MINUTES OF THE LAUREN BOARD OF
DIRECTORS MEETING
FEBRUARY 24, 2011
CONVENING OF MEETING
The meeting was called to order at 7:10 p.m. by Roger
Hirschland. Present were other board members Elizabeth VanderPutten, John
Filice, Dwight Clark (via Skype conference) and Barrett Witkin for a portion of
the meeting; Property Manager Walter Krolman, and unit owner Amy Bertha.
READING, MODIFICATION, AND ACCEPTANCE OF
MINUTES OF THE MEETING OF JANUARY 20, 2010
The Board approved the previous minutes as a true
record of that meeting.
REPLACEMENT OF BOARD MEMBER
Barrett
Witkin announced that he is resigning from the Board because he is moving out of
the building and renting his unit. As a non-resident owner, he is not permitted
by the bylaws to continue to serve. The President thanked him for his service,
in particular his careful, probing questions.
With unanimous approval, the board appointed Amy Bertha to fill the vacancy. She
will assume the role of Secretary. She has lived in the Lauren for over six
years, five years as a renter and one year as an owner. She works for the Food
and Drug Administration as a project manager in the office that reviews drug
(pharmaceutical) applications.
TREASURER'S REPORT DISCUSSION
The Board authorized Morgan Stanley Smith Barney to
transfer $8,912.09 from general reserves to HVAC reserves and to notify Simmons
of the amount in the two reserve accounts. This transfer is being made to bring
the special HVAC account up to the level scheduled for the condo by owner Brian
Larkin several years ago.
Coin collection from the washer/dryers was not done during January, but will be
done next week.
The Board discussed and approved a recommendation that the Treasurer's report
include a finer breakdown of capital expenditures than provided by Simmons more
standardized report. [See Treasurer's Report
below.]
ACTION ITEMS
Outside Parking Lot Repair
The board discussed a proposal from Chamberlin
Contractors reviewed by Seal Engineering for sealing the outside parking lot.
This work needs to be done as part of necessary routine maintenance to prevent
seepage into the interior garage. The Board approved the proposal, with the
caveat that the contractor can satisfactorily answer the concerns expressed by
Seal Engineering Company and that the job can be completed within three days.
The board recognizes that all cars will have to be moved for two to three days.
The Board authorized payment of $15 a day if needed to persons who park in the
back parking area. Adequate notice will be given prior to commencing of the
sealing maintenance.
Smoking Issues
Due to persistent problems with cigarette smoke
emanating from unit 717 and insufficient response to repeated formal complaints
from the Board, a hearing will be held in the Association's legal counsel office
on March 14 at 6:30 p.m.
Skim coating the ceiling of the Front
Office
The board discussed two proposals to skim coat the
ceiling of the office. The board asked that this be done by staff on company
time.
Washers and Dryers in units
The board reiterated its policy of not approving
additional rights to have washers and dryers in the units. The Board asked that
the manager get estimates for a study to determine the extent to which the
electricity, plumbing, and water infrastructure of the building can support
in-unit washers and dryers. After that report is in, the Board will reconsider
its policy. In addition to these infrastructure concern, in-unit washers and
dryers cost the Lauren additional expenses in water and electricity, and result
in reduced income from the washers and dryers in the basement.
Alternate Trash Recycling
The board discussed a recommendation from an owner
that the Condominium make plans for installing a newly located trash-removal
system. This would require purchase of a parking space, loss of revenue from
rental spaces outside, expensive installation of equipment, etc. The Board
agreed that the idea, while interesting, was not cost-effective.
Water leaks
The President summarized the intermittent water leak
in the 12/13 tier. One cause was a malfunctioning faucet in the shower in unit
1013. A second leak occurred from a valve in a common area between units 812 and
813. The board authorized a proposal to EFI Global to identify any issues with
mold or contaminants caused by these leaks. The Board discussed various ways to
ensure the fair allocation of responsibility for the damages and deferred any
decision until consultation with Lauren legal counsel. Since he is the owner of
the units involved, board member John Filice agreed to recuse himself from any
vote on the issue, although he did participate in the discussion.
Annual
Meeting
The President will send a letter in March to all
owners soliciting names of persons who wish to be listed on the annual meeting
notice as candidates for the Board. The Board tentatively scheduled the annual
meeting for Wednesday, May 11, depending on the availability of the hotel
meeting room.
COMMITTEE REPORT
Decorating Committee
The exposed seam on the laminate of the back wall of
the lobby office has been fixed.
NEXT REGULAR BOARD MEETING
The next regular Board meeting was scheduled for
Wednesday, March 16, but was subsequently changed to March 17.
ADJOURNMENT
The meeting was adjourned at 8:40 p.m.
EXECUTIVE SESSION
The Board met in executive session.
Respectfully Submitted,
Elizabeth VanderPutten, Acting Secretary
TREASURER’S
REPORT: Month
Ending January 2011
A.
Total Owners Equity / Net Cash Available
Total owners equity / Net
cash available at the end of January 2011 was
$ 1,243,997.15
1.
Fund Balances as of the end of January
2011
a.
Operating
cash balance as of the end of January
2011: $69,235.06
b.
Reserve
Funds:
b.1)
Unrestricted capital reserves:
$
710,160.27
b.2)
HVAC dedicated replacement reserve
fund booked balance:
$
483,301.32
Total
Reserves
$ 1,193,461.59
Note
1 re Reserve Funds:
2011 Monthly reserve contributions total $26,020.75 into respective reserve
accounts as follows:
·
General Reserves for
2011 = $14,083.33 per month
·
Restricted HVAC
Reserves for 2011 = $11,937.41 per month
Note
2 re Reserve Funds:
·
There
is NO subsidy transfer from general reserves to HVAC reserves in 2011.
Note
3 re Reserve Funds:
·
Board
to discuss the Morgan Stanley Smith Barney Statement re Reserve figures as
compared to the Simmons Management Report for our Reserve figures
B.
Year-to-date
operations, through the end of January 2011:
*
($ 1,226):
·
Underage found in
laundry income.
·
No coin deposit made
in January 2011.
**
($ 18,719):
·
Underage due largely
to Prior Year Income/Expense being under budget by $9,968 reflecting reserve
transfer.
·
In addition there was
inactivity on several budget line items.
·
The
Board has allocated $284,496 for Capital Improvements for calendar year 2011 and
YTD $ 0.00 has been spent.
C.
Other Treasurer Reports
- Laundry
Income:
a.
January
coin deposits
$
0.00
b.
January “Net”
Credit Card Income per Global Statement: $ 1,348.73
Total
laundry income January 2011
$1,348.73
- 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 investments with Smith Barney as needed when CD’s
mature and Cash Balances accumulate and need to be invested.
- Capital
Expenditures: 2011
a.
BUDGETED / ANTICIPATED: Total
= $ 224,496
Budgeted
Capital Expenditures 2011:
Approved
Paid YTD
a.1)
$ 30,284 (EST) - Chiller Repair
No
Pending
a.2)
$ 19,068 (EST) - Cooling Tower Repair
No
Pending
a.3)
$ 23,778 (EST) - Exhaust Fans
No
Pending
a.4)
$ 10,095 (EST) - Security System Phased
Replacements
No
Pending
a.5)
$ 33,970 (EST) - Sealants, Windows,
Doors, Phased Replacements
No
Pending
a.6)
$ 66,601 (EST) - Walls, Inspection &
Partial Masonry Repointing
No
Pending
a.7)
$ 2,000 (EST) - Façade Inspection
No
Pending
a.8)
$ 4,200 (EST) - Reserve Study
Yes
Pending
a.9)
$ 7,000 (EST) - Parking Lot Repairs
No
Pending
a.10)
$ 25,000 (EST) - Front Entryway
Modification
No
Pending
a.11)
$ 2,500 (EST) - Computer & Software-
Business
Office
Yes
Pending
NOTE
REGARDING GENERAL LEDGER ACCOUNT NUMBERS:
·
Walter
to devise a “Note / Footnote” regarding the labeling / recording categories
for above projects.
·
Simmons
has a very limited capacity to create new general ledger account numbers for
capital expenses. Once they create an account it applies to ALL of their
properties (not just the Lauren).
b.
UNANTICIPATED:
·
Line
item 60065 for “unanticipated” capital improvements in the amount of
$60,000 for calendar year 2011
·
YTD
Zero Dollars ($ 0.00) has been spent for “UNANTICIPATED” Expenses
UNANTICIPATED
CAPITAL
EXPENDITURES
YTD
APPROVED
PAID YTD
b.1)
$875 (EST) Elevator Pads
Yes
Pending
b.2)
$796 (EST) Office Chair/Designer Fees
Yes
Pending
b.3)
$963 (EST) Elevator Floor Mats
Yes
Pending
b.4)
$662 (EST) Parking Lot Gate Opener
Yes
Pending
-
END OF TREASURER’S REPORT -
