New York's Cooperative and Condominium Community

Habitat Magazine July/August 2020 free digital issue

HABITAT

ARCHIVE ARTICLE

Prepare for Project Glitches

Timothy Grogan
President,
Grogan & Associates

Prepare for Project Glitches

Setting the Scene

One of the most important things in undertaking capital projects is to plan as much as possible – and also to do it correctly. When your project hits road bumps – as it invariably will – it’s important to be able to adjust.

Following the Action

Two properties we manage were doing Local 11 work. The board in each case had planned the expenditure for future years. One board allowed the shareholders to pay their assessment over a period of time, giving them flexibility in their payment plans. In the other, the board simply split the cost between payment from the reserve fund and payment via an assessment, which was passed along to the shareholders.

Doing It Right

When the projects did finally kick off, it was important for us to keep the residents informed about what was going on: what was happening, any slowdowns, and the end result. The board and management had to communicate with the residents and be sure we had the proper information going out to the shareholders to let them know exactly what was happening with the projects. In planning, it is important to know what sort of finances you need. In some cases, however, you can’t plan for everything, and you have to be able to move along with the occasional speed bumps these projects can give you.

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