In prior blogs, I asked for help. No response. I am a non-resident Shareholder. This blog should be controlled and written by resident Shareholders. Help wanted/needed!
Do we need a VA
Shareholders Committee?
You are Shareholders. If Shareholders (you) don't know what is happening and don't get involved, BAD things will happen. Bad things are happening.
You are Shareholders. If Shareholders (you) don't know what is happening and don't get involved, BAD things will happen. Bad things are happening.
We are a Co-op. We
vote for a BOD. The BOD is supposed to be non-paid volunteers who act for the
benefit of all Shareholders. If they make wise informed decisions, that is good. If they make stupid uninformed decisions, that is very bad. You suffer. The BOD must be watched.
The BOD (in many
Co-ops) hires a PMC. The PMC does what is necessary to ‘operate’ and advise a Co-op.
That includes guiding the BOD, collecting maintenance, fees, paying bills,
handling infrastructure problems, supervising employees, etc. The PMC is also
expected to be knowledgeable, competent, and honest, not solicit kickbacks’ and
not do the ‘evil’ things some PMCs do.
The allegiance and
goal of the PMC should be for the benefit of all Shareholders.
Unfortunately, PMCs
are hired by the BOD. This creates an obvious ‘conflict-of-interest’. This is
one of the many reasons why an interested, active and skeptical Shareholders
Committee is important.
The Annual Financial
Statement prepared by WMK&G ‘appears’ to show we have a huge shortfall. We
are losing money. We got big problems. And as WMK&G (Accounting firm)
imply, the Financial Statement may not be reliable because of questionable
data. In addition the financial Statement is not adequate or and not
‘passable’. I assume the BOD voted to ‘accept’ the report which is a reflection
of their lack of competence.
We waste money and
spend too much on needless expenses. We have ‘significant’ revenue ‘shortfalls’
disguised by ‘assessments’, ‘surcharges’, ‘fees’, etc. We still don’t know
about the ‘misplaced’ and/or ‘missing’ money. NYC RE and Water Taxes just went
up. The 32BJ pension plan has a giant ‘shortfall’. All our costs will continue to
increase.
Non-resident
Shareholders surcharges are over 32% of maintenance. That is terrible! Current per share
maintenance is $1.38. The surcharge is $.45. According to major PMCs, most
co-ops have no charges. The ones that have surcharges range from $5-20 or 5%
maximum. (According to one PMC, the amount charged by VA may violated NYS Law)
This MUST be changed.
It is wrong!
You are probably aware that the price of co-ops has dropped. It is estimated that VA's outraegous surcharges have reduce VA's marketabilty and dropped the prices by probably an additional 10%.
It is wrong!
You are probably aware that the price of co-ops has dropped. It is estimated that VA's outraegous surcharges have reduce VA's marketabilty and dropped the prices by probably an additional 10%.
The BOD is supposed
to review and scrutinize the activities of the PMC. This includes reviewing
monthly financial statements, bills, disbursements, contracts, etc. Sadly,
there is overwhelming evidence that VA’s BOD failed to do their job in the
past.
VA’s BOD refuses to
answer Shareholder questions, explain and give evidence of ‘expenses’. The BOD
is apparently spending Shareholder money for personal whims, expenses,
vendettas, ‘memorials’, ‘shrines,’ employee ‘goodies’, etc. (As evidenced by
BOD letters, etc.)
Shareholders are
paying an ‘assessment (#2) for what may or may not be outrageous ‘legal’ fees.
Most Co-ops. (Including VA) have O+D insurance.
Jill and the BOD
refuse to give us information, present ‘bills’, invoices, etc. It ‘appears’ the
lawyer was hired without Shareholder authorization, discussion or knowledge. It
‘appears’ the lawyer was hired for ‘personal’ matters and to promote the
election of Jill and the existing BOD.
A ‘remarkable’ and 'inappropriate' letter was sent to Shareholders by the lawyer, dated
June 14, 2012. Copies are available. The letter was an attempt to influence
the upcoming Annual Elections and to support the person most responsible for
hiring and continuing to pay the lawyer.
We want the assessment stopped. We want a complete explanation and
disclosure of all payments made. We want all money returned to Shareholders.
The owner of Vision Enterprises is VA’s biggest shareholder. We assume
he maintains great influence and control on Ms. Schachter and the BOD who seem to do as
they are told.
If you see something ‘wrong’ and/or encounter problems who do you
complain to? Got an idea? Who do you tell? Is something wrong? What do you do? We need a Shareholders Committee.
The value of a Shareholder’s Blog is to provide a forum, bring matters
to Shareholder’s attention, provide information and provide communication for
the BOD and PMC and Shareholders.
I am a non-resident Shareholder. I have repeatedly asked for help to
maintain this Blog and keep the VASC alive. Residents should know what is happening and what affects your homes. I don't know what you know. Please help!
Bottom line: I need help. We all have a responsibility. If you do
nothing, every bad thing that has happened and will happen is your fault.
Please contact me. The blog and Shareholders Committee needs help to continue.
joel vasc11362@aol.com
joel vasc11362@aol.com
