The Lauren Condominium Association

MINUTES OF THE LAUREN BOARD OF DIRECTORS MEETING FEBRUARY 17, 2010  

The meeting was called to order at 7:05 p.m. by Roger Hirschland. Present were other board members Elizabeth VanderPutten, John Filice and Dwight Clark; and property manager Walter Krolman. Owners Brian Larkin and David Lilling were present for portions of the meeting. Board member Barrett Witkin arrived at 8:00 p.m.  

READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF JANUARY 19, 2010  

The Board approved the January minutes as a true record of that meeting.  

BOARD DISCUSSION OF TREASURER’S REPORT      

Highlights of the Treasurer’s Report  

Income for January was under budget.  The two main reasons were that the rent for the Lauren-owned unit was prepaid in December and there were no laundry coin collections done in January. Expenses were also under budget, largely because payment for contracted services were not paid in January and will be made in February.  

Revised Lauren Budget for 2010  

The Board discussed additional expenses for 2010 that have emerged since the budget was passed in December. To account for these expenses and to improve the clarity of the budget, the Board adopted a revised budget for 2010. The main monetary changes include $45,000 for remaining renovations (mainly elevators), $50,000 contingency for capital expenses (largely equipment replacement and repairs) and $12,500 for Other Non-Operating costs. Because the added expenses will be offset by withdrawals from capital reserves, the condominium fees for 2010 will not be affected.    

 See the Treasurer’s Report below                                   

ACTION ITEMS

None   
           
COMMITTEE REPORTS

Decorating Committee Progress Report

Progress: The Board approved a change order for about $3,000 for the elevator decoration to cover the cost of the flooring and the metal edging on the cab wall panels. The estimated completion for the elevator decoration renovation is the end of March or early April.  

Front Desk:  Plans are under development to make the front office more attractive.  The estimated start date is April.  

Signage for the elevators and hallway:  At the suggestion of owner Sally Bloom-Feshbach, floor numbers have been installed in the elevator doorways on each numbered floor.  The hallway signage plates are in, and will be installed shortly.

Reader panel for elevators:  At times, memos need to be placed in the elevators to ensure all residents see important messages. The Board asked the manager to find an appropriate holder for the memos.

Punch List:  The board is concerned that the newly applied paint on doors is subject to peeling and chipping. Oil-based paint was originally considered because it is tougher and longer lasting. However, for environmental reasons the Board opted for latex paint. This is softer than oil paint, but the Board has been told by experts that this is the currently recommended paint. Some precautions will need to be taken to ensure the paint does not chip. The paint should only be cleaned with soap and water. The doors may need touchups more often than the older oil-based paints.  Extra care should be taken by residents in opening and closing the doors.

REVIEW AND DISCUSSION ITEMS

Staff Commended: The Board commended the staff for their efforts that went “beyond the call of duty” during the February blizzards and approved spot bonuses.

FHA Approval: The Board and management continue to review the process of obtaining approval by the FHA for mortgages for units in the building.

Driveway Safety: Flashing lights to warn pedestrians of cars emerging form the driveway are on site. Installation has been delayed by the weather.

Renovation Rules: The Board reiterated that owners doing renovations themselves are bound by the same Lauren Contractor Guidelines as if the work were done by a contractor.  In particular, hours of work must be observed, and care must be taken to ensure the protection of the common areas when moving items in and out of the building. Any work involving moving of walls or changing electric systems must be approved by the board and done by a qualified person. Management was asked to draft a letter reminding all owners and residents about compliance.

Items in the Hallway: All residents are reminded that nothing should be left in the hallways.  This includes shoes, deliveries, etc. The fire department prohibits such items since they constitute a safety hazard in case of an evacuation. Wet shoes and umbrellas also harm the new hallway walls and floors. Those who leave offending items will receive a notice.

Business Office Cleanup:  This is still an ongoing process. It is important so that Lauren records are properly filed for accessibility.

Budget Cost Comparison Over Time:  Barrett Witkin is preparing a report for the Board showing the record of condo expenses over time. 

Snow blower:  The Board discussed the possibility of purchasing a snow blower. The Board asked the manager to prepare an estimate to compare the cost of labor to clear the snow with the cost of an appropriate snow blower, including maintenance and storage.

In-unit Smoking:  Smoking continues to be an issue for several residents -- both by bothering neighboring nonsmoking residents in units and by creating noxious odors in hallways. The board strongly encourages owners who rent their units to include a nonsmoking clause in their leases. Although management, encouraged by the board, has on occasion tried to mediate between smokers and aggrieved parties, the board noted that responsibility to resolve ongoing issues ultimately lies with those directly involved.  

In-Unit Renovation

Current Requests for Renovations

Board approval for units renovations in 112 and 113 is awaiting submission of appropriate plans and documents.
           
New Business        

None

NEXT REGULAR BOARD MEETING

The next regular Board meeting is scheduled for March 23, 2010. As usual, the Board encourages and invites owners to attend the monthly meetings.  

ADJOURNMENT  

The meeting adjourned at 9:00 p.m.

EXECUTIVE SESSION  

The Board met in executive session.

RESPECTFULLY SUBMITTED  

Elizabeth A. VanderPutten, Secretary

TREASURER’S REPORT:  JANUARY 2010

A.   Total Owners Equity / Net Cash Available

Total owners equity / Net cash available at the end of January 2010 was

$ 1,082,347.99

1.    Fund Balances as of the end of January 2010

a.    Operating cash balance as of the end of January 2010: $ 51,914.10  

b.    Reserve Funds:

b.1) Unrestricted capital reserves:                        $    685,491.07

b.2) HVAC dedicated replacement reserve
               fund booked balance:                                    $    354,879.32     

Total Reserves          $ 1,040,370.39 

Note 1 re Reserve Funds:
2010 Monthly reserve contributions total $ 22,635.85 into respective reserve accounts as follows: 

·        General Reserves for 2010 = $14,083.33 per month

·        Restricted HVAC Reserves for 2010 = $8,552.52 per month

Note 2 re Reserve Funds:
The HVAC reserve fund includes an additional subsidy transfer of $21,972 from the general reserves as of January 1, 2010.

B. Year-to-date operations, through the end of January 2010:  

* When combined, laundry income not being collected in January and rental fees being  prepaid account for approximately $2,700 of other income underage. 

C.  Other Treasurer Reports  

2.    Laundry Income: 

a.    January coin deposits                                                                  $        0.00

b.   January “Net” Credit Card Income per Global Statement:          $    997.91  

Total laundry income January 2010                                   $    997.91  

NOTE:                                                                                                                                   

·         Coin collection and deposit covering period 12/19/09-present scheduled to be performed week of 2/14/10.  

3.    2009 Audit: 

·         Field work began end of January 2010.

·         Auditor hopes to have first draft available end of February 2010.  

4.    CD Activity with Smith Barney

• Smith Barney has been successfully conducting electronic transfers of our monthly reserve contributions to the respective reserve accounts…General Reserves & Restricted HVAC Reserves.

·         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. CD purchases / activity during the month are reflected in the monthly statement.

·         The Treasurer and Property Manager discuss the following with Smith Barney on a regular basis:  a) Current money market funds; b) CD Maturing Dates d) Non Smith Barney CDs to be moved into our Smith Barney account.

·         Remaining CD’s to be transferred to Smith Barney upon maturity:

·         Principal Bank: Matured 2/8/10 (4.89%) 

·         $ 74,389.98 @ Maturity = $ 82,207.27.   

·         As of 2/16/10, Principal Bank indicated they have received our letter requesting the money be electronically transferred to the Lauren Reserve Account and was being processed. The money should show up in the Lauren Reserve account by Thursday, 2/18/10.  

·         WA First Bank: Matures 7/24/10 (5.25%)            $ 77,735.79  

4        Capital Expenditures        

·         Interiors: Approximately $ 25,000 to $ 30,000 more in capital expenses remains to cover contractor and interior design fees for interior renovations that were begun in 2009.  

- END OF TREASURER’S REPORT -