One of our shareholders has had a revolving door of, so called: roommates. The shareholder does live in the apartment as well.
Therefore our board would like to say:
Hey this does not appear to be a roommate situation (allowed by law), and not subject to board approval, but a sublet situation, subject to board approval, or rejection.
Any other coops have similar situations and how did you handle it?
We are having a problem with the transient nature of the roommate relationship.
the president of the board needs a windows computer to access our operating account. Since he has a mac, right now only the treasurer, me, has online access to the account. He suggested the board buy software for his computer ($300) so he can run the application on his mac.
keep in mind we are having trouble paying bills as it is....
In addition he says he will buy the software and then provide the board with a receipt and have then he can get reimbursed with a credit on his maintenance.
He said he has done this before, but it just doesnt sit well with me. Is this a familiar practice by board presidents?
thanks in advance for your help.
Small hdfc coop, we have some market value rentals in apartments that never got sold. Does a shareholder have the right to know when those apartments are being sublet, meaning the market value tenant is subletting while they're away on vacation (call it a sublet of a sublet, I guess)? Does a shareholder have the right to know when vacant apartments that have never been bought (still owned by the coop) are going to be sold? Does a shareholder have the right to know who their new neighbors are?
I need some help fast. Several members of my Board (coop)want the president to step down or they will vote him down. This is because a small group of shareholders are 'up in arms' like they are every year and a capital improvement is taking longer than expected and of course blaming it all on the president since he headed the project. My question is how can they do this for such trivial reasons? Isn't removal from office for serious matters? If you can help, it would be appreciated.
Is there a difference in yearly MA fees a managing agent charges in managing a coop vs a condo?? We were a coop when we hired this MA and since then we converted to a condo. Someone stated the MA should charge less because there is less to do--I say no, the charge is the same. The only difference really is that we pay our taxes and their is no mortgage( beside no board approval to move in and other little incidentals).
On 7/23/08 Congress passed legislation that will now include coops within the popular government-insured HECM Reverse Mortgage guidelines. Undoubtedly, this will create numerous inquiries by senior shareholders in the months ahead who will be considering this type of financing.
In response, coop boards will be looking to be educated on this subject. As a reverse mortgage specialist with Cambridge Sr. Capital (a preferred lender with NRMLA, www.reversemortgage.org) I can address all your questions about this program.
Has anyone on this board had any experience with Honeywell-brand thermostatic radiator valves? We're wondering if it might be good to test in a few apartments in our coop (2-pipe steam) building. Thank you.
I'm back on the board after a year hiatus. (I'd like to thank some of the very supportive posters like BP, Steve, AdC et al for their helpful comments and for encouraging me not to give in to the temptation of apathy!)
It seems our co-op might stand to benefit from keeping clear and complete records. I've found a helpful article in the Cooperator: http://cooperator.com/articles/176/1/Preserving-Institutional-Memory/Page1.html
The article is from 1996 and could be updated for our increasingly digital and ubicomp age. But it outlines a logical method for organizing building records, and suggests keeping the files in a locked file cabinet in the building. This is the one point where I might differ from the article, which says that keys to the files should go to the super, the managing agent, and the board president. I would prefer that the keys go to all board members (rather than to just one board member; our building is just emerging from problems having to do with lack of transparency and concentration of power in one person) and not to the super or managing agent. Why? Because the super and MA work for us, and their service comes up fairly regularly in our discussions.
I would be very interested in hearing how boards in other co-ops deal with preserving building records. Thanks.
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