What it means to be a director

The Spark reached out to a few former directors of Seward Park Cooperative to ask for their thoughts on what it means to serve on the board. Following is former director Jodi Zagoory’s response:

When you serve on the co-op’s Board of Directors you have the responsibility to set policies which the management company is charged with carrying out, and to vote on the numerous and various issues that come up in the ordinary and usual business of a residential co-op. Your service is voluntary. You do not and may not receive any compensation in any form. The following are among the duties you will have:

  • You must keep confidential the information you receive regarding the co-op’s business and shareholders. You may not disclose any information about any shareholder to anyone other than to another director, management personnel and the co-op’s legal counsel.
  • You must not discriminate against anyone or make any decisions out of spite or revenge.
  • All of your decisions are made in accordance with what you think is in the best interests of the corporation and in accordance with New York State Business Corporation Law and the co-op’s governing documents (proprietary lease, bylaws and house rules).
  • A regular board meeting is held every month. You are encouraged to attend in person but if unable to you may attend by teleconference.
  • The agenda of the regular meeting is compiled and set by the president of the board.
  • Monthly agenda items include reviewing and discussing the co-op’s financial status based on a monthly financial report, and voting on sales, sublets, and adding/removing names from stock certificates.
  • Serving as a director does not mean that you have the power to order co-op staff to do anything. Directors tell management what the board wants the co-op’s staff to do, and management directs the staff.
  • You, your family and your friends may not receive any preferential treatment from staff or management.
  • You will make decisions on whether the co-op should enter into contracts and leases.
  • You will make decisions on whether the co-op should take legal or other action against a vendor, commercial tenant or shareholder.
  • You will make decisions on whether to and how much to spend on projects.
  • You will decide on who will be the co-op’s attorney and accountant.
  • You will decide on the co-op’s annual operating and capital budgets to ensure that the co-op’s financial obligations are paid.
  • You will decide whether the co-op should borrow money or pay off any loans.

Service on the board is for a term of three years. It is time consuming. You will be asked to review and make decisions about contracts, proposals, reports and other documents. You must take your responsibilities seriously as the decisions that you make impact many people and businesses. But like any form of voluntary public service, it is also rewarding and satisfying to help guide your community into the future.

New Gazette

Director Eric Mandelbaum has issued another Gazette. Like the last one, this one seems to have had a pretty limited distribution. In another highly unscientific poll, more than half of the handful of shareholders contacted by the Spark had not seen a hard copy. But unlike the last one, this one is very, very long, and directly addresses this year’s election, endorsing candidates Finston, Ramirez and Riga and attacking past directors.

Official Candidate List and First Statements

Memos were circulated over the last week with the official candidate list, the order in which they will appear on the ballot, and their first candidate statements.

Following is the list (with links to their candidate statements on the password-protected SPC shareholder website):

Election 2013: Unofficial Candidate List

Three seats are available in this year’s election for the Seward Park Cooperative Board of Directors.  The extended deadline for submitting candidate packages was yesterday, and the Spark has learned that the following shareholders have entered the race.

  • Marc Albaum
  • Susan Drosdofsky
  • Debbie Finston
  • David Pass
  • Norma Ramirez (incumbent)
  • Ray Riga
  • Dia Shepardson
  • Hariette Skidelsky

There are a few familiar names, and a few new names.  We look forward to learning more from the candidates in the coming weeks.