A difficult financial period - especially an extended one - is precisely the WRONG time for a corporation of any size to cut services, and I'm talking cleaning, maintenance, painting, repairs, and upgrades - all of which are labor-intensive. If you think about it, keeping your property value UP, as compared with other buildings in the area, is always a good investment... for the corporation and for its shareholders.

Before cutting staff, I suggest your board brainstorm things the co-op could do to raise money. Ours, for example, has twice-yearly building-wide tag sales, a quarter of the profits kept by the co-op. And ways you could cut operating costs. Are all your lights energy-efficient?, heating pipes wrapped, windows and doors sealed from drafts? Is your insurance policy worth what you're paying, or could you negotiate a new contract at a lower cost? Are other service contracts worth what they're charging? Do you scour resources such as freecycle.org, Build It Green, and craigslist for things the building needs?

May I also suggest that your board discuss ways in which to expand services to shareholders without a large cash or credit outlay by the corporation? For example: a borrowing closet, to which all residents can donate, and which all could use, with tall and short ladders, hammers, wrenches, screwdrivers, painting tools, leftover paints (EVERYONE has at least one can that's still good), all available when signed out by one of your volunteer residents. Or a workshop in the basement that residents can use, with supervision, to refinish a door or other messy work. Neither would cost you much, if anything - and could provide out-of-work residents with an environment to keep them busy with something constructive.

Or start a bridge club or host speakers from local businesses specializing in employment issues. Contact broadband carriers for package deals for residents, which could save them money each month. Take a look at your sublease policy to see if you can expand it to include vacation rentals during July and August so residents going on vacation will be able to save money by renting it (obviously, with legal stipulations....) Find out if your labor contracts can include furloughs.

If your board and your residents and your staff can all work together to make capital improvements - planting a garden, or painting a fence - you'll find it will pay off in higher share values once this financial downturn trends up. And your corporation won't be one of those laying people off, too.

Have a happy holiday season, everyone. Keep a positive attitude.