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MINUTES OF THE BOARD OF DIRECTORS
JANUARY 24, 2008
FINANCIAL REPORT
TREASURERS REPORT FOR DECEMBER 2007
Net
cash available at the end of December 2007 was $1,051,791.66.
For
year-to-date operations, through the end of October 2007:
- Total income was $1,022,870, which is under budget by $29,331.
- Total operating expenses were $812,980, which is under budget by $11,545.
- Capital expenditures were $76,233.
Fund
Balances as of the end of December 2007:
- Operating fund balance as of the end of October 2007 is $57,308.
- Reserve Funds:
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Certificate of Deposit activity from December 1, 2007, through January 24, 2008, was as follows:
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United Bank: A 1-year Certificate of Deposit matured on 12/27/07 and was redeemed. Check for $98,107.23 was received and deposited with Smith Barney, the Lauren's Reserve Fund Manager.
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Capital One: $59,955.91 three-year CD earning 3.49% matured on January 19, 2008. Board Secretary Elizabeth VanderPutten, faxed our letter requesting redemption on January 2, 2008. Upon receipt of check, it will be deposited with Smith Barney.
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New South: $64,638.53 six-month CD earning 3.715% to mature on February 1, 2008. John Filice, Treasurer, has confirmed a check will be sent to us to close this account upon the February 1 maturity date. Upon receipt of check, it will be deposited with Smith Barney.
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Laundry Coin Income: On January 8, 2008, a check in the amount of $10,328.62 was sent for deposit to Smith Barney.
Additional Smith Barney Investment Activity for the Lauren*
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01/19/2008, purchase 4-month, $95,936.64 CD at 4.5%
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01/19/2008, deposit $12,588.14 in a U.S. Treasury money market account
*Smith Barney's objective is to buy CDs in $96k increments to take advantage of using the banks with the highest rate since we can only place $96k per bank.
OTHER FINANCIAL BUSINESS
Audit Status for 2005 and 2006
The Board learned from our auditors, Goldklang Cavanaugh, that the 2006 audit is being held up because some bank statements are not available, presumably from Koger, the former management firm. The treasurer will work with the auditor to get the exact list of missing statements and then the Board will endeavor to obtain them. The 2005 audit, which is in hand, will be mailed to all owners within the next two weeks.
D.C. Taxes--Status of Resolution
The manager reported the D.C. property tax department has named a person to handle our problem, but otherwise had made no progress in resolving the issue. The board was assured that the manager, with assistance from board Vice President Jeff Wertkin, will pursue a resolution in the next two weeks.
Meeting with Simmons Management Group
The treasurer will set up a meeting with the Lauren's financial management firm no later than the second week of February to discuss outstanding issues on the financial statements. Other participants will include board member Elizabeth VanderPutten and our property manager.
ACTION ITEMS
NONE
COMMITTEE REPORTS
Decorating
Erin Erlenborn reported on the meeting with the designer, I. Michael, who is developing a design and cost estimates. The Board discussed the values of incandescent vs. fluorescent bulbs. The Board recognizes that some people feel that the fluorescent have an industrial look. On the other hand, new energy rules may make it impossible to have incandescent bulbs after 2012.
Smoking Committee Report
The president reported that the committee is in abeyance, but intends to reactivate later in the spring.
REVIEW AND DISCUSSION ITEMS
Unit 1006 Waterproofing Project
The property manager reported this project is completed.
Unit 1006 Storage
The property manager reported that the consulting engineer said that storage is possible in unit 1006 (i.e., the "pool room") as long as certain precautions are observed, such as no sharp objects are placed on the floor.
Engineer's Recommendations on Reserve Study Draft
The Property Manager reported that he received feedback from consulting engineer Jack McNabb regarding the 2007 Reserve Advisors draft report with an emphasis on HVAC. McNabb felt that the report was complete and the projections of cost and life expectancy were fair. The board still needs to consider further the recommendations of the study, including the possibility of installation of a new boiler in the spring. Vice President Dwight Clark and Treasurer John Filice are to schedule a meeting with Property Manager to further review and discuss the 2007 Reserve Advisors Draft Report.
Building Walk-through
The Board was reminded of their annual building inspection on Saturday, January 26, at 10:30 a.m.
Maintenance Requests
The Board discussed the process by which requests are handled. They decided that requests for repairs are to be submitted to the manager, who will work with staff to determine whether each task is to be billed as a Lauren in-house repair or as a private contractor's work. Owners may hire whomever they want for work. If they choose the firm Ibeas, owners are reminded this work must be done after hours.
NEXT MEETING
The next meeting will be held on Thursday, February 28, 2008 at 7:00 p.m. in Unit 908.
ADJOURNMENT
The meeting was adjourned at 9:25 p,m,
EXECUTIVE SESSION
An executive session followed the open meeting.
RESPECTFULLY SUBMITTED
Elizabeth A. VanderPutten, Secretary
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