Having served the greater New York co-op and condo community for more than 60 years, Argo Real Estate is fully committed to educating and supporting its board members. Argo University is a quarterly educational session for co-op and condo board members where industry experts are invited to share their insights on relevant topics. These seminars are real-time problem solving sessions where experts and board members go over important issues facing residential properties today.
A recent Argo University session covered how to run a successful board meeting. With more than 10 years of experience as a property manager in New York City before stepping into my current role as Director of Client Relations, I have been to my fair share of residential board meetings and was able to offer key insights into how to most effectively and efficiently run these meetings. Here are some of the key takeaways:
• What is the purpose of a board? A condo or co-op board is the designated group of unit owners or shareholders, respectively, whose mission it is to manage the business of the building. The building, while being a place of residence, is also real property, which is an asset. Members of the board take on a fiduciary responsibility to protect and grow its asset.
• How often should a board meet? In order to successfully govern the building, Argo recommends that board members hold regular board meetings. Regular board meetings can vary from monthly, to quarterly, to semi-annually, as long as they are held in accordance with the building’s governing documents. Board meetings should be conducted in an efficient and effective manner based on the length of business to transact and/or amount of topics on the agenda.
• How should boards conduct themselves? To best manage the property, boards should follow a Code of Ethics and Conduct. A Code of Ethics and Conduct is a set of guidelines and protocols boards should follow to ensure that the co-op or condo’s best interests are pursued during board meetings. These guidelines indicate that boards should not use their position for personal profit, gain or other personal advantage, and that boards should seek to comply with applicable laws, codes, contracts and agreements to which the building is currently obligated. The Code of Ethics and Conduct also addresses how to handle any conflicts of interest that may come about, and any instances in which a board member should recuse himself or herself. For a sample Code of Ethics and Conduct, a board member may contact their property manager and/or the building’s attorney. Alternatively, please feel free to contact me at (212) 896-8684 or firstname.lastname@example.org and I would be happy to provide you with one.