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

Online voting. E-voting, election internet service, online choice. Ballot box with blank on laptop screen. Voting ballot on the phone screen. Isometry illustration with people scene for web graphic.

Q&A: Independent Board Election Review?

Q&A: Independent Board Election Review?

Unknown woman putting on golden crown, arrogance and privileged status, concept of self confidence in success, self-motivation and dreams to be best. Indoor studio shot isolated on pink background.

Q&A: Overbearing Manager

Q&A: Overbearing Manager

Deal with difficult people, bossy manager or trouble employee, tough or complicated colleague, confusion or conflict concept, frustrated business people dealing with difficult and fussy coworker.

Q&A: Removing a Problematic President

Q&A: Removing a Problematic President