| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7516 | Closed | public | Multifamily | Les Sparks |
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Are non-profit organizations who have a HUD 232 loan (which exceeds the single audit threshold)required to have an audit under Uniform Guidance, and to submit a data collection form? or is the reporting on the HUD system the only audit requirements? |
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From Les Sparks: All entities subject to UG must submit a Data Collection Form to the FAC. They are separate things. So, you will plan and perform a Single Audit, however, there is no compliance supplement for a 232 project, so you will have to use the HUD Audit Guide for testing. Also, remember to get all 3 footnotes in the SEFA. Those notes are – accounting policies, balance of the mortgage at year end (balance in SEFA is beginning of the year amount), and whether you used the 10 percent diminimis indirect cost rate. |