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MINUTES
OF THE LAUREN BOARD OF DIRECTORS MEETING CONVENING
OF MEETING READING,
MODIFICATION, AND ACCEPTANCE OF MINUTES OF THE MEETING OF THE MEETING OF MARCH
17, 2011
APRIL 25, 2011
The meeting was called to order in unit 908 at 7:00 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.
The Board approved the minutes from the March 17, 2011, meeting as a true record
of that meeting.
TREASURER’S REPORT DISCUSSION
Coin
Collection
Next coin collection scheduled for April 25, 2011.
2010
Audit
Goldklang Group CPAs performed
the 2010 audit. A draft of the audit
report was received on April 21, 2011, and is being reviewed by management and
the board. As described in the Independent Auditor’s Report,
“the financial statements….present fairly, in all material respects,
the financial position of the Lauren, A Condominium as of Dec 31, 2010, and
2009, and the results of its operations and its cash flows for the years then
ended in conformity with accounting principles generally accepted in the United
States of America.” Technical
questions and comments are being prepared and will be sent to the Goldklang
Group. We are anticipating the final
audit will be available no later than May 11, 2011.
The audit pointed
to an unsupported adjustment to accounts receivable from September 2005.
Because there was no supporting documentation for this entry ($14,230)
and due to the age of this amount, the auditor recommended that the Lauren write
off the balance. The board
unanimously agreed to write off the balance, which was related to our former
management company, Koger. On advice
of the auditor, the board also agreed to increase the amount of criminal fraud
insurance up to the amount of current capital reserves.
ACTION
ITEMS
Smoking
Issues
No further action required at this time.
Outside
Parking Lot Repairs
Seal Engineering had a few concerns with the proposal by Chamberlain Contractors
for resealing the outside parking lot. The board is still waiting for a revised
contract. The project is
scheduled to take 2 days to complete. All
cars will need to vacate the lot in order to allow the work to take place. Upon
request, the Lauren will provide $15/day to car owners for each car that is
displaced, in order to cover the costs of alternative parking. Management will
post adequate notice of the dates.
New lights have been installed in the front office. A new wallcovering is scheduled to be applied the week of April 24, 2011.
T&W Woodworking
has provided drawings and estimates regarding a new front office window. The designer Margery Schuren is working with T&W Woodworking to
obtain samples of materials.
Water
Leaks
EFI Global conducted a site assessment on March 15, 2011, which consisted of a
visual inspection of Units 913, 812, 112 and the garage, and collection of
samples from Units 812, 112, and the garage. The report concluded that there was no visible evidence of fungal growth
or contamination due to pooling water. The
report recommends that there be cleaning behind the walls of 913 and 812 in
order to remove the dust and debris. The
board unanimously agreed to the recommendation. The board asked the
manager to provide copies of the report to owners of Units 1013, 913, 812, and
112, and other copies are available to anyone else upon request
Proxy
Format and the Annual Meeting
The board addressed a request by one owner to amend the proxy system for the
annual meeting used by the board for many years. The present policy provides
that owners who cannot attend the annual meeting in person can designate a proxy
to represent them at the meeting, with rights to vote for candidates and for any
other matter than may arise at the annual meeting. The proxy can be any other owner. The board unanimously decided that no
changes to the current proxy system were necessary. The Board agreed that the
current system ensures that owners who cannot attend the meeting can have an
owner whom they trust vote on their behalf. Limiting this would
disenfranchise these owners.
The board sent out
the official Notice of Annual Meeting and Proxy form
on April 6, 2011. Copies of the official proxy form will also be made available at the
front desk. The Annual Meeting is
scheduled for May 11, 2011, at 7:30 p.m. at the Marriott Hotel at 1221 22nd
Street NW.
Front
Canopy
The designer consultant is working with Capital Canopies on style options and
pricing for a new front canopy. The board indicated unanimously that they would
like to retain green as the color of the replacement canopy.
Front
Door Replacement
Besam Doors has been contacted regarding options for sliding doors to replace
the current front doors, and the installation of an electronic fob entry to
replace the current key entry. The
electronic fob system will provide greater security to residents.
Bulletin
Boards
The board unanimously approved the following guidelines for the usage of the
ground level bulletin boards:
1. Only owners or residents
may post material.
2. All posted items should be
signed by owner or resident and dated.
3. Items should be posted for
no longer than 30 days.
4. The board is not
responsible for the posted materials.
5. Management reserves the
right to remove items that are not compliant with the posting policies.
Hot
Water Heaters
Engineer Jack McNabb designed the new water system consisting of three Bradford
White water heaters. Jack McNabb had originally envisioned four Bradford White
water heaters, but it was decided to purchase three and monitor the performance
to see if three would be adequate. It has been observed that at peak water usage
(mostly between 7:30 and 9:30 a.m.), the desired hot water temperatures are not
being obtained, so the board unanimously approved the purchase of a fourth water
heater.
In-Unit Washers/Dryers
The board had requested a study by Engineer Jack McNabb of the feasibility of
further installations of in-unit washers/dryers. The board is waiting for a study proposal.
Reserve Advisors civil engineer Mike Bentley and an associate performed an
onsite visit on March 21, 2011. A
report is anticipated around the end of May.
In-Unit
Renovations
No renovation proposals were submitted for the board approval.
New
Business
Owners of a new restaurant want to open in the space vacated by the FedEx office
beside James Hobin and across from the Front Page. The restaurant is requesting outside table space with seating until 3
a.m. The board will ask owner and
resident David Lilling to obtain more information. If you have any comments, please let the management know.
NEXT
REGULAR BOARD MEETING
The next regular Board
meeting will be scheduled by the Board of Directors elected at the May 11, 2011,
Annual Meeting.
ADJOURNMENT
The meeting was adjourned at
8:45 p.m.
EXECUTIVE SESSION
The Board met in executive
session.
Respectfully Submitted,
Amy Bertha, Secretary
TREASURER’S
REPORT: Month Ending March 2011
A.
Total Owners Equity
/ Net Cash Available
Total
owners equity / Net cash available at the end of March 2011 was
$1,314,300.73
1.
Fund Balances as of the end of March 2011
a.
Operating cash balance as of the end of March 2011:
$73,143.84
b.
Reserve Funds:
b.1) Unrestricted capital reserves:
$ 735,336.16
b.2) HVAC dedicated replacement reserve
fund booked balance:
$ 516,088.23
Total
Reserves
$ 1,251,424.39
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
B.
Year-to-date
operations, through the end of March 2011:
|
Lauren |
Simmons |
Over/ |
|
|
Income |
|||
|
Fees |
284,211 |
284,340 |
129 |
|
Other Income |
23,751 |
21,845 |
(1,906) |
|
Transfers from Reserves |
0 |
0 |
0 |
|
Total |
$
307,962 |
$ 306,185 |
($
1,777)* |
|
------------------------------------------------- |
|||
|
Operating Expenditures |
213,190 |
184,511 |
(28,679) |
|
Capital Expenditures |
0 |
5,991 |
5,991 |
|
Other (Non Operating) Expenditures |
83,562 |
77,732 |
(5,830) |
|
Total |
$296,752 |
$268,234 |
($
28,518)** |
-------------------------------------------------
* ($
1,777):
·
Underage
due primarily to timing of laundry income collection, late receipt of Unit 212
rental income, and fewer move-in fees than budgeted
**(28,518):
·
Underage
due primarily to schedule of trash removal, utility, and medical insurance
billing / payment.
- Laundry Income:
a.
March coin
deposits
$
1,956.25*
b.
March “Net” Credit Card Income per Global
Statement: $ 1,287.63
Total
laundry income March 2011
$
3,243.88
*
$1,956.25 coin deposit made 3/9/11
- 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.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
TOTAL
YTD
$ 2,100.00
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 ….$3,891.25 has been spent and paid for
“UNPLANNED” Expenses
UNPLANNED CAPITAL EXPENDITURES YTD:
APPROVED
PAID YTD
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
b.5) $188
(EST) Designer Fees
Yes
$ 187.50
b.6) $1,071 (EST) Water
Leak 1013
Yes
$1,070.25
TOTAL YTD
$3,891.25
- END OF TREASURER’S REPORT -
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LAUREN MINUTES AND BUSINESS
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