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MINUTES OF THE BOARD OF DIRECTORS
NOVEMBER 20, 2007
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETINGS OF OCTOBER 28, 2007
The Board approved the minutes as a true record of the meetings.
2008 Budget
The main purpose of this meeting was to plan the annual budget for 2008.
The Board discussed the draft budget prepared by the treasurer and the manager. Based on some modification to the proposed budget, the Board estimates an increase of about 3.5% in condo fees for 2008. This reflects a small increase for operating costs and the rest for unrestricted capital reserves and for HVAC reserves. In 2008, this will help cover expenses for hallway redecoration and boiler replacement.
Reserve Study
The draft reserve study, which had been received shortly before the meeting, was discussed by the board. While the study is comprehensive, it may not reflect all the needs and expected requirements of the Association. This will require more in-depth discussion of the assumptions underlying the report. Therefore, the 2008 budget is based, to the extent applicable, on the estimates of the 2003 reserve study.
OTHER BUSINESS
Weekly Deposits
The Board reiterated its policy that all checks are to be processed as soon as possible and never less often than once a week. Cash and checks received by management for payments other than condo fees are to be sent by courier, Federal Express, or U.S. Post Service Express mail. The manager is to ensure that Simmons deposits the checks within three days of receipt. Condo fees are sent weekly to a lock box where they should be handled immediately.
NEXT MEETING
The next meeting is scheduled for Monday December 17, 2007.
ADJOURNMENT
The meeting was adjourned at 9:15 p.m.
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