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MINUTES OF THE LAUREN BOARD OF DIRECTORS
MEETING
JUNE 17, 2009
The meeting was called to
order at
READING, MODIFICATION, ACCEPTANCE OF MINUTES
OF THE MEETING OF
MAY
14, 2009
The Board approved the May minutes as a true record of
the prior meeting.
BOARD
DISCUSSION OF TREASURER’S REPORT
Reserve
Studies
Brian
Larkin recommended that the Board have the reserve study updated with a special
section on the reserve funds being put aside for the HVAC system. With the fall
in interest rates, planned interest income has decreased, and the projections
might change. In addition, there have been recent upgrades and replacements to
the physical infrastructure that need to be updated.
TREASURER’S
REPORT: (See below)
ACTION
ITEMS
Air-conditioner
Chiller Flow Switches
The
Board approved replacement of flow switches on the air-conditioner Chiller for
approximately $1100. This is needed
to prevent accidental damage to the air conditioning system.
COMMITTEE
REPORTS
Decorating Committee
Report
A final
contract has been received and is under final review.
The Lauren Web Site
Noting
that Craigslist.com has become the de
facto listing service for apartment rentals, Brian Larkin asked the Board
whether it was still necessary to list rentals on the condo’s Web page. While
there are benefits to having the Lauren list these units, including giving
owners the current rates for renting, there is also significant work. The Board
strongly recommended that this service be continued.
The
Board also asked the manager to have visiting cards made for the front desk with
the Lauren URL and other related information.
REVIEW
Boiler
& Hot Water Heater Replacement—Progress Report
Considerable
progress has been made in getting the infrastructure for the new systems in
place. The expected end date for the entire project is the end of July.
Fencing and Stairwell
Enclosures
The
board agreed to closing off the spaces under the last tier of stairs on the
basement level, to enhance security.
Noise complaint
Additional
area carpeting was installed in response to a noise complaint.
Garage Door Incident
The
renter of a parking space who accidentally damaged the garage door frame has
been informed of the cost of repair and has agreed to pay the Lauren.
Master
Antenna—Conversion to High Definition
The
building master antennae problem is still not settled. The last proposal was to
convert the digital signal to analog so that it could be received in any units
with pre-existing antenna hookups. The Board discussed that this may be just a
short term solution, as TVs are moving toward digital inputs only and over the
next few years new models will likely stop shipping with analog inputs. The
board has asked our property manager to find out more with the vendor.
Emergency
Notices—Updating
The
Lauren has copies of emergency procedures that can be placed on a refrigerator.
Owners and tenants are encouraged to pick up a copy of these procedures at the
front desk if they do not have one.
Front Entrance Awning
The
president noted that the awning is beginning to show signs of wear. The Board
postponed a decision on replacing this.
Request for an animal
in the building
The
Board discussed the request of an owner for an exception to the Lauren’s rule
of no dogs based on the requirements for reasonable accommodations under the
Fair Housing Act. The owner agreed to abide by all rules
concerning the dog. The Board
delayed a decision until further documentation is submitted as required
according to the Lauren lawyer.
None
The
next monthly Board meeting is scheduled for
ADJOURNMENT
The
meeting was adjourned at
RESPECTFULLY
SUBMITTED
Elizabeth
A. VanderPutten, Secretary
Month
Ending May 2009
A.
Total Owners Equity / Net Cash Available
Total owners equity / Net cash available at the end of May
2009 was
$ 1,378,110.46
B.
Year-to-date operations, through the end of May 2009:
- Total
operating income was $488,839, per Simmons Management financial report for
month ending May 2009
- Total expenses year to date: $ 495,928
- Laundry
Income:
a.
May coin deposits
$ 1,862.25
(made 29 May 09)
b.
May
“Net” Credit Card Income:
$ 1,593.24
Total laundry income May 2009
$ 3,455.49
C.
Fund Balances as of the end of May 2009
1.
Operating cash
balance as of the end of May 2009: $ 78,410.57
2.
Reserve Funds:
a.
Unrestricted capital reserves:
$ 1,029,177.90
b.
HVAC dedicated replacement reserve
fund
booked Balance:
$ 289,429.00
Total Reserves
$ 1,318,606.90
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
reserves 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’s Notes
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
have been sent to the auditor for their response and revision.
E.
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.
- 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 $450,000 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 $220,000.00
e.
Currently, our
reserve funds are sufficient to cover such Capital Improvements without concern
of compromising our ability to address emergency matters.
f.
Smith Barney has
recommended a “laddering” of CD investments that will allow access for
needed capital expenditures as they arise.
E.
Remaining CD’s to be transferred to Smith Barney upon maturity:
1.
Capital One:
Matures
2.
Principal Bank:
Matures
3.
WA First Bank: Matures
4. - END OF TREASURER’S REPORT -
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