UHAB has done bookkeeping for HDFC co-ops for over fifteen years. Our monthly bookkeeping services include professional monthly financial reports, payroll and annual corporate tax prep, and more. UHAB can also complete annual financial compilations to help your building bring its books up to date, and comply with year-end financials and corporate tax filing regulations.
Prefer to do your bookkeeping yourself? Check out Connected Book$, our bookkeeping software just for HDFC residents.
This service is open to HDFC co-ops who are members of UHAB. Contact Fabio at eugenio[at]uhab.org or (212) 479-3355 to learn more.
Become a Member of UHAB
Accurate and detailed financial reports are critical to HDFCs when making decisions about maintenance increases, budget adjustments, and capital improvements. With UHAB’s bookkeeping services, you can track your HDFC’s performance and spending on a monthly basis.
How it works:
- Your HDFC will send UHAB all month-end documents, including bank statements, deposit slips, canceled checks/check stubs, etc, whether in person, through the mail, or by fax or email.
- UHAB inputs all data into our bookkeeping program.
- UHAB classifies all income and expenses, and makes any necessary adjustments upon approval of the building’s officers.
- UHAB provides your HDFCs with professional financial reports each month ,including a cash disbursement report, bank reconciliation report, rent roll report and budget report.
- Your board reviews the reports; compares income and expenses with previous months; utilizes them to identify inefficiencies or areas of improvement; and distributes necessary reports to shareholders.
Assistance with Tax Preparation*
Quarterly Payroll Tax Prep
As an employer, your building has numerous tax obligations that include: computing the proper payroll deductions and taxes, keeping up to date with changes in tax laws, and providing the proper documentation to your employees at the end of the year. If you choose, UHAB can compile all quarterly and annual forms for your HDFC, so that building officers can file them on time and avoid fees. (Forms include 941, NYS-45, 940 EZ, W-2, W-3, 1099, 1096 and/or any other form your building shall require.)
Annual Corporate Tax preparation
UHAB also offers corporate tax preparation services. If your building is one of our monthly bookkeeping clients, we will prepare your tax return (tax form 1120 or 1120-A) based on the financial data we already have on file for your building. In addition, we will assist with completion of the depreciation form (4562).
* For all tax services, forms are prepared by UHAB and signed by building officers or Board Members.
Other Bookkeeping Services
UHAB can also complete annual financial compilations to help your building bring its books up to date, and comply with year-end financials and corporate tax filing regulations. This is also a good way of providing an accurate year-end financial report at your shareholders annual meeting.
The price of these services depends on the scope of work; please call for a quote.