Category Archives: Financial

Personal income tax return data for 2017

The following is a reproduction of a memo sent on 12 January 2018 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 26KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2017

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2017 your per share individual income tax deductions are as follows:

Mortgage interest     $9.74 per share

Real estate tax     $22.81 per share

For the year 2017, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2017, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2017, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2017 was $18.98 per share for mortgage amortization and $8.00 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

Annual budget meeting 2017 – Update

The following is a reproduction of a memo dated 20 December 2017, distributed by management to all shareholders. View/download PDF of the scanned memo.

Dear Shareowners,

2017 yearly recap and look forward to 2018

2017 was a quieter year in terms of large projects after having done the building roofs, garage roof deck, and garage interior over the previous 4 years. In 2018 the focus will be on the lower courtyard and developing plans for a remodel of that space as well as looking into renewable energy sources, particularly Solar Power.

2018 budget and maintenance

In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by 2.5%. Real Estate tax increases is the largest factor considered. The corporation fights the assessed value every year but it remains the single largest uncontrollable operating expense.

In addition, the current capital assessment will continue as 10% of the monthly maintenance. This makes the total increase of 2.75% total cost per shareholder for the year 2018.

The assessment continues our goal of 10% to meet federal banking regulations. Those regulations require us to maintain at least 10% of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10% goal over the last few years in order to meet these regulations. The 10% assessment is not temporary, it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the courtyard.

The Board of Directors, the staff and management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2018!

Personal income tax return data for 2016

The following is a reproduction of a memo sent on 11 January 2017 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 223KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2016

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2016 your per share individual income tax deductions are as follows:

Mortgage interest     $10.2220 per share

Real estate tax     $21.2860 per share

For the year 2016, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2016, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2016, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2016 was $18.0580 per share for mortgage amortization and $7.9368 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

Annual budget meeting 2016 – Update

The following is a reproduction of a memo dated 20 December 2016, distributed by management to all shareholders.

Dear Shareowners,

2016 yearly recap and look forward to 2017

In 2016 we completed the garage roof deck with the landscape designer we selected, Christian Duvenois. We are all very excited about our wonderful new space! The gym was also redesigned with new equipment in the past year.

2017 budget and maintenance

In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by a modest 2%.

In addition, the current capital assessment will continue as 10% of the monthly maintenance. This makes the total increase of 2.2% total cost per shareholder for the year 2017.

The assessment continues our goal of 10% to meet Federal Banking Regulations. Those regulations require us to maintain at least 10% of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10% goal over the last few years in order to meet these regulations. The 10% assessment is not temporary, it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the windows, repairs in the garage and pending improvements to the roof.

The Board of Directors, the staff and Management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2017!

Personal income tax return data for 2015

The following is a reproduction of a memo sent on 11 January 2016 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP. View/download the scanned memo (PDF, 49KB).

To: Shareholders of Nagle Apartments Corp.

Re: Personal income tax return data for 2015

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2015 your per share individual income tax deductions are as follows:

Mortgage interest     $11.3574 per share

Real estate tax     $23.0017 per share

For the year 2015, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2015, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2015, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2015 was $24.1810 per share for mortgage amortization and $6.2880 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

2015 yearly recap and look forward to 2016

The following is a reproduction of a memo dated 18 December 2015, distributed by management to all shareholders. View/download the PDF version (301KB).

In 2015 we completed the garage roof and large-scale construction in the garage, where all small items should be completed shortly. Our garage vendor, Nagle Garage Inc., commenced services in October 2015, bringing us again that much needed revenue.

Early in 2016, the landscape designer we selected, Christian Duvenois, will begin the design work on the garage roof with an expected completion date just prior to Memorial Day weekend. We are all very excited about our wonderful new space!

In addition, the gym will be refurbished with new equipment, paint, etc., in the first quarter of 2016.

We are now in negotiations with the new medical office owner in 37 Nagle for the installation of a handicap ramp to the entrance of 37 Nagle.

2016 budget and maintenance

In order to deal with anticipated increased costs in insurance, real estate taxes and other operating costs, the Board of Directors has voted to increase maintenance costs by a modest 1 percent.

In addition, our current assessment will increase by an additional 2 percent, for a combined increase of just under 3 percent total cost per shareholder for the year 2016.

We have now reached our goal of 10 percent for the assessment and, barring unforeseen circumstances, it will remain at this level going forward. Federal Banking Regulations require us to maintain at least 10 percent of total maintenance as part of our reserve funds for capital expenditures. So as not to overly burden our shareholders, we have consciously kept our maintenance increases small and gradually built to this 10-percent goal over the last few years in order to meet these regulations.

The 10 percent assessment is not temporary; it is an important part of permanent prudent financial planning for the coop and assists us in funding necessary capital projects such as the windows, repairs in the garage and pending improvements to the roof.

The Board of Directors, the staff and management wants to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2016!

Personal income tax return data for 2014

The following is a reproduction of a memo sent on 12 January 2015 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP.

(View/download the scanned memo [PDF, 153KB].)

TO: Shareholders of NAGLE APARTMENTS CORP.

RE: PERSONAL INCOME TAX RETURN DATA FOR 2014

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2014 your Per Share individual income tax deductions are as follows:

MORTGAGE INTEREST    $10.2019 per share

REAL ESTATE TAX    $22.3664 per share

For the year 2014, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2014, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2014, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2014 was $22.8877 per share for mortgage amortization and $5.3400 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

Annual Budget Meeting 2014 – Update

On Sunday 14 December 2014, the Board of Directors met to review the operating budget for 2015. The following is a reproduction of the follow-up letter sent on 26 December 2014 to all shareholders.

[ PDF version ]

Dear Shareowners,

Yearly recap

As 2014 comes to a close, the year can best be summed up as a year of positive transition. The garage roof replacement project is nearly complete. Progress continues to be made on the interior garage repairs. After receiving your input, the Board has selected three landscape designers to call back for a second round of presentations. And also based on your input, management is receiving bids for garage operators. The work is necessary to perform; it will improve the lives of our residents; and add value to our shares.

2015 budget and cash needs

The finances of the corporation continue to be strong. Part of what makes our finances strong is setting annual balanced budgets and having a plan for funding capital repairs and improvements. The 2015 budget has both. One exciting event will occur in 2015 in that one of the loans taken out to pay for the replacement windows will be fully paid. A bit further off is another event you may be interested in: the building’s mortgage will be fully paid off in less than eight and a half years.

The Board met on Sunday December 14th and approved a balanced budget for 2015. Sadly, most of our costs are not within the control of the corporation. In setting our budget for 2015, 
estimates were used. All budgets utilize estimates as some information will not be known until 
sometime in the future. For example, the amount of property tax increase, if any, will not be
known until sometime in the May/June 2015 timeframe. The budget used a 3% increase estimate and, as you can see from the below table, a 3% increase is not an unreasonable amount given our past history.

Nagle Apartments Corp. 2009 2010 2011 2012 2013
Property tax $213,336 $228,830 $243,533 $257,747 $260,517
Percent increase   7.26% 6.43% 5.84% 1.07%
Average increase for all years         4.42%
Budget increase assumption         3 00%

Source: Nagle Apartments Corp., Audited financial statements.

Other estimates were used. Here are some of those:

  • The amount of Union Contract salary increases
  • The amount of property insurance increases as a result of hurricane Sandy
  • The final amount of the garage repairs (we are currently within budget)
  • What level of income the corporation will receive from the garage

As a result, the Board decided three actions

The Board voted to increase maintenance by $0.193 per month per share (from $6.355 to $6.548); the Board also voted to increase the capital assessment from 7% of maintenance to 8% of maintenance or by $0.079 (from $0.445 to $0.524) per month per share. The combined 
maintenance and assessment increases total 4.00% overall (from $6.800 to $7.072 per month per share). These amounts calculate to an increase of $38.08 a month for a 5th and 6th floor two-bedroom unit (other units will have less of an impact).

The Board is investigating the need for new gym equipment and also voted to increase the gym fees by $5 per month to help fund that initiative.

Finally, the Board made a commitment to review the amount of maintenance charges in the 
May/June 2015 timeframe to see if it can be adjusted downward should some of the estimates go our way.

The Board of Directors, the staff and Management want to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2015!

STAR Credits, Tax Abatements and Tax Assessments

The following is a reproduction of a memo delivered to shareholders by Managing Agent Justin Verret on 27 February 2014.

(View/download the scanned memo [PDF, 234KB].)

To: All Shareholders
From: Blue Woods Management Group
Re: Star Credits, Tax Abatements and Tax Assessments

Please be advised that the STAR credits and Real Estate Tax Abatement credits have been received for those shareholders that have applied and are eligible. The credits are being applied in 4 equal installments on the March to June maintenance bills. Only shareholders who are primary residents are eligible for the credits.

If your building assesses the Real Estate Tax Abatement, the assessment is being charged to all shareholder accounts over the same 4 months March through June. The assessment is billed at the same price per share for every apartment regardless if they receive any tax credits. [Note: NaBors Apartments does not assess the tax abatement.]

If you have any questions please contact the accounting department at 914-524-8600.

Personal Income Tax Data for 2013

The following is a reproduction of a memo sent on 14 January 2014 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP.

(View/download the scanned memo [PDF, 678KB].)

TO: Shareholders of NAGLE APARTMENTS CORP.

RE: PERSONAL INCOME TAX RETURN DATA FOR 2013

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2013 your Per Share individual income tax deductions are as follows:

MORTGAGE INTEREST    $9.3775 per share

REAL ESTATE TAX    $19.7030 per share

For the year 2013, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2013, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2013, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2013 was $23.5902 per share for mortgage amortization and $3.7200 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants