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MINUTES OF THE LAUREN BOARD OF
DIRECTORS MEETING
MARCH 17, 2011
CONVENING
OF MEETING
The meeting was called to order in unit 908 at 7:10 p.m. by Roger Hirschland. In
attendance were board members Roger Hirschland, Elizabeth VanderPutten, John
Filice, Dwight Clark, and Amy Bertha, and Property Manager Walter Krolman.
READING,
MODIFICATION, AND ACCEPTANCE OF MINUTES OF THE MEETING OF FEBRUARY 24, 2011, AND
MARCH 5, 2011
The Board approved the minutes from the February 24, 2011, meeting as a true record of that meeting. The minutes from the March 5, 2011, meeting were amended to include the Board’s decision to authorize Jack McNabb, a consulting engineer, to conduct a feasibility study in the amount of $1,000. The purpose of the study is to advise the board as to whether future installation of in-unit washer/dryer units is feasible. The study will include electricity, water, exhaust, waste pipes, overall cost to the association and such other factors as Mr. McNabb may deem relevant.
TREASURER’S REPORT DISCUSSION
As
authorized by the Board, on February 28, 2011, Morgan Stanley Smith Barney
transferred $8,912.09 from general reserves to HVAC reserves.
Coin
collection from the washer/dryers was performed in March, and $1,956.25 was
deposited on March 9, 2011. This
deposit will be reflected in the March financials.
The
Treasurer's report now includes a finer breakdown of capital expenditures than
provided by Simmons’s more standardized report (please reference attached
report for details).
Smoking
Issues
On
March 12, 2011, a hearing was held at the office of the association’s legal
counsel regarding a problem of cigarette smoke from one unit entering another
unit nearby. In attendance were two
board members, the Property Manager, complainant, and unit owner charged with
the violation of condominium governing documents.
The owner agreed to do whatever he could to resolve the problem as
quickly as possible. Given the
owner’s commitment to resolve the situation, the board decided to hold off on
further actions, pending evidence the problem has been resolved.
A
representative from EFI was on site March 15, 2011, to inspect possible mold and
contaminants issues that may have resulted from a water leak in the 12/13 tier.
He took samples from 3 units in the affected tier and will provide a full
report once the results of the tests have been received.
Annual
Meeting-Call for Candidates
A
Call for Candidates letter from the president of the board was either
distributed to resident owners or mailed to non-resident owners on March 10,
2011.
Front
Canopy
Given
the age-related damage to the front canopy, the Board has asked for bids on
purchasing a new one. The designer
consultant who has advised the Lauren on interior renovations will be consulted
for color recommendations. The
current Reserve Schedule calls for the canopy to be replaced in 2012 and has
allocated $15,741 toward a replacement.
Reserve
Study
Every
3-5 years, a Reserve Study is conducted, where outside experts are hired to look
at the building condition and determine what will need repair/replacement and
develop a time table for such necessary upkeep/maintenance.
The Lauren has decided to again ask Reserve Advisors to conduct the
study, and Reserve Advisors has again assigned Mike Bentley, a civil engineer,
to conduct the study. He is planning
to begin the study on March 21, 2011.
Outside
Parking Lot Repairs
Seal
Engineering has a few concerns with the proposal by Chamberlin Contractors for
resealing the outside parking lot. Management
contacted Seal Engineering and asked them to work with Chamberlin on addressing
their concerns and submit a revised proposal.
The board is waiting for a revised proposal.
COMMITTEE
REPORT
Decorating
Committee
The
sofa and bench have been reupholstered and returned to the lobby.
The ceiling of the front office has been smoothed and painted, and a few
additional improvements are underway (i.e., installation of new lighting
fixtures and new wall coverings). Discussions
are ongoing regarding replacing the front office window.
The board has asked for quotes on possible options.
The board also discussed the feasibility and cost that would be
associated with replacing the front door, which would include modernizing the
security, key entry system, and intercom connections.
NEXT REGULAR BOARD MEETING
The next regular Board
meeting was scheduled for Monday, April 25, 2011.
ADJOURNMENT
The meeting was adjourned at
8:05 p.m.
EXECUTIVE SESSION
The Board met in executive
session.
Respectfully Submitted,
Amy Bertha, Secretary
TREASURER’S
REPORT: Month
Ending February 2011
A. Total Owners Equity / Net Cash Available
Total owners equity / Net
cash available at the end of February 2011 was
$ 1,263,731.88
1.
Fund Balances as of the end of
February 2011
a.
Operating
cash balance as of the end of February
2011: $49,720.30
b.
Reserve
Funds:
b.1)
Unrestricted capital reserves:
$ 717,324.26
b.2)
HVAC dedicated replacement reserve
fund booked balance:
$ 504,150.82
Total Reserves
$ 1,221,475.08
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:
·
$8,912.09
transfer from unrestricted reserves to HVAC reserves per 2/24/11 Board meeting
performed by Smith Barney on 02/28/11
B.
Year-to-date
operations, through the end of February 2011:
* ($ 2,747):
·
Underage found in laundry income
(under $2,284).
·
No coin deposit made in February 2011.
$1,956.25 coin deposit made 3/9/11 and will be reflected in March financials.
·
Underage found in move-in fees (under
$600) and reflective of actual move-in occurring during period.
**(10,076):
·
In addition there was inactivity on
several (primarily administrative) budget line items.
·
The
Board has allocated $284,496 for Capital Improvements for calendar year 2011 and
YTD $ 4,734 has been spent and paid.
C.
Other Treasurer Reports
- Laundry
Income:
a.
February
coin deposits
$
0.00*
b.
February
“Net” Credit Card Income per Global Statement: $ 1,521.41
Total laundry income February 2011
$1,521.41
NOTE:
* $1,956.25 coin deposit
made 3/9/11 and will be reflected in March financials….next
deposit tentatively scheduled for late March, 2011
- 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 /
PLANNED: 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
$ 2,100
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:
·
Labeling/Recording
of General Ledger Account Numbers for Capital above Capital Expense Categories
previously prepared and distributed to Board
b.
UNPLANNED:
·
Line
item 60065 for “unplanned” capital improvements in the amount of
$60,000 for calendar year 2011
·
YTD
….$2,633.50 has been spent and paid for “UNPLANNED” Expenses
UNPLANNED CAPITAL EXPENDITURES YTD: APPROVED PAID
b.1)
$875 (EST) Elevator Pads
Yes
$ 875.00
b.2) $796
(EST) Office Chair/Designer Fees
Yes
$ 795.90
b.3) $963
(EST) Elevator Floor Mats
Yes
$ 962.60
b.4) $662
(EST) Parking Lot Receiver
Yes
Pending
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END OF TREASURER’S REPORT -
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LAUREN MINUTES AND BUSINESS
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