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 1642 - Basic Instructions › Subpart 1642-5 - Security Deposits › Section 1642-5.3 - Collections and deposits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If
						provision is made on the form of tenant's receipt for collections of both rent
						and security deposits (see Exhibit 21 of Appendix S-8), it will not be
						necessary to issue separate receipts for the collection of security deposits.
						Reconciliation of security deposit collections shall be made daily. Procedures
						with respect to safeguarding of funds, making up of deposits, etc. described in
						connection with rent collections (see §
												1642-4.3, subd. [d]) apply with
						equal force to security deposit collections.
(b) Security deposits should be separately
						deposited in a security deposits fund bank account. In some situatitons,
						however, as where all moneys received at a project office are deposited in the
						administration fund account, the security deposits fund account being
						maintained by a central office, it will be permissible to deposit security
						deposits, in the first instance, in the administration fund. In such instances,
						however, a separate deposit ticket, clearly marked "Security Deposits", should
						be made out. Provision for the segregation, accumulation and control of
						security deposit collections has been made in the tenants charge and credit
						book (Exhibit 25, Appendix S-8). If security deposit collections have been
						mingled, in the first instance, with the other collections, the amount
						collected shall be transferred at the end of each month by a check drawn on the
						administration fund to the security deposits 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 1642 - Basic Instructions › Subpart 1642-5 - Security Deposits › Section 1642-5.4 - Posting receipts

Current through Register Vol. 46, No. 28, July 10, 2024
The procedures outlined in subdivision (e) of section
						  1642-4.3 shall be followed with
						  respect to the posting of security deposit collections.
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 1642 - Basic Instructions › Subpart 1642-5 - Security Deposits › Section 1642-5.5 - Transfer of security deposits to tenants accounts receivable

Current through Register Vol. 46, No. 28, July 10, 2024
The procedure for drawing an accounts payable voucher
						  and the issuing of checks in connection with security deposit refunds has been
						  described in paragraph (9) of subdivision (c) of section
						  1642-2.4. Separate checks are drawn
						  on the security deposits fund for the amount to be deducted for rent due and
						  losses or damages and to be transferred to the administration fund, and for the
						  balance to be refunded to the tenant. Simultaneously, a miscellaneous charge
						  ticket, supported by a copy of the approved tenant refund request and
						  reflecting the breakdown as to the amounts to be transferred and the amount to
						  be refunded, shall be prepared, posted to the individual tenant's security
						  deposit account, and recorded on the daily statement of operations. The check
						  for the amount to be transferred shall be included in the day's collections and
						  deposited in the administration fund, and credited to the tenant's account in
						  the tenants ledger in the same manner as it would be if it were a regular rent
						  collection from the tenant.
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 1642 - Basic Instructions › Subpart 1642-5 - Security Deposits › Section 1642-5.6 - Daily statement of operations

Current through Register Vol. 46, No. 28, July 10, 2024
Collections, transfers and refunds of security deposits
						  shall be summarized on the daily statement of operations (Exhibits 23 and 24 of
						  Appendix S-8). This form is described in section
						  1642-4.4.
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 1642 - Basic Instructions › Subpart 1642-5 - Security Deposits › Section 1642-5.7 - Tenants charge and credit book

Current through Register Vol. 46, No. 28, July 10, 2024
The general ledger balance of security deposits
						  (account 2114) shall be brought forward on the first of each month and entered
						  in column 26 of the tenants charge and credit book (Exhibit 25 of Appendix
						  S-8). Thereafter the daily statements of operations summarizing the day's
						  security deposits transactions shall be posted currently, the security deposits
						  collections being recorded in column 23, the transfers in column 24 and the
						  refunds in column 25. The amount entered in column 23 minus the sum of the
						  amounts entered in columns 24 and 25 shall be recorded in column 26 for the
						  current day. The trial balance of the security deposits ledger, as of any day
						  shall agree with the balance reflected in column 26 as of that day. At the end
						  of the month, the balance in column 26 shall agree with general ledger account
						  2114.
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 1642 - Basic Instructions › Subpart 1642-5 - Security Deposits › Section 1642-5.8 - Unclaimed security deposits

Current through Register Vol. 46, No. 28, July 10, 2024
The procedure for handling unclaimed security deposits
						  is the same as that for handling unclaimed credit balances of tenants' accounts
						  (see §
												1642-4.10), except that the
						  unclaimed security deposits shall be kept open for six years before being
						  transferred to the administration fund as a credit to account 3590,
						  Miscellaneous Project Income. Unclaimed security deposit ledger sheets may be
						  segregated in the back of the security deposits ledger.
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 1642 - Basic Instructions › Subpart 1642-6 - Insurance › Section 1642-6.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
This Subpart prescribes the accounting for insurance
						  premiums and the records to be maintained in connection
						  therewith.
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 1642 - Basic Instructions › Subpart 1642-6 - Insurance › Section 1642-6.2 - Charging of premiums

Current through Register Vol. 46, No. 28, July 10, 2024
The total amount of any disbursement to a stock company
						  shall be charged to account 1211, Prepaid Insurance. When such insurance is
						  written by a mutual company (including State funds operating on a mutual
						  basis), the estimated amount of premium expense as indicated in the proposal
						  received from the company shall be charged to account 1211, Prepaid Insurance,
						  and that portion of the premium which it is estimated will be returned at the
						  expiration of the policy, shall be charged to account 1212, Anticipated
						  Returnable Premiums. Premiums for fidelity bonds purchased prior to the
						  beginning of the initial operating period shall be charged directly to account
						  1410.12, Fidelity Bonds and Insurance Premiums, or if purchased subsequent to
						  that date, shall be charged directly to account 4710,
						  Insurance.
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 1642 - Basic Instructions › Subpart 1642-6 - Insurance › Section 1642-6.3 - Insurance ledger

Current through Register Vol. 46, No. 28, July 10, 2024
All transactions relating to insurance shall be
						  recorded in an insurance ledger. A specimen form of insurance ledger is shown
						  as Exhibit 18 of Appendix S-8, and described in section
						  1642-3.11.
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 1642 - Basic Instructions › Subpart 1642-6 - Insurance › Section 1642-6.4 - Quarterly charges

Current through Register Vol. 46, No. 28, July 10, 2024
At the close of each quarter, a journal voucher shall
						  be prepared in the amount of the quarterly charge indicated in the insurance
						  register, for entry in the general ledger, debiting the applicable development
						  cost or operating expense account and crediting account 1211, Prepaid
						  Insurance. The quarterly charge is equivalent to the expired portion of the
						  amount of the premium for each policy which was originally charged to account
						  1211. The portion of the premium charged to account 1212, Anticipated
						  Returnable Premiums, shall not be charged to cost or expense, except as noted
						  in section 1642-7.5. For example, if the
						  amount of the original premium for a three-year mutual policy is $12,000 and
						  the estimated expense is $7,200, account 1212, Anticipated Premium
						  Requirements, would be charged with $7,200 which would be written off to cost
						  or expense at the rate of $600 per quarter. The charge to cost or expense for
						  the first and last months of a policy effective on other than the first day of
						  the month shall be computed as one-thirtieth of the monthly charge for each day
						  the policy was in effect exclusive of the 31st day of any month and including
						  the two extra days if the first month is February, (one extra day in leap
						  years). Where a policy is cancelled, the balance due the local agency for the
						  unexpired portion of the premium is to be transferred from account 1211 to
						  account 1129, Sundry Accounts Receivable.
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 1642 - Basic Instructions › Subpart 1642-6 - Insurance › Section 1642-6.5 - Recording return premium

Current through Register Vol. 46, No. 28, July 10, 2024
Upon notice from a mutual company of the actual amount
						  of premium to be returned to the local agency, the amount stated shall be
						  entered on a journal voucher for recording in the general ledger as
						  follows:
Debit: Account 1129, Sundry Accounts Receivable..
						  $XXX..................................................................................................
Credit: Account 1212, Anticipated Returnable Premiums..
						  $XXX................................................................................................
Any debit or credit balance remaining in account 1212
						  shall be transferred to the applicable cost or expense account, except that
						  during the operating period of the project proper such debits or credits as do
						  not apply to the current fiscal operating year shall be transferred to account
						  2710, Prior Years Adjustments, on a pro rata basis. The proration between the
						  current and prior fiscal operating years shall be determined by applying the
						  balance in account 1212 over the life of the policy on the same basis as
						  prescribed for monthly charges. The amount charged or credited to account 6010,
						  Prior Years Adjustments, shall be cleared out of the latter account along with
						  the other charges or credits made thereto, as described in Part 1647, Operating
						  Period Accounting.
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 1642 - Basic Instructions › Subpart 1642-6 - Insurance › Section 1642-6.6 - Workmen's compensation insurance

Current through Register Vol. 46, No. 28, July 10, 2024
Alternative procedures for handling advance or deposit
						  premiums on workmen's compensation insurance are possible depending on whether
						  the emphasis is placed on the advance or deposit aspects of such premium. In
						  order to attain uniform accounting practice and terminology, however, the
						  advance or deposit premium for workmen's compensation insurance should be
						  charged to account 1212, Anticipated Returnable Premiums. At the end of each
						  quarter, the periodical charge based on the actual payroll should be made to
						  cost or expense and the liability accrued in account 2136, Accrued Insurance.
						  At the end of the policy period, the insurance carrier will, generally
						  speaking, make an audit of the payroll for the period and render an invoice,
						  debit or credit, for the adjusted premium due. The bookkeeper will check the
						  invoice in order to determine whether or not the invoice as submitted by the
						  insurance carrier is correct. If the invoice is correct, the accrued liability
						  account (2136) should be adjusted in accordance with the invoice. The deposit
						  premium (1212) is then applied against the accrued liability account (2136) by
						  means of a journal voucher. Any excess of deposit premium over the accrued
						  liability, as adjusted, should be recovered from the insurance
						  carrier.
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 1642 - Basic Instructions › Subpart 1642-6 - Insurance › Section 1642-6.7 - Insurance claims

Current through Register Vol. 46, No. 28, July 10, 2024
Accounting entries and procedures in connection with
						  claims arising from losses covered by insurance are described in the definition
						  of account 1670, Insurance Claims Clearance (see Part 1641).
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 1642 - Basic Instructions › Subpart 1642-7 - Inventories › Section 1642-7.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A physical
						inventory shall be maintained of all items of nonexpendable equipment and
						supplies. As a basis for determining which items are to be inventoried, all
						items which cost $25 or more each shall be considered nonexpendable.
(b) Items.
(1) Furniture; fixtures; refrigerators;
						tools; fixed and movable equipment; etc. The original cost of items falling
						into this category shall be charged directly to the applicable cost or expense
						accounts (1410.9, 1460.9, 1460.10, 4490.1, 4760.2). As soon as possible after
						purchase or acquisition, the following information shall be recorded on an
						inventory card: description, date purchased, cost, voucher number, location and
						serial numbers. Each inventoriable item should be prominently identified as
						authority property as soon as possible after acquisition either by stenciling,
						branding or by the use of metal numbered tags.
(2) Commodities; supplies; materials. Fuel,
						paint supplies, and such other commodities, supplies, and materials (including
						small tools such as are issued to maintenance men) as the division may
						hereafter prescribe or the local agency may choose, shall be charged, in the
						first instance, to the inventory accounts provided and charged to the
						applicable cost or expense accounts as consumed or issued. All other
						commodities, supplies, and materials shall be charged directly to the
						applicable cost or expense accounts. In addition to the general requirement of
						a physical inventory for nonexpendable equipment and supplies, the local agency
						shall maintain a perpetual inventory on inventory cards (Exhibit 36 of Appendix
						S-8), whether or not the commodities, supplies and materials are charged to an
						inventory account in the first instance. Entries shall be made on these cards
						for all stock received and issued. Such postings shall be made at least once a
						week. No items shall be issued without a written requisition. A semiannual
						physical inventory taken on September 30 and March 31 of each year shall be
						used to reconcile the balances on the inventory cards and differences between
						the actual physical count and balances on the cards accounted for. Perpetual
						inventories not controlled by a general ledger inventory account need only be
						kept on a physical quantity basis. Although the same inventory card is used for
						both (1) and (2), the cards covering the furniture and equipment items should
						be filed separately from the cards covering the stockroom items.
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 1642 - Basic Instructions › Subpart 1642-7 - Inventories › Section 1642-7.2 - Receipt of supplies and equipment

Current through Register Vol. 46, No. 28, July 10, 2024
A copy of each receiving and inspection report covering
						  the receipt of supplies and equipment will be forwarded to the accounting
						  section. The receiving and inspection report will indicate whether the items
						  are to be charged to an inventory account or directly to expense. Upon receipt
						  of a receiving and inspection report, it shall be processed in accordance with
						  the instructions contained in subdivision (c) of section
						  1642-2.4.
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 1642 - Basic Instructions › Subpart 1642-7 - Inventories › Section 1642-7.3 - Recording of inventory requisition (other than fuel)

Current through Register Vol. 46, No. 28, July 10, 2024
This procedure applies to commodities, supplies and
						  materials, other than fuel, which have been charged to an inventory account in
						  the first instance. A journal voucher shall be prepared monthly to record the
						  cost of commodities, supplies and materials requisitioned and issued from the
						  inventory. The journal voucher shall be prepared on the basis of the stores
						  requisitions received during the month by the accounting section. In order to
						  facilitate the monthly summarization of the store's requisition, it is
						  recommended that a stores requisition register be used. A specimen form is
						  shown as Exhibit 28 of Appendix S-8. Each requisition, as received by the
						  accounting section, shall be recorded in the register at the close of the
						  month. The register shall be totalled and the journal voucher charging the
						  applicable cost or expense accounts and crediting the inventory accounts shall
						  be prepared. The explanation of the journal voucher shall contain a reference
						  to the register folio number for the supporting detail. Pricing of inventory
						  supplies shall be on a first-in, first-out, basis.
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 1642 - Basic Instructions › Subpart 1642-7 - Inventories › Section 1642-7.4 - Fuel supplies

Current through Register Vol. 46, No. 28, July 10, 2024
A physical inventory of fuel supplies shall be taken as
						  of the last day of each quarter. On the basis of this inventory, a report will
						  be forwarded to the accounting section which will show the amount of fuel on
						  hand as of the first day of the quarter, the amount received during the
						  quarter, the amount used during the quarter and the balance on hand as of the
						  last day of the quarter. The accounting section, in determining the cost of
						  fuel used during the quarter, shall use the first-in, first-out method in
						  computing unit values. The journal voucher shall be prepared quarterly to
						  record the cost of fuel consumed as follows:
Debit: Account 4340, Fuel..
						  $XXX................................................................................................
Credit: Account 1261, Fuel Inventory..
						  $XXX................................................................................................
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 1642 - Basic Instructions › Subpart 1642-7 - Inventories › Section 1642-7.5 - Reconciliation of inventory accounts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where commodities, supplies and materials
						are charged in the first instance to an inventory account, the perpetual
						inventory will currently reflect the value of the inventory (on the first- in,
						first-out basis) as well as the physical quantities. The value of the inventory
						will be furnished to the accounting section each month. This figure shall agree
						with the net difference between the debits and credits to the general ledger
						inventory account during the month. Any difference between the balances should
						be reconciled.
(b) A physical
						inventory of commodity materials and supplies shall be taken at the end of each
						six-month period (September 30th and March 31st) and checked against the
						perpetual inventory card balances. After the inventory card balances have been
						reconciled with the actual inventory, the accounting section will be furnished
						with a listing of the reconciled card balances. The total of the listings shall
						be compared with the general ledger inventory control accounts and every
						attempt shall be made to reconcile any differences which exist. When such
						reconciliation has been effected, the adjustment necessary to bring the general
						ledger inventory account into agreement with the actual inventory balance shall
						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 1642 - Basic Instructions › Subpart 1642-8 - Payrolls And Labor Cost Distribution › Section 1642-8.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
The statutory and budgetary considerations in
						  connection with the employment of personnel and rates of compensation have been
						  described in Subpart 1640-9. See also paragraph (5) of subdivision (c) of
						  section 1642-2.4. The procedure, in general
						  outline, is to prepare the payroll on the basis of attendance reports, and to
						  distribute the payrolls over the cost and expense accounts, in accordance with
						  the account definitions, on the basis of a payroll summary analysis (see
						  Exhibit 32, Appendix S-8) prepared from daily time reports and summaries
						  thereof.
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 1642 - Basic Instructions › Subpart 1642-8 - Payrolls And Labor Cost Distribution › Section 1642-8.2 - Attendance reports

Current through Register Vol. 46, No. 28, July 10, 2024
Attendance reports shall be completed for each pay
						  period for all employees of the local agency. The form of attendance report
						  will depend on the system adopted by the local agency, and should be supported
						  by timeclock cards, sign-in sheets, etc. For administrative employees, the
						  reports shall indicate the attendance for each employee and the amount of leave
						  taken, if leave is granted by local agency. For all other employees, the number
						  of hours worked each day and the rates of pay per hour shall be shown in
						  addition to leave, if any.
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 1642 - Basic Instructions › Subpart 1642-8 - Payrolls And Labor Cost Distribution › Section 1642-8.3 - Leave records

Current through Register Vol. 46, No. 28, July 10, 2024
If leave accrues to employees by resolution of the
						  local agency, approved by the division, a record of such leave shall be
						  maintained for each employee. Charges to accrued leave shall be posted to these
						  records and the balance available to the employee shall be
						  indicated.
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 1642 - Basic Instructions › Subpart 1642-8 - Payrolls And Labor Cost Distribution › Section 1642-8.4 - Payroll

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This form
						should be prepared at the close of each payroll period to support the accounts
						payable voucher drawn for the net amount of the payroll. The payroll itself
						shall be supported by the attendance reports for the pay period. The specimen
						form of payroll, shown as Exhibit 29 of Appendix S-8, reflects a semimonthly
						pay period for all employees but may be readily adapted in connection with
						other pay periods. The payroll shall indicate the name of each employee, his
						occupation, or job title, number of hours worked, rate of pay, gross amount
						earned, itemization of all deductions, net amount paid, check number, and
						should have provision for the employee's signature. Under the Public Housing
						Law, the employee's signature on the payroll or payroll check constitutes an
						accord and satisfaction, unless qualified as having been made under
						protest.
(b) Employee's earnings
						records in permanent form showing all payments and deductions, shall be
						maintained for each employee. In this connection, a payroll system which
						permits posting of individual employee's earnings records as a by-product of
						the preparation of the payroll is recommended.
(c) In preparing the payroll (Exhibit 29,
						Appendix S-8) it is preferable that management and administrative employees be
						entered first, followed by operating and maintenance employees. Overtime shall
						be indicated by entries in colored ink, or other means of identification, in
						column 4. At the end of the payroll period, columns 7, 8 and 9 should be
						totalled at the foot of the form. The total of column 7 of the payroll (amount
						earned) must be in agreement with the total column of the payroll summary
						analysis (Exhibit 32, Appendix S-8) as evidenced in the specimen form appended.
						Slight differences may occur at times between the totals reflected in these two
						columns due to variances occasioned by the converting of the wages of salaried
						employees to an hourly basis, in which case adjustments will be necessary. Upon
						completion and approval of the payroll form at the end of the payroll period,
						an accounts payable voucher supported by the payroll is drawn in accordance
						with paragraph (5) of subdivision (c) of section
						1642-2.4.
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 1642 - Basic Instructions › Subpart 1642-8 - Payrolls And Labor Cost Distribution › Section 1642-8.5 - Labor cost distribution

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						General. Exhibit 30 of Appendix S-8 indicates an analysis and distribution of
						labor costs to the various cost and expense accounts as specified in the
						account definitions. The account definitions, in general, place a much greater
						emphasis on the distribution of labor costs applicable to the 4000 group of
						expense accounts than to the 1400 group of development cost accounts. The size
						and type of a local agency's operations may preclude adhering in detail to the
						methods and procedures outlined herein. In such instance, the plan or method
						followed shall present, in substantially the same form, the analysis and
						distribution of labor costs prescribed herein.
(b) Payroll summary analysis. This form
						(Exhibit 30, Appendix S-8) serves as the basis for the distribution of the
						gross labor costs to the cost and expense accounts, and should be prepared at
						the end of each payroll period. The information as to employee number, employee
						name, job title and gross payroll is obtained from columns (1), (2), (3) and
						(7) respectively, of the payroll form (Exhibit 29, Appendix S-8). The charges
						to cost or expense accounts shall be in accordance with the distribution
						approved in the budget for the applicable fiscal year. If the local agency is
						using the Payroll Clearance account (1640), then it would be necessary to
						distribute the payroll by means of a journal voucher as described in paragraph
						(5) of subdivision (c) of section
						1642-2.4. No financial statements
						should be submitted to the division without the distribution of labor costs
						being reflected therein.
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 1643 - Financing › Subpart 1643-1 - Methods Of Financing State-aided Projects › Section 1643-1.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
Accounting entries and procedures pertaining to the
						  financing of State-aided low rent public housing projects are described in this
						  Part. Information with respect to making out the requisition papers--the
						  housing loan voucher and the certificate of purposes--which are a part of every
						  financing transaction will be found in Part 1646, Development Period
						  Accounting. State-aided projects are developed under the terms of a loan
						  contract wherein the State agrees to lend, and the local agency agrees to
						  borrow, the project development cost. The State raises the funds it has agreed
						  to lend to the local agency by issuing State housing bonds. The bond issue is
						  termed permanent financing. However, prior to issuing bonds, the State may
						  raise the funds it has agreed to lend to the local agency by issuing short-term
						  notes or, in lieu thereof, it may authorize the local agency to issue its own
						  short-term notes. In the latter case, the local agency borrows directly from
						  private investors in anticipation of the loan to be made by the State. The
						  issue of short term notes, whether by the State or by the local agency, prior
						  to the issue of bonds, is termed temporary financing.
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 1643 - Financing › Subpart 1643-1 - Methods Of Financing State-aided Projects › Section 1643-1.2 - Borrowing from the State

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
						Permanent financing. The permanent financing of State-aided projects is
						achieved through the issue, by the State, of its housing bonds. These bonds
						represent direct and general obligations of the State of New York, rather than
						those of the local agency. The local agency is, however, bound by the loan
						contract not only to repay the sums it has borrowed from the State, with
						interest, but also to make the payments of principal and interest at such times
						and in such amounts as will enable the State to meet the charges for interest
						and amortization on the bond issue. (See Part 1644, Debt Service.) As evidence
						of its indebtedness for advances made by the State out of the proceeds of a
						bond issue, the local agency issues its certificate of indebtedness. The timing
						of the issue of bonds by the State is entirely within the discretion of the
						State Comptroller, subject to the limitations, described hereafter, of the
						State Finance Law with respect to the refunding of short-term notes issued by
						the State, and of Public Housing Law with respect to the refunding of
						short-term notes issued by the local agency.
(b) Temporary financing. The method of
						temporary financing which will be employed in connection with the development
						of a given project is, again, entirely within the discretion of the State
						Comptroller. Short term notes issued by the State in connection with temporary
						financing may have a maturity not in excess of one year from the date of issue
						and may be refunded, upon maturity, through the sale of similar short-term
						notes. The State Finance Law, however, places a limitation of two years, from
						the respective dates of original issue, on the period during which such
						refunding operations may be conducted. Eventually, short-term notes issued by
						the State to raise funds to be advanced to local agencies for project
						development are refunded out of the proceeds of a housing bond issue by the
						State, but they may also be refunded, prior to the issue of bonds, out of the
						proceeds of an issue of short-term notes by the local agency direct to private
						investors. No refunding or short-term notes may occur after bonds have been
						issued for same. The evidence of the local agency's indebtedness to the State,
						when the advances by the State represent the proceeds of an issue of short-term
						notes by the State, is a certificate of indebtedness, identical in form with
						the certificate of indebtedness issued for the proceeds of a bond
						issue.
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 1643 - Financing › Subpart 1643-2 - Accounting Entries And Procedures › Section 1643-2.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The accounting
						procedure which follows is designed to record and disclose the essential facts
						with respect to financing, both temporary and permanent, on the books of
						account and in the financial statements of the local agency with the minimum
						number of entries consistent with the aims of simplicity, accuracy, and full
						disclosure. Some accounts and entries, indicated by the full application of
						accounting theory to the design, have been eliminated in the interests of
						simplicity. Basic to the design is the fact that all borrowing by a local
						agency, or commitments to borrow, must be authorized, in advance, by passage of
						appropriate resolutions by the local agency. The accounting entries thus
						reflect not only the borrowing transactions themselves but also the
						authorizations therefor. The local agency's borrowing is, further, identified
						with the uses to which the borrowed funds are to be put so that the financial
						documents (certificate of indebtedness, temporary loan notes, requisition
						agreements, advance loan notes, etc.) are supported not only by the authorizing
						resolutions, but also by the requisition papers, which include the Housing Loan
						Voucher (form HLV) and the Certificate of Purposes (form DH-216). The
						preparation of the latter is described in Part 1646, Development Period
						Accounting. All borrowing by the local agency must have the prior approval of
						the division and no accounting entries reflecting the authorization for and the
						issue of obligations by the local agency should be made until the terms of the
						financing and the supporting resolutions and documents have been reviewed and
						approved by the division. Financing transactions should be submitted to the
						division for review in advance of the date the funds will be required. A
						schedule will be provided the authority prior to the initial
						financing.
(b) Brief descriptions
						of the transactions involved and the authorizations required in financing a
						State-aided project, together with the accounting entries to be made and
						illustrative examples, are contained in this Subpart. The steps, transactions,
						and entries are summarized as Exhibit 1 of Appendix S-9.
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 1643 - Financing › Subpart 1643-2 - Accounting Entries And Procedures › Section 1643-2.2 - Conditions precedent to all financing

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Execution of contract for State
						aid.
The execution of this contract, wherein the State
						  agrees to lend and the local agency agrees to borrow the sums required for the
						  development of the project, is the first condition precedent to all
						  financing.
Accounting entry:
No accounting entry
						  is made to reflect the execution of the contract for State
						  aid.
(b)
Resolution
						authorizing the contracting of indebtedness.
The passage of this resolution, which implements the
						  local agency's agreement to borrow from the State, as set forth in the contract
						  for State aid, is the second condition precedent to all financing. This
						  resolution must be passed before any financing, whether it be borrowing from
						  the State or from private investors, is undertaken. The resolution authorizes,
						  among other things, the issuance, as evidence of the local agency's
						  indebtedness to the State, of certificates of indebtedness, as required, in the
						  aggregate maximum principal amount of the loan to be made under the contract
						  for State aid. Where the contract for State aid includes a margin of safety
						  provision, the aggregate maximum principal amount is determined by adding the
						  margin of safety to the principal amount of the loan to be made. Where there is
						  no margin of safety provision, the aggregate maximum principal amount of debt
						  to be authorized is the same as the principal amount of the loan, as set forth
						  in the contract for State aid. To illustrate:
Principal amount
										of loan contract
Margin of
										safety
Aggregate
										maximum principal amount of debt to be authorized
Case 1
$2,000,000.
none
$2,000,000.
Case 2
$2,000,000.
10%
$2,200,000.
Accounting entry:
Passage of the
						  resolution authorizing the contracting of indebtedness in the aggregate maximum
						  principal amount of the contract for State aid is reflected in a journal entry,
						  as follows:
Entry (1):
Debit: Account 2312, Certificates of Indebtedness
						  Unissued.. $XXX ...................................
Credit: Account 2311, Certificates of
						  Indebtedness
....................................................................................................................................................
Authorized
$XXX
Explanation.:
To record the authorization for the contracting of
						  indebtedness and for the issue of certificates of indebtedness, as per
						  resolution no. ____, dated____19__.
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 1643 - Financing › Subpart 1643-2 - Accounting Entries And Procedures › Section 1643-2.3 - Temporary financing: funds borrowed from the State

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The resolution authorizing the
						contracting of indebtedness also authorizes designated officers of the local
						agency to execute and issue certificates of indebtedness for advances made by
						the State, as required. Only one entry is required to reflect the issue of
						certificates of indebtedness for advances made by the State out of the proceeds
						of short term borrowing by the State.
(b) The entry is made through the cash
						receipts register upon receipt of the advance from the State, as follows:
Entry (2):
Debit: Account 1111, Development Fund $XXX
Credit: Account 2312, Certificates of
						  Indebtedness
Unissued $XXX
The certificates of indebtedness issued and
							 outstanding will appear on financial statements as the difference between the
							 credit balance of account 2311, Certificates of Indebtedness Authorized, and
							 the debit balance of account 2312, Certificates of Indebtedness
							 Unissued.
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 1643 - Financing › Subpart 1643-2 - Accounting Entries And Procedures › Section 1643-2.6 - Fiscal expense

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term
						fiscal expense is reserved for those costs or expenses incurred by a local
						agency in connection with a temporary loan note issue.
(b) The term cost of borrowing is reserved
						for those costs incurred by the Comptroller in connection with a housing bond
						issue (see §
												1643-2.7[f]). The
						usual fiscal expenses include the fees of outside bond counsel engaged, with
						prior division approval, to meet the requirements of the lending institutions
						and the cost, if any, of advertising for bids on the issue. Fees of outside
						bond counsel require prior division approval. Fiscal expenses in connection
						with temporary loan notes issued prior to the date of substantial completion
						are charged to development cost, account 1410.14, Fiscal Expense. Fiscal
						expenses in connection with temporary loan notes issued subsequent to the date
						of substantial completion are charged to account 1410.14, Fiscal Expense, if
						the new issue is for a larger amount than the maturing issue, and to operating
						expense, account 4130, Legal, Fiscal, and Other Fees; if the new issue is for
						the same or a lesser amount than the maturing issue. No allocation of fiscal
						expenses should be made to the related programs.
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 1643 - Financing › Subpart 1643-2 - Accounting Entries And Procedures › Section 1643-2.7 - Permanent financing

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Sale of
						bonds.
(1) Aside from the source of the funds
						and the manner of borrowing, the feature which distinguishes short-term
						borrowing by the State for the benefit of a local agency from the issue of
						bonds is that there is, generally speaking, a lapse of time between the
						effective date of the sale of the bond issue by the Comptroller and the receipt
						of the proceeds thereof by the local agency. Two accounts are provided to
						record the issue of the bonds on the books of the local agency, pending the
						receipt of the proceeds by the local agency, viz: account 1123, State Housing
						Fund, and account 2314, Certificates of Indebtedness Subscribed. When bonds are
						issued, the local agency will be advised by the division as to the principal
						amount of the issue allocated to each project participating therein, the
						effective date of the issue, the maturity, interest rate, etc. Upon receipt of
						this information, the following journal entry is made:
Entry (11):
Debit: Account 1123, State Housing Fund $XXX
Credit: Account 2314, Certificate of
						  Indebtedness
Subscribed $XXX
Explanation:To record the issuance of housing bonds by
						  the State of New York, bond issue no. ________, dated (insert date of issue),
						  19 ________as per letter from Division of Housing, dated ________,
						  ________.
(2) If the
						project is already indebted to the State, by virtue of having borrowed money
						from the State for temporary financing prior to the issuance of housing bonds,
						this entry will reflect only the difference between the amount of such
						indebtedness and the amount of the bond issue. The local agency will, of
						course, have issued its certificates of indebtedness as evidence of such prior
						indebtedness and the State Comptroller will apply the proceeds directly to the
						payment of the short-term notes issued by the State in connection therewith.
						Entry (11) above should not reflect any part of the premium, if any, on the
						housing bond issue. Recording of the premium is discussed in subdivision (e) of
						this section.