Who will monitor the board’s activities?
As owners of the corporation, the shareholder members—you—are responsible to monitor the co-op’s management and finances. In addition, your accountant, your attorney, your lender (if the co-op has one) and others will be monitoring the success of your co-op. You may also have a formal “Monitor” requirement from your lender, municipality or state regulatory agency or housing agency (the co-op pays for its Monitor). Your Monitor will support your co-op, make sure there is an annual election, trouble-shoot as needed and help the co-op meet its annual reporting requirements.