i asked a question concerning the statement on our financial that states that our reserve funds may not be not be or may be in excess of FDIC insurances.
Read the responses at the habitat CO-OP magazine . A magazine everone should read, unless they don't care about losing all their monies.
Board Talk / Activities / Home - Habitat Magazine
Thursday, May 13, 2010
FDIC regulators close seven banks; failures may cost insurance fund $7.33 billion
i always thought is was totally insane in the last two years to keep any of our reserve funds in non fdic insured funds. i wouldn't keep my personal monies in a non fdic fund, yet i see every year on our co-ops financial that our reserve fund may not be fdic insured.
FDIC regulators close seven banks; failures may cost insurance fund $7.33 billion
FDIC regulators close seven banks; failures may cost insurance fund $7.33 billion
Tuesday, May 11, 2010
Sunday, May 9, 2010
and the board gave barhite and holzinger a raise to manage the building
These holes are getting bigger and bigger, the one outside by the garage door is 3 feet now and getting deeper. This pothole has been here for over a year and was there when they blacktopped the area to about 2 feet to the right of it. The board made a decision to not fix it and blacktop the rear of the driveway.
The hole in the garage was reported to barhite and holzinger management about 6 months ago.
The hole in the garage was reported to barhite and holzinger management about 6 months ago.
Thursday, May 6, 2010
Wednesday, May 5, 2010
Board Talk / Activities / Home - Habitat Magazine
Board Talk / Activities / Home - Habitat Magazine
The link above is a good site for questions and answers. It goes into depth on many aspects of coop living and the problems with managing agents and boards that pilfer the funds, which are becoming quite common in the news.
i am not saying that is happening in this building, however i do not think we have one person who is watching the books and accounting.
i noticed the managing agents operating budget monies had been tripled this year?
i think there are articles in habitat and in the cooperator where it is explained why this is a bad idea.
i remember asking a board member, which board members had check signing authority and who was the second.
They had no idea. This is a very bad sign
The link above is a good site for questions and answers. It goes into depth on many aspects of coop living and the problems with managing agents and boards that pilfer the funds, which are becoming quite common in the news.
i am not saying that is happening in this building, however i do not think we have one person who is watching the books and accounting.
i noticed the managing agents operating budget monies had been tripled this year?
i think there are articles in habitat and in the cooperator where it is explained why this is a bad idea.
i remember asking a board member, which board members had check signing authority and who was the second.
They had no idea. This is a very bad sign
Tuesday, May 4, 2010
Monday, May 3, 2010
Treasurer of Mt. Vernon co-op complex charged with stealing $180G | LoHud.com | The Journal News
Treasurer of Mt. Vernon co-op complex charged with stealing $180G | LoHud.com | The Journal News
THESE Types of frauds and thefts have been getting exposed with the dump of the economy. Rockland county co-op also had a treasurer theft.
These thefts can happen when a solo board member or a team of senior controlling BOD (board of directors) takes control of everything and doesn't pass on all information received to the other board members in a timely manner, meaning within the week received. not at the next board meeting, which in our co-op could be months away. The Board members that allow this to go on are not performing their board duties.
i have documented and written the BOD not doing their fiduciary responsibility a couple times.
The 27,000k budget zero drop may be one instance , The president of the BOD refuses to state when this problem was discovered. I asked this question again. at last years, 2009 annual meeting. The answer i received was a sarcastic That evening. The fiscal year ends in feb i believe, need to check on that, but is is not december and it is early in the year. The board meeting was in June, I asked one board member when they were told about the budget error, they said within about a week of the annual meeting. The error had to have been discovered by the end of the fiscal year , most like much sooner. Why this was not relayed to the other board members is a matter of concern. The board members themselves should have made known that they are to be informed of all board business within a week, if not the dame day.
I have written the BOD concerning their lack of fiduciary responsibility and the Inside dealing concerning the assignment of parking spaces, i get back a answer that they are doing everything correct.
At least i have laid the ground work for liability , and i doubt the BOD are indemnified in these actions.
THESE Types of frauds and thefts have been getting exposed with the dump of the economy. Rockland county co-op also had a treasurer theft.
These thefts can happen when a solo board member or a team of senior controlling BOD (board of directors) takes control of everything and doesn't pass on all information received to the other board members in a timely manner, meaning within the week received. not at the next board meeting, which in our co-op could be months away. The Board members that allow this to go on are not performing their board duties.
i have documented and written the BOD not doing their fiduciary responsibility a couple times.
The 27,000k budget zero drop may be one instance , The president of the BOD refuses to state when this problem was discovered. I asked this question again. at last years, 2009 annual meeting. The answer i received was a sarcastic That evening. The fiscal year ends in feb i believe, need to check on that, but is is not december and it is early in the year. The board meeting was in June, I asked one board member when they were told about the budget error, they said within about a week of the annual meeting. The error had to have been discovered by the end of the fiscal year , most like much sooner. Why this was not relayed to the other board members is a matter of concern. The board members themselves should have made known that they are to be informed of all board business within a week, if not the dame day.
I have written the BOD concerning their lack of fiduciary responsibility and the Inside dealing concerning the assignment of parking spaces, i get back a answer that they are doing everything correct.
At least i have laid the ground work for liability , and i doubt the BOD are indemnified in these actions.
Friday, April 23, 2010
new york times answer concerning board member absolute right to know and good comment
new york times real estate section, questions and answer concerning co-ops.
this section is great for gaining knowledge on co-op laws and is easily searched using keywords.
Real Estate
Real Estate Q&A: Gaining Access to Proxy Votes
permalink:
http://realestateqa.blogs.nytimes.com/2010/03/26/gaining-access-to-proxy-votes/
By By JAY ROMANO
Published: March 26, 2010
I am on the board of my Queens co-op. The president of the board always seems to know how everyone voted by proxies at the annual meeting. I’ve asked to see the proxies, and have been told that no one is allowed to see them. What is the law on this?
folllow the link for the whole question and answer,
here is the comment posted
escapefromyonkers
westchester,ny
March 31st, 2010
11:48 am
which is a reason to strip the board power to assign the parking spaces in indoor parking premium areas. They have the inside knowledge of who a shareholder voted for, and if you didnt vote their lines you will be skipped forever on the waiting list,
in my co-op at least three board members have been self dealing parking spaces to their non-shareholder children/grandchildren, skipping disabled shareholders and other shareholders on the waiting list for 10 years.
i even wrote the board and called them on it, i have my space,but will not let a board self deal. As usual they disregard the written garage rules, and no longer provide them to residents. They make believe they no longer exists.
There should be fines and economic sanctions that they are personally responsible for if caught self dealing.
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