Page 3 - NY Cooperator July 2019

COOPERATOR.COM THE COOPERATOR —JULY 2019 3 DEPARTMENTS: 4 Pulse/CalenDar 5 Questions & Answers 14 SerVice Directory Publisher Yale Robbins yale@cooperator.com Executive Vice President Henry Robbins henry@cooperator.com Associate Publisher Joanna DiPaola joanna@cooperator.com Senior Editor Hannah Fons hannah@cooperator.com Associate Editors David Chiu david@cooperator.com Pat Gale patgale@cooperator.com Staff Writers Michael Odenthal michael@cooperator.com Alan J. Sidransky alan@cooperator.com Art Director Shirly Korchak shirly@yrinc.com Production Manager Aetna Dowst aetna@yrinc.com Vice President of Advertising Tom Christmann tom@yrinc.com Advertising Directors Rick Levin rick@cooperator.com Fred Marks fred@yrinc.com Peter Chase peter@yrinc.com The Cooperator is published monthly by Yale Robbins Publications, LLC, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations. POSTMASTER: Send address changes to The Cooperator, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publications, LLC 2019. All rights reserved. Application to mail Periodicals postage rates is pending at New York NY. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: cooperator.com/subscribe TABLE OF CONTENTS THIS MONTH’S FOCUS: BUDGET & FINANCE ON THE WEB: 6 Co-oP, or ConDo? By AJ Sidransky CHamPagne ProBlems By Mike Odenthal NYC OK’s Bill ReQuiring BuilDings to ReDuce GreenHouse Gas Emissions By David Chiu UnDerFunDeD ReserVes By AJ Sidransky Th e importance of saving for a rainy day is a lesson we all learn as children. Just like we as individuals should put away a little something for that ‘just-in-case’ moment, co-op corporations and condominium associations must also keep reserve accounts for unexpected as well as planned replacements and repairs. Th e question is how much money they should keep on hand. Th e answer to that depends to a great extent on what the portrait of the community looks like. 8 12 Maintenance CHarge Increases By Mike Odenthal Th ere are few things upon which most people agree, but a general dislike for paying more today for something that cost less yesterday is pretty universal. Th is goes for taxes, consumer goods, healthcare, and of course for monthly maintenance or carrying charges to a co-op, condo or HOA. But like it or not, the reality is that major building systems wear down, natural disasters happen, and the environment around a property changes over time. All of these will eventually mean an increase in what each individual shareholder or owner must pay in order to keep his or her community solvent and well-maintained. Facing Financial Mismanagement By Mike Odenthal When a board or manager mishandles association funds, the negative ramifi cations can be felt across the entire community, impacting individual owners’ and shareholders’ investments. So it’s in everyone’s best interests to have competent management and legal pros helping the board guide members along the straight-and-narrow path. 10 August Insurance/Board Training September Energy & the Environment October Board Operations/Expo Issue November Building Maintenance December Safety & Security January Management February Board Relationships March Exterior Maintenance COMING UP IN THE COOPERATOR