The Lauren Condominium Owners Association

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 raindate 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