We do it approx. once a year. Seems effective, We do one chute at a time because we close the chute for 24 hours after dusting.

We have a washing and disinfectant system for our twenty story high compactor shaft.

We lock the compactor room hatches one each floor and drop the built-in washing system from the roof level downward; then its retracted onto its reel This occurs about once a quarter.

RitaM

How much did you pay for the built in washing system? And if possible, who was the vendor?

Thanks
Pres

Your counsel will do the filings if necessary. However, the way to handle amendments to the PL and By-laws is as follows:

1. If the proposed amendment passes, the counsel will do a formal amendment document that will be added to the PL.

2. A general mailing of the amendment is done to all the existing shareholders of the corporation stating the amendment has been approved by the shareholders and it will also announce the effective date.

3. The conversion plan and all the amendments must be surrendered by a shareholder who is selling the unit to a prospective buyers. If not, it's up to the propective buyer and/or buyer's attorney to find out what amendments exist to the PL and By-laws that will modify the speciment included in the conversion plan. This is the due diligence that should be exercised by the prospective buyer and its attorney. It's done by contacting the co-op counsel and/or the management office to ensure that the seller provided all the documentation.

4. Every PL issued after the amendment will include a copy of the amendment at closing. In other words, shareholders at the time of the amendment and future shareholders will have the amendment as part of their PL.

AdC

Thanks for the great information. Can a vote on one particular amendment be carried out by a mail-in vote sent to all shareholders in lieu of calling a special meeting? We have many shareholders who seem to prefer not having to attend meetings and would like to participate in voting by mail. Our prop lease/by-laws don't address handling issues usually voted on at special meetings by mail.

I would ask your counsel as to the proper way to do it. You may have a ballot and proxy; after all, this is the way large corporations vote on corporate proposals. You submit a proxy containing pro, con and abstain boxes for directors and officers as well as proposals.

AdC

Sounds like they are offering to do what your management company gets paid to do already. If they don't, get rid of them.

It's true that management companies do not need to be audited by other than an accountant to go over the income and expense statements. However, accountants are not trained to know if a cooperative is paying too much for supplies and services, what the cost of oil should be, whether staff overtime can be reduced, etc. Perhaps if someone did look into this for a building from time to time there would not have been so many agents found guilty of committing fraud and accepting kick backs. What you are saying is like telling the police to stay home until a crime is reported.

Folks,

Why not implement some simple rules?
1. President does not sign checks,
2. President does not sign contracts
3. Building manager (either self managed as we are, or from a management firm) does not sign checks.
4. Building manager (either self managed as we are, or from a management firm) does not sign contracts.
5. No use of credit card to pay any routine bills whatsoever, except minor purchase, e.g.; less than $200 per month (as some online web sites will only accept cards or other automated payment service).
6. Building manager must sign every invoice that is presented for payment.
7. With six board members, four are authorized to sign checks.
8. All payable and salary checks must be signed by two board members.
9. All payable checks are accompanied by the original invoice.
10. Board members can challenge any check and obtain an explanation.
11. Two accounts payable runs each month. These are for all invoices received by the 25th of the preceding month and the first is generated around the 8th. Why the 8th? Our maintenance and assessment (yes, we have assessments every year and it is collected during ten of twelve months of the year) payments are due by the 10th. In this way our funds with the bank remain relatively constant. The second run is towards the end of the month for any payments, we really need to make.
12. Original checks returned by the banks are reviewed by the treasurer every month.
13. All board members receive a complete check register every month with all payees and amounts.
14. All board members and outside counsel receive a complete listing of arrears, simple and aged every month.
15. All board members receive a use of funds report every month.
16. All board members receive a budget vs. actual comparison by month and year to date every month.
17. All board members receive a trial balance every month.
18. All board members and outside counsel receive a management report prepared by the building manager every Friday listing events (normal and unusual), letters, received, government activities, forecast of capital work and major repairs.
19. All our consumables must be purchased from a round robin of firms so that no one firm has a corner on all our purchases such that there is a lessened inclination for any kickbacks.
20. Our outside engineering firm monitors all major expenditures and certifies all work as complete, or partially complete as scheduled, before we make any payments.
21. Yes, all major capital expenditures are bid to firms identified by our engineering firm.
22. Our engineering firm levels all bids.
23. Our counsel reads and approves all contracts. Then a board member signs the contract.
24. No board member ever goes to lunch or dinner on the co-op. If we go to dinner after a meeting, it is dutch treat.
25. No board member, building manager or superintendent ever takes a free lunch or dinner from a supplier.
26. No board member, building manager or superintendent ever takes a gift from a supplier.
27. No board member ever charges the co-op for personal stationery supplies used, PC software, printer ink, personal auto, telephone calls, etc.
28. No board member ever uses the postage stamp machine in the management office unless the board member reimburses the co-op.

And, unlike some co-op and coops, admittedly a small number, we do not forgive the monthly maintenance for a board member, e.g.: the board member does not receive a free ride.

Yes, these are our rules. There are more, but you get the gist.

And we have an accounting firm that specializes in co-op and condo audits. We had one of the national/international firms until four years ago, when we switched. The national firm, which we employed for a number of years, was a neophyte in co-op audits compared to the firm we now employ.

Your rules sound good and I am glad it works for you. Our building is not self managed and I believe that because our managing agent manages several buildings we have a lot of advantages.

A self managed building puts too much responsibility on the board which is typically comprised of people who do not have any experience in managing real estate. They are volunteers who give up some of their time to review the operations of the building but are not in position to make educated evaluations or have the ability to compare it to other experiences.

One advantage of using a professional managing agent is that they have witnessed just about everything that may happen and with that experience do everything to avoid occurances in other of the managed buildings. The other is their buying power. As you know when you buy in bulk it is always less expensive.

I could go on and on about the pros and cons of using third party management but I don't think this is the venue to do so.

The condition to accept the person is to escrow... the buyer accepts it and pays for the agreement or rejected if is not in agreement.

AdC

Thanks ADc, it may be a bit more complex than that. Our building only has right of first refusal to exercise in case of any new buyer. We went back and forth with counsel and came up with this solution which buyer agreed to. So are the legal fees incurred by the Corp (in other words, time we were billed for) also passed along to the buyer?

Well, look it this way!

You did not know how to make an informed decision. You engaged your attorney to clarify or enlighten you. This money is as good as spending money on the Habitat Magazine or going to a conference to learn more about the business.

So, it's the co-op's bill. The drafting of the contract is the buyer, but your decision cost you money and hopefully, someone will record the event for future admissions members. Otherwise, pass the lessons learned like Homer's books.

That's my opinion and how I would handle it!

AdC

The tee on the riser that is inside of the wall is a job for a licensed plumber.The handyman can change the trap and/or the nipple that goes from the p-trap to the tee. If you start having the handyman make these kind of repairs it could cost you more money then what your going to be saving.

thanks Mike - it is the nipple that runs into the T -trap - part inside the wall, part outside. I am afraid the coop might say it is my responsibility but it is rotted out and it seems to be at least party inside the wall.

If you were to update your kitchen, you need to take the grease line with nipple. In other words, this is shareholder responsibility. The cost is not that much and you will eliminate a headache.

AdC

Kips Bay
100 Units
Treasurer

Midtown Manhattan
33 units
President

(We're managed by Matthew Adam Properties)

not very satisfied

manhattan 400 units

vp

We have been self managed for twenty-five years and quite frankly, we would not have it any other way.

Our neighborhood buildings, same general population, same cost structure, etc. have had numerous management companies and even a greater number of building managers.

Let’s also mention the accompaniments to the repetitive changes in firms and staffing, e.g.; poor record keeping, lack of continuity, disharmony, conflicts, autocratic building managers, etc.

Before I am castigated, let me assert there are many fine firms and many excellent relationships.

500 units
Northern NJ
Secretary of the Board
Zero underlying mortgage

Unless your corporate bylaws prohibit criminals from serving on the board, they're permitted. Which makes me think that such a prohibition would be wise to add to my co-op's bylaws.

Let me get this straight: He or she has been CONVICTED ... and that isn't enough to make the voting shareholders consider the person unfit?

What kind of building is this? Does it have bars on all the windows, towers with armed guards, and a warden's office?

Seriously, what kind of job are you doing communicating this to the shareholders? Are the shareholders seriously OK with this?

What if the sponsor still owns over 60% of the shares? As is the case in our building, he casts his votes for whomever he wants... Maybe we need you on the case, Elliot Ness :)

Coincidentally this came up at our board meeting last night. It is continually a hot button issue for many buildings, and has an equal number of circumstance. It really depends on the what the infraction is and how often it has occured. Each instance must be recorded by the management company and followed up in writting to the offending resident. Without a paper trail there is NO chance of removing the person, and even when documented it is VERY difficult to get a judge to issue an eviction order. If the coop has the ability to issue monetary fines it should be done and pushed for collection. Even if they don't pay now you will collect it when they try to sell or sublease the apartment.
Be aware that unless you have shareholders willing to step up to the plate if it goes to court you are wasting your time, unless there are Police Reports. And, if it is one shareholder complaining about another you also are going to have a difficult time taking legal actions.

As you can see it is a complicated issue and is really a question to best answered by the coop's attorney.

what is the infraction?

Is it one specific one?

Is it a major one (offensive, damaging) or a minor one?

You should just give the a letter and a fine everytime they break it, if it is a major one.

It really depends on what it is.

I think it would depend on two things. First, do the coop's governing documents give the board of directors the power to impose such fines? Second, has the board (or the managing agent on behalf of the board) sent a notice to shareholders alerting them that as of X date fines will be imposed on late payment of nonmaintenance fees? In our coop, the governing documents give the Board the right to impose fines on late payment of nonmaintenance fees but it has chosen not to impose them. We've never had an instance when someone has paid their maintenance but refuses to pay our trivial monthly storage cage licensing fee. If your building's fees are more substantial, I could see out of fairness to the majority of shareholders who likely pay what's due on time that those who pay late get fined.