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Financial Submissions

Financial Submissions. Julie Miles, Financial Analyst HUD-Kansas City, KS 913-551-5529. Analysis. PHA Submits to HUD’s Real Estate Assessment Center (REAC) REAC Financial Analyst Ensures Completeness of Submission & GAAP Compliance Accept Conditionally Accept Reject – 15 Days to Resubmit

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Financial Submissions

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  1. Financial Submissions Julie Miles, Financial Analyst HUD-Kansas City, KS 913-551-5529

  2. Analysis • PHA Submits to HUD’s Real Estate Assessment Center (REAC) • REAC Financial Analyst Ensures Completeness of Submission & GAAP Compliance • Accept • Conditionally Accept • Reject – 15 Days to Resubmit • REAC Generates FASS Score • Field Office Financial Analyst Analyzes FASS Score and FDS • May Lead to Remote or On-site Review

  3. Submission Requirements 24 CFR 902.33 Financial Data Prepared in Accordance with Generally Accepted Accounting Principles (GAAP) Submit Electronically to REAC

  4. Submission Requirements • All PHAs Must Submit Unaudited Financial Data • Audits Required: • By State Law • By Federal Law if Expend $500K+ Federal Funds (A-133) • PHA Received Audit Add-on Operating Subsidy • If PHA Receives Audit, It Must Be Submitted to HUD

  5. Transition Year Due Dates • Unaudited – Normally Due 2 Months After FYE • 6/30/08 , 9/30/08 & 12/31/08 Due 4/13/09 • 3/31/09 Due 6/30/09 • Federal Register Vol. 73, No. 163, 8/21/08 Docket FR-5227-N-01 • Audited • Expect System to Be Open in April • Due Dates Will Be Announced Once System Open • Electronically to REAC • Paper Copy to Field Office Financial Analyst

  6. Guidance PHA & Auditor User Guide 8.2.1.0 http://www.hud.gov/offices/reac/products/fass/pha_doc.cfm

  7. PHA Info Page PHA Code PHA Name Address FYE Submission Type

  8. Programs Federal Program Catalog of Federal Domestic Assistance (CFDA) State/Local Programs Business Activities Component Units

  9. Financial Data Schedule (FDS) Balance Sheet Revenue & Expense and Memo Data Validation

  10. FDS Details

  11. New FDS Format • AMP Level Financial Reporting • Operating Fund and Capital Fund Reporting at AMP Level vs. PHA Level • 1 Balance Sheet per AMP – Operating Fund & Capital Fund Combined • 2 Income Statements per AMP – Operating Fund & Capital Fund Separate • New Columns • AMP & COCC Columns Replace Low-Rent and CFP Columns • Elimination Column Subtracts Internal COCC/AMP Transactions from Entity-Wide Totals • New 5-Digit Line Number Format for Revenues & Expenses

  12. New FDS Line Items • FDS Line Definition Guide October 2008 • http://www.hud.gov/offices/reac/products/fass/fass_pdf/fds_ln_def_gd_2008.pdf • Fee Revenues & Expenses Line Items • Expense Line Items • Other Operating-Administrative • Sewer • Insurance Premiums • Memo Accounts • Excess Cash • CFP Expenditure Data

  13. New FDS Detail Links • Ordinary Maintenance & Operations-Contract Costs • Garbage & Trash Removal • Heating & Cooling • Snow Removal • Elevator Maintenance • Landscape & Grounds • Unit Turnaround • Electrical • Plumbing • Extermination • Janitorial • Routing Maintenance • Miscellaneous

  14. Ordinary Maintenance & Operations – Contract Costs

  15. New FDS Detail Links • Accounts Receivable HUD-Other Projects • OpSub, CFP, Other • Accounts Payable-HUD PHA Programs • OpSub, CFP, Other • Deferred Revenue • OpSub, CFP, Other • Current Portion of Long-term Debt • CFFP, Capital Projects/Mortgage Revenue • Long-term Debt • CFFP, Capital Projects/Mortgage Revenue

  16. Accounts Receivable – HUD Other Projects

  17. Current Portion of Long-term Debt

  18. New FDS—PHA Level

  19. New FDS—AMP Level

  20. Data Collection Form (DCF) • General Info • FYE • Auditor Info • Financial Statement Info • Expected Outcome of Audit • Federal Program Expenditures

  21. DCF General Info

  22. DCF Financial Statement Info

  23. DCF Federal Program Expenditures

  24. Comments

  25. LOCCS/HUDCAPS Reconciliation

  26. Late Reason

  27. Additional Info for Audits Management Discussion & Analysis (MD&A) – required since FYE 6/30/04 Entity-wide Financial Statements Notes to the Financial Statements Financial Data Schedule Findings Corrective Action Plan

  28. Notes & Findings (Audits Only)

  29. Material Difference (Audits Only)

  30. Need More Time? • Unaudited Extension • Request electronically through FASS-PH • At least 15 days prior to due date • Must include verifiable justification • Audited Waiver • Hard-copy request to Director of REAC • At least 30 days prior to due date • Must include verifiable justification

  31. Unusual Circumstances Request

  32. Late Submissions…Oops! • Unaudited • Low Rent • FASS Score Reduced 1 Point Every 15 days Late • Late Presumptive Failure (LPF) After 3 Months Late • Reduces FASS Score to Zero, Designates PHA Financial Substandard/ Troubled & Requires Memorandum of Agreement (MOA)* • Section 8 • Monthly Admin Fee Permanently Reduced 10% Each Month Until Submitted per PIH Notice 2006-3 • Audited • Low Rent • Late Presumptive Failure (LPF) Day After Due • Section 8 • Monthly Admin Fee Permanently Reduced 10% Each Month Until Submitted per PIH Notice 2006-3

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