Cooperative apartments are homes collectively owned and managed by their residents. Because of this shared ownership, cooperatives foster a community atmosphere where residents take responsibility for the building’s upkeep, promote active homeowner well-being and involvement, and work to create a culture of consensus.
The residents participate in decision making, volunteer for committees, and serve on the cooperative's elected Board of Directors.
The Board of Directors is charged with managing and maintaining the property and keeping the corporation financially sound. The Board is accountable to the members and required by law to meet the obligations of the corporation.
The Broadmoor is a self-managed cooperative, directly employing a general manager, rather than outsourcing its management. The general manager oversees a staff of engineers, custodians, housekeepers, and front desk personnel; handles all budgeting and finance; and manages all routine maintenance and capital projects.
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