The Lauren Condominium Association

Minutes of the Board of Directors - December 1, 1999

President Elizabeth VanderPutten called the meeting to order at 7:30 p.m. in the Manager's Office. Present were other Board members Joe Morris, Mason Essif, Eileen Collins and Waldemar Wajszczuk. Also in attendance were Property Manager Walter Krolman and resident-owner John Filice

Treasurer's Report

As of October 31, 1999 the Lauren had $578,231 on hand. In October, we had income of $47,764 compared with expenses of $50,499 for a monthly deficit of $2,735.
Operating income was under budget by $1,608, while operating expenses were under budget by $3,426.

In October capital expenditures of $4,709 were made for continuing lobby renovations.

As of October 31, the Lauren had total income of $506,768 compared with expenses of $484,227, for a year to date surplus of $22,542. It is expected that this surplus will decrease due to expenses expected in November and December.

Since the last meeting the Association has moved $80,000 from a money market to a 3 month Certificate of Deposit at Freemont Investment & Loan so as both to keep the money market within FDIC insurance limits and to secure higher interest rates.

Action Items

Reserve Study Update

The Board accepted resident-owner Brian Larkin's offer to review and update the Reserve Study he did for the Association five years ago.

2000 Budget

The Board unanimously adopted the budget for Fiscal Year 2000 as prepared by Treasurer Joe Morris and Property Manager Walter Krolman with some modification of its presentation. The Board approved a budget that raised fees by a one percent. The one percent increase allows the Association to fully fund the operating budget while slightly reducing the amount of the contribution to the reserve fund to approximately $156,000.

Parking Space

The Board asked Property Manger Walter Krolman to ensure that all Association-owned parking spaces have signed lease with renters of the spaces.

HVAC

Wayne Hall, the building's engineer joined the meeting to explain the operation of and answer questions about a mechanical changeover system that would allow the building to more easily switch between air conditioning and heat during the spring and fall seasons. Mr. Hall and the Board discussed the merits of a manual versus automatic changeover system. The Board decided that a system that allows for manual or automatic changeover would provide the Lauren with flexibility to better adapt operations to seasonally changing weather and residents' varying needs.

Lobby Renovation

Resident-owner John Filice asked the Board to consider a proposal to have the floor in the lower lobby and the office counter changed to match the marble in the upper lobby. The Board agreed to look into the cost of doing such a project and will consult with Sharon Thompson of American Office Products. The Board also approved the purchase of a wooden table with a glass top for the lobby area at the top of the steps.

Review Items

Recommended Leases

The Board decided to ask the Association's attorney to review the lease the Association offers as a model to owners renting out their units and also to review the addendum that is required with all leases to make sure they comply with current DC laws and codes. the Board also asked that the attorney review the implications of having a standard lease for the building.

Spot Bonus

The Board approved a spot bonus of $25 for Angela Gross for her dedication to her job and for remaining at the front desk during her shift even with the possibility of her car being towed.

Next Meeting

Next meeting: January 19, 2000 at 7:00 PM

Adjournment

The meeting was adjourned at 9:05 PM. Executive session followed.

Respectfully Submitted

Waldemar Wajszczuk, Secretary
Walter Krolman, Recording Secretary

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