Multifamily Supplemental Information Requirement

We at AHACPA are frequently asked if supplemental information must be included in the hard copy financial statements. The list of items which make up a properly formatted set of financial statements comes from several different sources. The quick list of items required are:

  • Independent Auditor’s Report & Independent Auditor’s Report on the Supplemental Information
  • Balance sheet
  • Statement of profit and loss
  • Statement of changes in partner’s capital
  • Statement of cash flows
  • Footnotes to the basic financial statements, including descriptions of accounting policies.
  • Supplemental Information:
    • Balance Sheet Data
    • Profit & Loss Data
    • Equity Data
    • Cash Flow Data
    • Notes
    • Auditor’s Reports (not needed for owner-certified submissions)
    • Findings & Prior Audits
    • Reserve Accounts Data
    • Surplus Cash & Fixed Asset Data
    • Nursing Home / Assisted Living Data
    • Federal Awards (Non-Profit only)
    • Certification
  • Other required auditor’s reports depending on entity type (profit motivated or non-profit)

Continue reading if you would like more detailed information on the source of the above listed items.

1 – Guidance from HUD Audit Guide Chapter 2

  • Independent Auditor’s Report
  • Independent Auditor’s Report on the Supplemental Information
    • Supplemental information includes REAC Financial Data Templates [aka FASS Templates]
  • Balance sheet.
  • Statement of profit and loss.
  • Statement of changes in partner’s capital.
  • Statement of cash flows.
  • Footnotes to the basic financial statements, including descriptions of accounting policies.
  • Must adhere to UFRS

2 – Guidance from Guidelines on Reporting and Attestation Requirements of Uniform Financial Reporting Standards (UFRS)

  • FASS Templates +
    • The financial data templates must be produced in hard copy and reported on as information supplementary to the financial statements, before they are submitted (emphasis added)
    • The financial data templates are defined in the appendices of the Industry User Guide

3 – List of FASS Templates from the Appendices of the Industry User Guide. These FASS Templates include the HUD Chart of Account numbers.

  • Balance Sheet Data
  • Profit & Loss Data
  • Equity Data
  • Cash Flow Data
  • Notes
  • Auditor’s Reports (not needed for owner-certified submissions)
  • Findings & Prior Audits
  • Reserve Accounts Data
  • Surplus Cash & Fixed Asset Data
  • Nursing Home / Assisted Living Data
  • Federal Awards (Non-Profit only)
  • Certification

4 – As further confirmation that supplemental information is necessary in the hard copy financial statements, see the Agreed-Upon Procedures as listed in REAC.

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