01/06/2022: We do NOT have the updated SAS 134 Engagement Letters, AUP Engagement Letters, Communications, etc. Please refer to https://ahacpa.org/announcements/sas-134 for additional information. When those become available we will send out an email blast.
Facts-I have a NFP owner certified multifamily client with a 6/30/21 year end that owns four small fourplex’s with 811 funding. My client is having trouble finalizing their records due to a software provider change during the year. A 30 day extension was requested and approved for all four properties. Two of the properties have been reconciled by the client and submitted to REAC (they are separate submissions, not consolidated) and two are very close to finalization.
The initial due date was 9/30/21, with the extension, the due date moved to 10/30/21.
The question: Does the ordinary 10 day grace period given attach/add on to the extension date or not? Would the submissions be deemed late at 10/31/21 or qualify for an additional 10 days under the grace period making the true late date 11/9/21?
Todd, that 10-day grace period still applies. If you need another extension, just request it again. It should be approved. Just use a fairly descriptive reason for the extension. REAC tells us that they are willing to extend.