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    At Czarnowski & Beer LLP, we offer a wide variety of result-driven services for:

    • Cooperatives and Condo Accounting
    • Non Profit Accounting
    • Individual Tax & Accounting
    • Real Estate Accounting
    • Enhanced Services
    • Other
    Cooperatives and Condominiums - We Proudly Serve Over 130 Properties! We are a large firm in this practice area presently servicing over 130 properties. However, we never lose the small firm approach, which is the foundation of our success. Our planning strategies are the key to our successful process to timely complete all the engagements well in advance of their annual meetings. As presentation is everything, you will find our Financial Statements to be in large font and in easy-to-understand format!  Our design is to deliver ultimate results for your property by applying our comprehensive audit program that is specifically designed for cooperatives and condominiums that is tailored to each client.
    Leading the way for Not-For-Profit Organizations Not-for-profit A person’s volunteer work should come with peace-of-mind about their Organization. While it’s always about the Mission, your focus on the Organization’s financial operations and internal control structure is extremely important. Our services in this practice area are designed to put the Board at ease about their commitment.   Long before New York State took action with the Revitalization Act, Czarnowski & Beer LLP led the way in assuring board independence, conflict of interest and unquestionable governance policies. Complying with reporting requirements can be accomplished by most appropriate professionals. Expanding our role to educating board members who are here for the important purpose has always been the cornerstone of our practice.  By explaining the need for Board policies that are now required for organizations of more than 20 people and revenue over $1M, we circumvent the extraordinary financial risks that face the important community service culture.  Time and time again, we hear board members comment that the policies we recommend and practices we suggest were neither utilized nor exercised and as a result, many problems had been encountered.   Our coordination with the Board to establish procedures to monitor management is evaluated in our audit process.  For us, it’s all about our mission, and to protect the Board, the purpose of the organization and its volunteers.
    We offer comprehensive Individual Tax and Accounting services You are quite successful at what you do and following the huge list of Government filing requirements and deadlines, or keeping track of where the money comes from and goes is, in no way, the best way to utilize your time. We offer complete comprehensive services to allow you to redirect your attention to where it is best served.  Each task we accomplish carries the function of thinking “what if”. That is, our staff constantly pauses and evaluates what can be improved in the most efficient manner, developing a way to minimize your taxes and to enhance your wealth.  At least once a year, we share our findings with you.  It is then up to you to decide what may or may not work for you.  This unique consultation service is all part of the culture at Czarnowski & Beer LLP. We utilize numerous professional services to keep us abreast of the latest innovations, tax law changes, emerging issues, and deliver this information to you as enhanced representation of your specific tax and accounting requirements.  Our commitment to more than just reporting is available to you as part of our basic representation package.

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    Real Estate - Offering Extraordinary Experience and Results Many families, partners and organizations have achieved superior financial results through these investments.  To the next generation, limited partners and minority owners, it is all about the reputation of the Firm.  Family patriarchs and those entrusted as general partners and executive management, find our uniquely experienced and seasoned staff to be trusted advisors who serve as their counselor in much more than the usual accounting issues. By merging our expertise in the numerous Income Tax savings strategies available to your organization, we offer the ability to present those in easy-to-understand concepts for your investors.  The inquiries we receive from management tend to involve much more than tax and reporting matters.  By accumulating our knowledge gained from the issues that affect our clients, as well as our investment knowledge, you will find that the return on investment in the cost of our consulting experience is extraordinary. You will receive insightful and economically rewarding information, and communication with investors is kept to a minimum with our ability to assist with straight-forward and uncomplicated commentary on complex investor communication issues.
    Enhanced Services - geared specifically for your organization  In addition to preparing an annual financial statement and tax return, we also help spotlight potential cost-savings opportunities for your property, help the Board take proper actions and make suitable decisions which will deter the Board from public scrutiny. Our basic procedures include exceptional rotational testing of controls.  This encompasses basic inquiry and, in some cases, testing of a wide variety of aspects of your property’s operations, with a strong focus on risk-assessment.
    Our firm has compiled a comprehensive study of annual costs incurred by our properties.  We have established statistics for most operating categories.  This has allowed us to offer helpful graphic demonstrations of how a given property compares to the “norm” for comparable properties within our vast portfolio.  These graphic demonstrations are offered to our clients. This service is further enhanced by attendance of one of our professionals at a board meeting to review the study and assist board members in properly understanding the meaning of its findings.  We are available to make recommendations for areas of potential improvement.
    This enhanced service allows properties to focus on two of the most popular and timely topics: cost reduction and “going green”. Most of New York’s real estate was developed at a time when efficient use of natural resources was given virtually no consideration.  In fact, providing an overcapacity of resources was the normal plan.  For example, the thought was to provide too much heat, as they can always open the windows if it gets too warm. After real estate taxes and mortgage costs (for cooperatives only), resources for electricity, fuel, gas and water are among their largest expenses, for most properties, other than small buildings, the only other comparable cost is payroll costs. The City has recognized the limitations on natural resources and established a “Go Green” initiative. Recent City legislation attempted to require energy audits, at a potential cost of $10K to $18K per structure.  While energy efficiency is a wonderful concept, utilizing a buckshot approach, particularly at that expected cost level, is not realistic given the budgets of our clients. We have found that most properties do not initiate projects to make every system more energy efficient, but rather, focus on the ones with appropriate payback, that presently are below average. The first step in evaluating what makes sense for a particular property rests on determining the current status of all the property’s systems.  Only then can a logical approach to a cost-effective system upgrade be determined.   Czarnowski & Beer LLP has ascertained the industry criterion for evaluation and established benchmark amounts for many building systems. Using this knowledge, we offer a one-of-a-kind consulting service allowing your Board access to this criteria. Our enhanced service allows you to determine how your property compares in a variety of areas and determine the areas with the highest potential return on investment that may be accomplished. Until the City mandates full energy efficiency audits, we will remain at the forefront of being available to benchmark our clients’ utilization of resources at a more reasonable cost.
    Monthly carrying charge increases have been thrust into the spotlight due to the economic crisis.  The increased charges have predominantly been caused by escalation of costs for energy, employee benefits, and local property taxes. Given that generally more than fifty percent of a property’s operating costs are non-discretionary, cost-cutting must involve more than simply limiting costs haphazardly. Together, with your property manager and building staff, we can coordinate a multi-faceted approach to investigating these key areas. For the benefit of your property and the achievement of your Board, we will offer our guidance to establish policies and procedures, maintain an internal control system including but not limited to maintaining controls over procurement, purchasing, and security of supplies.
    Beyond consideration of expense reduction, maximizing revenue must also be considered in order to limit monthly carrying charge increases.  As a complement to our cost reduction enhanced services, we also offer our “other sources of income” engagement which comes in two distinct concepts. One service evaluates the types and amounts of fees charged by the property to tenants, owners, visitors, and prospective applicants.  This evaluation can determine whether the level and types of fees being charged are in alignment with standard industry practices. The second service approach to “other sources of income” involves the review of applicable property and managing agent procedures to determine that the procedures assure that you are receiving all of the miscellaneous charges that you are entitled to on a timely basis. Try this simple exercise: Consider the listing of fees that has been established, detailing the fees to be charged at your property.  Now consider the frequency you see that revenue being recorded in the accounting records.  Other than your confidence in others assessing these fees properly, what assurance do you have that the fees are properly charged and collected? Even in the best circumstances, simple common errors such as these examples can occur:
    • Inadvertent omission of the procedure to review the dates that the unit owner checks were received to assure they were received by the appropriate date and not subject to late fees.
    • A ticker system is not being utilized to assure that a renewal application is filed upon the expiration of a sublease and that the appropriate fee is charged.
    • A tenant indicates to the appropriate person that they can no longer wish to rent a parking space and that the person responsible for assuring the spot is rented doesn’t receive the notification that the spot is available and rent it to another paying customer.
    We have compiled an exceptional resource designed to efficiently determine the appropriate improvements that are necessary to assure a property that all non-recurring income is properly charged, collected and deposited.  Once these procedures are established, we remain available to instruct the Board or Finance Committee members on how to monitor that the procedures are followed and that miscellaneous income is maximized.
    In the current economic environment, in addition to properties needing to raise revenues, so must the taxing authorities.  It is widely anticipated that there will be increases in Individual Income Tax rates in the near future, thereby making deductions that are passed-through from properties even more valuable.  Those who are familiar with Cooperatives can attest that the first question that is generally asked is “what percentage of the maintenance is tax deductible?”  With increasing tax rates, we expect the question of tax deduction for payments from unit owners to take on even greater significance. In addition to the usual Real Estate Tax and Mortgage Interest deductions that are available, there are other tax benefits that are not based on deduction, but rather provide dollar for dollar tax credits for certain projects that the property undertakes.  This type of benefit can go a long way toward rewarding unit owners and reducing the painful costs for necessary projects. There generally is one place that funds come from when they are required, and that is from the unit owners.  Presentation is everything when requesting funds from unit owners.  Quite often, we have heard the complaint “I have no idea what I am getting for all this extra money I have to pay”. Interestingly, we have seen how the response to requests for additional funds for major capital improvements is received more favorably when the request highlights the additional tax benefits to the unit owners when the assessment is properly structured. Working with you, we will assure that available tax benefits are maximized as part of the operation of the property.
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