Some organizations offer a refresher course on protocol for veteran members and provide orientation for newcomers. Whether you are a long-time member of FGC or a newbie, you may learn something from this post.
New and potential members can read about FGC’s history on the first post on this blog. Otherwise, here is a summary of who we are, how our co-op operates, and the protocol.
The Florian Gardens Cooperative is a limited-equity co-op (LEC): A form of shared home ownership in which individuals buy a share in the co-op, and thereby share ownership of the property. Each share entitles an individual to occupy one unit and to take part in making some decisions regarding the co-op. FGC members are restricted from selling their share. In this respect, our LEC is different from market rate cooperatives in which members can sell their shares at market value. LEC’s are designed to keep housing costs affordable for residents at or below market levels making homeownership more accessible for low and moderate income households.
While many decisions affecting the co-op are decided, approved, and voted on by the co-op’s Board of Directors, the membership body, or both, all members work together to reach mutual goals based on democratic control and decision-making. Member control is on a one member (per unit), one vote basis. Only valid members of the co-op (the primary shareholder(s) on the Occupancy Agreement) may vote on co-op issues.
The co-op documents (By-laws, Occupancy Agreement, and House Rules) describe the responsibilities and legal relationship between the co-op and its members.
The key to keeping a co-op functioning is a qualified Board of Directors — who are responsible for the day-to-day operations of the co-op — and an equally competent management company. Together they insure that the co-op operates efficiently and effectively.
In 1989, FGC’s Board of Directors hired Kriegsfeld Corporation to manage the co-op. Kriegsfeld’s property management functions include compliance with zoning and tax issues and housing codes; major repairs and renovation projects; management reporting; and collecting monthly carrying charges. FGC and Kriegsfeld Corporation have maintained an excellent business relationship for over two decades.
That’s who we are in a nutshell.