Reserves & financial health · 9 source passages
PDF page 54 · financial statements as of 2023-12-31
ples generally accepted in the
United States of America.
Other Matter
Management has omitted the supplementary information about the
estimates on future major repairs and replacements that will be
required in the future (see Note 4) that accounting principles
generally accepted in the United States'of America require to be
presented to supplement the basic financial statements. Such
missing information, although not a part of the basic financial
statements, is required by the Financial Accounting Standards
Board, who considers it to be an essential part of financial
reporting for placing the basic financial statements in an
appropriate operational, economic, and historical context. Our
opinion on the basic financial statements is not affected by the
missing information.
bg4 C41 Ni_k
Brooklyn, New York
September 26, 2024
Opinion
In our opinion, the financial statement referred to above present
fairly, in.all material respects, the financial position of 2665
Homecres
PDF page 42 · financial statements as of 2022-12-31
ples generally accepted in the
United States of America.
Other Matter
Management has omitted the supplementary information about the
estimates on future major repairs and replacements that will be
required in the future (see Note 4) that accounting principles
generally accepted in the United States of America require to be
presented to supplement the basic financial statements. Such
missing information, although not a part of the basic financial
statements, is required by the Financial Accounting Standards
Board, who considers it to be an essential part of financial
reporting for placing the basic financial statements in an
appropriate operational, economic, and historical context. Our
opinion on the basic financial statements is not affected by the
missing information.
()PkANII',A.0 eft
Brooklyn, New York
November 21, 2023
Opinion
In our opinion, the financial statement referred to above present
fairly, in all material respects, the financial position of 2665
Home
PDF page 29 · financial statements as of 2021-12-31
ples generally accepted in the United States
of America.
Other Matter
Management has omitted the supplementary information about the
estimates on future major repairs and replacements that will be
required in the future (see Note 4) that accounting principles
generally accepted in the United States of America require to be
presented to supplement the basic financial statements. Such missing
information, although not a part of the basic financial statements,
is required by the Financial Accounting Standards Board, who considers
it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic,
and historical context. Our opinion on the basic financial statements
is not affected by the missing information.
(1;L
NQ.A.Ju L05011 te1
rooklyn, New York
May 10, 2022
Opinion
In our opinion, the financial statement referred to above present
fairly, in all material respects, the financial position of 2665
Homec
PDF page 16 · financial statements as of 2020-12-31
ples generally accepted in the United States
of America.
Other Matter
Management has omitted the supplementary information about the
estimates on future major repairs and replacements that will be
required in the future (see Note 4) that accounting principles
generally accepted in the United States of America require to be
presented to supplement the basic financial statements. Such missing
information, although not a part of the basic financial statements,
is required by the Financial Accounting Standards Board, who considers
it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic,
and historical context. Our opinion on the basic financial statements
is not affected by the missing information.
'\\Ikt:: CELJUL
]rooklyn, New York
June 14, 2021
Opinion
In our opinion, the financial statement referred to above present
fairly, in all material respects, the financial position of 2665
Homecrest O
PDF page 3 · effective period must be checked in the document
Apartment Corporation for the periods ending December 31, 2019, December 31, 2020,
December 31, 2021, December 31, 2022 and December 31, 2023.
12. Reserve Fund. The Apartment Corporation’s Reserve Fund is maintained in an
account at the National Cooperative Bank located at 139 South High Street, Hillsboro, Ohio 45133.
The Reserve Fund account currently has a balance of approximately $259,269.92.
13. Budget. Attached as Exhibit C is the 2024 budget for the Apartment Corporation.
This budget was prepared by management on behalf of the Apartment Corporation, and was not
prepared or reviewed by the Sponsor.
14. Special Assessment. There are no special assessments at this time.
15. Sales Since Expiration of Offering Plan. The Thirtieth amendment is the most
recently filed amendment to the Plan and was accepted for filing on December 1, 2020. The term
of the Plan expired on December 1, 2021. 4. Relying on the State of New York, Department of
PDF page 23 · effective period must be checked in the document
The Company is subject to federal and state taxation on income
derived from non-members pursuant to Section 277 of the Internal
Revenue Code.
G: FUTURE MAJOR REPAIRS AND REPLACEMENTS:
The Company has not conducted a study to determine the remaining
useful lives ❑f the components of common property and current estimates
of costs of major repairs and replacements that may be required in
the future. When replacement funds are needed to meet future needs
for major repairs and replacements, the Company has the right to
borrow, utilize available cash, increase carrying charges, pass
special assessments, or delay repairs and replacement until the funds
are available. The effect on the future assessments has not been
determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2020
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the Co
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The Company is subject to federal and state taxation on income
derived from non-members pursuant to Section 277 of the Internal
Revenue Code.
G: FUTURE MAJOR REPAIRS AND REPLACEMENTS:
The Company has not conducted a study to determine the remaining
useful lives of the components of common property and current estimates
of costs of major repairs and replacements that may be required in
the future. When replacement funds are needed to meet future needs
for major repairs and replacements, the Company has the right to
borrow, utilize available cash, increase carrying charges, pass
special assessments, or delay repairs and replacement until the funds
are available. The effect on the future assessments has not been
determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2021
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the Co
PDF page 49 · effective period must be checked in the document
The Company is subject to federal and state taxation on
income derived from non-members pursuant to Section 277 of the
Internal Revenue Code.
G: FUTURE MAJOR REPAIRS AND REPLACEMENTS:
The Company has not conducted a study to determine the
remaining useful lives of the components of common property and
current estimates of costs of major repairs and replacements that
may be required in the future. When replacement funds are needed
to meet future needs for major repairs and replacements, the
Company has the right to borrow, utilize available cash, increase
carrying charges, pass special assessments, or delay repairs and
replacement until the funds are available. The effect on the
future assessments has not been determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2022
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the Co
PDF page 62 · effective period must be checked in the document
The Company is subject to federal and state taxation on
income derived from non-members pursuant to Section 277 of the
Internal Revenue Code.
G: FUTURE MAJOR REPAIRS AND REPLACEMENTS:
The Company has not conducted a study to determine the
remaining useful lives of the components of common property and
current estimates of costs of major repairs and replacements that
may be required in the future. When replacement funds are needed
to meet future needs for major repairs -and replacements, the
Company has the right to borrow, utilize available cash, increase
carrying charges, pass special assessments, or delay repairs and
replacement until the funds are available. The effect on the
future assessments has not been determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2023
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the C
Assessments & charge increases · 7 source passages
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n Twelve (12) Months.
Sponsor's only material financial obligations which will become due in the next 12 months are
maintenance payments, plus any special assessments that may be assessed, owed to the Apartment
Corporation.
6. Sponsor's Means of Funding Financial Obligations. Sponsor will apply its monthly
rental income toward its obligations for monthly maintenance and assessment charges. Any
shortfall and other financial obligations of the Sponsor not paid from rental income will be covered
by the expected profits from future sales of apartments in the Building, and cash on hand. The
Sponsor currently has assets sufficient to cover its maintenance and assessment charges.
7. Status of Financial Obligations. The Sponsor is current and has been current on its
financial obligations for the twelve (12) months preceding the submission date of this Thirty-First
Amendment. None of the Sponsor’s debts is more than 30 days past due.
8. Unsold Shares. There are no liens on t
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poration.
This budget was prepared by management on behalf of the Apartment Corporation, and was not
prepared or reviewed by the Sponsor.
14. Special Assessment. There are no special assessments at this time.
15. Sales Since Expiration of Offering Plan. The Thirtieth amendment is the most
recently filed amendment to the Plan and was accepted for filing on December 1, 2020. The term
of the Plan expired on December 1, 2021. 4. Relying on the State of New York, Department of
PDF page 23 · effective period must be checked in the document
meet future needs
for major repairs and replacements, the Company has the right to
borrow, utilize available cash, increase carrying charges, pass
special assessments, or delay repairs and replacement until the funds
are available. The effect on the future assessments has not been
determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2020
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the Company
(the Sponsor) owns 33,720 shares of the company which represents
approximately 23% of the stock of the Company at December 31, 2020.
(2) Maintenance income includes $ 354,421 in 2019 and
§ 289,770 in 2020 paid by the Sponsor.
E: REAL ESTATE:
Real Estate comprises the following:
December 31, 2020
Cost Depreciation Net
Land $ 719,110 $ -Q- 5 719,110
Building 4,314,661 3,427,093 887,568
Building Improvements 2,737,837
PDF page 36 · effective period must be checked in the document
meet future needs
for major repairs and replacements, the Company has the right to
borrow, utilize available cash, increase carrying charges, pass
special assessments, or delay repairs and replacement until the funds
are available. The effect on the future assessments has not been
determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2021
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the Company
(the Sponsor) owns 33,720 shares of the company which represents
approximately 23% of the stock of the Company at December 31, 2021.
E: REAL ESTATE:
Real Estate comprises the following:
December 31, 2021
Cost Depreciation Net
Land $ 719,110 $ -0- $ 719,110
Building 4,314,661 3,583,990 730,671
Building Improvements 2,775,789 1,471,727 1,304,062
TOTAL $ 7,809,560 $ 5,055,717 $ 2,753,843
F: INCOME TAXES:
The Company i
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meet future needs for major repairs and replacements, the
Company has the right to borrow, utilize available cash, increase
carrying charges, pass special assessments, or delay repairs and
replacement until the funds are available. The effect on the
future assessments has not been determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2022
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the Company
(the Sponsor) owns 29,505 shares of the company which represents
approximately 20% of the stock of the Company at December 31,
2022.
E: REAL ESTATE:
Real Estate comprises the following:
December 31, 2022
Cost Depreciation Net
Land $ 719,110 $ -0- $ 719,110
Building 4,314,661 3,740,887 573,774
Building Improvements 2,845,440 1,598,621 1,246,819
TOTAL $7,879,211 $5,339,508 $_ 2,539,703
F: INCOME TAXES:
The Comp
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meet future needs for major repairs -and replacements, the
Company has the right to borrow, utilize available cash, increase
carrying charges, pass special assessments, or delay repairs and
replacement until the funds are available. The effect on the
future assessments has not been determined at this time.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to the Financial Statements
For The Year Ended December 31, 2023
D: TRANSACTIONS WITH AFFILIATES:
(1) The Partnership which sold the property to the Company
(the Sponsor) owns 27,100 shares of the company which represents
approximately 18.5% of the stock of the Company at December 31,
23.
E: REAL ESTATE:
Real Estate comprises the following:
December 31, 2023
Cost Depreciation Net
Land $ 719,110 $ ~0- s 719,110
Building 4,314,661 3,897,784 416,877
Building Improvements 3,888,169 1,745,905 2,098,415
TOTAL S$ 8,921,940 $5,643,689 $ 3,278,251
F: INCOME TAXES:
The Comp
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ding December for each calendar year.
L: MMINTENANCE AND PARKING:
To help absorb the recent cost of living increases, effective
January 1, 2023, a maintenance increase, raising maintenance from
$0.73 per share per month to $0.85 per share per month, will be
implemented.
Effective January 1, 2023, monthly parking charges will be
increased by $15(10%) per month.
2665 Homecrest Avenue Owners Corp.
(A Cooperative Apartment House Corporation)
Notes to Financial Statements
For the Year Ended December 31, 2023
J: ASSESSMENTS:
For 2022, the Board of Directors approved an assessment to
offset the application of the Co-op tax abatements and the need to
compensate for rising real estate taxes, water and sewer charges
and insurance costs. The assessment approved was for $1.00 per
share which was applied to maintenance invoices in twelve
installments from January to December 2022.
For 2023, the long-standing assessment of $1.00 per share to
offset the Co-op tax abatements will b