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Co-op Board Meeting Calendar 2012–2013

Co-op Board meetings for 2012–2013 are typically scheduled on the fourth Monday of every month (with some exceptions), from 7:30 to 9:30 p.m., in the community room in the basement of 37 Nagle Ave.

All shareholders are welcome!

The Board meetings and other meetings for 2012–2013 have been scheduled as follows:

  • Monday 30 July 2012
  • Monday 27 August 2012
  • Monday 24 September 2012
  • Monday 22 October 2012
  • Monday 12 November 2012 (second Monday to avoid Thanksgiving holiday)
  • Special Board Meeting – Saturday 1 December 2012, 10:00 a.m. – 3:00 p.m.
  • Monday 10 December 2012 (second Monday to avoid Christmas holiday)
  • Monday 28 January 2013
  • Monday 25 February 2013
  • Monday 25 March 2013
  • Monday 22 April 2013
  • Monday 27 May 2013
  • Monday 10 June 2013 (second Monday)
  • Annual Meeting – tentatively Wednesday 26 June 2013 (TBC)

2012–2013 Board of Directors Elected

At this year’s Annual Shareholders Meeting on Wednesday 27 June 2012, shareholders elected the new Board of Directors. The members of the Board of Directors for 2012–2013 are:

  • Babette Crain
  • Todd Fries
  • Joanne Hoffman
  • Scott Lahodny
  • Annica Schroeder
  • Ryan Scott
  • Paul Vellucci
  • Steve Vernon
  • Ross Williams

Congratulations to all!

The election of officers will be held at the next Board meeting.

Annual Shareholders Meeting Wed 27 June 2012

The Annual Meeting of Shareholders is scheduled for Wednesday 27 June 2012 at 6 p.m. in the courtyard (or in the basement Community Room if it rains). Dinner will be provided.

The purpose of the meeting is:

  • To elect officers and directors to serve for a term as stipulated in the By-Laws of the Corporation;
  • To consider and act upon all actions taken by the Board of Directors and Officers of the Corporation since the last meeting of shareholders;
  • To transact such other business as may properly come before the meeting.

For more details, please read the Notice of Annual Meeting of Shareholders, which you received in the mail earlier this month.

In case you are unable to attend the Annual Meeting, please fill out the Proxy form appointing a trusted shareholder who will be attending to vote on your behalf. This is needed to ensure that there is a quorum for the meeting. Mail or fax the completed proxy to the Managing Agent. If you do attend, the proxy will not be used.

If you wish to run for the Board of Directors, please send a biographical sketch to the Managing Agent by 25 June 2012 so that it can be distributed to the shareholders before the meeting.

See you at the meeting!

Personal Income Tax Return Data for 2011

The following is a reproduction of a memo sent on 14 January 2012 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP.

(Download the scanned memo [PDF, 44KB].)

TO: Shareholders of NAGLE APARTMENTS CORP.

RE: PERSONAL INCOME TAX RETURN DATA FOR 2010

Dear Shareholders,

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2011 your Per Share individual income tax deductions are as follows:

MORTGAGE INTEREST $11.9667 per share

REAL ESTATE TAX $18.5913 per share

For the year 2011, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2011, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2011, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2011 was $19.6252 per share for mortgage amortization. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

Annual Budget Meeting 2011 – Update

On Saturday 3 December 2011, the Board of Directors met to review the operating budget for 2012. The following is a reproduction of the follow-up letter sent on 14 December 2011 to all shareholders.

[PDF version]

Maintenance Fees, Assessment and House Rules Changes for 2012

Dear Shareholders,

Maintenance Charges for 2012

The corporation’s cash needs for operations have improved slightly due to savings on water bills, anticipated savings on heat and repairs. The savings on heat and repairs are the direct result of the roof replacement project that is nearing completion. These savings have been used to fund anticipated increases in staff union charges, real estate taxes and other items.

As a result, there is no maintenance increase for 2012: the charge remains at $6.20 per share per month.

Assessment

Two major building capital replacements and improvements have been completed without requiring additional funds in the form of an assessment from shareholders. This was possible because the corporation owned several rental units which, when sold, is funding or funded capital repairs such as the new windows and the new roofs. We now have only six units left and cannot solely depend on the sale of those units to fund new capital projects.

At the last annual meeting, the Board asked shareholders to vote for a Capital Fund fee to be applied on the sale of units (also known as a “flip tax” or “transfer tax”). The vote to approve that proposal has failed and now the corporation has one less method at its disposal to obtain necessary capital repair funds.

We have two large capital repairs coming up shortly — the roof over the garage and the garage itself. To prepare for those large expenditures, the Board voted to impose an assessment of $0.155 per share (or $0.16 per share, rounded) per month to be paid with the monthly maintenance. This is approximately 2.5% of the current maintenance and it will be used to fund capital projects.

This small assessment will fund only a portion of the upcoming necessary capital repairs and discretionary improvements. Any additional amounts will likely come from additional assessments, sale of rental apartments or loans. The assessment will start with the January bills and it has no end date.

Additionally, the Federal Corporations that guarantee mortgages have imposed rules regarding reserve funding. Housing associations now must have a reserve funding line in their operating budget for 10% of their revenues in order to approve mortgages for purchasers of co-ops and condos. In order to ensure that prospective buyers of apartments can obtain mortgages, we need to make sure that we comply. Although this requirement is being imposed from outside the corporation, it is a smart policy and well within our financial plans.

Other Changes – Sublets

The Board voted to decrease sublet fees for shareholders not currently subletting from $25 per share for all years to $15 per share for the first year, and $25 per share for the second year. Shareholders who are already subletting will be grandfathered into the current fee structure. The Board also voted to rescind the temporary third year out of every six years increase to the sublet limit back to the original policy of two years out of six years for shareholders newly subletting. Shareholders currently subletting are grandfathered into the three-year plan.

Other Changes – Deposit on Sale of Shares

Last year, the Board imposed a deposit on sale of shares sufficient to cover electric charges which are billed in arrears. The Board wishes to inform al shareholders that the amount of the deposit is $250. Any remaining amount after the electric charges have been fully billed will be refunded by the management company to the former shareholder.

Other Changes – Storage and Bike Storage

Additional storage and bike storage will become available in the next few months. Please contact Justin Verret 914-524-8600 (jverret[at]bluewoodsmgmt.com) if you want to be placed on the lists.

Staff Holiday Tips

If you want to give holiday tips to the superintendent or porters, please do so directly:

  • Shahabudeen “Sha” Hayatt – since 1996
  • Andres Mangual – since 2008
  • Narine “Ricky” Deolaal – since 2008

Building Security

Management and the Board wished to remind everyone that the doors are meant to let you in and keep unwanted individuals out. Forcing the door open without a key or propping the door open compromise building security and resident security. If you need extra keys, please contact the superintendent or the building manager.

Co-op Board Meeting Calendar 2011–2012

Co-op Board meetings are typically scheduled on the third Wednesday of every month (with some exceptions), from 8 to 10 p.m., in the community room in the basement of 37 Nagle Ave.

All shareholders are welcome!

Note: Managing Agent Justin Verret will be available in the community room 7:30–8 p.m. prior to each Co-op Board meeting to hear and address shareholder concerns. You may also contact him by e-mail or at +1 914 524-8600. If certain concerns require a hearing by the Board of Directors, he will bring them to their attention during the “Management Report” section of the Board meeting.

The Board Meetings and other meetings for 2011–2012 have been scheduled as follows:

  • Wed 17 Aug 2011
  • Wed 14 Sep 2011 (2nd Wed)
  • Wed 26 Oct 2011 (4th Wed)
  • Wed 16 Nov 2011
  • Special Board Meeting: Sat 3 Dec 2011, 10:00 a.m. – 3 p.m.
  • Wed 14 Dec 2011 (2nd Wed)
  • Wed 25 Jan 2012 (4th Wed)
  • Wed 15 Feb 2012
  • Wed 21 Mar 2012
  • Wed 25 Apr 2012 (4th Wed)
  • Wed 16 May 2012
  • Wed 20 Jun 2012
  • Annual Meeting tentatively Wed 27 June 2012 (TBD)

Personal Income Tax Return Data for 2010

The following is a reproduction of a memo sent on 10 January 2011 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP.

(Download the scanned memo [PDF, 43KB].)

TO: Shareholders of NAGLE APARTMENTS CORP.

RE: PERSONAL INCOME TAX RETURN DATA FOR 2010

Dear Shareholders,

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2010 your Per Share individual income tax deductions are as follows:

MORTGAGE INTEREST $12.9367 per share

REAL ESTATE TAX $17.5523 per share

For the year 2010, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2010, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2010, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2010 was $18.9792 per share for mortgage amortization. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

Annual Budget Meeting 2010 – Update

The following is a reproduction of a letter sent on 17 December 2010 to all shareholders.

Dear Shareholders,

On Saturday, December 4, 2010, the Board met to review the operating budget for 2011. The corporation continues to be under cost pressure from a variety of sources, including real estate taxes, water/sewer rates, utility costs and building maintenance costs. Most of these are out of our collective control.

Changes for 2011

At the meeting, the Board voted to:

  1. Raise monthly maintenance charges $0.15 per share or 2.48% (there was no increase last year);
  2. Raise laundry charges $0.25 per load wash and dry;
  3. Upon sale, require a $250 utility deposit from the seller, the balance of which will be refunded to the seller after the unit’s utility charges have been fully posted to their account (usually after two months);
  4. Consistent with the last several years, the Board voted not to assess the co-op/condo and Star credits and abatements. Those of you who had previously signed up for these will continue to receive them January–June.

Other News

The Board and management are working with Rand Engineering to bid out needed and necessary roof replacement work (for the roofs of the residential buildings). We hope to begin in the first half of 2011. This is likely to be very comprehensive work with a twenty-year warranty and includes bringing several items up to code.

As a result of the engineering study done to prepare us for the roof repairs, it was discovered that the building roof s lack the necessary strength to support a “green roof” and lack the strength to support a continuous human presence (like a patio). However, the Board is reviewing other options to use the space to better the environment. A leading contender at the moment is a solar electric configuration.

Happy Holidays,

—Your Board of Directors and Management

Unplug Your Cell Phone Charger to Save Energy

By Kristin Withak

You may think keeping chargers for things like cell phones, iPods, hand-held devices, laptops and the like waste such a tiny amount of electricity that it’s not worth remembering to unplug them. Or, maybe you didn’t even know that when you unplug your cell phone (etc.) from its charger, the charger is still drawing power. It’s true! Only 5 percent of the power drawn by a cell phone charger is used to charge the phone. The other 95 percent is wasted when it is left plugged into the wall.

You may be thinking your single charger uses such a small amount of energy, but with the US having an estimated 190 million devices with rechargeable batteries, combined stand-by usage of all those cell phone chargers, each drawing a measly watt, could add up to 190 megawatts per day. That’s enough to power approximately 100,000 homes.

Keeping chargers for items that require their battery to be recharged plugged in when not attached to the item (or even after it has fully charged the battery) consumes about 6 percent of the nation’s electric bill. This is a bad habit that can slowly add up to a lot of wasted energy, and yet can be so easy to break the habit by just remembering to unplug your devices and plugs once the battery is fully charged. Spread the word! Think about how much energy can be saved if everyone did just this one little thing.

In the same vein (and this may be shocking), unused appliances plugged into the electrical outlet continue to draw electricity while the products are turned off, and in the average home nearly 75 percent of all electricity used to power electronics is consumed by products that are switched off. VCRs, televisions, stereos, computers, and kitchen appliances all use energy while not in use. The best way to help cut costs and electric use is to get a power cord that can be switched off when appliances are not in use. You’ll save the energy equivalent of a 100-watt light bulb that is always on.

Rough equivalent: 100W light bulb @ 8,760 hrs/year
Electricity: $.10/kWh
Total energy cost: $87.60
Cost of power strip: $4.00
Total energy savings: $83.60
Total CO2 savings: 1,217 lbs

Reminder: Annual Shareholders Meeting Wed 23 June

The Annual Meeting of Shareholders is scheduled for Wednesday 23 June 2010 at 6 p.m. in the courtyard (or in the basement Community Room if it rains). Dinner will be provided.

The purpose of the meeting is:

  1. To elect officers and directors to serve for a term as stipulated in the By-Laws of the Corporation;
  2. To consider and act upon all actions taken by the Board of Directors and Officers of the Corporation since the last meeting of shareholders;
  3. To transact such other business as may properly come before the meeting.

For more details, please read the Notice of Annual Meeting of Shareholders, which you received in the mail earlier this month.

If you are unable to attend the meeting, please fill out the Proxy form appointing a trusted shareholder who will be attending to vote on your behalf. Your appointed proxy should bring the filled-out form with her/him to the meeting.

See you at the meeting!