MINUTES
OF THE BOARD OF DIRECTORS
APRIL 22, 2008
The meeting was
called to order at
7:34 p.m.
by President Roger Hirschland. Present
were other board members Elizabeth VanderPutten, John Filice, and Jeff
Wertkin; property manager Walter Krolman, and owners Brian Larkin and
Thomas Zawalich.
READING
, MODIFICATION, ACCEPTANCE OF MINUTES
OF THE MEETINGS OF
MARCH 26, 2008
The Board approved the minutes as a
true record of the meetings.
FINANCIAL REPORT
TREASURERS REPORT FOR MARCH 2008
Net
cash available at the end of March 2008 was $1,086,228.33.
For
year-to-date operations, through the end of March 2008:
- Total
income was $263,945 which is under budget by $9,244
- Total
operating expenses were $201,936, which is under budget by $1,181
- Capital
expenditures were $27,699
Fund
Balances as of the end of March 2008:
- Operating
fund balance as of the end of March 2008 is $70,372
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a.
Unrestricted capital reserve fund booked balance
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$
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885,053
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b. *HVAC
dedicated replacement reserve fund booked balance
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$
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184,670
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Total Reserves
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$
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1,069,723
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Note
1: Monthly Condo Reserve Contributions for 2008 are
$18,670.00.
Note 2: The HVAC
reserve fund includes a transfer of $ 61,296 from the
general reserves as of
January 1, 2008
plus a portion ($3,405.33
per month) of Monthly Condo Reserve Contributions.
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Monthly Reserve
Contributions:
a. Our March, 2008
Reserve Contribution of $18,670.00 was erroneously sent to our
"Laundry Coin Holding Pen" account at Chevy Chase Bank, 18th
and M Street, NW,
Washington,
DC
b. On April 2, 2008, Board Treasurer, John Filice, withdrew $22,272.00
from that Chevy Chase Account and sent it to Smith Barney for Deposit
into our Reserve Account.
c. The $3,602.00 differential is attributable to "coin income"
from our Laundry Room.
d. On
April 17, 2008
, Smith Barney
confirmed that Simmons had successfully completed an
"electronic" transfer of the Lauren's April, 2008 Reserve
Contribution of $18,670
Certificate of
Deposit / Smith Barney Investment Activity through March, 2008:
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a
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There
was no "Bank" CD activity outside of Smith Barney in
March, 2008
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b
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Smith Barney established the following CD's in March 08:
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- 19
March 08:
Washington
Mutual UT.
$80,000 / Interest rate
of 3.700% / Maturity date 19 March 09
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c
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Smith Barney redeemed the following CD's in March 08:
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Remaining
Certificates of Deposit to be Transferred to Smith Barney Upon
Maturity:
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No |
Bank |
Matures |
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APR |
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Balance |
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1 |
Chevy Chase |
4/28/08 |
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4.91%
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$
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97,188.08
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2 |
Key Bank
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6/25/08
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5.20%
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$
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70,718.54
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3 |
IFSB
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7/2/08
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3.64%
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$
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99,978.77
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4 |
Eagle
Bank
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11/17/08
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4.21% |
$
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95,973.74
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5 |
M&T
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1/14/09
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4.62%
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$
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70,001.39
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6 |
Capital
One
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7/28/09
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4.88%
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$
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72,691.50
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7 |
Principal
Bank
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2/8/10
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4.89%
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$
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74,389.98
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8 |
WA First
Bank
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7/24/10
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5.25%
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$
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77,735.79
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OTHER FINANCIAL BUSINESS
Audit Status
2006 Audit
The Board discussed the draft report
received from Goldklang/Cavanaugh. Unfortunately,
the report states that the auditors cannot verify up to $64,798 in funds
handled by the previous management firm, Koger. The treasurer reported that he had discussed the audit with a
Lauren Owner who is a CPA to get additional insights into the report.
After discussing the report, The Board asked the manager to confirm that
one check for about $14,000 was received, which would reduce the total
amount in question to about $50,000. The Board has referred the audit to the Lauren legal counsel for
possible action against Koger.
2007 Audit
Once
the 2006 audit is complete, the auditing firm will be in a position to
estimate the completion of the 2007 audit. The goal is to have the audit ready by the annual meeting.
The treasurer reported that the auditors will make every effort
to meet that goal.
Follow-up
Meeting with Financial Manager
The manager and treasurer are
scheduled to meet
with the current financial management firm to discuss issues with the
financial reporting.
ACTION ITEMS
Reserve Study
The Board accepted the final report.
This will be used in the developing the 2009 budget.
Trash Pickup
The Board discussed the options of either going to a
new means of trash pickup or finding a new vendor to pick up trash the
way it has been done for some years. Allied, our current vendor
contracted to us, has indicated that they will not continue to service
the Lauren.. After consulting with our engineering firm, the Board
decided that it would not be feasible to have staff use a small tractor
to move the trash bins to the street up the steep driveway. Other
options such as a pulley system or creating an opening in the garage
ceiling were also deemed not feasible. The Board authorized the manager
to negotiate a contract with a new firm, after ensuring that the firm
will pick up the trash between 8:30 and 3:30 P.M. The board also
reiterated that it is our understanding the bins are the property of the
Lauren and to negotiate this with Allied.
Unit Renovation Request
The Board approved the request to
remodel Unit 805 to return it to the original configuration, pending the
owner's signing of the Lauren forms for all renovations.
COMMITTEE REPORTS
Decorating Committee
The design work is going well. A professional designer
has submitted the first plans for the committee to consider. The goal is
to make the hallways more upscale and durable
REVIEW AND DISCUSSION ITEMS
Annual Meeting Planning
The Board briefly discussed who would report on which
aspects of the year's activities and developments.
Building Maintenance
Blocked Waste Pipe
A large, 4-inch waste pipe in the garage ceiling for
the "08/09" Tier was blocked and led to occasional flooding on
the first floor. The manager reported that the building maintenance
staff was planning to replace portions of the pipe on the evening of the
meeting.
Storage Rooms Clean Up
The Board has asked the manager to schedule a cleanup
of the two storage rooms in the basement. All boxes and items will have
to be tagged by their owners; any items not identified and tagged by
owners will be discarded. The Board will hire a hauling firm to remove
unwanted and unclaimed items. Owners and residents may also use the
service to discard items in their own units. The date for this will be
announced in the next few weeks.
Central Air Conditioning
Central air conditioning, which has just been turned
on, has been operating without any problems.
NEXT MEETING
The next meeting will be the
annual meeting
on Monday, May 12.
ADJOURNMENT
The meeting was adjourned at
9:00 pm
.
EXECUTIVE SESSION
An executive session followed the open
meeting.
RESPECTFULLY SUBMITTED
Elizabeth A. VanderPutten, Secretary
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