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Why FASS is required

Part of HUD’s Monitoring and Oversight Responsibilities Helps Assess Financial Health & Compliance Identifies Possible Instances of Waste, Fraud, and Abuse Helps in Risk Ranking of Portfolio Only Financial Statement the PHA files since YES was eliminated for the VO program.

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Why FASS is required

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  1. Part of HUD’s Monitoring and Oversight Responsibilities Helps Assess Financial Health & Compliance Identifies Possible Instances of Waste, Fraud, and Abuse Helps in Risk Ranking of Portfolio Only Financial Statement the PHA files since YES was eliminated for the VO program Why FASS is required

  2. Meets UFRS Requirements GAAP-based System Statements are based on Accrual basis instead of Cash basis Electronic In Form and Substance as prescribed by HUD Why FASS is required continued

  3. FASS Submission Dates

  4. If the PHA PIC FYE is different than the reporting entity – PIC must be updated PHA should submit all change requests to their local FO HUD may unilaterally make the change after that date Different Entity FYE vs. PIC FYE Reporting

  5. PHAs that are Part of a General Purpose Government that have Not Declared the HCV Programs as a Major Fund or PHAs that are Part of a Non-Profit Contact HUD to determine if the PHA must have a program specific audit. HUD may reimburse the cost of the program specific audit subject to funding availability. Program Specific Audit

  6. Until FYE Change is Updated in PIC, PHA should procure a program specific audit and submit based on its FYE in PIC. PHA should contact HUD prior to undertaking the audit. HUD may reimburse the cost of this audit subject to funding availability Different Entity FYE vs. PIC FYE Reporting

  7. FASS requires entity wide reporting and allows PHAs to report under one PHA number PHAs having multiple PHA numbers should include the other PHA numbers in the comments section of their submission PHAs having multiple PHA numbers may request a consolidation of their PHAs numbers through their local field office. Separate PHA Numbers for Low-Rent and HCV programs

  8. If the FYE of the Primary Government Does Not End on a Quarter PHA should not request a FYE Change PHA must have a program specific audit Program Specific Audit Costs may be reimbursed by HUD subject to funding availability. Different Entity FYE vs. PIC FYE Reporting

  9. Request Additional Time for an Unaudited Submission Performed Electronically through FASS-PH Request is Due 15 days prior to the Submission Due Date Include Verifiable Justification Extension Request

  10. Request Additional Time for an Audited Submission Hard Copy Request Request is Due 30 days prior to Submission Due Date Include Verifiable Justification PIH Assistant Secretary must approve Waiver Request

  11. Two sources of HCV Program Equity: HAP and Administrative Fee: 2 new line items (memo accounts): Line 1117 Administrative Fee Equity & 1118 HAP Equity Automatically populated based on revenue and expenses PHA must complete Other Revenue and Other Expense for lines 1117 & 1118

  12. Unaudited Submission Goal: Proper classification of accounting transactions and a fair reflection of PHA’s financial condition.

  13. FASS-PH, VMS, & PIC 50058 10% penalty against a PHA’s Monthly Administrative Fee Permanent Reduction PIH Notice 2006 -3 Sanctions commence with publication of new PIH Notice/Letter Sanctions for Late Filing

  14. FASS Webcast Training November 6, 2007 Link http://www.hud.gov/webcasts/index.cfm NOTE: New Start time at 1:00 PM EST

  15. Biggest problems include: Negative Equity Balances Failure to report all programs Completion of the Equity Memo accounts A) Restricted Net Asset – HAP B) Administrative Fee Equity

  16. Any questions concerning this subject should be directed to the Housing Voucher Financial Management Division, Office of Public Housing and Voucher Programs E-mail address: PIH_ Financial_ Management_ Division @hud.gov QUESTIONS

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