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Since my board president has been fighting transparency and since I've caught too many manipulations, such as the annual financial report arriving 2 days after the annual meeting, whereas for the last 25 years it arrived week before the annual meeting, A couple times the directors ballot was stapled to the annual financial report.
i guess this past year they didn't want to hear any questions on the co-ops finances.
So it look like i will have to go looking for the information.
From my laypersons perspective the following excerpt from our proprietary lease gives me the ability ot my representative the ability to go over all the financial records.
i plan on bringing a camera and gorrilipod
Any thing i would not be entitled too.
i know it will be a fight, and i like to know what i am entitled too before i walk in the door, of course i will preface it with a fax and a weeks notice.
i have noticed the miscellaneous expenses keeps growing, so a line accounting of that. and since there has been a lot of self dealing with the board controlled parking garage an accountment of that for the last too. i figure i will take eveething back at least 10 years, or longer. i want the line items before and after the imo shady board president took over .
i want to know all the mortgage cost and all payouts, since i saw a line where it seemed they gave the managing agent /company monies for something.
3 years ago we had ab almost 10 percent budget error , due to a dropped zero, that none of the board picked up on. which IMO means not one is watching.
The lessor shall keep full and correct books of account at its principle office or at such other place as the directors may from time to time determine, and the same shall be open during all reasonable to inspection by the lessee or a representative of the lessee. The lessor shall deliver to the lessee within a reasonable time after the end of each fiscal year an annual report of the corporate financial affairs , including a balance sheet and a statement of income and expenses, certified by an independent certified public accountant.
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I am having the same problem in our building. Our President of the BOD is refusing to let three members and shareholders inspect our reserve account and bank statements. The last two Management Corporations we had gave us no problem with our inspections, Cooper Square in Manhatten is they are nutorious for such actions.We have hired an attorney to file an Order to Show Cause with an action that contains Errors and ommissions. Once they are serviced and appear in Supreme Court of New York, they will have to turn over all documents requested and permit any and all inspections of the books along with the daily activies. If you have a Management Company they are probably holding all the information you will need to inspect, if they do not comply find out who regulates their ethical conduct and file a complaint against them. Good luck, I know exactly what you are going through.
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