New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

Subscribe for Daily Updates!
Financial recordsMay 15, 2021

A newly elected treasurer wants to see the financial records of the coop for the last 5 years. The board president has denied that request. The treasurer is not a neophyte having been on the board before and serving as a treasurer knows she is entitled to view them. Outside of hiring a lawyer and making a big deal out of it what other steps should she take?

Join the Conversation Comments (2)
treasurer - PhilC May 15, 2021

What's the point of having a treasurer that doesn't have access to financial records?

I think hiring a lawyer and making a big deal out of it is an excellent idea, but another option might be to discuss the matter with the co-op's accountant at the next annual meeting.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation Comments (2)
see the finances - Grant May 16, 2021

this pres is outrageous and worthy of your disrepect.
Agree with the advice to get a lawyer if talking with him doesn't loosen the finances for review.
I'd work on voting this guy out.

BYW, every shareholer should see the finances on a regular basis.
My first consideration is to think he is a crook.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Financial Records - Steven424 May 18, 2021

I fully agree with PhilC and Grant. This has a very bad smell to it.

As suggested by PhilC, I think the first course of action would be to have the treasurer ask the co-op's accountant for copies of the last five years of audited financial reports and annual budget projections. How the accountant reacts to the request will tell you a lot about how you proceed.

Another approach would be to contact the Real Estate Finance Bureau. They are a division of the NYS A/G's office. Either they can help you directly or point you in the right direction. If there is anything illegal going on with your building's finances, the A/G's office is who you want involved.

Your final recourse will be to have a group of shareholders hire a private attorney familiar with co-op and condo law. It won't be cheap, but ask the attorney if you can recover any expenses from the co-op and under what circumstances.

Have you considered putting up a slate of candidates to run for the board at the next election meeting? If it's not that far in the future, this might be the least painful way to gain control over your finances.

Best of luck to you.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation
Financial records - Carl Tait Jun 16, 2021

Why doesn't the entire board vote on this? The president doesn't have the power to unilaterally withhold documents from officers. If the full board votes to conceal past financial records from the treasurer, then I'd be worried for many reasons. The treasurer should have access to any financial records from the dawn of the coop onwards, in my view.

Thank you for rating!

You have already rated this page, you can only rate it once!

Your rating has been changed, thanks for rating!

Introduce yourself to other members of Board Talk! Login below or register here.

Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Register

Forgot your password? Click here

> Join the conversation

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.

Introduce yourself to other members of Board Talk! Login below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.

Ask the Experts

learn more

Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

Source Guide

see the guide

Looking for a vendor?