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.
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.
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?
Is it a conflict of interest for a Porter in our co-op to own a unit?
> Join the conversation Comments (1)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.
> Join the conversation Comments (1)
As a fairly new owner of a condo, after settling into my apartment I realized I'd never received or seen minutes from board meetings. I asked about this, and one member said they just chat informally, by email or phone, when issues come up. Is this allowable? Can I request that they meet regularly, take notes, and keep the building informed of what they have been discussing? thx.
I was just elected to my condo board in Brooklyn. About a month ago I returned from a work trip and the hallway leading to my apartment was suddenly 15% narrower. Very surprised since I was never notified beforehand, I spoke with the building manager and he explained that a few units (including the board president) wanted to run mechanicals to the roof for air conditioning and other services and the “bump out” was necessary to accommodate the new service lines. Not only does the new hallway look narrower (more like a tenement than a luxury condo), but it will be much harder to get furniture in and out of my apartment because of the reduced turning radius. It is also much tighter with a baby carriage and groceries.
As a new board member I raised concerns that a portion of the common element was “occupied” for the benefit of specific unit owners. The board president explained that he personally paid for installation of the new wall and that the new “service” space could be used by other units owners in the future if they chose. Also, no fees were paid by the unit owners benefitting from this additional space, it was “gifted” to them. Are Boards allowed to have individual units owners alter the common elements such that the space is no longer usable by al all residents?
BOARD OF DIRECTORS’ CODE OF CONDUCT
1. Directors of a Housing Corporation have a fiduciary duty to act in the best interests of all shareholders of the corporation. They have the entire charge of the property, interests, business and transactions of the corporation.
2. At meetings, Directors should cooperate as a group in reaching a decision in the best interest of all shareholders. Each Director shall be encouraged to express their personal opinion, but all Directors shall respect the ultimate decision of the Board.
3. Directors should make every effort to attend Board meetings. Absence from three (3) consecutive meetings of the Board without being excused, shall be deemed a notice of resignation from the Board.
4. Directors must not place their personal interests or the interests of a small group of shareholders above the interests of all shareholders of the corporation.
5. Directors acknowledge that the deliberations of the Board often contain personal information or financial information which is confidential. Directors should not discuss the deliberations of the Board or individual shareholders’ personal or financial information with anyone other than Board members, unless authorized by a vote of the Board.
6. Directors set an example by their behavior for other shareholders of the corporation. They should at all times act civilly towards one another, towards the corporation’s employees and towards its shareholders. A Director who shall persistently disrupt or engage in objectionable conduct at a meeting of the Board shall be subject to immediate removal from such meeting by the affirmative vote of two-thirds (2/3) of the remaining board members in attendance.
7. Directors are charged with the responsibility of conducting the business affairs of the corporation. They may not ignore this responsibility or delegate it to shareholders who are not directors.
8. Directors must keep reasonably informed about the business affairs of the corporation. They may rely upon the advice of management, experts and professionals when acting on behalf of the corporation.
9. Directors are required to act in accordance with the law, may not engage in wrongful conduct, and may not overstep their authority. Directors should be mindful that that they set an example by their behavior for other shareholders of the corporation, and are perceived by shareholders to be acting on behalf of the corporation. Accordingly, Directors may not take any action on behalf of the corporation without the express authority from the Board to do so; and when acting in their personal capacity, Directors must make it clear that they are not acting on behalf of the corporation. Directors are required to act with the degree of care that a reasonably prudent person would exercise in the same circumstances. A Director who engages in any illegal or objectionable conduct may expose the Corporation to liability and may be personally responsible for his/her actions. The Corporation will not indemnify the Director for any such behavior.
10. Directors may not offer, solicit or receive, directly or indirectly any commission, bonus, gratuity, fee or any other payment in connection with their position on the Board. Violation of this paragraph shall be deemed a notice of resignation from the Board.
11. Directors shall cooperate fully and faithfully with any investigation, audit or inquiry conducted by any governmental agency or authority that is empowered directly or by designation to compel the attendance of witnesses and to examine witnesses under oath.
12. Directors elect the officers of the corporation who are responsible for carrying out the duties of their office as set forth in the by-laws.
13. Directors may serve on standing committees of the corporation. Committees are created by the Board. A committee does not take corporate action; its purpose is to report to the Board, which then may act upon the committee’s recommendations. Directors are to assist committees to carry out this duty and such other functions as may be delegated to the committee by the Board.
Received on  by Date
Signature of Director
There is no listing of, or contact information for, all residents of my small condo (only for the owners). The Board and management company assume owners will relay relevant information to their roommates/subletters. At most, those who sublet their apartments provide the names of their subletters (without phone numbers or email addresses) to the owners. This is an issue when information needs to be disseminated quickly, e.g., gas leaks, or security incidents such as suspicious people entering the building when residents buzz in strangers. At the least, I want board members/ the management company to be able to relay information to all residents in emergency situations rather than relying on owners (who may live far away in different time zones) to contact residents in a timely manner. Any suggestions?
> Join the conversation Comments (2)
Here are my comments on the proposed changes HPD will hold a Public Hearing Scheduled for March 14th from 10 am to 11 am
Manny Cartagena
Page # 3 paragraph # 7 – Require the Housing company to remove any of its onsite employees where any such employee has violated the Private Housing Finance Law and/or applicable rules and directives, consistent with any internal grievance procedures -I questioned whether this includes “Union Employees like 32bj ? ” Many are not familiar or knowledgeable in Private Finance Laws and Procedures including Management. I object to this unless adequate training or information is given to all employees prior to enacting it.
Page# 3 paragraph # 10 Require the Managing agent to notify HPD if the housing company makes payments to and /or incurs charges from any vendor or service provider that in the aggregate equal or exceeds $100.000 in any twelve-month thereafter prohibits further charges to be incurred without the prior written approval of HPD.
” I totally agree with this change and should be enacted without objection. Board Directors and the Managing agent need to be accountable for every expense authorized by them.
Where it reads: Prohibit the housing company attorney or account from serving as the election monitor.
I object to having the housing company’s attorney or accountant monitor the election instead of having an independent company handle the election process in its entirety.
Where it reads: In the event that any Director /Officer, Shareholder, employee, or agent of any housing company shall be directly or indirectly connected with any person, firm, or corporation which may submit any bid or to whom any contract is proposed or awarded shall be part of the minutes and submitted to HPD .
In favor without objection to this ruling.
I agree that all Directors go through essential training with HPD
I agree with the insertion to the website of the redacted Board contracts and essential information.
I agree with HPD’s having rate of pay and staffing information.
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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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