All should remember, if you make an exception once, then every other owner will ask for an exception to the rules.

Even when we don’t make exceptions, we are accused of making exceptions.

In the long run, it is always better to not make exceptions. Why? Who wants to take the time (at the pay you receive from the coop) to examine and reflect upon each exception request and to then have an attorney prepare the appropriate documents.

And, who wants to expend valuable time to defend challenges to refusals to grant exceptions? Isn’t it easier to say we have never granted an exception?

This is especially true as so many co-ops have a revolving door for board members and what the board did today and the reasons will be lost, but someone will remember that an exception was made.

And as for not living here, hmmmm??

We have no mortgage as our fiscal plan over the last twenty-five years has had but one thought e.g.: retire the debt without refinancing. Along the way we have also made considerable ($millions) in capital improvements. And for a luxury building, we are one of the lowest cost buildings in our area for similar luxury buildings.

Oh, did I mention, we are almost 100% resident ownership with just a few sponsor units occupied by protected seniors renting. Yes, less than 2% of our 500 units are in the hands of the sponsor.

Perhaps if others did not try to run popularity contests for board membership and adhere to total fiduciary responsibility there wouldn’t be so many co-ops in fiscal distress.

And, let me add that my analysis of many coops in my area and there readings herein cause me to opine that many boards are naïve as the folks have never run a corporation.