What is a component unit?
Component units are organizations that are legally separate from the primary government but for which the primary government is still financially accountable. Some component units are so intertwined with the primary government that they are, in substance, the same as the primary government. The criteria for determining whether or not a Housing Authority is a component unit is outlined in GASB 14 and GAAP Flyer #3. If you are unsure about your housing authority’s status please discuss this issue with your auditor.
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