Condos and co-ops have complex financial management needs

Properly running a condo or co-op association – and managing its resources wisely – takes the same level of specialized knowledge, expertise and attention to detail as running a successful business. And like a business, each homeowners' association is different, with specific goals to achieve and challenges to meet.

 

Whether your building is self-managed or relies on property management professionals, we provide accounting and financial advisory services focused on condos and co-ops to help you operate efficiently, get the most from your fees and meet your short- and long-term goals.

 

We stay on top of the financial issues that impact your operations and, ultimately, your property value. By using the latest secure cloud accounting technologies, we make it easy for your co-op board to meet your financial and legal responsibilities and easily access information and answers to make educated decisions. Services include, but not limited to:

 

  • Bill payments
  • Payroll processing
  • Invoices and collections of association fees and assessments
  • Bank statement reconciliation
  • Monthly and quarterly financial statements
  • Budgeting and financial planning
  • Federal, state and local tax returns
  • Forms 1099 for vendors
  • Representation in IRS, New York tax, Labor Department or workers’ compensation audits
  • Board meeting presentations and regular communications
  • 3rd party board election inspections
  • New York City coop/condo tax abatement filings
  • Energy benchmarking filings
  • Contract review
  • Unit closing process management, including:
    • Completing bank questionnaires
    • Acting as liaison with attorneys, brokers, purchasers, sellers and board
    • Preparing right of first refusal letters
    • Working with new owners and scheduling move in, and more.

 

Our services are designed to keep you informed year-round while saving you money, time and frustration. Even major endeavors such as audits are easier (and less costly) when you have an experienced CPA ready with detailed records and clear accounting. With Condo CFO on your team, you don’t have to worry; we make living in your building a pleasure, not a struggle. Contact us today and learn how we can partner with your condo or co-op association.