I do not know how it is in different parts of the country, but in Westchester, whenever we submit a Coop Board Application and the supporting documentation, copies must be made by the applicant(s) and sometimes they can total up to a dozen sets of paperwork for each of the respective Board Members for their review. I am hoping it is different elsewhere, but when are we going to accept being in the 21st Century, and supply all of this documentation on a disc or USB device? Does the Management Company hand deliver all of that documentation to the Board Members? Or, do they decide what to send over? If so, and if the documentation is shortened in someway, could that conceivably color the application process itself by limiting what the Board members actually receive and view?
Recently, on behalf of clients, I made nine sets of coop paperwork. This included 3 years of full W-2’s (so much paperwork), 3 months of bank statements, 3 months of pay stubs, authorization for both a credit check and background check, debt to ratio form, Letters of recommendation and letter of employment verification, pay stubs, the application itself, the contract of sale, mortgage commitment, and of course the accompanying checks.
I paid over $100 in copying fees at a local store, bundled each set up with a ribbon, and because of the weight alone, hand delivered everything to the Management company, making 2 deliveries from my car to the appropriate office.
Surely, if everything was on a USB device or disc it would be a GREEN feature and saving everyone so much money!
Most are about 1 foot in diameter and 60 feet tall. … I have a ream of paper for a photocopier here and it weighs about 5 pounds and … measurements, a tree would produce (805/5 * 500) 80,500 sheets of paper. These are all fairly rough estimations, and I weighed things on a bathroom scale, but you get the general idea.