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