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MINUTES OF THE LAUREN BOARD OF DIRECTORS MEETING DECEMBER 15, 2009
The meeting was called to order at 7:20 p.m. by Roger Hirschland. Present were other board members Barrett Witkin, Elizabeth VanderPutten, Dwight Clark, and John Filice; property manager Walter Krolman; and Valerie Madamba and Danny Nguyen (unit 304)
READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF NOVEMBER 23,
2009
The Board
approved the November 23 minutes as a true record of that meeting.
BOARD DISCUSSION OF TREASURER’S REPORT
(see report at end of minutes)
ACTION ITEMS
None
COMMITTEE REPORTS
Decorating Committee Progress Report on Redecoration Project
The hallway project is nearing completion. The final “punch list” will be done by early January. Residents should report any problems with the installation to the manager.
REVIEW
AND
DISCUSSION ITEMS
Smoking-Discussion
The Board
will send an addendum to the annual meeting notice to owners, requesting that if
they rent their unit to include a non-smoking clause in any lease. While the
by-laws do not currently allow the Board to require this, the Board strongly
encourages such action for the health of all owners and residents.
Unit Renovation Plans
In
discussion, the board reviewed the section of the Condominium by-laws that
stipulates that the Board must approve any structural addition, alteration, or
improvement in or to a unit prior to changes being made.
Unit 304
The Board reviewed updated plans for unit 304. These plans were previously reviewed, but this was for a change of contractors and some changes in the bathroom and location of dishwasher. The owners presented proof that all contractors were fully licensed. The board approved the plans.
Units 112–113
There is
a stop work order on units 112 – 113 because the Board has not received
required plans.
DC Property Tax from 2007
The Lauren has made multiple efforts to get the city to find out why they had credited the Lauren with payment of taxes although the Lauren records do not show such a payment. The Lauren will maintain a complete file of the correspondences with the city. The Lauren attorney has advised the Lauren that if the city does eventually bill us, there should be no fines since the Lauren has been so active in trying to resolve the issue.
FHA Approval
FHA is
redoing its procedures and therefore any movement to get FHA approval for FHA
mortgages is on hold.
Driveway Safety Flashing
Light
Lights have been selected that will notify pedestrians and cars when a car is going up the driveway.
Condo Fee Coupons
These
should be sent out by this week.
Elimination of Coin Usage
in Laundry Room
The Board reviewed a bid to replace the current system with all card readers. The company recommends that if this were done, debit card readers would have to be placed on each machine for an estimated cost of $10,000. At this point, the Board felt that benefits did not match the cost and voted not to change to all card readers.
Business Office
Organization
This is
an ongoing process. The manager agreed to purchase additional files and work on
filling them, once the redecoration contractors are finished with their work.
Hot Water Heaters
There
were problems on Dec 14 and 15 with one of the new water heaters.
The manager has called in the installers to repair.
OTHER
NEW
BUSINESS
None
NEXT
REGULAR BOARD MEETING
The next
regular Board meeting is scheduled for January 19. As usual, the Board
encourages and invites owners to attend the monthly meetings.
ADJOURNMENT
The
meeting was adjourned at
RESPECTFULLY SUBMITTED
Elizabeth A. VanderPutten, Secretary
Treasurer’s
Report
Month Ending October, 2009
A.
Total Owners Equity / Net Cash
Available
Total
owners equity / Net cash available at the end of October 2009 was
$
1,041,645.04
B.
Year-to-date operations, through
the end of October 2009:
- Total
income was $1,405,673.00 per Simmons Management financial report for month
ending October 2009
- Total
expenses year to date: $1,414,145.00
NOTE: Simmons Management Financial Report for Month Ending October, 2009 States “Year to Date Income Less Expenses” as a deficit of $372,605. Please note the following.
a.
The -$372,605 stems primarily from
the fact that we did not BUDGET any transfers from reserves (which counts
as income). We did, however, have the corresponding capital expenditures
included in the budget.
b.
What the statement actually says is
that we budgeted a shortfall of $372,605.
c.
When we look at the year-to-date
ACTUAL figures we see that out shortfall is only $8,472. This is because the
actual includes a $443,270 transfer from reserves as part of income.
d.
In summary:
·
The Simmons Management Financial
Report for Month Ending October, 2009 States a budgeted “Year to Date Income
Less Expenses” deficit of $372,605.
·
This figure is the result of
including the cost of capital expenditures without making a corresponding income
adjustment to reflect offsetting transfers from reserves to fund these capital
expenditures.
·
When these transfers are included
the actual year-to-date Income Less Expenses is a deficit of $8,472.
- Laundry
Income:
a.
October coin deposits
$ 1,270.50
b.
October “Net” Credit Card Income:
$ 1,610.95
Total
laundry income October 2009
$ 2,881.45
C.
Fund Balances as of the end of
October 2009
1.
Operating cash balance as of the
end of October 2009: $ 79,191.40
2.
Reserve Funds:
a.
Unrestricted capital reserves:
$ 659,605.15
b.
HVAC dedicated replacement
reserve
fund
booked Balance:
$ 315,914.00
Total
Reserves
$ 975,519.15
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
D.
Miscellaneous Treasurer’s Notes:
- 2009 Audit: Pending
- Monthly
Reserve Contributions
·
Smith
Barney has been successfully
conducting electronic transfers of our monthly reserve contributions to the
respective reserve accounts, i.e., General Reserves & Restricted HVAC
Reserves.
- Certificate
of Deposit / Smith Barney Investment Activity (
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
Smith
Barney has recommended a “laddering” of CD investments that will allow
access for needed capital expenditures as they arise.
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, which includes our two major projects (boiler & interiors) 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.
Principal Bank: Matures
2.
WA First Bank: Matures
-
END OF TREASURER’S REPORT -
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