Vol. 59 No. 39
Saturday, September 28, 2024
Sept. 25th Gallery Session BY ROZAAN BOONE
Shareholders addressing the Board at the September 25th Gallery Session spoke on a range of topics that included cable service, the Riverbay Fund, cleanliness of the basements, sanitation, employment and business practices and change orders, among others. In opening the session, Riverbay Board President Rod Saunders announced that since the matter involving two Board members had been discussed at the last two consecutive Board meeting and it is in litigation, no comments on the topic would be allowed at the meeting. He also announced that contrary to what he has heard being circulated in the community, the new president of the Riverbay Board of Directors does not intend to “scuttle or otherwise do away with the Riverbay Fund.” “I have no intentions of doing that. The Board has no intentions of doing that,” said Board President Saunders. “There are issues that are involved and that has to be settled between the Board and Riverbay Fund. But the Riverbay Fund is not going to be scuttled or otherwise done away with. Are we clear?” The questions and answers during the Gallery Session are summarized below. The first speaker, Ms. Barbara Rose, wished (Continued on page 5)
Management Report for Riverbay Corporation for period ending August 31, 2024 Management Report
Marvin L. Walton
$1.25
My Perspective – Board President and the Riverbay Fund, Inc. Going back 44ercise the followPresident’s Report years ago, the ing powers to the 1980/1981 Riverextent permitted bay Board of Diby law: To solicit, rectors created The accept, hold and Riverbay Fund, administer funds Inc., a not-for-profexclusively for its it Corporation [501(c)3]. aforesaid objects and Lawyers representing the purposes and, to that Riverbay Board of Direcend, take and receive by tors filed a Certificate of trust, and purchase, conIncorporation to legally struct-upon or lease any do so. property, tangible or inThe stated purposes tangible, where so-ever of the Riverbay Fund, located and without limInc., was to “promote itation as to amount or wholesome community value;” The intent here activities of all kinds inis to allow for the accepcluding, specifically – the tance of grants and funds educational, recreational, and cul- that may be available for the benefit tural activities for the youth, Senior of our shareholders, that the not-forCitizens, and other residents of the profit entity could apply for, where Co-op City community.” Riverbay Corp., a limited profit Included within the Certificate of Mitchell-Lama cannot. Incorporation is a paragraph which Nearing the end of the Certificate states that “the corporation may ex(Continued on page 4)
Rod Saunders
Riverbay Executive General Manager On behalf of Douglas Elliman Property Management, I am pleased to present the Management Report for Riverbay Corporation for the period ending August 31, 2024. This Management Report provides updates with the following items: • Staffing – Public Safety Department • Local Law 126 • Bike Racks • Planned Hot Water Outage • 32BJ Training Fund Partnership (Continued on page 2)
Open Board Meeting BY DANIELLE CRUZ
The Riverbay Board of Directors held an Open Board meeting at the Dreiser Center Auditorium, on Wednesday, November 25. Before the Board meeting, shareholders were able to address the Board and Riverbay Management during a Gallery Session. After the Gallery Session, the meeting was called to order by Board President Rod Saunders, and Riverbay Executive General Manager Marvin L. Walton then went on to present a summary of his Management Report. During his Management Report, Executive General Manager Walton provided updates to the community about the ongoing progress for staffing the Public Safety department, and to announce the completion of Local Law 126 work in all eight garages. Mr. Walton then went on to announce that Riverbay will be installing 35 new bike racks in the community in the next few weeks. “These bike racks are geared to enhance the quality of life of our shareholders and their families by establishing a viable means for e-Bikes as well as regular bikes to be placed outside safely and securely,” Mr. Walton said. Mr. Walton also explained that the Power Plant is planning a hot water shutdown for the entire community. The shutdown will start at 11 p.m., October 2, and will last until 7 a.m., October 3. “This time frame was chosen to lessen the impact on the community as much as possible,” Mr. Walton explained. “The shutdown will enable the Power Plant team to fix a leak on a feed waterline that connects our boilers. We’re getting ready for the heating season.” The Management Report also included information about Riverbay’s new (Continued on page 10)
Committee on Committees Resolution 17-03, Section 5, provides in part that “[t]he Committee [on Committees] is authorized to propose resolutions in connection with the creation, merger, or dissolution of any committee.” The Committee on Committees (“COC”), chaired this year by Anika Green-Watson and Leah Richardson, will meet with the Board to discuss updates to the Board committee process for the 2024-25 year. Board committees are the cornerstone of any effective corporate governance program. Committees bring specialization, accountability, and transparency, which help Riverbay navigate challenges and opportunities. The existence of our committees is not only a requirement, but a testament to our commitment to excellence in governance and dedication to protecting cooperators’ interests. Chairpersons of each committee will be appointed by the President, with the consent of the Board of Directors. Here is what cooperators should know: • Board committees are small groups of individuals that advise the Board on a specific area of operations. • Board directors have a duty to do what is reasonably necessary to inform the decisions they make – duty of care. Part of the duty of care can involve attending committees and participating in committee work. • Committees can consist of a mixture of Board members, Riverbay staff members, and volunteer cooperators, who come together to provide expert guidance for the Board as a whole. • Cooperators have always been a vital part of the success of Board committees and will be invited to join committees beginning next week. The Committee on Committees will publish the list of committees in next week’s newspaper, and a link where cooperators can sign-up to participate. Cooperators who are interested in serving on a committee should use that form to express interest in the Committees of their choice. We look forward to serving with you this year! Please reach out to Anika at
awatson@riverbayboard.com with any questions. —Anika Green-Watson Co-Chair, Riverbay Board Committee on Committees