our board of directors

the co-op board exists to protect the interests of the building community and individual owners

Mission

The Board of Directors is primarily responsible for protecting the assets of the owners. Directors are expected to act in good faith and in the best interests of the building as a whole, not individual or niche interests.

Role

Co-op Board members are volunteers who live in the building. They have responsibilities within the board, at board meetings, within shareholder meetings and in dealing with professionals and building documentation. The Board is also obliged to respond to changes in the economic environment, the membership base, and the physical and financial status of the building.

Our Board members know that they need to think beyond their personal opinion and ask if this is good for the building, not just them as an individual. Our Board members are on the Board to represent everyone.

Responsibilities

A co-op board has a lot of authority in the sense that they have been selected by the shareholders to represent them and make the decisions for a building. Each board member’s vote carries equal weight, which is why we have an odd number of board members.

Board members are required to demonstrate discretion, as sensitive material is sometimes shared in the board meetings regarding tenants, money or other aspects of the building.

Board members will also have to vote on issues where the outcome may be unpopular with some residents — but if it’s for the greater good of the building, they to vote for what’s best for the co-op not what’s most popular.

The managing agent works for the Board and the Board is responsible for ensuring it performs its responsibilities.

The responsibilities of the Board are detailed in the Bylaws and are also governed under NY State law.

Composition

Our Board is made up of five directors and contains three officers — the president, secretary and treasurer. Those serving on the Board who don’t hold one of these positions are referred to as directors.

The president is the chief executive officer and calls the meetings of the board, prepares the agendas and leads deliberations. The president also signs stock certificates and proprietary leases. Other responsibilities include ensuring actions of the board are legally carried out, acting as the board’s agent in supervising our super, approving expense reimbursements, speaking for the building community and assuming executive responsibilities to manage the building.

The treasurer is the chief financial officer for the building and usually performs duties relating to any monetary issues affecting the co-op community. They implement the financial policies and oversee the Managing Agent to ensure that ABC pays the bills, collects debts, keeps the books and reports on the financial affairs to the other board members at each meeting. They advise the Board on appropriate steps to take to ensure the financial health of the building.

The secretary signs stock certificates, proprietary leases and banking documents. They also keep and distribute minutes of meetings, maintain records and carry on correspondence that does not fall to the responsibility of the managing agent, president or treasurer.

Our currently Board is comprised of the 5 residents below. Names and contact details have been omitted in the interests of protecting them from internet incursions into their privacy. You can always contact the Board using the button below, to learn their details privately.