How do you recommend getting shareholders to become interested in serving on their board?
Is it fair to charge shareholders the tax credit assessment when they are told that they do not qualify for the credit since they purchased from the sponsor? It just seems unfair to do so since the spirit of the assessment is that it's not supposed to be felt "out-of-pocket."
I am a shareholder in a coop where the management and the sponsor are frauding financials and violating the proprietary lease by invoking fines to shareholders; raising maintenance without discussing it with the shareholders; raising the sublet fees without having a sublet shareholder on the board of directors. Also, the sponsor added a $300,000 mortgage to the underlying mortgage without the shareholders knowing about it. I need somedoby to tell me what actions to take to stop the corruption.
Thank you.
We are not a full board yet, but only 3 resident board members, what are our duties?
I am struggling with the topic of the U.S. Government Debt ceiling and my co-op’s investments. We currently invest in two funds: a short term (“ST”) treasury fund and a money market (“MM”) fund (Vanguard’s VSGBX / VSGDX & VMMXX, respectively). The ST bond fund is 100% invested in short term U.S. government bonds and earns about 1%. The MM fund is about 60% invested in the same only with a short duration and earns about 0.6%.
If Congress and the President can not agree on raising the debt ceiling, the ST bonds & bills would be affected first. Since both our Vanguard funds are ST in nature, they and funds like them, would also be impacted. I can only believe that the impact would be, if it happened at all, brief in nature but would impact the liquidity of our co-op’s funds (delaying our ability to access the funds), even to perhaps the breaking the buck of the MM funds.
So I am wrestling with what to do. The safe bet is to hold all of our reserve funds as cash (regular bank account, not in MM funds). The other option is to leave them as they are (knowing the risk of liquidity impairment). We have monthly cash needs from the reserve funds for capital projects and the like.
My fiscal responsibility side is leaning towards holding everything as cash.
What are other co-op and condo boards considering?
The sponsor is refusing to answer the board's request to know if we have a rent to own policy implemented in our condo building
We have several units w/o thermostats which are wasting fuel and electricity. Our discussion is to subsidize the installation costs with owners paying for the thermostat,others want the unit owners to pay for everything.
Remote op. thermostat have low installation costs.Question ? Do any of you have experience or comments as to what would be best to get the coop expenses down. 1266 units @ Horizon House with 3 to4K fan coiled units and maybe 50% with existing thermostats. Please advise Thank you
Sponsor suppose file with more 12 units out of
building 47 unit have file financial annual?
Has anybody ever used a broker just to negotiate the lease for a retail store when you bring him/her the tenant?
How much did he/she charge?
Did you shop around for the broker?
What are the reasons for permitting or forbidding washers and dryers in coop buildings? Ours is a cast iron building more than a century old with just over 100 apartments. When it was converted to residential use around 1980, no provision in the floor plans was made for washers and dryers. About 2/3 of the apartments are studios.
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They could easily become a victim of fraud, and lose their investment, and/or pay twice the normal fees.
the cooperator magazine which is free and also ha a on line version, has at least one article a month about co-op fraud perpetuated by a member of the BOD or managing company..
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