Hud accounting handbook

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ACCOUNTING: The activity of providing quantitative information, primarily financial in nature, that is intended to be useful in making economic decisions; the process of measuring, recording, summarizing and reporting the assets, liabilities and owner's equity of an enterprise and the changes in them. HOUSING ASSISTANCE PAYMENTS PROGRAM ACCOUNTING HANDBOOK 7420.6 APPENDIX 6 Inltruction Sheet for HUD-62864 (Continued I sa. Code Ent., IppliClblc Ilatc code (Me PI'aa,."h S beiGw). b. lillie Pro,JCct No.: I:.n1.r the numb., of lhe project. Financial Operations and Accounting Procedures for Insured Multifamily Projects* 2000.04 REV-2 CHG-7 3 - 4 Issued 7/2008 *HUD Handbook 4350.3, REV-1 Occupancy Requirements of Subsidized Multifamily Housing and certain other information as required by HUD Handbook 4370.2, chapter 3, and as • Incorporation of OMB Circulars A-102 and A-110 and the HUD Common Rule at 24 Code of Federal Regulations (CFR) Parts 84 and 85, into the "Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards" at 2 CFR 200. Financial Statements and the Supplementary Information in this Audit Handbook. Two separate sample financial statements are provided: APPENDIX B must be used for projects with no HCD funding and either CalHFA administered HUD Section 8 or HUD Section 8 with a requirement to submit Audits to HUD/REAC as part of the Financial Assessment SubSystem. Financial Operations and Accounting Procedures for Insured Handbook (4370.2) Direct Link to HUD Document. Link to Searchable PDF. Download/View RESOURCE DETAILS: This two-part webinar presents an update on the current HUD multifamily auditing and accounting environment. Content includes an update on HUD regulations, relevant accounting and Note: This material is based upon work supported by funding under an award with the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. Neither the United States Government, nor any of its employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or Chapter 2, Section 3 of this Handbook sets forth the components that should be included in the auditor's reports and notes to financial statements. The following items should be reviewed in order to identify problem areas and weaknesses: 1. Scope of audit 2. Opinion on financial statements and supplemental data 3. Notes to financial statements 4. This Handbook serves as a reference to owners of HUD insured multifamily projects and to HUD loan management personnel for preparing monthly and annual financial statements. Since this is a major revision, no asterisks are used to identify the changes. 3. Significant Changes: the handbook as the principal guide for financial and accounting operations for HUD-held and HUD-insured multifamily projects. The handbook incorporates accounting standards and accordance with HUD Handbook 4470.1, Mortgage Credit Analysis for Project Mortgage Insurance, Section 207. D. In the first annual financial statement, whenever HUD Central Accounting and Program System (HUDCAPS, A75). SECURITY CLASSIFICATION: Unclassified. SYSTEM LOCATION: HUD Headquarters, 451 7th