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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
Jan thru |
|
|
|
|
|
|
|
|
|
April |
|
|
|
|
Jan thru |
|
|
2,004 |
|
versus annual |
|
|
|
|
April |
|
|
Budget |
|
budget |
|
| Income |
|
|
|
|
|
|
|
|
|
| Commercial Rent |
|
28,667 |
|
|
111,000 |
|
26% |
|
| Laundry Income |
|
2,953 |
|
|
12,000 |
|
25% |
|
| Transfer Fees (2% of sales price) |
|
40,000 |
|
|
73,120 |
|
55% |
|
| Maintenance |
|
362,695 |
|
|
1,105,652 |
|
33% |
|
|
|
|
|
|
|
|
|
|
|
| Bike Room |
|
0 |
|
|
3,600 |
|
0% |
|
| Interest and dividends |
|
272 |
|
|
17,000 |
|
2% |
|
| Late fees |
|
|
550 |
|
|
1,500 |
|
37% |
|
| Lockers |
|
|
0 |
|
|
0 |
|
0% |
|
| Repair charges |
|
375 |
|
|
0 |
|
0% |
|
| Sublet fees |
|
0 |
|
|
4,000 |
|
0% |
|
| Misc income |
|
674 |
|
|
1,000 |
|
67% |
|
| Subtotal other income |
|
1,872 |
|
|
27,100 |
|
7% |
|
|
|
|
|
|
|
|
|
|
|
| Total Income |
|
436,187 |
|
|
1,328,872 |
|
33% |
|
|
|
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
|
|
|
| Real Estate Tax |
|
146,981 |
|
|
439,000 |
|
33% |
|
| Mortgage Interest & Principal |
|
83,442 |
|
|
250,325 |
* |
33% |
|
| Other Taxes |
|
1,400 |
|
|
12,000 |
|
12% |
|
| Subtotal taxes and interest |
|
231,822 |
|
|
701,325 |
|
33% |
|
|
|
|
|
|
|
|
|
|
|
| Insurance |
|
|
468 |
|
|
65,000 |
|
1% |
|
| Management Fee (Tudor) |
|
14,389 |
|
|
43,167 |
|
33% |
|
| Legal Fees |
|
|
4,598 |
|
|
50,000 |
|
9% |
|
| Accounting |
|
|
4,247 |
|
|
10,000 |
|
42% |
|
|
|
|
|
|
|
|
|
|
|
| Bank charges |
|
1 |
|
|
100 |
|
1% |
|
| Dues and subscriptions |
|
629 |
|
|
2,500 |
|
25% |
|
| Internet site |
|
|
|
|
500 |
|
0% |
|
| Licenses, permits, violations,
inspections, consulting |
|
|
|
|
1,200 |
|
0% |
|
| Misc |
|
|
75 |
|
|
2,500 |
|
3% |
|
| Phone |
|
|
426 |
|
|
2,000 |
|
21% |
|
| Postage |
|
|
277 |
|
|
2,000 |
|
14% |
|
| Printing |
|
|
379 |
|
|
1,000 |
|
38% |
|
| Security system |
|
|
|
|
2,500 |
|
0% |
|
| Subtotal all other |
|
1,786 |
|
|
14,300 |
|
12% |
|
|
|
|
|
|
|
|
|
|
|
| Total Administration |
|
25,488 |
|
|
182,467 |
|
14% |
|
|
|
|
|
|
|
|
|
|
|
| Medical + dental insurance + ADP fees |
|
9,673 |
|
|
27,000 |
|
36% |
|
| Payroll (incl Worker's Comp) |
|
63,791 |
|
|
239,000 |
|
27% |
|
| Subtotal labor |
|
73,464 |
|
|
266,000 |
|
28% |
|
|
|
|
|
|
|
|
|
|
|
| Cable TV |
|
|
77 |
|
|
300 |
|
26% |
|
| Electricity + gas for cooking |
|
6,805 |
|
|
28,000 |
|
24% |
|
| Gas for steam heat + hot water |
|
28,907 |
|
|
60,000 |
|
48% |
|
| Water and sewer |
|
4,960 |
|
|
20,000 |
|
25% |
|
| Subtotal Utilities |
|
40,749 |
|
|
108,300 |
|
38% |
|
|
|
|
|
|
|
|
|
|
|
| Architect + engineer + inspection +
consulting |
|
440 |
|
|
5,000 |
|
9% |
|
| Boiler, plumbing, a/c |
|
326 |
|
|
7,700 |
|
4% |
|
| Electrician |
|
|
540 |
|
|
2,100 |
|
26% |
|
| Elevator |
|
|
2,777 |
|
|
10,500 |
|
26% |
|
| Equipment repair |
|
828 |
|
|
0 |
|
0% |
|
| Exercise Room |
|
0 |
|
|
2,000 |
|
0% |
|
| Exterminator |
|
535 |
|
|
2,000 |
|
27% |
|
| Janitorial supplies |
|
4,828 |
|
|
25,000 |
|
19% |
|
| Landscaping |
|
2,108 |
|
|
10,000 |
|
21% |
|
| Other physical upkeep |
|
2,252 |
|
|
11,000 |
|
20% |
|
| Painting touch up + carpet repair |
|
|
|
|
5,000 |
|
0% |
|
| Uniform cleaning |
|
489 |
|
|
600 |
|
81% |
|
| Subtotal Maint & Repairs |
|
15,122 |
|
|
80,900 |
|
19% |
|
|
|
|
|
|
|
|
|
|
|
| Contingency |
|
0 |
|
|
1,880 |
* |
0% |
|
|
|
|
|
|
|
|
|
|
|
| Capital Projects |
|
29,666 |
|
|
50,500 |
|
59% |
|
|
|
|
|
|
|
|
|
|
|
| Total Expense |
|
416,311 |
|
|
1,391,372 |
|
30% |
|
|
|
|
|
|
|
|
|
|
|
| Tax rebate for 2004 |
|
75,137 |
|
|
62,000 |
|
121% |
|
|
|
|
|
|
|
|
|
|
|
| Net Income/(Loss) |
|
95,012 |
|
|
-500 |
|
-19018% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The budget for mortgage expense was increased $17,318 to correct an inaccurate assumption; this amount was taken out of the contingency line resulting in no change to the budgeted net income.
- At the end of February 2004, the co-op had $226,444.36 in cash.