Questions from a new Board Member
Being a new board member in co-op isn’t an easy job. I ask many questions and search for answers but still have a few questions that I would like to ask more experience board members to answer.
1. Which documents a board member is entitled to see?
2. Can a board member know manager’s monthly project plans for the upcoming month?
3. Is a manger required to present a monthly detailed financial report at each board meeting?
4. Does a board member have a right to free access to co-op financial information?
5. Is there any restriction for how long and when a board member can review financial information?
6. Should a board member be supervised by two management office employees while reading co-op monthly financial report?
7. Can a board member take notes during reviewing financial documents?
8. Should a board member have a full and free access to financial documents while co-op is taking multimillion dollars loan?
9. Is a manager required to answer shareholders’ letter? If yes, what is the time frame?
32 unit co-op in Brooklyn looking to establish a standard for the maximum ratio we should allow in reviewing a prospective buyer's finances. Any thoughts or experience on this. Have heard 30-33%
> Join the conversation
It is common among boards to sign a confidentiality agreement by board members? What should the agreement include? Do all board members need to sign it?
What will happen if one or few board members do not sign it? Do they still have right to review corporate documents or not?
Has anyone here had experience with buying out a rent-regulated tenant in a coop? What if the tenant approaches you and ASKS to be bought out?
Specifically, I'm talking about a rent-controlled (NOT rent-stabilized) tenant in an apartment that's owned by the coop. Assuming the buyout goes through, the apartment will be sold as a standard cooperative unit, with all proceeds going into the coop's reserve fund.
What did you offer? What factors did you take into account in determining the price? Was your buyout successful?
Has anyone had experience with SEBCO?
> Join the conversationYep...another question. One of our condo owners does not like the windows he has in front of the house. So, he wants to put in something different. Not quite sure how to handle this: Shouldn't the windows in the complex all be of the same design? Does the owner have the right to put in any type of window? Can the board say no? Help.
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Many co-op boards consider A/C units a privilege rather than a right. Can anyone explain the legal basis for such a policy?
@WestchesterCoop
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Have a wonderful weekend,
Eric
I had a post about the inconsiderate neighbor. Basically her attitude was too bad in regard to her ac dripping on top of mine. I had gone to the management company and they did not address the issue, in fact the person who answered the phone said it was the most common complaint. They did nothing to remedy the situation and I actually sent them info on how I had remedied it myself so they could pass it along to other sleepless residents. I did not want to go to the board because this dimwit with the child like gang mentality was a board member at the time and I did not want battle royal on my hands.
So I spent the fist few months sleeping on the couch instead of the brand new bed I had purchased. The flower pot that I placed on the ac this summer was plastic and filled with brand new fluffy potting soil, because I have enough brain power to realize that a clay pot could crack someone’s skull if it were blown off. Now that she is no longer a board member I will be addressing it along with other issues. Basically she had a major crush on one of the board members and is reduced to a giggling ninny in his presence. I can only assume that if I had the Y chromosome she finds so appealing I would have gotten a different response. The thing is my window and screen were loaded with dirt at the end of the season and I could not even see out this window because of it. I am not going to stand for another year of this, am I not entitled to quiet enjoyment? She is also a laundry hog, we only have 3 washing machines and she loads all 3 at once. One evening when I went down there she was finishing up and she saw me waiting to use the machines. After removing her items she started loading another 2 machines and informed me she was not finished. At the annual board meeting the newest tenant complained about not having access to the machines (always full) and I regret that I did not join her. I do not think that this inconsiderate individual is taking in laundry for extra money because she has a decent job as a kindergarten teacher in NYC schools. I really despise this inconsiderate person. And at this point in time would like some of the hair from the dog that bit me. Also I have posted things in the lobby that I have downloaded from the net in regard to renovations without board approval and they are constantly removed and recently replaced with comments on how useless anger is. My posts contain no specifics on this particular building, just the legal facts and ramifications regarding renovations using unlicensed plumbers and electricians (the Super and his buds) without board approval. The author an attorney who specializes in real estate and it is very informative. I think that some of the people in this building have an attachment to the super who is doing all this illegal renovations and I am now the evil one (I just want to protect my interests). The managing agent said that perhaps they are happy with his work. I have put up with a lot here and I am fed up. It would be nice if they would just buy me out, then they can blow the place up for all I care. Anyhow I am now researching other properties; I don’t think this place stands much of a chance.
I recently purchased a co-op and discovered that a board member on top of me is a childish brat. Her air conditioner was leaking on to mine and I could not sleep in the bedroom because of it. I wrote her a note which I posted on her door asking if she could remedy the situation. In the note I mentioned that her AC was pouring onto mine. She apparently took issue with this and I received a nasty note informing me that AC drip in a very condescending tone. The fact is her AC was pouring when it first came on, and it then turned to a loud drip, eventually as the water cleared out the drips became more infrequent and less noisy. I never addressed it with her again because of her hostility towards me (aside from the note there are other things, she is a piece of work). I discussed this with the super and he informed me that she had said she was here first so it was too bad and I would have to place my AC in another window. He also informed me that he agreed with her claim that she was there first, so too bad. I told the super that there are devices that could divert the water. He came back and told me that she said if I wanted it I could pay for it myself. I told the super I was willing to pay for it. In my estimation it was worth it because I was sleeping in my living room. Since my super is a useless and ignorant creep nothing ever happened. This year I remedied the situation by placing a plastic pot on top of the AC and filling it with dirt. I was able to sleep in my bedroom but was peeved that I had to endure this bullshit. When the AC came out my sill was full of dirt and my screen covered with it. The super said he thought it was a great solution, and I told him that I thought it would be better if I had a considerate neighbor.
From what I can gather about her, the response would have been much different if I were in possession of a Y chromosome. She is no longer a member of the board and gave up on trying seducing one of the members who is in possession of a Y. I actually feel sorry for this gentleman because there are 2 former board members who had the hots for him.
The other one informed me as to the salary of another resident who has a Y and is considered one of the 2 building studs. When she first started to reveal to me this info (which she refers to as his vitals) I told her I did not want to know and she shut up. But then in a subsequent conversation she blurted it out. She was on the board when I was approved and I can only imagine what she has to say about me. The lack of professionalism and gang mentality is really more than I can bear. Any suggestions?
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I don't know the answers to all your questions. But this is what I do know: "a director of a corporation has an unqualified and absolute right to inspect all corporate books and records." That's a quote from an article to be found here:
http://www.stroock.com/SiteFiles/Pub240.pdf. This article goes on to cite specific case law. It's a must-read article for us newbie board members.
You might also want to review the responses to my BoardTalk post titled: Denying Board Member Right to Read Building-Related Contracts
- New Bd Member Jul 25, 2011.
Last, but by no means least, you will want to find out about the Alliance of Co-op and Condo Owners (ACCO), and once you find out about them you will want to join. Here's why I say that: I initially hired an attorney for answers to my questions. While awaiting my attorney's response, I got in touch with ACCO and received a wealth of information. Good thing, too, because my attorney's evaluation of my rights as a board member was completely wrong. Had I not connected with ACCO and heard what they had to say, I would have been inclined to trust the attorney's advice and walk away with my tail between my legs.
Sometimes, knowledge really is power.
Good luck.
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