Warning Signs: When Your Building's Financials Are Late
Waiting for the fiscal year to end is why so many co-ops and condos have their annual meetings in May and June. The annual financial statements should be delivered by the accountant to the board and the shareholders or unit-owners within four months of the end of the fiscal year (usually by April 30 if the fiscal year is also the calendar year).
The late arrival of the financial statement could mean that either the co-op or condo's auditor took on too many clients and needs additional staffing, or that the managing agent's books and records are not being well maintained, or there was a problem in the auditor's attempt to obtain and report the information.
This article is part of a new series that will highlight certain issues that, if ignored or misunderstood, could signal trouble.