2008/2009 Fall

Glen Oaks Fall/Winter 2008-2009 Village Community Newsletter BOARD MEMBERS: Bob Friedrich, President & Chief Financial Officer; Roseann Ciaccio, Vice President, Lisa Marulli, Treasurer; Carol Carucci, Secretary; Lee Feinman, Christine Bergen, Justin Conklin, Leonard Motsinger, Mitch Jaret NEWSLETTER COMMITTEE MEMBERS: Mildred Marshburn, Editor; Roseann Ciaccio, Dorothy Hegmann, Associate Editors Photo by Bob Friedrich INSIDE this ISSUE … On Board Around the Neighborhood by Bob Friedrich . 2-4 by Drew Englot . 24-25 Year To Date Sales History Community Faces Maintenance Department News Unit Highest YTD Sale GOVO Asking $ by Bob Friedrich . 5 by Mildred Marshburn. 26-27 A $215,000 . $214,900 Dollars and Sense A Senior Moment B $249,900 . $249,900 by Randy Gunther. 6 by Dorothy Hegmann . 28-29 C $265,000 . $284,900 D $329,000 . $329,900 Mail Bag New Employees by Bob Friedrich . 7-19 E $277,000 . $299,900 Graziella Asaro and Shalini Manoo . 30 F $220,000 . $232,900 Featured Homes G $299,900 . $299,900 by Mildred Marshburn. 20-21 Grand Opening of Laundry Room #1 . 30 H $349,900 . $349,900 Security News Advertisements . 31-35 by Hazel Cantre . 22 Holidays, Reminders & Contact Numbers . 36 Heating Season Tips by Jeff Postman. 23 On Board By Bob Friedrich ([email protected]) This has been a challenging time for Board members of co-ops co-ops were built around the same time and share many of the and the co-ops themselves. Between Wall Street’s problems same issues. Therefore, differences between them are general- affecting Main Street and the troubled economy, along with ly due to the proficiency of its management, its corporate significant increases in the costs of goods and services, trying structure and the role that the Board of Directors play. In Glen to balance a budget while keeping monthly maintenance Oaks Village, we are fortunate to be self-managed with a com- affordable is truly an awesome task. A look at the co-op land- petent staff that is fully accountable to the Board of Directors. scape around us shows that many co-ops have had double-digit In addition, we have a very active, involved and hands-on maintenance increases. And that’s in addition to costly stand Board of Directors. There are no issues in Glen Oaks Village alone assessments (not offset by tax abatements) that many co- that I or the Board is not intimately involved in. This type of ops have initiated to cover the rising costs of heating fuel. involvement and our careful management of finances and the These assessments have generally been hundreds of dollars. infrastructure have been responsible for the transformation of Many, if not most, of the nearby co-ops also have a flip tax. A Glen Oaks Village from a once transient and troubled co-op to flip tax is a fee that the co-op charges the seller when they sell Queens’ best run co-op. Keep in mind that this didn’t happen their unit. This fee is generally 25% to 50% of the SELLER’S as a result of wishful thinking or “hoping” for good things to PROFIT. Many co-ops use this as a way to bring in revenue come. It happened because of smart management, good deci- and offset additional maintenance increases for its sharehold- sions and the fact that we run our co-op like a business, requir- ers. Although this raises a lot of revenue, the fundamental ing accountability of all employees. This doesn’t mean that question remains; should a co-op be entitled to a profit from there are no issues or problems, but it does mean that we have the sale of YOUR unit--especially if you have spent lots of the personnel and procedures in place to effectively deal with money renovating it? Fortunately, this is not an issue for us, them. Successfully running a co-op is a continuous work-in- because Glen Oaks Village is one of the few co-ops WITH- progress and means that decisions and procedures are always OUT a flip tax! I bring that up because most of our nearby being evaluated and updated. One of the things that we do better than our men have honed their skills through or a 51% savings. In addition, this type most co-ops is running our Maintenance our departmentalization program, they of work provides a stimulus and chal- Department and maintaining our infra- have been able to perform work that lenge that our Maintenance crew can be structure. Because of our program of other co-ops would have to contract out. very proud of. Not only will this work departmentalization, which is a concept An example of this is our recently com- extend the life of our driveways and I developed and put into place many pleted Building Foundation Program, reduce future costs, but it is work that we years ago, our unionized Maintenance where our staff replaced thousands of are now fully capable of doing with staff has developed their skill levels basement windows, resurfaced the build- quality assurances. above that of other co-ops. In most co- ing fascia ops, maintenance workers do all jobs. below the A central theme of ours has been to find So although they handle everything, they bottom-most ways to minimize future costs and repairs. are experts at none. In Glen Oaks Vil- brick and Many of the things we now do to achieve lage, we divided our Maintenance Serv- built the con- these goals are readily visible by strolling ices Department into 5 specialties: crete walls around our community. Vinyl siding (left) Carpentry, Electric, Boiler, Plumbing surrounding and installing synthetic doors (right) on an and Grounds Keeping. Instead of every our crawl- as-needed basis are just two examples. maintenance employee doing everything spaces and basement stairs as seen in the and being a master of nothing, depart- photo above. The most recent example mentalization has given each worker the of in-house work has been our program ability to develop their skills and of seal coat- improve the quality of their workman- ing and line ship in a distinct department, where they striping our can learn from others. As a result, our asphalt drive- employees have been gaining the skills ways on a bi- necessary to do quality work; while sav- annual basis. Although these doors are more costly ing us thousands of dollars in the process This has been than wooden ones, the need for painting had we out-sourced it. In addition, our made possi- is eliminated, the doors have a much Dispatchers are now trained to ask ble by providing the staff with the prop- longer life expectancy and they look appropriate questions of callers so that er tools and machinery to do the jobs great. We will soon begin to replace the the correct information can be placed on correctly. I recently asked our Con- wood railings and decking of all original work order tickets, minimizing the need troller to do a cost analysis of the 31 terraces. We have analyzed the cost to for return visits to the office for the nec- driveway locations we completed in paint them and have determined that essary parts. We also provide scheduled 2008, compared to what the same work replacing them with maintenance-free appointments for work requests, some- would have cost us had we contracted it materials is more cost effective with a thing not done in other co-ops. Because out. The savings amounted to $105,000 payback period in two paint cycles. 2 BUDGET BREAKERS: ry 21 Real Estate Office in the Manage- 4 ITEMS = 43% OF OUR BUDGET ment Office courtyard. We will review Heating Fuel, Property Taxes, Water and and assess all offers; but remember, they Electric are 4 items that consume almost will not be sold for less than fair market 50% of our annual budget. Each one of value as determined by market condi- these is beyond the control of Glen Oaks tions and comparable sales in the com- Village and each one has risen greatly or munity. This may be a good opportunity is expected to increase substantially this to purchase a unit in a down market, year. Although the cost of heat has come especially if you are handy. down from its historical highs, it is still much more expensive than it has ever apartment was sold in 3 weeks; it now been. Property taxes have remained can take 3 to 5 months to sell the same level over the past 2 years but with the apartment. There are just fewer buyers. huge deficits facing the city, we expect I believe the relatively strong real estate SOLAR POWER significant increases in 2009. Water market here in Glen Oaks Village is due Although everyone seems to be talking rates have increased more than 25% over to actions taken by the Board of Direc- GREEN these days, a prudent and fiscal- the past 2 years with no end in sight. tors. Our Renovation-To-Sales Program ly conservative Board will not spend One of the issues I will be fighting for if for our GOVO units has kept prices high Shareholders’ money on unproven tech- I am elected in my bid for City Council and this has benefitted those folks sell- nology--unless there is a return on office in 2009 will be to allow co-ops to ing their units, even if they haven’t been investment over a reasonable period of deduct water rate increases above the renovated. We have also taken a fair time.

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