Page 3 - New England Condominium July 2019

COMING UP Publisher Yale Robbins yale@yrinc.com Executive Vice President Henry Robbins henry@yrinc.com Associate Publisher Joanna DiPaola joanna@yrinc.com Advertising Directors Alyce M. Hill alyce@yrinc.com Michele Mulvena michele@yrinc.com Senior Editor Hannah Fons hannah@cooperator.com Associate Editors David Chiu david@cooperator.com Pat Gale patgale@yrinc.com Staff Writers Michael Odenthal michael@yrinc.com Alan J. Sidransky alan@yrinc.com Art Director Shirly Korchak shirly@yrinc.com Production Manager Aetna Dowst aetna@yrinc.com Traffi c Coordinator Victor Marcos victor@yrinc.com Copyright 2019 by New England Condominium Magazine LLC, dba Community Association Publishing. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written permission. New England Condominium is published monthly in New York, New York by New England Condominium Magazine LLC, dba Community Association Publishing, 205 Lexington Ave., 12th Floor, New York, NY 10016. 508-753-4630. ISSN 1550-946X. Periodical postage paid at New York, New York and additional mailing offi ces. Subscriptions are available free by request to condominium and homeowner associations. POSTMASTER: Please send address changes to New England Condominium Magazine, 205 Lexington Avenue, 12th Floor, New York, NY 10016. FREE Subscriptions for Board Members, Trustees, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: newenglandcondo.com/subscribe TABLE OF CONTENTS THIS MONTH’S FOCUS: BUDGET & FINANCE THE CONDO, HOA & CO-OP RESOURCE CONDOMINIUM NEW ENGLAND NEWENGLANDCONDO.COM NEW ENGLAND CONDOMINIUM -JULY 2019 3 4 Pulse/Calendar 5 Legal Q&A 12 EXPo ReCaP 16 Board OPerations: EntitleMent to InForMation 18 MarKetPlaCe DEPARTMENTS: Manager, or Landlord? By Mike Odenthal Many co-op shareholders and condo unit owners arrive in their respective communities aft er a history of living as renters. Oft en they carry with them certain ingrained assumptions and expectations from having lived under a landlord. Th ese assumptions can cause friction – because while the board of a co-op association and/or its management company may take on some responsibilities similar to those of a landlord, these are very diff erent entities operating under distinct mandates. 8 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 Th e board of a building or community association has a fi duciary duty to uphold its community’s governing documents, act in good faith, and advance the interests of the community at large. Occasionally, boards fail to carry out this duty – sometimes through mismanagement and poor decision making, and sometimes through willful disregard for the association’s bylaws. In the latter situation, there’s usually one uniting motivator: money. 10 Board OPerations: ConduCting Better Meetings By Mike Odenthal Residents in co-op, condo and HOA communities are frequently quite busy. Boards consist of elected volunteers who nearly always have other jobs and lives. So while a professional management company can relieve much of the day-to-day operational stress of running a multifamily community, no decision can be made without those board members coming together to represent the interests of their neighbors. 14 6 August Insurance/Board Training September Energy & the Environment October Board Operations November Building Maintenance December Safety & Security January Management February Board Relationships