The REBNY financial statement is a 4-page document required by roughly 90% of NYC co-op boards as part of the board package. Most buyers see it for the first time after they are already in contract, with a 10-to-14-day deadline to submit. That timing mismatch causes errors. Boards reject packages for incomplete disclosures, misclassified assets, and liabilities that were omitted entirely. Getting this document right the first time is not optional; a resubmission adds weeks to your timeline and signals disorganization to the board.
In my 25+ years as a Licensed Real Estate Associate Broker in NYC, I have guided buyers through hundreds of co-op board packages. The financial statement is where I see the most confusion, particularly around what counts as liquid versus illiquid, how to handle retirement accounts, and what boards treat as a red flag. This guide covers every section.
What Is the REBNY Financial Statement?
The Real Estate Board of New York (REBNY) standardized this financial disclosure form so that co-op boards across the city use a consistent format. The form organizes your financial picture into three sections: Liquid Assets, Illiquid Assets, and Liabilities. It concludes with Net Worth (assets minus liabilities) and an income section. Every co-op has its own threshold for what it considers acceptable, but the format is universal across RLS buildings.
You submit the form as part of the full board package, which also includes tax returns, bank statements, pay stubs, reference letters, and a cover letter. The financial statement is the summary sheet that lets the board quickly evaluate whether you meet their financial requirements before reviewing the supporting documents in detail.
Key Fact: Post-Closing Liquidity
Most NYC co-op boards require buyers to have 24 to 30 months of maintenance payments in liquid assets after closing. On a $1,500/month maintenance apartment, that means $36,000 to $45,000 in liquid assets remaining after the down payment clears. Some luxury buildings require 12 to 24 months of all carrying costs (maintenance plus mortgage payment).
Liquid Assets: What Qualifies and What Does Not
Liquid assets are funds you can access within a short time period, typically defined as 30 to 90 days, without penalty. Co-op boards weight this section heavily because it measures your ability to cover carrying costs if your income is interrupted.
Qualifies as liquid:
- Checking and savings accounts (use the current balance, not an average)
- Money market accounts and CDs maturing within 90 days
- Publicly traded stocks and bonds (use current market value)
- Mutual funds and ETFs in taxable brokerage accounts
- Vested 401(k) or IRA funds (read the note below carefully)
- Treasury securities with short remaining maturities
Does not qualify as liquid:
- Unvested stock options or restricted stock units
- Equity in real property you currently own
- Equity in a private business (this goes in illiquid assets)
- Loans receivable from private parties
- Life insurance cash value (goes in illiquid)
- Non-publicly traded securities
The 401(k) Question
Retirement accounts are a gray zone. Boards vary on how they treat them. Some boards count vested 401(k) and IRA balances at full value. Others apply a 60%-70% haircut to account for taxes and early withdrawal penalties. And some buildings exclude retirement accounts from liquid assets entirely. Ask your real estate attorney how the specific board you are dealing with treats retirement funds before you list them as liquid. Never list unvested balances, employer-matching shares subject to vesting, or deferred compensation that is not yet accessible.
Illiquid Assets: Real Estate, Business Interests, and Other Holdings
Illiquid assets are holdings that have real value but cannot be converted to cash quickly. List these at conservative market value, not optimistic estimates. Boards do not penalize you for having illiquid assets; they simply do not count them toward the post-closing liquidity requirement.
Common illiquid assets include: equity in real property you own (fair market value minus outstanding mortgage), privately held business interests (book value or last independent valuation), life insurance cash value, equity in partnerships, and personal property of significant value such as vehicles, jewelry, or art (at appraised value only, not what you paid).
If you own a co-op or condo in NYC that you are selling to purchase this new unit, list the net equity in illiquid assets and note in your cover letter that the sale is pending. Boards understand relocation situations, but they want to see that the equity exists and that closing is imminent.
Active Co-op Listings
NYC co-ops requiring a board package and REBNY financial statement.
21 E 61ST Street #6A
Lenox Hill
304 W 88TH Street #1D
Upper West Side
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
Liabilities: What to Include
Liabilities must be complete. Omitting a liability is the financial statement equivalent of a background check discrepancy. Boards cross-reference against your credit report, and a missing line item creates doubt about the entire package.
Include every outstanding obligation:
- Current mortgage balances on any real property you own
- Outstanding auto loans
- Student loan balances (total outstanding, not monthly payment)
- Personal loan balances
- Outstanding credit card balances (current balance, not credit limit)
- Any outstanding judgments, liens, or tax obligations
- The proposed mortgage on the subject apartment (include this even though you do not have it yet)
For recurring obligations like maintenance, mortgage payments, and car payments, boards will calculate your debt-to-income ratio separately. The balance sheet section captures what you owe, not what you pay monthly. The income section captures monthly obligations in context.
Income Section: Stability Matters More Than Totals
The income section of the REBNY financial statement asks for your gross annual income broken down by source: employment, bonuses and commissions, dividends and interest, rental income, and other sources. Boards look at two things: total income and income stability.
W-2 employees show stable income. Variable compensation like bonuses and commissions should be listed as a range or a two-year average, not your best year. Self-employed buyers need to show two to three years of consistent net income on Schedule C or K-1, not gross revenue. A buyer showing $400,000 in business revenue and $80,000 in net income after deductions will be evaluated on $80,000, not $400,000.
| Income Type | What Boards Want to See | Supporting Document |
|---|---|---|
| W-2 Employment | Current year YTD + prior 2 years | 2-3 recent pay stubs + W-2 |
| Bonus/Commission | 2-year average, clearly noted as variable | Offer letter or employer letter |
| Self-Employment | Net income from Schedule C/K-1 for 2-3 years | Federal returns + CPA letter |
| Investment Income | Dividends and interest: use Schedule B average | Brokerage statements |
| Rental Income | Net rent after expenses (Schedule E) | Lease agreements + federal return |
Common Mistakes That Get Packages Flagged
Boards review dozens of packages per year. The mistakes that trigger closer scrutiny are predictable: listing gross income instead of net for self-employed buyers; omitting liabilities visible on the credit report; classifying unvested RSUs as liquid; listing real estate equity at a wishful value without documentation; and forgetting to include the proposed new mortgage as a liability.
A related issue: using round numbers without supporting documentation. A liquid assets line showing exactly $200,000 in a checking account, without statements, invites follow-up questions. Always attach the actual account statements. If the statements show a recent large deposit (inheritance, sale proceeds, gift), be prepared to explain it in a cover letter. Unexplained cash is a red flag. Explained cash is not.
For a full walkthrough of what the co-op board package looks like from cover letter to interview, see the NYC co-op board interview guide. For the full cost of closing on a NYC co-op, including attorney fees and board fees, see the NYC closing costs breakdown. If you are choosing between a co-op and a condo, the co-op vs. condo comparison covers the financial and lifestyle tradeoffs in detail.
Getting Ready for a Co-op Board Package?
Milton Coste has guided hundreds of buyers through NYC co-op board packages. Call or email to get started before you find your apartment.
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