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Hello, I'm concerned that my fellow board members do not have a clear understanding of what their responsibilities are as fiduciaries for the condo association. Could someone please provide me with an up-to-date article on the fiduciary responsibilities of board members? These are not explained in our condo by-laws, but as I understand it New York State/ City regulations stipulate that elected Condo and Co-op board members act as fiduciaries for the Condo/ Co-op association. A definition of "fiduciary responsibility" as part of the article would be helpful. (In doing a search I did find a couple of articles, but they were from about 10 years back. I think my colleagues need to see an up-to-date article) Thanks.
> Join the conversation Comments (1)I was elected to my Condo's board, and I'd like to follow proper procedures. A volunteer took notes at the meeting (I was elected at the end of the meeting), and his notes are much too detailed. I served on a board several years back; and recall that notes are not supposed to be extremely detailed. Also, when are the notes supposed to be okayed, and by whom? Any other tips on minutes --for annual meetings, as well as for Board meetings--and for record-keeping, in general? Thanks.
> Join the conversationOur condo's original offering plan (written decades ago), including by-laws, specified a certain number of board officers which was an even number. In practice, however, over the last several years, there have only been a small, odd number of board members who have been elected and served. A long-term owner told me that someone, several years back, decided to merge 2 of the roles mentioned in the by-laws into one--but that change is not reflected in any addendum or revision to the offering plan. My question: Wouldn't we formally need to change the by-laws in order for this practice to be kosher? I do know we'd have to pay attorney fees, but wouldn't this fairly slight change be less expensive than others? Thanks for any intel.
> Join the conversation Comments (1)
This is the scenario:
7 Board members total.
4 Board members vote to direct general Coop funds to an elective project that directly and only benefits those 4 board members.
Motion Passes since the vote is 4 yes, 3 no.
Legal?
I'm on the board of a small condo, which has an even number of units. Unlike co-ops, our votes are not "weighted' by the number of shares for each apartment since, obviously, condo apartments do not have assigned shares. If just two candidates are running for a board seat, it's possible that there will be a tie (assuming that each unit only has one vote, regardless of the number of residents in the unit). In the event of a tie, how can this be resolved? PS, the original board documents are of no help since they are very poorly written.
> Join the conversation Comments (1)
Does anyone have any thoughts regarding shareholders paying their maintenance?
The best option? Convenient and/or cost?
Portal? Manual check sent out or shareholders filling out a form that a co-op will then deduct the funds from your bank?
If we use a portal is that part of the management company fee or a separate cost?
Portal is the most convenient and up to date while still letting the shareholders have control.
The downside of that would be some seniors maybe not comfortable with that process.
Thank you and would appreciate feedback.
I am a volunteer at a Free Store in NYC. We are a mutual aid group consisting of all volunteers. We are not incorporated. In case you don't know, a Free Store is not exactly a store but shelves placed in front of a building where the community can come and leave something or take what they need.
We have a question regarding the liability of the engineer who is designing the shelves for the Free Store - and also the liability of the members of the Free Store. The shelves will have a type of overarching roof, which will be placed high enough out of reach. And, yet, in the event that somehow it is taken down, or structurally weakened later causes harm to someone, as a mutual aid effort– is there a case for liability on our part? Any lawyers out there who can advise? Thank you.
I live in a very small co-op, 11 units. Trying to figure out what the going salary for a super is. Most of the information I'm finding is for large co-ops where the super is in a more managerial role and is salaried starting at $40k. Maybe this was in the past but the impression I had was some small buildings would provide a free apartment/utilities, and pay a small monthly fee, and the super would have a day job, I don't know if that's legal.
Anyone know what the best practice is here?
Can Non-Union Contractors work and occupy meal break rooms and shops used by tenure Union employees?
> Join the conversation
Hello,
What is the best way to credit those individuals for the senior and veterans tax exemptions. To my understanding they are different than the other abatements, because the state and city gives these individuals a tax relief. I have been told is incorrect to treat them like the other property abatements.
Thank you.
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You're actually using one of the best resources for information about co-op and condo board members - Habitat Magazine. Check the archives for phrases like "co-op board member fiduciary responsibility". I believe they have more current articles than 10 years old.
If this doesn't work contact the Council of New York Coops and Condos (CNYC) at https://www.cnyc.com/. Check through their archives. If you're not already a member, become one.
Narrow your Google search to "NYC coop board member fiduciary responsibility". When I tried it, it returned 425k articles one-year-old or less.
"Fiduciary Responsibility" is a broad category with different meanings in different situations. The fiduciary responsibilities of a co-op board member are much different than an estate executor or of a financial advisor or the trustee of a trust.
I hope someone on here has an article or link that is on point to what you are looking for. If not, you will be exposed to more information than you thought possible but will be eternally grateful you found out about when dealing with your fellow board members. :-)
Good luck!
--- Steve
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