Are Staff Bonuses Shareholders' Business?

Dec. 11, 2015 — Do you have the right to review your co-op’s books to see how much the board paid in year-end bonuses to the staff?

In her Ask Real Estate column in The New York Times, Ronda Kaysen tackles this ticklish topic: “Boards use various methods to decide how to divvy up bonuses, and they do not have to enlighten shareholders about their methodology.  Shareholders do, however, have a right to inspect the books and records of a building, and staff bonuses fall into this category.

“Some co-ops allow shareholders to read board meeting minutes and review the co-op’s financial records.  You could start by sending an informal email to the board resident, asking for the info.  It is certainly the appropriate time of year to be curious about such things.”