I'm on my board a long time. We have very little debt and a reasonable reserve. For years I've asked my board to paint resident service areas, patch holes in storerooms to keep out mice and bugs, and do general repairs in bldg rooms that haven't been touched in years. Total cost is $4K-$5K.
They say why spend money on areas visitors don't see. They want to redo the lobby for $50K only because they want a more "modern" look, and to redo our landscaping which is fine and thriving. I know curb appeal is important but how do I convince them some bldg work has to be done and the cost won't break our bank? I feel like doing the work myself (which I won't) but this is very frustrating.
One of our shareholders just moved in this year and uncovered a pre-existing condition within the walls of their aprtthat will result in the bldg having to repair with an outside plumbing company. In addtion, most of the work will be done in the bldg outside the shareholders apartment. This also opened up several other issue within the bldg that will require repair.
The board wants to charge the shreholder for everything and I feek this is wrong. what do we do. Shouldn't tne bldg's insurance pay as the shareholders ins already denied claim
I sit on the board of my Bldg. and we just passed an assessment to the shareholders that have caused quite a stir. I happen t agree with the shareholders but do not want to tell the board this.
Th cost is too high and the approach was wrong.
The job should be done on a lower scale and in phases. How do I get theother members of the board to change things before the assessments begin?
Thank you all for this good guidance.
We did everything suggested here: wrote the letters, sent digital photos, demanded (to no avail) the plumbers' report, requested mediation (but received no response), stated we would take legal action and finally consulted an attorney.
Our conclusions to date:
-We can't force the board remove the charge without taking the coop to court. Court & attorney fees would likely far outstrip the sum in question.
--We were advised, alternatively, to either file a claim with our homeowners' insurance, or to pay the charge and to try to recoup the funds in small claims court. In the latter case, we're afraid we'll find ourself unevenly matched, against the corporation's attorney.
Certainly seems to suggest a need for "abusive board" legislation.
Further suggestions very welcome!
You were right, all. The board refused. Looks like we're headed to court.
Thanks, anyway, for your good advice.
We have an attorney that can handle pretty much anything, but we're doing some construction work and our board wants to engage a different attorney just to review the contracts of the engineer and construction company. Our attorney says reviewing the contracts is not a problem for him. Do we really need someone who specializes in construction just to read these contracts? Or is it better to stick with the attorney with whom we already have a relationship?
The unsold shares in our building were sold this year.
Is the new owner a "sponsor" or "investor" If an investor
do they have the same rights as the original sponsor. I.E.
voting for officers of the board at election.
What rights does he have? He has no input in the building and gives no help to the hard working board who have their day jobs too. How can we insist on some help from them?
cant ask the accountant as we are in the process of getting a new one - but have a question -
if an assessment for a capital improvement project, such as a new roof, is dissolved by being rolled into a maintenance increase , then can we still realize it as part of the basis on sale of stock? (thereby reducing the tax on sale) - ?
or does it have to remain a seperate line item as an assessment?
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