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A director is in arrears when they owe their co-op money. Simple. Easy to understand. 

In the old days (B.A.: Before the Agency), many co-ops saw things differently. Back then, a director who had signed a repayment agreement might not count as being in arrears. If they were keeping up with their

It’s an unfortunate reality that fraud can happen in any organization, including housing co-ops. While instances of fraud are rare, prevention is key which is why financial auditors check and report on internal financial controls through the annual audit process. 

Catching fraud early is vital, so we