While any board who wanted to hold an annual meeting in the last 18 months was left with few options, some of our clients are permanently hooked on virtual annual meetings and there are others who are ready to go back into the lobby, basement/laundry room or just get together wherever is available in the neighborhood as soon as possible.
Our firm’s experience is that virtual annual meetings are here to stay. Recently our first client that we provided virtual annual meeting support services to, in the form of serving as moderator, hosted their second annual meeting virtually. This milestone is worth celebrating and much congrats go to Czarnowski & Beer Partner, Avi Zanjirian, and his team for doing such a good job and that our client has embraced the many benefits of continuing to hold their annual meetings virtually.
Socially interacting with owners that we’ve known for so many years has a valid benefit, but we question mixing the business of the annual meeting with community social events. Previously, the barrier for cooperatives was that they were required by law to have in-person annual meetings. However, NY State legislation is rumored to be contemplating changing that- with good reason.
Efficiency and effectiveness of the annual meeting, as well as the ability for unit owners not physically near the building at the time of the meeting time to still participate, are some reasons why boards choose to continue with virtual annual meetings. The costs of meeting rooms and professionals traveling to the location versus simply logging on to the meeting is substantial.
At C&B providing a comprehensive review of your property’s finances is a key part of our representation. Additionally, our attendance at client’s virtual annual meetings is always considered a courtesy service.
Putting the benefits up front and then separating the social connection between neighbors seems to be the best long-term strategy for annual unit owner meetings. While mixing business and pleasure was in some ways required by New York State’s requirement for only physically in-person annual meetings, the day has come to separate the two.
We are working to start the conversation and would love to hear your feedback!
– Avi and Stephen
I would like to have a meeting to discuss about providing a virtual annual meeting for my co-op. Please provide a schedule of your availability to have a virtual meeting with the Board of Directors of Patrick E. Gorman Housing Development Company located in Brownsville, Brooklyn. We are a cooperative of 339 families. Our regular schedule annual meeting is the 3rd Thursday in October.