Co-op Corporation

You should get a copy of the by-laws or you could just ask the co-op management to explain how the it works.

For sure, it’s a non- profit corporation - but not a charitable non profit.

Assessments are set to meet expenses as listed in the budget or outlined in the bylaws. A reserve fund is also established (mandated by law) to meet replacement of such items as elevators, roofs, roads, signage, etc.

engineer-

Thank you.

I checked the By-Laws. It references the Business Corporation Law but does not otherwise address the question.

Consult a real estate agent or attorney.

I'd ask - or ask to see what ever tax filings they have - it seems odd to me that the by-laws would not state if it is set up as a non-profit or not.

But in any case even if they are non-profit they would have to register with the IRS under Subchapter T so there should be some tax documentation you should be able to get your hands on. Being a shareholder in it - there is no reason that you should not be entitled to get a copy of it.

Linkat-

Thanks

P.S. - I like your profile.

Oh my I had written that so long ago I had to go back and see what the heck I wrote about.

I was funny back then.