Do project owners still have to produce and maintain paper or hard copy audited financial statement reports, given HUDs new electronic submission requirements?
Yes. REAC is collecting supplemental financial and compliance data related to the audited financial statements, as well as certain audit information, but not the full audit report, or necessarily the actual audited financial statements themselves. Therefore, paper or hard copy financial statement audit reports should still be prepared and maintained as previously required by HUD Handbook requirements, except that the paper copy reports no longer have to be submitted to HUD, unless requested. The information on the FASS submission templates or screens can be printed or replicated for incorporation in the audit report, in lieu of the supplemental schedules previously produced in the hard copy audit report. Most project owners need an annual audit report for non-HUD purposes, such as obligations to limited partners, lenders or servicing mortgagees, and other fiduciary responsibilities. Beginning in the second cycle, project owners can give “read” access to their FASS-MFH data to other par
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?
- Can project owners with more than one HUD project makes one submission of consolidated financial statement and audit information?
- Does signing up to reconcile my payments online automatically discontinue hard copy (paper) or soft copy (email) Merchant statements?
