Annual Meeting -- May 9, 2002 Presidential Address Elizabeth Anne VanderPutten, Ph.D.

2001-2002: A Difficult but Productive Year

This has been a difficult but productive year for the Board. I say difficult because we are have had to deal with complex projects that have financial and quality of life affects on owners and residents. While we would liked to have acted more quickly on a number of areas, we were also sensitive to the need to carefully study the intended and unintended consequences of our decisions.

Financial Management

Early last year, our financial management was bought up by a very large firm. On March 29, we received a notice that the new firm had reevaluated our contract and was raising our rate 50 percent. They gave us 60 days to comply, as required by our contract, or they would terminate service. 

We knew that it might take longer to select an appropriate firm so we agreed for a few months to pay those fees and immediately began an extensive search by a committee headed by Brian Larkin. Based on their recommendation and our own analysis, the Board selected the Koger Management Group, Inc. as our new financial firm because it offered new services including credit card payment of condo fees, faster financial reporting and, importantly, lower fees. Despite a few transition issues, we think things are working out quite well.

Our major financial concern at this time is that returns on our investments have been falling and interest rates have dropped. We are keeping a very close watch on this.

Capital Replacements

Two years ago, the Board commissioned a Capital Reserve study. The report recommended immediate replacement of the roof to prevent structural damage to the building. The Board had anticipated this and funding was in last year's budget. Work began in December. People living in the building who have endured the drilling and jack hammering know how extensive the work was. During the process, we learned about new rules for roofs that added to the complexity of the project. This included the height of the railing, spacing between rails, the need to have flashing at the bottom of the rail. We also found out that it was difficult, if not impossible, to have a wooden roof decking so the Board, with some reluctance, agreed to concrete pavers. We have also had to decide on planters, plants, trellis and a myriad of other details. We are cautiously optimistic that the area will be open by Memorial Day, although all plants and furniture will not be ready.

Handicapped Accessibility

Another major project was to figure out how to make the Lauren accessible to those with limited mobility without losing too much of the lobby space or undergoing extensive and excessively expensive remodeling. We investigated and discussed innumerable options and believe that we have come up with appropriate solutions. A small elevator will be installed in the lobby; the ramp in the basement will be installed; code compliant railings will be installed on the stairwells and the roof itself will be made accessible. Work should begin on this very soon. 

Engineering Service

One other major change was in the engineering services for the building. Until this year, a single individual provided these services. Given the increasing sophistication and complexity of the heating and air conditioning system - and the age of the building - it became obvious to us that no one person could provide the range of services needed. I mentioned last year that I felt the major problem facing us was these systems. Some of you may remember that last summer the air conditioning repeatedly went off during the hottest times. The Board signed a new contract with G&L, a subsidiary of Potomac Electric. To date, we believe the service has been much better. I personally hope, as a resident of the tenth floor facing west, that things go more smoothly this summer.

Window Replacement

About twenty percent of the owners participated in the window replacement option. As one of those buyers, I have noticed a reduction in noise and drafts and that our unit was much warmer last winter. 

Staff

We continue to benefit from an excellent staff whose stability and reliability contribute a great deal toward the quality of life at the Lauren. You may be surprised to know that we have three staff members (Cacho, Thomas Burless and Henry) who have been with us nearly or more than 15 years and four more (Salvador, Sergio, Letta and Walter) who have been here more than five years. And did you know that Walter will be eligible for his 10-year pin this August!

I have found it a pleasure to work with this Board. I particularly want to thank Ralph Dominick who agreed to serve on the Board when Deborah Becker took the opportunity to go to South Africa for work for an extended period of time. Rebecca Kane has been an excellent Secretary and has really looked out for the "livability" of the building. Joe Morris has provided excellent service as Treasurer. Given all of the architectural and engineering work done this year, we are particularly grateful to have had the expertise of Dwight Clark. To all of the members, we owe many thanks.

And finally, we all owe a special word of thanks to Roger Hirschland. As I wrote to Roger last August, 

"Congratulations on getting the stop signs put up on 20th Street at N. It has taken years of work on your part, pushing and haggling, but those two signs are reality. Those signs alone should certainly reduce the number of accidents and perhaps even save lives."

Thank you, Roger. I and all the other residents of The Lauren are in your debt.