What information is required for an owner-certified (compiled) submission? REAC/FASSUB Template Audited Submission Owner Certified Submission Balance Sheet Data X X Profit and Loss Data X X Equity Data X …
Multifamily Submission: Audited vs Owner Certified Read More »
An explanation of HUD audit requirements and corresponding electronic submission requirements can be found in the document titled “Submission and Review Requirements & REMS Critical Data Fields for Annual Financial …
Reporting Requirement: Refinance, Replacing Old FHA Loan With New FHA Loan Read More »
Functional Expense Classification Sample Financial Statements In August of 2016 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 regarding the presentation of financial statements for …
Information on changes to year-end can be found here (pages 26-27): https://www.hud.gov/sites/dfiles/PIH/documents/finl_memo_2004_1a.pdf VIII. Changes in the Fiscal Year End Profit-motivated and limited dividend owning entities must submit requests to change …
Change of Year End for Profit Motivated Multifamily Project Read More »
If you have several projects that are under the same Tax ID Number a consolidated submission can be entered. The following information is required for a consolidated electronic submission: CONSOLIDATED …
When merging a firm into another existing firm, there is more than one way to proceed. You can go ahead and use the UII number associated with [Firm #2]. If …
There are absolutely no negative consequences if the submission is filed within the first 10 days after the deadline. If a submission is not received by the 10th day of …
HUD doesn’t blink an eye at all if you get your submission in before the late notice is sent. It isn’t marked late in HUD’s system until the late notice email …
Click here to download pdf directions on How to Request an Extension for Multifamily Submission An extension request must be completed online through REAC’s online systems. It has to be …
Requesting an Extension for a Multifamily Electronic Submission Read More »
The Threshold for Profit Motivated is $500,000 and Non-Profit is $750,000. In a nutshell: The outstanding beginning balance of HUD-insured or HUD-held mortgages, USDA Mortgage, USDA Section 538 Mortgage The …
Definition of Federal Government Expenditures (Threshold) Read More »