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What information do you find that shareholders like to be given at the annual meeting?
If you were in the shareholder's position what would you like to hear? This question will focus your presentation and of others.
1. Legal issues.
2. Committee reports - admissions is one, financial another headed by your Treasurer. If you do not have committees,capital improvement coordinators and progress if any, etc.
3. A recapture of operations in general terms, i.e. challenges and rewards.
4. Some semblance as to what will happen in the next 12 months or where is the co-op headed based on your challenges and rewards.
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Our semi-annual meetings take 9 to 21 minutes from open to close.
OK, I’ve piqued your interest.
By NJ law, we are required to have two “open” meetings a year and both are scripted. This means we have a set program that we follow. And, we have 500 units and we are considered an upscale co-op..
In May it’s the results of the annual, yes annual elections, as all board members serve but one year. We are planning to amend to allow two year terms, unlimited. Each board member makes a report about key areas of the corporation, e.g.: capital improvements, capital projects, security, health club, landscaping, summer pool operations, financial well being, legal matters, etc. We are never in poor shape as we have retired our original $8,000,000 mortgage without ever refinancing. Because we are in such “excellent” shape, we really don’t have any dissent amongst the board members. Twenty-one minutes = done.
We then close the “official” May meeting.
Next the president offers a state of the co-op corporation and community speech.
Following, is ninety to one-hundred minutes of open questions and answers that any shareholder can pose.
The November meeting is to ratify the next year budget, to approve the maintenance increase and assessments (previously distributed to all shareholders) and to approve the use of the capital (assessment) funds as planned per our long term AICPA required capital improvement program. We also approve the use of the line of credit as required. Nine minutes = done.
We then close the “official” November meeting.
Again, the president offers a state of the co-op corporation and community speech, similar to May, but with new topics.
Following, is ninety to one-hundred minutes of open questions that any shareholder can pose. Board members or counsel respond as appropriate.
So, we open the May and November meetings at 7:30 PM and gavel all closed at 9:00 PM. We have run later on occasion to 9:15 and once to 9:30.
Because we really don't have financial issues all are in harmony and we can show a united front. Yes, there are co-ops where the challenges are quite onerous. Hopefully all can achieve harmony.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.