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Late Fees for Tenants - Alexis Apr 24, 2023

Hi - Do you have policies around late fees for tenants who don't pay maintnance or other charges? If so, what is reasonable? Thanks!

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My old co-op used to charge $75 a month as a late fee if you missed your maintenance. I know they didn’t do this during the pandemic.

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We have just started back up with our Late fees since the Pandemic. After the 15th of the month, your maintenance is late. We assess a $50.00 late fee everytime the pymt is late across the board.

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Management's Involvement in Board Elections - Gouverneur Gardens Apr 20, 2023

Should Management be involved in moderating meetings and distributing election information throughout the complex? Using the corporation's websites, services such as "Building Link," Or should it be an appointed Election Chairperson, the corporate attorney, or even an Election Services such as Honest Ballot? In a Mitchell Lama Cooperative.

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Its really up to the board. But I would give it to the manager to handle. It is what they are there for. I heard good things about honest ballot.

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Eboard Pushing Vote - Bob Apr 15, 2023

The eboard of my 16 unit, self-managed co-op has recently posted a vote via email. It has given 4 days for shareholders to vote on a wholly discretionary spending motion (landscaping) which would require a one time assessment. The motion will be considered passed if a majority within quorum are aye's.

This is the first time our co-op has voted on an significant matter via email. There are no rules on how a motion by email is to be conducted. We did have an email vote in the past, but a majority of outstanding shares was required for the vote to pass, rather than a majority of quorum (the eboard didn't want that one to pass, but they do want this one to pass).

The eboard has transmitted the vote via blind carbon copy. I cannot see who recieved emails, I am not able to engage in discussion with my fellow shareholders, I am not aware of any issues they may have raised and they are not aware of my objections,. I cannot see who voted or how they voted.

Little information has been given to the shareholders. No information on what will be planted, replacement costs, et cetera, nor has an alternative been given. This is very different than what we have done in the past wherein information and alternatives have always been provided.

I have raised my objections with the eboard and they have been ignored. What recourse do I have here?

Thank you for any help you can give on this.

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I was on my co-op's board for about 6 years (I later moved to a condo, before the covid pandemic changed the way boards communicate). I can't imagine a board getting away with this, without better informing shareholders. I do not understand how you cannot communicate with your fellow shareholders. Since your building is self-managed and there are only 16 units, can't you knock on your neighbor's doors and express to them your objections? Also, don't you also have access to your neighbors' emails, so that those you don't speak with in person you can communicate with by email? Also assuming when you say "eboard" you mean the actual board of your co-op. I'm sure someone else who has expertise with "e-boards" can better address your issues. Just wanted to share my thoughts. Good luck!

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I was able to speak to some of my fellow shareholders, others by email, but my list was incomplete.

As an update, only 3 votes were cast, presumably from the eboard members pushing for this, and thus they could not make quorum. So they decided to reschedule the vote a week from now to try and pass it again.

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Well, at least the motion seems unpopular in your co-op. It sounds like the board won't have the votes to get it passed.

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The board probably won't get it passed, but this won't be the last time they try to do an end run.

I suggest you start planning for the future. Do something proactive like creating a private group on Facebook for shareholders or condo owners only. Discuss, notify, and advocate for anything you need to do without any board oversight.

Be aware that there will be expenses and you'll spend more time than you can imagine. The end result is much more transparency in the governance of your board or HOA.

This is just a very rough napkin plan and will require a lot of pre-planning and modifications.

Good luck!

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therapist offices - adriane Apr 06, 2023

I'm a reporter researching the changing landscape of therapy offices in NYC over the last 4 years. Have you had an office sit empty in your building, or change from a therapy office to another kind of use? Would love to hear your stories. I'm at adriane.quinlan@voxmedia.com or 678.292.8034

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Property Management Charged Individual Owners for Expenses Without Board Resolution - CondoNYC Apr 02, 2023

We sold a condo property recently in NY. The property management company forced us to pay a portion (apportioned to our unit's size) of a very large general bill of overdue building utility bill without the board itself passing a resolution or notifying the condo owners. The management company told us that they would not sign off on our sale unless we paid. They sent us a copy of the overall bill for building (amounting to over 40,000 dollars for over 6 months neglect).

We had no choice but to pay as the closing was imminent, and we did not have the time to fight it. They did show us a copy of the overdue bill sent by the utility. It was large and it was delinquent. Previous extraordinary expenses were always sent in the form of an official notice.

My question is whether a property company can charge us for such an expense, amounting to several thousand dollars, without the board passing a resolution or even officially notifying the owners. As we have already closed and, are no longer owners, what recourse do we have to complain and/or try to have the money returned to us? Is it legal for such an expense to be demanded without a board resolution?

This property company has also to date, not returned our initial deposit of two months fees for the standard management fee.

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Where was *your* closing attorney in all this and what did they have to say or advise you?

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Our attorney was not the best. We are aware of our mistake. Now, we want to know if this is legal, and whether we can bring to small claims court.

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CondoNYC - At this point, I think it is best that you find a new attorney and ask them for advice. You're asking questions of a legal nature, and there are not many attorneys on here who will answer without an official attorney/client relationship.

Good luck!

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You get a free half an hour. Google it. It used to be in Midtown.
Probably the thing to do is write "paid in protest" on the subject line of your check and then take them to small claims after it is cashed.

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OMG! This was an over due building bill? How can they do that? Yes get another atty, Don't let this go without a fight. This mgmt comp. needs to be investigated. I don't know who you can report this to, but I'm sure there is a higher agency that they can be reported.
Good Luck! Let us know the solution.

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The new attorney hired by the OP will know all the proper legal procedures. I strongly advise the OP not to take *any* additional actions, but let their attorney handle it from here on.

And yes, I agree this should be pursued to the fullest extent possible. I think the A/G's office is the proper venue. But again, let your attorney do the talking.

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Board member receiving payment from co-op - Pooh Apr 01, 2023

I’ve been informed that a board member is getting paid by the co-op for some work he’s doing.

I’m assuming this isn’t allowed and if that is the case I thought it needs to be communicated to all the shareholders and at the annual meeting or part of the financial report so basically full transparency??

Please advise.

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Is the work the board member doing related to their being on the board, or entirely different like a plumber fixing a leak?

If it is related to work they do in their capacity as a board member, then I believe it violates the Bylaws or a NYC regulation, and should be brought to your board attorney's attention.

If they are doing work as a contractor or some other unrelated capacity, then it is a conflict of interest, but is allowed provided the conflict is fully disclosed to the rest of the board (not shareholders), a contract is signed that includes performance metrics and specifications, how the board member is being paid and is approved by a majority of the board. A complete description of the conflict and the vote must be entered into the board minutes. You might also check with your attorney.

We've had this situation in my building. A board member was a high-end renovation contractor. If we had a job that met these requirements he was allowed to bid on it. He had to recuse himself from all decisions to eliminate the perception of any inside influence.

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Thank you for this.

It’s the President of the Board and to me it’s beyond inappropriate and a conflict. I think it’s like construction but I think it’s just him and not his team as if he owns a company so wouldn’t he need to follow the same rules and have a license and the co-op insurance needed as a vendor? If we have a construction company and plumber etc already why would one person be needed?

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Sounds like a conflict of interest that would need to be reported to all shareholders:

https://www.nysenate.gov/legislation/laws/BSC/727

Once it has been reported, shareholders can discuss it and take any necessary action at the annual meeting.

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I don't believe a board member performing work for the co-op or having a financial interest in a company performing work for the co-op is a "conflict of interest" and is certainly not illegal, provided all the qualifications are met:

* The business relationship of the board member to the entity performing the work is fully disclosed to the board before the contract is signed

* All regular procedures for hiring a company (i.e. competitive bids, references, licenses, etc) are followed

* The nature of the conflict and the results of the board vote are recorded in the monthly meeting minutes

* The conflict is reported to the shareholders in the annual report (thanks, Phil!).

Essentially the board has to be able to certify the board member and/or their company were treated exactly like every other contractor and the contract was awarded on the merits and not on the relationship.

Shareholders do not normally have the power to alter or override a contract or other action authorized by the board. The exception is to call a special shareholder meeting for the purpose of altering or overriding a board action or removing a board member. Your Bylaws should contain the rules and procedures for special meetings.

I think you have a much larger problem, and that is work requiring a licensed or master professional is being performed by an unlicensed individual. Not only can you receive hefty fines and other punitive actions by the Dept of Buildings, but it is also an out-and-out safety violation and hazard with your building and shareholders at risk.

Instead of worrying about a conflict of interest, you and your board should immediately look into the licensing requirements of the work being done by the president. If they do not have the proper licenses and required insurance in effect, the board, through your attorney need to have them stop immediately.

As always, check with the co-op's attorney before taking any action. I am not a lawyer, and my suggestions and advice are worth what you're paying for them.

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Thank you both!!!!

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Definitely a conflict of interest, unethical, and possibly illegal
Board members have fiduciary responsibilities example reviewing and discussing bids, and proposals are often times sealed too. They need to recuse themselves from doing independent work that if also done incorrectly can potentially lead to lawsuits against the Coop. Better to stay away from it.

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Let's use an example from real life,

One of the members of my board owns a high-end general contracting business. He has a top-notch crew, works with good suppliers, and gets a steep contractor discount.

The co-op is renovating the super's apartment ford about $100k.

Question. Should the board member be excluded from bidding on the job simply because he is a board member? He's done a lot of work in shareholder apartments so the quality of his work, materials, and schedule adherence is well known.

Should he be allowed to bid on the renovation? He commits to recusing himself from all reviews and votes. His estimate is 25% below all others because he's not marking up the cost of labor or materials. He'll be able to start the job sooner because of the size of his company.

Which would be a breach of board fiduciary responsibility to the shareholders, paying 25% more for the renovation, getting lesser quality appliances and other hardware items, and having to wait an extra 3 months while the job is slotted in, or letting the board member compete for the job after a full conflict of interest disclosure?

This is not a trick question.

Since we have a conflict of opinions,I think the best course of action is to ask your co-op's attorney to render an opinion. Conflicts of interest are not an illegal thing nor even a bad thing. They become the stuff of lawsuits when the conflict is hidden or is not disclosed to the rest of the board.

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It it patently unethical for a Board member to receive payment for services rendered to the Coop. You should send a copy of Coop Board ethics to each member and shareholders.

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House Rules and Emails - Elisa Mar 29, 2023

Can Condominium boards create a rule requiring owners to have email addresses? One of our condo owners does not have a working email and it seems can only be contacted through snail mail. It's hard to imagine functioning these days without an email address. I'm sure someone could help this owner out in creating a working email.

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Exactly why isn't the email working? When you state that, then you can go from there. Doesn't understand internet, no phone? Doesn't have either? Is there a third party(neighbor/family member) who can relate issues? Emergency contact? Notices under door? Do they care for themselves/live alone? Maybe just don't want to give out their email. Financial issue? I'm sure someone can help IF1 they really wanted a useable email. Forcing someone to get an email will not work!

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Sandra, I don't think is makes a difference what the reason is the condo owner doesn't or won't receive email. I believe there is a line somewhere in the Bylaws requiring all official notifications be delivered by USPS. I also believe an exception was made during the pandemic and I don't know if its been rescinded.

Your safest course of action is to carefully read your Bylaws and House Rules to see if there is any explicit wording on not requiring USPS delivery. To be totally safe, it's a simple question you can ask your attorney.

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Coop Banks / Interest Rates - Alexis Mar 27, 2023

Given everything going on with banking and interest rates, curious where other coops are holding their cash? And what are the interest rates you are getting? Has anyone ever done a portfolio of different duration CDs or other fairly liquid investments?

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Before moving any of your co-op's cash around, I suggest you have a chat with your co-op's attorney about the rules regarding investing co-op assets. Remember that as a board member, you are a fiduciary and required to act in the co-op's best interests.

One of these interests is the full preservation of co-op assets ahead of a desire to produce income via dividends or asset appreciation. Cash is of course acceptable as are T-Bills. But mutual funds and ETFs get more squishy the more they expose the assets to investment risk. Targeted mutual funds, index mutual funds, and even bond funds should be evaluated for the risk of loss of principal.

This being said a CD ladder up to $250k is acceptable. Anything above $250k is uninsured and subject to the risk of loss. For example, Silicon Valley Bank. Check with your attorney for the finer points of the regulations.

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Where do you hold your cash - which bank? We are at Webster and Apple. Wondering if others have recommendations and if its generally in money market accounts. Thank you

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Can An Employee of the Co-op Own a Unit - NYC Mar 25, 2023

Is it a conflict of interest for a Porter in our co-op to own a unit?

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I would ask your co-op board's attorney for an opinion. there can be a lot of complications in the ownership setup you describe. In my non-lawyerly opinion, there can be conflicts.

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Thanks Steven424 :-)

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I totally agree it's a conflict of interest should never be allowed. Cases of slips and falls, accidents, and the workplace will impact each other, Union, and RAB involvements too.

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company to do annual audit - Leslie Mar 23, 2023

We are a mid-sized Bronx cooperative building looking for suggestions for a company to hire to do our annual audit / finanicial report which is the official document required for shareholders, government authorities, etc. We are not satisfied with the company we have hired for many years. Any suggestions with names of firms that you might recommend? Thank you.

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Bill Rank is the best, having done our Co-op's audits for more than 20 years. He's located not far from you in Purchase.

William J Rank
Tax Preparer | CPA

Bloom And Streit LLP

2900 Westchester Avenue,
Purchase, New York - 10577
(914) 253-8484

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