For the unitiated shareholder, what should I be looking for within the Financials recently received by my coop to determine its financial health?
Are there certain things I must become aware of if I want to be an enlightened shareholder...and possibly serve on the board in the future.
Many of my neighbors have no clue either.
Have you heard any discussion in your co-op about Councilman Monserrate's bill to require co-ops to provide, in writing, "each and all" reasons for turning down applicants? Did you know that it allows a denied applicant's real estate agent to file suit (in addition to the applicant/s)? I am curious what you and your colleagues and neighbors think about the bill.
So we do mind. Want to elaborate?
I'd appreciate opinions on this:
One of our owners has been on the board and done a fine job for 12 years. He knows address/phone info, which is readily available to the board anyway on monthly mgmt reports, for owners who were his neighbors and liked him but no longer live here and sublet their apts.
A few new owners with a personal agenda want him out. If he's out, a few other board members won't stay because he's a positive force and they work well with him. The new group hopes to be elected as a slate to get majority control and do what they want. They're campaigning aggressively in the bldg and implying things about him that aren't true.
Do you think it's OK for him to contact non-resident owners (whom the new group don't know) to ask for support for his reelection? Most live out of state and send in a proxy. Our board says yes. Our managing agent and attorney don't agree.(I say why not? If the new group gets the non-residents' address/phone info, they'd try to win them over.)
I have purchased a co-op approx. a year ago in a building where the units are still around 50% Sponsor owned, but the board supposedly is in control, and we are going through numerous issues of which not having the ANNUAL FINANCIAL STATEMENT FOR 2005 is the biggest.It is now 4/18/07. Many shareholders have been trying to refinance and SELL their unit, but without this financial statement have been unable to do so, also resulting in more than a couple contracts of sale being terminated. The official excuse was that our accountant fell asleep (he is a one man show) and they fired him and have engaged a large firm which is now working on them diligently. I believe this action was just taken in January, and half of our board is new and inexperienced. As shareholders we KNOW that they are now in the works and should be done soon, but being only one of MANY issues that we feel have been handled incorrectly, I guess we are all wondering who is really at blame here, so we do not misdirect our anger. Is it LEGAL to not have a financial statment in so long? how do we make sure this doesn't happen again? Is the Co-op as a whole liable to the shareholder for sales that have been voided and their costs? Everyone has been playing a blame game here, how long should the board have waited to fire the accountant? 3 months? 6 months? a year?? I mean we still don't have financials from 2005!!!, Is the board at fault? Should the management co. be at fault?? they have represented the building for years, even for the Sponsor, should they be fired??? I would like to know the thoughts of other's who have a more experienced and educated take on this. without this statement, the mgt.co. has stated there is no reason for a meeting, so none of us have been able to display our anger, or even come together to propose changes. I put in a request for a list of Shareholders with the mtg co. who said they would not comply, speak to the Board Pres., who never responded to my request,and 6 months later am still waiting on that.
any comments appreciated.
My bldg requires an architect to file a permit with the Dept Of Bldgs when enlcosing a terrace. Many apts have already done this but the bldg is now requiring the filing with the Dept Of Bldgs. This adds around 5k to the price of the enclosure. As the window company draws up the plans for the enclosure anyway, the architect/engineer is only needed to file.
Does anyone have any input to this process or know of either an inexpensive arch or a window company that has an arcr/engineer in house?
The rear line units of our small co-op face the lower roof of a huge co-op. Over the past three years they have rented their retail space to a food store which replaced a one unit refrigeration unit with about 8 huge ones, though the permit posted said "rehabilitate HVAC." Then they added more HVACs, and larger ones. The whole lower roof looks like an industrial city. It does not bother anyone in their building because it is positioned far away but we have to look at all the equipment. In response to our complaints (informal from Board members and residents to their managing agect and Board) they erected an ugly green plastic fence which does nothing to attenuate the sound and only blocks out light from getting to our lower 3 units. The noise level is not loud enough to register with the DEP --it is like a bus idling outside their windows or a washing machine going 24 hours a day. The Board will not do anything to attenuate the sound though the owners of the food store said they would do whatever they could to improve the situation. Any one suggest how we can make this unsightly and noisy eyesore and improve the quality of life for our shareholders? Thanks.
We have an ongoing problem in our coop with tenants receiving reliable and equitable repairs. the super fixes repairs of board members and heavy-tippers quickly but ignores everyone else. he also does lots of proivate work on coop time. I am wondering who out there has a chargeback system for private jobs and who also might have a system for repairs where residents have to sign off on how satisfactory and timely the work was. it seems like we should institute something similat as it would help improve the situation. all advice and input needed . thanks
I recent contacted our management company regarding shareholder confidentially. The question asked was.
What is the buildings policy when a shareholder asks the front desk for another shareholders number.
The response was, if a board member is looking for a shareholders number it is OK to give it out. If on the other hand a sharholder (who is not on the board)is looking for a board members number, we are instructed not to give it out.
I am of the opinion that no number should be given out, period. Simply instruct the staff to take a message and relay it to the other tenant. The other tenant can then decide for themselves.
Recently a board member was gossiping to me about confidential coop information about a shareholder who has been a vocal opponent of board policies. The board member essentially accused the shareholder of bribery for special favors. This violates our board confidentially agreement and is completely unethical. Anyone have experience in handling this situation?
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.