The Lauren Condominium Association

MINUTES OF THE LAUREN BOARD OF DIRECTORS MEETING 
MAY 17, 2010 (Revised)

CONVENING OF MEETING 

The meeting was called to order at 7:07 p.m. by Roger Hirschland. Present were other board members Elizabeth VanderPutten, John Filice, Barrett Witkin, and Dwight Clark; property manager Walter Krolman; and owner Wayne Rhee. 

READING, MODIFICATION, ACCEPTANCE OF MINUTES OF THE MEETING OF APRIL 22, 2010 

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

Highlights of the Treasurer's Report [See Treasurer's Report below] 

Details discussed:

• April laundry coin deposits remain unrecorded this month due to the timing of the collection.

• Capital expenditures for the repair of the southern façade are not yet included but will be in next month’s report.

ACTION ITEMS 

N Street Brick Façade Repairs 

Brick repairs on the first-floor 03 tier have been completed. Some notes:

• President and board complimented Advanced Caulking for a job well done on the exterior of the 03 tier.

• The board noted that the appearance of the repairs differs slightly from other existing façade 
  brickwork, because the bricks laid “on end” at the concrete slab level were replaced by an angle iron for support. Board members approved the substitution of the supportive angle irons for the “on end” brick work; board member and architect Dwight Clark explained that the angle iron would provide significantly better support for overlying brickwork than bricks laid on end.

• Management distributed report from David Fyffe to be studied and reviewed in interim for next board meeting.

Front Desk Renovation Contract 

Proposal for $10,000 from T&W Woodworking to renovate front desk. President asked that Walter work with the contractor to draft contract for work to be performed. 

Pool 

Pool has been sanded and repainted, and is ready to be filled. Plan to fill the pool by the end of the month, and ropes around empty pool to be removed.

Bike Room 

Per discussion at annual meeting, notice will be posted in the bike room and a letter sent to all residents that they tag their bikes within 30 days. Those bikes unmarked shall be removed from the bike room. 

Wayne Rhee suggested that the board consider donating any unmarked bicycles to a pertinent charity (bike coop) in DC area.

Roof Garden BBQ Grill Replacement 

Board discussed issues with current grill including non-industrial grade controls which broke within a year of initial installation; not enough space for multiple parties to grill. Wayne Rhee asked board for other installation goals/improvements which included:

• Natural gas grill was requested to utilize building-supplied gas.

• Err on the side of reliability vs. “bell & whistle” features.

Board would like to install by mid-June to be in time for the summer season.

Water Valve-Parking Lot

Board discussed repairing broken spigot in back of building per owner request to allow users to wash cars and water plants in rear of building. Walter explained that repair is planned for completion within 4 weeks. 

Driveway Safety- Flashing Light 

A flashing light at the top of the driveway to warn pedestrians of a vehicle exiting the building will be installed shortly. 

COMMITTEE REPORTS 

Decorating Committee 

President researched new document frames for elevators to display notices. Manager will obtain these framed notice boards for installation forthwith. 

REVIEW STATUS AND DISCUSSION ITEMS

Rooftop Garden Accessories 

Board authorized replacement of three broken steamer chairs which are no longer working. John Filice and Dwight Clark will provide recommendations on trash cans.

Walter Valve Replacement 

Several water valves in basement and garage are non-functional; faulty valves prevent repairs occurring elsewhere throughout the system. Repair cost is approximately $8,000 which includes major 6” valve on garage level as well as 20+ smaller valves. Board requested that Walter obtain second and potentially third estimate prior to proceeding; requested that work be done within the month of June. Repairs will necessitate shutting off water to entire building for one day (9 to 5); manager will give ample notice before shutoff occurs.

Additional (4th) Water Heater 

Board voted to delay proceeding with additional new water heater due to other recent expenditures and due to acceptable interim solution (utilizing 4th legacy water heater during exceptionally cold days). Board to reconsider issue next year; Walter to track and raise issue in February 2011.

Outdoor Parking Lot Condition – Resealing/Resurfacing Options 

Seal Engineering staff to evaluate outdoor parking lot surface, assess status, and determine if any remediation is needed.

Window Replacement 

Board asked that Walter research window companies, code requirements with regard to need for scaffolding installation, and potential option for installation of internal window add-on’s (can be installed inside existing windows).

Energy Committee 

The president mentioned the existence of an inactive energy-efficiency committee and asked Barrett Witkin to invigorate the group by recruiting interested parties.

Association Policies 

Nomination Process and Proxy Form: Roger Hirschland worked with Lauren legal counsel who had suggested alternatives to current process; alternatives to be distributed and considered by board in the future.

Management Report 

President thanked Brian Larkin for helping front desk to obtain water-temperature monitor to track air-conditioning status and be able to react proactively. 

Three laundry machines are out of order; 1 requires a replacement tub, others are suspected to have leaks and/or issues working with card reader. Manager plans to investigate within the week to confirm issue and determine action needed to resolve any issues found. 

In-unit Renovation

Board is awaiting renovation plans for Units 112, 113.

Unit 707 – submitted paperwork for renovations. Board asked that Walter work with owners to ensure that stove move is done properly and that contractors involved have appropriate license.

Unit 202 – owner submitted paperwork outlining renovation. Board asked that Walter request 
electrician license, because of possible electrical component when removing/rebuilding wall and that drawings be provided for wall removal/rebuilding.

NEW BUSINESS 

None

NEXT MEETING 

The next regular Board date has been amended from June 15 to June 17, 2010. 

ADJOURNMENT 

The meeting was adjourned at 8:30 p.m. 

EXECUTIVE SESSION 

The Board met in executive session. 

RESPECTFULLY SUBMITTED 

Barrett Witkin, Secretary

TREASURER’S REPORT:  Month Ending April 2010

A.   Total Owners Equity / Net Cash Available

Total owners equity/Net cash available at the end of April 2010 was $ 1,122,734.77

1.    Fund Balances as of the end of April 2010

a.    Operating cash balance as of the end of April 2010: $ 91,560.02  

b.    Reserve Funds:

b.1) Unrestricted capital reserves:                        $    674,328.92

b.2) HVAC dedicated replacement reserve

       fund booked balance:                                    $    380,536.58   

Total Reserves          $ 1,054,865.50

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 = $8552.52 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 April 2010:  

 * $ 26,416:   

• Underage due largely to timing of Interior Design invoices
• Note that the Board has allocated 45K for Interior Design capital expenses for calendar year 2010 and YTD $12,361 has been spent.

C.  Other Treasurer Reports  

2.    Laundry Income: 

a.    April  coin deposits                                                           $         0.00

b.   April “Net” Credit Card Income per Global Statement:    $ 1,567.04  

Total laundry income April 2010                             $  1,567.04     

NOTE:                                                                                                                                   

·         Coin collection and deposit covering period 03/26/10–05/12/10 performed 05/12/10 and will be shown on June 2010 financial statement.  

3.    2009 Audit: 

·         Final audit was received on May 4, 2010. Copies were available to ownership
at the annual meeting on May 6.  

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 to be transferred to Smith Barney upon maturity:

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.

·         Southern façade repair pending investigation by Seal Engineering. Cost of initial repairs estimated at $5,000. Cost of further repairs to be determined.  

- END OF TREASURER’S REPORT -