The Jewel of Jamaica

Accounting

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Accounting and Information Technology Department

The Accounting and Information Technology office is located in the Administration Building at 169-65 137th Ave Jamaica, New York 11434.

Accounting Policies

Rochdale Village, Inc. is a Mitchell Lama housing cooperative organized under Article II of the Private Housing Finance Law and is supervised by the New York State Division of Housing and Community Renewal (DHCR). DHCR rules require that Mitchell Lama housing cooperatives use generally accepted accounting principles in recording, and reporting of financial data. Thus Rochdale Village uses the accrual method of accounting. Executive Title 9 of the Codes, Rules and Regulations of the State of New York, Chapter IV, Subchapter A, and Part 1700 promulgate the rules, guidelines, processes and procedures that set the standard of operations from tenant selection to admission standard, income limits, procurement practices, inventory controls and financial reporting.

Mitchell Lama housing cooperatives are required to differentiate revenues by sources such as apartment rental income, commercial rental income and other income.

a. Flow of Revenues

Revenues at Rochdale Village are derived from residential apartment rents, commercial tenants, laundry, commissions and other cooperator charges. Revenues are accounted for by source.

b. Classification of Accounts into Groups

The basis for almost all accounting reports is the concept of account classification. Accounts are classified as Assets, Liabilities, Shareholders Equity, Revenue and Expenses. Under each classification there are sub groups such as current assets, current liabilities and long-term liabilities.

 

Functions under the Accounting and Information Technology Department

  • General Accounting
  • Accounts Payable
  • Payroll
  • Billing
  • Accounts Receivable (Cashiers)
  • Information Technology

Accounting and Financial Management Systems

  • General Accounting functions- maintaining books of original entry, such as Voucher register, check register, general journal, general ledger and subsidiary ledgers as required. Expense distribution to the general ledger, vendor payments, carrying charge and other tenant billings. Perform monthly, quarterly and year end reconciliation of subsidiary accounts. Reconcile all bank accounts monthly.
  • Budget and Planning- coordinate, plan and prepare biennial budgets for the housing company, budgets need board of directors and NYS Division of Housing and Community Renewal approval, monitor and report on planned expenditures against actual results
  • Cash management- Processing of ooperators carrying charge payments, processing of late/3 day demand notices and tenant petition charges on delinquent amounts, weekly and monthly cash disbursements to vendors, investing excess administrative funds
  • Payroll- weekly prepare payroll for 350 employees, direct deposit of employee paycheck, electronic payments of payroll taxes, quarterly filing of employment reports Federal Form 941 and New York State Form NYS-45. Annual paper filing of Form 940 and Form 945. Printing and distribution of employee W2 wage statements. Electronic filing of W2 forms to Social Security Administration
  • Financial reporting- Reports are generated monthly, quarterly and annually to the Board of Directors, Management and cooperators. Monthly Profit and Loss Statement with budget comparisons, Balance sheets, cash receipts and disbursements, tenant arrears report, accounts payable, overtime reports and special reports as needed. Planning and coordinating of the annual financial audit. Prepare annual financial statements and supporting schedules.
  • Pension plan- Administer all functions of corporation Defined Contribution (Money Purchase) Pension Plan. Data collection to assist 3rd party plan administrator in developing plan contributions, forfeitures, participants balances, preparation and filing of annual Form 5500. Investment of Plan assets and coordination of annual audit of plan activities. Employee directed 401k plan.

Information Technology

The Rochdale Village complex has one main location and seven satellite locations. All locations are interconnected using a secure Virtual Private Network (VPN) tunnel. The main network infrastructure includes fiber-optic cable, coaxial cable, and twisted pair copper wiring to support digital and analog communications. The technology environment supports a wide array of hardware platforms. The desktop computers are Intel-based desktop machines running various Windows operating systems. The main server technology is an enterprise class IBM iSeries. It is virtualized allowing it to support several different operating environments, applications, and processes. Virtually all data is stored on network servers and centrally backed up. Security is a core feature of the environment. Server and desktop systems are patched regularly and are protected by a centralized anti-virus system. The Information Technology staff’s responsibilities consist of the following:

  • Maintenance of computer hardware and software
  • Deployment, configuration, maintenance, and monitoring of network equipment
  • Configuration of authentication and authorization services
  • Maintenance of various servers, including file servers, email servers, and intrusion detection systems