NEW BOARD MEMBERS
Cooperative and condominium Board members are residents of their building who volunteer their time and experience to keep the building running properly and protect shareholder and unit owner investments. New Board members may often be unaware of the full scope of their responsibilities.
Below are a few basic suggestions for a successful tenure:
Read the last year's minutes and management reports.
Familiarize yourself with corporate and governing documents.
Be aware of organizations from which you can learn. These organizations and others offer educational literature and seminars:
Council of New York Cooperatives and Condominiums
Federation of New York Cooperatives and Condominiums
New York Association of Realty Managers
The Cooperator is a monthly newspaper offered free to Board members and real estate professionals.
Assess and utilize the strengths of Board members by looking at their careers and life experiences. Lawyers, architects, accountants, designers, mechanics, etc. can all lend their skills and expertise to successfully run the building.
A committed, motivated, well-educated Board working in cooperation with a professional and dedicated management company will result in a well run, structurally and financially sound property.
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