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Co-Op Audited Statements in NYC

I googled “Cost of Co-Op Audited Financial Statements in New York City” and no hard numbers came up. Luckily, I will provide this information for anyone who is curious enough to run an exact google search for these words. It depends on the size of your building, the amountof activity in the bank statement, and how clean the records and financials are of the property management company or accountant keeping track of the books of the building. After doing the accounting for close to 100 different condos and co-ops in Manhattan, I can say that the price falls between $8,000 and $14,000 for most luxury Manhattan buildings.

These audits are usually done by updating a financial statement template along with some footnotes. Common items in the footnotes include recent assessments, increases to maintenance, cost of labor (doormen, porters, etc.), tax abatement issues, the amount of cash in reserve, capital expenditures (new roof, new boiler, gas-conversion projects), assessments on the shareholders for various items, etc. Typically the audit firm is also the firm that does the tax returns, typically on form 1120 and its supporting schedules.

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