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 »
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 »
Question: We are currently working on an audit where the property will be sold to a new entity sometime in the next month or so. Since we know that the
Liquidation Basis of Accounting Read More »
What is the audit requirement for when an entity/partnership has refinanced or paid off their HUD-Insured mortgage? An explanation of HUD audit requirements and corresponding electronic submission requirements can be
At times situations arise where an owner is responsible for submitting financial statements for a reporting period of less than 12 months. Auditors refer to these partial year submissions as
Deferral of Stub Period Read More »
The following information is taken from “Submission and Review Requirements & REMS Critical Data Fields for Annual Financial Statements“ Page 27 & 28: X. Waivers and Deferments Waivers of AFS
Waivers and Deferments of Financial Statements Read More »
We have a client that is selling their HUD insured 223(a)(7) property. The buyer is assuming the mortgage. What are the audit requirements for my client (seller) and the buyer?
Reporting Requirement: Project Sold (TPA) Read More »