When are project owners expected to begin submitting their required annual financial statement and audit information electronically to REAC?
All required annual financial statement and audits information applicable to multifamily project fiscal years ending December 31, 1998, and thereafter, must be submitted to REAC electronically, through the FASS-MFH. Financial statement and audit information required of profit motivated and limited distribution projects are due within 90 days after the end of the project fiscal year. The Single Audit Act gave nonprofit projects the option to submit required audited financial statement information up to nine months after the end of the fiscal year. Non-profits are subject to HUD Notice 98-25 which requires non-profits with federal awards greater than $300K to submit owner-certified within the specified time of 90 days after the fiscal year end unless they have the audit ready for submission. Project under $300K in federal awards only have to file the owner-certified less than $300K. (Please note the $300K threshold has been changed effective December 31, 2003 to $500K).
Related Questions
- Who is responsible for the electronic submission of required annual financial statement and audit information to REAC, and who is permitted to actually prepare and make the submission?
- 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?
