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Sometimes the two year tax forms submitted by an applicant just don’t smell right. Yes, the forms are signed. But, in this day and age, with a tax preparation software package, one can easily manufacture a “nice” tax package in a matter of minutes.
Sure, the 1040 can be signed!
Who’s the wiser?
Just ask each applicant (yes, each to avoid a discrimination suit) to submit a completed IRS Form 8821, Tax Information Authorization naming the co-op corporation as legal “Appointee”
Visit:
http://www.irs.gov/pub/irs-pdf/f8821.pdf
Neat, huh?
We use this form for every package and surprise, surprise no more smelly applications.
A friend (a coop board VP) called last night with an odd question, and I didn't know what to tell her. It's a bit of a long story.
Her married super is having an affair with a married SH ("Mary"). A few months ago, Mary told my friend in confidence it's been going on over a year, they're very happy, etc. My friend told her fellow board members who all just wanted to stay out of it.
A SH e-mailed the prop mgr that she saw Mary and the super exit a restaurant last weekend holding hands, kissing, etc., said this is very inappropriate, and wants to know what the coop is going to do about it.
The surprised prop mgr asked the super who denied it. My friend's board hasn't told the prop mgr they knew of this. He told the SH the coop knows nothing and the super denies it but the SH has told everyone what she saw last weekend. A few SHs even asked Mary who denied it but it's caused a building uproar (125 units). Yesterday, Mary asked my friend if she revealed what she said in confidence and my friend swore she told no one.
Mary's husband and the super's wife are very upset over this, and Mary and the super both deny to their spouses that it's true.
The prop mgr still doesn't know my friend and her board knew about this, so they're in a very awkward position now.
My friend asked me what to do but I wouldn't advise her. I think she and her board should just let rumblings die down. Btw, she said the restaurant where the SH saw Mary and the super is nowhere near their coop. As long as the super is doing his job and not causing bldg problems, this is his (and Mary's) personal business.
Anyone have any comments/suggestions? I've been on my board a long time but I've never run up against a situation like this.
It should be know that Fannie Mae and Freddie Mac, who buys the bulk of both conforming loans, those under $417,000.00 and 'agency jumbo loans' those up to $729,750.00 have changed dramatically and some cooperatives, in paticular, no longer meet the requirements, as shareholders and for underlying mortgage refinance. For example there is now a minimun reserve requirement for small building, those under 10 uniye. In addition the require for BusinessIncome\Rental Value must be not less that the annual maintenance. That, most cooperatves do not meet so, the builings are being declined.
There is more
It may be worth your asking your atttoney, banker\broker.
Richard Russell
Pres\CEO
www.richlandequity.com
212-681-9888
Does anyone in the Village/Chelsea/Murry Hill area have a good management company recommendation for a small condo? We've reached out to some companies and their minimum fee is $30K/year.
We're looking for a great company willing to service our smaller condo (20 units) for a reasonable price that is doing an excellent job for other buildings in the area. All help appreciated.
The new board of directors of my coop recently voted to rescind the monthly fee for use of our bike room. Every one of the current board members stores a bicycle in the bike room. Since each of them has a personal financial interest in the matter, are they barred from voting on it?
Anyone... Last year we passed new house rules that will limit the number of anamils to three... but we have an elderly, rent-controled tenet who has about eight-nine cats. There have never been any complaints nor is there an odor... Yet,the owner of her apartment has been served with eviction notice unless she gets rid of her cats.
There is a law stating that if there are no compaints for three months from the owner/landlord -- the cats are automatically legal. This complaint/eviction is new, the rules were passed last year -- so this would apply to her. But we were told that there is another law protecting rent-controlled tenets from this kind of harassment.
Anyone know of this law?
With the renovation of our garage roof (courtyard shareholder space), our Board is considering professionally installing a permanent gas grill (gas line – no tanks). Would anyone know the legalities of this or have any experience with how to allow shareholders to use this?
Thanks!
We have never locked in our fuel, and have been informed by our managing agent that the they don’t participate in fuel lockins...
That said, the boards independent review has shown us that a lock in good be a good management tool and hedge against a rise in prices, while the downside is there, we feel it’s limited considering what we paid the last two years.
We are now considering a lock in for 5mos to lock in this years heating budget which is lower then the last two years by 50%+. What are your thoughts and or feelings and experiences?
Some other interesting notes – we are a small co-op 58 apts that uses about 48K gallons a year with about 20K required for 09 at this point. Residential board members are inclined to move forward, sponsor has indicated they have no interest and would vote against a lock in.
Thank You all for your responses in advance.
We didn't put it in. This is part of the By-Laws/House Rules put together by lawyers for the sponsors. Everyone signed off on these documents at closing. We are not shareholders so hold no leases. Both our By-Laws and House Rulkes are binding. The only difference is that House Rules can be ammended by the Board without consent by the owners but no ammendments were necessary. I suspect the limitations you mention pertain to coops but not condos.
I am the President of a new 20 unit condo and we tried self-management at first. It was a lot of work, so we now pay for back-office management. The management company does the books and mailings, advises, runs or assists with the annual meeting and elections and other tasks we negotiated. It's a good deal, though there is still a lot of work for the Board, but not as much, and the books are professionally done and totally transparent. We also hire someone to do some basic landscaping (mowing, pruning) and vacuum on a weekly basis.
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I don't know about the board, but I'd say Mary's friend is a vile, gossipy busybody and no friend at all. Friends don't tell other friend's secrets.
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