Con Ed has agreed not to raise residential electical rates for two years - is this true for the co-ops rates for public areas? If so, please consider this in yrou budget planning for 2014.
In addition,, real estat taxes are down - while your assessed value may increase - this should offset a good portion of costs related to that.
70,000 operating expenses and every year the approx 10% $6800 is listed as miscellaneous, no breakdown.
I think that is way to high a miscellaneous #, They don't even mail the maint bills they put them under the door. One time i received a post card from the real estate sales side of the company, it had the same pitney bowes number as our coop mail #coopapartment fraud,
Kudos to Rosa and others who are trying to curb this rampant corruption by boards and management agents. Why not hold a massive protest in early Spring at AG’s offices in NY to draw attention the problem?
> Join the conversation Comments (4)
I am President of a 111 unit co-op on the boarder of Inwood and Washington Heights. In early December, the Board passed a maintenance increase of 2.5% and an increase of our permanent assessment from 5% of maintenance to 7% of maintenance. In the two weeks since, I have not heard any negative comments about either item.
Several years ago it was realized that as often as things need replacement, a manageable and expected permanent solution was needed to funding our Capital Fund. Our shareholders generally do not have deep pockets and so the Board came up with the idea of a permanent assessment so that shareholders could contribute to the capital fund each month with the reduced risk of assessment “surprises”. I believe that they appreciate a charge that they can plan for each month as opposed to the once in a while “hit”, I know I do. This also removes the battle boards often have explaining why a project is necessary whenever a lump assessment is needed.
The Board explains the general need each year so shareholders are kept informed. We are now going into year three. From a financial sustainability point of view, I believe that 10% of maintenance is probably a good number to get to and the Board has been raising the percent each year to get to that level. We had several years of no maintenance increases and so the permanent assessment took the place of that in those years.
I wanted to share what is working for our co-op to see if others could benefit from it as much as we do.
Merry Christmas, Happy Holidays and a healthy and prosperous New Year!
Our co-op by Laws are consistent with BCL in stating that the board is to include a President, a Treasurer, a Secretary and as many Vice Presidents as they like.
Our board is trying to introduce new titles such as First VP, Second VP, Spokesperson, and so on. They even published a Co-President who is also Treasurer, but fortunately are retracting that one.
Since the By Laws don't expressly prohibit other titles not in the. By Laws for Directors and Officers, can a board tinker with the titles? Will it have any repercussions for the corporation or the the D&O insurance?
Thank you
Thank you
I understand that the the BCL permits shareholders to obtain a list of shareholders in a coop. Is it permissible to use the list for mailing campaign letters for the Board election? I don't think that this is a prohibited commercial use.
> Join the conversation Comments (1)In what cases does your board consider taking maintenance in escrow as a condition of approving a prospective purchaser?
> Join the conversation Comments (3)
Are the property managers required to give the board of directors a copy of the Star and Abatement breakdown list that they receive from the city?
Our managing agent has not complied with this reqest.
Is a board required to provide a list of the roles/titles each board member holds if written request is made in writing by a shareholder?
Hello: As a Board member, we've been informed that one of the units in our building is in contract; however, it's one that was in foreclosure and priced well below the market value of its compared units in the building and neigboring coop apartments. I realize that coop boards have some latitude in rejecting an application based on the sale price of units being too low that it would adversely impact the corporation; however, would foreclosed units apply as well?
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Molly, thank you very much for the valuable information. Please give me some website where I could go to verify this, so I can forward this data to my fellow sufferers, down-trodden coop owners in this wretched coop. Please write to me directly to my email: carminis@outlook.com
Carmen Bejarano
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