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Proving it is not difficult – management firms hire the shoddiest contractors so they can get a kickback and let the board share in the wealth so they will keep them – This seems to be where they make their money and not by management fees.
Join the Conversation Comments (1)I strongly believe that in order to reduce the amount of corruption in cooperatives, the AG office needs to perform an annual audit of all cooperatives in the state, including a review of the corporation's financial statements, board and committee minutes, as well as operational structure. Just like the government holds big banks and corporate conglomerates liable for not acting in the best interests of shareholders, the same approach can be taken with coops. Advise your senators to push for regulation!!
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visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
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learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
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In my coop, board has finally taken control of projects after 25 years of self-serving board members. Now we have a group of board members not in bed with management and actively looking out for the shareholders pocket. We receive bids from management then solicit bids on our own. We have found in all cases that bids are less than 40% of what we receive from management. Therefore, boards need to be diligent. It goes without saying that management is not very happy with projects board initiates and put obstacles in every way possible up to including double payment, tardy payments and informing board that there are no funds available for payment. By the way, funds were never an issue when their bids were accepted.
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