New York's Cooperative and Condominium Community
$280 is way too low to charge in maint. Obviously your reserve account is near zero and your have some big bills or repairs coming up. A 7 unit building has great difficulty borrowing and most likely does not have full audited financials or even a outside managing company.
You elected board to represent you. I guess they feel the need to do this. Also you should have brand new financials. Financials and tax returns for 2014 should have been due in April. They normally get mailed out or sent to owners by late May.
A lawyer is useless at this junction. I would say you need to look at the financials first and talk to the Accountant for building if you have one. Also does building have a lawyer on retainer?
Honestly, I am on a board. And as soon as an unit owner starts talking they are hiring an attorney to sue me I no longer talk or communicate with them.
at that maint of $23,800 for an entire building how is that even possible. Casualty Insurance on a small building, liability insurance, D&0 insurance, paying the CPA to do financials and mgt fee/legal fees would be 100% eaten up on a $23,800 budget with no money left for maint, repairs, heat/electricity water common areas and snow removal let alone reserving for a new roof etc.
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