Resale fees & restrictions · 8 source passages
PDF page 12 · financial statements as of 2022-12-31
345 Montgomery Owners Corp.
Statements of Operations
For the Years Ended December 31, 2022 and 2021
2022
Revenues
Carrying charges $ 983,860
Flip taxes 104,888
Real estate tax abatement assessment 65,300
Other income 28,049·
Investment income 10,804
Storage fees 9,607
Laundry income 9,600
Legal fee Income 2,391
Repair reimbursements 1,730
Operating assessment
Total Revenues 1,216,229
Expenses
Real estat� taxes/abatement 331,272
Interest 155,846
Administrative 186,622
Payroll 211,358
Building 70,.004
Utilities 239,626
Total Expenses 1,194,728
Income from Operations Before Other Items 21,501
Other Items
Depredation (153,980)
Mortgage prepayment penalty (29,626)
Prior year electric overaccrual
Gain on extinguishment of paycheck protection program loan
Total Other Items (183,606)
Net Income (Loss) i {162L105}
The accompanying notes are an integral part of th�se fin�ncial statemt,nfs.
5
2021
$ 941,251
46,410
62,100
13,653
7,703
9,547
9,600
1,914
1r
PDF page 17 · financial statements as of 2022-12-31
quisition costs were deferred and are befng amortized on a straight-line
basis (whidi approximates the yield method) over the term of the mortgage.
Flip Taxes
In accordance with the governing documents� upon the transfer of shares, the
transferor is responsible for a fee equivalent to 1.5% of the gross sales price of the
shares. Flip taxes are recognized as revenue as the performance obligation is
satisfied at transaction amounts expected to be collected. The performance
obligation for flip taxes ls satisfied on the closing date of th� apartment when the
shares are legally transferred.
subsequent Events
The Board has evaluated subsequent events and transactions for potential
recognition or disclosure through the date of the auditOrs' rei><>rtt which is the date
the financial sta�ents were available to be issued. (See Note 14)
Note 3 Certificates of deposit
At December 31, 2022, the Corporation held three certificates of deposit, recorded at
cost, which approximates fair v
PDF page 25 · financial statements as of 2022-12-31
or the Years Ended December 31, 2022 and 2021
2022 2021
(Unaudited)
Actual Budget Actual
Revenues
Canylng charges $ 983,860 $ 983,545 $ 941,251
Flip taxes 104,888 46,410
Real-estate tax abatement assessment 65,300 68,887 62,100
Other income 28,049 14,240 13,653
Investment income 10,804 7,703
Storage fees 9;607 9,820 9,547
laundry income 9,600 9,600 9,600
Legal fee income 2,391 1,914
Repair reimbursements 1,730 1,010
Operating assessment 318!214
Total Revenues 1,216,229 1,0861092 1!411,402
Expenses
Real Estate Taxes/ Abatement 331,272 319,853 311i741
Interest 155,846 130,959 961983
Administrative
Insurance 93,126 100,280 83,522
Management fees 40,320 40,320 40,320
Legal fees 13,834 5,000 7,534
Audit fees 11,500 9,188 10,750
Professional fees 10,621 3,500 3,687
Office and other administrative 10,062 4,392 15,416
Corporate taxes 3,893 4,000 4,089
Postage and delivery 3,266 2,100 21000
Total Administrative 186£622 168?80 167i318
Payroll
Wages and payroll taxes 1
PDF page 34 · effective period must be checked in the document
l� lnc,ime 1,90166 1,901 6ll 1,9()1,66 1.901,fia 1,901.68 1,901.68 1,9(/1 66 1,901.68 1,9()1 65 1,901.68 1,901,66 1,001 52 22.,620.00
420-0 to Lease/Sublet Fee 900.00 900.00 900.00 900 00 900.00 90000 900.00 900.00 900.00 91'.)Q_QO 900.00 900.00 10,800.00
Fees, Flnies, and \/lQl,11oons 900,00 900 00 900,00 900.00 900,00 90000 900.00 900.00 900 00 900 00 90000 900.00 10,800 00
440-900 MiitC/Otlior lno:)ttie 1,000.00 1.000_00 1,000.00 1.00(UJO 1.000.00 ·1.000,00 1,000.00 1.000.00 \_000.00 1.000,00 1.000.00 1.00D.00 12.000.00
Misc Income 1,000.00 1,000 00 1,000.00 1,00000 1,0IJ<).00 1.000.00 1,000 00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 12.00000
-
Tomi Income 87,423.07 95,484.07 95,484.07 95,48407 95,4S4.07 179,823 11 95,484.07 95,48,4-07 95,48A.07 95.484.07 96,484.07 95.483,IH 1,222.086.72
Expenses
.500.001 Elevator Mammnance 1,012.&6 1,012_56 1.012 51! 1.012..56 1.012.56 3,51258 1,012 56 1,01256 1,012 56 1.Dt2.56 1.012.SfJ 1,D12.-56 14.650-.72
500-002 Hea ung/Coolin9 M3i
PDF page 44 · effective period must be checked in the document
cial A=sl>IYlent 0 0 1-4 I 457 0 0 0 0 0 0 0 0 598 0 598
4 50:-996 Loan Proceeds 0 0 1,420.020 0 D 0 D 0 0 0 0 0 1 <'r20,02.(l 0 1.420,020
450,,998 Flip Tax 0 0 22,950 0 16;875 9,750 5,175 2&,950 7,125 6,750 0 10.313 104,838 (I 104,68&
--
Cspffal/Special lrn:ome 0 0 1,4413,111 1,550 111,875 11,750 5,175 25,950 7,125 6,750 0 10,313 1,526,598 ·o 1;526,598
PDF page 45 · effective period must be checked in the document
nind Prof�,: 3,723 ($4,908) 1,385,851 (145,&37) 18,928 (62,373) (12S,'61} [2,239} 6$,662 (755,686) 9.$68 (7$,669) 236.7511 (27,2'31 264,0$2
110--001 Flip Tax 1,828 2 1,436,237 6,352( 1 .�7 ,620) 15,144 10,582 31,389 12,549 (36,282) 30 l!!2,00B) (2,017) 0 2,017
110-002 Special ASS<lf;$frl81'1t 9 8 (17,216) 23,52B 16,626 16,628 (15,005) 1&,643 {53,364) 16,631 16,635 !74.429) (54,265) 0 54,265
110--003 StOl'ege Unit� 1,963 632 423 833 3 J 5 (3,340) 2,259 551 5 (16,416) (13,062) 0 13,082
11 O-OCM Reel Estate Tex13a 32 29 32 (188.[182) (45) 0 22,608 22.629 22,626 {45,199) 22,619 (45,2£7, (188,908) Cl 188,908
110-005 St!lfting -9712 f'PP 0 5 (5) �6) 0 0 0 0 0 0 0 10 5 0 (5)
110--006 Reli Loan �oceeds 0 0 0 0 1,157,050 (124,620) {96.975) (t01 ,495! (336,139) (414,463') 21 93 81.218 0 (81,278)
110--007 Rea...w Account 0 D 0 0 ,?50,001 2 58 B5 7;234 (163,470) 10,7119 54 104.762 Cl (104,762)
110-009 Webster - 29-54 - Bik.e Raoos 0 0 0 0 D 0 0 0 1,350 (10) (10) (1,340) (10) 0 10
110-010
PDF page 47 · effective period must be checked in the document
ary Room
410-008 Bike Sb:lrag11 lncoma
41!li-1ltll Storage .Income
Amenity Income
420-005 Returned Ctioe� Fees
420-007 Lii-1� Fees
420-010 LNse/Sublet Fee
420--999 Misc FeiesM()Jatlc,n lncom!t
Fees, Finas, QTld Violations
440-004 Interest Income
440-008 Building Reimbur.iemenl:a
440-009 Repair Rawnb�m911ts1Damag,e
440-010 Leg!!I Fe-e lnoomeiReimb-
440--1l94 Patronage �fund
440-900 Misc/Other lruxims
Misc Income
Tt>iaJ lncome
2021
961.17740
0.00
007117 40
192.522.51
- 192.5Z2 51
9.600 00
1.32:9 $0
9.295.-00
20,224 50
JSOO
2.&500
7,806.12
2.992,37
-
11.088 ,49
67o.21
0.00
1.010:00
3Jl98.77
7.026.83
633.-00
t3,3M.81
1.<!�.357.11
345 MONTGOMERY OWNERS CORP.
APPROVED 2023 BUDGET V1
MUL Tl YEAR BUDGET COMPARISON
DETAILED CASH FLOW
BUDGETS
Paga:
Oat@·
Timt,;
ACTI}AL_�
01122 • 1Zl22 $Ch� 2021 • V1 A 2C22-V1 A 2023 --V1 A-22v23 $ Change
- -
91)5,547 30
(El,763..◄5)
976,783.85
321,1ll3.24
-
321,183.24
9,600.00
3,615.50
10,087.09
23,302.59
PDF page 51 · effective period must be checked in the document
21
450-001 Capltal Asset1sme111 603 30
450--002 Special A,;=ssment 228.35
450-98.9 PPP Loan Income 33.087 00
450-996 Loan Pfoceeds 000
4-!i0-998 Flip Tax 46,,410.00
Caplml/Speciaj l""°me 60.32365
950--017 Cap. Gen. Rtapalr!; 0.00
950--019 Cap P1'Jmbifl8 7.403 51
950-021 Cap. E.xlerior 2ll.942:82
950--022 Local Law t 1 5.000 00
950-023 C11p, Roof (6,601.65)
%0-033 cap Prafeei.sioni!l Fees 4,403 00
M0-0!34 Cap. Legal 1.5l7.50
950--035 Gap. Er,g,ooonng/Arctwl$ci 25,500 OD
95o--041 Cap. Electrical 4.000 00
950-999 Cap. Misc fapense 0.00
Capital/Special Expense$ 10.1ss ,a
folal C3PJlall'Spec-al 10.143 47
GfaM Ptoflt!Loss 416,464.06
!10-001 Fill> Tax {70,671 :ID>
110-002 Splllcial AE.,;ess,menA (17,612·.5?)
l 10-000 Storage Unit.s 9.139.41
11 ().-004 Real Estaw Taxes 4ig 01
110--005 S!BFting -9712 Pf'P (5.00)
t 10--006 Re� Loon Proceeds 000
110--007 RellaVe AcCOl.l!lt 000
110-009 Websler - 2!J5at • Bike Racks 0.00
110-010 Webs,e< • 2955 • Pa1nelr1g Projecl 0.00
1