The Lauren Condominium Owners Association
Minutes of the Board of Directors - April 30, 1997
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 and Waldemar Wajszczuk and Property Manager, Walter Krolman. In addition, owner Paul Kearney was present during most of the meeting.
Treasurer’s Report
In March the financial strength of the Lauren continued to grow. As of March 31, the Lauren’s capital reserves stood at just over $221,000 an increase of $15,000 from a month ago. In addition, the total cash on hand at the end of March equaled $344,814 with $309,800 as net available cash. These amounts were up $23,000 and $24,000 respectively over the past month.
The amount of operating income The Lauren received in March was roughly $900 more than anticipated. As for expenses, all major budget categories were under budgeted amounts for the month except Administrative Expenses. Utilities were under budget by $820, while Maintenance, Personnel Expenses, Contracted expenses, Professional Services, Insurance, Taxes and Maintenance Expenses were under by $950, $1,897, $119, $2012 and $1327 respectively. Administrative expenses were over budget by $627 due to the timin g of condo fee payments for unit 212.
Although capital improvement projects began and were underway during March, no invoices have been received and no payments made. This situation has resulted in the Capital Expenditures budget line reflecting an underage of over $14,000.
The Treasurer is currently working on an investment plan for the association, which will be ready before the Annual Meeting. Currently, however, one market account is above the FDIC guarantee limit of $100,000. The Treasurer will request that the Property Manager immediately transfer the excess cash over the $100,000 limit to another money market fund until the investment plan for the association has been completed.
Action Items
Security Camera in Foyer
It was decided to install a video camera in the lobby foyer which would allow visual inspection of visitors in every unit. Residents would be able to see who is asking to be admitted to the building.
Elevator Timing Procedure
One elevator will be shut down on Friday, May 23 for replacement of a seal.
Delinquencies Incurred Prior to 1993
It was decided to write off delinquencies that have been carried on the Lauren accounts from 1992 and earlier.
Committee Reports
Marketing Committee
Chair John Doolittle distributed a sample brochure advertising the Lauren. He also demonstrated a sample webpage which documents the advantages of life in the Lauren. Both the brochure and the website will be presented at the upcoming meeting of the Condominium Association. These efforts grew out of a year-long analysis of the strengths and weaknesses associated that owners and others reported about the Lauren.
Zoning Committee
The final report on zoning issues affecting the Lauren will be mailed out next Monday to all owners.
Cost Containment and Revenue Enhancement Committee
Tower Resource Management will be making a visit to the building as the firm continues to market the availability of the roof with communications companies
Newsletter and President’s Periodical Letter
The next edition of the Lauren Newsletter will be distributed at the Annual Meeting. In addition, President Larkin indicated that his Letter to the Owners will be sent to all owners prior to the Annual Meeting.
Review Status and Discussion Items
Annual Meeting
Preparations for the annual meeting are complete.
Security
The Board inspected a half-dome mirror installed on the tenth floor near the elevator. The mirror allows persons to observe if anyone is in the adjacent hallway. It was decided to install similar mirrors on all floors. All Lauren employees will attend one of two meetings held to discuss security measures in the building. Two decals with the Lauren front desk telephone number have been distributed to all residents.
Hallway Signage
Approximately two dozen additional signs for public areas of the building and been ordered and will be installed as soon as they have been fabricated.
Front Entrance Canopy
A new awning will be installed over the front entrance before May 14.
Tier Exhaust System
A report from the contractor who conducted a test of the airflow of sampled tiers indicates that the air in the building meets District standards and that the roof equipment is properly functioning.
Property Manager’s Report
The manager’s report was accepted as presented.
Adjournment
The meeting was adjourned at 8:45 p.m. Executive Session followedCopies of the Minutes of this meeting may be obtained via e-mail by sending Property Manager Walter Krolman a request at WKrolman@aol.com .
Respectfully Submitted,
John Doolittle, Secretary
John Doolittle 3672 Winfield Lane, NW Wash, DC 20007 Phone/Fax: (202) 333-1479 bakedoo@erols.com
