PDF page 12 · financial statements as of 2023-12-31
23 and 2022
2023 2022
INCOME
Maintenance charges $ 895,474 $ 856,229
Garage 29,900 32,750
Laundry 13,725 17,284
Apartment transfer fees – (Note 6) - 5,150
Interest 8,230 3,570
Miscellaneous 5,624 4,649
TOTAL INCOME 952,953 919,632
EXPENSES
Management fee 33,447 33,737
Professional fees 13,904 8,799
Miscellaneous administrative 10,123 19,603
Insurance 83,340 68,469
Payroll and related expenses 148,527 149,684
Utilities 70,735 105,126
Water and sewer charges 87,830 84,027
Supplies 12,982 17,527
Repairs and maintenance 37,634 52,375
Real estate taxes 363,439 331,995
Corporate taxes 1,150 1,150
TOTAL EXPENSES 863,111 872,492
NET INCOME BEFORE DEPRECIATION 89,842 47,140
Depreciation (55,877) (54,278)
NET INCOME (LOSS) 33,965 (7,138)
Beginning Accumulated Earnings 259,578 214,276
Prior Period Adjustments – (Note 9) - 52,440
Ending Accumulated Earnings $ 293,543 $ 259,
PDF page 15 · financial statements as of 2023-12-31
/2022 tax year and the first two
quarters of the 2022/2023 tax year. These amounts are being credited to the eligible shareholders.
6. APARTMENT TRANSFER FEES
The Corporation has a policy to charge the seller of shares of stock a fee of 1% of the selling price in order
to transfer shares to a new owner. Income from apartment transfer fees totaled $-0- and $5,150 for the years
ended December 31, 2023 and 2022, respectively.
7. INCOME TAXES
The U.S. Tax Court has ruled that housing cooperatives are subject to Subchapter T of the Internal Revenue
Code (IRC). Subchapter T limits the use of patronage losses as deductions to the extent of patronage income.
Income is patronage sourced if it is derived from an ac tivity that is so closely intertwined with the main
cooperative effort that it may be characterized as directly related to, and inseparable from, the cooperative’s
principal business activity, and thus facilitates the accomplishment of the cooperative’s business
PDF page 17 · effective period must be checked in the document
Garage & Parking Income 32,750.00 29,900.00 22,500.00 30,000.00 28,000.00 30,000.00
Sublet Fees 15,034.92
Other Income 4,649.00 5,624.00 4,519.00 5,992.00 1,550.00 -
Total Income 919,632.00 944,723.00 727,400.00 747,316.00 821,550.00 960,010.93
EXPENSES
Payroll & Related 149,684.00 148,527.00 132,515.00 168,538.44 105,138.96 164,326.68
Real Estate Taxes 331,995.00 363,439.00 245,055.00 245,055.00 332,291.15 336,824.17
Tax Benefit (42,365.43)
Utilities - Gas 105,126.00 70,735.00 7,428.70 9,904.93 32,200.00 10,833.52
Utilities- Electric 27,150.00 36,200.00 23,800.00