Q&A: Annual Information Return (AIR) For Housing Co-ops
This is a short guide to better understanding the Annual Information Return (AIR) for housing co-ops and the importance of filing on time.
This is a short guide to better understanding the Annual Information Return (AIR) for housing co-ops and the importance of filing on time.
The Annual Information Return is the online form your auditor files on your behalf with the Agency for Co-operative Housing. Several back-up documents accompany the filing:
It’s an unfortunate reality that fraud can happen in any organization, including housing co-ops. While instances of fraud are rare, prevention is key which is why financial auditors check and report on internal financial controls through the annual audit process.
Catching fraud early is vital, so we
Your co-op’s needs and concerns, as we understand them, are at the core of the services and tools the Agency provides. We aren't perfect, and we recognize that our delays and technical issues have frustrated our busy co-operative clients.
We are deeply grateful to you for your patience and
The Agency has discovered that some housing co-operatives victimized by fraud are unable to collect on their insurance because they miss the deadline for reporting their loss. Others don't try to make a claim out of the mistaken belief that a claim won't succeed without a criminal conviction.
Our
We’ve seen great strides made over the years in the number of Agency clients that send us their annual filings on time. Recently, we recognized thirty-six co-ops—about seven per cent of our clients—for 10 years of on-time filing. Like all of our clients, these co-ops have their auditor file an
Comparing 2007 and 2020, we saw the median annual contributions per unit almost triple ($1,026 per unit to $3,052).