COOPERATOREVENTS NEW YORK EXPO. WEDNESDAY APRIL 22ND . NEW YORK HILTON MIDTOWN. REGISTER NOW!

Q&A: Is Audited Budget Required?

Q&A: Is Audited Budget Required?

Q Does corporate law require that co-ops have an annual audited financial budget for shareholders?

—Budgeter in Brooklyn

A “The law imposes no such requirement on co-op apartment corporations,” says Thomas E. Kass, a partner at the New York-based Kantor, Davidoff, Wolfe, Mandelker, Twomey & Gallanty, P.C. “Budgets generally represent an estimate of expected expenses in the future and may be based on past financial statements which may in fact have been audited. Audited financial statements for co-op apartment corporations are not required under the law; however, such a requirement may be imposed by the corporation's mortgage and/or its bylaws. If not, such a requirement could be imposed on the corporation by its shareholders who have the power to amend the bylaws.”

Related Articles

Portrait of serious young adult woman with red lips standing and showing money gesture, asking to give her salary, wearing red jacket. Indoor studio shot isolated on yellow background.

Q&A: Can Treasurer Change Maintenance Increases?

Q&A: Can Treasurer Change Maintenance Increases?

Q&A: Lease Rights

Q&A: Lease Rights

Q&A: Lease Rights

Electoral fraud and hacked elections concept with a hand wearing a leather glove and stuffing a ballot box isolated on white background with copy space and a clipping path cut out

Q&A: Contesting an Election

Q&A: Contesting an Election