Lauren Condominium Association

Minutes of the Board of Directors

August 28, 1996 (Revised) 

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. Attending selected portions of the meeting were owners Dr. Michael Petite and Jeannette Petite.

Treasurer's Report-- 

Through the end of July, the finances of the Lauren continued to be sound. 

For the first time since April, we recorded an increase in the capital reserves, which was not anticipated. This increase was a result of the timing of the projects and the submission of invoices from the associated vendors. During July no payments were made for any of the capital improvement projects, and at the end of July, the capital reserves stood at $213,000, an increase of $13,000 from the close of June. As of July 31, the associations Cash on Hand was down about $700 from June's level, while the Net Cash Available was up about $8,000. 

When excluding the effects of transfers from reserves, the income received by the Lauren was as projected by the budget. Expenses for three of the Lauren's eight main budget categories exceeded estimates. These categories included Utilities where expenditures on electricity were $4,500 more than anticipated and the cost of natural gas was $350 more than expected. Also included were Salaries that exceeded budget predictions by about $3,500, and Professional Services, which was roughly $900 more than expected due to legal expenses. The under-budget categories were Maintenance, Contracted Expenses, Administrative Expenses, Insurance & Taxes, and Capital Expenditures at $1,400, $200, $250, $260, and $30,000 respectively. 

In July no capital expenditures were recorded, although work continued on the hallway renovation project. In August and September we should be prepared to see the capital reserves decline noticeably as the hallway renovation project is completed and as the hot-water tank/heater replacement takes place. 

Action Items-- 

Hallway Renovation Signs  

A choice was made from among the signage options presented by Gotwald and Finch. The color selection will be made and then the signs will be ordered. They will provide uniform indicators throughout the building.  

Lauren Roof Garden Wine Cheese Event 

The Board decided to sponsor and host a reception on the roof garden to, among other things, celebrate the near completion of the hallway renovation. The event will be Monday September 16 from 5:30 to 8 p.m. In case of rain, the party will be held Thursday September 19. All Lauren residents and employees are invited to this affair. The Board will conform to special events insurance policy regulations announced last month.

Temporary Exchange of Living Facilities  

The Board discussed the possibility of allowing residents to swap their Lauren unit with someone in a distant location. The exchange would be attractive to those who anticipate being away from Washington for extended periods. A fee could be charged to allow for the transfer. A limit of one such exchange per year might be imposed. A minimum and maximum length could be established for the swap such as 2 to 10 months. No furniture would be moved under the arrangement. The Board decided to seek advice from its legal counsel before taking any action on the plan.  

Committee Reports-- 

Cost Containment 

Chair Waldemar Wajszczuk said his committee was looking for new sources of income for the Lauren. One suggestion was to lease space on the building's roof to wireless communication firms. The committee is also eager to form a relationship with a financial adviser who would counsel the treasurer on strategies for investing money more profitably.

Marketing 

Chair John Doolittle said the committee is preparing for a focus group with Realtors who are actively selling units in the building. The session is designed to gather information about how the Lauren is viewed by potential buyers and how to make the building more attractive to that group. 

Zoning Committee 

Chair Joe Morris indicated his committee is in the midst of a three-stage process in dealing with the issue of the zoning status for the Lauren. That process involves seeking information, evaluating and questioning that information, and finally, ascertaining what owners want.  

Review, Status and Discussion Items-- 

Hallway Renovation Process 

Owners Dr. Michael Petite and his wife, Jeannette, presented their concerns to the Board about the colors used in the hallway renovation and the fact their unit was entered to paint their door and frame without their consent. The Petites gave the Board copies of an opinion prepared by their attorney questioning whether the procedure followed in the renovation project was in compliance with the Lauren Bylaws.  

Development of Emergency Evacuation Plans 

President Larkin advised the Board of the need for establishing a plan for dealing with emergencies. He suggested the place to begin the process would be to examine the plans articulated by other buildings.  

1997 Budget-Identification of Capital Expenditures 

The Board is beginning to assemble a list of expenses that are anticipated during the next year that should be considered during the budget review process in the coming months.

Lauren Newsletter 

The next edition of the newsletter will be in September, according to editor Waldemar Wajszczuk.  

Property Manager's Report-- 

The report was accepted as presented. 

Adjournment-- 

The meeting was adjourned at 10:15 p.m. The next meeting of the Board was scheduled for Wednesday, September 25 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 manager@lauren.org 

Respectfully Submitted, 

John Doolittle, Secretary