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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.
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Here’s a few articles which nicely explain fiduciary responsibility. From 2022: https://www.joindaisy.com/blog/whats-the-fiduciary-responsibility-of-board-members
From 2021: https://www.armstrongteasdale.com/thought-leadership/overview-of-fiduciary-obligations-of-board-members/
Thank you sooo very much for the information! I was thinking of this, and did not know where to start. But I should have known better! HABITAT HAS EVERYTHING TO KNOW/SUGGEST, OR DIRECT COOP, CONDO BOARDS! THANKS AGAIN HELPED ME ALOT.
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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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