Stock Certificates Update
The board reported it has received a second legal opinion that names may not be added to or removed from stock certificates under the Cooperative's current Articles of Organization, and to change it will require a two-thirds vote of membership in a special meeting. A committee was formed for this purpose and a number of shareowners volunteered to serve on it.
Market Rate Status
When I asked the status of the 1996 special meeting vote (which passed) to change the Cooperative from a limited equity to market rate corporation, there was no direct response. The treasurer stated that counsel had previously advised the 1996 vote is no longer valid because the statute of limitations had expired. When I noted I had received a different legal opinion that the 1996 vote is still valid, there was no response. Instead, the board said another market rate special meeting vote (like the stock certificate situation) would be needed ̶ but took no action to make that happen.
The meeting was then suddenly gaveled to adjournment before the the board could be asked to explain why it waited eight years to find out it needed to file a simple document with the state to make the change, why the document was not filed even when that was discovered, and what if any action(s) toward market rate it had taken during those eight years or since.
The result of this inaction is that each Cooperative share now has an average equity of about $7,000, or about $1,430,000 for all 204 owners. Nassau Gardens is assessed by the town at $14,473,400, which means shareowners possess only 10% of our assessed value. The other 90% is ...?
And assessed value is not necessarily actual market value. Windsor Gardens (914 units) was sold three years ago for $161,000,000, or an average of $176,000 per unit.
The overriding responsibility for a board in every action it takes is to maximize shareholder value. Nassau Gardens' board is ignoring that responsibility.
Announcements
The president announced she will not be able to meet all of the responsibilities of the position due to a situation she explained but is not published here (HIPAA observation). She noted the vice president will be signing checks and passed the gavel to director O'Connor to run the meeting.
The board announced it will be starting it's monthly meetings at 6:30 p.m. beginning with the May 17 meeting. That will be more convenient for them, which is why they are doing it, but likely means more shareowners won't be home from work in time to eat and get to the meetings.
The board also plans to post one memo in each hallway with the entire year's meetings schedule instead of issuing monthly notices.
I am pretty sure that means there's no hope they will post the agendas so members can plan ahead to attend those meetings they would be interested in depending on scheduled business. (If they get home from work in time.)
Executive Sessions are also scheduled in advance for the entire year, so it looks like they will continue to not observe Roberts Rules of Order procedures for executive sessions as required in the Blue Book. This meeting was adjourned without a vote and the board apparently went into executive session (as on their schedule) without taking a vote to do so, announcing the agenda topics, etc.
Insulation
There was further discussion on the attic insulation installation plan at the request of a director. The 500 block was insulated as a test to measure ROI, and it was originally reported the payback in heating savings was too low and too long to justify the expense. During the meeting the treasurer reported a study he did on the subject showed there was a 17.8% one-year savings, so the Cooperative is going ahead with plans to re-insulate the other five blocks next year.
That sounded good until a director pointed out that the installation of many new, more energy efficient heating systems also played a significant role in the savings figure. So the ROI is not known.
Maintenance
The board approved several maintenance items:
Contract for 100 block roofing project to begin May 31
Budget for five new trees for 200 block courtyard
Budget for 500 block exterior repairs and painting and hallways painting and reflooring
32 comments:
How long is it going to take to change the articles of organization?
Perhaps you can ask the President or Vice President the agenda a couple of days before the meeting and post it here? Instead of just complaining about things, why not offer to help!
He did offer to help. Why didn't you vote for him?
I can't make it to the meetings because I have to babysit while my wife is at her evening job
so I think this is great way to keep up on what's happening rather than wait months to get the minutes
hope our blogger keeps this going.
Re: insulation discussion
a director pointed out the 500 block's insulation was down to one inch, not the 19 inches he said is now recommended. Seems like we definitely need to do it, whatever the payback.
I hope the presidents problem is not too serious. But if she is unable to sign checks or run a meeting, she should step down and let someone else who can perform all the duties of a director serve us
So what are they going to do about market rate? Ignore it? Don't they realize they are all screwing themselves out of six figures, as well as all the rest of us? That makes them so dumb none of them should be on the board of directors!
Re no longer posting monthly meeting notices
The stated reason for this is the time it takes an employee to distribute a notice to all members. A couple of weeks ago they sent two notices out in the same day (the sanding postponement and the president's newsletter). But they sent them out in two separate trips by the staff. Not much work done that day.
So I guess it comes down to their priorities: a meeting notice with agenda or her monthly paean to herself.
Wow, I thought I was the only one having problems. Where to begin...I missed the reason the President cannot conduct the meetings but whatever the reason, if she is unable to perform something that is one of the basic duties of a President (conduct the meetings), then why did they elect her as President? It seems to me that this does not show very good judgment on the other BOD part. In addition, why then, didn't the Vice President conduct the meeting? (Robert's Rules of Order)
Have noticed no improvement in lawn care from the new vendor. When my granddaughter visited for Easter, she said she loved coming to see Nonno's dandelion farm!
noticed same thing, everything's coming up clover at my place
I work nites and these kids are really pissing me off
they're supposed to come once a week on wednesday but seem to show up when they want
they mowed and came by twice with the weedwacker yesterday and came back with the mower this morning
isnt there something in the contract they are supposed to show up with a full crew and get it done in one day?
i look at eaton village and wonder why we don't use their groundskeeper
maybe cause it rained yesterday?
nah, rained just a little and they mowed on through it. when my son saw them he wanted to go out in the rain too.
Mowing in the rain is a no-no. Tears the grass!
I think our grounds look great - green and lush! Stop doing so much fricken complaining!
from what i understand, if you want to go market rate, there will be no cooperative left. Who wants to buy a unit for $60-$70,000 and they pay carrying charges??? If you moved here, you moved here because it was affordable, and a nice place to live. You have saved thousands upon thousands of dollars living here for years! And guess what, if you don't like living here and the decisions that are made, the driveway goes both ways - in and out! Move!
Regarding the insulation - the analysis that was done proved a 17 percent savings in just one year. It's true about the new boiler systems being installed - however, when it was reviewed according to where the new boilers were installed, ACTUALLY, the 500 block has had fewer new boilers than any other block - so the savings are real.
Landscapers are here on Wednesdays. However, when their work is checked, sometimes they have to come back the next day on their own accord and cost to fix something that is not done right. That is good management; eventually I presume they will understand how we like things done, and that we expect quality service for the monies we pay.
Agendas are often not completed until just before the meetings, but they are all pretty much the same: approve minutes, committee reports, maintenance and property managers reports, old business, new business, adjourn. I believe it used to be posted, but it was always the same thing. If you want to come, just come! It's only once a month for about an hour - geez, can you spare the time?
I believe the president announced it was vision issues that she gave up running the meetings. I think it was a good move, Jim O'Connor runs a great meeting!
What a lame excuse for the landscaper! This is their second year here, they should know what to do and how to do it by now. The crew supervisor should check the work before they leave and they shouldn't leave until all is done properly. Sometimes they come on Tuesdays. Sometimes they don't have a full crew on Wednesdays.
good to know they finally seem to get it right on the insulation question
but how did they get it wrong in the first place? They're not addressing that, another employee coverup
Susan - It's only May. Wait until July and August when the only green you'll see is clover, dandelions and crabgrass. Don't you remember last summer?
Vision issues? How can she read a contract before she signs it?
Agendas: a previous commenter noted management could post the agenda here. That was ignored. They could also post it on website. But they won't. They could also collect email adress of members and send ti to us that way. But they won't. Fact is, they do not want to encourage mebers to attend meetings.
now that i know what's going on around here i wish i could attend board meetings but i don't get home in time for new 6:30 time
Where did that 60-70K market rate price come from? We need a professional bank appraisal to get a good picture of value here. People will buy when they realize they are buying a property at 75% off because three quarters of mortgage is paid off.
What's going on with the stock certificate? We were told you could not transfer or add a name to it. WHY were two subletters given stock certificate's. Why did they get special treatment "I wonder why". Which means rules have been broken. So now anyone can sublet. What is happening to this place and this Board.
So let me get this straight. Subletters became a shareholder here. I thought the BY LAWS were no subletters....... I thought the BOD'S when voted in they are the voice of the shareholders, that's why WE as shareholders voting for them. Everyone here is treated EQUAL!!!!!!! SO did they pay the $100. application fee and then did their go on the waiting list, and then get called in for a screening. WHICH means a credit check and a cory check.. I know that one of these new shareholder doesn't even work. And furthermore we are getting rid of HUD!!!! WHY!! So the BOD"S can run this place and break all BYLAWS as they go along. Their goes our money I know that HUD always protect us and how the money is SPENT!! We are all SCREWED!!!! BOD"S what were you thinking when you voted in these subletters oh wait!!! you weren't thinking. I thought again you were the voice for all of us!!!!!!! I thought the BYLAWS were put in place to protect everybody. I know for sure now it is who you are, and who you know when the BYLAW don't effect you. Good Luck to all the shareholders!!!!!
HERE IS A GOOD ONE FOR YOU ALL.
I ASKED BOB IF I COULD USE THE GRILL AT THE POOL FOR A FEW HOURS ON THE 4TH OF JULY GUESS WHAT HE SAID ! ANSWER WAS A BIG NO !!!! HE SAID THE BOD ALREADY VOTED ON THIS MATTER. ARE U F'N KIDDING ME WHAT THE HELL WOW U CANT EVEN SIT UP AT THE POOL WITH YOUR FAMILY USE THE GRILL MAKE SURE IT"S COOL DOWN CLEANED IT UP AND PUT AWAY WOW BOB U READLY HAVE THE UPPER HAND WITH THE FOLKS AROUND HERE. NOW ON THE OTHER HAND IF I WAS A BOARD MEMBER I WOULD BE ABLE TO USE THE HALL GRILL AND DO WANT EVER I WANTED KEEP UP THE GOOD WORK BOB WE NEED PEOPLE LIKE U AROUND.
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