Shareholders Hold Annual Meeting

North Shore Towers held its Annual Shareholders Meeting on Thursday, June 19, at which time it was announced that there is $9.5 million in the corporation’s three reserve funds.
Prior to the start of the official meeting, Towers attorney Errol Brett warned shareholders of a scam where a company is mailing letters to shareholders stating that they need a certified copy of their deed and can purchase a new one for $89.95. Brett said that cooperatives do not have deeds and that if anyone had already fallen for this ploy and paid the money they should contact him so he can try to get it back.
Once the official meeting started, Brett announced that the American Arbitration Association had certified that there was a quorum for the Board of Directors election.
As President Chuck Robbins gave his address, he shared some of the reports submitted to him by committee chairs. A screening report from Phyllis Goldstein stated that there were 62 sales from June 6, 2007 to May 7, 2008 with an average share price of $192.55. During that same time period the year before, there were 56 sales with an average share price of $186.78.
As the chair of the Marketing, Public Relations & Marketing Committee, Goldstein also reported that the new Towers website is expected to launch around July 10. It will include a resident log-in tab.
In regards to the House and Grounds Committee, Alan Gardner’s report said that he was proud of his committee and that they had a productive year. Its accomplishments included upgrading the landscaping by the front entrance and buildings, adding lobby furnishings, adopting a house rule to deal with the conduct of the employees of residents and holding a new residents’ welcome party.
The final committee report Robbins shared was from Herb Cooper, the chair of the Capital Improvements Committee. The plans have been completed for the installation of smoke detectors and electronic emergency controls in all three buildings. The proper approval and permits for this project have been obtained and bids have been received. Energy conservation measures have also been taken and there have been life safety upgrades.
“I want to thank each and every one of my fellow board members for their contributions in making this what I think is a successful year,” Robbins said as he closed his remarks. “I am really pleased with the way this board fit together after a kind of rocky start. I don’t think we had a rocky finish.”
Finance Committee Chair Robert Ricken delivered his own report on the financial matters of North Shore Towers. As of June of 2008, he said that the total amount in all three reserve funds was $9.5 million. That figure did not include the $1.5 million in the working capital fund and the $927,000 in the checking account.
Ricken also said that the “picture may change dramatically” in the future as oil costs will most likely exceed budget during the summer and early winter months. He also said that the corporation needs to lobby elected officials to prevent Mayor Michael Bloomberg from rescinding the seven percent tax cut and tax rebate for next year.
John Hasselbauer, CPA, who was part of the outside audit of the corporation, told of the process used. He said the audit work was complete early in 2008 and a final report was issued in March.
“Our audit report concluded that the corporation’s financial statements were fairly stated in accordance with generally accepted accounting principals,” he said. “In addition, we found the corporation’s system of internal accounting controls to be effective and accordingly we did not issue a management letter to the Board stating any significant differences or materiel weaknesses.