The Lauren Condominium Association

  
     

MINUTES OF THE BOARD OF DIRECTORS
DECEMBER 16, 2008

The meeting was called to order at 7:06 p.m. by Roger Hirschland. Present were other board members Dwight Clark, Elizabeth VanderPutten, John Filice, and Jeff Wertkin by phone, and property manager Walter Krolman. 

READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF NOVEMBER 13, 2008

The Board approved the November minutes as a true record of the prior meeting.

ACTION ITEMS

NONE

COMMITTEE REPORTS

Decorating Committee Report

The Board discussed issues regarding the design contractor, especially the fact that bids for the proposed project currently are running well above budget-which the board will not approve.

DISCUSSION ITEMS

Electric Car Charging

The Board continued discussion of what would be a reasonable way to handle requests by owners and tenants to use the building's electric power to charge cars. Issues include the load on the electrical circuits in the building, marginal costs of the electricity, and how this could or should be charged, and logistical questions such as installing additional outlets, their location and number of outlets. At present, there is only one outlet in the garage and none in the outdoor parking lot.

Holiday Gift Fund

Owners and tenants are reminded that contributions to the fund need to be given in by Monday, December 22. The gifts will be distributed to staff on December 23rd. The president agreed to post a reminder, with a list of donors to date.

Status of Repairs and Insurance Claim for Damage to Unit 1003 from Roof Leak and Related Repairs

A final walk through of the work is scheduled for December 17, 2008

Hot Water Heaters

The hot water heaters malfunctioned several times in November. One of the heat exchangers in one of the two water heaters is broken and not reparable. Only one is working but has some problems. The contractor has worked to make this one remaining water heater work better. These are scheduled to be replaced along with the boiler replacement. The manager has asked that the water heaters be moved up. Bids are expected in mid-January with installation beginning soon after board approval of the bids. In the meantime, the contractor will provide more intensive maintenance of the remaining heater.

US Mail Delivery to The Lauren

The Postal service has changed the mail routes. As a result, the Lauren is now at the end of a route and mail is being delivered very late in the day. The Postal Service does think this will improve as the postal workers adjust to the new route.

Parking Lot Gate Repair

The gate was broken in a "hit and run" situation. The manager reports that repairs to the gate should be completed by December 19.

TREASURER'S REPORT: Month Ending October, 2008

Net Cash:

  • Net cash available at the end of October, 2008, was $ 1,186,338.36.

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

  • Total income was $946,777, which is over budget by $ 36,437.
    NOTE:

a.       Total income above includes a $45,000 transfer from reserves.

b.       Without the reserve transfer, total income was $901,977, which is under budget by $8,653.

  • Total operating expenses were $734,608, which is over budget by $35,890.
  • Capital expenditures were $ 38,073.
  • Laundry Income:  October coin deposits on 10/22/08 were $941.50.

Fund Balances as of the end of October 2008

  • Operating fund balance as of the end of October 2008 is $87,073.
  • Reserve Funds:
    1. Unrestricted capital reserve fund booked balance:                  $998,200
    2. HVAC dedicated replacement reserve fund booked Balance:   $212,590

Total Reserves $ 1,210.790

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 because of the Koger Management Company’s bankruptcy / embezzlement situation.

·         Auditor Goldklang provided the figure of $64,735.00

·         The recovery of this money is being pursued through the Lauren’s legal council and our insurance carrier. The board asked the manager to report monthly, at board meetings, on any progress our counsel has made in retrieving any of these monies.  

  1. Monthly Reserve Contributions

·         Simmons Management successfully conducted electronic transfers of our October 2008 monthly reserve contribution ($18,670) to Smith Barney for investment.  

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

1.       The monthly Smith Barney statement of account for The Lauren Condominium Reserves has been 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 October, 2008  

·         10/29/08: $192,000 / 3 Month CD @ 2.60%  / Matures 1/29/09

·         CD’s are currently insured up to $250k per new FDIC limits.  

  1. CD Activity vis a vis 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 between now and March 2009:  

a.       Boiler: Approximately $220,000.

b.       Hot Water Heaters: Approximately $30,000.

c.       Interiors: Approximately $200,000.  

5.       Smith Barney has recommended a “laddering” of CD investments that will allow access for needed capital expenditures as they arise.  

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

1.       Eagle Bank: Matures 11/17/08 (4.21%)                      Matured @ $100,111.80 and sent to Smith Barney 11-19-08

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  

NEXT BOARD MEETING

The next monthly Board meeting is scheduled for January 27, 2009.

ADJOURNMENT

The meeting was adjourned at 9:25 p.m. for Executive Session. 

RESPECTFULLY SUBMITTED

Elizabeth A. VanderPutten, Secretary.

 
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Previous issues of Lauren Board Minutes from 1996 through this month are available at www.lauren.org/minutes.htm

Other Lauren information may be found in the Business Section of the Lauren Web site www.lauren.org/business.htm