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Departments - Co-op City Finance Department

Riverbay Finance Department
Peter Merola, Director of Finance
1-718-320-3316 (phone)

Lou Salegna, Comptroller
1-718-320-3364 (phone)

Kenneth Duchnowski, Manager of Accounting and Auditing
1-718-320-3372 (phone)

The Riverbay Co-op City Finance Department is responsible for performing tasks in six areas; accounts receivable, accounts payable, payroll, budgeting, accounting and special projects. Descriptions of tasks in each area follow.

Accounts receivable employees invoice and collect charges from the cooperators, professional tenants, commercial tenants and other outside entities doing business with the Corporation. This section is responsible for collecting and processing approximately $150 million on an annual basis. In addition, they initiate the legal process for non-payment starting with three day notices and ending with evictions. Accounts payable employees are responsible for processing all Corporation payments, which amount to approximately $100 million on an annual basis and involve over 5,000 checks and hundreds of thousands of invoices annually.

Payroll employees process the payroll for all the approximately 1,000 of the Corporation employees on a weekly basis. In addition, they are responsible for payroll's related costs and taxes and for applying the work rules for RiverBay's union and non-union employees. This area processes a total of approximately $50 million on an annual basis.

Staff in Budgeting compile the annual budget, monitor the actual expenses on a purchase order by purchase order basis and identify and explain the variances.
The accounting staff properly record all financial transactions of the Corporation on a daily basis, prepare the Corporation's financial statements on an annual basis and work with the outside auditing firm who audits those financial statements.

Finally, Finance employees participate in special projects which involve providing financial support and analyses for various projects, such as all labor negotiations and the recent refinancing/re-capitalization project.

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