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70,000 operating expenses and every year the approx 10% $6800 is listed as miscellaneous, no breakdown.
I think that is way to high a miscellaneous #, They don't even mail the maint bills they put them under the door. One time i received a post card from the real estate sales side of the company, it had the same pitney bowes number as our coop mail #coopapartment fraud,
We always suggest that you volunteer to the finance committee. The MA and board have this information in some form, even if they don't know on top of their heads or might not want to share. It might take some digging, but with the monthly reports from the managing agent, as opposed to yearly audited financials from the auditor, and a little bit of research, you should be able to figure it out.
If they don't have a finance committee, request that you set one up and request financial information that is pertinent to a finance committee. If we can be of assistance, feel free to call us.
We have a full working finance committee. You must be vetted to become a member and if you are known as someone asking questions you don't get appointed. The committee does not get all information but instead, are required to rely on reports from the general manager and controller. We are a huge community, again over 40 million dollar budget and the powers that be will not permit any change in the status quo. If you run for the board you cannot get elected unless the current members put in a good word for you. I know, I have tried. I got elected once and asked a myriad of questions and on the next go round lost the election by 806 shares out of 6 million. Board refused a recount, I went to court and after a year I won but by then I had lost the next election because of propaganda and won't pursue it again. Anyone who might make a change doesn't get elected, pure and simple. So when the simplistic answer to a problem is "run for the board" or "volunteer for the committee", that is not always possible.
i think 1 million is beyond outrageous, even congressman wouldn't try to put out a report with 1 million in un-itemized misc expenses. I saw a new FAQ section concerning a lot of these questions at the front of habitat, some i know are correct, however all of them should each have the BCL that supports the information. Majority if not all of the Lawyers work prominently for the co-op, not the shareholder . The claims that affidavit are needed to see items, is not what the AG website states. Shareholders are explicitly allowed to see the full Finances per their proprietary lease and sometimes BY-LAWS . These are not the pan fried Annual Financial Report, that most auditors do not see anything that the board or manging company do not want them to see. . i also question whether an affidavit is really needed in some cases, since the bylaws do not state this and the proprietary lease do not state this, and i am sure if you brought it to Supreme court in your county After being refused, the judge would rule in your favor ,doing it pro-se and with a copy of the instructions from the AG website.
I think is ch 11 of the proprietary lease allows for the shareholder and or their Agent to examine the finances at the management companies office during normal business hours.
I don't think the 5 days notice even needs to be given, but it would be good to try and get the shareholder list at the same time having mailed it certified mail . reg mail and FAX,7 days before.. I would bring a copy of the propriety lease with the paragraph copied, and mail it to the local police precedent before going. When they refuse call the police , and state that you just want a report or their refusal to use in court. They may refuse by since all lines that handle incoming calls from the public are recorded, your explanation , should serve as evidence , especially if you ask the managing company speak to the police and they refuse etc. Subpoena the exact time and date of your call. This can be dome prose, and since i doubt there is any torts whereas a lawyer could get compensation for your ordeal, we as a group need to get the exact play by play to get the records. When the abuses run into something that we can sue the company we need to know the difference and find a legit lawyer that works on shareholders cases, and see if we can get damages paid to us. If no damages , get the media involved or at least a friend to o video tape the incident from the sidewalk. there may be a journalism school in the area that would like some practice on investigative journalism
If it is a case that could be civil, then it is better to find the hard to find shareholder lawyers. I know that non shareholders are not allowed to interfere at an annual meeting, the president told his son to interfere with me and block my view at a annual meeting and the son was not a shareholder. The president made a threat against me ,before the annual meeting that my camera picked up perfectly too. Since my board and management campaign refuse to take proper notes and has attempted to attack me, i videotape, on my property.
Dear Diane Stromfeld: same thing happened to me. These so-called " elections", are a sham, a charade, a cruel farce unworthy even of a banana republic. Yet, our politicos (Mr. Koppel in Riverdale, Bronx) keep telling us: just go, run for the board, get elected, and change things from the inside. Any politico who tells you that is a hypocrite, a blatant, in your face liar without possible redemption.. All politicos are deeply in bed with the real estate industry. The corruption here is MASSIVE, the cancer has metastasized, that's why there is no affordable housing in New York City.
Diane, I would like to know the name of your lawyer. Please write to me. Jerry Grosof - g5grosof@msn.com :- Concerned Citizens for Coop Reform.
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How would you feel about ONE MILLION DOLLARS in miscellaneous out of a 47 million dollar budget? That is the line item we deal with at North Shore Towers. We haven't gotten a full explanation although we have asked for it time and again.
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