They could easily become a victim of fraud, and lose their investment, and/or pay twice the normal fees.
the cooperator magazine which is free and also ha a on line version, has at least one article a month about co-op fraud perpetuated by a member of the BOD or managing company..

It does not matter; although the sponsor does not qualify, it has to pay for taxes assessment just like any other shareholder. If you bought from the sponsor and the tax credit assessment was not announced until after the sale, you need to pay for it. Unfortunately, you did not know better and did not ask the sponsor to cover it prorate as part of the condition for the sale.

Do you have proof of your allegations? Have you discussed your concerns with any other shareholders? Do you have a lawyer?

You raise a number of issues here.

* The authority for fines and sublet fees must come from the Proprietary Lease. If these clauses do not exist in your lease, you should let your board and managing agent know why you are contesting these fees. Don't bother to mention that there's no "sublet shareholder on the board"; that's not relevant.

* The board has the authority to raise maintenance without shareholder approval. In fact, setting maintenance is one of their primary jobs. A good board will explain the reasons for any increase, but no shareholder discussion or vote is required.

* "The sponsor added a $300,000 mortgage": If the board approved this, that's well within their authority. Figuring out how to fund operations and projects is one of a board's primary duties. There may be improprieties in how the mortgage was obtained or used, but that's a separate issue.

Hi FS,

Congratulations on making the board! If you and your fellow board members are looking for some guidance, be sure to check out our February issue (in print or in the Digital Edition at http://www.nxtbook.com/nxtbooks/habitat/201102/ ) for some of the basic responsibilities of the board.

Good luck!

I think that the debate about debt ceiling in Washington is just a political game that the GOP is playing with the Administration.

Not raising it would have catastrophic consequences on the country.

I am pretty sure we will have an 11th hour deal.

As for cash accounts, we maintain about 30% of our Reserves in cash and the rest with CD and MM.

Thank you VP11104 for your response. For a lousy 1% investment return, there is too much risk - even if created by politics.

For me, I would rather forgo the $675 monthly earnings for a couple of months (1% on $810k) than to subject my shareholders on this even temporary risk. My Co-op is pulling out of our money market and short term treasury mutual funds today.

Have you looked at NYSERDA's Multi Family Performance Program as a means to possibly fund a large portion of this and/or any other energy related projects? If your building can implement measures that reduce building wide energy consumption by 15% you could be eligible for a considerable amount of money. Wireless Energy Management Systems, Lighting and Separating DHW production from the buildings Heating system are key "target" measures for NYSERDA funding. There are also rebate programs out there for sub metering projects. If you have further questions let me know and I will provide a phone number.
Eric

Bob,
I apologize, I just noticed your buildings are actually in New Jersey. There are several utility and possibly state sponsored rebate/incentive programs that should address your issues. When you are comfortable doing so let me know your utility company and I will look into their energy programs. Also, feel free to contact me should you have any questions.
Eric