Lauren Condominium Association
Minutes of the Board of Directors
March 27, 1996
President Brian Larkin called the meeting to order at 7:10 p.m. in Unit 109. Present were other board members, John Doolittle, Jason Juffras, Paul Kearney and Waldemar Wajszczuk and Property Manager, Walter Krolman plus resident Elizabeth VanderPutten.
Treasurer's Report--
During February 1996 the financial health of the Lauren continued to move in the right direction as the capital reserves increased for the second straight month by roughly $13,000. On February 29, the capital reserves were booked at $242,200. There were no transfers out of reserves. As was the case last month, the cash on hand and the net cash available to the Association were up.
Income for the month was at anticipated levels and exceeded the total expenses of the Association; however, expenditures exceeded the budget estimates for February by about $5,600. Most of this unanticipated amount came from the Utilities category, which was $3,700 over the estimated figure. As was the case in January, utilities costs ran higher than expected because of the severe weather during January and February. The only other categories noticeably over budget were Salaries by about
$2,500 and Professional Services by $700. The additional salary costs were a result of overtime paid for snow removal, installation of door closers, and the timing of a health insurance payment. Categories under budget were led by Maintenance at roughly $1,600 under the anticipated costs. All other categories were at budgeted levels.
No capital expenditures were recorded for the month of February 1996.
The annual audit conducted by McQuade and Drolet was accepted and approved the preparation for distribution at the annual meeting.
Action Items--
Michael Gotwald of Gotwald and Finch presented design plans for renovating the hallways and lobby. The Board made a tentative selection of a carpeting and wall-covering scheme. Gotwald and Finch will present a final including a paint sample within a week. Awarding of a contract for renovation of hallways is expected by May 1.
Committee Reports--
Personnel Committee
Chair Jason Juffras distributed a preliminary report, which includes recommendations for personnel policies. These are:
- -Instituting an annual employee performance review
- -Instituting step increases for beginning employees
- -Awarding annual and spot bonuses when merited
- -Instituting a three-week vacations for long-term employees
- -Notification of the Board of intended personnel action
- -Drafting a statement of policies regarding sick and annual leaves every year
- -Pay employees for jury duty service for up to two weeks
Newsletter
Chairs Paul Kearney and Waldemar Wajszczuk reported that the first edition will be out April 15.
Review and Discussion Items--
Flash heaters have been shipped to the manufacturer in Tennessee. The heat exchangers will be back on line in Mid May
Underground oil storage tank has been emptied and cleaned. Samples from the interior of the tank have been sent to a lab and results should be back within a week.
Computerization of Lauren records Phases I and II are complete. Phase III requires time to get codes but will be completed by the end of April. The Lauren has switched its Internet service to Erols and will save $300 for the year.
Repairs of the roof deck and railing will begin soon. Benches will be moved along the wall and in planters will be put in their place. This change will reduce the possibility someone will lean against the railing causing it to break.
Revised pool rules will be distributed to residents.
President Brian Larkin asked Property Manager Walter Krolman to provide the Board with an emergency plan in the event the present hot water system fails.
Adjournment--
The meeting was adjourned at 9:00 p.m. An executive session followed. The next regularly scheduled meeting of the board will be Wednesday, April 24 in Unit 109 at 7 p.m.
Respectfully Submitted,
John Doolittle, Secretary
