|
MINUTES OF THE LAUREN BOARD OF DIRECTORS
MEETING
APRIL 22, 2009
The meeting was called to order at 7:05 p.m. by Roger Hirschland. Present were other board members Dwight Clark, Elizabeth VanderPutten, John Filice and Barrett Witkin; property manager Walter Krolman; owners Thomas Zawalich and Ethan Stier; and Ted Hart of Smith Barney
READING, MODIFICATION, ACCEPTANCE OF MINUTES
OF THE MEETING OF MARCH 26, 2009
The
Board approved the March minutes as a true record of the prior meeting.
BOARD DISCUSSION OF
TREASURER’S REPORT
Insurance
Payment
The
Board acknowledged that the Travelers Insurance has reimbursed the Lauren for
losses due to Koger embezzlement in the amount of $54,735. This is the full
amount of our loss, minus the $10,000 deductible.
New
account manager at Smith-Barney
The
Board heard a presentation from Ted Hart about the investment services he
provides. He
has been providing this service to condos since 1994.
His principles in managing condo funds are to:
1) Invest only in guaranteed funds such as bank CDs; 2) Ensure some
liquidity; 3) Within the context of the first two, get the best return on
investment.
To reach
these goals, Mr. Hart recommends continuing the current Lauren policy of
laddering the purchase of CDs, but limiting the size of CDs to $50,000.
Mr. Hart
recommended moving the dedicated HVAC reserves into a separate account. The
Board voted to accept this recommendation.
2008
Audit
The
Board asked the manager to try to have the audit in time for the May 6
Association meeting.
TREASURER’S
REPORT: (See below)
ACTION
ITEMS
Pool
The
contract for 2009 has been signed. The pool will be repainted. The expected
opening date for the pool is May 1.
Real
Estate Taxes
The D.C
government has not been able to provide documentation of what check was
mistakenly deposited in the Lauren account in payment of Lauren taxes for 2007
on Unit 212. The
Board requested the documentation in order that there will be no fines or
interest charged to the Lauren because of the misposting by the D.C. Department
of Taxation.
Building
TV Antennas
There
are several antennas on the roof connecting TVs through a coaxial cable.
This works fine now, but will not work when the systems go all digital.
The Board authorized the installation of a converter system that will
provide basic local channels. The estimated cost is $2900.
Energy
Use Committee
The
Board discussed the very high usage of electricity and water in the Lauren.
Unfortunately, because the costs for these utilities are part of the
condo fee/rents, individuals might not feel the need to conserve. There may be
things the Lauren can do to save energy.
The President appointed Ethan Stier to head a committee to review current
use and recommend changes.
COMMITTEE
REPORTS
Decorating
Committee Report
The
Board accepted the recommendation of the committee to hire a particular
contractor, pending final confirmation that the bid is a fixed-price bid. The
Board thanked the members of the committee for their hard work on the committee.
REVIEW
Air
Conditioning
McQuay
is scheduled to be at the Lauren on Friday, April 24, to make the change over to
air conditioning.
Annual Meeting (May 6, at the Marriott on 22nd
and M Streets)
The
Board reminds owners to attend the meeting or to submit their proxies.
Boiler
& Hot Water Heater Replacement
Bids for
these two projects are due on Friday, April 24.
An inspection of the boiler verified that there is no asbestos in the
current insulation of the boiler. This makes the installation considerably
easier and less costly.
Fencing and Stairwell Enclosures
Work on
enclosing the N St. overhangs and the stairwells should be done by June 1, 2009.
None
Because a
new board has to be elected or reelected at the annual meeting, no June meeting
was scheduled.
ADJOURNMENT
The meeting
was adjourned at 8:45 for Executive Session.
RESPECTFULLY
SUBMITTED
Elizabeth
A. VanderPutten, Secretary
Treasurer’s
Report
Month Ending March 2009
A.
Total Owners Equity / Net Cash Available:
Total
Owners Equity / Net Cash Available at the end of March 2009 was $ 1,363,487.64
B.
Year-to-date operations, through the end of March 2009:
- Total
Income Year to Date was $300,792 per Simmons Management Financial Report
- Total Expenses Year to Date was $ 283,628 per Simmons Management Financial Report
- Laundry
Income:
a.
March Coin Deposits
$ 1,602.75
(Made
March 30, 2009)
b.
March
“Net” Credit Card Income:
$ 1,530.89
Total
Laundry Income March, 2009
$ 3,133.64
C.
Fund Balances as of the end of March 2009
1.
Operating Cash
balance as of the end of March 2009: $39,831.84
2.
Reserve Funds:
a.
Unrestricted capital
reserves:
$ 1,000,896.81
b.
HVAC dedicated replacement
reserve
fund booked Balance:
$ 278,835.00
Total
Reserves
$ 1,279,731.81
Note 1 re Reserve
Funds:
Monthly reserve contributions
total $ 17,247 into respective reserve accounts as follows:
- general reserves for
2009 = $11,950
- restricted HVAC for
2009 = $5,297
Note 2 re Reserve Funds:
The HVAC reserve fund
includes an additional subsidy transfer of $ 42,376 from the general reserves as
of
D.
Miscellaneous Treasurer Notes:
- 2006 Audit Re Koger Bankruptcy:
·
Our 2006 audit revealed we were missing
monies due to the Koger Management Company’s embezzlement situation.
·
Goldklang provided the figure of
$64,735.00
·
A check in the amount of $54,735 was received from Travelers on April 17, 2009,
and deposited into the Lauren’s Operating Account.
- 2007 Audit
·
Copies of the 2007 audit have been secured. As per the Board directive at the
March meeting they will be available at the Annual Meeting and interested owners
may also request a copy from the Property Manager at any time.
Lauren Annual Audits
- 2008 Audit
·
The draft 2008 audit has been received and
distributed to the Board of
Directors for their review and comments vis a vis the final product.
·
Questions and suggested edits raised by the Board
and management about the 2008 audit have been sent to the auditors for their
response and revision.
- Monthly Reserve Contributions
·
Simmons Management has been
successfully conducting electronic transfers of our Monthly Reserve
contributions.
- Certificate of Deposit / Smith Barney Investment Activity
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 / activity during the month are reflected in the monthly statement.
4. The Lauren
changed brokers within the Smith Barney umbrella. The new broker is Ted Hart,
who operates out of their office at
Revised
paperwork has been submitted to Ted Hart.
Electronic transfers will now take place via Ted Hart’s office.
- CD Activity vis a vis Potential Capital Expenditures
The
Treasurer and Property Manager discuss the following with Smith Barney on a
regular basis:
a.
Current money market funds
b.
CD
Maturing Dates
c.
Non Smith Barney CDs to be moved
into our Smith Barney account.
d.
Potential “Capital
Expenditures” such as those listed below:
Projected Lauren Needs / Capital Improvement Projects may total
approximately $ 430,000 through 2009.
·
Boiler: Approximately $150.000.00
·
Hot Water Heater: Approximately
$80,000 per 2009 budget which is reflective of McNabb’s latest estimate.
·
Interiors: Approximately
$228,000.00
e.
Currently, our reserve funds are
enough to cover such Capital Improvements without concern of compromising our
ability to address emergency matters.
E.
Remaining CD’s to be transferred to Smith Barney upon maturity:
1.
Capital One: Matures 7/28/09
(4.88%)
$72,691.50
2.
Principal Bank: Matures 2/8/10
(4.89%)
$74,389.98
3.
WA First Bank: Matures 7/24/10
(5.25%)
$ 77,735.79
-
END OF TREASURER’S REPORT -
|
TO SUBSCRIBE 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/business.htm |