Is this normal
Started by nycbuyer1
almost 16 years ago
Posts: 108
Member since: May 2009
Discussion about
I know that the co op application process is intrusive and I have accepted that. However, they are requesting 10 copies of the board package which seems excessive. Is it normal to request so many copies of personal financial data. It is only a 50 unit building so my guess is there are a handful of board members that need a copy....
Unusual, but no so unusual as to cause a furor. Usually it's 6-8 copies. But I would ask if I were you ~
Do you honestly care if they ask for 6 or 8 or 10 copies? What difference does it make having the explanation other than to potential signal that you are ... difficult. You've already chosen this building as fitting your bill for your new home and where you want to plant yourself. Let this small stuff go or you will make yourself crazy through this process.
I agree with kylewest, this should be the least of your worries buying a coop. The idea is to stay neutral, at your meeting be honest of course, but don't ask a lot of questions, simply answer theirs. If you are doing your own package use a copy shop to prepare the copies and make sure you use nice power point slides to divide up the various sections along with a nice cover letter and a table contents...
"of contents", I also put mine in a nice binder or have them bound. Cooper Square management scans their board packages into their system, so any kind of binding is a no no.
I've seen 1 additional copy required and I've seen 16 additional copies required. As someone who values the conservation of paper, it is a nuisance, but it is something that you need to do. As far as the presentation of the board package (and this is really where your broker should direct you), I agree with KeithB, you should never bind your board package or use anything other than good old fashion paper (colored paper for dividers). This is not something that they keep around and review when the weather isn't nice. They review it and move on. Binding it (binder/spiral bound/etc) will end up being a waste of your money and a test on the board's patience. Good luck.
My old building (funny to say that since we just sold and closed on Thursday!) requires the board packs on CDs now. Can be a hassle for many but eliminates the paper issue. The paper board packs, in addition to being unfriendly to the environment, were not being disposed of properly until I asked them to get a shredder.
"As someone who values the conservation of paper, it is a nuisance"
This is a red herring.
Most of our paper comes from "factory" forests where trees are harvested and continually replanted on a rotating basis.
Trees regrow. It's how nature works. And there's no more environmentally "friendly" waste than paper, since it's the ultimate recyclable resource. Much more environment-friendly than all those PLASTIC CDs that lo888 mentioned.
First thing I did when I joined the board of my old building and saw the material I would be exposed to regularly is to buy a fairly high grade shredder. A board member who does not shred all these documents immediately after a decision has been made is shirking their responsibilities at best, and possible liable for invasion of privacy. Binding makes taking apart for shredding more difficult and thus it becomes a duty postponed. Please make it easier for board members to do their job, which includes disposing of your highly sensitive data in the proper and timely manner.
My buildings collect the materials from board members after the vote and collectively shreds them. Destruction is never left to individual board members.
My board gave all copies back to us (except one, which they retain for their files) without our having to ask. I have to say I appreciated that.
usually 6-8 copies
"A board member who does not shred all these documents immediately after a decision has been made is shirking their responsibilities at best, and possible liable for invasion of privacy."
Get over it.