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?
A few unit owners in our condo have recently asked permission to allow commercial film (movie) shoots in their units. The Board is very hesitant, but not dead-set against. Does anyone out there have written polices on shoots in units that I can use as models? Thanks.
As board member I am being refused copies of any documents which contain the signatures of the board officers, ie contracts, loan documentations, etc. because of fear of identity theft as their signatures appear on these documents. Therefore, I am expected to review at the board meeting, 250pg loan document & give it back or go to the lawyers or managing agents office. When suggesting that signatures be blacked out, answer was that is is too time consuming as many pages have their signatures. It is my understanding that BM should have access to all documentation. by the way our attorney as advised me that I can only get copies of documentation if approved by the board. Please adivse.
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
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