The meeting was called to order at 7:05 p.m. by President Roger Hirschland. Present were other board members Elizabeth VanderPutten, Dwight Clark, John Filice, and Jeff Wertkin; property manager Walter Krolman, and owners Erin Erlenborn and Brian Larkin for portions of the meeting.

READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETINGS OF JULY 21, 2008 

The Board approved the minutes as a true record of the meetings.

TREASURER'S REPORT: Month Ending July 2008

Net Cash:

• Net cash available at the end of  July, 2008 was $1,183,089.31

For year-to-date operations, through the end of July, 2008:

• Total income was $631,642 which is under budget by $5,799
• Total operating expenses were $478,107, which is under budget by $3,262.
• Capital expenditures were $34,284
• Laundry Income:  No deposits as of August 18, 2008 Board Meeting

Fund Balances as of the end of July, 2008

• Operating fund balance as of the end of July 2008 is $92,700

• Reserve Funds:

1. Unrestricted capital reserve fund booked balance:                     $949,695   
2. HVAC dedicated replacement reserve fund booked Balance:   $200,624    

Total Reserves   $1,150,319 

Note 1 re Reserve Funds:

Monthly Condo Reserve Contributions for 2008 are $18,670.00

Note 2 re Reserve Funds:

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.

Miscellaneous Treasurer Notes:

1. 2006 Audit Re Koger Bankruptcy: 

·         Our 2006 audit revealed we were missing monies due to the Koger Management Company’s bankruptcy / embezzlement situation.

·         Walter Krolman, Property Manager, followed up with our auditor to learn the exact amount of monies “missing” that we should share with our Legal Council and Insurance Company with respect to the recovery of said sums.

·         Goldklang provided the figure of $ 64,735.00

·         The recovery of this money is being pursued through The Lauren’s legal counsel and our Insurance carrier.  

2. 2007 Audit

·         Walter Krolman submitted a list of questions to the auditor prior to the Board accepting the 2007 Audit which were answered by the auditing firm to the Board’s satisfaction...  

3. Monthly Reserve Contributions

·         Simmons Management successfully conducted electronic transfers of our July, 2008 Monthly Reserve contribution ($18,670) to Smith Barney for investment on  

4. Certificate of Deposit / Smith Barney Investment Activity in July, 2008

1.      The monthly Smith Barney statement of account for The Lauren Condominium Reserves was reviewed and determined to be accurate.

2.      Interested owners are free to request a copy from our Property Manager in writing.

3.      CD purchases during the month of July, 2008  

·         $96,000.00: 12 month CD at 3.75%

·         $96,000.00: 18 month CD at 4.00%  

5. CD’s Purchased / Potential Capital Expenditures

The Treasurer and Property Manager discuss the following with Smith Barney on a regular basis:  

1.      Current money market funds

2.      CD  Maturing Dates

3.      Non Smith Barney CDs to be moved into our Smith Barney account.

4.      Potential “Capital Expenditures” such as those listed below:

      Projected Lauren Needs / Capital Improvement Projects may total         approximately $ 450,000 through 2008.

a.      Boiler: Approximately $220,000.00

b.      Hot Water Heater: Approximately $ 30,000.00

c.      Interiors: Approximately $200,000.00

5.      At the end of 2008, the Reserve Fund will be approximately $832,505 - $897,505.  This assumes all fees for the Boiler, Hot Water Heater, and Interiors expenses are expended during calendar year 2008.

6.      Based on the Treasurer’s discussion with Smith Barney re potential “Capital Expenditures” that may require payment within the next 5 (five) months, Smith Barney has recommended a “laddering” of CD investments that will allow access for needed capital expenditures as they arise.  

6. Remaining CD’s to be transferred to Smith Barney upon maturity:

1.      Eagle Bank: Matures 11/17/08 (4.21%)                $ 95,973.74

2.      M&T: Matures 1/14/09 (4.62%)                             $70,001.39

3.      Capital One: Matures 7/28/09 (4.88%)                 $72,691.50

4.      Principal Bank: Matures 2/8/10 (4.89%)               $74,389.98

5.      WA First Bank: Matures 7/24/10 (5.25%)             $ 77,735.79  

7. Laundry Coin Collection

There has been no laundry coin collection since the last meeting. The president and manager agreed to do a coin collection within the next week.    

 ACTION ITEMS  

Payment of Condo Fees and Delinquency Processing Fees:

 The Board reiterated its policy that all condo payments are due on the first of the month.  A memo will be sent explaining the three methods of payment (automatic transfer, personal check with coupon, or credit card payment) and associated fees for failing to meet the deadlines  This reflects the fact that the management firm charges the Lauren for handling late payments.

 COMMITTEE REPORTS

 Decorating Committee Report

 Erin Erlenborn presented a rendering of the design for the hallways. The Board approved a motion for $200,000 for renovations, not including the designer fees and incidental costs associated with installation.

 REVIEW AND DISCUSSION ITEMS

Elevator Operation

 The manager reported that after multiple trips, the elevator maintenance company (Schindler) repaired elevator #2.

Front Door Sign

The sign for the front door is ordered. It will remind residents to admit only people they know.

Recycling-Current Procedures  

The Board asked the manager to post details of what can be recycled through our recycler and what cannot. All residents will receive a notice, and notices will be posted at each trash chute door.        

NEW BUSINESS  

There was no new business.  

NEXT MEETING  

The next meeting will be Thursday, September 25, 2008.  

ADJOURNMENT  

The meeting was adjourned 9:35 p.m.  

EXECUTIVE SESSION  

An executive session followed the open meeting.  

RESPECTFULLY SUBMITTED

Elizabeth A. VanderPutten, Secretary.
Secretary, Lauren Board