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Re: questionable co-op finances
Posted By: Kerry In Response To: Re: questionable co-op finances (jk)
Date: Monday, 26 June 2006, at 1:33 p.m.
The lawsuit was settled using the funds/ and or insurance that the board had. We got our financial statement a few months ago and it mentioned the lawsuit, and explained where the money came from. No increase in Maitenence. I moved in last june and a few months later had a small increase of $26 in my maitnence. Due to the increase in fuel. Which is not alot since my mom who lives in a condo in Passaic park, had an increase due to fuel of over $100 in maitenence.
There maybe some confusion with the raise in rates due to the fact that so much is included in our maitenence. We just switched packages with Time Warner cable where everyone has to get digital cable and you get free Showtime. In the past it was about $32 on your mait. and all digital and extra was billed from Time warner (about another $20). The new package allows Linwood park to bill us for the whole package, digital cable (over 500 channels) for $44 on our bill. So there was a slight increase again but it was due to the cable package not our actual "Maitenence" per se. The only thing now billed separatly is if you order pay per view movies.
As for the financials, when I applied for my mortgage through the company I went through (its a non for profit co. through a union i belong to) they said the financials maynot be as strong as other co-ops, but the overhead for what they have to take care of is not the same. IE, no doorman, no pool, no tennis courts, no work out room. Essentially, we have a no frills place, so its not as questionable as say Horizon house, which has alot of amenities to keep an overhead for. A non for profit co. would never had given me my mortgage if there was any question of their finances. Also the properties do show an increase in value through out the various years, so there is a demand for them, which is always good.
I do like being there. I have to say the only real big complaint i have with them is that they are not very accomadating with me in regards to things I need fixed and working with my schedule. I understand that I have a difficult work schedule, but they don't really accomadate if you have no possible way to get off of work or to have service people come in on the weekends. That is what gets very annoying and frustrating. So I have a telephone that hasn't been hooked up for about 3 months cause they don't allow Time warner to come into the basement area on weekends or holidays, or nights. Again understandable, but still frustrating.
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