If you live in a condo or a co-op, you most likely have heard the term fiduciary duty, usually in reference to the responsibilities and obligations of board members and management. But what is a fiduciary duty? In essence, it’s a legal rela…
Tag: Conflict of interest
The motivation for volunteering to be an uncompensated (and sometimes underappreciated) co-op or condo board member is usually a sense of civic duty combined with the desire to protect one’s own investment and quality of life. This means th…
Co-op, condo, and HOA boards across the country are made up of volunteers who are committed to the governance of their community. Among their most important duties is selecting vendors to provide goods or services—everything from lawn care …
Q. I live in a Housing Development Fund Corporation (HDFC) building in the Bronx. My building has no meetings or elections, and shareholders are not informed of our financial status at all. The treasurer’s son has taken complete control a…
Professionals who work with co-op, condo, and HOA boards see a lot - and over the course of their careers, accumulate wisdom that client communities both current and future can benefit from. In this clip, a quartet of management pros discus…
The board of a building or community association has a fiduciary 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 – …
Everyone – including the boards and managers of community associations – inevitably makes mistakes, or is guilty of using poor judgment. And while it’s very unlikely that every member of a community will commit outright illegal acts, it’s a…
Q. Can married couples serve on the co-op board at same time? —Concerned Stakeholder A. “Unless specifically prohibited in the corporate documents or bylaws,” says attorney Adam Leitman Bailey of Adam Leitman Baile…
Q. The president of our board holds two positions, and his wife holds another. Their friend holds the last position. We had an election yesterday, and two new residents gave speeches running for positions on the board – one for the presid…
Q. Can a board member vote on a change in rules that will directly benefit him/her? For example, the board member is an investor with more than 10 units and needs more parking spaces for tenants. Therefore, he/she moves to vote to change …