Asked and AnsweredThe financials for the condo are more than a year out of date and there is a delay issuing the new financials. Should I be concerned?
Yes. Financial statements should be issued by a co-op or condo, at the same time each year. The financials should be produced approximately 90 days after the end of the entity's fiscal year (usually, but not always December 31st). If the financials are late, inquiry should be made as to why there is a delay in producing a standard financial disclosure document for the co-op or condo. Late financials can be a sign of a problem with the building’s finances or poor management. In most cases, there is an explanation that a buyer can live with. In some cases, however, lateness in issuing a year-end financial statement is just the tip of the iceberg of problems that the co-op or condo is facing.