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We are a small 12 unit co-op with a five member board. Coop formed in the early 80's by residents in the building. Building is changing drastically, mostly for the better. But because of the small size and almost 1/2 the building serves on the board, I'm uncomfortable sharing and viewing people's personal finances - not so much on new sales but on refinances, loans etc. I know board has a fiduciary responsibility but feel people on the board are neighbors and word does spread about people's finances. I've tried to get the board to just have Finances submitted to building's accountant and get his/her ok. I haven't been successful.
People, both friend and foe view others personal finances in unsettling ways.
How can shareholders who have been in building for years be protected against 1/2 thier neighbors knowing thier personal business?
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I read that with jaw dropping. To give over all responsibility to an accountant would absolutely be reneging on your fiduciary responsibilities and, frankly, allowing an entity with no shareholding risk to be the only one "in the know", opening possibilities for who knows what kind of dealings. There is a big difference between a co-op and a condo. Sounds like you need a condo, where it is real estate property vs communal shares. If you do not trust your neighbors you have no one to blame but yourself for not being upfront about these concerns. And if info is getting out, it is coming from the board and not those who are not already privy to that info.
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