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Berkshire Housing Development Corporation & Housing Services Inc.

 

Accounting Department

The accounting department is made up of one part-time and four full-time employees. There are three accountants and two bookkeepers on board, some of which have been with the company for over 30 years.

The services the accounting department provides tend to cater to the need of the property but the basic accounting and bookkeeping services are as follows. These include the preparation of a balance sheet, profit and loss statement, cash flow statement, budget analysis, detailed cash disbursement listing and tenant/owner rent/maintenance fee collection and receivables.

Our financial system is set up to provide the following accounting for appropriate recording: 

    1. Proper allocation of all funds to the correct entity and account Proper recording of each financial transaction
    2. Preparation of fully accrued financial statements and budget analysis on a monthly basis.
    3. Financial statements are provided to each member of the property's Board of Directors on a monthly basis. 

Incorporated within the system are checks and balances to protect against improper transfer of funds and to provide immediate recognition of any unintentional postings.

 

We are fully computerized and constantly updating our software technology. We can provide a comparative balance sheet after one years experience or sooner if we are provided with prior year's figures. Our income statement and balance sheet are comprised of the current month's activity along with year to date. 

We collect and deposit rent/maintenance fees in accordance with the organization's by-laws, rules and regulations. We are able to offer to the tenant/owner's payment of monthly fees through electronic funds transfer. We have the capacity to bill unit tenants/owners for their monthly fees.

All funds collected are promptly deposited in an institution whose deposits are insured by an agency of the United States of America. This account is used exclusively for the obligations of the property or invested as directed by the Board of Directors. Capital Reserve funds are deposited into a separate account as required by law. 

We produce a monthly receivable list of those tenants/owners who are delinquent in their payment. We have the capacity to charge any late fee and/or interest to those tenants/owners as deemed by each specific property's by-laws. 

We make all disbursements from the operating accounts to pay for obligations of the properties. All checks are signed by two Berkshire Housing signatories, as is the policy of all entities under our management. 

Our system for payables is as follows:

    1. Invoices are scanned into our paperless Accounts Payable system which are then sent to the appropriate Property Manager for approval.  Once approved the system then forwards the invoices to the Vice President of Finance for final approval.  From here the invoices are positioned for payment and are represented in the general ledger.
    2. On a weekly basis an accounts payable open invoice report and cash balance report is forwarded to the V.P. President of Finance to authorize which invoices are to be paid each week.
    3. Checks are then printed, reviewed, and signed by the appropriate parties.

Typically once a year the accounting department does a cross training on all properties and or responsibilities, this enables our staff to have the depth necessary to ensure that a property's operations are not dependent on a specific person and will continue without interruption when or if changes occur.