Lauren Condominium Association

Minutes of the Board of Directors

June 26, 1996

President Brian Larkin called the meeting to order at 7:05 p.m. in Unit 109. Present were other board members Eileen Collins, John Doolittle, Joe Morris, and Waldemar Wajszczuk and Property Manager Walter Krolman plus owner Melva Caswell.

Treasurer's Report--

According to Treasure Waldemar Wajszczuk, the financial condition of the Lauren continued to be sound throughout the month of May. However, we are now just beginning to see the effects of the large capital expenditures that are planned for this year, and as a result the capital reserves have declined for the first time in four months. As of May 31, the capital reserves stood at $250,938.51, or a decline of about $4,500 from the close of April. It is expected that the capital reserve level will continue. 

Income for the month was about $3,000 more than expected when transfers from reserves are excluded. Of the eight large budget categories, all were under the budgeted amounts except for Contracted Expenses that were $360 over budget. The Salary and Maintenance sections led the under budget categories at $6,400 and $3,200 respectively. The other categories were under by amounts ranging from $35 to $350. 

Action Items-- 

Lauren fee schedules 

All fees charged to residents were reviewed. Many of the charges have been in place for a number of years. It was decided that some needed raising in order to keep up with inflation and to cover the expenses associated with the services being provided. Below is a schedule showing both the current and new fees. 

SERVICE/ACTIVITY CURRENT FEE, NEW FEE

Fee waiver request

A request for the waiver of a move-in fee charge by a tenant who moved between two units in the building was denied.

Lauren database

Record keeping for live-ins, employees and sub-lessors was discussed. It was suggested that we might want to consider having a record of everyone whom uses the building on a regular basis. This process would involve having the names of all persons who live or work in the Lauren appear on leases or be documented at the front desk. In addition, a personnel form would accompany each lease to indicate all employees in a unit. Questions of privacy were raised in connection with this documentation.

Hot water heater 

The existing hot water storage tank is rusting badly and needs replacing. Two options have been identified. One is to go forward with a plan of upgrading the Lockinvar heaters currently awaiting rebuilding at the manufacturer in Tennessee. The other plan is to purchase two larger heaters and a new, smaller storage tank. This option would double the building's ability to generate heat and reduce its storage of hot water by two thirds. It is projected to be the less costly plan if rebates and credits are realized, according to Walter Krolman. It was decided to proceed with the new heaters and smaller tank plan. 

Committee Reports-- 

Marketing Committee

John Doolittle indicated the marketing committee will be holding its initial meeting within the next two weeks to begin work on a plan to make the Lauren more salient to potential buyers and renters.

Zoning Committee 

Joe Morris reported the committee will be meeting soon. Members include John Filice, Jason Juffras and Elizabeth VanderPutten. 

Garden Committee 

Waldemar Wajszczuk will serve as board liaison to the Garden Committee while Don Benedick will continue as the Lauren's Chief Gardener.

Review Status and Discussion Items-- 

Role of financial management and the Lauren Board was discussed.

Susan Fitzgerald of Dubin and Associates reviewed the relationship between her firm and the Lauren. She said that in 1989 Dubin began providing minimal financial services to the Association. For a time, Dubin assumed full-time management duties. In the last few years the firm has been providing fewer services since the building has its own full-time, professional manager. Dubin continues to review all financial records, according to Fitzgerald. She also said that Arthur Dubin will be making an annual walk-through the building. In her opinion, the Lauren's reserve accounts look very good, but the operating accounts are a bit low due to transfers needed for capital expenditures. 

Hallway Renovations 

Walter Krolman reported renovation work will start Monday on the top floor. Work is expected to take four to five weeks and will follow the following schedule: 

Design plans for signs indicating floors and individual offices in the building will be selected soon.

Electric Sub-metering 

Walter Krolman is in the process of obtaining information from PEPCO and authorized contractors the costs associated with installing individual meters for each unit in the building. He indicated he has received several comments from residents opposing a sub-metering plan. 

Newsletter to Owners 

Brian Larkin agreed to write a quarterly newsletter from the President of the Lauren Condominium Association to all owners. The newsletter will keep owners abreast of plans and efforts the Association has taken to improve the value of their investment in the building.

Adjournment-- 

The meeting was adjourned at 10:45 p.m. The next meeting of the Board was scheduled from Wednesday, July 31 at 7 p.m. in Unit 109. Executive Session followed. Copies of the Minutes of this meeting may be obtained via e-mail by sending Property Manager Walter Krolman a request at WKrol@aol.com. 

Respectfully Submitted,

John Doolittle, Secretary