The Lauren Condominium Association

Minutes of the Board of Directors - November 17, 1999
(2000 Budget meeting)

President Elizabeth VanderPutten called the meeting to order at 6:30 pm in the Manager's Office. Present were other Board members Joe Morris, Mason Essif, Eileen Collins and Waldemar Wajszczuk. Also in attendance was Property Manager Walter Krolman.

2000 Association Budget

The Board reviewed the budget prepared by Treasurer Joe Morris and Property Manager Walter Krolman. Because the expenses for 1999 were very close to the budget enacted last year, that we expect a relatively low inflation rate and because the reserves will generate significant income, the Board expects that any increase in condo fees for 2000 will be very low. This will allow the Association to fully fund the operating budget while only minimally reducing the amount of contributions put into reserves as compared to 1999.

For comparison purposes, the board reviewed previous condo increases:

1999 - 0.00%
1998 - 3.00%
1997 - 3.67%
1996 - 5.80%
1995 - 4.96%
1994 - 7.30%
1993 - 9.80%

Action Items

Audit

The Board accepted the proposal of Drolet & Associates (our current auditors) to perform the 1999 audit

Electrical Repairs

Due to previous (and no longer existing) water infiltration several conduits have rusted out. The Board approved the replacement of the in-slab conduit and any accompanying wiring with an overhead conduit to be installed by Environmental Systems Engineering.

Parking space

The current lessee of the Association-owned parking space "D" informed the property manager of her intent not to renew her lease on the parking space. The Board decided that a drawing of interested applicants will be held according to the policy previously established by the Board. Interested applicants should leave a check payable to The Lauren in the amount of $140.00 by November 30. Resident owners will be given preference for the space. If more than one resident owner expresses interest in the space, through meeting the above requirements, a drawing will be held. If no resident owners apply the same process will be followed for other residents. The individual renting the space will subsequently complete a lease with the association.

Laundry Equipment

The Board continued to discuss the relative merits of equipment types and methods of payment to activate the machines. After discussing the merits of the two types of washers available - top-loading and front-loading - the Board decided to procure seven top-loaders and three front-loaders. While all of the machines are expected to accept credit-type cards for payment, some of the machines will still allow for the use of coins. The Board also considers it a priority to improve the ventilation system for t he dryers as well as for the laundry room itself.

Lobby Renovation

The Board once again reviewed proposals for a table for the upper elevator lobby. They instructed Walter Krolman to obtain answers to specific questions regarding whether the surface of the proposed table is wood, glass or a combination of wood and glass as this information was not clear in the literature by American Office Products.

Next Meeting

Next meeting: December 1, 1999 at 7:00PM

Adjournment

The meeting was adjourned at 8:30 PM. Executive session followed.

Respectfully Submitted

Waldemar Wajszczuk, Secretary

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