Tag Archives: 2015

Initial Reactions to the 2015 Financial Statements

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On a quick initial read of the financial statements that were delivered to shareholders’ doors today, a few things jumped out.

The bad:

  • We have disturbingly little operating cash.  At 11/30/15, we had just over $100k in operating cash (with almost $3MM in outstanding payables).  This is far worse than previous years.
  • After last year’s big write-off, commercial tenants’ arrears have already started creeping back up (up another $100k from last year).
  • Flip tax collections were down over $1MM vs. 2014.

The good:

  • Heating costs are down, so it looks like the boilers are paying off.  There’s also a note that they are fully paid off.
  • Security costs are down, so it looks like bringing security in-house is paying off.
  • In the notes, it is revealed that the base rent Icon pays for the garage is $1.08MM per year, which is more than $200k more than the total garage charges we collected from shareholders in 2015.  So even ignoring any costs that are being shifted to Icon (like maintenance/repairs for the gates that are always breaking), the co-op is immediately making more money from this arrangement than from the old arrangement.  And based on the note, it sounds like there is the possibility for us to share in additional revenue under unknown circumstances.

The good and bad:

  • The long-running public-adjuster lawsuit was finally settled for $950k.  This seems like a lot of money to pay to someone for failing at his job, but we had fought it for many years and the latest rounds in court had not gone our way.  At least it’s done and we’re not paying lawyers to continue fighting it.

On the Annual Meeting

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crack

the need for repairs is no joke

The 2015 Annual Meeting of the Shareholders was one of the most informative Board presentations in recent memory, and also one of the best attended. Current Board President Dave Pass led a quick review of the Board’s activities over the past year and then spent a great deal of time explaining the current state of our physical plant and finances. Mr. Pass, together with General Manager Frank Durant and a panel of outside experts (Greenthal’s financial and engineering experts, and the co-op’s attorney and auditor), made a compelling case for the immediate need for new roofs, continuing brickwork, and a way to pay for it. Continue reading →

And the winners are…

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Congratulations to Doron, Aaron, Erica and Mendy.

The final vote tallies were:
#2 Erica Cullmann 399
#3 Sandy Kershon 145
#4 Mendy Erez 388
#5 Aaron Lee Fineman 487
#7 Debbie Finston 373
#8 Hariette Skidelsky 296
#9 Doron Stember 490
#10 Laurel Hirsch 332
#11 Carlos Rosado 381
ABSTAIN 3

That means at least 826 shareholders cast votes.

Thanks also go out to Gus Medina, Kate Nammacher and Paul Sobel for their service over the past three years, and Carlos Rosado for his service going back well over a decade.

Seward Park Board Election is Tomorrow

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Seward Park Cooperative shareholders go to the polls tomorrow (Wednesday).  Please remember to vote!  Note that if you are unable to vote in person on Wednesday, you can vote online using the codes you should have received in the mail from Election America.  If you have misplaced your codes, please contact us and we can send you a proxy form that will allow another shareholder to cast a vote on your behalf.

We believe that the following four candidates stand out in their high levels of demonstrated professionalism and volunteerism.

#2 Erica Cullmann – Offering a background in operations and facilities management, with more than 16 years of experience in RFPs, contract negotiations, vendor management, strategic planning and budgeting. An active leader in planning SPC family events (Halloween parties, Summerfest, etc.) and member of various Board-supervised committees.

#5 Aaron Lee Fineman – Has both run his own business and worked in marketing and communications for large organizations like the United Nations and CUNY, with strong knowledge of both marketing and technology. Volunteers his time and photography and design skills for initiatives like the Halloween parties and promoting the co-op’s shared office space, as well as for a number of neighborhood organizations, including the Lower East Side Girls Club.

#8 Hariette Skidelsky  – Boasts a professional background is in retail management, paralegal work and child care.  She is active in the Women’s Club, where she has gotten to know many of our middle-aged and older neighbors, but also has a 17 year old son and is attuned to the needs of young parents as well.   She has served on a variety of board-supervised committees, including finance, energy and legal.

#9 Doron Stember – As a practicing and teaching physician, Doron listens, researches, consults with experts and synthesizes information prior to taking thoughtful, well- considered action in order to  help others.  Exactly as a good Board member should.   He is motivated, energetic, fair-minded, and capable.

But whether or not you agree that these candidates are the best, the important thing is to vote.

Your neighbors,
Linda Jones, Brett Leitner, Micah Arbisser

2015 Candidates

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This year eleven candidates are vying for four open seats. The candidates, according to a notice posted yesterday on Sewardparkcoop.com, are:

#1 – Alvin Steinberg (candidacy withdrawn)
#2 – Erica Cullmann
#3 – Sandy Kershon
#4 – Mendy Erez
#5 – Aaron Fineman
#6 – Gus Medina (candidacy withdrawn)
#7 – Debbie Finston
#8 – Hariette Skidelsky
#9 – Doron Stember (misspelled as “Dorin” in the notice)
#10 – Laurel Hirsch
#11- Carlos Rosado

Gus and Carlos are incumbents. The other two seats are being vacated by Kate Nammacher and Paul Sobel.