Page 13 - CooperatorNews Chicagoland Winter 2022

CHICAGO.COOPERATORNEWS.COM COOPERATORNEWS CHICAGOLAND — WINTER 2022 13 NEED ANY MAINTENANCE PAINTING? NEED ANY MAINTENANCE PAINTING? 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Visit FinishingChicago.com , your FREE RESOURCE to over 140 prequali ed nishing contractors who are all licensed, bonded and insured! specifically prohibit the use of such tech- nology. Thus, residential cooperatives law firm of Marcus, Errico, Emmer & bells and whistles for security.” organized in a corporate format can take Brooks located in Braintree, Massachu- advantage of digital storage and produc- tion of their required records.” Kim goes on to note that “there may be accessible to the owners per the \[Mas- be certain circumstances in which paper sachusetts condominium\] statute. Not all sachusetts. “We started converting docu- documents or original ‘wet’ signatures records have to be reviewable—the statute ments when scanning became available. appropriately, no matter what format it’s should be maintained for possible evi- dentiary purposes. Such precautions may let owners have access if they are in elec- be appropriate for situations in which the tronic format. Most professionally man- genuineness of a particular document aged associations are putting the records Everything is available online now. We BuildingLink. Nothing with sensitive in- is critical, but that category of records online so that owners have access without email everything with attachments, so formation is sent by attached email any- is likely to be fairly limited. Ultimately much trouble. Therefore, there is more no more shifting papers and boxes. This more. There’s no security there.” the board of directors/board of trust- ees should consult with association legal involved.” counsel for specific guidance in their cir- cumstances.” According to Mark Hakim, an attor- ney with the firm Schwartz Sladkus Reich firm based in New York City, “\[our com- Greenberg Atlas who is of counsel to nu- merous co-op and condo buildings in the was smaller than our previous office. We applies to everything: bank statements, and sent to the Registry of Deeds. We greater New York area, “We often counsel scanned a million documents—we also invoices, bids all arrive digitized. Nothing keep a paper copy of these, and when they our clients to apply common sense while got rid of a lot of documents. We culled comes by paper anymore. You can attach become official, they are saved electroni- keeping in mind what may be necessary through the files and scanned every sin- with respect to tax records (and audits) gle closing file, approved board package, write checks anymore. Everything is done ments, insurance claim information, and and in the unfortunate event of litigation. stock certificate, financing info, etc. We electronically. If we do have to process items like that—but over time, we realized We would always recommend keeping had all this in a huge file room before. anything, we scan it and send it to a bank we didn’t need any paper at all. We used to original signed documents such as pro- prietary leases, recognition agreements, barely exists. When someone sells their tax records, and other agreements in apartment, their file gets deleted because are moving in this direction, and if they written form, while simultaneously main- taining electronic copies of each, together is secure, protected, and available when digital revolution has been underway for with electronic copies of the balance of needed. Everything is backed up in the long enough for most businesses to have the corporation’s records.” Richard Brooks is a principal with the with limited access, and we have lots of are embracing it as well, to the point that setts, and says that “in whatever format eight or nine years ago,” says Scott Wolf, communication to be best practices. they are contained, certain records must managing partner at Brigs, a large real contains a list. It may actually be easier to Digitization got rid of the file cabinets in. “We do our best to keep things as se- transparency, and it is easier for everyone is particularly important now in light of The Practical Approach “Pre-pandemic,” says Dan Wollman, well.” CEO of Gumley Haft, a management pany was\] moving to a new space that is digitized,” says Wollman. “This process uments which are mandatory to be signed Now that it’s all been digitized, that room or whoever the recipient might be.” we don’t need it anymore. Digitization aren’t, they’re way behind the curve. The Cloud. Everything is in a secure place gotten on board—and co-ops and condos “We shifted to digital records some consider digital information storage and estate management firm located in Mas- and boxes. I myself like paper, but I’ve cure as possible,” Wollman says. “Board come to understand that it’s redundant. packages are sent through Dropbox or COVID-19. I believe a majority of our ily kept in both digital and print formats, competitors have converted to digital as Wolf says he takes a ‘belt-and-suspenders’ Are All Documents Equal? “Ninety percent of what we receive now not be digital,” he says. “But there are doc- things to email digitally, so we don’t even cally as well. Initially we saved legal docu- Wollman stresses that most companies most boards and management companies Security of that information and com- munication remains a top priority. Very sensitive information must be handled In terms of what might be necessar- approach with some types of documents. “There’s nothing I can think of that can- keep leases in a hard copy in Massachu- DIGITAL DOCUMENTS continued from page 1 continued on page 14