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Hi All,
Do anyone board memebers receive a copy of the co-ops tax returns, along with the annual financial statements? We want to request a copy, but not sure how common this is?
Thanks
The accountant was told not to talk to the shareholders of the building.
Our managing agent, maxwell kates, doesn't give us anything.
As the Treasurer of my co-op, I sign the returns and send them to our accounting firm to be filed. Our managing agent has no role in that process other than providing the information to the accountant. Neither board members nor shareholders have asked for copies, but we are happy to oblige. We do provide audited financials to all shareholders and the Board gets monthly financial updates.
i wot use the word audited since the auditing company just goes on what the co-op gives them. They don't check anything besdies that the numbers add up, if the numbers or documents are fraudulent, they would not know.
i caught my managing agent and board president in one total lie/fraudulent statement from last year. i asked about page 9 on the audit financial statement where it stated that the co-op exceeds the FICA deposit insurance from time to time. I asked this question at the annual meeting and the managing agent and board president both said they did not, the statement was incorrect. This year same thing, page 9. i called the accountant and he said yes that sometimes they would have 310k,290k, etc and gave me the dates. i brought that up at the annual meeting, they still tried to argue with me on it .i know damn well that banks close all the time, and if you have over 250k you lost the rest. Talk about fiduciary irresponsibility .
in your propriety lease in should state that every shareholder ,not bod, shareholders get a "audited" copy. I have to find out now how to initiate the court battle to see the books since incidental fees are like 14k,admin fees 20k no breakdown, Plus i want to see a couple other things , and it states i can in my proprietry lease, and they have refused
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Your accountant should be able to help you.
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