When to ask for CO-OP Financial Statements in NYC?

When to ask for CO-OP Financial Statements in NYC?

It’s normal to ask for co-op financial statements in NYC as soon as your offer is accepted. Once a deal sheet is sent out your lawyer will typically request the co-op financial statements, co-op board minutes, offering plan, house rules, proprietary lease, sublet policy and purchase application on your behalf.

Do you get audited CO-OP Financial Statements?

Not all co-op financial statements will be audited like this one has been. Please note that you will normally only be provided annual financial statements, meaning that there will always be a lag and you will never be able to see the current financial status of the building as of today.

How many shares does a co-op Housing Corporation have?

The Corporation qualifies as a cooperative housing corporation under Section 216 of the Internal Revenue Code. The Corporation’s shares have been issued representing 8 tenant shareholders’ units represented by 624 shares.

When did the New York Co-op corporation start?

[ADDRESS] CORPORATION (“The Corporation”) was incorporated in New York in May, 1984. Operations commenced in July, 1985, when the property was converted to cooperative ownership. The Corporation qualifies as a cooperative housing corporation under Section 216 of the Internal Revenue Code.

What kind of debt does a co-op have?

These often include short-term loans, accounts payable (amounts the co-op owes to suppliers), and current portion of long-term debt (the interest payments a co-op will pay that year). Long-term liabilities: Obligations paid over more than a year. This generally includes loans or mortgages paid over several years.

What does it mean when co-op has positive cash flow?

Cash flow from financing activity demonstrates how the co-op handles its debt and equity. In this section, positive cash flow usually indicates money coming into the organization from debt or equity financing (e.g. new memberships or new loans) while negative cash flows are often good things like debt repayment and issuing dividends.