250 CABRINI BOULEVARD

A five-year capital plan is an important tool co-op boards and condominium associations need in order to move their building forward in a cohesive, strategic way that optimizes the resources at hand. Trouble is, once you put something in writing, your shareholders and unit-owners don't always understand that real life sometimes gets in the way: The economy plunges, and banks won't give you the loan you need; you want to install a gym, but heavy snow and unseen longtime damage makes your garage roof cave in. You know how it goes. So with residents ready to pounce, should you share the plan with the shareholders/unit-owners?

If you prepare for the worst, you're better off in the long run. Except when you're not. A few years ago, the American Institute of Certified Public Accountants (AICPA) suggested that every co-op and condo's financial statement contain information about the remaining useful life of — and the replacement cost for — all the building's infrastructure. Makes sense, right? Not to some attorneys and accountants.