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ACCUMULATED DEFICIT
FOR THE YEARS ENDED FEBRUARY 28, 2025 AND FEBRUARY 29, 2024
2025 2024
INCOME
Maintenance fee income $ 462,615 $ 462,615
Special assessment 44,133
Garage income 20,363 19,628
Laundry income 5,437 4,106
Interest income and patronage dividends 3,372 818
Late fees and other income 4,076 10,412
Total Income 539,996 497,579
EXPENSES
Payroll and related costs 39,191 36,422
Utilities 54,366 47,361
Water and sewer charges 28,209 29,166
Management fees 15,000 14,850
Repairs and maintenance 40,735 14,897
Plumbing and boiler repairs 6,820 18,916
Elevator repairs and maintenance 9,499 10,248
Pest control 2,798 2,646
Supplies 5,206 2,584
Interest - mortgage 69,841 71,598
Insurance 50,119 38,378
Professional fees 8,695 6,495
Fees and permits 9,981 6,049
Telephone and other expenses 4,167 2,722
Real estate taxes 160,019 151,744
State and city corporation taxes 403 403
Total Expenses 505,049 454,479
Excess Of Income Over Expenses Before Depreciation
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RUGBY ROAD OWNERS CORP.
(A COOPERATIVE HOUSING CORPORATION)
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2025 AND FEBRUARY 29, 2024
NOTE 12 — SPECIAL ASSESSMENT
During the year ended February 28, 2025, the Coop Corporation implemented a special
assessment, which generated approximately $44,000 in billings for operating purposes. The
Coop Corporation's policy is to refund abatements granted under the New York City Cooperative
Shareholder Real Estate Tax Abatement Program at approximately the same time as the
assessments are charged to the shareholders. For the year ending February 28, 2026, a similar
assessment is anticipated.
NOTE 13 — MANAGEMENT FEES
The Coop Corporation has an agreement with Abstract Management LLC to act as a managing
agent of the property. Management fees during the years ended February 28, 2025 and
February 29, 2024, amounted to $15,000 and $14,850, respectively.
NOTE 14 — FUTURE MAJOR REPAIRS AND REPLACEMENTS
The Coop Corporation has not promulgated