Condominium 1Financial Statement Preparation
We prepare your Financial Statements in accordance with professional standards and express our opinion on the underlying information included in them.
Audits, Reviews & Compilations
Audits differ from reviews and compilations, as audits are an intensive examination of your
Building's records providing the highest level of assurance.
• Audits of Condominium Associations — We provide auditing services for Condominium
associations of all sizes. We provide detailed financial statements that are useful planning tools.
• Audits of Cooperative Housing Corporations — We provide detailed audits of Cooperative
Housing corporations.
• Review — some analytical procedures conducted with limited assurance and are useful to
Boards and agents.
• Compilation — based upon client information and usually intended for internal use.
Cash Flow & Budgeting Analysis, Financial Forecasts and Projections
We forecast and evaluate your building's financial condition, estimate financial requirements and track cash-flow sources and uses. We provide extensive financial planning advice to assist in financing capital improvements or providing for future contingencies.
Tax Planning & Preparation
Tax Planning is an essential element of the tax preparation process. We use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities. Our computerized tax preparation software enables us to accurately and efficiently prepare returns for our Cooperative and Condominium clients. We also provide the calculation of shareholder tax deductions (mortgage interest and real estate taxes) as required under IRC Section 216 (The Tax Letter). One of our specialties is advising buildings with substantial commercial income. We constantly monitor their 80/20 ("good income"/"bad income") projections and offer recommendations for increasing "good income".
Management Advisory Services
We can help your building's management develop long-term objectives and specific strategies to facilitate your building's future operations. We also provide assistance in the annual and long-term budgeting process, make recommendations for accumulating and investing reserves and calculations as required under various legal agreements (leases, loan agreements, etc.)