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Why Your Sponsor May Still Owe Your Building Money
Manage episode 502832769 series 3397088
Το περιεχόμενο παρέχεται από το Habitat Magazine. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Habitat Magazine ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
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.
Thanks for listening. Subscribe to this podcast for more stories on how New York co-ops and condos have solved a myriad of problems. Brought to you by Habitat Magazine, the "bible" that hundreds of board directors turn to every day!
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