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Thu Mar 25, 2010 14:30

Board of Directors has recently discovered that most, if not all, shareholders have underpaid or overpaid their maintenance for many years. Board has decided to refund or bill these shareholders for as many years as the law allows. Any similar occurences and if so what was the outcome.

    • Maintenance AdC, Sun Mar 28 14:37
      How so? You do not mention how they were overbilled or underbilled. Please provide more explanations. AdC
      • Re: Maintenance NERIS, Mon Mar 29 09:54
        Apparently accountant has discovered the under and overbilling as shareholders were not paying the correct $ amount per share amount. This property has been a coop for over 40 years
        • How much is the difference? AdC, Tue Apr 13 14:04
          Your situation is not the only one in co-ops. I don't know what is the difference--pennies or a couple of dollars per year or hundreds or thousands of dollars per year? Sometimes, these situations... more
          • Re: How much is the difference? Neris, Fri Apr 23 09:43
            Board has no idea as to how over and underpayment of maintence occured. It seems that shareholders were charged different amounts per shares which went on for many, many years no one knows. Our new... more
            • resolution RLM, Sat Apr 24 14:11
              If this were my co-op, I'd hire an outside accountant to determine exactly what happened and when - determine what the over- and under-payments are - then have the board meet with Shareholders to... more
              • Re: resolution NERIS, Sun Apr 25 15:05
                Our new accountant was the person who discovered this issue. Board is considering accessing all to pay those who are due a credit. Thus all shareholders including those who are due a credit will be... more
                • fairness RLM, Mon Apr 26 07:40
                  That doesn't seem to be an equitable solution for anyone....
        • Re: Maintenance ~AR, Tue Mar 30 09:06
          If the dollar amount was incorrect, then all should be over, or under billed.. not a combination of each. Everyone pays the same amount per share for maintenance. If there is a combination of each,... more
          • Re: Maintenance SaL, Tue Apr 6 08:41
            I suggest you look for a new accountant and a new managing company.
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