reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1646 - Development Period Accounting › Subpart 1646-8 - Physical Completion › Section 1646-8.1 - Physical completion

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
						date of physical completion shall mean the date, as certified by the local
						agency and concurred in by the commissioner, when every phase of the
						development of the project has been fully and satisfactorily completed so that
						the total development cost of the project can be determined. At this time, the
						commissioner will certify the final development cost and the amount of working
						capital, if any. Section
						70 of the
						Public Housing Law provides that working capital cannot be in excess of two per
						cent of development cost or $100,000, whichever is less. When the project is
						declared physically completed, and the amount of working capital certified, the
						working capital shall be recorded by journal voucher, as follows:
Debit: Account 1300--Working Capital $XXX
Credit: Account 2560--Reserve for Working Capital
						  $XXX
Note: To record working capital as established by
						  letter from Commissioner of Housing, dated ________, certifying physical
						  completion of the project.
(b) The establishment of the working capital
						shall be implemented by closing out the development fund and transferring its
						assets (other than account 1400, Development Cost) to the administration fund.
						The development fund shall not thereafter be re-opened and transactions of a
						capital nature, otherwise chargeable to development cost, occurring after
						physical completion, shall be administration fund items classified as follows:
(1) Capital transactions after physical
						completion resulting in credits (e.g. sale of site land after physical
						completion) shall be classified as miscellaneous project income and credited to
						account 3590.
(2) Capital
						transactions after physical completion resulting in charges shall be classified
						as Operating Improvements, account 6210, if they qualify as such, or as
						Miscellaneous Losses, account 6100, if they do not qualify as operating
						improvements.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-1 - General › Section 1647-1.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part deals
						with specific accounting procedures and instructions applicable to the
						operating period, except with respect to subsidies, which will be separately
						treated in Part 1648.
(b) The
						operating period has been defined in Part 1640 as beginning with the date of
						substantial completion. The significance of the date of substantial completion
						in the scheme of accounts has been indicated previously. To recapitulate, the
						date of substantial completion marks the point at which direct costs and
						carrying charges cease to be capitalized as development costs and commence to
						be charged to project revenues; it marks the end of the initial operating
						period and, hence, of the capitalization of the net income or deficit for that
						period; it marks the point at which the local agency begins to record,
						formally, vacancies for the project proper and to make provisions for reserves
						for vacancy and collection losses, painting and decorating, and replacements;
						it marks the point at which, if bonds have been issued, the local agency begins
						to make provision for amortization of the bond issue; it marks the point at
						which periodic subsidies (State and local) begin to accrue. Other accounting
						features of the operating period stem from the requirement (as contrasted with
						the development period) to close the books at the end of each fiscal year and
						the related requirement for the operation of account 2700, Income and Expense
						Clearance, and account 2710, Prior Years Adjustments.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-1 - General › Section 1647-1.2 - Administration fund

Current through Register Vol. 46, No. 28, July 10, 2024
Beginning with the date of substantial completion, all
						  project revenue shall be deposited into the administration fund and all expense
						  chargeable to project revenues shall be paid therefrom. The opening of the
						  administration fund at the beginning of the initial operating period, the
						  operation of the fund during that period, the setting up of the income and
						  expense analysis ledgers and the tenants' accounting system, the closing of the
						  books at the end of the initial operating period, the transfer of funds between
						  the development and administration funds to adjust for net income or deficit of
						  the initial operating period, advances by the development fund, prepaid
						  expenses and payable, change and petty cash funds, etc., have been described in
						  Subpart 1646-6, to which references should be made.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-2 - Vacancy And Collection Loss Reserve › Section 1647-2.1 - When established

Current through Register Vol. 46, No. 28, July 10, 2024
Vacancy and collection loss reserves shall be set aside
						  out of project revenue for each project as of the last day of each calendar
						  quarter beginning with the quarter in which the date of substantial completion
						  falls.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-2 - Vacancy And Collection Loss Reserve › Section 1647-2.2 - Accumulation of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Amount
						of periodical provision. The amount set aside for vacancy and collection loss
						reserves at the end of each calendar quarter shall be equal to three per cent,
						or such other rate as the division shall approve or prescribe, of the total
						dwelling rent schedule (account 3110) for such quarter less actual dwelling
						vacancy losses incurred (account 3111) and collection losses (account 4770)
						written off during such quarter. For the purpose of this provision, total
						dwelling rent schedule shall be the sum of the following:
(1) Account 3110.1--Basic Rent
						Schedule
(2) Account
						3110.2--Dwelling Rent Surcharges
(3) Account 3110.3--Retroactive
						Surcharges
(4) Account
						3110.4--Excess Utility Charges
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-2 - Vacancy And Collection Loss Reserve › Section 1647-2.3 - Use of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
The reserve accumulated shall be available to meet
						  vacancy and collection losses in any calendar quarter in which the actual
						  losses exceed an amount equal to three per cent of the total dwelling rent
						  schedule for such quarter. In any such quarter the reserve shall be drawn upon
						  to meet such excesses to the extent of the balance available in the
						  reserve.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-2 - Vacancy And Collection Loss Reserve › Section 1647-2.4 - Computation and recording

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Accumulating the reserve.
(1) The
						effect of section
						1647-2.2 is that the vacancy and
						collection loss reserve will be increased at the end of every calendar quarter
						in which the sum of the actual dwelling vacancy losses incurred and collection
						losses written off is
less
than three per cent of the total
						dwelling rent schedule for the quarter, but no increase may be recorded which
						will cause the reserve to exceed a maximum amount. Under this set of
						circumstances, the following typical cases may arise:
(i) There is an ample margin between the
						amount accumulated in the V&C reserve to date and the maximum
						reserve.
(ii) The amount
						accumulated in the V&C reserve to date is close to the maximum
						reserve.
(iii) The maximum amount
						has already been accumulated in the reserve.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-2 - Vacancy And Collection Loss Reserve › Section 1647-2.5 - Transfer, segregation and investment of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
At the end of each calendar quarter, the provision for
						  vacancy and collection losses, if any, as computed in accordance with
						  subdivision (a) of section 1647- 2.4, shall be transferred from the
						  administration fund to the reserve fund. If the reserve is to be drawn upon, a
						  transfer of the amount to be drawn, as computed in accordance with subdivision
						  (b) of section
						  1647-2.4, shall, similarly, be made
						  from the reserve fund to the administration fund. The segregation and
						  investment of the reserve are discussed in Subpart 1647-5, to which reference
						  should be made.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-3 - Painting And Decorating Reserve › Section 1647-3.1 - When established

Current through Register Vol. 46, No. 28, July 10, 2024
Painting and decorating reserves shall be set aside out
						  of project revenue for each project as of the last day of each calendar quarter
						  beginning with the quarter in which the date of substantial completion
						  falls.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-3 - Painting And Decorating Reserve › Section 1647-3.2 - Accumulation of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
The amount set aside for painting and decorating
						  reserves at the end of each calendar quarter shall be equal to one quarter of
						  the average annual estimate of painting and decorating expenses less the actual
						  painting and decorating expense incurred during each quarter. However, with
						  respect to a given fiscal year, the amount set aside for any portion of such
						  fiscal year shall not exceed the prorated average annual estimate less the
						  actual expense for such portion of the year. The average annual estimate of
						  painting and decorating expense shall be in accordance with the operating
						  budget, as approved by the division.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-3 - Painting And Decorating Reserve › Section 1647-3.3 - Use of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
The reserve accumulated shall be available to meet
						  painting and decorating expense in any calendar quarter in which the actual
						  expense incurred exceeds one quarter of the average annual estimate of painting
						  and decorating expense. In any such quarter the reserve shall be drawn upon to
						  meet such excesses to the extent of the balance available in the
						  reserve.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-3 - Painting And Decorating Reserve › Section 1647-3.4 - Computation and recording

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Average annual estimate for quarter exceeds actual expense.
(1) Assuming that the average annual
						estimated amount required to be set aside is $9,600, the quarterly amount
						required would be $2,400. Assume further that the actual expense incurred for
						painting and decorating during the current quarter amount to $700. Using these
						amounts, the computation for the quarter would be as follows:
Established quarterly amount allocated for
									 painting and decorating
$2,400
Less: Actual painting and decorating expense for
									 current quarter, account 4430
700
Provision to be made for painting and
									 decorating
$1,700
(2) The journal voucher recording this
						transaction on the books of account would be prepared at the end of the quarter
						to read as follows:
Debit: Account 4894, Provision for Painting and
						  Decorating $1,700
Credit: Account 2530, Painting and Decorating Reserve
						  $1,700
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-3 - Painting And Decorating Reserve › Section 1647-3.5 - Transfer, segregation and investment of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
At the end of each calendar quarter, the provision for
						  painting and decorating, if any, as computed in accordance with section
						  1647-3.4 shall be transferred from
						  the administration fund to the reserve fund. If the reserve is to be drawn
						  upon, a transfer of the amount to be drawn, as computed in accordance with
						  section 1647-3.4, shall, similarly, be made
						  from the reserve fund to the administration fund. The segregation and
						  investment of the reserve, are discussed in Subpart 1647-5, to which reference
						  should be made.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.1 - Purpose of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of the replacement reserve is to accumulate
						  funds for the replacement of selected categories of fixed assets at the end of
						  their useful lives, such replacement being necessary to maintain or restore the
						  utility, function or revenue-producing capacity of the project over its
						  statutory life.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.3 - Schedule of replacement reserve requirements

Current through Register Vol. 46, No. 28, July 10, 2024
The schedule of replacement reserve requirements (§
												1647-4.2, subd. [a], par. [1])
						  prepared by the local agency for division review and approval upon substantial
						  completion of the project consists of three tables, as follows:
Table I Computation of Estimated Requirements for
						  Replacements
Table II Annual Provisions for Replacements
Table III Replacement Reserve Balances
These tables will be described in the subdivisions
						  which follow.
(a)
Table
						I-computation of estimated requirements for replacements.
(1) Starting with a list of classes of assets
						which, it is intended, will be replaced over the life of the project, this
						table states the estimated replacement cost of each class of assets (giving
						effect to anticipated changes in the level of prices), the estimated percentage
						of each class which will require replacement, and the estimated useful life of
						each class. The classes of assets to be included in Table I and their estimated
						useful lives will depend on what went into the construction of the project and
						the classes of assets included may be revised, some being dropped and others
						being added, as a result of the periodical review of the schedule of
						replacement reserve requirements by the division and the local agency in
						subsequent years. A typical list, to be considered only as an indication of the
						classes of assets that might be included in Table I and of their useful lives,
						follows:
Structures
Per cent estimated to be
									 replaced
Estimated years of useful
									 life
Gas Ranges
100
8
Refrigerators
100
15
Plumbing-Interior Piping
100
25
Plumbing Fixtures
25
25
Warm Air Furnaces
100
25
Automatic Hot Water Heaters
100
12
Asphalt Shingle Roofing
100
15
Flashing
100
15
Linoleum
100
12
Electric Fixtures
25
25
Screens and Combination Storm Doors
100
15
Operating Equipment
100
12
Site utilities
Per cent estimated to be
									 replaced
Estimated years of useful
									 life
Gas Distribution System
100
25
Electric Distribution System
50
25
(2) By extending the estimated requirements
						for replacement of each class of assets into appropriate columns, Table I makes
						it possible to determine the periodic requirements at the end of the estimated
						lives of assets having the same estimated useful lives. In the table above, for
						example, a certain sum will be required every eight years over the life of the
						project for replacement of gas ranges, another sum every 12 years for
						replacement of hot water heaters and linoleum, etc.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.4 - When established

Current through Register Vol. 46, No. 28, July 10, 2024
The replacement reserve shall be set aside out of
						  project revenue as of the last day of each calendar quarter beginning with the
						  quarter in which the date of substantial completion falls.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.5 - Accumulation of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
						amount set aside for replacement reserves at the end of each calendar quarter
						and credited to account 2510, Replacement Reserve, shall be equal to one
						quarter of the annual provision for the given year scheduled to be made as per
						Table II of the schedule of replacement reserve requirements (see § 1647- 4.3,
						subd. [b]). No deduction shall be made from the quarterly provision for charges
						for replacements incurred during the quarter. Interest on investments of
						reserves shall be accrued and recorded separately in account 2511, Interest
						Earned on Reserve Fund Investments (see §
												1647-4.3, subd. [c])
(b) Provisions for replacements are based on
						either of two methods of accumulation, as follows:
(1) Interest savings method. In this method
						the annual contributions, previously determined, are based on the savings in
						interest charges on the indebtedness of the local agency to the State of New
						York arising out of the periodical reductions, by way of amortization, of that
						indebtedness in accordance with the terms of the loan contract. This saving is
						the difference between the amount charged, on the accrual basis, to account
						4716, Interest on Indebtedness, for a given fiscal year and the amount of the
						annual interest charge on the original indebtedness. The annual provision,
						under this method, will ordinarily, be equal to the interest saving for the
						year, but is subject to adjustment at the direction of the division, or with
						its prior authorization and approval, as a result of the periodical review of
						the adequacy of the reserve. The interest savings method results in a level
						maximum rent charge, particularly during the early years of operation, but has
						the disadvantage of being only incidentally related to the replacement
						requirements. It cannot be used if the interest rate is too low.
(2) Sinking fund method. In this method, the
						annual contributions, previously determined, are based on an analysis of the
						life expectancies of the various classes of assets to be replaced over the
						statutory life of the project, as described in subdivision (b) of section
						1647-4.3. The annual provision,
						under this method, is also subject to adjustment at the direction of the
						division, or with its prior authorization and approval, as a result of the
						periodical review of the adequacy of the reserve. The sinking fund method
						results in higher initial rent charges which may later be offset by interest
						savings, but has the advantage of being directly related to the replacement
						requirements.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.6 - Computation and recording of provision

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The provision for replacements is
						predetermined by Table II of the schedule replacement reserve requirements (see
						§
												1647-4.3, subd. [b]) and no
						computation is therefore required as in the case of the provisions for vacancy
						and collection losses and painting and decorating.
(b) See paragraph (1) of subdivision (b) of
						section 1647-4.3 for the entry recording
						the provision.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.7 - Use of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
The reserve accumulated shall be available to make
						  replacements required to maintain or restore the utility, function or
						  revenue-producing capacity of the project. The classification of expenditures
						  as "replacements" has been described in section
						  1647-4.2 as being predetermined by
						  (a) the schedule of replacement reserve requirements and (b) the annual
						  operating budget. The division, however, reserves the right to direct the
						  classification or reclassification of expenditures as "replacements". All
						  charges for replacements shall be made directly to account 2510, Replacement
						  Reserve. No charges for replacements shall be made to account 2511, Interest
						  Earned on Reserve Fund Investments, or to account 2512, Gain or Loss on
						  Disposition of Reserve Fund Investments, but balances available in the latter
						  accounts may be transferred to account 2510 at the direction of the division or
						  with its prior authorization and approval. No charge shall be made to account
						  2510 in excess of the credit balance therein or after said balance has been
						  exhausted. Anticipated expenditures or commitments for replacements in excess
						  of the balance available in account 2510 shall be submitted to the division for
						  review and approval before being made. Careful planning, budgeting and
						  classification, together with periodical review of replacement requirements
						  should, however, result in a reserve adequate to meet all requirements as and
						  when they occur. No charges shall be made to account 2510, Replacement Reserve,
						  unless it appears in an approved operating budget or has been approved by the
						  Division of Housing.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.8 - Transfer, segregation and investment of reserve

Current through Register Vol. 46, No. 28, July 10, 2024
At the end of each calendar quarter, the provision for
						  replacements as per Table II of the schedule of replacement reserve
						  requirements shall be transferred from the administration fund to the reserve
						  fund, as directed in section
						  1647-4.5. It is preferable that
						  expenditures for replacements be made directly from the reserve fund, but they
						  may also be made from the administration fund, in which case the administration
						  fund shall be reimbursed not later than the end of the quarter in which the
						  expenditure was made. The segregation and investment of the reserve are
						  discussed in Subpart 1647-5, to which reference should be
						  made.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-4 - Replacement Reserve › Section 1647-4.9 - Schedule of replacement reserve transactions

Current through Register Vol. 46, No. 28, July 10, 2024
This schedule analyzes the replacement reserve
						  transactions occurring in a given fiscal year and shall be submitted, in an
						  original and duplicate, with the financial report for the final quarter of the
						  fiscal year, ending on March 31. The schedule shall be in the following
						  form:
A.
Balances of Replacement Reserve accounts, at
									 beginning of fiscal year, April 1, 19:
1. Account 2510, Replacement Reserve
$XXX
2. Account 2511, Interest Earned on Reserve Fund
									 Investments
XXX
3. Account 2512, Gain or Loss on Disposition of
									 Reserve Fund Investments
XXX
4. Total Replacement Reserve at beginning of
									 fiscal year
$XXX
B.
Additions to Reserve made during the fiscal
									 year:
1. Provision for Replacements (account 4891)
$XXX
2. Interest earned on Reserve Fund investments
									 during the year
XXX
3. Gain or loss on Reserve Fund investments
									 disposed of during the year
XXX
4. Total additions to Replacement Reserve
XXX
C.
Sum of lines A(4) and B(4)
$XXX
D.
Charges to Reserve, for replacements made during
									 the fiscal year (itemized by asset classes):
1. Asset A
XXX
2. Asset B
XXX
3. Asset C, etc.
XXX
4. Total charges for replacements
XXX
E.
Balance of Replacement Reserve accounts, at close
									 of fiscal year, March 31, 19:
1. Account 2510, Replacement Reserve
$XXX
2. Account 2511, Interest Earned on Reserve Fund
									 Investments
XXX
3. Account 2512, Gain or Loss on Disposition of
									 Reserve Fund Investments
XXX
4. Total Replacement Reserve at end of fiscal
									 year
$XXX
F.
Scheduled Replacement Reserve at end of fiscal
									 year, as per Table III of Schedule of Replacement Reserve Requirements
$XXX
The sum of the balances of the replacement reserve
							 accounts at the close of the fiscal year must, of course, equal the difference
							 between item C and item D(4) above.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-5 - Reserve Fund › Section 1647-5.1 - Segregation of reserves

Current through Register Vol. 46, No. 28, July 10, 2024
The segregation of moneys set aside for vacancy and
						  collection loss, painting and decorating, and replacement reserves, or other
						  authorized reserves, from other funds, and the deposit thereof in a separate
						  reserve fund bank account is prescribed. While the moneys set aside for the
						  individual reserves are pooled in a common reserve fund, separate
						  accountability of the moneys set aside for each reserve shall be maintained by
						  means of a general ledger analysis of accounts 1113, Reserve Fund, as described
						  in section 1642-3.2. Similar provisions apply
						  with respect to investments of reserve funds.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-5 - Reserve Fund › Section 1647-5.2 - Deposits in reserve fund

Current through Register Vol. 46, No. 28, July 10, 2024
Immediately following the close of each calendar
						  quarter, there shall be withdrawn from the administration fund and deposited in
						  the reserve fund, the amounts set aside for vacancy and collection loss,
						  painting and decorating, and replacements reserves computed in accordance with
						  Subpart 1647-4. If, at the end of the calendar quarter, the amounts computed
						  for the specified reserves should be negative figures, a corresponding amount
						  shall be withdrawn from the reserve fund and deposited in the administration
						  fund. Individual transfers of funds with respect to each reserve are not,
						  however, prescribed and it is recommended that lump sum transfers, reflecting
						  the net amount to be transferred either way, be made. Interest on reserve fund
						  investments shall be deposited in the reserve fund when
						  received.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-5 - Reserve Fund › Section 1647-5.3 - Disbursements from reserve fund

Current through Register Vol. 46, No. 28, July 10, 2024
Since only occasional disbursements will be made from
						  the reserve fund, it will be unnecessary to have separate reserve fund vouchers
						  and checks printed. In lieu thereof, administration fund vouchers and checks
						  may be adapted for use in making reserve fund disbursement by striking out the
						  words "Administration Fund" and substituting therefor the words "Reserve
						  Fund".
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-5 - Reserve Fund › Section 1647-5.4 - Reserve fund investments

Current through Register Vol. 46, No. 28, July 10, 2024
Policies and procedures with respect to the investment
						  of monies set aside for reserves are described in Part 1645, Investments, to
						  which reference should be made.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-5 - Reserve Fund › Section 1647-5.5 - Reconciliation of reserve fund and reserve accounts

Current through Register Vol. 46, No. 28, July 10, 2024
At the close of each fiscal year, the reserve accounts
						  and reserve funds shall be reconciled as follows: if none of the reserve fund
						  has been invested, the total of the reserve accounts 2510, 2520 and 2530 shall
						  equal the Reserve Fund, account 1113, plus the amount of reserves computed for
						  the year but not as yet transferred to the reserve fund. If any investments
						  have been made of the reserve fund, the total of the reserve accounts 2510,
						  2511, 2512, 2520 and 2530 shall equal the total of amounts 1113, Reserve Fund,
						  and 1176, Reserve Fund Investments, plus any accrued interest receivable on the
						  investments but not yet received plus the amount of reserves computed for the
						  year but not as yet transferred to the reserve fund. A similar reconciliation
						  shall then be made with respect to each reserve account, accounts 2510, 2511
						  and 2512, being treated for this purpose as the replacement reserve, as per
						  section 1647-4.9. The combined
						  reconciliations shall be reflected in a schedule to be included, in an original
						  and duplicate, with each financial report to be submitted during the operating
						  period for the last quarter of the fiscal year, ending on March 31 (see Subpart
						  1647-8).
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-6 - Accounts Payable, Accruals And Deferred Charges › Section 1647-6.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
In order that the books of account during the operating
						  period may present an accurate fiscal picture, it is essential that all
						  obligations of a local agency applicable to a reporting period and due or
						  accrued shall be recorded on the books of account at the end of the period. It
						  is also essential that disbursements covering expenses which will become a
						  charge to operations at a later date be recorded as a deferred charge. With
						  respect to these items the procedures outlined herein shall be followed during
						  the operating period. Similar procedures are applicable during the development
						  period mainly with respect to deferred charges, unpaid bills and invoices being
						  recorded during the development period as obligations only as they are
						  vouchered for payment.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-6 - Accounts Payable, Accruals And Deferred Charges › Section 1647-6.2 - Account payable

Current through Register Vol. 46, No. 28, July 10, 2024
At the end of each reporting period, a journal voucher
						  shall be prepared charging the various operating expense accounts and crediting
						  account 2119, Sundry Accounts Payable, with the total amount of the unpaid
						  bills and invoices on hand. The journal voucher shall have sufficient detail to
						  permit identification of the bills being recorded (i.e., name of vendor,
						  description, and amount). At the beginning of the subsequent month this entry
						  shall be reversed. When payment is effected, the charge to the respective
						  expense accounts will be made.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-6 - Accounts Payable, Accruals And Deferred Charges › Section 1647-6.3 - Accruals

Current through Register Vol. 46, No. 28, July 10, 2024
At the end of each reporting period, a journal voucher
						  shall be prepared charging the respective operating expense accounts and
						  crediting the appropriate accrued accounts with the total of all accrued
						  expenses. Items included in this category shall be expenses that have been
						  incurred but for which payment is not due, such as electricity, gas, water,
						  salaries, wages, etc. If the precise amount of the expense incurred with
						  respect to these items cannot be determined, an estimate shall be made. This
						  estimate may be made on the basis of meter readings, previous bills or
						  payrolls. On the first day of the subsequent month this journal entry shall be
						  reversed.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-6 - Accounts Payable, Accruals And Deferred Charges › Section 1647-6.4 - Deferred charges

Current through Register Vol. 46, No. 28, July 10, 2024
Disbursements covering items that will become a charge
						  to future operations shall be recorded as a deferred charge when the
						  expenditure is made. At the close of each quarter, a journal voucher shall be
						  prepared charging operating expense and crediting the appropriate deferred
						  charge account with the applicable share for the quarter of the amount
						  originally set up as a deferred charge. The procedures to be followed with
						  respect to the quarterly charge to operation for insurance, fuel, and paint
						  supplies are set forth in Subparts 1642-6 and 1642-7 of this
						  Subchapter.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-6 - Accounts Payable, Accruals And Deferred Charges › Section 1647-6.5 - Contracts payable

Current through Register Vol. 46, No. 28, July 10, 2024
Commitments made by a local agency in connection with
						  contracts whose costs are to be charged to operating expense or replacement
						  reserve shall be recorded in account 1500A, Incompleted Contracts--Management,
						  and account 2400A, Contract Awards--Management. The method of recording
						  contract awards, contract changes and partial payments is similar to that
						  described in sections
						  1646-5.2, 1646- 5.3 and 1646-5.4
						  for the development period. At the end of each reporting period, a journal
						  voucher shall be prepared charging the appropriate operating expense account
						  and crediting account 2119, Sundry Accounts Payable, and also charging account
						  2400A. Contract Awards--Management, and crediting account 1500A, Incompleted
						  Contracts--Management, with the total amount of any unpaid approved periodic
						  estimates for partial payment on hand.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-7 - Closing The Books › Section 1647-7.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Time of
						closing. The books of account shall be closed during the operating period at
						the end of each fiscal year beginning with the fiscal year in which the date of
						substantial completion falls. The closing of the income and expense analysis
						ledgers at the end of the initial operating period has been described in
						section 1646-6.4(a).
(b) References to accounts. In the
						instructions that follow all references to the income accounts mean the
						accounts within the 3000 group of accounts. References to the expense accounts
						mean the accounts within the 4000 and 6000 groups.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-7 - Closing The Books › Section 1647-7.2 - Adjustments

Current through Register Vol. 46, No. 28, July 10, 2024
Before closing, all adjustments reflecting accruals,
						  deferred charges and unpaid invoices on hand applicable to the fiscal year
						  being closed shall be recorded in the books in the manner prescribed by Subpart
						  1647-6. The adjustment reflecting the amount of subsidies to be taken into
						  income for the fiscal year shall not, however, be made until a trial balance of
						  the subsidiary ledgers and a pre-closing trial balance of the general ledger
						  have been made.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-7 - Closing The Books › Section 1647-7.3 - Trial balances of subsidiary ledgers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) At the close of the fiscal year, the
						income and expense analysis ledgers shall be totalled. The sum of the balances
						of all the accounts in the income analysis ledger shall equal the balance in
						account 3000, Income Control Account, and the sum of the balances of all the
						accounts in the expense analysis ledger shall equal the balance in account
						4000, Expense Control Account. The ruling off of the income and expense ledger
						accounts may be deferred until the pre-closing trial balance of the general
						ledger has been made. Once the income and expense analysis ledgers have been
						ruled off, entries for the subsequent fiscal year may be made immediately
						following. It will not be necessary to establish new ledgers for the ensuing
						year.
(b) All other subsidiary
						ledgers shall similarly be proved to be in balance with the general ledger
						accounts which they support.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-7 - Closing The Books › Section 1647-7.4 - General ledger trial balance

Current through Register Vol. 46, No. 28, July 10, 2024
After all subsidiary ledgers have been balanced to the
						  respective general ledger accounts, a pre- closing trial balance of the general
						  ledger shall be taken to prove that the sum of the debit balances equals the
						  sum of the credit balances. The subsidy to be taken into income shall then be
						  computed in accordance with Part 1648 and an entry prepared and posted. The
						  income and expense analysis ledgers may now be ruled off. It is recommended
						  that a post- closing trial balance of the general ledger be prepared when the
						  closing entries prescribed in section
						  1647-7.5, below, have been posted.
						  Copies of all trial balances shall be preserved for use of the division's
						  auditor. See Exhibit 1 of Appendix S-12 for form to be used for trial balance
						  and reconciliation of funds.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-7 - Closing The Books › Section 1647-7.5 - General ledger closing entries

Current through Register Vol. 46, No. 28, July 10, 2024
(a) After the pre-closing trial balance of
						the general ledger and the entry recording the subsidy to be taken into income
						have been made, a journal voucher shall be prepared individually closing out
						the 3000 and 4000 control accounts to account 2700, Income and Expense
						Clearance, as follows:
Debit: Account 3000, Income Control Account $XXX
Credit: Account 2700, Income and Expense Clearance
						  $XXX
Debit: Account 2700, Income and Expense Clearance
						  $XXX
Credit: Account 4000, Expense Control Account
						  $XXX
(b) When this entry
						has been posted and post-closing trial balance of the general ledger has been
						made, accounts 3000 and 4000 shall be ruled off. The ruling off and bringing
						down of the balances in the other general ledger accounts at the end of the
						fiscal year is left to the discretion of the local agency, as is the ruling off
						and bringing down of the balances in the subsidiary ledgers other than the
						income and expense analysis ledgers.
New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1647 - Operating Period Accounting › Subpart 1647-7 - Closing The Books › Section 1647-7.6 - Prior years adjustments

Current through Register Vol. 46, No. 28, July 10, 2024
Once the books have been closed at the end of the
						  fiscal year and the year-end financial reports to be submitted to the division
						  have been prepared on the basis of such closings, the books of account shall in
						  no event be re-opened for the purpose of making adjustments. Items of income
						  and expense applicable to a given year which have been discovered subsequent to
						  the closing of the books for that year shall be charged or credited to account
						  2710, Prior Years Adjustments, if they amount to $50 or more each. Items of
						  less than $50 each shall be classified and handled as items of current income
						  or expense, and charged or credited to the applicable income (3000 group) or
						  expense (4000 group) account. Entries may be made by the local agency to
						  account 2710, Prior Years Adjustments, without prior division approval. The
						  local agency shall request, in writing, the division's written approval of its
						  disposition of items in 2710 as a charge or credit to the current year's
						  operations, giving all pertinent information. The division, however, reserves
						  the right to direct other disposition. Prior years adjustments in account 6010
						  which have been approved by the division as a charge or credit to current year'
						  s operations shall be closed out at the end of the fiscal year along with the
						  other income and expense accounts.