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As a new condo owner, but someone w/ co-op board experience, I'm concerned that the board in my small building does not seem to follow basic policy such as creating written summaries of annual meetings. While well-versed in some areas such as recycling, the board seems unaware of other basics like guarding against trip and fall suits. I'm also worried that we won't know when it is time for capital work since we don't have formal inspections by an engineer. (As a less than 6-story building Local Law 11 does not apply to us.) And, the low-cost mgt company appears to provide only minimal guidance. Aside from running for the board myself, how might I motivate board members to follow basic procedure? I.e., is there a 'horror' story I can relay about disastrous consequences to owners' financial health? Any advice, or links to relevant articles, would be welcome. Thanks.
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Elisa, in my experience with a lot of the smaller buildings that utilize those smaller (and cheaper) management companies, a lot of the laws, filings and requirements that are changing yearly are often overlooked and the lack of adherence to these will cost the building a significant amount of money and heartache in the future if left unchecked.
As you noted with the Local Law inspections (Every five years for buildings that are over 6 stories) you should have a management company or a consultant to oversee and ensure that the Board is made aware of everything that needs to be completed.
With regards to minutes and other administrative tasks, the Bylaws should be a good starting point; to ensure that the Board is adhering to the guidelines that were set forth when the Condo was established.
If you'd want to talk more about it, privately, you can always reach out (without charge, of course).
Mark Levine - mblevine@ebmg.com
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