8
Co-op City Times / December 30, 2023 Director’s’ Viewpoint –
Daryl Johnson
Board Meeting Review, 12/20/2023 We reviewed a lot of resolutions during our board meeting on Wednesday, December 20, 2023. Now, do I think that the resolutions that we voted on were good for our community? Well, you be the judge. Resolutions With Terrible Solutions According to NYS law, “Virtually all employers must provide workers’ compensation coverage for their employees. Workers’ compensation is insurance that provides cash benefits and/or medical care for workers who are injured or become ill as a direct result of their job.” In 1914, the NYS Insurance Fund was established “to guarantee the availability of workers’ compensation and disability insurance with the lowest possible cost to New York employers while maintaining a solvent fund.” Now, please go slow and read this next section carefully. Ready? Employers can easily go online, get quotes, and then purchase insurance from the NYS Insurance Fund. Thereafter, again, they are guaranteed to get the lowest possible cost for insurance. So, based on these facts, can other insurance companies compete with the NYS Insurance Fund in terms of insurance costs? No! Therefore, does it make sense to go out and spend a lot of money on a broker to get quotes from other insurance companies? No! Well, take a guess what Riverbay did. That’s right, Riverbay hired a broker “to conduct a marketing program for the renewal of our Workers’ Compensation policy.” Then, this broker went out and compared the rates from other insurance to the rates from the NYS Insurance Fund. Thereafter, take a guess what this broker did. Well, he recommended that Riverbay buy insurance from the NYS Insurance Fund. Amazing, huh? Yes. But, we’re not finished with this incredible transaction. You see, we had our last board meeting of the year on December 20, 2023. And, our present insurance policy was going to expire on December 31, 2023. So, there was only a very short period of time to renew our insurance policy. Plus, get this, this broker was going to make $82,500 just from this outrageous transaction. Regardless, the majority of the board voted yes to approve this transaction. And, I voted no to send a message about this extremely bad way of conducting business here. Bottom line: What are your thoughts about this transaction and this $82,500 broker fee? How do you feel about getting a carrying charge increase on April 1, 2024 and your money being wasted in this way? Sidewalk Contractors Riverbay has an obligation under the Mitchell-Lama regulations to include minority and womP.O. Box 318, Bronx, NY 10469
en-owned businesses in reference to our contracts. So, why aren’t minorities and women-owned businesses receiving big contracts here? For instance, a $600,000 contract was just approved for a contractor to repair our sidewalks. So, Riverbay should publish a response and let this community know if minority and women-owned businesses were considered for this project. Bottom line: Look, as a minority, there is no way that I will support this type of nonsense to go on in our community. Furthermore, I believe that our cooperators should speak out when they see that we don’t have a sufficient number of contracts being awarded to minority and women-owned businesses. Can minority and women-owned businesses repair a sidewalk? Of course! So, the big issue is why are these types of contracts going forward and getting approved? Please think about this matter. Deferred Equity Program – Discontinued on January 1, 2024 Effective January 1, 2024, the Deferred Equity Program will be cancelled. Now, when you really think about it, you have to ask yourself some big questions: Why does a housing company that makes $273 million a year need this type of program here? If housing companies are not supposed to touch this money, then does it make sense to charge a lot of money for the use of an apartment? Is the apartment fee of $7,500 per room too high? Does it make sense for a housing company to burden their shareholders down with paying monthly carrying charges plus a large payment for a Deferred Equity Plan? In my opinion, the answer is no. Similar to other co-ops, prospective shareholders must be able to pay a fee that they can afford for the use of an apartment. Thereafter, they should be able to comfortably pay their monthly carrying charges. If not, then applicants should consider other possible housing options. But, the most important concept to understand is that we should never set applicants up to fail on their payments. Board Meeting Chaos On May 26, 2023, the Riverbay Election Committee issued a $1,000 total fine against five board candidates that called themselves the Impact Team. And, the charge
Join Us for a Day or More of Fun on Our Upcoming 2024 Trips! Lunch Included.
• Wed. Feb. 28, 2024
AFRICAN AMERICAN MUSEUM Nassau County, NY
• Sat., Apr. 13, 2024
“BEEHIVE” THE 60s MUSICAL Hunterdon Hills Playhouse, Hampton, NJ
• Fri., May 24, 2024
DANIEL
• Thurs.-Sat., July 11-13, 2024
CAPE COD & MARTHA’S VINEYARD Peninsula of MA
• Sat., Sept. 7, 2024
HERITAGE CAPE MAY
Cape May, NJ
• Sat., Oct. 5, 2024
PHILLIPS CRABFEAST
Baltimore, MD
Sight & Sound Theatre, Ronk, PA
TWO PICK-UP/DROP-OFF LOCATIONS: 177 Dreiser Loop The Park @ 161st Street (Front of H&R Block)
(Bet. Grand Concourse & Walton Ave., Opposite Bronx Courthouse)
For Information, Please Call Lessie Harris @ 347-866-4625
was that two individuals acted on their behalf and passed out flyers in a building after the cutoff time of 10 p.m. Well, during this current meeting, several directors exchanged words over this matter. So, without any order in the room, this meeting was abruptly adjourned. Then, several directors walked out of the room. Thank you. Close There will be lots of parties tonight. However, please do not drink and drive a vehicle. Lastly, I hope that everyone will have a Happy New Year. Thank you. Contact Information Please send a letter to: Board Director Daryl Johnson, Riverbay Corporation, 2049 Bartow Avenue, Bronx, NY 10475. Currently, here is my ONLY email account: djohnson@riverbayboard. com. I will never ask for or accept money from anyone. Therefore, please do not respond to any message with my name on it that requests money, money transfers, gift cards, personal information, or anything from you. And, please do not ever send money or anything to anyone because you saw my name on a false message. Also, please call me ONLY at 718-671-4544 if you would like to have a brief discussion with me. And, please hang up your phone immediately if someone calls you and says that they’re Daryl Johnson or is associated with me and asks you for money or anything else. Okay, that’s it for now. So, please have a wonderful week. And, may God bless you and your family. Thank you.