PDF page 11 · financial statements as of 2019-12-31
Less: Coop real estate tax abatements/exemptions
2019 2018
$ 1,193,723
(82,421)
(81,512)
$ 1,193,723
(79,399)
(81,073)
1,029,790 1,033,251
Special assessment 124,673 117,512
Garage income 67,392 67,880
Interest and other income 35,106 28,860
Laundry income 13,800 13,800
TOTAL REVENUES 1,270,761 1,261,303
EXPENSES
Electricity 31,089 31,762
Heating 75,838 90,725
Insurance 64,412 60,682
Legal and accounting 7,469 8,136
Management fees 22,510 22,510
Payroll and related costs 219,419 199,843
Real estate taxes 373,736 347,903
Water and sewer 97,904 111,636
Administrative expenses 7,952 11,929
Repairs and maintenance 63,967 50,523
Supplies 887 1,811
Mortgage interest 103,029 106,058
Corporate taxes 5,120 4,622
TOTAL EXPENSES 1,073,332 1,048,140
Excess of Revenues Over Expenses Before Depreciation
and Amortization 197,429 213,163
Depreciation and Amortization (87,462) (86,667)
Excess of Revenues Over Expenses $ 109,967 $ 126,496
See accompanying notes to fina
PDF page 16 · financial statements as of 2019-12-31
financial statements have been reclassified to more appropriately reflect the relationship
between prepaid insurance and insurance expense.
Note 4 SPECIAL ASSESSMENTS
On May 1, 2018, the Board of Directors approved a $3.64 per share special assessment billable over
24 months, effective June 1, 2018. The assessment was deemed necessary to assist in funding the
window replacement project. This special assessment has been recorded as stockholders' capital
contributions.
The Board of Directors approved $1.12 and $1.06 per share special assessments, billable over one
month, effective April 1, 2019 and March 1, 2018, respectively, approximating the NYC Coop tax
abatements.
Note 5 REAL ESTATE TAX ABATEMENTS
Pursuant to various real estate tax abatement programs, certain stockholders are entitled to real estate
tax abatements. The abatements are credited against the real estate tax due on the property and the
Corporation is required to pass on the abatements to eligible stockhold
PDF page 18 · financial statements as of 2019-12-31
are required for major repairs and replacements, the
Corporation plans to use existing funds, borrow, increase maintenance assessments, implement a
special assessment, or delay repairs or replacements until funds are available. The effect on future
assessments has not been determined.
Note 9 CORPORATE TAXES
The financial statements do not contain a provision for federal income tax due to cumulative net
operating losses for tax purposes which are available to be carried forward to future tax periods.
Because the future utilization of these tax carry forward losses is uncertain, no related deferred tax
asset has been reflected in the accompanying financial statements.
Federal income tax is computed pursuant to Subchapter T of the Internal Revenue Code. Subchapter
T provides that expenses attributable to the generation of patronage income, i.e., income from
business done with or for patrons (stockholders), are deductible only to the extent of patronage
income.
The Corporation
PDF page 19 · financial statements as of 2019-12-31
ted costs. The collective bargaining
agreement expires on April 20, 2022.
Note 13 SUBSEQUENT EVENT
The Board of Directors approved $1.19 per share special assessment, billable over one month,
effective May 1, 2020 which approximates the NYC Coop tax abatements.
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