i just came across this section of a Nov 2010 seminar.
over the last couple years, since the $27k mistake in the budget that john holzinger , the owner of the management company and he is also a board member of the newly formed bank we got our new building mortgage from, the same newly formed bank that our coop president is also an investor in. My questions at the annual meeting of what other board members have business dealings with the management company or are investors in this new bank to this day are unanswered. I still need to follow up.
i remember asking the person i believe was treasurer on what was going on with the mortgage and who had check-signing powers , and how many signatures were required. I also asked what limit the managing agent could write without board approval.
He had no idea. That was about 2 years maybe 3 years ago.
recently i asked one of the few board members that actually are following the proprietary lease concerning occupancy and living in their apartment. She had no idea on who had check signing powers, why the maint account was moved to a bank in long island, Why there was no name of the bank anywhere, just an account number. Even the canceled checks come back with nothing but an account number. she also didn't think her lack of knowing the money flow was any big deal.
The treasurer who knew nothing about the mortgage and check signing powers, i believe he was the treasurer , could have been the secretary, they do not post the BOD titles any more in keeping with the share owner mushroom plan.
He is an upstanding gentleman, but doesn't understand the BOD responsibilities and what he is liable for. He made the mistake of listening to the president of the co-op and managing agent , who give out false information.
i explained to him that he should tape record every meeting or when he votes against something that he believes is discriminatory or improper/illegal he should state that he wants his opposition noted in the minutes and ask for a copy of the minutes so that he can insure it is in there.
4. THE TREASURER
The treasurer of a cooperative or condominium oversees all financial activities. While the execution can be delegated to management or to investment
advisors, the treasurer can never relinquish responsibility for ensuring that
all is done. Accountants Norman Prisand and Robert Mellina will enumerate
and discuss the treasurer’s responsibilities, suggesting systems of control
and practical, timesaving procedures .Cooperative or condominium oversees all financial activities. While the execution can be delegated to management or to investment
advisors, the treasurer can never relinquish responsibility for ensuring that
all is done. Accountants Norman Prisand and Robert Mellina will enumerate
and discuss the treasurer’s responsibilities, suggesting systems of control
and practical, timesaving procedures.
