Minutes of the Board of Directors - February 24, 1998
Agenda
Call to Order Treasurer's Report Action Items Committee Reports Status and Discussion Manager's Report New Business Next Meeting Adjournment Subscribe
all to Order
February 24, 1998
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 plus Property Manager, Walter Krolman.
reasurer’s Report
The Lauren ended 1997 in very good financial shape.
On December 31, the Lauren's Capital Reserves were booked at a healthy $362,254. This was an increase of over $10,000 from November and nearly $189,000 more than available one year ago. The Association's available cash at month's end was $451,008, an increase of roughly $35,000 from the previous month. Net Cash Available was recorded at $418,505, up about $34,000 from November's level.
The operating income received by The Lauren for fiscal year 1997 was $9,835 more than had been anticipated. Extra income was recorded in nearly all income categories. Interest income exceeded the budget estimates by $2,465 and in-unit service provided $1,898 in extra income. As for expenses, five of the seven major operating budget categories were under budget for fiscal year 1997. The categories under budget included Maintenance ($10,064 - mostly due to no major repairs needed for HVAC, the garage doo r and plumbing), Salaries ($6,459 - most savings from health insurance and workers compensation), Contracted Expenses ($1,313), Professional Services ($9,186 - most savings coming from unneeded legal and engineering services), and Insurance, Taxes & Debt Service ($5,108 - primarily from lower than expected insurance losses, permits & license fees, and income taxes). The Utilities and Administrative expenses categories were over budget by $13,765 and $854 respectively.
Nearly all of the Utilities overage resulted from water and sewer fees, which were raised after the 1996 budget was prepared.
The 1997 budget allocated $127,750 for capital expenditures. At year's end, expenditures totaled $37,436. Several major projects that were planned for 1997 either began late in the year or were postponed.
The funds allocated for these projects will be spent on their intended purposes in 1998. Renovation of the lobby, which was a 1997 expenditure, has been in the planning stages for several months. However, only $1,625 of the $45,000 budget had been spent by December 31. In addition, with the decision to replace the HVAC chiller in 1998, the replacement of an A/C handler and A/C controls was deferred so that replacements of all A/C related components could take place simultaneously. This resulted in anothe r $16,000 not being spent in 1997. Unanticipated capital expenditures were also at a minimum last year, so only $7,485 of the $30,000 set aside for miscellaneous expenditures was spent. Finally, several of the projects that were completed in 1997 came in under expected costs.
There were no investment activities during the month of December. However, since the last Board meeting in January, a CD that had matured on January 2, 1998 was reinvested. The Treasurer and Property Manager researched the best available reinvestment options and decided to divide the maturing CD (roughly $88,000) into two $45,000 CDs of different maturities - one at three years and the other at six months. The division of funds into two CDs allows The Lauren to continue the ladder system initiated earlie r in 1997, while also offering the flexibility of having additional cash available in the short-term.
Waldemar J. Wajszczuk, Jr., Treasurer
ction Items
Corridor Air Handler
Following a discussion about the reports given to the Board on the flow and quality of air in the building, it was decided to replace the air handler for the hallways. Property Manager, Walter Krolman, will get comparative prices for the work. A determination about action to take regarding air flow within units will be will be dealt with later.
It was decided to offer all residents the option of having Lauren maintenance staff clean the air vents in their kitchens and bathrooms. Walter Krolman will notify residents about this service, but residents are also encouraged to clean the vents themselves. The Board stated that when the vents are clear of dirt, air quality in entire building is improved.
Lobby & First Floor Renovation
Georgetown Design’s Dr. Mokhless Al-Hariri and Matt Gifford presented their revisions for the lobby area. In particular, they presented alternative plans for the front office including the repositioning of the mailboxes. Following a discussion, it was agreed that Georgetown Design would present additional modifications for the Board to review at its March meeting.
Date for Annual Meeting
The annual meeting of the Lauren Condominium Association will be Wednesday, May 6 at 7:30 p.m. The meeting will take place at a hotel near the Lauren.
1997 Audit
The Board agreed the five-year plan for the building needs updating. It was felt that the such a plan would assist in the orderly budgeting for expenses which can be anticipated for the next few years. The Board decided to move $25,000 in excess operating funds which have accumulated during the past year to the Reserve Fund.
Chiller Service Agreement
It was decided to contract with McQuay Service for their extended service agreement on the chiller which is to be installed this spring.
Rooftop Communication
It was decided to continue the relationship with Tower Resource Management even though there has been no success in obtaining a client to rent space on the Lauren roof. The firm’s manager indicates there is a possibility of some interest by prospective renters in the near future.
No committee reports were presented.
tatus Review and Discussion Items
See Action Items
roperty Manager's Report
All abandoned bikes in the garage will be given away or sold.
New signs indicating recycling containers will be installed in the trash closets
ew Business
There was no new business.
Next Meeting-- The next meeting of the Board will be Wednesday, March 11 at 7 p.m. in Unit 109.
All owners and residents are invited to attend the meetings of the Board of Directors.
Adjournment-- The meeting was adjourned at 9:15 p.m. Executive session followed.
Respectfully Submitted, John Doolittle, Secretary 3672 Winfield Lane, NW Wash, DC 20007 Phone/Fax: (202) 333-1479 baker-doolittle@erols.com
To receive a copy of this and future Minutes via e-mail, send Property Manager Walter Krolman a request at info@lauren@org.
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