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 04/11. It isn’t even marked late in the system until the late notice email is sent out …
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 »