THE TAX COMMISSION OF THE CITY OF NEW YORK
1 Centre Street, Room 936, New York, NY 10007
INCOME AND EXPENSE SCHEDULE FOR
COOPERATIVE AND CONDOMINIUM PROPERTY
FORM TC203 INSTRUCTIONS FOR 2000
Attachment to application. The income and expense
The Tax Commission will accept income and expense
schedule is an attachment to an application for
data from the year covered by the cooperative
correction or supplemental application, Form TC150. It
corporation’s or condominium’s most recently available
is not valid if submitted separately.
financial statement, as of January 15.
must be filed by March 1.
The data must be presented on Form TC203; a copy of
the financial statement is not an acceptable substitute.
Supplemental applications and affidavits.
An accountant’s certification is not required.
required schedule of income and expenses was not
available in time to attach to the original application, it
The form has space for figures for the year prior to the
may be attached to Form TC150 and filed between
The Tax Commission requests that
March 2 and March 24, as permitted by law.
applicants provide this information, if available for the full
TC159 may be used at a hearing to answer questions in
year prior to the most current year.
Part 4 of TC203 that were missing or incomplete when
Related persons. When used in this form the word
Who should use this form. Use Form TC203 to report
person includes a corporation or other business entry.
income and expenses from operation of a residential or
Related persons include individuals related by blood,
marriage or adoption, individuals and the business
cooperative is a property operated by a corporation
entities they control, business entities under common
whose shareholders are entitled to occupy a portion of
control, and fiduciaries and the beneficiaries for whom
the premises by virtue of their stock ownership. Form
TC203 should be used for residential, commercial and
mixed-use condominium properties.
Where floor area is called for state the
approximate gross floor area, if known. If applicant does
A corporation that operates the residential portion of a
not have the knowledge of the floor area, these
condominium as a cooperative should use Form TC203.
questions may be left unanswered.
If instructed by Form TC109 Instructions, an individual
Part 4 calls for information
unit owner must file the income and expenses of the
about units held by the sponsor or other holder of unsold
entire condominium on Form TC203. This information
units. This information must be provided to the best of
must be provided to the best of the applicant’s
the applicant’s knowledge and must be the most recent
knowledge and must be the most recent information
information available from the sponsor. The information
available from the condominium board or its managing
must be more recent than September 29, 1999.
By restating the information on the Tax
restating the information on the Tax Commission form,
Commission form, the applicant attests based on
the applicant attests based on personal knowledge only
personal knowledge only that the source of the
that the source of the information is appropriate and is
information is appropriate and is not contradicted by any
not contradicted by any other information in the
other information in the applicant’s possession.
applicant’s possession. When available, a detailed rent
roll of the unsold units may help support the applicant’s
Form TC203 should not be used by a sponsor of a
Sources may include filings with the Attorney
cooperative or condominium conversion who still holds
all the units. If the applicant operated the property as a
mortgage applications or information disclosed in
rental last year, use Form TC201.
litigation against the sponsor. However, an applicant
who shows (a) that the required sponsor information
What income and expenses are to be reported.
from the managing agent, board, or sponsor cannot be
Report all income received or
accrued by the
obtained and (b) the information, even if available, would
cooperative or condominium entity in connection with the
not be material, may be granted review although the
property. Report only actual operating expenses. Do
information is generally required.
For example, the
not report projections or reserves.
Income from unit
sponsor holds just a very few units in a large
owners must be segregated from outside income.
condominium or cooperative, or the sponsor’s units are
Income from master leases of commercial space and
in a different tax class from the condominium units under
leases with the sponsor or a related person must be
identified and segregated from other income.
Tax Commission application forms and all attachments
are subject to public disclosure.