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MINUTES OF THE BOARD
OF DIRECTORS
JUNE 18, 2008
The meeting was called to order at 7:35 p.m. by President
Roger Hirschland. Present were other board members Elizabeth VanderPutten, John
Filice, and Jeff Wertkin; property manager Walter Krolman, and for a portion of
the meeting owner Brian Larkin.
ELECTION OF OFFICERS
The Board elected the following officers for the 2008/2009
term.
| President |
Roger Hirschland |
| Treasurer |
John Filice |
| Secretary |
Elizabeth VanderPutten |
| 1st Vice President |
Jeff Wertkin |
| 2nd Vice President |
Dwight Clark |
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF
THE MEETINGS OF APRIL 22, 2008
The Board approved the minutes as a true record of the
meeting.
TREASURER'S REPORT: Month Ending May 2008
Net Cash:
For year-to-date operations, through the
end of May 2008:
-
Total income was $447,484 which is under budget
by $7,831
-
Total operating expenses were $349,626, which is
over budget by $3,524.
-
Capital expenditures were $41,625
Fund Balances as of the end of May 2008
a.
Unrestricted capital reserve fund booked
balance:
$907,491
b. HVAC
dedicated replacement reserve fund booked balance: $192,648
c.
Total
Reserves $1,100,139
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.
NOTES
A. 2006 Audit Re Koger Management Company
Bankruptcy:
- Our 2006 audit revealed we were missing
approximately $50,000 due to the Koger Management Company’s bankruptcy /
embezzlement situation.
- The recovery of this money is being pursued
through The Lauren’s legal counsel.
B. 2007 Audit
On June 18, 2008, Emily Perry, of Goldklang
Cavanaugh Auditors, informed John Filice via email that the draft 2007 audit
would be prepared by July 15, 2008.
C. Monthly Reserve Contributions
Simmons Management has now successfully conducted
electronic transfers of April and May Monthly Reserve contributions ($18,670 /
Month) to Smith Barney for investment.
D. Certificate of Deposit / Smith Barney
Investment Activity in May, 2008
- The monthly Smith Barney statement of account
for The Lauren Condominium reserves has been reviewed and determined to be
accurate.
- Interested owners are free to request a copy
from our property manager in writing.
- The Board asked the treasurer to get an
explanation from Smith Barney for the term “unrealized loss/gain” and
the initials ST and LT on the report.
E.
Remaining
CD’s to be transferred to Smith Barney upon maturity:
-
Key Bank:
Matures 6/25/08 (5.20%) $ 70,718.54
-
IFSB:
Matures 7/2/08 (3.64%)
$
99,978.77
-
Eagle Bank:
Matures 11/17/08 (4.21%) $
95,973.74
-
M&T:
Matures 1/14/09 (4.62%)
$
70,001.39
-
Capital One:
Matures 7/28/09 (4.88%) $
72,691.50
-
Principal
Bank: Matures 2/8/10 (4.89%) $
74,389.98
-
WA First
Bank: Matures 7/24/10 (5.25%) $
77,735.79
F. Discussion with Smith Barney about :
- Current money market funds
- Smith Barney CD’s maturing in May 2008
- Non-Smith Barney CDs to be moved into our Smith Barney
account by the end of 2008
- Potential capital expenditures
1. Based on the treasurer’s discussion with Smith Barney
re potential Capital Expenditures that may require payment within the next 6
(six) months, Smith Barney suggested the following CD’s be purchased on The
Lauren’s behalf:
-
Purchase 1 (one) $95,000 three (3) month CD
-
Purchase 1 (one) $55,000 three (3) month CD
-
Purchase 1 (one) $54,000 six (6) month CD
-
Purchase 1 (one) $48,000 nine (9) month CD
-
Purchase 1 (one)
$96,000 one (1) year CD
2.
Lauren’s
Needs / Capital Improvement Projects may
total approximately
$ 450,000
through 2008:
-
July 2008:
Need approximately $150,000
-
September 2008:
Need approximately $150,000
-
November 2008: Need approximately $150,000
- At the end of 2008, the Reserve Fund will be approximately
between $832,505 and $897,505. This assumes that all fees for the boiler,
hot water heater, and interior decoration expenses are expended during
calendar year 2008.
After reviewing the budget, the Board asked the manager
and treasurer to find out more details about the following line items:
- Waterproofing -- The meaning of the negative numbers
on this line was not clear.
- Prepaid association fees -- the amount seemed high to
the board.
- Capital expenditures to date for the year.
- Miscellaneous Administrative -- Most of these
payments were made to Simmons. The Board asked the manager and treasurer
to ensure that each of these activities is authorized by the contract.
ACTION ITEMS
Unit Renovations
The Board reviewed the request for renovations in units 111,
112, and 113. As required by all owners
renovating units, the Board will consider the request when detailed schematics
and the names and license numbers of contractors are submitted.
Roof Garden Parties
The Board noted that there had been unauthorized parties on
the roof garden and that authorized parties had not always followed the
rules. The Board reminds residents and
tenants that they must comply with the rules including getting prior approval
for parties. Glass is not allowed on the
roof. All parties must be held in the
north end. Noise must be kept to a
minimum after 11:00 p.m. The Board asked
the manager to emphasize these rules whenever approving a party.
July 4th
Celebration
The Board reminded tenants and owners that the usual roof
garden rules apply. No large parties
will be authorized for that night. The
Lauren will hire security personnel for that night to ensure the fun and safety
of all.
Front Door Lock
A new lock will be installed by Friday, June 20.
Admitting Strangers
at the Front Door
Residents are reminded that it is essential for the security
of the building that no one allow anyone they do not know to follow them into
the building. This is often referred to as tailgating. The Board asked that a sign be placed at the
front door reminding residents not to allow others to follow them in to the
building.
Cameras
The Board noted that the video cameras in some areas of the
building were intermittently malfunctioning.
The board asked the manager to ensure that all cameras were working,
with particular emphasis on the cameras on the roof.
Malfunctioning Unit
Thermostats
Several individual units have non-working thermostats. These are the unit owners’ responsibility. Owners should consult the property manager or
Cacho about replacing them.
Monitoring the
Cooling System
A new, visible temperature monitor has been placed in the
lobby, and desk staff have been told what an acceptable range is. Desk staff are to report any deviation to the
manager immediately.
Garage Recycling Bins
The Board noted that the old recycling bins in the garage
were still there. The board asked the manager to continue pressuring BFI to
remove these.
Organizing Lauren
Files
The board asked the manager to keep this as a high priority.
COMMITTEE REPORTS
Decorating Committee Report:
Discussions are ongoing with the designer.
REVIEW STATUS AND DISCUSSION ITEMS
Renovation Form: the Board suggested some edits to the current form, which is
required to be signed by anyone conducting unit renovations. The President will finalize and this will be
disseminated to all owners.
2006 Audit
Recommendations
The Board discussed the following recommendations that were
made in our latest audit.
Boiler and Hot Water
Heater Replacement—Status Report on Design
The engineer has been on vacation, and subsequently there
was no new information, other
than that specifications are expected to go out for bids for these jobs in the next two
weeks.
NEXT MEETING
The next meeting is scheduled for July 21, 2008.
ADJOURNMENT
The meeting was adjourned at 9:00 p.m.
Respectfully submitted,
Elizabeth VanderPutten
Secretary, Lauren Board
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