Category Archives: Co-op Communications

Personal income tax return data for 2014

The following is a reproduction of a memo sent on 12 January 2015 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP.

(View/download the scanned memo [PDF, 153KB].)

TO: Shareholders of NAGLE APARTMENTS CORP.

RE: PERSONAL INCOME TAX RETURN DATA FOR 2014

Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2014 your Per Share individual income tax deductions are as follows:

MORTGAGE INTEREST    $10.2019 per share

REAL ESTATE TAX    $22.3664 per share

For the year 2014, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2014, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2014, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2014 was $22.8877 per share for mortgage amortization and $5.3400 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

PRISAND, MELLINA, UNTERLACK & CO., LLP
Certified Public Accountants

NaBors is now enrolled in e-cycleNYC!

NYCrecycles-eCycle-banner

To make electronics recycling convenient and environmentally sustainable, New York City launched e-cycleNYC in partnership with Electronic Recyclers International, an industry leader in responsible electronics recycling.

Why recycle electronics

Electronics often contain lead, mercury, and other hazardous materials that can leech into the environment if not properly discarded. Responsibly recycling electronics keeps these hazardous materials out of the waste stream.

As of January 2015, it is illegal for New Yorkers to discard electronics in the trash. Participating in e-cycleNYC enables our building to comply with this law by providing a convenient way for our residents to discard their electronics.

How to participate

Please deposit accepted items (described below) in the e-cycleNYC receptacle, located by the elevator in the basement of 37 Nagle Avenue.

What is accepted

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What is NOT accepted

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Appliances: If predominantly metal or rigid plastic, recycle these with other metal and plastic recyclables, otherwise discard as trash.

Batteries: Bring rechargeable batteries to any store that sells them, such as a pharmacy, office supply, or hardware store. Rechargeable batteries may contain mercury, cadmium, lead and other heavy metals which can be dangerous if not disposed of properly. Alkaline batteries can be discarded in the trash. Standard alkaline batteries are not considered hazardous waste, since they no longer contain mercury.

Fluorescent Bulbs: Compact fluorescent bulbs can be dropped off for free recycling at any Home Depot, IKEA, Lowes, or other participating retailers. CFLs and other fluorescents can be brought to any of NYC Department of Sanitation’s Household Special Waste Drop-Off Sites or upcoming SAFE disposal events.

What happens to stored data

You can remove data from the electronics prior to discarding. Any remaining data will be fully erased as part of the recycling process.

What happens to the electronics collected

All electronics are recycled domestically using the strictest environmental standards available.

e-cycleNYC receptacle in the basement of 37 Nagle Avenue

e-cycleNYC receptacle in the basement of 37 Nagle Avenue

 

Annual Budget Meeting 2014 – Update

On Sunday 14 December 2014, the Board of Directors met to review the operating budget for 2015. The following is a reproduction of the follow-up letter sent on 26 December 2014 to all shareholders.

[ PDF version ]

Dear Shareowners,

Yearly recap

As 2014 comes to a close, the year can best be summed up as a year of positive transition. The garage roof replacement project is nearly complete. Progress continues to be made on the interior garage repairs. After receiving your input, the Board has selected three landscape designers to call back for a second round of presentations. And also based on your input, management is receiving bids for garage operators. The work is necessary to perform; it will improve the lives of our residents; and add value to our shares.

2015 budget and cash needs

The finances of the corporation continue to be strong. Part of what makes our finances strong is setting annual balanced budgets and having a plan for funding capital repairs and improvements. The 2015 budget has both. One exciting event will occur in 2015 in that one of the loans taken out to pay for the replacement windows will be fully paid. A bit further off is another event you may be interested in: the building’s mortgage will be fully paid off in less than eight and a half years.

The Board met on Sunday December 14th and approved a balanced budget for 2015. Sadly, most of our costs are not within the control of the corporation. In setting our budget for 2015, 
estimates were used. All budgets utilize estimates as some information will not be known until 
sometime in the future. For example, the amount of property tax increase, if any, will not be
known until sometime in the May/June 2015 timeframe. The budget used a 3% increase estimate and, as you can see from the below table, a 3% increase is not an unreasonable amount given our past history.

Nagle Apartments Corp. 2009 2010 2011 2012 2013
Property tax $213,336 $228,830 $243,533 $257,747 $260,517
Percent increase   7.26% 6.43% 5.84% 1.07%
Average increase for all years         4.42%
Budget increase assumption         3 00%

Source: Nagle Apartments Corp., Audited financial statements.

Other estimates were used. Here are some of those:

  • The amount of Union Contract salary increases
  • The amount of property insurance increases as a result of hurricane Sandy
  • The final amount of the garage repairs (we are currently within budget)
  • What level of income the corporation will receive from the garage

As a result, the Board decided three actions

The Board voted to increase maintenance by $0.193 per month per share (from $6.355 to $6.548); the Board also voted to increase the capital assessment from 7% of maintenance to 8% of maintenance or by $0.079 (from $0.445 to $0.524) per month per share. The combined 
maintenance and assessment increases total 4.00% overall (from $6.800 to $7.072 per month per share). These amounts calculate to an increase of $38.08 a month for a 5th and 6th floor two-bedroom unit (other units will have less of an impact).

The Board is investigating the need for new gym equipment and also voted to increase the gym fees by $5 per month to help fund that initiative.

Finally, the Board made a commitment to review the amount of maintenance charges in the 
May/June 2015 timeframe to see if it can be adjusted downward should some of the estimates go our way.

The Board of Directors, the staff and Management want to wish each of you a fantastic holiday season and a safe, healthy and prosperous 2015!

Holiday Safety Precautions

The following is a reproduction of a memo from Blue Woods Management Group, delivered to shareholders on 17 December 2014.

(View/download the scanned memo [PDF, 71KB])

To: All Residents

From: Blue Woods Management Group

During the holiday season we would like to remind all residents to be extremely careful with decorations, Christmas trees, lights and candles. The number of injuries and fires during the holiday season throughout the city has increased over the years. Please make sure Christmas trees are watered frequently and that holiday lights are safe to use without any signs of bare wires.

Do not place Christmas trees near any radiators or other sources of heat. Artificial trees should come with a label that states the tree is fire resistant. That label does not mean that the tree cannot catch fire, so precautions still need to be taken.

Candles should be extinguished when you leave your apartment. They should be placed on a stable surface where they cannot be knocked over by a child or a pet. Holiday lights of any kind should indicate that they have been tested by a nationally certified testing laboratory, such as “UL.” Check all extension cords to make sure they are rated for the intended use. Do not use cords with any cuts or signs of fraying. Never place an extension cord under a carpet as that is a fire hazard.

NYC Department of Sanitation will be doing their curbside Christmas tree recycling pick up from Monday January 5, 2015, to Friday January 16, 2015. Trees can be placed on the curb where the garbage is normally put out anytime during this period. The trees should not be wrapped and all lights, ornaments or other decorations removed. The city mulches the trees and uses the mulch in parks and playgrounds. Please take precautions when removing the tree from the building to try and limit the amount of needles that are dropped as they can be very difficult to clean up, especially from the elevator saddles. It is recommended to wrap the tree when removing it and then unwrap it on the street.

Thank you for your attention to this matter. We wish you a safe and Happy Holiday Season.

Garage Roof and Interior Repair Program (update, 2014-11-03)

The following is a reproduction of a memo from Managing Agent Justin Verret, posted on the bulletin boards on 3 November 2014.

(View/download the scanned memo [PDF, 184KB])

To: All Residents of The Nagle Apartments
From: Justin Verret
Re: Garage Roof and Interior Repair Program
Date: 3 November 2014

Please be advised that the work on the interior of the garage is progressing. The removal of the damaged concrete has taken longer than expected due to the strength of the original concrete. The removal on the top floor is primarily done and work has started on the steel and concrete repairs. The ceiling insulation panels, new lighting and resurfacing of the floor is scheduled to start shortly. That level will open as quickly as possible.

The board is currently working on the plans for a new garage management company and design for the garage roof deck area. There will be updates on these items individually as those decisions are finalized.

The lower garage level will have work started on it shortly including the removal of concrete. The noise from this work will be primarily heard in the basement of the buildings with far less of an impact than the work on the top floor.

The roof level is still a construction area and should not be accessed for regular passage or recreational activities at any time. The railings and stair replacement and repairs will be done in 2–3 weeks. Please stay off the roof and stairs until further notified.

Shareowner Committee Meetings

The following is a reproduction of a memo posted to the bulletin boards on 14 October 2014.

(View/download the scanned memo [PDF, 17KB])

Subject: Shareowner Committee Meetings
Date: 14 October 2014

Garage Deck Steering Committee

The Board is seeking guidance on two immediate items: what type of decking material to place on the garage roof; and what type of fencing design to use (both necessary so that we can re-open the deck) and some longer term items like what to put on top (the fun stuff). If you can, please attend at least one of the following meetings:

  • Thursday, October 16th, 8:30 p.m.
  • Sunday, October 19th, 3:30 p.m.

Garage Operations Committee

The Board is seeking guidance on what type of operating model we want to use for the Nagle Garage and what changes we want to see on how it operates. The immediate need is to select a list of conditions we would want to place in a request for proposal (RFP) in order to select a garage management company. If you can, please attend at least one of the following meetings:

  • Thursday, October 16th, 7:30 p.m.
  • Sunday, October 19th, 4:30 p.m.

Meetings will be held in either the lower courtyard garden behind 37 Nagle (weather permitting) or in the basement of 37 Nagle in the bike room.

If you can’t attend but would still like your thoughts to be heard, please e-mail your thoughts to Steve Vernon at [click to reveal e-mail].

Garage Roof and Interior Repair Program (Update)

The following is a reproduction of a memo delivered to shareholders on 27 August 2014.

(View/download the scanned memo [PDF, 46KB])

To: All Residents of Nagle Apartments
From: Justin Verret
Re: Garage Roof and Interior Repair Program
Date: 27 August 2014

Please be advised that the main garage level roof replacement is almost complete. The new roof membrane will be installed by the end of next week if not much sooner. The new roof does not have a paver or walkway system at this point. It should only be used for emergency passage or to get from the Bogardus basement to the Bogardus side gate. Smoking or grilling is prohibited on the roof as it will damage the membrane. Please do not bring chairs or other furniture onto the roof as it will damage the membrane.

The roof is still a construction area and should not be accessed for regular passage or recreational activities at any time. The fencing and stairways still require repairs and are a hazard until completed. Please stay off the roof and stairs.

The work on the interior of the garage will begin in full force on September 2nd. There will be loud noises during demolition of existing concrete in need of repair. The plan is to have the first floor of the garage open to residents by October 1st. This will be updated as work progresses.

Board of Directors, 2014–2015

The new Board of Directors, including elected officers, was announced and posted to the building bulletin boards on 10 August 2014.

(View/download the scanned memo [PDF, 81KB].)

Board Officers

President Steve Vernon 6S*
Vice President Joanne Hoffman 2H*
Treasurer Ryan Scott 2T*
Secretary David Sykes 1T*
Assistant Secretary Justin Verret **

Board Members

Babette Crain 3S*
Jeannine Jones 2K*
Scott Lahodny 1J*
Martin Malzahn 1S
Stephen Sameroff 2X

* Served on a prior Board
** Nonvoting Managing Agent

Hurricane Preparedness

The following is a reproduction of a memo from the Board of Directors delivered to shareholders on 1 August 2014.

(View/download the scanned memo [PDF, 83KB].)

Date: 1 August 2014
Regarding: Hurricane Preparedness

Dear Residents,

Now that hurricane season is in full swing, the Board wants to remind residents of steps they can take to better prepare themselves in case one approaches NYC. It is the responsibility of each shareholder or resident to be prepared. The Board is suggesting that each household review its own emergency plans and preparations. Here are some ideas to consider:

  1. Services may be disrupted, such as:
    1. Electric service, cooking gas and water on higher floors;
    2. Cable TV and Internet service;
    3. Phone service (both cell and/or land lines);
    4. Heat, hot water, cooling and air circulation;
    5. Public transportation and sanitation (trash) pickup;
    6. Elevators may be turned off as a precaution, or electric service to elevators may be lost;
    7. Building staff and management may not be able to get to the building safely or swiftly.
  2. Please have non-perishable food (e.g., canned or dried), a manual can opener, and bottled water on hand for yourself, your family (including any infants and children), and pets for up to fourteen (14) days.
  3. Please remove EVERYTHING from fire escapes as these could become airborne with high winds.
  4. ATMs may not work — have a supply of cash on hand ahead of time.
  5. In case a hurricane approaches, the staff will remove toys from the playground as a precaution.
  6. If you own a car, you may wish to maintain a full tank of gasoline, do not park in a low-lying area, or do not park under a tree.
  7. Replenish your supply of batteries, candles and flashlights (be careful with using candles — please only use on fireproof surfaces). Please check battery-operated smoke and carbon monoxide detectors. Have replacement batteries available.
  8. Replenish any prescription or over-the-counter drugs and health supplies that are running low.
  9. Maintain a manual or hard-copy of important phone numbers, as cell phones may lose charge resulting in the inaccessibility of these important numbers.
  10. Maintain adequate levels of homeowners, renters and/or flood insurance (including replacement cost coverage).
  11. Keep important documents in a waterproof bag (for example, a Ziploc bag).
  12. Check in on your neighbors to make sure they are doing well.
  13. An Uninterruptible Power Supply (“UPS”) device may allow for limited computer, Internet and cell phone charging during a power outage (assuming that your Internet service is DSL and that your modem/router is plugged into the UPS).
  14. Although the co-op remains outside of the flood zones, after hurricane Sandy, the co-op’s property has been placed in an evacuation zone by NYC. There are six zones. We are now in evacuation zone five (5). The closest evacuation center is George Washington High School, 549 Audubon Street.

Please refer to NYC’s Office of Emergency Management’s website for additional information at http://www.nyc.gov/html/oem/html/get_prepared/prepared_plan.shtml and http://www.nhc.noaa.gov/.

Garage Roof and Interior Repair Program: Garage Roof Work Starting

The following is a reproduction of a memo delivered to shareholders by Managing Agent Justin Verret on 24 June 2014.

(View/download the scanned memo [PDF, 30KB].)

To: All Residents of Nagle Apartments Corp.
From: Justin Verret
Date: June 24th, 2014
Re: Garage Roof and Interior Repair Program: Garage Roof Work Starting

After some delays in getting the DOB permitting to continue work on the garage, work will be starting June 26th. There will be core drilling and probes done to the garage roof by Xinos Construction, and they will be starting to mobilize materials and equipment into the garage.

The garage roof will be closed for general access. There will still be passage from the basement of Bogardus to the trash area and to the side gate and ramp. There will not be access to the garage roof from the lower courtyard or from Nagle Avenue. There will be an updated schedule as the repair project progresses.

Thank you for your attention to this matter.