Co-Op FAQ's

Cooperatives are member-owned, member-governed businesses that operate for the benefit of their owners according to common principles agreed upon by the international cooperative community. In co-ops, owners pool resources to bring about economic results that are unobtainable by one person alone. Most simply put, a cooperative is a business 1) voluntarily owned by the people who use it, and 2) operated for the benefit of its owners. Regardless of the goods and services provided, co-ops aim to meet their owners' needs.
 
Here are frequently asked questions (click to expand each):

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  • chevron_rightWhy does our community have a Board? What are the board's responsibilities?
    A cooperative is an established corporation functioning within the parameters of New York State's Business Corporate Law. Corporations are required to have a board of directors and to appoint officers to perform business functions. Officer positions include president, vice president, secretary, and treasurer. The Board of Directors, elected by shareholders, are responsible to perform as fiduciaries of the corporation by establishing an annual operating budget, maintaining and using funds for purposes of property maintenance, and maintaining quality of life for all residents.
  • chevron_rightWhy are there House Rules?
    House rules are guidelines designed to make living in our community a pleasant experience for all residents.  These rules contain limits on noise, pets, driving and parking while on the grounds, the appearance of the common areas, and many other issues that could impact living conditions. The Board of Directors have the authority to change or update the House Rules as needed. All shareholders are made aware of the House Rules before a unit is purchased, as well as when updates to the House Rules are made.  The House Rules were updated in 2018 by a committee comprised of Resident Shareholders and members of the Board. A copy of the House Rules is on this website. Hard copies can be obtained at the Front Office.
  • chevron_rightWhat is the proprietary lease and why is it so important?
    The proprietary lease is the most important governing document of a cooperative community. It is the contract between the shareholder and the cooperative corporation. It contains the terms that define the responsibilities of the shareholder and those of the coop corporation. Other governing documents are the house rules and the by-laws.  The by-laws govern the corporate aspects and procedures of the cooperative.
  • chevron_rightI want to sell my unit, what is the procedure?
    Once you have an applicant to purchase your unit, you are required to contact the Front Office and request the appropriate application. The applicant must fill this out completely, furnish the required documentation, and submit it to the board. The application process must be completed, and the board must approve the applicant before he/she can purchase your unit. Your unit may NOT be sold to a new occupant until the board approves the application.
     
    The co-ops at Stony Hollow must be owner-occupied, shareholders are not permitted to rent out their units. The only units allowed to be rented are 58 units owned by the Sponsor, 460 Old Town Road LLC. The number to call for information would be 631-476-2100 x214, ask for Nancy Fox.
     
    Visit our Purchasers Page for more information.
  • chevron_rightWhy must there be an approval by the board?
    Establishing qualifications for purchasing helps to prevent foreclosures and loss of value for the property, by confirming that prospective purchasers are financially capable of ownership.
  • chevron_rightWhat does my maintenance pay for?
    Monthly maintenance charges are used to keep the community operating. The Maintenance fee pays for natural gas for your heating, hot water, and stove usage. It also covers water consumption, and property taxes. In addition, it covers maintenance of the property which includes landscaping, snow removal, garbage removal, maintenance of the amenities, electricity and water usage of the property, the underlying mortgage on the property, management fees, payroll, sewage treatment plant operations, the exterminating service, general repairs and supplies, property insurance, and office operating expenses.
  • chevron_rightWhy do I need approval from the Board of Directors for renovations inside of my unit?
    The Board of Directors has implemented an application and approval process for all shareholders wishing to make renovations inside of their units. Shareholders must fill out a renovation request form and submit it to the Management company. Upon approval of the renovation request, all contractors performing renovations must sign in at the Front Office and furnish a valid license, proof of insurance, and workers' compensation information. This process is in place to protect the safety and investment for all shareholders, by ensuring that renovations are completed by contractors who are licensed and insured, and that the renovations that are being completed are not negatively affecting the safety and quality of life of other residents.