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Problem Solved! For Co-ops and Condos
From building repairs and maintenance, energy upgrades, insurance, lobby redesigns, accounting and financing - the challenges facing co-op and condominium board directors are endless. In this series, Habitat Magazine editors interview New York City experts to learn how problems have been solved at their client co-op and condo buildings. We take a deep dive into the issues being confronted, the possibilities for solutions, the costs, the challenges, and the outcomes. Habitat Magazine, founded in 1982, is the trusted resource for New York City co-ops and condo board directors. Visit us at www.habitatmag.com
Problem Solved! For Co-ops and Condos
Why Your Sponsor May Still Owe Your Building Money
Board members taking control of new condominiums need to engage an independent accountant to perform a proper financial true-up — before it's too late. Amy Jennings, a manager at WilkinGuttenplan, reveals how one Manhattan condo board discovered their sponsor owed them six figures only after the waiver period (when the sponsor markets the building by waiving common charges) ended. The building had secretly been running at a loss for at least a year. Worse, this isn't an isolated incident. Jennings explains the crucial differences in accounting that create these budgeting gaps. If your building recently transitioned from sponsor control, this episode could save your building substantial money. Habitat's Carol Ott conducts the interview.
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