166 TENANTS CORP. FINANCIAL STATEMENT YEAR ENDED DECEMBER 31, 2016
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1 FINANCIAL STATEMENT YEAR ENDED DECEMBER 31, 2016
2 KOVAL & CASAGRANDE CERTIFIED PUBLIC ACCOUNTANTS 324 SOUTH SERVICE ROAD SUITE 118 MELVILLE, N.Y (631) «FAX: (631) MARTIN I. KOVAL C.P.A. ANTHONY CASAGRANDE C.P.A. To The Board of Directors 166 Tenants Corp. New York, N. Y Management is responsible for the accompanying financial statements of 166 Tenants Corp. ( a corporation), which comprise the statement of assets, liabilities, and equity-tax basis as of December 31, 2016 and the related statement of revenues and expenses-tax basis, retained earnings-tax basis, and cash flows-tax basis for the year then ended in accordance with the tax basis of accounting, and for determining that the tax basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. The financial statements of 166 Tenants Corp. as of December 31, 2015, were subjected to a compilation engagement by other accountants who have ceased operations and whose report was dated February 8,2016, state that they have not audited or reviewed the financial statements and, accordingly, they do not express an opinion, a conclusion, nor provide any form of assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. The financial statements are prepared in accordance with the tax basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. ^>. Koval & Casagrande Melville, N. Y. March 13, 2017
3 STATEMENT OF ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY - TAX BASIS DECEMBER 31, 2016 AND 2015 ASSETS CURRENT ASSETS Cash 28,897 13,432 Investments 47,968 48,083 Prepaid Expenses 38,256 33,905 TOTAL CURRENT ASSETS 115,121 95,420 PROPERTY AND EQUIPMENT Building & Improvements 738,514 ' 738,514 Land 126, ,327 Total Property and Equipment 864, ,841 Less: Accumulated Depreciation (613,706) (590,586) NET PROPERTY AND EQUIPMENT 251, ,255 OTHER ASSETS Closing Costs Security Deposit 1,000 1,000 TOTAL OTHER ASSETS 1,013 1,013 TOTAL ASSETS 367, ,688 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accrued Interest 1,251 1,378 Loan - Joseph Coleman 2,971 8,571 Current Portion of Mortgage Payable 16,609 15,489 TOTAL CURRENT LIABILITIES 20,831 25,438 LONG-TERM LIABILITIES Mortgage Payable - Net of Current 194, ,981 TOTAL LONG-TERM LIABILITIES 194, ,981 TOTAL LIABILITIES 215, ,419 STOCKHOLDERS' EQUITY Capital Stock (no par value, 5,000 shares authorized, 390, ,080 4,240 shares issued and outstanding) Additional Paid In Capital 111, ,776 Retained Earnings (349,790) (367,587) TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY 367, ,688 See Accompanying Notes and Accountant's Report
4 STATEMENT OF REVENUES AND EXPENSES - TAX BASIS YEAR ENDED DECEMBER 31, 2016 AND 2015 OPERATING INCOME Maintenance Income , ,523 OPERATING EXPENSES Management Fees Superintendent Utilities Insurance Mortgage Interest Legal & Accounting Licenses & Permits Repairs & Supplies Real Estate Taxes Water & Sewer Miscellaneous Expenses 11,880 6,000 12,363 13,813 15,717 4, ,866 73,564 3, ,314 6,000 17,810 7,445 17,200 4, ,529 51,935 1, TOTAL OPERATING EXPENSES 148, ,317 NET INCOME (LOSS) BEFORE OTHER INCOME AND OTHER EXPENSES 40,065 21,206 OTHER INCOME Laundry Room Income Dividend Income Interest Income TOTAL OTHER INCOME 1, , OTHER EXPENSES Depreciation State & Local Taxes TOTAL OTHER EXPENSES NET INCOME (LOSS) 23, ,289 17,797 23, ,521 (1,403) See Accompanying Notes and Accountant's Report
5 STATEMENT OF RETAINED EARNINGS - TAX BASIS YEAR ENDED DECEMBER 31, 2016 AND RETAINED EARNINGS AT BEGINNING OF YEAR Net Income (Loss) RETAINED EARNINGS AT END OF YEAR (367,587) (366,184) 17,797 (1,403) (349,790) See Accompanying Notes and Accountant's Report
6 STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2016 and Cash Flows From Operating Activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: 17,796 (1,403) Depreciation (Increase) Decrease in: Prepaid Taxes Increase (Decrease) in: Accrued Expenses Net Cash Provided (used) by Operating Activities Cash Flows From Investing Activities: 23,120 (4,350) (127) 36,439 23,195 (18,205) (119) Building Improvements - net Net Cash Provided (used) by Investing Activities Cash Flows From Financing Activities: Payment of Mortgage - RP & D Eberhart Payment of Loan -Joseph Coleman Net Cash Provided (used) by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year (15,489) (5,600) (21,089) 15,350 61, (14,445) (5.171) (19,616) (16,148) Cash and Cash Equivalents Due from Agent Investments - Smith Barney Money Fund 28, s 13,432 48, See Accompanying Notes and Accountant's Report
7 NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2016 & ORGANIZATION 166 Tenants Corp., a cooperative housing corporation, was incorporated in the state of New York on June 5,1980. The corporation owns the land and Building located at 166 East 78th Street, New York, New York consisting of ten residential units. The primary purpose of the Corporation is to manage the operations and maintain the common elements. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Accounting Methods - The accompanying financial statements have been prepared on the cash basis of accounting used by the Company for federal income tax reporting purposes. The cash basis of accounting recognizes revenues in the accounting period in which revenues are received regardless of when they are earned, and recognizes expenses in the accounting period in which expenses are paid regardless of when they are incurred. Under the income tax basis for accounting, as indicated below, certain revenues and expenses are recognized in the determination of income in different reporting periods than they would be if the financial statements were prepared in conformity with generally accepted accounting principles. Although income tax rules are used to determine the timing of the reporting of revenues and related assets and expenses and related obligations, nontaxable revenues and nondeductible expenses are included in the determination of net income. The income tax basis of accounting is a comprehensive basis of accounting other than generally accepted accounting principles. The basis of accounting as used by the Company differs from generally accepted accounting principles as follows: 1. Bad debts are recognized when substantially all collection efforts have been exhausted (direct write off method) instead of when losses become probable (reserve method). 2. Depreciation of fixed assets is computed using applicable federal income tax methods instead of the straight-line method over the estimated useful lives of individual assets. 3. There is no provision for deferred income tax assets or liabilities. 4. Generally accepted accounting principles require testing for impairment of goodwill and long lived assets. Both goodwill and long lived assets are recorded and maintained based on federal income tax methods. 5. Advertising costs are written off as incurred and as allowable under Federal income tax law. B. Property, Equipment and Depreciation - The buildings, improvements and equipment are recorded on the books at cost. The buildings were depreciated on a straight - line basis, over a 25-year life. Current acquisitions are depreciated using the straight-line method over their estimated useful lives.
8 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2016 & 2015 C. Revenue - Carrying charges. Carrying charges are based on an annual budget determined by the board of directors. Tenant - shareholders are billed monthly based on their respective stock holdings. The Corporation retains excess operating funds, if any, at the end of the operating year, for use in future operating periods. D. Mortgage Refinancing costs - Mortgage closing costs are being amortized straight line over the life of the mortgage. E. Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. F. Cash and Cash Equivalents - For the purposes of these financial statements, the Company considers all highly liquid short-term debt securities purchased with a maturity of three months or less to be cash equivalents. Certificates of Deposit with a maturity of three months or less are included in cash. Certificates of Deposit with a maturity of over three months are listed separately. The total amount of the Certificates of Deposit that are included in cash is 0 in 2016 and 0 in MORTGAGE NOTE PAYABLE A. On March 31, 2014, the mortgage was refinanced with R P & D Eberhart for 250,000. As of December 31, 2016, the mortgage payable to R P & D Eberhart was 210,981 (as of December 31, 2015, the mortgage payable was 226,470). Beginning May 1, 2014, constant monthly payments of principal and interest in the amount of 2, are required until the maturity date of April 1, The mortgage note is collateralized by the land and buildings owned by the Corporation. B. Principle maturities of the mortgage nef for each of the next five years as follows: Year Ending December 31, ,609 Year Ending December 31, ,809 Year Ending December 31, ,098 Year Ending December 31, ,477 Year Ending December 31, ,958 C. Interest expense for the year ending December 31, 2016 was 15,362 and for the year ended December 31, 2015 was 16, NOTES PAYABLE Lender Original Loan Principal Balance 12/31/16 Interest Rate Monthly Payment Number of Payments Remaining Joseph Coleman 25,000 2,971 8%
9 NOTES PAYABLE CONTINUED 166 TENANTS CORP. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2016 & 2015 SCHEDULE PRINCIPAL REDUCTION 12/31/17 2,971 12/31/ /31/ /31/ /31/ CONCENTRATION OF CREDIT RISK - UNINSURED CASH BALANCES The Corporation maintains its cash balances at several financial institutions located throughout the United States. Accounts at each institution are insured by the Federal Deposit Corporation up to 250,000. As of December 31,2016 and December 31,2015 there were no uninsured cash balances. 6. FUTURE MAJOR REPAIRS AND REPLACEMENTS The Corporation's governing documents do not require the accumulation of funds to finance estimated future major repairs and replacements. The Corporation has not conducted a study to determine the remaining useful lives of the components of common property and estimates of the costs of major repairs and replacements that may be required in the future, nor has the board of directors developed a plan to fund these needs. When additional funds (above and beyond existing funds) are required for major repairs and replacements, the Corporation plans to borrow, increase maintenance assessments, or delay repairs and replacements until funds are available. The effect of future assessments has not been determined. 7. INCOME TAXES (SECTION 277 AND SUBCHAPTER T) After losing several cases regarding applicability of section 277, the internal revenue service has agreed to accept the holding of the tax court in the Thwaites Terrace House Owners Corp. v Commissioner, that subchapter T applies to cooperative housing corporations (and not section 277). Accordingly no provision for any income taxes has been included in the financial statements. The Corporation files form 1120 for federal tax purposes. The State of New York imposes a minimum Corporation tax. The Corporation has loss carry forwards totaling 247,301 that may be offset against future taxable income. If not used, the carry forwards will expire as follows: YEAR AMOUNT , , , , , , , , ,265
10 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2016 & 2015 INCOME TAXES (SECTION 277 AND SUBCHAPTER T) CONTINUED , , , ,
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