James
Kovalcheck
Director of Accounting and Financial Report
James
Kovalcheck
Director of
Accounting and Financial Report
James
Kovalcheck joined Jonathan Rose Companies in March of 2017. As Director of Accounting and Financial Reporting,
Jim was brought on through the Forest City Realty Trust, Inc. transaction. At Rose Community Management, Jim is
responsible for Accounting, Financial Reporting, Revenues and Collections,
Tenant Compliance, Treasury and Accounts Payable functions relating to managing
forty-seven Federally Assisted Apartment Communities.
Prior to joining Jonathan Rose Companies, Jim served at
Forest City Realty Trust, Inc. He started
as a Staff Accountant in 1986, and advanced to Vice President - Residential
Group, in 2002. Jim was a large asset to
the company. Some of his many
responsibilities included overseeing the overall Forest City Residential Group
accounting which included 32,000 Conventional, Federally Assisted and Tax
Credit Apartment Units, $2.4 Billion in Real Estate Assets, and $365 Million in
Revenues. He was responsible for operational
and development property accounting, as well as, US GAAP and Tax
accounting. Jim was also the main
liaison to external auditors for significant quarterly transactions, SEC
reporting, separate property audits and tax returns.
Some of Jim’s achievements at Forest City include being
chosen as Residential Project Leader to convert mainframe based general ledger
system to windows based general ledger system.
He was responsible for transferring and converting forty-five federally
assisted properties from the Cost Method of Accounting to the Equity Method of Accounting. This was required per adoption of the FIN 46
GAAP accounting standard. Lastly, he was
responsible for issuing Fair Value Financial Statements for a joint investment
fund with the Arizona State Retirement System encompassing nine Residential
Properties with an overall Fair Value of Real Estate totaling $735 Million.
Jim holds a Bachelor of Business Administration in
Accounting from Cleveland State University.
He brings years of experience and history to the Rose Companies team.