The Lauren, A Condominium

Minutes of the Board of Directors

November 16, 1998
President Joe Morris called the meeting to order at 7:05 p.m. in unit Manager's Office. Present were Board members Joe Morris, Adrienne Simenhoff, Mike Silverstein, Elizabeth VanderPutten and Waldemar Wajszczuk. Owners John Filice, Sara and Asgari Ahmad, Dinesh Verma, Stephen Quint attended part of the meeting.
Treasurer's Report
The Lauren's finances remained solid in October. The Lauren's financial statements show that the capital reserves were down slightly at $339,799.99. The total cash on hand as of October 28 reached $449,331.06 with $412,286.04 as net available cash. Net available cash was also down from September.
The amount of income The Lauren received in October was within a few dollars of the anticipated amount. As for expenses, four of the seven operating budget categories were under anticipated amounts for the month. Utilities were over budget by nearly $2700, while Maintenance was under budget by nearly $1,900. Salaries were over by $2,400, Contracted Expenses were under by $800, Professional Services costs were under by $800, and Administrative Expenses were under by $1200. Professional Services and Insurance and Taxes Maintenance Expenses were marginally over budget by $100.
Capital expenditures for lobby renovation were $1,600 for the month of October.
There were no investment activities in October.
Budget
The Board reviewed the budget prepared by Treasurer Mike Silverstein and Property Manager Walter Krohlman. Because of an operating surplus in 1998 and relatively low inflation, the Board was pleased to adopt a budget that calls for no increase in condo fees in 1999. For comparison purposes, the board reviewed previous condo increases:
Contributions to capital reserves will continue at $15,000 a month. The major capital expenditure planned for 1999 is an engineering study and design for the replacement of the roof. The roof replacement is planned for 2,000.
Other Business
Owner Steven Quint raised for discussion the lawsuit against the Lauren and several owners in the building, the Board's interaction with owners in the case, and his concerns over a forced sale of units and the effect that it would have on the community. President Joe Morris stated that he could not discuss the case because the matter was currently in litigation.
Lobby renovations
Unit owner John Felice expressed serious concern about the lobby renovations. They particularly disliked the elevators and the lack of color coordination between the black tile in the upper lobby and the brown tile in the lower lobby. President Joe Morris stated that the intention of the board was to have a unified view within budgetary constraints. The constraints led to the decision not to redo the bottom lobby. In the elevators, he stated that the Board had reviewed many previous failed attempts. Because the elevators must serve as both freight and passenger, the Board had placed a high priority on practicality. The Board agreed to review both of these and is looking at adding black tile to the lower lobby. It will also look at changes in the elevator, including the possibility of replacing in toto the new carpeting. Board members Adrienne Simenhoff and Elizabeth VanderPutten agreed to review furniture options. The Board will review options for a bulletin board for opposite the lobby.

Next Meeting

Next Meeting is scheduled for December 2 at 7:30

Adjournment

 The meeting was adjourned at 9:15. Executive session followed.

 Respectively Submitted

 Elizabeth VanderPutten, Secretary
EAvanderp@yahoo.com

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