ARTICLES

EXECUTIVE DIRECTOR’S MESSAGE
By Gregory J. Carlson, ADVANCED RAM, HCCP, RCM, nyarm

When Will We Learn?
On Thursday, August 14 New York City experienced a blackout of major proportions, part of an event that affected eight states and part of Canada as well. The Cooperative Coalition to Prevent Blackouts (Coalition), and the Federation of New York Housing Cooperatives and Condominiums (Federation) being one of the founding members, has been warning the various state and federal agencies for years that an event such as this was bound to happen. To unravel the mystery of why and who is to blame is under investigation, but it appears a single mishap paralyzed the Northeast, plunging more than 50 million people into darkness and costing billions of dollars in lost business and spoiled provisions.
Founded on the premise and since its inception, the Coalition has been trying to educate the powers that control electrical power in New York State, the Independent Systems Operator (ISO), Public Service Commission (PSC) and the New York State Energy Research and Development Agency (NYSERDA), that conservation and electrical behavior modification is the only course to prevent occurrences like August 14.

The Coalition has attempted to hammer down the various barriers erected to prevent consumer conservation. It is a well-established fact that the submetering of electricity can conserve electricity. In a cooperative, under current PSC rules, shareholder approval is required to install individual unit meters. I have been to many informational shareholder meetings that are corrupted by a few loud, uninformed shareholders who overtake the meeting and force the board to withdraw the proposal. If you remove the politics and let a duly elected, educated board decide the community’s fate, nine out of ten times they’ll go with the submetering proposal, because it makes sense.

Unlike other utilities the consumer is unaware of how much they spend on electricity and how the charges are calculated. Phone calls are charged by the minute, water by gallons, gas and oil is measured by consumption. Electricity is charged after the fact. To be able to read an electric bill, you need a math degree! To understands the tariffs, which are the definitive charges on your electric bill, you need to be a rocket scientist! The Coalition predicts, if the consumer understands how they are billed, they will act accordingly and conserve. To achieve this state of conservation, consumers need to be educated and billed with “Real Time Pricing (RTP).”

In simple terms, RTP means the consumer pays different electrical costs at certain times. When electricity demand is low, at night, early in the morning and on weekends, the consumer’s rates are lower. When demand is high, during rush hour and weekdays, electric costs are higher. As with other utility usage, once the consumer is educated and understands RTP will save them money, they will adjust their electrical behavior accordingly.
Submetering represents a new paradigm of energy conservation in which the time that electricity is used is more important than how much power is actually consumed. According to a time-sensitive pricing approach, when power is in short supply, costs are higher, thus discouraging excessive use. At 2:00 AM when supply is plentiful, costs are lower.

Residential buildings may now participate in this pricing system by purchasing power from Con Edison based on an hourly cost. New York State’s PSC and ISO endorse this concept, but RTP can only be operational if electric meters are programmed to discern usage in short time intervals. The Coalition has had numerous discussions with the ISO about offering incentives to the residential community, as they do with the industrial industry, to make installing time-sensitive submeters economically attractive.

Certain commercial consumers are paid not to consume electricity during a “curtailment event.” The Coalition has demanded that these incentives be made available to the residential community. How is this accomplished? By installing “curtailment devices” to particular electrical equipment, such as window air-conditioners. These devices automatically turn the equipment off during a “curtailment event,” thus reducing the peak load of electricity, the demand is decreased and the risk of blackouts is diminished.

The benefits of being in this program are two-fold. One, you’re a good citizen for reducing the amount of electricity you use during peak hours and two, you get paid for not using precious power. These devices are consumer-friendly and easy to use. They may be manually overridden if the consumer does not want the equipment turned off and chooses to pay the higher electrical cost at that particular time.

The Coalition is calling for the creation of a balanced approach to electric affordability and reliability in the residential sector. In addition to new power plants, the Coalition advocates the implementation of a demand side strategy that incorporates real time pricing and load curtailment, which is the flip side of the “demand” coin. Curtailment refers to the targeted conservation of electricity when supplies are scarce and blackouts are imminent.

New York State has entrusted the ISO to call “curtailment events” when a capacity emergency threatens such as the event we experienced on August 14. Today’s technologies enable users to automatically shut off electric-intensive equipment such as window air-conditioners or building wide public space air-conditioners. Customers that register with the ISO to allow automatic curtailment during these critical times are paid by the ISO for their capacity to conserve when blackouts are forecast. We hope to create a multifamily curtailment infrastructure that is capable of responding to capacity and distribution power emergencies. In order to accomplish this the building must have advanced (interval) meters that read electric consumption in fifteen-minute cycles. The Coalition is currently seeking J-51 tax abatement eligibility to promote the implementation of this load-controlling equipment. This would help empower residential consumers to impact the cost and supply of electricity directly, as a supplement to broad government and industry actions. J-51 eligibility would support the installation of equipment and the ISO would follow with financial incentives to participate in curtailment programs. By supporting this measure, the City Council would clearly articulate its faith in consumers and consumer-oriented load curtailment.

The residual benefits will extend far beyond cutting usage and saving money, it just might prevent future blackouts. In the very near future Federation member Fairview Owners Corp, a cooperative in Forest Hills, Queens and a number of buildings in Manhattan will be among the first buildings to implement RTP electric service and test automatic load curtailment devices.

We have every reason to believe the program will be successful and realize cost and energy savings. If you are interested in more information on this subject or wish to investigate the installation of interval meters and introducing RTP in your cooperative you may contact the Coalition at 718-760-7540.

AT PRESS TIME: New York City Council Member Gail Brewer has introduced legislation, Intro 524-03, in regards to dealing with the misconception and misinterpretation regarding J-51 tax benefits for Mitchell-Lama buildings.

The Department of Housing Preservation and Development (HPD) currently denies Mitchell-Lama developments to claim J-51 benefits for energy conservation equipment (sub-meters) if the development receives a subsidy from the New York State Energy Research and Development Agency (NYSERDA). Under present law, if a Mitchell-Lama receives any government subsidy they are not entitled to J-51 benefits (no double dipping).

HPD has interpreted the law to mean that any subsidy from NYSERDA is a government subsidy. The problem with this interpretation is that they are wrong! NYSERDA is funded by consumer dollars, from what is called the System Benefits Charge (SBC) on our electricity bills. It is not tax revenues that NYSERDA grants, but rather electrical consumer money.

Intro 524-03 provides that load curtailment devices may be considered for J-51 tax abatements for all buildings, including Mitchell-Lamas.

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FROM THE PRESIDENT’S DESK
By Albert F. Pennis

The Federation of New York Housing Cooperatives and Condominiums has been working diligently through the long, hot summer on your behalf. In this issue you will find a wealth of information on sub-metering, Real Time Pricing and possible J-51 tax benefits for Mitchell-Lama buildings that choose to install interval meters. There is also an extensive article on the August 14th blackout and how members of the Federation have been monitoring the power situation in New York and the Northeast and have warned the State agencies that such an event was imminent.

In addition, you will find an article on the recent decision of the United States Postal Service as to their proposed mailbox requirements for new construction and retrofitting of existing equipment. The Federation was instrumental in exerting pressure on the federal agency convincing them that mandating existing buildings to renovate their mailbox areas could prove to be unduly expensive, and in some cases, nearly impossible.

We are pleased to announce the formation of the Federation Safety Group, offering workers’ compensation insurance coverage at a discount through the Durnan Group. The Federation is confident you will save money and enjoy a high level of service. Please review the article and contact our representative at the number listed.
Many of our members have written and called about difficulties in obtaining liability coverage, terrorism insurance and other forms of business insurance. On Thursday, September 25, the Federation will co-sponsor a seminar on risk management with RMI Consulting, the largest, independent risk management consulting firm in the United States. The program will take place at the LaGuardia Marriott, 120-05 Ditmars Boulevard, Queens at 8:30 AM. Admission is free and continental breakfast will be served.

In addition to all these activities, the Federation is constantly monitoring federal, state and city legislation as it affects the cooperative and condominium community. We are persistent in delivering the concerns and needs of our membership to the proper administrative doorstep.

In keeping with that theme, on September 10 through 14, 2003 I attended, along with the Federation’s Executive Director Greg
Carlson and Board Member David Buchwalter, the National Association of Housing Cooperatives’ (NAHC) annual convention in Atlanta, Georgia.

For 50 years the Federation has provided education and information to our community. Now we ask for your support.

As our numbers increase, so will our influence. We need your membership dollars to help support our programs, this newsletter and our administrative office. We need your participation at seminars, industry events and social functions to further the cause of cooperative living.

If you are not a member, please take the time to complete the application on page two. If your membership has recently lapsed, please do the same and confirm your commitment to the cooperative movement.

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POSTAL SERVICE TO EASE MAILBOX RETROFIT REQUIREMENTS

At the urging of the Federation of New York Housing Cooperatives and Condominiums and other local and national organizations, the United States Postal Service (USPS) has temporarily agreed to drop its proposed rules requiring apartment owners, in existing buildings, to retrofit USPS mailboxes corresponding to the larger size specifications for new construction.

However, the USPS is reserving the right to apply retrofit requirements to current equipment, if and when existing mailboxes are replaced due to normal wear and tear.

The USPS determined it needed to devise new specifications for apartment mailboxes due to consumer complaints about identity theft and damaged mail due to small, cramped mailboxes.

Additionally, the USPS claims that parcel service has increased and mail carriers are suffering injuries from sharp mailbox parts.
It is expected the new specifications will be finalized later this year or early next year and will include the provision requiring all new multifamily residences install mailboxes that meet these new specs and parcel lockers for packages.

It should be noted, the USPS is considering issuing waivers for retrofitted mailboxes. Those exemptions tentatively include: inappropriate space to accommodate larger boxes; shareholders and/or unit owners vote against replacing current equipment with larger boxes and the costs associated with retrofitting are prohibitive.

The proposed specs required for all new apartment buildings are:

Mailboxes Minimum dimensions: 3” h x 12” w x 15” d

Parcel Lockers (minimum number to be based on the total amount of building units)

Minimum dimensions (small):
15” h x 12” w x 15” d

Minimum dimensions (large):
18” h x 12” w x 15”d

The new specifications will include stricter construction and higher-grade material requirements to help reduce criminal tampering and deterioration due to inclement weather.

The Federation applauds the USPS on realizing the hardship their proposed regulations would have on the cooperative and condominium community if existing building’s were required to renovate their mailbox areas. The expense and disturbance would affect all. But for some buildings, there is no room to expand thus making the cost, on already stretched to the limit budgets, unbearable.

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ENERGY AND J-51 BENEFITS FOR MITCHELL-LAMA DEVELOPMENTS

Energy Investment Systems (EIS), a specialist in energy surveys and J-51 benefits, is investigating ways to increase incentives for Mitchell-Lama buildings that take advantage of New York State conservation programs, such as submetering rebates with the Energy $mart Loan Fund.

Currently, improvements in Mitchell-Lama developments receiving any financial assistance from the New York State Energy Research and Development Authority (NYSERDA) are ineligible to receive J-51 real estate tax abatements. EIS is working with the Federation and the Mitchell-Lama Council to liberalize these restrictions. The objectives of this effort are:

EIS research has identified numerous policy reasons to support the overall objectives. It has also concluded that the J-51 regulation does not apply to NYSERDA projects financed with electric ratepayer funds. This is evidenced by:

1) City Council minutes, referring to the J-51 Mitchell-Lama limitation, state that the new 1988 provision would permit J-51 benefits to Mitchell-Lamas as long as “the work is not governmentally assisted.” The J-51 regulatory term “substantial government assistance” refers to City funding programs and City and State mortgage insurance.

2) The NYS Public Service Commission selected NYSERDA as the third party administrator of SBC funded programs. PSC orders, and a recent letter to EIS president Lewis Kwit, documents that these SBC funds are part of electric service - from and for the ratepayers - and is therefore not part of government funds.

The Cooperative Coalition to Prevent Blackouts (CCPB), founded by Jordi Reyes-Montblanc, president of the HDFC Council, Greg Carlson, executive director of the Federation of New York Housing Cooperatives and Condominiums, Peter Funk, former president of the board of 322 Central Park West Corp and Donald West, director of Seward Park Houses, urges the City Council to pass legislation which removes this impediment to Mitchell-Lama buildings’ eligibility of J-51 benefits for improvements which receive SBC funded incentives and help stave off power emergencies. The CCPB also requests the Council develop separate legislation to make load control equipment and systems qualify for J-51 tax abatements for all eligible properties.

Executive director Greg Carlson of the Federation said, “We cannot induce Mitchell-Lamas to help meet the city’s energy problems if we limit their incentives far below what other buildings receive.”

If you would like more information on this project, a copy of the position paper or a way to lend your support, contact EIS senior vice-president Jack Woolams at lmk@eisincorp.com or call (212) 966-6641.

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NEW MEMBER BENEFIT SAVE $$$ ON WORKERS’ COMPENSATION INSURANCE

Continuing the tradition of offering value-added services and programs to our members, the Federation of New York Housing Cooperatives and Condominiums has selected the Durnan Workers’ Compensation Safety Group to administer the Federation Safety Group for workers’ compensation insurance coverage.

Durnan developed this program specifically for building owners and managers. Purchasing coverage through the Federation Safety Group can save members over 60% on their workers’ compensation insurance premiums.

Currently Durnan handles the workers’ compensation needs of more than 5,000 New York properties and is the only real estate safety group in New York City.

“We’re ‘hands-on’ safety group managers,” says Christopher Durnan, president of the company. “We pride ourselves on handling our own claims with our in-house staff.”

All building owners and managers that have employees are required by New York State to carry workers’ compensation coverage. The insurance covers on the job injuries and occupational illnesses. While the basic published manual rate for New York State workers’ compensation is the same throughout the state, the Federation Safety Group initially discounts that rate by a full 25%.

Each year, depending on the claims experience of all the safety group members, additional savings can be generated and a dividend check will be issued directly to each Federation Safety Group member. The five-year dividend average, experienced by similar safety groups in the program, averages 33.5%.

This year alone, Federation members have had to deal with an 18.5% increase in real estate taxes and escalated fuel and liability premium costs. The Federation Safety Group will decrease our members’ insurance costs and save money, favorably impacting the bottom line on their budgets.

“We are convinced the Federation Safety Group can save our members money and deliver quality workers’ compensation insurance service,” says Greg Carlson, the Federation’s executive director. “I urge all our members to call and compare their current premiums to our program, I am sure they will be pleasantly surprised.”

To determine your potential savings call Durnan’s representative Herbert Warshavsky at 212-768-9191.

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COOPERATIVE APARTMENT ELECTRIC DEMAND REDUCTION AND ADVANCED METERING
BY PETER FUNK AND THOMAS RIOZZI

Encouraged by regulations,policy decisions and programs in New York providing incentives to manage electricity usage, end users are turning to technology in order to conserve energy and realize lower prices. We have entered the era of the “smart meter” and may now enjoy its many benefits along with the measure of added complexity that technology advancement often imposes. New York State is actively encouraging the use of advanced meters, other load management devices and participation in load management programs. Among the significant aspects of smart metering is that it enables end users to take advantage of timing differences in the market price of electricity.

Commercial and Industrial Voluntary Demand Curtailment

Recognizing that New Yorkers face persisting tension between increasing demand for electricity and tight supply, the New York Independent System Operator (NYISO), with the approval of the Federal Energy Regulatory Commission (FERC), is encouraging users to voluntarily curtail demand in response to NYISO’s signals during periods of high demand. Programs such as NYISO’s Emergency Demand Response Programs (EDRPs), which make payments available to end users for curtailing usage at times of peak demand, are viewed by the NYISO as essential to the proper functioning of electricity markets with respect to reliability and price. The EDRPs are open to customers ranging from light commercial to heavy industry and the wide variety of participants has ranged from cement factories to cheese producers.

Metering

On the regulatory side, PSC proceedings over a period of years directed towards opening areas of utility service to competition have included policy decisions with respect to metering. PSC policy now calls for installing, testing and reading meters along with data handling to be opened to competitive providers, including the incumbent utilities. This policy also allows for meter ownership by competitive providers, utilities and non-residential end users meeting specified demand criteria. The PSC is currently considering implementation details for these new metering policies. The PSC has also encouraged electric distribution utilities to facilitate efforts by customers to utilize advanced, remote metering.

On the incentive side, the New York State Energy Research and Development Authority (NYSERDA) is encouraging the installation of advanced meters and other energy management devices by commercial, industrial and institutional customers to permanently reduce load or enable them to participate in the NYISO’s demand response programs. For example, a current NYSERDA Program Opportunity Notice (PON) provides incentives for the installation of interval meters by customers participating in NYISO load reduction programs, transmission owner load response programs or such programs offered by load serving entities (LSEs). Another example is that NYSERDA will provide incentives for the installation costs related to advanced interval meters and other elements of energy management systems for multi-family residential apartment buildings.

Real Time or Other Time Sensitive Pricing

Advanced interval meters are necessary in order to take full advantage of purchasing electric energy on a time sensitive basis. Time of use (TOU) pricing has a long history but has not been generally available in bilateral contracts following deregulation. Widespread time sensitive pricing is essential in order to provide incentives to end users to manage demand. The NYISO advocates “connecting” wholesale and retail markets. Doing so will create time sensitive rate structures for a wide range of consumers and encourage non-residential and residential load management.

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Real Time Price Tariffs for Purchasing Power

Notwithstanding NYISO encouragement, it can be difficult to find suppliers offering time sensitive rates. An alternative, however, is to purchase power under a Real Time Price tariff. For example, Con Edison’s voluntary real-time pricing tariff (RTP rate) is applicable to several service classifications such as commercial, industrial and multi-family dwellings. Although the demand rate under that tariff can be higher than Con Edison’s Retail Access demand rate (since the RTP rate is under Con Edison’s full service tariff) there remain significant potential savings to those end-users able to move usage to off-peak periods. Prior to taking service under any RTP rate, end-users should analyze their specific demand curves in order to determine whether there is sufficient elasticity of demand to justify purchasing at the RTP rate. The installation of advanced interval meters is key to any comprehensive analysis of a facility’s usage patterns. While Con Edison and other utilities can provide standardized load curves, only an interval meter will enable an end-user to determine its own usage characteristics sufficiently to conduct a meaningful analysis.

There are several potential benefits to load management - reduced demand charges, receiving curtailment payments and lower energy costs. A variety of end-users have and can benefit from load management. Non-residential customers such as commercial users, hospitals and school districts have installed advanced interval metering and building management systems (BMS) that serve diverse functions.

For example, school districts have made such installations as a portion of projects that involved the installation of energy conservation measures and cogeneration. The installation of a BMS affords the facility essential knowledge and control of energy usage. Apartment buildings that have submetered under PSC regulations, by installing a master meter and individual apartment meters can also benefit from advanced metering and load management.
There are several projects in New York City cooperative apartment buildings designed to demonstrate the benefits of programs centered around advanced metering, curtailment and time-sensitive rates. One of those projects is taking place in the cooperative apartment building in which Peter Funk, one of the authors of this article, resides. The lessons learned from these projects should be broadly applicable to residential and non-residential electricity end-users. Energy Investment Systems, Inc. (EIS), whose president is Lewis Kwit, is implementing a model in these buildings that EIS developed based upon information derived from several years of participation in NYSERDA supported programs.

One of EIS’ projects includes: (i) advanced interval meters and equipment which can measure usage in time intervals and can read meters automatically; (ii) telephonic interconnects with Con Edison; (iii) automatic curtailment control devices (with overrides to meet resident approval); (iv) individual apartment display devices which provide energy-related information; (v) the purchase of electric power at the RTP rate or other time sensitive arrangement and (vi) the development of an internal time sensitive apartment rate schedule which mirrors the RTP pricing categories and considers peak demand periods. Apart from the master interval meters to be installed by Con Edison, EIS has arranged for Comverge Technologies, Inc. to provide the advanced meters and other electronic units for that project.

The implementation of a rate structure within any building having multiple users, whether commercial or residential, raises challenges. These challenges can have technological, practical and regulatory aspects. In particular, consideration must be given to state and local regulations relating to the sale of electricity. For example, the apartment building project referenced above is planning to switch to RTP rates and to implement an internal rate structure to reflect RTP rates. Gulf Power Company will be creating the building’s internal rates. In establishing an internal rate the building will have to consider the application of the PSC’s submetering regulation that requires the cooperative to devise a cap on internal rates in order to prevent bills to submetered residents from exceeding the amount that would be charged for the same kWh usage based upon a utility's residential tariff rate for direct-metered utility service (SC-1).

Efforts by the PSC to establish a competitive market for electric supply have required the unbundling of the supply and delivery service portions of utility rates. While precise unbundling has not yet occurred, interim back out credits are in place. These deregulation steps occurred after the promulgation of the PSC’s submetering regulations and a certain dissonance has resulted.

There should not be a meaningful conflict with the submetering rate cap since the average rate for each submetered unit over time is expected to be significantly below the SC-1 rate. However, rates during certain limited hours of the day within summer peak periods, knowledge of which is a benefit of interval metering, might be higher than the SC-1 rate. Presently, a master metered building may elect to purchase power from an alternative service provider for fixed energy cost pursuant to a bilateral contract. Such a contract could prove more expensive than direct utility service for a summer month although, on average, be significantly less than direct metered service. In the event the building is submetered, such billing might not be in conformance with the PSC’s submetering requirements, depending upon how these are interpreted.

Further, complicating a comparison of SC-1 and submetered rates are month-to-month changes in the cost of direct-metered service and the demand component of the SC-8 rate. The challenges are acceptable, however, because using a uniform internal rate does not provide incentives to residents to manage their demand and usage. For these reasons, it is important to amend the submetering regulation in order to accommodate and facilitate the advent of RTP in the multifamily sector.

There are also challenges raised by implementing an advanced submetering system within New York City. New York City requirements relating to the compliance of socket-variety advanced submeters of the Bureau of Electrical Controls within the New York City Buildings Department (DOB) exist side-by-side with PSC regulations governing utility meters but not always harmoniously. With end-users and their contractors installing an increasing number of meters and in light of the PSC’s policy decisions that will serve to increase the number on non-utility owned and installed meters, it is critical for the DOB to have a meter approval system in place that is in alignment with statewide policies and initiatives. One of the lessons we have learned from these projects is that the assimilation of RTP into conventional consumer society will require governmental action at all levels.

In summary, implementing advanced metering, RTP rate purchasing and, where applicable, establishing an internal time-sensitive price structure can be a cost effective way to manage electricity and save money. The ability to participate in NYISO curtailment incentives and load shedding will create value-added benefits. Of course, educating end-users about automatic curtailment, RTP rates, ISO curtailment incentives and related opportunities is critical. We believe that the combination of institution incentives, time sensitive tariffs and advanced metering and curtailment technologies can provide important benefits to end users, the city in which they live and advance statewide energy reliability initiatives.

Peter Funk (peter.funk@thompsonhine.com) and Thomas Riozzi (thomas.riozzi@thompsonhine.com) are attorneys in the law firm Thompson Hine LLP, New York City, 212-344-5680.

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COOPER SQUARE PARTNERS WITH FIRST SERVICE

Cooper Square Realty, Inc. announced it is partnering with FirstService Corporation to create one of the most comprehensive residential property management companies in New York. The company’s services include property management, real estate sales and leasing, mortgage brokerage and construction project management for its portfolio of properties with an aggregate asset value exceeding $2.5 billion.

Recognized as one of New York’s most prestigious full service real estate firms, Cooper Square has received numerous industry awards over the years for its leadership, professionalism and innovation in the property management industry. Most recently, it was honored with the Federation’s “Management Company of the Year” award.

David Kuperberg, president and principal shareholder of Cooper Square Realty, was attracted to FirstService as a result of their share values and business philosophies including their common desire to provide their customers with the highest levels of service in the industry. Kuperberg commented, “The alliance of the two companies establishes a clear vision, to provide our clients and employees the personal attention associated with a leading regional player while at the same time, providing them with the benefits of a larger organization.”

FirstService is the North American leader in the residential property management industry, managing over 2,000 properties totaling more than 400,000 residential units from 36 offices in 14 states. Jay Hennick, president and Chief Executive Officer said, “Cooper Square has a tremendous reputation in Manhattan and joining the two operations will create the dynamic necessary to take Cooper Square to the next level.”

The partnership allows Cooper Square the ability to offer 21st century technologies and practices in property management services.David Kuperberg further commented, “The partnership also brings our clients exclusive proprietary technology to modernize the way we conduct our business. For example, we will be able to instantly communicate with all our residents at once - at the exact moment - this is just one of the programs we will be rolling out in the near future.”

Cooper Square is also in the process of constructing a new state-of-the-art training center, in the company’s main office. The training center will combine the latest technology with hands-on learning for all management and building service employees making them the most knowledgeable professionals in the industry. Training programs will include heating and air conditioning, plumbing, elevator, security, concierge and a variety of other services necessary to properly operate and maintain our client properties.

Kuperberg concluded, “Cooper Square’s greatest asset has always been our employees and it is important that we continue to introduce enhanced programs to ensure their commitment to excellence. With the support and resources now available to us through this new partnership with FirstService, I am proud to lead this company into the next generation of property management.”

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FEDERATION PRESENTS RISK MANAGEMENT SEMINAR THURS, SEPT 25, 2003

The Federation of New York Housing Cooperatives and Condominiums is co-sponsoring a seminar on insurance risk management on Thursday, September 25, 2003 at the LaGuardia Marriott, 120-05 Ditmars Boulevard, East Elmhurst, Queens, at 8:30 AM with RMI Consulting, the largest, independent risk management consulting firm in the United States.

Risk management, insurance and employee benefits consultants do not sell insurance, but rather provide expertise by reviewing policies to make sure that the client (businesses, buildings, developments, etc.) is taking full advantage of every benefit the insurance marketplace can offer.

The current insurance climate is extremely volatile with insursance companies dropping long term customers, decreasing coverage, increasing premiums and, in many cases, leaving the insurance business altogether. Real estate industry professionals claim that insurance premiums have been the most unpredictable and expensive item in their budgets for the last two years.

The Federation has teamed up with RMI to present this forum so that management companies, boards of directors and businesses can arm themselves with the latest information to help reduce their exposure to loss, adequately protect themselves against risk and possibly reduce their premiums in the process.

The seminar is free to Federation members and the general public. It is recommended in order to receive the full benefit from this program attendees review their insurance policies in advance, taking note of how much coverage they have, what the premium is and when the policy expires. Continental breakfast will be served. Reservations are requested. Please call Jim Quinn at Q Financial Services, 718-423-1527.

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