Annual meetings are not only a necessary part of association management – they are a valuable way to ensure smooth operations, enhance the lifestyle of owners and residents, and position your property for success. The main purpose of your New York City Cooperative or Condominium's annual meeting is to inform shareholders and unit owners of the state of the property. Meetings may cover a wide variety of topics. To help you be successful, here is a quick overview of vital tips to ensure that your annual meeting is an efficient and productive one. Click here
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BOARD MEMBER CHECKLIST - 10 Ways to Prepare For and Run a Successful Annual Meeting
1. Know and follow the procedures for conducting the meeting as outlined in your building’s governing documents and by-laws.
2. Plan in advance to generate enough interest in the meeting to obtain a quorum.
3. Be sure you understand all of the building’s issues well enough to intelligently answer questions from owners or shareholders.
4. If you don’t understand an issue, seek answers from your building’s professionals in advance of the meeting.
5. Review each other’s committee reports and the building’s budget.
6. Consider appointing Inspectors of Election.
7. If ongoing litigation will be discussed, have the building’s attorney attend.
8. If complex financial matters are on the agenda, have the building’s accountant present.
9. If a large capital improvement project is planned or underway, have the building’s consulting engineer, and possibly the contractor, present.
10. Host a Candidates Night so nominees for board positions can talk to owners about their motivation for running.
While preparation and execution of an Annual Meeting may appear daunting to those who are newer to the process, it can be an easily manageable and streamlined event when guided by experienced and seasoned professionals.
To download our comprehensive guide to ensuring a successful annual meeting and receive future educational materials from FirstService Residential, please complete the form below.
Remember, having the right managing agent guide you through the numerous details each step of the way can make all the difference in ensuring a successful outcome. For more information, contact FirstService Residential.