How New York condos, co-ops and HOAs handle annual financial statements, budgets and reserves under their offering plans and bylaws, plus tax filings and year-end readiness, with dates for your fiscal year.
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New York has no statute setting a financial statement level for associations. Most condominium and cooperative offering plans and bylaws require an annual certified (audited) financial statement to owners or shareholders, and most HOA declarations require at least a review.
Lenders underwriting unit sales and refinancings routinely ask for the latest audited statements.
Adopt the budget before the fiscal year begins, following the notice and approval steps in your bylaws. Details →
Issue Form 1099-NEC to unincorporated vendors (landscapers, handymen, attorneys of any entity type) paid $600 or more during the calendar year. Details →
Most HOAs and condo associations file Form 1120-H, which taxes only non-exempt income (interest, rentals to non-owners, laundry or cell tower income) at a flat 30%, if at least 60% of gross income is member assessments and 90% of spending is for association property. Details →
Check the offering plan and bylaws for the required report and delivery deadline, often within 90 to 120 days of year-end. Details →
In New York the offering plan, bylaws and declaration set financial reporting, and they usually call for an annual audit.
Check the offering plan and bylaws for the required report and delivery deadline, often within 90 to 120 days of year-end. Boards that skip a required audit face owner challenges and problems with unit sales and refinancing.
Owners and shareholders have rights to inspect books and records under the Business Corporation Law, the Not-for-Profit Corporation Law and the governing documents.
New York doesn't mandate reserve studies, but budgets and working capital reserves are set by the offering plan.
Adopt the budget before the fiscal year begins, following the notice and approval steps in your bylaws.
There's no statewide reserve study requirement, but a professional reserve study or capital needs assessment supports budgeting and is increasingly requested by lenders and insurers.
Every year-end step and document your CPA will ask for, plus New York's reporting and reserve rules, on two printable pages.
Associations are taxable corporations unless they qualify for an election or exemption. Most file a federal return every year even when little or no tax is due.
Most HOAs and condo associations file Form 1120-H, which taxes only non-exempt income (interest, rentals to non-owners, laundry or cell tower income) at a flat 30%, if at least 60% of gross income is member assessments and 90% of spending is for association property. The alternative is Form 1120 with a Rev. Rul. 70-604 election, which can be cheaper when there is a surplus to roll over. It is due the 15th day of the 4th month after year-end, with a 6-month extension available.
Incorporated associations and co-ops may have New York State and New York City corporate filing obligations. Co-ops in particular file state and city corporate returns. Confirm with your CPA.
Issue Form 1099-NEC to unincorporated vendors (landscapers, handymen, attorneys of any entity type) paid $600 or more during the calendar year. Collect W-9s when you hire vendors, not in January.
New York City buildings have additional inspection requirements that affect capital planning.
NYC buildings over six stories need a facade inspection every five years under the Facade Inspection & Safety Program. Repairs found can be costly, so build them into reserves and capital plans.
Eligible NYC co-op and condo units can receive a property tax abatement, applied for and maintained through the building. Keep unit-owner eligibility records current.
These are the items your CPA will ask for first. Having them ready shortens the engagement and lowers the fee.
Bank and investment reconciliations for every operating and reserve account at year-end, with statements. Reserve funds should be held separately and match the reserve balance on the books.
An owner-by-owner aging of delinquent assessments, liens and collection status, plus assessments owners paid in advance (a liability, not income).
Major vendor contracts (management, landscaping, insurance), unpaid invoices at year-end, and support for any large repair or capital project.
The current reserve study. GAAP statements for associations include supplementary information on future major repairs and replacements, which comes from it.
Minutes approving the budget, special assessments, reserve transfers and major contracts, plus the governing documents' rules on financial reporting.
Not by statute, but most offering plans and bylaws require an annual certified (audited) statement, and lenders expect it.
No. Housing cooperatives file Form 1120.
No statewide requirement, but it's good practice and increasingly expected by lenders and insurers.
Download the HOA Year-End Financial Checklist (PDF).
Greywood CPA works with association boards and managers across New York, with fixed, transparent pricing and statements delivered on time for your owners.
See our New York servicesThis guide is general information as of October 2026 and is not legal or tax advice. Statutes change and your declaration, bylaws or offering plan may require more than state law. Confirm your obligations with your association attorney and CPA.