As the pendulum has swung from easy access to lenders and mortgages to loan officers armed with denial checklists, publishing the best possible financial “picture” on your property’s 2016 Financial Statement has become a necessity. Attention is required to avoid unpleasant developments for your property in 2017. Prospective purchasers and their lenders are scrutinizing YOUR performance as a Board member. Previously, that might have been limited to the amount of monthly increases over time, but now seems to include responsibility for qualification to each lender’s requirements. No Board member needs to deal with implications of the building not being on the approved list for a lender. Items such as deficits, minimizing taxable income, inadequate funding of replacement reserves are highlighted “after the fact” with unprecedented urgency. This departs from past experiences where mostly additional monthly increases and assessments were focused on.

In addition, as part of our Exceptional Services, it is important to evaluate the many important individual income tax benefits available to your unit owners. With rising income tax rates, this area is becoming an even more significant consideration in the costs of maintaining a home in a cooperative or condominium. There are various enhanced tax benefits beyond solely deducting a percentage of monthly charges.

Planning strategy is the key to success and presentation is everything. By working with your professional team, we can attempt to maximize important issues and ensure the best possible financial picture is presented and that all available tax benefits are utilized as part of the operation of the property.