Everybody complains about money. It doesn't matter if you're a millionaire or just getting by from paycheck to paycheck--everyone is on the lookout for money saving possibilities.
The same holds true for co-op and condo owners and shareholders. Co-ops and condos aren't just buildings--they're businesses--but boards sometimes don't think that way. They waste money, and don't take advantage of some very simple ways to save shareholders some dollars. From cutting down on energy use to ferreting out wasteful spending in the annual budget, there are lots of ways boards and management can work together to fortify the bottom line.
"I think it's important to make sure you go through a complete budgeting process and make sure you outline the strategy of where you are headed in the next year or two," says Marc Taub of ERE LLP, a tax consulting firm based in Manhattan. "This is up to the board and the managing agents. Sometimes it's not so much losing money, but knowing where you are going to spend your money."
It's important for board members to explore all options available and not just make quick decisions based on what's easiest. They should assess ways of saving money as a team and think about what's best for the building as a whole.
When thinking about money-saving ideas, Jay Novet, of Budget Saving Strategics in Great Neck offers a key component: imagination.