We have a client that is converting from PHA Low Rent Public Housing to RAD Multifamily. The are a Non Single Audit. We are wondering which format to use for our financial statements. Local Government or Nonprofit. They are a special district (enterprise fund) local government established by the city. Your Multifamily financial report sample/templates maps so well the Multifamily REAC system chart of accounts that we would like to somehow use it as a base for our report.

Simple differences we are facing:
Statement of Net Position, Statement of Revenues, Expenses and Changes in Net Position, Statement of Cash Flows vs. Statement of Financial Position, Statement of Activities, Statement of Net Position, Statement of Cash Flows

Local Government reporting would place the interest income and interest expense down in the non-operating revenues (expenses) section and then move depreciation up into the operating expenses. Local government reporting would also add the net investment in capital assets to the equity section of the balance sheet.

We could possibly use the local government template for the financial statements and then use the supplementary section to break out according to the REAC chart of accounts.

Our firm only has a couple of Multifamily clients and this is our first RAD conversion. We mainly audit Non Single Audit Low Rent Public Housing and HCV clients.