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MINUTES OF THE LAUREN BOARD OF DIRECTORS MEETING
AUGUST 5, 2009
The meeting was called to
order at
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF JUNE 17, 2009
The Board
approved the June minutes as a true record of the prior meeting.
BOARD DISCUSSION OF TREASURER’S REPORT (see report at end of minutes)
The Board
noted that expenses were somewhat higher than income.
This was primarily due to energy costs over the summer and to insurance
deductibles and denied insurance claims.
The Board
discussed the need for a new or updated Capital Reserve Study.
A concern is that the income projected in previous reports was higher
than actual, given the recent lower interest rates.
The Board asked the manager to do a first draft of revising the financial
projections including the lower interest rates, the reduced balance of the
reserves given this year’s capital expenditures, and possible increased costs
given inflation rates. The result may be that the Lauren will have to project a
longer time to implement the HVAC upgrades or increase contributions to the HVAC
set-aside capital reserve fund.
Audit
The
Board reviewed the draft 2008 report. In general, the Board accepted the report
but did ask that it be updated to reflect the changed status of insurance claim
reimbursements.
COMMITTEE REPORTS
Decoration Remodeling
Work has
begun on the hall redecorating, with an estimated completion date of mid-fall.
The contractors appear to be on schedule and appear to be responsive to
needs keeping disruptions to a minimum. The Board asked the manager to post
weekly updates of plans and progress.
Signage
The board
agreed to place directional signs in the hallways when the redecoration is
complete. Further discussion is needed regarding particular signage; John Filice
and Dwight Clark volunteered to join Roger Hirschland in choosing fonts and
colors for the updated signage.
Dog Ownership Disability Policy Statement and Rules
The Board
adopted a set of rules for residents who have assistive animals, pending final
approval by the Lauren legal counsel.
REVIEW STATUS
AND
DISCUSSION ITEMS
Hot Water Heaters
Three new
hot water heaters, numerous valves, and piping have been installed. The
two boilers are on-site and will be installed in a few weeks. The air
conditioning will need to be turned off periodically for short periods of time
to allow the work to be finished.
Drywall Enclosure
Materials are on hand and installation should be completed in
August.
Parking Lot Gate Repair
The new
replacement gate has been ordered and should be installed by mid-August.
Master Antenna-Conversion
The Board
approved the $2975 proposal to replace the antenna to allow for digital to
analog conversion (allowing those who have analog TVs to receive signals now
broadcast in digital format).
Pest Extermination Services/Policies
The Lauren
has a contract for monthly services of an exterminator. The Board clarified the
procedures. The Board agreed that if there were signs that a within-unit problem
might spread to the common areas or to other units, the Board would authorize an
exterminator to stop the spread, including fumigation within a unit if deemed
necessary. Costs for within-unit extermination, other than the monthly
standard extermination, would be charged to the owners.
Updated Emergency Notice for Posting in Units
The President agreed to draft a set of procedures.
Unit Renovations
John
Filice agreed to draft an updated set of policies and procedures for contractors
and others who are doing renovations in the building. The general idea is that
all renovations must be done in accordance with D.C rules and regulations and in
such a way that damage is not done to the common areas.
Fence Around Lawn
The Board
voted not to install a fence. The Lauren will have signs placed reminding
persons to keep dogs off the grass.
OTHER
NEW
BUSINESS
None
NEXT
MEETING
The
next monthly Board meeting is scheduled for September 23, 2009.
ADJOURNMENT
The
meeting was adjourned at 9:05 for Executive Session.
RESPECTFULLY SUBMITTED
Elizabeth
A. VanderPutten, Secretary
TREASURER’S REPORT
Month Ending June 2009
A.
Total Owners Equity / Net Cash Available
Total owners equity / Net cash available at the end of June
2009 was
$ 1,384,188.90.
B.
Year-to-date operations, through the end of June 2009:
- Total
operating income was $585,933, per Simmons Management financial report for
month ending June 2009
- Total
expenses year to date: $ 604,462
Note re discrepancy
between Income & Expenses:
·
Discrepancy is
largely due to winter utility bills being higher than projected, insurance
deductibles, and non-covered insurance claims.
- Laundry
Income:
a.
June coin
deposits
$
0
(June
coin revenue will be included in July ’09 totals)
b.
June
net credit card income: $
1,387.94
Total laundry income June 2009
$ 1,387.94
C.
Fund Balances as of the end of June 2009
1.
Operating cash
balance as of the end of June 2009: $ 69,253.45
2.
Reserve Funds:
a.
Unrestricted capital reserves:
$ 1,041,399.56
b.
HVAC dedicated replacement reserve
fund
booked Balance:
$ 294,726.00
Total Reserves
$ 1,336,125.56
Note
1 re Reserve Funds:
Monthly reserve
contributions total $ 17,247 into respective reserve accounts as follows:
·
General Reserves
for 2009 = $11,950 per month
·
Restricted HVAC
Reserves for 2009 = $5,297 per month
Note 2 re Reserve Funds:
The HVAC reserve fund
includes an additional subsidy transfer of $42,376 from the general reserves as
of January 1, 2009.
D.
Miscellaneous Treasurer’s Notes:
- 2008 Audit
·
Auditor has
provided draft # 2 of 2008 audit.
·
Copies have been
sent to Board members for review, comments.
- Monthly Reserve Contributions
·
Smith
Barney has been
successfully conducting electronic transfers of our monthly reserve
contributions to the respective reserve accounts…General
Reserves & Restricted HVAC Reserves.
- Certificate of Deposit / Smith Barney Investment Activity (Connecticut Avenue Office)
a.
Treasurer and
Property Manager have reviewed the monthly Smith Barney statement of account for
The Lauren Condominium reserves and have determined it to be accurate.
b.
Interested owners
are free to request a copy from our Property Manager in writing.
c.
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.
·
Boilers
and Hot Water Heaters: $261,898…Includes
original contract with WL Gary, change orders to date, projected change
orders, engineer's design, construction services, and costs to keep Lochinvar hot
water heaters running in the interim.
NOTE:
As of
$ 92,846 from our reserves to our
·
Interiors:
$245,832…Includes
Contractor fees for actual construction regarding Hallways and Common Area
Renovation, designer's fees / expenses, and estimated signage:
NOTE:
As of
$120,431.00 from our reserves to our
1.
Capital One:
Matures 7/28/09 (4.88%)
$72,691.50
·
Joe Morris,
Co-Signatory with Elizabeth Vanderputten, has completed paperwork to have this
matured CD sent to Walter’s attention.
·
The total check
at maturity is $78,216.95.
·
Joe Morris has
indicated the “Check is in the Mail” as of 8/4/09 per his discussion with
Capital One
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 -
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