Pursuant to a new New York State regulation, Board Members belonging to all Cooperative and Condominium Associations will be required to provide an annual report to the members of your cooperative or association containing information on any contracts made, entered into, or otherwise voted on by the Board that were considered a related party transaction; such as a director with an interest in the company or a relative of the director with an interest in the company that a contract has been entered into with.

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Are you on the Board and using either your personal or work email address to conduct Board business? If so, this may be a bad practice that can affect your personal and work lives. What do we recommend? Each board member should set up a brand new email address specifically for all board related items.

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More often than not, switching Managing Agents is a daunting task for the existing Board. The Board / Manager relationship is one that is intertwined (almost as intimate as a marriage) and although some are switching after a short period of time, many are leaving behind 10+ years of hand-in-hand relationships.

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