803.01
Financial Operation
Requirements
As part of your underwriting analysis, you must:
- Examine the year-to-date operational budget.
- Collect, review, and analyze audited financial/operating statements for the last 3 years of operations.
- Ensure that the average Cooperative Maintenance Fee Accounts ReceivableCooperative Maintenance Fee Accounts ReceivableCooperative Maintenance Fees due the Cooperative Organization that are more than 30 days past due. for the last 3 years is less than 3% of the annual Cooperative Maintenance FeesCooperative Maintenance FeesPeriodic fee assessed each shareholder or owner of a Cooperative Organization to fund costs and expenses associated with ongoing operations of the Cooperative Property. .
- Ensure that the Cooperative Operating ReserveCooperative Operating ReserveLiquid funds, including loan proceeds, controlled by the Cooperative Organization to cover operating and capital expenses, and comprised of unrestricted cash, less the sum of accounts payable. at closing is at least 10% of the annual Cooperative Maintenance FeesCooperative Maintenance FeesPeriodic fee assessed each shareholder or owner of a Cooperative Organization to fund costs and expenses associated with ongoing operations of the Cooperative Property. .