What happens when a shareholder hires a contractor and presents the appropriate insurance requirements but six months later it is uncovered the required policies where voided day before work began?
What happens when a shareholder hires a contractor and presents the appropriate insurance requirements but six months later it is uncovered the required policies where voided day before work began?
I live in a co-op. Recently a board member began operating a commercial kitchen out of their apartment. A few months later the board of health stepped in to close down the business. However, the board member was allowed to remain on the board..Is this legal??
> Join the conversation Comments (2)If the occupancy agreement only states an apartment cannot be used for commercial space, is it okay to convert the basement into a commercial office and are zoning variance required?
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I notice that this board can sometimes take a little while to jumpstart a new topic. I'm going to throw it out there for anyone who wants to talk about Board issues and management issues. I'll check back this week, everyday, and will answer any questions that you have from the management perspective.
If I don't respond right away, I'm in the field or in a Board meeting (5 this week), but please do post. I'm interested to see what everyone has to add to the conversation.
At our most recent annual shareholders meeting we were handed a list of 5 names for the vote (the same players year after year. Prior to the vote I asked for clarification as to what position each would occupy. Well 3 people on the board were just on the board. One person was the secretary and another individual was both the president and treasurer, no VP. So I told them that I was not comfortable with the way the board was structured. Well the response to this was hostile from the other shareholders. Then at the end of the meeting I asked the board if it was the bank the president was employed by (he is a banker) that did the refinance for the co-op. Another shareholder had told me this was the case, and I wanted to find out if the info was correct. Well one of the non position BMs went into a very dramatic fit. It was so bad that I said "its a question, don't have a heart attack. Well me thinks he protests too much and I don't trust them because of prior transgressions. Also i had some questions they refused to answer, telling me to write a letter with my questions. I would like to hear from board members in other buildings to find out what they think of the way things are being run here.
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I've been reading a bit about the choice between raising funds through a flip tax v. assessments/maintenance increases. I'm curious whether there is any data on whether one option is preferable in terms of property value. Some articles/posts I read says that flip taxes depress sale value more than assessments or maintenance increases. Other articles make the opposite claim. None point to any data.
I would think that someone out there has done a study about this and looked to actual effects on property value. Any ideas?
Do any of you encountered the issue of converting Yardi databse to Quickbooks? I have a Yardi file that I need to open in Quickbooks and simply cannot find an answer as to how I can convert it to Quickbooks. Thank you.
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Hi All,
I was curious how everyone deals with massive amounts of snow on terraces (exclusive use by the respective owners) and roof. We have external drains, but the amount of snow we received this weekend is daunting. Please let me know your thoughts. Thanks!
Is there a standard form contract between a coop and its management company? How does a board determine what are the standard terms, fees, etc?
Also, is there a way for a Board to determine standard salaries for resident managers and other staff not covered by union agreements? Other than relying on the managing agent?
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Normally in a situation like this, we ask for two things in the alteration application for board / management review.
1) The length of time of the proposed alterations
2) The certificates of insurance of the contractors involved
If the project started late, the management company should have reviewed the C of I prior to work starting to ensure that there would be no lapse in coverage during the estimated time of completion.
If the project started on time but their insurance was set to lapse shortly thereafter, management should have requested the updated Certificate prior to allowing them to continue the day after their certificate expired.
Keeping track of these insurance policies is a very important aspect of the management position and if allowed to expire, they create a potential liability and insurance issue for any damage or injury that is sustained.
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