The Lauren Condominium Association

MINUTES OF THE LAUREN BOARD OF DIRECTORS MEETING MARCH 23, 2010  

The meeting was called to order at 7:30 p.m. by Roger Hirschland. Present were other board members Elizabeth VanderPutten, John Filice and Dwight Clark; property manager Walter Krolman; and owner Jeff Wertkin. Board member Barrett Witkin came at 7:45.  

READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF FEBRUARY 17, 2010  

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

BOARD DISCUSSION OF TREASURER’S REPORT

Highlights of the Treasurer’s Report

The board accepted the treasurer’s report as presented. The Board asked the treasurer and manager to confirm how Simmons calculates income from unit owners.  That is, is this based on actual receipts or on receipts plus overdue payments?  That latter could be considered as an asset.

The Board noted that the HVAC reserve fund may be approximately $80,000 less than projected in the HVAC planning documents.  This primarily is due to the low interest rates on our investments.  The Board resolved to ask Brian Larkin to review the current status versus the planned savings and recommend a course of action.

2009 Audit 

The Board was pleased at the audit report and discussed some of the issues raised in the management letter. In particular, the Board noted that based on earlier recommendations, the Board has replaced deposits for keys with non-refundable fees.  As recommended, the Board will meet with the insurance company about appropriate coverage for the Lauren, in particular for crime coverage.
                                     
ACTION ITEMS

Education Request

The Board approved the request for training for Cacho in electricity maintenance. 

Snowblower

The Board authorized the manager to purchase a medium-priced snowblower before next winter. 

Air Conditioning and Heating Changeover

Given the ten day forecast, the manager will turn the heat on when the temperature forecast is below 50 between the present and April 1.  On April 1, the system will be converted to allow air conditioning.  Air conditioning will be turned on depending on the weather between April 1 and April 15.  On April 15, the air conditioning will be turned on fulltime for the summer unless weather is unusually cold.
           
COMMITTEE REPORTS

Decorating Committee

Dwight Clark and John Filice reported on the progress of the hallway redecoration program.  The elevators are expected to be completed by April 23, punch list items will be completed by April 23, and the reader panels will be relocated to the front of the elevators after the redecorations are finished.      

Review Status and Discussion Items

Annual Meeting

The annual meeting is scheduled for May 6 at 7:30 p.m. at the Marriott Hotel on 21^st and M Streets. 

Driveway Safety- Flashing Light(s)

This project was postponed due to HVAC spring servicing. It will be done right after the HVAC servicing is complete.

Spotlights on Interior Hallway of Pool House Level

The Board asked the manager to look at the possibility of using a photocell system to turn the pool house level lights on and off, and for recommendations to replace outdoor pool floodlights with softer options.

Landscape Planning

Several plants had to be removed due to storm damage.  The president appointed Elizabeth VanderPutten and John Filice as a committee to work with Cacho to pick out new plants.

FHA Approval

The owner-occupied rate is below 50% and therefore it is highly unlikely that the Lauren will qualify. The manager has submitted the necessary paperwork to apply for FHA approval for the Lauren.

Budget Cost Comparison

Barrett Witkin has prepared a historical review of changes in costs.  He will e-mail his results to the board shortly, and the matter will be discussed at the next Board meeting.           

Management Report

The Board discussed the manager’s report. Items addressed are covered in the notes above.

In Unit Renovations

The Board is still awaiting renovations Plans for Units 112 and 113.

The Board discussed changes taking place in unit 1002.  The owners report there are no structural changes, so prior approval was not required.  The owners have signed the association rules statement.
           
NEW BUSINESS

None

NEXT REGULAR BOARD MEETING

The next regular Board meeting is scheduled for April 22, 2010.    

ADJOURNMENT  

The meeting was adjourned at 9:25 p.m.

EXECUTIVE SESSION  

The Board met in executive session.

RESPECTFULLY SUBMITTED  

Elizabeth A. VanderPutten, Secretary

TREASURER’S REPORT:  Month Ending February 2010

A.   Total Owners Equity / Net Cash Available

Total owners equity / Net cash available at the end of February 2010 was $ 1,101,617.52

1.    Fund Balances as of the end of February 2010

a.    Operating cash balance as of the end of February 2010: $ 52,041.68  

b.    Reserve Funds:

b.1) Unrestricted capital reserves:                          $    701,175.85
      b.2) HVAC dedicated replacement reserve        
              fund booked balance:                                    $    363,431.74     

Total Reserves          $ 1,064,607.59

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 February 2010:  

C.  Other Treasurer Reports  

2.    Laundry Income: 

a.    February coin deposits                                                                $  2,529.50

b.   February “Net” Credit Card Income per Global Statement:               $ 1,573.35  

Total laundry income February 2010                                 $  4,102.85     

NOTE:                                                                                                                                   

·         Coin collection and deposit covering period 12/19/09-02/25/10 performed 02/25/10 and will be shown on March 2010 financial statement.  

3.    2009 Audit: 

·         First draft received 17 March 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%) :  Principal Bank CD Funds ($82,207.27) were received and deposited into Smith Barney account 26 February 2010.

·         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 -