Annual meeting season for condos and co-ops is in full swing.
Although many residents may skip the meetings, routinely check off the names of existing board members or casually sign away their votes to proxies, they may thereby ignore the single most powerful way to protect their interests.
Please bear in mind that the state invests the boards of co-ops and condos with fiduciary responsibility. It is their job to see that funds are collected, not wasted and obligated in a manner otherwise consistent with the law.
Since the burden of responsibility is heavy and rarely shouldered equally by board members, I have developed a list of questions that I think each incumbent candidate for a board should be required to answer–publicly.
My list grows out my membership and presidency of both a condo and a co-op board. The latter board is one from which I resigned mainly because of time commitments that grew increasingly burdensome in all areas of my life and because of my disgust with the other members. Here are the questions (more…)