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Charges to Shareholders - Frank Feb 10, 2013

My understanding is that shareholders in a Cooperative are financially responsible for paying to have window guards installed. Management can make arrangements but costs are the owners/shareholdes responsibility. One board member, who btw, served only one term, had self serving goals. The one year on the board this shareholder insisted window guards (and some other items normally billed to shareholders) were at the expense of the corporation. To boot, this shareholder had "custom designer" guards installed (triple the price of NYC mandated ones). The next term the board discovered the information given by this ex-board member was inaccurate. My question is, can the Corporation now bill this shareholder for the guards (two years later) stating board was misinformed?

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If that ex-board member acted alone, without board approval (see minutes), the answer is yes.

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> Join the conversation Comments (1)

If the Board members treated themselves differently than other shareholders there could be much more that could be done now.

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> Join the conversation Comments (1)

this particular shareholder/board member bullied the other board members and presented inaccurate findings about who would be responsible for paying for guards. no one wanted to confront the bully. the board allowed reimbursement. why can't the board recind the vote?

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> Join the conversation Comments (1)

"Fiduciary responsibility", all shareholders can demand it of their Boards. If no one will, the shareholders pay the price.

Those ChaRges can lead to more than small ChaNge if enough is wanted and willing, but may require more than outstretched hands.

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info on finances - ellennora Feb 10, 2013

i cant make the annual meeting . so i wrote to the co-op board and asked them to send me the annual statement and the amount of taxs i could deduct and any other inportant info to me via us mail i was told that the board wants me to send them a stamped self addressed envelope. i told them i pay a $320 dollar a month subletting fee and they could deduct the costs from that. they told me if i dont attend the meeting or send the envelope i wont get any information. . for the past 8 years i have not recieved any info. i asked a freind who is a board member and buiding manager to help me she said she would get into trouble if the board found out she helped me. i am disabld and find it hard to attend. what can i do/

> Join the conversation Comments (2)

Hi Ellennora,

I am sorry to hear about your troubles. I am a Board President myself. I cannot imagine my co-op being in such dire straits as to not afford postage (a little sarcasm here :)!

My co-op produces an electronic version which we make available: on our website; and via e-mail. Why don’t you offer a compromise? Ask them to e-mail it to you. If that doesn’t work, reply to this post.

Good luck!

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my co-op put up a email site SEND THEM AN EMAIL AND YOU NEVER HEAR FROM THEM ITS A GULAG and an info site .. ONLY IF YOU GO THERE IT WARNS YOU IN RED TO STAY AWAY AS THE SITE IS COMPROMIZED. TWO TIMES I WENT THERE AND MY COMPUTOR CRASHED. I HAD TO HAVE MY SON COME AND RENEW MY COMPUTOR. I TOLD THE BOARD ABOUT THE PROBLEM AND THEY INSIST I KEEP TRYING. MY DAUGHTER GOT THRU AND THERE WAS NOTHING ON THE SITE. TWO OTHER SHAREHOLDERS TOLD ME THEY HAD HE SAME PROBLEMS. AS THIS BOARD REFUSES TO LET US HAVE THE MINUETS OR TO ATTEND ANY MEETINGS THEY FOLLOW THER OWN SECREAT GUIDLINES. SEVERAL SHAREHOLDERS ARE NOW TRYING TO RUN FOR THE BOARD TO HELP OPEN IT UP. I OFFERED ALL THE HELP I CAN TO THE CONCERNED SHREHOLDERS. ALSO IF YOU GET THE MINUETS OR THE TREASUERS REPORT. IT HAS NO SIGNATURE OR THE NAME AND ADDRESS OF THE CORPORATION. I TOLD THE BOARD AT A REBELLS MEETING TO CORRECT THIS . THEY TOLD ME TO BE QUITE. NO TALKING ALLOWED. I REALLY DONT WANT TO SELL BUT I CANT TAKE THE HARASSMENT. THEY TURNED DOWN MY RENTERS BY DISCRIMINATING AGAINST THEM AND THEN RETAILATED WHEN I TOOK IN ROOMATES. I FILED WITH THE HUMAN RIGHTS COMMISSION AND THE BOARD REFUSES TO ANSWER ANY OF THE CHARGES. HOPING I WILL GO AWAY. I THINK CO-OPS HAVE A BAD NAME NOW AS I HAVE READ ABOUT SO MANY OTHER CO-OP SHAREHOLDERS SUFFERING FROM A PLAGUE OF XENOPHOBIC MAJESTERIAL BOARD MEMBERS. MY APT IS NOW FOR SALE . I HOPE THEY OK MY BUYER IF I GET ONE. THANK YOU ALL FOR THE INFORMATION.

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> Join the conversation Comments (1)

As Steve said, good luck!

Unfortunate that there is more than one bad apple in the Big Apple. There are reasons that Condos have become more predominant as some Co-op Boards have become bad landlords with poor regulation. Some in the State Legislature are taking recognition of this.

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Another issue with failed regulation of co-operative and un-co-operative housing. Consider implications of ADA if Steve's good suggestions don't produce results.

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new tax abatement legislation - Alan F Feb 05, 2013

1. What do we know about the phase-in aspects of the legislation for coop owners whose coop residency is not primary?
2. How is the city going to determine whether a coop is owned as a primary or secondary residence? STAR Credits, Tax Returns, Mortgage Data, Shareholder Certification?
3. How come Coops have not received a Statement of 2012/13 Co-op Tax Benefits (normally received in December) that allocates Star Credits and the Coop Abatement among our units?

Thanks in advance for anyone's expertise in these matters.

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I am not sure if any building has received the information for 2012/2013 yet. Our accountant is awaiting data for a number of buildings he handles. The way the legislation reads is that all owners will get the full tax rebate now and the city will send a bill for 50% of the tax rebate later this year to take back the money from non primary owners. The building will have to pay this as part of its tax bill and collect the money owed. The 2013/2014 statement will have the correct amount (25% of the old rate). There is a two page information piece in the NYC Finance web site that has an overview of the new regulations.

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> Join the conversation Comments (1)

Unfortunately, I think it is going to be more complicated than that, especially with the phase-out for non-primary residents. The DOF is going to need co-op board cooperation to determine which apartments are not used as primary residences, and they will have to provide very clear guidelines for making that determination.

In any case, it's going to cause a lot of pain for boards and managing agents to determine which apartments are not primary residences, and to figure out how to structure any assessment so it is fair to both primary and non-primary residents.

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If shareholders have multiple residences it will be up to them and the DOF to determine which is primary. Our board and management has no idea who claims an out of state or out of city residence as their primary. The DOF will probably base it on their tax returns which the building does not see.

Also, the DOF determines what each shareholder gets as far as the rebate. The coop can't take the entire rebate for the building and divvy it up the way it wants. The DOF sends the coop a list of each shareholder and how much they get back.

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my MANHATTEN co-op forces me to pay them the star rebate i would have recieved if i lived in the building. as i rented out my co-op apt. and did not live there. I was told to pay $1780 to $1800 dollars to the co-op THSI HAS BEEN GOING ON FOR 4 OR MORE YEARS. which i did. now i am trying to sell my apt what will happen to the so called star rebate. will i be attacked by a ClAW BACK AFTER I SELL THIS YEAR. ?? WHAT TO DO AT THE CLOSING IF I SELL?

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> Join the conversation Comments (1)

Ellennora - Take a look at this webpage. It explains STAR eligibility: http://www.tax.ny.gov/pit/property/star/eligibility.htm.

To be absolutely certain of what will happen at the closing, check with the attorney who is handling the closing for you.

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Incumbents blocking financial reviews of their actions - Anonymous Feb 05, 2013

After 5 of 9 board members were replaced in the last election after widespread dissatisfaction with the board, one new board member discovered irregularities in our monthly arrears report. We then learned such irregularities went back to 2006, that the board had been aware, and that our lien and foreclosure action were at a standstill because we had suspect arrears figures.

When one new board member sought to start a finance committee, the incumbents fought against it. When it was eventually formed, they refused to let the committee, made up of homeowners, see the building's financial records (which any homeowner, let alone a board member, is allowed to do once a month).

Finally, when four of the newcomers wanted a forensic accounting,or at least an independent outside regular accounting, the four incumbents and a fifth member who had previously served on the board staged a coup, deposing the newcomer president and reinstalling the previous board's president.

These four incumbents had, as well, during this term taken several months worth of unapproved minutes from the previous board's term and rewrote them to reflect their own spin, without any input from the five ex-board members, and voted among themselves to approve them.

What I'd like to know is: Are the other newcomer members and I crazy, or does there seem to be something suspicious here? Are the incumbents behaving unethically, possibly corruptly?

Now that the four incumbents and their ally have a five-vote bloc, they can push through anything they want without opposition, including preventing a financial investigation into the arrears irregularities. Is there anything we can do?

When four of the newcomer board members began seeking a finance committee, the incumbents fought against it. When it was eventually formed, they refused to let the committee, made up of homeowners, see the building's financial records (which any homeowner, let alone board member, is allowed to do once a month).

Finally, when four of the newcomers wanted a forensic accounting, or at least an independent, outside regular accounting (since the arrears irregularities had stopped cold all our lien and foreclosure actions), the four incumbents and a fifth member who had previously served on the board staged a coup, deposing the newcomer president and reinstalling the previous board's president.

As well, the four incumbents had taken several months worth of minutes from the previous board's year, which hadn't been approved, and rewrote them to reflect their own spin, without any input from the five ex-board members.

What I'd like to know is: Are the other newcomer members and I crazy, or does there seem to be something suspicious here? Are the incumbents behaving unethically, or are possibly even corrupt?

Now that the four incumbents and their ally have a five-vote bloc, they can push through anything they want without opposition, including preventing a financial investigation into the arrears irregularities. Is there anything we can do?

> Join the conversation Comments (5)

"Corporate board members have a fiduciary responsibility to care for the finances and legal requirements of the corporation. They must act in good faith and with a reasonable degree of care, and they must not have any conflicts of interest. That is, the interests of the company must take precedence over personal interests of individual board members."

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I have a situation where the President who self managed the building without any other officer in other words there was no other member on the board but herself, There is only 5 shareholders , She self managed the bldg for 4 years straight with no minutes in this 4 years but my main concern for writing is because we viewed the bank statements and she has withdrawn over 25k via atm machine and she was still voted in as a Treasurer and with UHAB urban housing assistance borough help,2 of the shareholders including myself demand that she step down and inform of us of where the funds of our building went, She never responded and continues to collect rent and have authority of our bank account once again what can we do its only 2 of us that care the other 2 no disrespect but is not that educated and really does not care these elderly ladies are all friends and have no concept of what an hdfc coop is , Please help us 2 that do care what can we do to remove her? To have her explain these withdrawals ?

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Unfortunately, it sounds like there is very little you can do directly. But from what you describe, it sounds like the "gang of 5" are taking actions which are borderline if not outright illegal. I am not a lawyer, but I suggest you and the other disenfranchised board members contact an attorney who is familiar with Co-op laws and regulations (definitely *not* the board's attorney!). There may be actions you can take through the Attorney General's office to get things changed.

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It doesn't sound like you're helpless, but first:

1--Are you 1 of the new board members? [It's implied, but not stated.]

2--You say that any homeowner can see financial records; does that actually happen, or is it just supposed to...per your by-laws? And, how are "financial records" defined therein?

3--It's clear the forensic work you desire has been blocked, but have any board members been denied individual access to building information & records?

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> Join the conversation Comments (1)

I'm one of the newcomer board members. Bylaws allows homeowners to view financial records once a month; "financial records" isn't defined. I spoke yesterday with the managing agent, who told me that the Treasurer, who led the coup, told him not to let one of the other newcomers see the financial records. (She told him the board, meaning the Gang of 5, had to decide and get back to him; she never did after weeks, of course.)

He said if the boardmember were to email him a request asking as a homeowner, that then he'd have to let the requester see the records. So he's trying to do the right thing, I believe. We'll see. But still -- the Treasurer forbidding another board member from seeing the records just to protect herself and the other incumbents from the homeowners finding out about their mismanagement (or worse)? It's horrible.

I appreciate you and the others here offering advice and suggestions. It's nice of you to take the time.

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> Join the conversation Comments (1)

Try contacting ACCO; they're doing work on board member access to information.

advo@condocoopowners.org

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> Join the conversation Comments (1)

Thanks, I will.

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I had a similar issue in my building the first thing you need to do is get a support group and get the shareholders to take an interest in this shady behavior. unfortunately it cost us 2 years and $60,000 in legal fees to finally get 70 percent of the financials. We now have the majority on the board and we still had to subpoena information from past directors.

If you dont want to spend that kind of money your best bet is to get shareholders to notice the issues and vote them out come election time.

good luck too you.

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I had a similar issue in my building the first thing you need to do is get a support group and get the shareholders to take an interest in this shady behavior. unfortunately it cost us 2 years and $60,000 in legal fees to finally get 70 percent of the financials. We now have the majority on the board and we still had to subpoena information from past directors.

If you dont want to spend that kind of money your best bet is to get shareholders to notice the issues and vote them out come election time.

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Shareholders obligation - Alma Frank Feb 05, 2013

Does a shareholder have to inform the board and/or managemnt that they are putting their apartment on the market prior to receiving an offer of purchase?

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Not that I've ever heard. Just make sure the Seller, whether you or broker, adhere to all the rules about showing, etc.

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What do your bylaws or house rules say? That is what you have to go by.

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there's nothing in the pl, bylaws, or house rules other than the "transfer of sale" rules. should we put something in the house rules? in the past board was always kept informed. there are still some bitter shareholders who got voted out and they continue to make life difficult for new board.

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It sounds like there are two issues here: (1) rules for showing apartments, and (2) dealing with disgruntled ex-board members.

The board should come up with a set of guidelines for showing apartments on the market. They should include things like allowable viewing hours and days, require the seller or broker provide front door security (if a doorperson isn't on duty), limit the number of people allowed to see the apartment at the same time, etc. Procedural, safety, and security common sense items.

Dealing with disgruntled ex-board members is a different. The new board cannot be vindictive or approve any rules or regulations which have the appearance of being aimed only at the disgruntled shareholders. If the current board has the support of the majority of shareholders, they should not be overly concerned.

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> Join the conversation Comments (1)

Yes there are two separate issues. This can be remedied by the board not being vindictive or secretive. Especially in the case of a very small co-op which has no arrangement or accommodation for ease of communication, no common space where everyone comes together except the one annual meeting. The board holds more than enough shares as currently comprised and still feels threatened by these "bitter" ex-members? Really? The board is there for all shareholders, and this attitude is poisonous indeed. One reaps what one sows.

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J51 - Matthew M. Feb 04, 2013

I read through the new J51 law. It does not seem too friendly to coops/condos. Firstly, to be eligible for J51 benefits work must be completed within 30 months instead of the previous limit of 36 months. Next, a private coop with an average per apartment assessed value above $30,000 would not be eligible for J51 unless the work in financed through a govt program which are usually reserved for affordable housing projects.

If the average AV is less than $30,000 it looks like the building is eligible for J51.

Does anyone have a different take on these new laws?

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It doesn't seem too friendly to *upscale* coops/condos. I'm sure all the buildings whose assessed value per apartment is less than $30k are very appreciative. I would imagine that the decision-making process involved in determining a cutoff level centered on how much of an effect would the lack of an abatement like J51 have on future capital improvements. Probably a disproportionately larger effect on buildings whose AV/P is below $30k than those above.

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Was This Ethical? - Michael Feb 03, 2013

We are a board of seven, and are historically divisive.

At a board meeting last week, one member was absent and another had resigned that same day. This made a meeting of five.

Although it was not on the agenda, a motion was made to assign the now-vacant seat to the next candidate who ran in the last election. Incidentally, this candidate lost by an extremely large margin of shareholder votes, an indication that they did not want her to serve. This person had served previously and conducted herself in an extremely hostile and negative manner. Nevertheless, the motion was voted on and approved 3-2.

My question is this: Since this was not an agenda item and was not time-sensitive, was it ethical to conduct a vote on the subject without input from the full board? Please note I did say ethical, as apparently it was legal.

Thanks for any help from the coop community.

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Before determining ethical, find out if it is legal. You said that it was apparently legal. What do your bylaws say about filling vacant seats. Some require an appointment, with majority of existing board agreeing, others a special election. In other words, how is this handled according to the laws you live under. If there is an appointment, there should be an interview with interested parties and then a decision after discussion. Were you specifically informed at the meeting that what was happening was in compliance with your bylaws? If it is legal, then, unfortunately there would be nothing unethical since the board would be in full compliance.

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I would be happy to answer this. There was a board meeting in the morning which is when the Managing Agent told us of a board member resignation. That left six members out of seven. One of the members was absent from the meeting, thereby giving us a quorum of five. The decision was made to appoint the next person who ran for a position at the last election. The last election called for four opened spots. Five people ran, four got on. So at this last board meeting the decision was to bring on the fifth person who ran to fill the vacant spot and showed interest. That is legal. The majority of the board can appoint for a vacant spot. Which was done and was in compliance.

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Again, my only concern is what do the bylaws say about filling a vacant seat. If you were in compliance, then, of course, it is legal and ethical. However, if your bylaws give a different description of the process of filling a vacant seat then you are not. Were the actions in compliance with the bylaws?

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Here is a copy of the By-Laws which were followed: The President did not like the outcome, thereby now saying it was not legal and is trying to circumvent the By-Laws: Reading this what is one's opinion? Thank you.

Section 4.4 p.268 "Vacancies in the Board of Directors resulting from death, resignation or otherwise may be filled without notice to Tenant-Shareholders by a vote of a majority of the remaining directors present at the meeting at which such election is held even though no quorum is present."

Section 4.6 p. 268 "The vote of a majority of the Board of Directors present at the time of a vote or a duly constituted meeting shall be the act of the Board of Directors."

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On a board of seven, the quorum is 4. Not three. Regardless of resignations or absenteeism. Correct me if I'm wrong!

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There was a quorum of 5 to answer your question. You are correct a quorum is always half plus 1.

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Occupancy Agreement Modifications - Rochdale Feb 02, 2013

Can Management / Board of Directors modify terms in the shareholder's Occupancy Agreement without notifying the shareholder's? And if not; what recourse can we take? I reside at a Mitchell Lama New York State Limited Profit Housing Cooperative and was threatened with eviction for refusing to sign an unconscionable agreement. Thank you for your time*

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Out of state shareholders - MK Feb 02, 2013

My sister and I own a co-op 50/50. I occupy it and my sister resides out of state. I have recently filed charges against the MA & board for their egregious behavior. One problem is that they called my sister on 2 seperate ocassions. I sent them a ceise and
desist letter and refered them to our attorney. I also inquired if they had bothered to send my sister any ammendments, notification of anual shareholders meeting and elections or the video of the super ranting like a stark raving lunitic at me. I got the usual silent treatment so I mcacalled my sister. It will soon be 3 years since our initial investment and they have not sent her anything. Should she be receiving updates?

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Yes, the board/management company should be sending something to your sister, unless they are simply sending to one person, you, who would be acting as the principal, since you own together, so it seems that if one portion of the party receives information, the board is doing the right thing.

I don't understand the issue with the phone call...can you clarify?

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Before we started using email and downloadable PDF files, it was our policy to send a single paper copy via the Postal Service to each apartment in our building. We did not send individual copies to each shareholder. I think most buildings that still use the postal service do the same. So your sister's not receiving anything is not unusual or is it any indication that the MA or board are doing anything sinister in this regard, as long as you are receiving copies.

Regarding receiving a copy of any video surveillance recording that was made, your attorney should be handling this. There are privacy concerns that the board needs to comply with, so any transfer will most likely be made under a procedure your attorney and the board will have to agree on.

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elevator consultants - a warning - Ned Feb 01, 2013

our pre-war building has a wonderful and beautiful manned elevator which in fine condition. it also has an automatic elevator. Unfortunately, a former board member has been pushing for years to demolish the front elevator and install a second automated one. Sadly our board spoke to elevator consultants hwo convinced them they need to spend about 500k because the old one is "obsolete." I have spoken to several knowledgable elevator mechanics (managers) and they all say - "No don't do it - if it is not broken why fix it?" They all say that managing agents push for consultants who then push for the big replacement as they - well let me just say this - they benefit financially. Plus they push for a service contract. This is really sad and I urge Board members to really, truly do their research and to not be naive. Why touch a wonderful well made elevator when the new ones cost actually cost more to maintain and do not have the long lifespans of the older ones which are made with more solid materials and simpler mechanics.? Wake up everyone!!

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