It sounds rather draconian to me as well. Read your bylaws to see if they have any requirements for when the annual meeting should be held and when any required documents should be delivered. The annual audited financial report is required and I'm not sure about the budget report.

Try asking your managing agent for the report before asking the board. You might get better results. I can tell you that a lot of MA companies are still backed up due to COVID-19 and CPA attrition. The board may be using the excuse of "contractual obligation" to cover themselves.

Hopefully, you'll find something in the Bylaws you can use as a lever. If nothing works send a polite request to the board asking for a copy of the audit report. Send it by USPS certified/RRR. Start a paper trail in case this escalates. When you finally receive the report, send a list of your questions to the board, again by USPS certified/RRR. What happens next will guide what you do next.

Good luck!

I asked a board member and the management agent in the same email and the board member responded only on Sunday and I emailed on Friday.

My understanding was that the financial report is actually supposed to be mailed out to shareholders so obviously you get it before the meeting. Have you heard of that being mandatory? I will ask our attorney at the meeting.

They also emailed it to us last year the day before.

Isn’t it mandatory to send the financial report at least after the meeting even for those that didn’t attend the meeting?

I was told that it’s not mandatory and only if they ask.

I don't have experience in this specific area, but I was board treasurer for 15 years and these are the steps I took under similar circumstances:

1) Have your neighbor make printouts of every email and other electronic textual communications they receive or received in the past.

2) Make copies of every bit of correspondence they receive regardless of how it was delivered (USPS, slipped under the door, etc)

3) Speak to other neighbors they are close to, to see if anyone else has experienced similar treatment.

4) As soon as possible, consult with an attorney who specializes in co-op law. I know it will cost money you were not expecting, but poop is a fact of life.

What I would *not* do is take any action whatsoever before your neighbor speaks to an attorney. Don't respond to any emails or other communications, immediately shut down any verbal conversations, do not initiate any actions, even responding to the email you said in your original message your friend sent two weeks ago.

The more your friend refuses to engage, the more agitated the board will become and the more prone they become to making mis-steps. I know this is hard, but even if a board member gets up into your friend's face, advise them to simply stand there, smile, and politely say when the confrontation is over, "thank you for sharing that with me." Full Stop.

I wish you and your friend all the best.

Thank you, Steven424. Much appreciated.

Facebook group is a good way to involve shareholders in the coop but if you have had 14 years without getting enough votes for quorum you have an issue with shareholder apathy.

Do you have mostly residents who are shareholders or are many apartments being sublet.?

Does the coop still have unsold shares?

I am a shareholder in coop that 2 years ago started a Facebook group that was able to influence shareholders to get more involved and was able to make changes in the board in the 2022 coop election.

In the 2023 election it was harder to reach quorum.

Both elections used online voting plus the standard paper voting proxies.

Roy

Don’t you have an annual meeting? Speak up during that time. Inform the Board that they need to give a full explanation on the financials and not just from the auditor. Board members are shareholders and nothing more they should be accessible to the shareholders. The Board answers to the shareholders not the other way around. You need to speak to your property manager that he works for you….your’re the client!!! One way to change things up on the Board is have term limits. I think if the shareholders vote (2/3) you can implement that rule. Speak to your co-op attorney. So just have folks on the Board no more then 10 years or less and that’s a way of changing it up on the Board. Shareholders need to work together to knock on doors to get some to run or at least attend the meetings.

I have Travelers / Geico. It went up a bit but not that much.

I have State Farm. I've been with them since 1996 and I believe longevity has an effect on premiums. My rate did not go up anywhere near 25%.

Some factors to consider.
* The size of your deductible. It usually ranges from $500 to $2000 per claim. If you're not at $2000 and you feel you can afford the hit if you have a claim, I would change it to that limit. It will reduce your premium.
* How long have you been with Allstate? Longevity and claim history has an effect
* How many claims have you filed that Allstate had to pay out on?
* What are your various coverage limits?
* Do you have any riders for non-standard insurance, like for jewelry, artwork, collections, things like that? The value of these easily liquidated items has gone up significantly

Bottom line, the cost of insurance had gone up out of proportion to the actual cost of repair/replace. Increased litigation and large damage awards are a factor. Cost of replacement materials and labor has gone up. Increased crime, vandalism, theft, fire all have an effect on premiums.

If you think co-op owner's insurance is ridiculous, you should see your co-op corporation's premium. I was treasurer and I *know*.

Shop around, but make sure you go with a company that is rated A.M. Best "A" or "A+". You don't want insurance that is going to struggle or not be able to pay at all when you need insurance the most.

Good luck.

Thank you for your input, especially you Steve; as usual your feedback is very complete. The rate went up because (a) rates went up, and also (b) Allstate automatically raised something within it. I can't go into it all, but, bottom line is that I spoke to my agent, reduced some coverage, and will take the hit for now. Best regards...

Best of luck to you too, DP.

IIRC the NYC Counsel or the NYC legislature enacted a special exemption permitting board meetings to be held via Zoom or any other video conferencing service. This was done during the height of Covid and was intended to facilitate the board being able to conduct business every month despite any provisions in the By-laws. Check with your co-op's attorney for a definitive answer.

Per a follow-up email from HPD today, in-person meetings are not required. Conversely, online platforms such as Zoom will suffice in agency requirements.

Your Thoughts Please .....

Not sure what else can be added to this conversation. If the HPD said in-person meetings are not required, the board has carte blanche to conduct meetings in a venue of their choosing, be it in person or virtual online.

Am I missing something in your question?

Perhaps BCL "Business Corporation Law " has something? The majority of shareholders are not board with online only, and many are not tech-savvy. Thank you.

I think it’s good to ask shareholders from time to time what they’d like. In 2024 boards need to be more open minded and not everything is about looking at old documents from 30-40 years ago. How about a compromise and one year virtual and the next year in person so both sides are happy?

This is an interesting question. I would believe if a shareholder is requesting the community room to have a shareholders meeting the board should not have the power to denied the shareholder in question the community room.

It’s not like they’re having a party or fundraising event where the board would have the right to express concerns of allowing the shareholders in the community room.

So with that being said I hope there’s an attorney out there that could answer the question in a legal manner if the shareholder in question has had his or hers request to the community room rights violated.

There are rulings in the Mitchell Lama Guidelines underscoring accessibility rights to shareholders. . Worth stating after much push back Gouverneur Shareholders were granted access to use the space to discuss Board Elections. Its was censored by the Board nonetheless. . If anyone out there with legal experience please help with suggestions it will be greatly appreciated.

If the co-op is a mitchell lama co-op the mitchell lama rules states the shareholders rights. also
Hud rights and responsibilities

The Mitchell Lama Guidelines contain rulings underscoring shareholders' accessibility rights. It is worth stating here that we received a lot of pushback from the board.
Shareholders were eventually granted access to our community room to discuss Board Elections, but not without censorship from board members.

Anyone with Legal experience, please advise. It will be greatly appreciated. Thank you.

Unfortunately, the board still negatively responds to shareholder rights. Management instructs building staff who post flyers to remove them. Limiting shareholders to a meeting

As a temporary measure, you can slip a copy of the meeting notice under each unit's door unless you have an unwieldy number of units.

Be very clear about the date, time, and purpose of the meeting. Don't try to hide anything like your name. Mistrust will severely hamper your efforts. If multiple shareholders agree with you, get their permission to include them on the notice. The more who sign on, the more weight your efforts will carry.

Don't badmouth the board or in any way disparage them. Always be completely professional.

Be prepared to hire a co-op law attorney. Interview 3-4 before any meeting with the board. Describe to the attorney what you're trying to do and how you plan to go about it. It's perfectly fine to discuss billing rates and estimated costs during initial contact. Imagine the look on the boards' faces if discussions break down and you calmly state, "I guess this will need to be resolved legally. Here is our attorney's contact information. Who on the board should they get in touch with?"

Good luck!

Is that subletting or you have a roommate?

Airbnb is considered short-term renting. Keep in mind the shareholder is living in the apartment. In fact, its a pre-requisite when applying for a registration number. my question is, can they impose a subletting fee when the shareholding is currently living in the same unit.

https://cooperatornews.com/article/qa-not-fine-with-fines