Reporting Requirements Are Changing-Are You Prepared?

摘要

The New Department of Housing and Urban Development (HUD) Operating Fund Program reporting requirement provides a challenge for PHA's across the country, and will affect all aspects of operations, budgeting, and public housing portfolio reporting. This new mandate requires a fee-for-service approach to financial statements and budgeting for each Asset Management Project (AMP). HUD will then use reports to determine the viability of each project. Are you prepared?rnNew requirements to consider include: producing year-end financial statements for each project that reasonably represent expected financial performance; revenue source reports; Capital Fund activity; financial statements with project-based accounting and budgeting reports that would satisfy a HUD audit. You must be prepared and the penalty for non-compliance is severe: the loss of operating subsidy under the final rule stop-loss provision. How will your staff find the time for the additional work? What's the solution?