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What, in general, are shareholders interested in hearing about at annual meetings?
We distribute a state of the co-op letter to all shareholders about three weeks before the annual meeting.
We describe the financials of the co-op, accomplishments during the year, plans next year, the proposed increase (a range) in maintenance and assessments* the status of capital improvement programs, and outside factors that may affect the co-op, e.g.; fuel costs.
*As all costs rise each year, we raise maintenance every year. In our opinion, failure to do so (raise maintenance) or to finance operating expenses from mortgages is anathema to true fiduciary responsibility.
Our annual meeting, including voting is typically concluded in fifteen minutes, this includes election of officers and voting on key items.
Wait, don’t criticize!
After the annual meeting is closed, we conduct a Q&A session. For as long as folks wish to ask questions we remain.
So, if the annual meeting begins at 7:30 PM and closed at 7:50 PM, we have often stayed until 9:30 to answer questions.
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Martha, the annual meeting should report activity since the last meeting and give SHs an idea of what's in store for the year ahead. In general, SHs want to know their money was well spent in the past year to improve the coop and enhance their investment and that there isn't a maintenance increase or assessment coming up.
SHs like good news - how much the coop collected via a flip tax/transfer fee...refunds from the city...ways you were able to upgrade the coop and save money doing it, etc. Look at the last annual meeting's minutes and report on positive steps taken on things discussed a year ago.
But few coops have only good news. It's smart to alert SHs to major projects you know aren't far off but don't guess-timate costs. They can change a lot by the time you do the project. SHs will remember what you say and throw it back in your face. Remind SHs at meetings of major near-term projects so they aren't a surprise when the times comes to implement them, esp if you'll need an assessment to pay for them but don't get into things the board isn't seriously considering for the coming year.
SHs all have a personal agenda. If they ask why they have to pay to repair their air-conditioner or why the board can't evaluate/approve a new sublet tenant in a week, give them a brief, courteous answer and tell them to call the managing agent or you for a fuller explanation. SHs deserve a reply to concerns, but don't waste everyone's time at the annual meeting on issues that don't interest or affect them all, esp if what they ask isn't relevant to what's being reported or discussed at that point in the meeting. That's how things get off track and why meetings often last longer than they have to. It's often a juggling act and whoever chairs the meeting has to keep things in order. But don't ignore or dismiss a SH's question or concern. That's one thing that drives SHs crazy. Answer them at the meeting if you can without wasting time or tell them to follow up with the managing agent or you later.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.