Tag Archives: Finance

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 →

2014 Financial Statement Q&A

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The co-op’s financial statements for the fiscal year ending November 30, 2014, were distributed to shareholders recently. We have analyzed them and posed a number of questions to Management and the Board.

Shareholders can access the financial statements by logging into my.sewardparkcoop.com, clicking on “Official Documents” and “Corporate Financial Statements.” Or, after you have logged into my.sewardparkcoop.com, click here. Note that for 2014 the co-op used a different auditor than in recent years, so comparing the 2014 results with prior years is not an apples-to-apples comparison (as noted in some of the responses to our questions).

Because this website is public and our co-op’s financial information should not be public, we are not posting everything directly here, but we have posted our questions and the responses to SPComm, a Yahoo Group for shareholders of Seward Park. If you are a member of SPComm, you can use the following links to access the relevant posts:

Board Treasurer Marc Album also replied off-line to say that due to lack of interest in the last two financial meetings, he does not intend to host one this year.

We will edit this post with additional follow-ups as they come in.