Balances as of
the end of August 2007:
- Operating fund balance is $71,690
- Reserve Funds:
- Unrestricted capital reserve fund booked balance: $ 834,835.00
- HVAC dedicated replacement reserve fund booked Balance: $100,078. 00 *
Total Reserves
$ 934,913.00
*
The HVAC reserve fund includes a transfer of $78,812 from the general reserves
plus monthly condo fee contribution ($2,425.25 per month) through
August, 2007
Certificate of
Deposit activity during August, 2007:
- A
6 (six) month (184 day) CD was
rolled over at New South Bank.
- Balance
at rollover was $64,638.53.
- Interest
rate for current term is 3.715%.
- Next maturity date is 1 February 08.
Brokerage Firms for the Association’s Certificates of Deposit
The Board is still considering a brokerage account for managing the certificates of deposit. John reported that our auditor Howard Goldklang says that many condominiums use brokers, and recommended several. John is checking with our attorney, and is pursuing this. The goal is to have a recommendation by October as to whether to proceed, and, if so, which firm should manage the CDs and other investments.
Association Audit Status
Our auditor from Goldklang, Cavanaugh & Associates met at the Lauren with John Filice, and later with Walter, but did not indicate to John when the Lauren’s 2006 audit should be ready. The Board is still hopeful it will be available by the end of this month.
D.C. Taxes
The Board expressed continuing concern that no progress has been made on resolving the issues with the D.C. tax bureau. The board requested that the manager provide weekly summaries of correspondence and telephone conversations with the D.C. tax department.
Financial Management
The Board asked the Property Manager to provide the President by October 10 a list of the outstanding issues with the financial management firm, and to arrange for Mr. Simmons to meet with the Board at their meeting on October 29.
ACTION ITEMS
Water Leak in Pool Room (1006)
A pipe developed a leak in the pool room. Since the pool is now drained, there is no immediate danger. However, it is essential that action be taken to prevent further damage.
The Board asked the Manager to ensure that a water alarm be placed in the room to alert the front desk of the accumulation of any water on the floor. High priority must be placed on getting the sealing done and removal of any obstructions to the water drain.
Other Water Leaks
There are additional water leaks in the garage whose origins are not precisely known. Residents are urged to report any leaks. The board reiterated its policy that water leaks must be fixed immediately. The board will authorize overtime or holiday payment for plumbers if necessary.
COMMITTEE REPORTS
Smoking Committee
There was no report from the smoking committee this month.
Decorating Committee
Decorating Committee chair Erin Erlenborn reported they will discuss two options at their meeting on September 19.
REVIEW AND DISCUSSION ITEMS
Reserve Study
At the last meeting, the board voted to have a reserve study done in time for their annual budget meeting. Materials have been prepared. A site visit is scheduled for September 26.
Capital Spending
The board is considering several large capital projects over the next 18 months. These include hallway renovation (estimated cost $175,000), boiler replacement ($300,000), and water heater replacement ($30,000). Together these would consume more than half of the Lauren's capital reserves. If all of this were spent, the Lauren would have at least $400,000 in both unrestricted and HVAC reserves.
At their next meeting, the board will discuss these capital projects and expenditures further in light of other capital expenditure that could be indicated in the forthcoming Reserve Study.
Storage of Lauren documents
Currently Lauren documents are stored in various places including the boiler room. Many of the items are undoubtedly duplicates or outdated. The Board discussed a number of options. One possibility is to move the boxes off site, at least as a short-term resolution..
Another option is digitizing the materials. However, it is essential that the papers be culled for duplicates and outdated materials before, doing that. The Board discussed the possibility of hiring a firm to organize and sort the information. The firm might also digitize the materials.
As a temporary expedient, the president will talk with the property manager about possibly moving the boxes and files off site, perhaps to a storage facility.
The board will revisit this subject at the next meeting.
NEW BUSINESS
Items left in the Hallway
Residents are reminded that items such as water coolers, delivery baskets, and umbrellas may not be left in the hallway. Staff will remove these at the end of the day.
ADJOURNMENT
The meeting was adjourned at 9:03 p.m.
RESPECTFULLY SUBMITTED
Elizabeth A. VanderPutten, Secretary.
NEXT MEETING
The next meeting will be Monday, October 29.
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