9 CRR-NY 1645-4.2NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
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 1645. INVESTMENTS
SUBPART 1645-4. TRANSFERS OF INVESTMENTS BETWEEN FUNDS
9 CRR-NY 1645-4.2
9 CRR-NY 1645-4.2
1645-4.2 Transfers between reserves.
Cash and investments for reserves may be transferred to and from each other, as the need arises, by journal entry, duly authorized by resolution of the local agency. Such transfers shall be made at the book value of the investment as of the date of transfer. For example, assume that the vacancy and collection loss reserve has cash and that the painting and decorating reserve, which needs cash, has investments with a book value of $1,050. The journal entry to record the transfer would be:
Entry (6):
Debit: Account 1176, Reserve Fund Investments
(V & C Reserve)$1,050
Debit: Account 1113, Reserve Fund
(P & D Reserve)$1,050
Credit: Account 1176, Reserve Fund Investments
(P & D Reserve) $1,050
Credit: Account 1113, Reserve Fund
(P & D Reserve) $1,050
Explanation:
To record the transfer or $1,000 face value U.S. Treasury certificate of indebtedness, due October 1, 1948, from the painting and decorating reserve to the vacancy and collection loss reserve, as authorized by resolution no. ____, dated ______, 19_.
9 CRR-NY 1645-4.2
Current through September 15, 2021
End of Document

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