As a result of having a HUD-insured mortgage loan, there are rules and regulations that need to be followed to remain in compliance. When certain requirements are violated, the result can be a finding in the annual audit to be filed with Real Estate Assessment Center (REAC) within the Financial Subsystem Assessment (FASSUB).
Gifts or donations given to your organization are synonymously referred to as contributions or in-kind contributions. In this blog we will offer procedures that will help you set your financials up well and strengthen your relationships with donors and the community you serve.
Though employee fraud and dishonesty is rarely foreseeable, it is always possible. In order to protect your United State Department of Agriculture (USDA) – Rural Development (RD) property, you will want to understand what fidelity bonds are and how you should be calculating yours.
For-profit HUD projects are given the opportunity two times a year to distribute surplus cash to the owners involved in the property. These biannual distributions always depend on calculating the property’s surplus cash and must be in correspondence to the guidelines established in the HUD regulatory agreement.
If you’re like many affordable housing property owners or managers, you’re likely swimming in paperwork and files, desperate for decluttering. While there are many documents you can dispose of, there are many that are critical to your property’s compliance and legal obligations.
A new accounting standards update (ASU) requires all entities that produce financial statements to make a few changes to their classification and disclosures of restricted cash. These changes have multiple effects on not-for-profits and affordable housing properties, including HUD projects.
Not-for-profit organizations are mission-focused and often employ scrappy teams who work in multiple roles with the passion of the cause. However, if your organization grows, it may be worth more to your team to focus on your strength zones and not on keeping your own accounting records.
Although Indiana’s not-for-profit organizations play a huge role in making our state a valuable place to live and do business, their tax reporting requirements can be a major hassle to completing their respective missions. We tried to make it easier in this reference guide for 2019.
Recent changes and adoptions of Rural Development’s financial reporting requirements for fiscal year 2018 have led to confusion about how to submit financial statements to RD’s offices. After talking with officials in Washington, DC, Lemler Group is here to clarify what you need.
The final phase of an audit is what guarantees the assurance sought by the entire process: it’s when the auditors involved actually test the year-end amounts and balances. It’s also a period of intense communication, and requires cooperation and open communication from everyone involved.