3rd Annual Board Member 101
May 21, 2019. Our four panelists – Assistant Director of Management Operations Amanda Smith, Compliance Director Jessica Tusing, Financial Analyst Joan Culgiette, and Jack Lepper, Esq. – explained best practices for coop and condo Board members in keeping their buildings running. This panel covered everything from types of insurance, the arrears process, building staff, and how to run a Board meeting. The full panel is below, as well as shorter videos focused on some of the most important topics.
Thinking of Running For Your Building’s Board?
Understanding Your Building’s Insurance Policy
Taking Care of Your Staff
Why Consistent Policies are Important
D & O Insurance Explained
Argo University: 3rd Annual Board Member 101
1:10 Board Member Duty of Loyalty – how to make the best judgement calls for the best of the corporation.
2:08 Conflicts of Interest – other companies, personal benefit, disclosure.
7:23 Two rules for succeeding as a board member
11:08 Corporate Documents for Coops and Condominiums
12:27 Fiduciary Duty and liability/acting ethically
13:18 Bill of Insurance
16:54 Checking the insurance policies of workers in your building
18:48 Checking vendors insurance and reviewing contracts
22:20 Chain of Command from the Board of Directors – and the virtue of using a managing agent
26:23 Making decisions, compromise, and presenting a united front as a board
30:12 Chain of command from federal laws to house rules and declaration
33:36 Communication with residents
37:23 Board Meeting Minutes
40:02 Agendas and your meetings
51:18 The board’s responsibility to set a good example as representatives / difficult board members
54:04 Financials and keeping an eye on your budget – doing budget reviews and assessments
1:04:00 Reserve Levels for condominiums and when not to use them
1:12:05 Making a cost assessment schedule
1:16:00 The process for Arrears
1:24:50 The procedure of discipline for union and non union workers
1:29:12 Performance evaluations
1:32:19 Maintenance and capital projects
1:39:29 Running for the board and dealing with ineffective boards
1:40:09 Evaluating your managing agent
1:42:26 Making a board action / Voting as part of a board
1:52:20 Can a managing agent sit on the board as a board member?
1:55:41 Meeting minutes
1:56:45 Who oversees boards in NYC?
1:58:53 Personal Liability
2:02:08 10 year versus 20 year plan