Can project owners with more than one HUD project makes one submission of consolidated financial statement and audit information?
There are several instances in HUD’s portfolio of multifamily projects where multiple projects were developed under a single owning entity (e.g. two or more projects sharing the same tax identification number). FASS is being modified to allow these owners to submit consolidated reports for both Profit Motivated projects and Non-profits. The consolidated report will consist of basic financial statements (balance sheet, statement of cash flows, etc.) covering the combined operations for all of the projects being submitted. The submissions will also require individual basic financial statements for each project submitted in the supporting data section of the report. There will also be a requirement to submit separate supporting data schedules (computation of surplus cash, schedule of reserve for replacements, etc.) for each individual project. The projects covered in the submission will share certain schedules and reports such as notes to financial statements, auditor’s opinion, reports o
Related Questions
- Do project owners still have to produce and maintain paper or hard copy audited financial statement reports, given HUDs new electronic submission requirements?
- When are project owners expected to begin submitting their required annual financial statement and audit information electronically to REAC?
- Can project owners with more than one HUD project makes one submission of consolidated financial statement and audit information?
