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MINUTES OF THE BOARD OF DIRECTORS
FEBRUARY 24, 2008 (Amended March 27, 2008)
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETINGS OF JANUARY 24, 2008
The Board approved the minutes as a true record of the meetings.
FINANCIAL REPORT
TREASURERS REPORT FOR JANUARY 2008
Net cash available at the end of January 2008 was $1,074,883.21.
For
year-to-date operations, through the end of January 2008:
- Total income was $86,845 which is under budget by $4,217
- Total operating expenses were $60,786, which is under budget by $5,236
- Capital expenditures were $24,891
Fund
Balances as of the end of January 2008:
- Operating fund balance as of the end of January 2008 is $77,264
- Reserve Funds:
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Certificate of Deposit / Smith Barney Investment Activity through January, 2008:
| 1 | 1/7/08: United Bank CD ($98,107.23) redeemed and sent to Smith Barney for investment | |
| 2 | 1/8/08: Laundry Coin Income ($10,328.62) sent to Smith Barney for investment | |
| 3 | 1/29/08: Capital One CD ($60,153.57) redeemed and sent to Smith Barney for investment. |
Remaining Certificates of Deposit to be Transferred to Smith Barney Upon Maturity:
| 1 | IFSB: Matures 7/2/08 (3.64%) $99,978.77 | |
| 2 | M&T: Matures 1/14/09 (4.62%) $70,001.39 | |
| 3 | WA First Bank: Matures 7/24/10 (5.25%) $ 77,735.79 | |
| 4 | Chevy Chase Bank: Matures 4/28/08 (4.91%) $ 97,188.08 | |
| 5 | Capital One: Matures 7/28/09 (4.88%) $ 72,691.50 | |
| 6 | Eagle Bank: Matures 11/17/08 (4.21%) $ 95,973.74 | |
| 7 | Eagle Bank: Matures 11/17/08 (4.21%) $ 95,973.74 | |
| 8 | Key Bank: Matures 6/25/08 (5.20%) $ 70,718.54 |
2007 Interest Earned was $34,110.03, which is $ 6,110.03 more than budgeted
OTHER FINANCIAL BUSINESS
Audit Status
2006 Audit
Copies of banks statements previously missing have been sent to the auditor. If these are complete, the audit can now be completed and should be finished soon.
2007 Audit
As soon as the 2006 audit is completed, the 2007 audit will begin. The auditor pointed out that the 2007 audit cannot begin until all issues regarding completion of the 2006 audit are resolved.
D.C. Taxes--Status of Resolution
The Board acknowledged the letter from the D.C. Tax office stating that no funds were owed. However, the Board also noted that the letter was not on letter head and could not, at some future date, provide proof of the condo's good standing. The board asked that the Lauren lawyer send a letter to the tax office acknowledging receipt of the tax office letter and reiterating that the Lauren owes no funds to that office.
Meeting with Simmons Management Group
The Treasurer, Secretary and Property Manager met with Simmons personnel on February 4, 2008. They reported that the meeting resolved a number of questions previously raised by the board and the manager.
ACTION ITEMS
Annual Meeting Date (Amended)
The Board tentatively set the annual meeting for May 12, 2008, contingent upon availability at the Marriott Hotel on 22nd Street.
COMMITTEE REPORTS
Decorating Committee
Erin Erlenborn, chair of the committee, reported that the designer has said he is ready to meet with the committee to show his first drawings. The meeting is scheduled for March 6 in Unit 813 at 7:00 p.m.
REVIEW AND DISCUSSION ITEMS
Engineering Proposal for Boiler Replacement
The Board discussed a bid from our consulting engineer Jack McNabb to oversee the bidding and installation of a new boiler amount. The Board had a number of questions, and asked that Mr. McNabb submit a detailed proposal with more precise figures on costs and savings.
The boiler replacement will be one of the capital expenditure items discussed at the annual meeting.
Follow-up on Reserve Advisors Draft
A subcommittee of the Board and the manager reported on the Reserve Study, comparing the 2003 and proposed 2007 study. Where the items were listed in both reports as capital expenditures, the reports are similar, with the 2007 somewhat higher, which reflects inflation. The 2007 study did not list 13 items, at an estimated cost of about $300,000, showing these as operating costs. In some cases, the 2007 study also projected a longer expected life than formerly. Finally, the Lauren had a higher balance in reserves in 2007 than predicted in 2003, due in part to higher earned interest and postponed work. The Board asked that, in a revision of the new reserve study, the miscast items be reclassified as capital expenditures as in the previous report, and that the life span for the chiller be reduced from 30 years to 20 years.
The Board discussed a number of issues in the building that could cause problems and that we could be more pro-active in fixing. The front door is one. The elevator may be having some issues. There are some recurring water leaks and drips. The manager will ask the building engineer to identify other possible things that might break, so that the manager and board can take preventive action before equipment failure.
Building Walkthrough
On their building inspection on Saturday, January 26, 2008, the Board identified several issues.
Malfunctioning Garage Door
The Board acknowledged the failure of the door and confirmed its email vote to hire a person to watch the door nightly until the door is replaced.
Trash Pickup
The current trash service has said we must figure out a way to move the containers to the street for pickup. The Board directed the manager to make this issue a high priority and to find a solution within a month.
Other Issues
There are a number of dead bushes stored in the basement, waiting to be returned under warranty. The board asked that these be moved by April 1. The Board also authorized the replacement of plants on N Street similar to the ones in the front of the building.
NEXT MEETING
The next meeting will be held on Wednesday, March 26, 2008, at 7:00 p.m. in Unit 908.
ADJOURNMENT
The meeting was adjourned at 9:12 p,m,
EXECUTIVE SESSION
An executive session followed the open meeting.
RESPECTFULLY SUBMITTED
Elizabeth A. VanderPutten, Secretary
To receive e-mail copies of Board Minutes, send a request to Property Manager Walter Krolman at manager@lauren.org Previous issues of Lauren Board Minutes from 1996 through this month are available from www.lauren.org/minutes.htm Other Lauren information may be found in the Business Section of the Lauren Web site www.lauren.org/lrn_business.htm |