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MINUTES OF THE LAUREN BOARD OF DIRECTORS MEETING
NOVEMBER 12, 2009
The
meeting was called to order at
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF SEPTEMBER 23,
2009
The Board
approved the September minutes as a true record of that meeting.
BOARD DISCUSSION OF TREASURER’S REPORT
(see
report at end of minutes)
1.
The Board discussed the finance report and expressed gratitude that the 2008
audit was completed successfully. Any owner who wants an electronic copy may
request one from the manager, Walter Krolman.
2. The Capital
One CD Funds were transferred to Smith Barney.
ACTION ITEMS
Driveway Flashing
Warning Light
The Board discussed the
feasibility of installing a system to warn pedestrians that a car is coming up
the driveway. The Board asked the manager to identify options and prices for a
system. If the price is under
$1,000, the Board authorized the manager to install the system without further
approval.
Unit Renovations
Unit 304
The Board approved the detailed plans submitted by the owners which were in compliance with Lauren regulations and procedures, pending submission of copies of any applicable permits not already provided to management.
Units
111-112-113
The owner did not attend the meeting. The Board reiterated that plans for renovation must be submitted to the Board for approval.
COMMITTEE REPORTS
Decorating Committee Progress Report
Progress Report on
Project
The procurement of light
fixtures has been delayed due to availability issues from the lighting vendor.
Additional light fixtures will be delivered on Monday, November 16, at
which point the contractor will continue installing the remaining fixtures on
all floors. All light bulbs installed will be the “warm” lighting
option as currently installed on the 9th floor.
Floors that now have the initial bright bulbs (e.g. floor 8) will have
those bulbs replaced with “warm” bulbs.
Carpeting is scheduled for
delivery and installation at the end of November, again due to a procurement
issue.
All elevator doors and
surrounds are currently in the process of being repainted. One elevator tier is
being worked on at a time, and as that tier is in process the corresponding
elevator will be out of service. The board has been told the schedule for this
outage should last through the last week in November.
The Board has not yet
approved signage, but will ask the designer for suggestions.
REVIEW
DC Property Tax
The city cannot document why the Lauren was never billed for real estate taxes last year, but was credited for payment The Lauren has tried repeatedly to get D.C. to correct the situation. The Lauren attorney recommended that the Lauren make detailed notes of contacts with the D.C. tax office. In his opinion, the Lauren will have to pay the taxes if D.C. finds appropriate documentation, but would not have to pay fines since the Lauren has made a good-faith effort to notify D.C. of their error.
FHA Approval
The manager will continue to work to see if the Lauren can qualify for FHA financing.
Roof Garden Safety
The Lauren staff has added some additional rope around the pool to help prevent people in the roof garden from falling into the empty enclosure.
HVAC Convector
Servicing
Autumn HVAC servicing will
be completed by November 20.
The Board reported that
long-time Front Desk Clerk Thomas Burless has been released from the hospital.
The Board looks forward to his return to work in the near future.
Elimination of coin operation of
the washers and dryers
The Board agreed that the Lauren would discontinue use of coins in the laundry room. There are several reasons, including the issues of security and the time needed to count the funds and bring them to the bank. All machines will be converted to card readers.
Stairwell
cleanliness
The Board discussed reports
of cleanliness issues in the stairwells and various strategies to address the
problem.
BUDGET
PREPARATION FOR 2010 FISCAL YEAR
The Board
reviewed and tentatively approved the budget prepared for the Board by the
treasurer and by management. The new budget includes a 4.62% increase in
condo fees.
Owners
may request a copy of the proposed budget from the manager.
The final
budget meeting for discussion by owners and voting by the board will be November
23 at 7:30.
OTHER
None
The next regular Board
meeting is scheduled for December 15. As usual, the Board encourages and invites
owners to attend the monthly meetings.
ADJOURNMENT
The meeting was adjourned at
8:50 p.m.
RESPECTFULLY
SUBMITTED
Elizabeth A. VanderPutten, Secretary
Month Ending
September 2009
A.
Total Owners Equity / Net Cash
Available
Total
owners equity / Net cash available at the end of September 2009 was
$
1,072,354.43
B.
Year-to-date operations, through
the end of September 2009:
- Total
income was $1,303,665.00 per Simmons Management financial report
- Total expenses: $1,253,048.00
- Laundry
Income:
a.
September coin deposits
$ 2,174.25
(August coin revenue included in September ’09 totals)
b.
September Net Credit Card Income:
$ 1,521.15
Total
laundry income September 2009
$ 3,695.40
C.
Fund Balances as of the end of
September 2009
1. Operating cash balance: $ 131,683.91
2.
Reserve Funds:
a.
Unrestricted capital reserves:
$ 644,528.53
b.
HVAC dedicated replacement
reserve
fund
booked Balance:
$ 310,617.00
Total
Reserves
$ 955,145.53
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: Final
audit has been signed off and delivered to Board.
- 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. Interested owners
are free to request a copy from our Property Manager in writing.
b.
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.
Capital
Expenditures such as those listed below:
Projected Lauren Needs / Capital Improvement Projects may total
approximately $507,000 through 2009.
·
Boilers
and Hot Water Heaters: $261,898, which has been paid in full from our Reserve
Account.
·
Interiors:
$245,832…Includes Contractor fees for actual construction regarding Hallways
and Common Area Renovation, designer's fees / expenses, and estimated
signage….$131,713 has been paid to date
from Reserve Account with balance due pending completion of renovations.
E.
Remaining CD’s to be transferred
to Smith Barney upon maturity:
1.
Capital One: Matured 7/28/09
(4.88%)
·
Final Check was delivered
electronically to Smith Barney on 11/4/09
·
$78,531.29 was the final amount.
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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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 |