Minutes of the Board of Directors July 21, 1997
President Joe Morris called the meeting to order at 7:05 p.m. in Unit
109. Present were other board members Eileen Collins, John Doolittle, Elizabeth
VanderPutten and Waldemar Wajszczuk and Property Manager, Walter Krolman.
In addition, owner Roger Hirschland was present during part of the meeting.
Treasurer’s Report
During the month of June, the Lauren’s financial condition continued
to be healthy. The Lauren’s official financial statements show that the
capital reserves stood at $291,475, down about $1,000 from the May figure.
This small decline, the first in five months, was the result of several
capital improvements being paid for during June. The total cash on hand
as of June 30 was $383,088 with $347,434 as net available cash. These amounts
were up $27,200 and $16,700 respectively since May.
The amount of income the Lauren received in June was roughly $3000 more
than anticipated. Most of this additional income derived from interest
income that was $2,200 higher than expected and move in fees that provided
an extra $800. As for expenses, the major budget categories were evenly
split between being under and over budget. Utilities were over budget by
$970 due to electricity and water/sewer charges. Also over were Salaries
by $837, Administrative expenses by $208 and Insurance & Taxes by $2
because of permit fees. Maintenance, Contract Expenses, Professional Services
and Capital Expenditures were under budget by $66, $145, $896 and $1,215
respectively.
During June, capital expenditures of $15,785 were made. This was $1,215
less than anticipated.
Currently, one of our Money Market Funds is above the $100,000 limit
again. This situation stems from the fact that we have not been using our
capital reserves as quickly as we had anticipated, and as a result the
unused funds automatically flow into this account. With approximately $14,000
going into the account over the last several months, the account quickly
reaches the $100,000 level. Walter Krolman is currently in the process
of having roughly $50,000 transferred out of this account into another
F so we can avoid this situation.
During June, a new investment plan for the capital reserve funds was
implemented. A ladder system of Certificates of Deposit was created using
maturities of 6 to 36 months with yields of from 6% to 6.6%. This new system
will allow the Association to reap the higher yields of longer-term investments,
while allowing the flexibility of having funds available tat six-month
intervals.
--Waldemar Wajszczuk, Treasurer
Action Items
Annual Roofdeck Party
This year’s roofdeck party is scheduled for Thursday, September 18,
6:30 - 8:30 p.m. The rain date will be Thursday, September 25.
Committee Reports
Security
It was agreed that the building’s policy on opening unit doors should
be provided so all residents and owners are fully informed of procedures
which staff are instructed to follow.
Lobby Renovation
Chair Roger Hirschland said the committee has held two meetings. He
presented a preliminary report which listed options for making upgrades
in the lobby. and the expense for each improvement. Procedures for further
development of the options, consideration by the Board and eventual implementation
were discussed.
Review Status and Discussion Items
Hallway Signs
An additional 21 signs for the public areas of the building are due
to be installed by the end of August.
Front Entrance Canopy
The Property Manager is working with the installer to determine if the
new canopy is properly fitted over the frame.
Window Decoration Policy
The Board reviewed the Association bylaws as they relate to window decorations
with the Property Manager.
Ventilation
The Board is waiting to receive a report from the Property Manager about
his efforts to find answers to several questions about airflow in the building.
After reviewing that report, the board will then consider whether additional
information or action is required.
Property Manager’s Report
Video Monitor in Lobby Foyer
Lauren residents may now view persons who are waiting to be buzzed into
the building. Televisions which are connected to the building’s master
antenna can receive the lobby picture on Channel 12; those wired to District
Cablevision should select Channel 16. The lobby picture cannot be received
on televisions using indoor antennas.
Laundry Machines
It was decided to have the coin boxes in the laundry room re-keyed.
Adjournment
The meeting was adjourned at 9:15 p.m. The next meeting was scheduled
for Wednesday, September 3 at 7 p.m. in Unit 109. All residents and owners
are invited to attend meetings of the Board of Directors. 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 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
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