The Lauren Condominium Association
Minutes of the Board of Directors - March 11, 1998
Call to Order
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 and, for a portion of the meeting, unit owner, Dr. Brian Larkin.
Treasurer’s Report
January continued the
healthy trend for the Lauren’s finances. The Lauren’s
official financial statements show that the capital
reserves stood at $344,088 as of January 31. This is a
decline of approximately $18,000 resulting from capital
expenditures made during January (see below). The total
cash on hand as of January 31 was $436,949 with $400,301
as net available cash. These amounts were down
approximately $14,000 and $18,000 respectively since
December’s levels.
The amount of income the Lauren received in January was
roughly $5226 more than anticipated. Most of this
resulted from higher than expected interest income--nearly
$5000. As for expenses, of the seven operating budget
categories all were under budgeted amounts except for
Salaries. salaries exceeded budget expectations by $1850
because of the office payroll. On the positive side,
Utilities were $1102 less than expected, Contract
Expenses were under by $1136 and Professional Services
were under by $79 2.
The only capital expenditure incurred during January was
a partial payment of $33,575 for the replacement of the A/C
chiller. Two additional payments of approximately equal
amounts will be made when the chiller is received and
after it is installed. These payments should occur in
March and April.
There were no additional investment activities in January,
other than those reported in the December minutes.--Waldemar
J. Wajszczuk, Jr.,
Waldemar J. Wajszczuk, Jr., Treasurer
Action Items
Lobby Renovation
Georgetown Design’s Dr. Mokhless Al-Hariri and Matt Gifford presented their revised plan for remodeling the lobby office area. The new design shifts the mail boxes to the south wall and adds a built-in table which would also shield packages from view. Once the Board gives its approval to the plans, Georgetown Design will prepare a final contract and work schedule. The plan to remodel the lobby, a first floor, and interior of the elevators was passed with one abstention. The design plan plus samples of the new carpet and wall treatments will be on view in the lobby.
Corridor Air Handler
Property Manager Walter Krolman has received an additional bid to replace the failing air handler which serves the corridors. The Property Manager was instructed to determine the differences between the two proposals and accept the best bid once he reconciles any major discrepancies between them.
Committee Reports
There were no committee reports.
Status Review and Discussion Items
Reserve Study
Peter Miller of R.J. Moore
& Associates of Annapolis discussed the overall
approach to be used in preparing an update of the Lauren’s
Reserve Study. Miller advised that the budgeting process
ensure that capital expenditures be limited to those
items that the Internal Revenue Service defines as such.
Under current practices, other expenses are included and
this could cause a problem if the Association were
audited by the IRS, according to Miller. (Capital
Expenditures are given a larger deduction t han non-capital
expenses.) In order to plan for major expenditures that
do not meet the IRS definition of capital expenses,
Miller advised the maintenance of a non-capital reserve
fund. Dr. Brian Larkin said that once the reserve study
is completed he will assist the Board in its financial
planning by preparing a “new” five-year plan.
Larkin last prepared one in 1995.
Property Manager's Report
Walter Krolman suggestion to switch the Lauren’s banking services to Virginia Commerce Bank was accepted.
New Business
There was no new business.
Next Meeting
The next meeting of the Board will be Wednesday, April 22 at 7 p.m. in Unit 109.
All owners and residents are invited to attend the meetings of the Board of Directors.
The Annual Meeting of the Lauren Condominium Association will be Wednesday, May 6 at 7:30 p.m. at the Washington Marriott Hotel, 1221 22nd Street, N.W.
Adjournment
The meeting was adjourned at 10:30 p.m. 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 info@lauren@org .
Respectfully Submitted,
John Doolittle, Secretary
3672 Winfield Lane,
NW Wash, DC 20007
Phone/Fax: (202) 333-1479
baker-doolittle@erols.com
Subscribe
To receive a copy of this and future Minutes via e-mail, send a request to Property Manager Walter Krolman at info@lauren@org.
