New York's Cooperative and Condominium Community
Our reserve fund is invested entirely in Treasuries and government agency bonds. Preservation of capital is absolutely critical, and in this financial market it is much more important that trying to get higher returns elsewhere.
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Habitat 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 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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My Coop was investing in Treasuries until rates hit the floor. We did find some banks that actually gave us (business account) a decent rate. Some included Countrywide and GMAC. Yes Countrywide; we kept the amount invested under the $100K FDIC mark. It's usually the banks that are on hard times that give you the best rates. Again keep it under $100K and your monies are protected/safe.
Since we all know how time consuming (and personal)it is to open individual accounts in each bank I'd suggest you look at some of the discount brokerage house (i.e Siebert, Waterhouse or Schwab) as they constantly offer a number of CD options to their clients. With this type of account you open it "ONCE" and have the option of investing in a number of banks/financial institutions; depending on current rates and your time horizon.
Again keep in mind the limits for each institution and you'll protect the monies as well as get competitve rates.
Good Luck,
Dominick
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